HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 05/03/1995 is
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Firemen's Relief & Pension Board
May 3 , 1995
Present: Boardmembers Jon Johnson, Gene Grenstad, Gary Tilley,
Mary Berg, Brenda Jacober. Others present: Laurie Murray, John
Hillman, and Brigitte Hoopes of the Finance Department.
In the absence of Mayor White, Johnson was selected as Chair, and
he called the meeting to order at 9: 00 a.m.
Approval of Minutes. Berg moved to approve the minutes of April 5,
1995, as written. Jacober seconded and the motion carried.
Cost of Living Adjustment. Hoopes pointed out that at the meeting
of April 5th, the Board voted to accept 3 . 8% for the July CPI for
1994 . She noted that that figure is for only half a year and that
a full year's interest must be used. She said the average for the
the first half of 1994 was 3 .5% and for the second half was 3 .8%,
averaging 3 . 6% for the year. She distributed copies of her
documentation. Berg moved to change the July CPI for 1994 to 3 . 6%.
Jacober seconded. The motion carried.
Approval of Financial Transactions. Murray distributed copies of
the assets, liabilities, investments, revenues, expenditures, and
cash flow, as well as an estimated cash flow for the rest of the
year and a chart of the average cash balance from 1989 to 1995.
Hillman explained that interest from direct investments made by the
Pension Fund goes back into the Pension Fund, and that any residual
cash goes into the General Fund. He noted that they try to invest
up to the maximum possible. Murray explained that there is always
excess, since a small cushion must be left, and that the excess
funds at the end of the day are invested to make more money for the
City to operate. Hillman noted that the average amount of cash in
the fund is $5, 000, and that there was $5, 800 in it at the end of
March. Tilley then moved to approve the financial transactions.
Berg seconded and the motion carried.
Actuarial Update. Murray distributed copies of letters (and
attachments) dated April 24, 1995, from Milliman & Robertson
regarding the actuarial update, and noted that Tilley had requested
copies of the report.
April Benefit Changes. Murray distributed a handout showing how
rates had changed, and noted that all are going down. She noted
that since one pay period has already passed, adjustments will be
made. Tilley moved to approve the calculations. Berg seconded and
the motion carried.
Hoopes distributed copies of a letter from the Department of
Retirement Systems explaining the timing of the calculations. She
noted that she had received the information on April 19. It was
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noted that individuals will receive checks in two different amounts
during the month, although the total will be the same, and that
they will be one pay period behind.
Interest Calculations. Murray noted that this morning she received
information from Mr. Turner on the interest calculations, but that
Turner needs to make a correction. It was decided that this will
be added to the next agenda, and that only the summary sheet needs
to be provided at the meeting. It was also determined that each
individual's packet will go to them with their paycheck.
Alternate Boardmember. Berg noted that the term of the Firefighter
Alternate needs to be filled, and Gene Grenstad agreed to serve
another two-year term.
Orndorff Balance. Murray noted that she has written to Mr.
Orndorff about the amount owing, and that since that amount has now
changed, she will write a new letter. She said that his interest
calculation shows that he owes money, and that the Board needs to
decide at the next meeting whether to include that in what he is
paying back.
Adjournment. The meeting adjourned at 9: 30 a.m.
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Brenda Jacober t`
Boardmember%
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