HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 11/06/1996 i
Firemen's Relief & Pension Board
November 6, 1996
Boardmembers Present: Mary Berg, Gene Grenstad, Brenda Jacober,
and Sam Grubbs
Also Present: May Miller, Laurie Murray, Susan Narick,
and Bob Bennett
The meeting was called to order at 4 : 00 p.m.
Aproval of Minutes. Grubbs moved to approve the minutes of the
meeting of October 2 , 1996. Grenstad seconded and the motion
carried.
Approval of September Financial Transactions. Murray outlined
the packet of financial information for September which was
distributed with the agenda. There were no questions and
Grenstad moved to accept the September financial transactions.
Grubbs seconded and the motion carried.
Mutual Fund Investments. Narick introduced Mr. Bob Bennett of
A. G. Edwards, and noted that approximately $500, 000 is currently
invested in mutual funds which were purchased in 1970 and 1986.
Bennett explained A. G. Edwards, the Frank Russell Company and
their relationship, and noted that mutual funds are sometimes
difficult to get at. He explained the model portfolios, and
suggested that the Board examine how they feel about the
performance and liquidity of the current mutual funds. He
offered to answer questions or meet with the Board at any time.
Berg voiced concern about the growth of the funds. Grenstad
agreed that growth is important, and said that liquidity is an
issue if the Board decides to move the funds in order to make a
better investment.
Miller pointed out that one investment was liquidated last year
because of poor quality. She noted that the Frank Russell
Company is well known and well respected. Narick agreed to
obtain information on the performance of the current mutual funds
and do a comparison. Bennett noted that the highest fee that
would be charged is 1. 5%. Miller said that she will prepare an
analysis for the next meeting.
Retirement Benefits - Berg. Berg stated that State law is
specific and says that when you retire you get 50% of whatever
the current salary is for the position you held at the time of
retirement. He noted that Section 41. 18 . 010 (4) defines basic
salary. Grenstad, Berg and Grubbs agreed that nothing different
could be done. Berg pointed out that if you have up to 30 years
service, you get 60% of the current salary, and that whenever 60%
of the current Battalion Chief ' s salary is more than what he
would be getting from LEOFF, this fund would be liable for the
excess benefits. It was noted that at the last meeting it was
agreed that more research would be done. Berg explained that in
regard to longevity, the law says you get whatever salary and
longevity is attached to the rank that you held at the time of
retirement, and that if the Battalion Chiefs are getting 5%
longevity and Assistant Chiefs are getting 4%, he would get 5%
longevity. It was agreed to discuss this at the next meeting.
Adjournment. It was noted that the next meeting will be held on
December 4th. There was no further business and the meeting
adjourned at 4 : 35 p.m.
Brenda Jacober,f CMC
City Clerk/�oafdmember
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