HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/01/2002 KENT
Firemen's Relief& Pension Board
October 1, 2002
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Board Members Present: Jim White, Al Bond, Sam Grubbs,
Gene Grenstad, Brenda Jacober
Others Present: John Hillman, Brigitte Hoopes
Mayor White called the meeting to order at 3:30 p.m.
Approval of Minutes. Bond moved to accept the minutes of the meetings of
July 2 and August 6, 2002, as presented. Grubbs seconded and the motion
carried.
Approval of June, July and August Financial Transactions. Hillman
distributed copies of the financial transactions for June, July and August. He
noted that a $500,000 investment was sold in July and that the yield went from
1.7% to 4%. Grubbs moved to accept the financial transactions. Bond
seconded and the motion carried.
Actuarial Study. Hillman distributed a summary of the study and stated that
current assets and future earnings will be sufficient to pay all future benefits of
the fund, including $259,000 per year for medical and long-term care, which the
study recommended. Upon questions from the Board members, Hillman
explained the funding for medical and long-term care and its impacts. Grubbs
then moved to increase the amount for firefighters medical and long-term care
benefits to a level up to $259,000. Bond seconded and the motion carried.
Alternate Board Position. It was determined that Gene Grenstad will serve
the two-year alternate firefighter Board position.
Retiree Calculations. Hoopes distributed copies of her August 8, 2002, memo
and two pages from the final contract dealing with salaries. She explained the
calculations and noted that she has received no requests for review.
Adiournment. There was no other business and the meeting adjourned at
3:49 p.m.
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Brenda Jacober, CMC
City Clerk