HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/01/2003 (3) Firemen's Relief & Pension Board
April 1, 2003
Board Members Present: Rico Yingling, Al Bond, Sam Grubbs,
Brenda Jacober
Others Present: John Hillman
Rico Yingling called the meeting to order at 3:37p.m.
Approval of Minutes. Bond moved to accept the minutes of the meeting of January 7,
2003, as presented. Grubbs seconded and the motion carried.
Approval of December, January and February Financial Transactions. Hillman
distributed copies of the financial transactions for December, 2002; January and
February 2003. He noted that as of the end of December retained earnings were up
almost $80,000, and that as of the end of February, they were up even more. Hillman
noted that investments in the state investment pool are going up and those in
government agencies are going down, because the agencies investments are being
called. Grubbs moved to accept the financial transactions. Bond seconded and the
motion carried.
New Rank. Hillman noted that the Legal Department has determined that no action is
required regarding the Battalion Chief rank benefits.
Tax Reporting. Hillman noted that retirees need to receive 1099R forms.
CPI. Hillman distributed copies of the Consumer Price Index code and CPI index. He
stated that the minimum CPI increase is 2% per RCW 41.18.104. He explained how
this figure was arrived, and noted that 2.0% is the minimum. Bond moved to approve
the 2%. Grubbs seconded and the motion carried.
COLAs. Grubbs explained the history of the service retirement cap.
Other Business. Hillman stated that in April LEOFF 1 adjustment needs to be made.
No action was taken and it was noted that the Board may need to hold a special
meeting on this item.
Adjournment. There was no other business and the meeting adjourned at 3:55 p.m.
Brenda Jacober, CHIC
City Clerk