HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/15/2019
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
October 15, 2019
3:30 p.m.
Item Description Action Speaker Time
1. Call to order Kim Komoto 1
2. Roll Call Kim Komoto 1
3. Changes to the Agenda
MOVE TO APPROVE THE AGENDA
Yes Kim Komoto 1
4. Approval of Minutes of July 16, 2019
Move to approve the minutes of the
meeting of July 16, 2019.
Yes Kim Komoto 1
5. Amendment to Operating Policy Yes Kim Komoto 5
6. 3rd Quarter 2019, Financial Transaction
Report
No Joe Bartlemay 5
7. Adjournment Yes Mayor Ralph 1
Firemen’s Relief and Pension Board July 16, 2019
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: Barbara Lopez, Finance Director
1. Call to Order
The meeting was called to order at 3:34 p.m., with Mayor 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
Les Thomas moved to approve the agenda as presented, seconded by Sam Grubbs.
The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated April 16, 2019
Sam Grubbs moved to approve the minutes dated April 16, 2019, and Les Thomas
seconded the motion. The motion passed unanimously with a vote of 4-0.
5. 1st Quarter 2019, Financial Report
Barbara Lopez, Finance Director, provided details regarding the Executive Summary
for Cash and Investments as of June 30, 2019, and the Statement of Revenues and
Expenses as of June 30, 2019.
Lopez reviewed the Firemen’s Relief and Pension Trust Fund Cash and Investments
ending June 30, 2019, that also included a five-year comparison.
6. CPI Increase for Retiree of Off Duty disabled – Information Only
Lopez provided information regarding the CPI increase for one retiree of off duty
disabled.
7. Adjournment
At 3:41 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
July 16, 2019
CITY OF KENT
FIREMEN’S RELIEF AND PENSION BOARD
OPERATING POLICIES
1.0 PURPOSE
To establish the operating policies of the City of Kent Firemen’s Relief and Pension
Board.
Such policies are applicable to all active and/or retired firefighters of the City of Kent
covered by RCW 41.16 and 41.18.
These polices are intended to be consistent with all applicable State laws covering
firemen’s pension boards. If any section of these policies are held to be in conflict with
State law, the remainder shall not be held invalid and shall remain in full force and
effect.
2.0 DEFINITIONS
2.1 Application – A filed request by a member for board approval of a claim.
2.2 Claim – A filed request for reimbursement of expenses incurred for the
provisions covered by this policy.
2.3 Firefighter Board Member – An active or retired firefighter covered by the
Firemen’s Relief and Pensions Act.
3.0 THE BOARD
3.1 The Board shall have the powers granted by the State Legislature in RCW
Chapters 41.16 and 41.18.
3.2 Board Members – The Board shall consist of five members in accordance with
RCW 41.16. Members shall be: (1) the Mayor, (2) the City Clerk, (3) a City
Councilmember appointed by the Council President, (4) two regularly employed
or retired firefighters elected by the firefighters, and (5) a firefighter alternate
selected by the firefighter board members who shall serve as an alternate in
the event of an absence of one of the regularly elected members.
A. Firefighter Board Members – Firefighter Board Members shall be elected by
secret ballot of the firefighters, and shall serve a two year term. In the
event of a vacancy in the membership of a firefighter or retired firefighter’s
seat, the members shall, in the same manner, elect a successor to fulfill the
duration of the vacant seat’s term.
B. Voting – Board members shall have one vote each. Board members may
attend and vote in person, by telephone, or by video call. Any member
attending by telephone or video shall ensure the use of a reliable connection
is used to ensure that all other members and the public attending the
meeting can hear the member without issue. At least one member must be
physically present at the meeting at City Hall. Three members of the Board
shall constitute a quorum. A simple majority of the quorum is required to
conduct business and effect payment of claims.
C. Chairperson – The Chairperson of the Board shall be the Mayor. If the Board
deems it necessary, a Chairperson – Pro Tem may be elected from the
Board’s members to serve in the absence of the Chair. The Chair-Pro Tem
shall assume the duties and powers of the Chair in the Chair’s absence.
The Chairperson shall preside at all meetings of the Board. The Chairperson
shall have all duties normally conferred by parliamentary procedures on
such offices and shall perform such duties as may be requested by the Board
in accordance with the position.
3.3 Secretary – The City Clerk will act as, or appoint, a secretary to the Board and
shall keep meeting minutes and maintain all records as the Board shall deem
necessary.
4.0 BOARD MEETINGS – GENERAL PROVISIONS
4.1 Meetings – The Board shall regularly meet on a quarterly basis, at City Hall,
subject to availability of a quorum, with the time and date determined by the
Board. Special meetings may be called by the Chair or by a vote of the Board,
as necessary.
4.2 Public Attendance – All meetings of the Board shall be open to the public. An
opportunity shall be afforded all parties to respond and present relevant
evidence and argument on all issues before the Board.
4.3 Records
A. Written Record of Proceedings – The minutes of the meetings shall
constitute the written record of the Board. Such record shall be public and
maintained by the Secretary.
B. Financial Transactions – The City of Kent Finance Director, or his or her
designee, is authorized to make investment decisions and to make
retirement and other payments or transactions to meet the needs of the
retirees and their families as directed by the Board and within the guidelines
of investments allowable by State law. Investment and payment decisions
shall be submitted for consideration and verification at the next Firemen’s
Relief and Pension Board meeting.
C. Information Relating to Firefighter Member Claims – Medical evaluation
reports and other similar documents and records relating to specific
members shall not be distributed to the public or media and in the event
specific requests are made for such reports, documents and records
pursuant to Chapter 42.56 RCW (Public Disclosure Law), legal counsel shall
determine whether or not such document is exempt from disclosure and if
not, whether a court injunction should be sought to enjoin such distribution
pursuant to Chapter 42.56 RCW.
5.0 REVIEW OF BOARD RULES, AMENDMENTS, REVISIONS PER STATE
REQUIREMENTS
These Board policies shall be reviewed and revised as often as necessary. Member
claims are subject to the policies in effect at the time of submission of a claim.
6.0 EFFECTIVE DATE
These operating policies shall become effective immediately upon passage and
adoption.
Passed and adopted this 15th day of October, 2019.
CITY OF KENT
FIREMEN’S RELIEF AND PENSION BOARD
Dana Ralph, Mayor and Board Chairperson
Kimberley A. Komoto, City Clerk
Les Thomas, City Councilmember
Sam Grubbs, Firefighter
Al Bond, Firefighter
KENT
WAsHtNcroN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September,2019
MANAGEMENT REPORTS
Cash and lnvestments as of September 30, 2019
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Nine Months Ended September 30, 2019
1
2
Date Presenred: LO/ t5l2OL9
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
September,z0tg
Cash & lnvestments - September 30. 2019
Total Cash and lnvestments have increased about 533,000 since the same period in
20L8, due to the increased Fire lnsurance Premium Tax and increased investment
interest.
The Fire Relief & Pension Fund owns a percentage of all the City investments. The LGIP is
currently earning over 2o/o, and the other investments are earning between L.3% and
3.5%. Our Federal Home Loan Mortgage investment will mature in November of this
year.
Statement of Revenues and ses - Seotember 30. 2019
lnterest income for 2OL9 has increased over the prior year, as expected with rising rates
Year to date interest ¡s $24,196, as compared to S19,525 for the same period in 2018.
Pension costs year to date are about 55,000 higher than the prior year to date. These
payments represent the difference between what firefighters would have received
under the city pension vs. their current LEOFF pension benefits.
o
a
o
a
Date Presented: IO/ 15/2Ot9
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
September 30, 2019
Five Year Comparison
9/30/16
CASH & INVESTMENTS
Cash in Checking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETAINED EARNINGS
9/30/1 5
$ 776,372 31.68%
1,674,018 68.32%
$ 2,450,390 100.00%
$ 6.471 0.260/o
2,443,919 99.74%
s 2,450,390 100.00%
$ 814,261
1,538,531
$ 2.352.792
34.610/"
65.39%
9t30t17
$ 1,498,788
786,845
9/30/1 I
$ 1,369,767
852,807
9/30/1 I
$ 1,328,787
926,901
65.57o/"
34.43o/o
61.63%
38.37o/"
58.91%
41.09%
100.00% $ 2,285,633 100.00% $ 2,222,574 100.00% $ 2.255.6EE lO0.O0%
$ 6,596 0.28% $ 0,020 0.29%$ I,lZl O.32Yo $ 7,244 0.32o/o2346j96 99.72%
i 2,352,792 100.00%
2,278,958 99.71%2,215,446 99.68%2,248,444 99.68%
$ 2,2E5,633 100.00% $ 2,222,574 100.00% $ 2.255.6S8 100.00%
r Cash in Checking
I Locai Gov't lnvestment Pool
"r: Other lnvestmenis
rr FHLM from L987
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FT]ND INVESTMENTS
September 30, 2019
InvestmentPurchase
SecurÍty Description Yield Maturitv TotalDate
09/301t9
09/301t9
09130/19
04lt0l87
CashinChecking
Local Godt Invesfnent Pool
Other Investrrpnts
Federal Horne Loan Mortgage
0.000%
2.t95%
1.34-3.59o/o
8.508%
Ovemigþt
6 rno.-5 ys.
tU29/19
ls3,720
743,740
431,327
926,901
$
$
$
$
$ 2,255,688
Date Presented: LO/ l5/2OL9
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Nine Months Ended September 30, 2019
Five Year Comparison
9/30/16 9130t17
OPERATING REVENUES
lnterest lncome
Fire lnsurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pens¡on Palments to Ret¡rees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
i 220,731 100.00% t 232.166 100.00% $ 232,930 100.00%
9130118
$ 19,525 7 .800/o
230,881 92.2oo/o
$ 250,406 100.00%t 329,663 100.00%
$
9130115
1,699
219,032
1 18,295
169,s00
3,000
0.77o/o
99.23o/o
40.680/o
58.29o/o
1.03o/o
4,500
227,666
1.94o/o
98.06%
10,147
222,783
436%
95.640/o
9/30/1 9
24,196
305,467
7.34o/o
92.660/o
$$$
119,369
169,500
11,825
39.70o/o
56.37o/o
3.93%
122,389
150,591
3,000
44.35o/o
54.57o/o
1.09o/o
131,541
150,000
11,825
44.U%
51.13o/o
4.03%
136,423
150,000
3,300
47.09o/o
51.77o/o
1.140/o$ 290,795 100.00% $ 300,694 100.00%
$ ø0.064)3 t68.528)
$ 275,9E0 100.00% $ 293,366 l00.OO% g 2E9,723 1o0.OO%
$ (43.050)$ (42,e60)S 39.9,10
2Date Presented: 1011512019