HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/06/2010 KENT Firemen's Relief & Pension Board
April 6, 2010
Board Members Present: Suzette Cooke, Sam Grubbs, Al Bond, Brenda
Jacober
Others Present: Bonnie Fell, Kathleen Etheredge, Tom Foster
Susan Jensen arrived later in the meeting
The meeting was called to order at 3:33 p.m. by Mayor Cooke.
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Minutes of January 5 and March 16, 2001. Bond moved to approve the
minutes of the regular meeting of January 5, 2010. Grubbs seconded and
the motion carried. Grubbs moved to approve the minutes of the special
meeting of March 16, 2010. Bond seconded and the motion carried.
Financial Transactions for December 2009, January and February
2010. Fell distributed copies of the financial transactions and noted that
there was a net loss of $133,000 at the end of the year due to the fair
market value. She said that expenses were approximately the same as last
year and answered questions from Board members regarding interest and
investments. Fell noted that the Finance Department is currently evaluating j
whether to update the investment policy in an attempt to get better returns,
and the Mayor asked that a status report be provided at the next meeting.
Grubbs then moved to accept the financial reports for December 2009, and
January and February 2010. Bond seconded and the motion carried.
Cost of Livina Adjustment. Etheredge noted that because the cost of
living adjustment is .44%, the City's contribution will be $170 less per
month. Grubbs moved to accept the impact on member benefits as a result
of the April 1, 2010, DRS application of the .44% cost of living adjustment.
Jacober seconded and the motion carried.
2010 Actuarial Study. Fell noted that the last actuarial study was done for
2008 and said it is time to do another study. She noted that the cost for
Milliman to do the study for 2008 was $7,350 and the cost for the 2010
study would be $7,825. In an effort to save money, Mayor Cooke asked Fell
to provide written documentation of how often a study is required and the
consequences of not doing the study that often. The Board members agreed
to delay this item until the next regular meeting.
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Firemen's Relief & Pension Board April 6, 2010
Page Two
Board Position No. 1 Election. It was noted that the Board position
currently held by Sam Grubbs will expire this year and that an election by
mail will be held to fill the position.
Other Business — Reauest from Chief Foster. Assistant City Attorney
Susan Jensen joined the meeting at this point and noted that a response
letter had been received from Judge Talmadge regarding Chief Foster's
request. After copies had been distributed, the letter was found to contain
factual errors; Jensen retrieved all copies of the letter and said she will
contact Judge Talmadge. It was noted that the Judge's opinion may be
altered based on correction of the facts, and that a special meeting may be
held at a later date.
Adjournment. The meeting adjourned at 4:05 p.m.
Brenda Jacober, CMC
City Clerk/Board Member