HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 06/09/1998 (3) F
Firemen' s Relief & Pension Board
June 9, 1998
Boardmembers Present: Mary Berg, Gene Grenstad, Brenda
Jacober, Alternate Sam Grubbs
Others Present: John Hillman
The meeting was called to order at 4 : 08 p.m. by Chief Berg.
Approval of Minutes . Grenstad moved to approve the minutes
of the meeting of May 6, 1998 . Berg seconded and the
motion carried.
Approval of Financial Transactions . Hillman distributed
copies of the April financial transactions containing
corrected dates . He noted that the market value is now
$3, 234, 232, which is an increase of $110, 146 (3 . 5o) since
January 19t. He explained that $10, 000 less than expected
in fire insurance premiums was received and that total
assets are down approximately $50, 000, but that market
values are increasing and the fund is in better shape than
the balance sheet shows . Grenstad moved to approve the
April financial transactions . Berg seconded and the motion
carried. Copies of a letter to shareholders and a
statement from Putnam Investments were distributed.
Board Position. Jacober reported that the City Attorney
has determined that an election must be held to fill the
Board position. After a brief discussion regarding
nominations and terms, Berg moved to nominate Sam Grubbs to
fill the position and to provide space on the ballot for
write-in nominations . Grenstad seconded and the motion
carried.
CPI Index Change. Copies of Brigitte Hoopes' memo of May 4,
1998 regarding the July 1998 CPI rate, and showing the
calculations and resulting 2 . 6% increase, were distributed.
Grenstad moved to accept the CPI Index Change of 2 . 6% for
1998 . Berg seconded and the motion carried.
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Actuarial Study. Copies of Hillman' s memo regarding the
Actuarial Study were distributed. Hillman noted that he
and the City Clerk have copies of the document and that the
value of all future pension benefits amounts to $2, 261, 000 .
He also stated that there is approximately $2, 000, 000 more
than needed to fund the system at this time .
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Fire Insurance Premium. Jacober distributed copies of a
memo from the State Treasurer and a worksheet showing the
amount of the fire insurance premium, which is $79, 607 . 50 .
Adjournment. At 4 : 30 p .m. , Grenstad moved to adjourn.
Berg seconded and the motion carried.
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Brenda Jacbberl, CMC
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City C1erkIBo'ardmember
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