HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 01/03/2012 (3) K E N T Firemen's Relief & Pension Board
January 3, 2012
Board Members Present: Suzette Cooke, Al Bond, Sam Grubbs, Brenda Jacober
Others Present: Bonnie Fell, Susanne Shaw
The meeting was called to order at 3:31 p.m. by Mayor Cooke.
Minutes of October 4, 2011. Bond moved to approve the minutes of October 4, 20111
as presented. Grubbs seconded and the motion carried.
Financial Transactions for September, October and November 2011. It was noted
that Board members have reviewed the financial transactions and have no questions. Fell
stated that net income increased by $2,000 during the first eleven months of 2011, which
represents a $25,000 increase when compared to the same eleven month period in 2010.
Bond moved to accept the September, October and November 2011 financial transactions
as presented. Grubbs seconded and the motion carried.
Investment Policy Ordinance Update. Cooke noted that she will talk to Council
member Thomas about the status of the update to the investment policy ordinance.
Actuarial Study. Fell noted that an actuarial study will be done this year, that only one
company was willing to do the study for a group as small as this in the past, and that she
anticipates the cost to be approximately $8,000 and will inform the Board when she has
a firm dollar amount.
Cost of Living Allowance, RFA. Shaw stated that the wage increase for the Regional
Fire Authority is 4.2%, which is 3.7% CPI-W plus a .5% adjustment. Upon Cooke's
question, Fell explained that the Firemen's Relief & Pension Fund revenue is made up of
interest income, increases in the fair market value of investments, and contributions from
the fire insurance premium tax. Fell and Shaw explained the process and timing of the
calculations.
Other Business. Cooke mentioned that the chair of the Operations Committee, who will
be on this Board, will be announced at tonight's City Council meeting.
Adiournment. The meeting adjourned at 3:45 p.m,
Brenda Jacober, CIVIC
Boardmember/City Clerk