HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/03/2007 I-
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Firemen's Relief& Pension Board
April 3, 2007
Board Members Present: Suzette Cooke, Albert Bond, Tim Clark
Others Present: Bonnie Fell, Kathleen Etheredge
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes. Clark moved to approve the minutes of the regular meeting of January 16,
2007. Bond seconded and the motion carried.
Financial Transactions. Fell distributed copies of the December 2006, January and
February 2007 financial reports, and explained that the fair market value fluctuates over
the entire year. Clark moved to accept the December 2006, January and February 2007
financial reports. Bond seconded and the motion carried.
Actuarial Studv Update. Fell distributed the actuarial study and explained the total
present value of future benefits and the total assets,which are higher. She noted that the
recommendation for future benefit premiums be limited to $205,000 per year for the next
10 years. She also explained this doesn't affect the retirees but keeps the funds stable and
has sufficient funds to cover this contribution and the City doesn't have to cover that
portion of the benefits but does cover the remaining benefits. Mayor Cooke asked that
these type of special reports be sent out before the meeting so members can study these
reports and questions can be addressed at the meeting.
CPI Adjustment. Kathleen Etheredge distributed copies of the CPI adjustments and
gave a brief explanation. Bond moved to approve the CPI as presented. Mayor Cooke
seconded and the motion carried. <a
Other Business. There was no further business to come before the Board.
Next Meetina Date. The next meeting was set for Tuesday, July 3, 2007, at 3:30 p.m. in
the Mayor's Conference Room.
Adjournment. The meeting adjourned at 4:01 p.m.
Mary Simmons
Deputy City Clerk
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