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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/02/1996 (3) i Firemen's Relief & Pension Board October 2, 1996 Present: Boardmembers Johnson, Grenstad, Grubbs and Jacober Also Present: Laurie Murray and Brigitte Hoopes Johnson called the meeting to order at 4 : 00 p.m. Approval of Minutes. Grubbs moved to approve the minutes of the meeting of September 4, 1996. Grenstad seconded and the motion carried. Approval of August Financial Transactions. Murray outlined the packet of financial information which had been distributed with the agenda. There were no questions and Grubbs moved to approve the financial transactions. Grenstad seconded and the motion carried. Mutual Fund Investments Presentation. Murray stated that Mr. Bob Bennett of A. G. Edwards Investments Company would like to make a brief presentation to the Board pertaining to mutual fund investments. She explained that they work with the Frank Russell Company, a noted pension fund manager in Tacoma. There was no objection, and Murray agreed to make arrangements for Mr. Bennett to attend the next Board meeting. She provided copies of a history of the Russell Funds investments, which shows very favorable returns. Retirement Benefits - orndorff. Hoopes noted that although she has not received a response from Mr. Orndorff, she has received information from the retirement system on a change in his benefit. She said it appears that payments to him will begin in June and that they can be balanced with what he owes. Retirement Benefits - Berg. Hoopes distributed information on Mary Berg' s service retirement. She pointed out that the RCW states that people on service retirement get 50% of basic salary, but not to exceed the salary of a battalion chief, and that it is to include longevity. She also noted that Berg' s salary schedule has a maximum of 4% longevity and the battalion chief has a maximum of 5°%. Hoopes stated that at this point it is a moot issue because Berg does not meet the benefit that LEOFF is alreay paying him. Murray stated that since his benefit is over that of a battalion chief, he may not be eligible for a benefit from Firemen' s Relief & Pension. It was agreed to table this issue until the next meeting, and to go through the material provided and do further research in the meanwhile. Grubbs said he will talk to Berg before then. Putnam Investments. Jacober noted that Putnam Investments had sent a proxy ballot which was incorrectly addressed and was not received in a timely manner. She agreed to inform them of the correct address for future correspondence. Adjournment. There was no further business and the meeting adjourned at 4 : 15 p.m. /1 Brenda Jacq--ber, CMC City Clerk/Boar member II'