HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 12/18/1989 FIREMEN' S RELIEF AND PENSION BOARD
Dec 18 , 1989
Proper notice having been given, a meeting of the
Board was called to order at 4: 00 p .m. on Dec 18, 1989
in the Council Chambers of the Kent City Hall ..
Present : Board Members Ass ' t Chief Mary Berg
Lt . Sam Grubbs
Councilmember Christi Houser
City Clerk Marie Jensen
Also Present : Ass ' t City Attorney Carolyn Lake
Finance Director Tony McCarthy
A packet of material was distributed by, McCarthy showing
that as of the end of the year the fund would show a
balance of $1, 793, 310 .
An actuarial survey of the fund was conducted this year
by Milliman & Robertson, Consulting Actuaries of Seattle .
They have advised that the fund is larger than that re-
quired for funding future pension benefits and that the
excess could be used to pay firefighter' s medical benefits .
Their estimate is that $90, 000, could be paid in such benefits
each year with subsequent expenditures increasing, 5 . 25% per
year until the excess is eliminated in about 23 years .
McCarthy noted that he had suggested in the agenda for this
meeting that the FR&P Fund transfer $90 , 000 to the City' s Gen-
eral Fund but it was now proposed that Fund make the payments
formerly made by the City' s General Fund, not to exceed
$90, 000 .
Lake distributed a copy of RCW 41 . 26 relating to FR&P and
clarified what kind of payments were allowed from the Fund.
Upon the .request of Jensen, Lake suggested the following
language for appropriate action: that the Board authorize
all payments allowable under the provisions of RCW 41 . 26 . 150
to be made from the VR&P Fund in an amount not to exceed
$90, 000 for 1989 and 1990, with an annual increase of 5 . 25Q/
thereafter. This authorization shall extend only until such
time as the next actuarial study is completed, scheduled for
early in 1994.
Grubbs SO MOVED, Houser seconded and the motion carried
unanimously .
There was no further business and the meeting adjourned at
4: 35 p .m.
Marie Jensen CMC
Board Member
Secretary