HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/05/2004 i
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KENT
Firemen's Relief & Pension Board
October 5, 2004
Board Members Present: Jim White, Tim Clark, Brenda Jacober, Sam Grubbs
Others Present: Bonnie Fell, Brigitte Hoopes
Mayor White called the meeting to order at 3:30 p.m.
Minutes of Previous Meetings. Jacober explained that the $57.11 amount
referred to in the minutes of July 6, 2004, is actually the total semi-monthly
benefit increase based on the CPI. Clark moved to adopt the minutes of July 6
as corrected and of August 3, 2004. Grubbs seconded and the motion carried.
Financial Transactions. Fell distributed copies of the monthly financial reports
from January 2004 through August 2004. She noted that the fund has remained
stable and that the reserve for retirement has increased by $8,600 over this
eight-month period. She said there is $99,000 from insurance tax premiums,
which is up from $89,000 last year. Clark moved to accept the financial reports
through August 2004. Grubbs seconded and the motion carried.
Alternate Board Position. Grubbs volunteered to contact Chief Bond
regarding selection of a firefighter for the alternate Board position.
Other Business. Fell explained that although the State requires an actuarial
study only every five years, the Government Accounting Standards Board (GASB)
requires an actuarial study every two years. She also noted that a more
intensive study may be required by 2007, which would include a medical study
and a long-term care study. This could triple the price of the actuarial study,
which was most recently $4,500. She said she will continue to investigate the
implications of such a requirement.
Adjournment. There was no further business and the meeting adjourned at
3:38 p.m.
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Brenda Jacober, C C
City Clerk