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Firemen' s Relief & Pension Board
February 4 , 1998
Boardmembers Present: Mayor White, Gene Grenstad, Sam Grubbs,
Acting City Clerk Swaw
Others Present: Susan Narick, John Hillman
Mayor White called the meeting to order at 9 : 05 a.m.
Approval of Minutes of December 3, 1997, January 7, 1998, and
January 16, 1998 Special Meeting. Grubbs noted that Tilley had
contacted him and said that COLAs are generally received mid-year
while raises are received at the beginning of the year, and
therefore the word "COLA" should be changed to "raise" in the
minutes of January 16 . Hillman agreed to look into that.
GRUBBS MOVED to approve the minutes, as amended. Grenstad
seconded and the motion carried.
Approval of December Financial Transactions. Hillman distributed
preliminary statements and noted that not all of the accrued
interest is shown. He explained that the fund balance and the
net income would be approximately $100, 000 more than shown. He
noted that the fire insurance premium tax went down. Narick
stated that the market value of the mutual fund purchased in June
has increased substantially. She noted that the broker has
inquired as to whether the Board would be interested in
purchasing more mutual funds, but said she felt it would be best
to wait. She suggested re-evaluating at mid-year and the Board
agreed.
Grubbs said that the State is attempting to take the revenue left
over when the last person in the retirement system is gone and
disburse it among other pension systems. He added that at age
50, he is the youngest in the system. Grenstad said it is his
understanding that this includes spouses. Grubbs said Berg is
agreeable. Grenstad asked that copies be provided to everyone at
the next meeting.
Actuarial Study. Hillman noted that the cost of an actuarial
study will be approximately $2 , 840, and that it is done every two
years. It was agreed to discuss this issue in March.
Adjournment. The meeting adjourned at 9 : 25 a.m.
Donna Swaw
Acting City Clerk