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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/05/1995 (3) i FIREMEN'S RELIEF & PENSION BOARD April 5, 1995 Present: Jon Johnson, Gary Tilley, Gene Grenstad, Brenda Jacober, Laurie Murray, John Hillman. TILLEY MOVED that Johnson chair the meeting. Grenstad seconded and the motion carried. Approval of Minutes. TILLEY MOVED to approve the minutes of the meeting of March 1, 1995, as written. Grenstad seconded and the motion carried. Approval of Financial Transactions. Hillman reported that the American Capital Pace fund was sold on March 28 for $217, 000 and that the funds were reinvested into the State pool. Murray noted that the Board had asked for a future cash flow statement and said that will be available at the next meeting. Murray asked whether the Board would be interested in having a representative from R. L. Evans speak to them about investments. Boardmembers agreed to have them speak, and Murray said she will find out whether a fee would be involved. Murray distributed copies of the investment schedule for January and February reports on assets and liabilities, investments, a cash flow statement, and operating revenues and expenses. Upon Tilley's question, Murray noted that the $32 ,752 figure on the balance sheet is the payroll and benefits paid to retirees as of 12-31-94 . Murray noted for Tilley that all of the Board's financial holdings are safe, except that some of the mutual funds were questionable. Tilley said he would not want to take any risks with the money. It was noted that there is $5,526 available in cash. Tilley questioned who receives the interest made on this money, and it was determined that the City does. Tilley said that this system's funds are separate from City funds, and that interest made on the system's money should be credited to the system. He also pointed out that if the City has used this system's funds for City purposes or put it's money in pools with City money and did not pay the fund interest, then interest is due. Murray agreed to look into the matter. TILLEY THEN MOVED to approve the financial transactions. Grenstad seconded and the motion carried. Report on Retroactive Pay. Murray noted that Chuck Turner and Associates was hired to calculate the interest due to members. She said that Mr. Turner has asked whether this could wait until after April 15th, and that she had told him that would not be a problem. She noted that she has redone the report showing actual dollar amounts and distribued copies. Murray said that information as to the April 1st COLA adjustments has not been received from the retirement system. She said she should have the figures within ten days and would like to include them in the April 20 payroll. She l pointed out that the figures need to be approved by the Board and it was determined that a special meeting may be held to do so. Murray will contact Boardmembers when the figures arrive. TILLEY MOVED that the Board approve the interest on the retroactive monies be delayed until the next meeting in order to allow time for Turner and Associates to compute them. Grenstad seconded and the motion carried. Annual Actuarial Update. Hillman explained that city's are required to update Pension Fund's actuarial data annually. He noted that the cost is $750 and that the report goes to the State and to actuaries. Upon Tilley's request, Hillman agreed to provide the Board with a copy of the report. TILLEY MOVED to authorize the Finance Director to procure Milliman & Robertson to provide the actuarial data that is required on an annual basis, and to limit the fee to $750. Grenstad seconded and the motion carried. Other Business. 1. Turner & Associates Invoice. Murray provided a copy of an invoice from Turner & Associates for professional services rendered during February and March 1995 in connection with attending Board meetings and calculating revised benefits, modifying computer program, recording City payments, finalizing reports and preparing seven copies of the final report. The invoice is in the amount of $1,995. TILLEY MOVED to pay the bill. Grenstad seconded and the motion carried. 2 . Election Results. Jacober noted that Mary Berg has been elected to serve on the Board for the 1995-97 term. 3 . Cost of Living Adjustment. Tilley explained that the Board is required to determine what the cost of living is from January 1 through December 31 of the prior year (1994) . He said this must be done before June and said he has contacted the Department of Labor and Industries who said the 1994 CPI increase was 3 . 8%. HE THEN MOVED that the Board accept 3 .8% for the July CPI for 1994 . Grenstad seconded and the motion carried. Adjournment. The meeting adjourned at 9: 35 a.m. Brenda Jacober, MC City Clerk/$'oar member