HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/05/2010 (3) I
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KENT Firemen's Relief & Pension Board
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October 5, 2010
Board Members Present: Suzette Cooke, Les Thomas, Sam Grubbs, Al Bond,
Brenda Jacober
Others Present: Bonnie Fell, Alternate Gene Grenstad
The meeting was called to order at 3:35 p.m. by Mayor Cooke.
Minutes of July 6, 2010. Grubbs moved to approve the minutes of July 6, 2010.
Thomas seconded and the motion carried.
Financial Transactions for June, July, and August, 2010. Fell reviewed the
Financial Analysis Summary, noting that there is approximately $36,000 in
revenues and that the year-to-date revenues are up 144% over last year. She
said expenditures remained stable during 2010, and that the year-to-date net
income is $155,000 greater than 2009. Fell responded to questions about the fair
market value of investments. Grubbs moved to accept the June, July and August
financial transactions. Bond seconded and the motion carried.
Investment Policy Update. Fell noted that an investment policy ordinance is
being drafted by Law and agreed to check on its progress. Mayor Cooke asked
that it be provided to all Board members prior to the next meeting. Fell explained
that an investment policy is being considered because some investments are
coming due very soon, and that the policy must be approved by Council before the
money can be invested. She added that the policy will outline the direction of the
Board.
2010 Actuarial Study. Fell provided two copies of the 2010 Actuarial Study and
noted that the comments made were quite favorable. She stated that the value of
excess pension benefits in the last valuation was $2.859 million, and that the
present value is $2.630 million. She said this means there is more money
available for medical and long-term care, and that Milliman's recommendation is to
increase contributions from the pension fund by approximately $13,000 to provide
those medical and long-term pension benefits. She noted that the amount
recommended in the prior Study was $187,000 and that it is now $200,000.
Mayor Cooke opined that there should be a written payout policy stating a set
amount.
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Firemen's Relief & Pension Board October 5, 2010
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Thomas moved to accept the Actuarial Study, Grubbs seconded and the motion
carried. Grubbs moved to set $200,000 as the limit for providing for medical and
long-term care benefits or other non-pension expenses. Thomas seconded and
the motion carried. Upon Grubbs' request, Fell agreed to have someone attend
the next Board meeting to explain this issue in more detail.
Other Business. There was no further business to come before the Board.
Adjournment. The meeting adjourned at 3:57 p.m.
Brenda Jacober,cM�
City Clerk
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