HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 07/21/2020 (2)
Unless otherwise noted, the Firemen’s Relief and Pension Board meets quarterly at 3:30 p.m. in
the Mayor’s Office located in the City Hall Building, 220 Fourth Ave S, Kent, WA 98032.
For additional information please contact Kimberley A. Komoto at 253-856-5788 or via email at
Kkomoto@KentWA.gov.
Any person requiring a disability accommodation should contact the City Clerk’s Office
at 253-856-5725 in advance. For TDD relay service call Washington
Telecommunications Relay Service at 7-1-1.
Firemen’s Relief & Pension Board
Agenda
Board Members: Dana Ralph, Mayor,
Kimberley A. Komoto, City Clerk, Councilmember Les Thomas,
Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter
Marvin Berg, Alternate
July 21, 2020
3:30 p.m.
THIS IS A REMOTE MEETING DUE TO THE COVID-19
CORONAVIRUS EMERGENCY
To listen to this meeting, call 1-888-475-4499, or 253-215-8782
and enter the Meeting ID 911 7575 5639
Item Description Action Speaker Time
1. Call to order Mayor Ralph 1 min
2. Roll Call Kim Komoto 1 min
3. Changes to the Agenda
MOVE TO APPROVE THE AGENDA
Yes Mayor Ralph 1 min
4. Approval of Minutes of January 21, 2020
Move to approve the minutes of the
meeting of January 21, 2020.
Yes Mayor Ralph 1 min
5. Board Position #1 Election Results
Term: July 1, 2020 – June 30, 2021
No Kim Komoto 1 min
6. Annual CPI Based Increase for Non-Duty
Disability Retiree
No Susanne Shaw 5 min
7. 1st Quarter 2020, Financial Report No Paula Painter 5 min
8. Adjournment Yes Mayor Ralph 1 min
Firemen’s Relief and Pension Board January 21, 2020
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Mayor Ralph, Les Thomas, Chair of the Operations
Committee, Sam Grubbs and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director and Susanne Shaw,
Senior Financial Analyst.
1. Call to Order
The meeting was called to order at 3:31 p.m., with Mayor Dana Ralph presiding.
2. Roll Call
Mayor Dana Ralph – Present
Councilmember Les Thomas – Present
Kim Komoto – Present
Al Bond – Absent
Sam Grubbs – Present
3. Changes to the Agenda
Mayor Ralph added item 6.A. Membership to the agenda. Sam Grubbs moved to
approve the agenda as amended, seconded by Les Thomas. The motion passed
unanimously with a vote of 4-0.
4. Approval of Minutes, dated October 15, 2019
Les Thomas moved to approve the minutes dated October 15, 2019, and Sam Grubbs
seconded the motion. The motion passed unanimously with a vote of 4-0.
5. 4th Quarter 2019, Financial Report
Finance Director, Paula Painter provided details regarding the Executive Summary for
Cash and Investments as of December 31, 2019, and the Statement of Revenues and
Expenses as of December 31, 2019. Painter also provided an update on the Federal
Home Loan investment that matured in November and was reinvested. Details were
also provided on the cost of the 2019 fire insurance premium.
6. Benefit Adjustment to Reflect Puget Sound Regional Fire Authority
COLA Increase
Susanne Shaw, Senior Financial Analyst advised of the 1.7% increase that was
effective January 1, 2020.
6.A ADDED – Membership
City Clerk, Kim Komoto advised of her discussion with Al Bond today. Bond indicated
he is still interested in serving on the Board. Mayor Ralph requested Komoto research
the process to fill any upcoming vacant positions on the board.
7. Adjournment
At 3:40 p.m., Mayor Ralph declared the meeting adjourned.
Firemen’s Relief and Pension Board January 21, 2020
Minutes Kent, Washington
Pending Approval
Page | 2
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
January 21, 2020
KENT
WaSHtNGToN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March,2020
MANAGEMENT REPORTS
Cash and lnvestments as of March 31,2020
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Year Ended March 31,2020
1
2
Date Presented: 7 /2U2O2O
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
March,2020
Cash & lnvestments - March 31. 2020
The Fire Relief & Pension Fund owns a portion of the City's investment portfolio. These
are included on the Cash & lnvestments chart as Other lnvestments. They currently earn
an average of 2.25% and have maturity dates that range from one month to 5 years.
Statement of Revenues and Expenses - March 31. 2020
lnterest income for the quarter was 512,429, which is higher than interest income for
last year at this time. This is primarily due to higher interest rates.
Pension expense and health insurance costs totaled S109,515 for this quarter.
o
a
Date Presented: 7 /2t/2O2O
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvesûnents
Marct 31,2020
Five Year Comparison
3131t17 3t31t20
CÂSH & INVESTTIENTS
Caeh in Checking & LclP
IrwesÍnerúr, atCoet
TOTAL CASH & INVESTTIENÎS
LIABILIÎIES AND RETAINED EARNITTIGS
Accrued Expensee
Held ln trrct Íor Peneþn Benefite
TOTAL LIABILITIES & REIA¡NED EARNINGS
3t31t18 3t31t19
$ 834,702 38.370/0 $ 807,7,t9$ 587,015 25.25% $ 915,098 40.910/0
.1,738,163 74.75o/o 1,321,518 59.09o/o
J 2,325,178 t00.00% $ 2,236,616 100.üt7o
$ 1,022,584 47.670/0
1,122É00 52.33Vo
$ 2,145,084 100.00%
$ 7,886 0.37%
2,137,198 99.63%Tæı6¡-ııııø
¡ Cash in Checking
I Local Gov't lnvestment Pool
t Other lnvestments
3ß1/16
739
38.05%
61"95%1,340,506 61.630Á
_8312!¿ggJ00gut"
$ 7,088 0.32016 $ 7,737 0.36Yo $ 8,070 0.38%
?,142,tr2ï ge.øe"/" 2,167,47'1 99.æo/o 2,111,747 99.620/0
$ 2,236,8t6 t00.00% $ 2,175,208 r00.üt% ia1n,8n--100.o0%
E,439 99.719
15.178 100.(X¡9l
CITY OF KENT
FIREMENIS RELIEF AI\TD PENSION F'T]ND IITYESTMET{TS
March 31,2020
fnvestmentPnrchase
Yield Tot¿l
0313u20
0313U20
Cash in Checking
I¡cal Govt Invesûnent Pool
Other Invesfinents
0.000%
1.298%
2.2500/o
$
$
$
83,821
938,763
1976
Overnight
u20
$
Dat€ Presented: A7 l2tl202Û
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Three Months Ended March 31, 2020
Five Year Comparison
?l3u16 3ß1t17 3t31t18 3t31t19 3t31t20
$650 100.00% I 1,322 100.00%$ 5,483 100.00% $ 7,425 1OO.O0% $ 12,429 100.00o/o
OPERATING REVENUES
lnterest lncome
Fi¡e lnsurance P¡emlurn Tar
TOTAL REVENUES
OPERATING EXPËT{SES
Penslon Payments to Retirees
Health lnsunnce
Actuarial Study
TOTAL EXPENSES
ilET |NCOÍUE (LOSSI
40,435
56,500
s 98,935
s {s.28st
41.710/o
58.290Á
0.00%
45.10o/o
54.90o/o
0.00o/o
Æ,420
50,000
$ (9{r,937}
t00.00%
48.14o/o
51.860/o
t
- 0.00% - 0.007o
-
$ 7,425 lO0.filo/o $ 12,¡t29 100.00%
42,529
51,773
47,702
50,000
47.23o/o
49.50o/o
47,316
50,000
43.21o/o
45.660/o
100.0070 3 94.302 100.000¿
$ (92,980)
3,3N 3.27a/o
$ 101,002 t00.00o/o
ffi
199 11
r00.00%
s (97.086t
650
2Date Presented: 07 121 f202Q