HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 07/05/2006 I
KENT Firemen's Relief & Pension Board
July 5, 2006
Board Members Present: Suzette Cooke, Albert Bond, Sam Grubbs, Brenda
Jacober. Others Present: Alternate Gene Grenstad, Bonnie Fell, Brigitte Hoopes,
Shirley Huntington
Mayor Cooke called the meeting to order at 3:45 p.m.
Minutes. Grubbs moved to accept the minutes of the regular meeting of April
4, 2006, and the special meeting of April 25, 2006, as written. Bond seconded
and the motion carried.
Financial Transactions. Fell noted that although it is not reflected in these
financial reports, a fire insurance premium of $110,000 was received in May.
She said she is going to check on the 2005 premium since it seems low
compared to 2004 and 2006. She also noted that expenses are running higher
than revenues, partly because of the fluctuation of the fair market value of
investments. Bond moved to accept the March, April and May 2006 reports as
presented. Grubbs seconded and the motion carried.
Board Position No. 1. Jacober noted that Sam Grubbs has been elected to fill
the two-year term ending June 30, 2008.
CPI Payroll Changes. Hoopes explained how the calculations are made and
Grubbs moved to approve the 3.15% rates to be paid as of July 1, 2006. Bond
seconded and the motion carried.
Actuarial Study Update. Fell distributed a memo from Paula Barry, who will
be handling the actuarial study, and noted that the Governmental Accounting
Standards Board (GASB) has issued two new statements which need to be
incorporated into the actuarial study valuation, having to do with retiree medical
benefits and long-term care benefits. She said this will result in a substantially
higher cost, and pointed out that although the long-term care benefit study does
not have to be done this year, it would then have to be done next year at which
time it will cost significantly more. She said the cost of $15,625 would come out
of the fund as an expense. The Mayor suggested that Finance look into other
firms who could do the study, including the possibility of a contract to do the
study three or four times over the next few years. Grubbs then moved to have
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Firemen's Relief & Pension Board July 5, 2006
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Finance investigate other providers regarding pricing and services and make a
determination as to which firm to use, proceed with the study, and report back
to the Board on their actions. Bond seconded and the motion carried.
Other Business — Overpayments. Hoopes explained that because the LEOFF
change was made late, members were paid at a higher rate for the April 15th
payroll. She provided a list of the overpayments, noted that all members have
been notified, and said she would like to make arrangements with each member
individually to recover their overpayment. Grubbs moved that Hoopes contact
affected members to recover the overpayments. Bond seconded and the motion
carried.
Adiournment. There was no further business and the meeting adjourned at
4:22 p.m.
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' Brenda Jacober, CM
City Clerk
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