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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 05/01/2012 C • I KEOT w.s rixa T.. FIREMEN'S RELIEF & PENSION BOARD AGENDA May 1, 2012 3 : 30 p.m. Mayor's Conference Room 1. Minutes of January 3, 2012 - Action 2. December 2011 and January/February 2012 Financial Transactions 3. Investment Policy Ordinance Update - Information 4. Actuarial Study - Action 5. Cost of Living Allowance, LEOFF - Information 6. Board Position No. 1 Election — Information 7. Other Business 8. Adjournment e K E N T Firemen's Relief & Pension Board May 1, 2012 Board Members Present: Suzette Cooke, Sam Grubbs, Al Bond, Les Thomas, Brenda Jacober. Others Present: Susanne Shaw Mayor Cooke called the meeting to order at 3:36 p.m. Minutes of January 3, 2012. Grubbs moved to approve the minutes of January 3, 2012, as written. Bond seconded and the motion carried. Financial Transactions for December 2011, January 2012 and February 2012. Bond and Grubbs expressed appreciation for the financial analysis. Shaw noted that there was a 22% increase in the 2011 year to date revenues over 2010. Grubbs moved to accept the December 2011, January 2012, and February 2012 financial transactions. Bond seconded and the motion carried. Investment Policy Ordinance Update. It was determined that Thomas will follow up with Bonnie Fell on this issue. Actuarial Study. Shaw announced that there is only one firm who will do a study this size, and that their fee is the same as last time, which is $7,825. Grubbs moved to proceed with the actuarial study. Bond seconded and the motion carried. Cost of Livina Allowance, LEOFF. Shaw reported that LEOFF has given a 3.17% COLA increase which changes the City's obligation to retirees in the amount of $572.92 on a semi-monthly basis. Board Position No. 1 Election. Jacober noted that a request for nominations to fill the two-year term currently held by Sam Grubbs has been sent out, that today is the deadline for submissions, and that an election will now be held by mail. Other Business. It was noted that the next regular meeting is scheduled for July 3rd, the day before a holiday, but that the meeting should be held as usual since there will most likely be a quorum in attendance. Upon a question from Grubbs, Shaw agreed to check into who has the authority to enhance benefits such as dental coverage. Adjournment. The meeting adjourned at 3:50 p.m. Brenda Jacober, CMC Board Member/City Clerk KENT FIREMEN'S RELIEF & PENSION BOARD AGENDA July 3, 2012 3 : 30 p.m. Mayor's Conference Room 1. Minutes of May 1, 2012 - Action 2. March, April and May 2012 Financial Transactions - Action 3. Investment Policy Ordinance Update - Information I 4. Actuarial Study Update - Information 5. Board Position No. 1 Election - Information 6. CPI Impact - Information 7. Other Business 8. Adjournment s `I' N'neniourau I Firemen's Relief & Pension Board July 3, 2012 Board Members Present`. Suzette Cooke, Sam Grubbs, AI Bond, Les Thomas Others Present: Paula Barry, Susanne Shaw, Mary Simmons Mayor Cooke called the meeting to order at 3:30 p.m. Minutes of May 1, 2012. Bond moved to approve the minutes of May 1, 2012, as written. Grubbs seconded and the motion carried. Financial Transactions for March, April and May 2012. Barry gave an over- view of the financials and stated that as of May, interest income is up substantially, we had a bond mature in January. Barry noted the fire tax premiums did go down by about $5,000 this time and explained the calculation of the fire tax premiums. Grubbs moved to accept the financial reports for March, April and May 2012. Bond seconded and the motion carried. Investment Policy Ordinance Update. Thomas reported that this ordinance will go to Operations Committee on July 3 for approval. Mayor Cooke asked about the investment committee and Paula Barry explained the investment policy and invest- ment committee and added that the City now invests in the state pool. Thomas ( noted he will update the Board after tonight's Operations Committee meeting. Actuarial Study Update. Barry passed out a summary of the actuarial study and noted that the current funds will be sufficient to cover all future pension benefits. She also noted that the fund is larger than the value of the expected pension benefits, a portion of the excess could be used to pay medical and long-term care benefits as well and the actuary recommends limiting the amount used from the Firemen's Relief & Pension Fund for medical benefits to $197,000 per year. The next valuation will be done in two years. Board Position No. 1 Election. Sam Grubbs reported that he was re-elected to the Board. I CPI Impact. Barry explained the CPI impact affects the non-duty disability members of the Board, every July their wages get adjusted and this year it is 3.7% and the only one affected is Mikelson who will ultimately increase the annual cost of his pension benefit by $1,778 per year. Other Business. There was no other business. Adjournment. The meeting adjourned at 3:55 p.m. J j Mary Simmons Deputy City Clerk SEAT w.s .o.o. FIREMEN'S RELIEF & PENSION BOARD AGENDA July 3, 2012 3 : 30 p. m. Mayor's Conference Room 1. Minutes of May 1, 2012 - Action 2. March, April and May 2012 Financial Transactions - Action 3. Investment Policy Ordinance Update - Information 4. Actuarial Study Update - Information 5. Board Position No. 1 Election - Information 6. CPI Impact - Information 7. Other Business 8. Adjournment KEN7 w.= .a.o. Firemen's Relief & Pension Board May 1, 2012 Board Members Present: Suzette Cooke, Sam Grubbs, Al Bond, Les Thomas, Brenda Jacober. Others Present: Susanne Shaw Mayor Cooke called the meeting to order at 3:36 p.m. Minutes of January 3, 2012. Grubbs moved to approve the minutes of January 3, 2012, as written. Bond seconded and the motion carried. Financial Transactions for December 2011, January 2012 and February 2012. Bond and Grubbs expressed appreciation for the financial analysis. Shaw noted that there was a 22% increase in the 2011 year to date revenues over 2010. Grubbs moved to accept the December 2011, January 2012, and February 2012 financial transactions. Bond seconded and the motion carried. Investment Policy Ordinance Update. It was determined that Thomas will follow up with Bonnie Fell on this issue. Actuarial Study. Shaw announced that there is only one firm who will do a study this size, and that their fee is the same as last time, which is $7,825, Grubbs moved to proceed with the actuarial study. Bond seconded and the motion carried. Cost of Living Allowance, LEOFF. Shaw reported that LEOFF has given a 3.170/0 COLA increase which changes the City's obligation to retirees in the amount of $572.92 on a semi-monthly basis. Board Position No. 1 Election. Jacober noted that a request for nominations to fill the two-year term currently held by Sam Grubbs has been sent out, that today is the deadline for submissions, and that an election will now be held by mail. Other Business. It was noted that the next regular meeting is scheduled for July 3rd, the day before a holiday, but that the meeting should be held as usual since there will most likely be a quorum in attendance. Upon a question from Grubbs, Shaw agreed to check into who has the authority to enhance benefits such as dental coverage. Adiournment. The meeting adjourned at 3:50 p.m. Brenda Jacober, CMC Board Member/City Clerk Firemen's Relief & Pension ,Actuarial Valuation as of January 1, 2012 Summary Based on the actuarial valuation, the current assets of the fund will be sufficient to cover all future pension benefits. At this point, it is recommended that the City not make any additional contributions to the fund. As of January 1, 2012, the actuarial present value of future excess pension benefits to be provided by the City is $2,729,000. At the time of the last actuarial valuation (January 1, 2010) the present value was $2.630 million. The increase was the result of increases to demographic experience (mortality was lower than anticipated) and to changes in the economy (inflation and wage growth were increased by 25 basis points). Since the fund is larger than the value of the expected pension benefits, a portion of the excess could be used to pay medical and long-term care benefits as well. The actuary recommends limiting the amount used from the Firemen's Relief & Pension Fund for medical benefits to $197,000 per year. During 2010 and 2011 the fund contributed $200,000 each year. The amount contributed toward medical benefits will be reduced for 2012 and 2013 to match the actuary's recommendation. The total cost of the actuarial study came to $7,825. The next valuation will be done in two years with a valuation date of January 1, 2014. it 7/3/2012 Fire Relief and Pension Trust Fund Financial Analysis Summary As of May 31? 2012 Revenue • The five month year to date revenues for 2012,have fallen by$57,000, compared to the revenue year to date position for the same period in 2011.The Increase in fair market value during the first five months of 2012 amounted to$25,000 compared to the 2011 five month fair market activity which recorded a$80,000Increase in value.This represents a $55,000 decrease during 2012 from the same five months In 2011,The year to date interest income for 2012 increased by$3,000 compared to the same period in 2011. Expenditures • The 2012 operating expenses Increased by 5%or$6,000 compared to the same five month period in 2011. The health benefit portion of expenses remained unchanged between 2011 and 2012.However,the wages portion of the benefit paid to eligible members increased during 2012 over 2011 due to the net impact of the RFA labor contract settlement,which took effect January 1, 2012 and the Washington State CPI for LEOFF 1 pension benefits,which took effect April 1,2012,The wage portion of the Fire Relief and Pension benefit to eligible members(which are the majority of members receiving benefits)is directly impacted by any wages Increases included in the labor contracts and offsetting CPI increase for LEOFF 1 retirees, Net Income and Retained Earnings • Retained earnings Increased by$35,000 during the first five months of 2012 compared to the Increase of$98,000 for the same five months of 2011. The comparison of the first five months retained earnings activity amounts to$63,000 or a 65%decrease from 2011 to 2012.This 65%decrease is largely due to the lower Increases In fair market value of investments during 2012 and the increase In member benefit disbursed, Note: all flnonclalInformation has been rounded to the nearest$1,000 Prepared by:Bonita R.Fell,CGFM I i Firemen's Relief and Pension Trust Fund YTD Statement of Revenues and Expenses Comparison Analysis of May 31, 2011 to May 31, 2012 5 31 2011 5 31 2012 Variance Variance°% Operating Revenues Interest Income 1,335 4,304 2,969 222% General contributions(fire tax) 150,745 145,792 (4,953) -3% Increase(Decrease)Fair Market Value 80,003 24,890 (55,113) -69% Total operating Revenues 232,083 174,986 (57,097) -25% Operating Expenses Salaries and Wages(Pension Distribution) 51,031 57,105 6,074 12% Benefits 83,333 83,333 - 0% ProfessionaVMisc,Services 0% Debt&Financial Services - - - 0% Total Operating Expenses 134,364 140,438 6,074 5% Net Income(Loss) 97,718 34,548 (63,172) -65% I 1 IF • KENT WASH-I-NOTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT MARCH 2O12 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................I Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows,........................................................................ ...................................7 t i I i .:T. r \ ®S. }§ ). . . . . . . . . . . . . >. . f}0 k `` \} . . . . . . . . . . . . . . . . . . . . . . \ got, CD\ \CD / � � } G , wn § ® §f ® \ \7 � to ® 46a)5 °\n \ »# \ O k w ® % „- / = / n « , S 2 § E ® § § ( k ® E / t )! \ !){7 ( §t a Low {OR / wz\ § I b - Nh C O I�W CO O ro k(krOr�� f0 L WM N � M r � M V VM_ N v T a W •� 00 1� r O e- W 6 to co o Wui M d' th ex; N p } m O C W � (p O 43 V3 b}6s}4 VT V}fA f9 Hi N3 fA f9 k � 00 a)0001 OJ O M a- s- O O O u3 ,�j O W cam- M lid M ^ { h NNa� ( 7 Lo C LL� yf� � p5 N h N N r. OJ N N � m Y y G (6 M b O n m N ,6 a) N N � � O V ' chi ro vrn O u N � (� l✓1 CM � m U fN N O N ��Z' UJ rn rMM� m rrnrO coo ro rn k(p rLW N .0 n M N (O N O LON aN- (� N m V" p fA NT M fA f9 64 V!B>19 r E 0 n MOO O ro� N� 7 `s` u Vo O m5 M M M (�O W O o p O O o O o 6 N �-- cr W (O kO �{ m 0 s} O O O O O O O O 00 O O O o o Oo o Oo o O O M� M N 1-{ 69 fR FA f9 fA Hi 64 N1 V3 fq fA fA fA 69 W 7� w N m C z f7 o Z Z _Z m w ❑ N U) m u� w LL (� W W7 ,n ym N •gam N ❑ 0 N w sa�cc N w w O z FQ- Z K °' Paz m '0 Wp W H CUe.� Fa- M 0LL W W E W W '7 y Z Z N F Z i m � Q 'cr5i , QF 7 = w0E � ( F. 0Uia a z zKa w N cq § - . . . . . . 2. . . % ; I k } \ ? \\ ] o / / 7 � ) $ { ( 7 »/ ( #R § E r 0 \ � . a � \ k � k )«§ § Z !R9 # § �) k ! ,!o \ ) § § §!% ! ®\ k / // {) ) // ) \ } � § � /\ � , FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING MARCH,2012 Purchnse Decreases or Interest Date Security Description Yield Coupon Maturity 3/1/2012 (Decreases) 3/31/2012 Income 03/31/12 Slate Treasury Investment Pool 0.171% 0.000% Overnight 2,335,000,00 (25,000.00) 2,310,000.00 267.58 04/10/87 Federal Home Loan Mortgage Assoc. 8,508% 0.000% 11/29/19 521,137.37 0.00 521,137,37 0,00 TOTALS 2,856,137,37 (25,000.00) 2,831,137.37 26758 CASH 13ALANCE: Beginning Cosh 4,578.31 Receipts Interest Income 267.58 Fire Insurance Premium 0.00 Miso A/R 0.00 Decreases in Investments 25,000.00 Disbursements; Retirement Pensions (11,838,92) 1 Actuarial Study 0,00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,666.67) Increases in investments 0.00 Total Cash 4,578.31 (3,238.01) 1,340.30 TOTAL CASH&INVESTMENTS 2,860,115.68 (28,238.01) 2,832,477,67 i i 4 4 �y R 4 My, JAI 1 Vag Yr� W Al r.E 1 1 1' t F. f ' CITY OF RENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-MARCH,2012 Airchase Investment Market Valuc Increase/ Date TYPE Securlty Desription Yield Coupon Maturity Total 3/312012 (Decrease) %Inc(Dee) 03/31/12 1 State Treasury lnvcstmont Pool 0.171% 0,000% Ovemight 2,310,000.00 2,310,000.00 0.00 0,00% 04/10/87 4 PHLM-zefus 8.508% 0.000% 1129119 521,137.37 745,040.00 223,902.63 42.96% 2,831,137.37 3,055,040.00 223,902.63 7,91% i I i 6 00 `o vi M m M M rf CP m b o N N r ry J 00 i0 Vl M M 1� vl !fi N N W b r N M M Vt r �n C1I ^N-i N v i N I N �cd N N .d F �r m z a ° O � � :� .a y �'i P. V" can ❑� � � o� [��/-j]� it q-� a Oar a. �q a �q �❑ Jq� 'S � � q q '$ W N O U 4J O O fa a H O S� Fl U LLIlN � � U '50 z O O F O O a a ai � Q d F� rxn of • KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT APRIL 2012 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 02 ■ § #! 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E / { PM ) \ 2 \ff } � . § E § / § � § \� \ # ,z§ IDU ( )� ( / / � - ® �( ® ;2B . / ;6 \ i z z \) § , G ;;! § ;§ FIREMEN'S RELIEF 8,PENSION FUND '.. SCHEDULE OF CHANGES IN CASH 8,INVESTMENTS FOR THE MONTH ENDING APRIL,2012 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 4/1/2012 (Decreases) 4/30/2012 Income _ 04/30/12 State Treasury investment Pool 0.183% 0.000% Overnight 2,310,000.00 (30,000.00) 2,280,000.00 277.28 04/10/87 Federal Hone Loan Mortgage Assoc, 9.508% 0.000% 11/29/19 521,137.37 0.00 521,137.37 0.00 TOTALS 2,831,137.37 (30,000.00) 2,801,137.37 27T28 CASIIBALANCE: Beginning Cash 1,340,30 Receipts Interest Income 277.28 Fire Insurance Premium 0.00 Misu A/R 0.00 Decreases in Investments 30,000.00 Disbursements: Retirement Pensions (11,306,50) Actuarial Study 0.00 Legal Services 0,00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,666,67) Increases in Investments 0.00 Total Cash 1,340.30 2,304.11 3,644.41 TOTAL CASH&MVESTMENT3 2,832,477.67 (27,695.99) 2,804,781,78 I Ili i f 4 ' I a 1 y OTO1 t� 4 �Y f' S, h�✓ dF�t n Y .O ti • 1 � 1 CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS h1ARKET VALUE-APRIL,2012 Purchase Investment Market Vnlue Increase/ Dnte 'TYPE Security Desrip0on Yield Coupon Malurily Total 4/3 012 0 12 (Decrease) %Ine(Dee) 01/30/12 1 Slute Treasury investment Pool 0,183% 0.000% Ovcmight 2,280,000,00 2,280,000,00 0.00 0.00% 04/10/87 4 FHLM-zeros 8,508% 0.000% 11/29/19 521,137.37 76917000 24803263 4759% 2,801,137.37 3,049,170.00 248,032.63 8.85% Ili i i I I' 6 i I O b r r m b I 4W v .. 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CY z U W t7 7 ai M U U N ry q W a V U O z � P` z rl� O O i i f - • KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT j MAY 20'12 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statement of Cash Flows..................... ..............................................................:.....................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments................................................:.......................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values...........................................................:.................................6 EstimatedCash Flows.............................................................................................................7 [ §} } % / a ka ®-®-- - ~ S \R# B ƒ ® : §/ ® ®# 9 } 0 ~ \ a CO \ f /( \ (; \\ \ « CL O od ca \ co a & § ) m ! G k . E # ! # e y M (O M r W N R(� 1 0 N t` NN N M M W w � N Eq 64 YT f9 M tg M Fq V7 fA fA Y? :A 69 r t� •-. N ? m O w O C O W fA Vi V}fA d3 fR H3 f9 fq W M +�. „- N O ; O n # O U Cl) N C O WM� s�s�� I� LL. .W rn T ai fo of W cq O W V}fH 69 Vi FA H!fA Hf Y1 FA H! VJ Mx ' C O j M v � Nrn N •N a a 9 0 o W Y O (0 C 0 (o to W •t O lV Ih MN t0 m lO(i O>aN (/� .O {wp ort ��" N r N M M N N W (0 N fq Vi M f9 V} N EA V}EA fA H3 fR HJ ccV��3 3` ->-Y .O U I�M M O l(j o 1l1 m MMr r: N N LU LJ W a r O O N 0 N m ^ h - • � NW .�- M N M •..' ry n N C M o7 HANM MMU nM A H 6 C N •C �'cN- O o W N O M M y t0 (O O - 9 E co C` C7 fN-X 01 r M V yN N N M L, n V; O O�� P N n if ro a M ro - o v�i i r r �. m (A 0 2r,M r CO M rl c t r w ? ' �_ op 0p 0p p Q O O O p O p o p O O O N tOD N a o W M M M W n1W MW w H3 V3 fq 6g fH fA F9 fy F9 fR (fl (q M V! w E w w (D Z Z Z Z z o N ) w Z cn � m wa w E i w w y w uZl E Co M W > m w a w LU O z ¢ Z c� a � C � Z59N � Z p W w K aS 10 QJ Z J N N N O ii5C9 SIO• Ofm Z w w K x N . [ ) 0 / } / m \ e4 � 2 � cu ( E -- = o �\ \ Q \ \ \ $w � / I ! ; | § K . / § § a 2 ( / ( ® \ _\/ § }!_§ `)q ){ !) [ !§ ) /] Er\ \{ }80m I �) ® §© )2 7 ) \RZ 0\/z \ ) ( , FIREMEN'S REL IEF IEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING MAY,2012 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 5/l/2012 (Decreases) 5/31/2012 Income 05/31/12 State Treasury Investment Pool 0,144% 0.000% Overnight 2,280,000.00 120,000.00 2,400,000.00 276.40 04/10/87 Federal Home Loan Mortgage Assoc, 8.508% 0.000% 11/29/19 521,137.37 0,00 521,137.37 1 0.00 TOTALS 2,801,137.37 120,000.00 2,921,137,37 276.40 CASH BALANCE: Beginning Cash 3,644.41 Receipts Interest Income 276.40 Fire Insurance Premium 145,792.36 Mlso AIR 0.00 Decreases in Investments 0.00 Disbursements: Retirement Pensions (10,733,58) Actuarial Study 0,00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,666.67) I, Increases in Investments (120,000.00) Total Cash 3,644.41 (1,331.49) 2,312.92 TOTAL CASH&INVESTMENTS 2,804,781.78 118,668.51 2,50,450.29 i 4 y }}yqam� l� t� rc �.rr. 3�� CITY OF KENT - FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-MAY,2012 Purchase Investment Market Value Increase/ f Date TYPE Secnritty Desaiptlon Yield Coupon Maturity Total 5/31/2012 (Decrense) /Inc(Dec) 05/31/12 1 Stutc Treasury Investment Pool 0.144/° 0.000% Overnight 2,400,000.00 2,400,000.00 0.00 0,00% 04/10/97 4 FHLM-zeros 8,508% 0.000% 11/29/19 521,137.37 791,867.00 270,729.63 51.95%- 2,921,13737 3,191,867.00 270,729,63 9.27% I i I I G I U N [{ V N N rN+ a pNp R. 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