HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/07/2009 (3) ICEN T
Firemen's Relief & Pension Board
April 7, 2009
3:30 p.m.
Board Members Present: Suzette Cooke, AI Bond, Sam Grubbs, Brenda
Jacober, and Tim Clark. Others Present: Bonnie Fell, Kathleen Etheredge,
Paula Barry, and guest AJ Frederick, grandson of Board Member Grubbs.
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes of January 6, 2009. Clark moved to accept the minutes of
January 6, 2009 as written. Grubbs seconded and the motion carried.
Financial Transactions of December 2008, January 2009 and
February 2009. Bonnie Fell of the Finance Department distributed copies of
the financial transactions and noted that retained earnings have increased by
$89,000, which was impacted by $178,000 in interest income. She then
explained that there is an increase in the December figure each year because
three of the four investments are only recorded once a year. She added that
the fair market value for December went down, but overall it increased from
$7,000 in 2007 to $97,000 in 2008. Clark moved to accept the trust fund
report for December 2008, January 2009 and February 2009. Grubbs
seconded and the motion carried.
Actuarial Firm Research. Paula Barry of the Finance Department
explained that she contacted three entities regarding an actuarial study, and
that Nicolay was non-responsive. Milliman and Independent Actuaries
provided quotes of $7,350 and $6,500 respectively, and after a discussion
about research and qualifications, Clark moved to accept Milliman as the firm
to do the actuarial study. Bond seconded and the motion carried.
CPI Adiustments for Retirees. Kathleen Etheredge of the Finance
Department said she has received the Comparison of Benefits from the
Department of Retirement Systems, that the COLA effective April 1s` is
4.48%, and that the pensions have been adjusted based on that amount.
She noted that since LEOFF is now paying more, the amount the City pays is
reduced by $19,882.56 annually. Fell explained the details of the calculation
process, and Clark moved to approve the impact on benefits as applicable,
resulting from the application of the April 1, 2009 DRS cost of living
adjustment. Bond seconded and the motion carried.
Firemen's Relief & Pension Board April 7, 2009
Page Two
Board Position No. 2. Jacober noted that the two-year term currently filled
by Chief Bond will expire soon and that she will request nominations and hold
an election by mail in a timely manner.
Other Business. There was no further business to come before the Board.
Adiournment. The meeting adjourned at 3:55 p.m.
Brenda Jacober, C�MC
City Clerk/Boar�-Member
� II