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Firemen's Relief & Pension Board
April 1, 2008
Board Members Present: Suzette Cooke, Sam Grubbs, Brenda Jacober
Others Present: Bonnie Fell, Kathleen Etheredge
Mayor Cooke called the meeting to order at 3:38 p.m.
Minutes. Bonnie Fell opined that the portion of the January 8, 2008,
minutes which states "the only thing that has changed is the market value"
should say "the only thing outside normal activity that has changed is the
market value". Grubbs moved to approve the January 8, 2008, minutes as
amended. Jacober seconded and the motion carried.
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Financial Transactions. Fell distributed copies of the December 2007 and
January and February 2008 financial transactions. She noted that there was
a reduction of $37,988 in December's activity from November's activity, and
that $11,543 of it was the difference between interest income and the
decrease in value. She noted that retained earnings in January were up
because the net income included the fair market value change of $56,964,
for a total of $3,512,423. Fell noted that in February there was a decrease of
$7,890 and with expenses and interest income of $4,719, the total decrease
of $29,639 brought the balance to $3,482,784. Grubbs noted that there has
been a bit of improvement in the last two years. He moved to accept the
December 2007 and January and February 2008 financial transactions.
Jacober seconded and the motion carried.
COLA (Comparison of Benefits). Etheredge distributed copies of the COLA
recalculation sheet showing 3.79%. Fell explained that it is based on the
CPI-W for Seattle, Bremerton and Tacoma, and that the amount may be
modified after the firefighters contract is signed. She noted that, based on
the 3.79% estimate, the City's reduction will be $1,323.20 per month.
Grubbs moved to adopt the COLA of 3.79% effective April 1, 2008, and to
authorize Finance to adjust the payments to recipients. Jacober seconded
and the motion carried.
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Firemen's Relief & Pension Board April 1, 2008
Page Two
Actuarial Study Update. Fell requested authorization to proceed with an
actuarial study with Milliman Consultants and Actuaries. She noted that
other cities use this firm because of their expertise. Mayor Cooke asked that
Paula Barry research other actuarial firms and follow up in two months. Fell
explained the fee schedule. Grubbs moved to accept the contract with
Milliman Consultants and Actuaries for an actuarial study. Jacober seconded
and the motion carried.
CPI Percentage Rate Determination. No discussion was held and no
action was taken.
Board Position. Jacober noted that Board Position No, 1 will expire in July
and that an election-by-mail will be held as usual.
Other Business. There was no other business to conduct.
Adjournment. The meeting adjourned at 4:00 p.m.
Brenda Jacober ✓
City Clerk/Board Member
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