HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 06/07/1995 f'
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FIREMEN'S RELIEF & PENSION BOARD
June 7, 1995
Boardmembers Present: Mayor White, Jon Johnson, Gary Tilley, Mary
Berg, Brenda Jacober. Others Present: Laurie Murray and John
Hillman of the Finance Department.
The Mayor called the meeting to order at 9 : 00 a.m.
Approval of Minutes. Tilley moved to approve the minutes of the
meeting of May 3 , 1995. Berg seconded and the motion carried.
Approval of Financial Transactions. Tilley moved to approve the
financial transactions. Johnson seconded and the motion carried.
Interest Calculations. Murray distributed summaries of employees'
retirement pay from January 1971 through February 1995 . She noted
that a copy of the full report will go to retirees with their
interest checks. She noted that because the wrong amount of
interest was paid in October of 1993 , Arnie Bryant and Leo Higgins
now owe $163 . 18 and $48 . 90 respectively. Murray noted that
Orndorff was also overpaid and that his amount could be added to
what is already owed.
Tilley moved to collect the overpayment of interest from Bryant,
Higgins and Orndorff as soon as possible by two payments in a one-
month period. Johnson seconded and the motion carried.
Orndorff Balance. Murray explained that Orndorff owed $350.77 as
of February 28 , 1995, and that interest in the amount of $131. 07
has now been added because of the overpayment in October 1993 .
She noted that $95.90 has been collected so far and that half of
what was paid will continue to be deducted. She added that a
letter of explanation will be sent to him.
Turner & Associates. Murray noted receipt of a bill in the amount
of $1, 475. 00 from Turner & Associates for calculating the interest
on benefits, and requested approval to pay it. Berg so moved,
Tilley seconded and the motion carried.
CPI Calculation. Tilley explained that the CPI for the first half
of 1994 was 3 . 5% and the second half was 3 .8%, which averages
3. 65%. He noted that Brigitte had used 3 . 6% for the July CPI
because the Department of Labor rounds the figure to one digit to
the right of the decimal point. He suggested that the Board
develop a policy for calculating the CPI each year using two digits
after the decimal point. It was determined that a policy would be
prepared for approval at the next meeting.
Adiournment. The meeting adjourned at 9 : 20 a.m.
Brenda Jacober; Bcardmember