HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/17/2017
Firemen’s Relief & Pension Board
Agenda
Board Members: Suzette Cooke, Mayor,
Kimberley A. Komoto, City Clerk, Dana Ralph, Chair of Operations Committee,
Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter
October 17, 2017
3:30 p.m.
Item Description Action Speaker Time
1. Call to order Mayor Cooke 1
2. Roll Call Kimberley A. Komoto 1
3. Changes to the Agenda
MOVE TO APPROVE THE AGENDA
Yes Mayor Cooke 1
4. Approval of Minutes of July 18, 2017
MOVE TO APPROVE THE MINUTES OF
July 18, 2017
Yes Mayor Cooke 1
5. 3rd Quarter 2017, Financial Transactions
MOVE TO APPROVE THE FINANCIAL
TRANSACTIONS FOR THE THIRD
QUARTER OF 2017
Yes Lavina Brennecke 5
6. Amendments to Operating Policies
MOVE TO APPROVE THE AMENDMENTS
TO THE FIREMEN’S RELIEF AND
PENSION BOARD OPERATING
POLICIES
Yes Kim Komoto 10
7. Adjournment
MOVE TO ADJOURN THE MEETING OF
OCTOBER 17, 2017
Yes Mayor Cooke 1
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 1-800-833-6388.
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Firemen’s Relief and Pension Board July 18, 2017
Minutes Kent, Washington
Approval Pending
BOARD MEMBERS PRESENT: Board Chair, Mayor Suzette Cooke, board members
Dana Ralph, Sam Grubbs, and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Aaron BeMiller, Finance Director, Suzanne Shaw,
Senior Financial Analyst, and Lavina Brennecke, Accounting and Reporting Manager
ABSENT: Al Bond
1. Call to Order
The meeting was called to order at 3:32 p.m., with Committee Chair Mayor Cooke
presiding.
2. Roll Call
Committee member Al Bond was absent
3. Changes to the Agenda
Sam Grubbs moved to approve the agenda as submitted, and board member Dana
Ralph seconded the motion.
The motion passed unanimously by a vote of 3-0.
4. Approval of Minutes, dated January 17, 2017
Sam Grubbs moved to approve the minutes dated April 18, 2017, and board
member Ralph seconded the motion.
The motion passed unanimously by a vote of 3-0.
5. 1st Quarter 2017 Financial Transactions
Lavina Brennecke, Accounting & Reporting Manager provided details regarding the
Firemen’s Relief and Pension Trust Fund Executive Summary, ending June, 2017,
including the annual decline in cash and investments. Details were provided
regarding the increase in investment interest that is due to investments.
Lavina indicated that $3,000 was paid to the actuary to update the schedules.
6. CPI Increase for Retiree of Off-Duty Disabled
Susanne Shaw, Senior Financial Analyst, advised that the CPI increase was 2.24%
for one retiree and one beneficiary of off-duty disabled firemen.
Page | 1
Firemen’s Relief and Pension Board July 18, 2017
Minutes Kent, Washington
Approval Pending
7. Legislative Update on Pension Fund
A. Mayor Cooke presented information regarding the operating budget
that is currently in the Legislature.
B. The Board discussed the plan in case there are no firefighters from
LEOFF1 willing to serve on the Board. Mayor Cooke requested that Kim Komoto
reach out to the Law Department to obtain guidance on available options for getting
board members outside the current membership of LEOFF1, and to bring any
recommendations back to the October, 2017, meeting.
8. Adjournment
At 3:44 p.m., Chair, Mayor Cooke declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
Page | 2
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
September,2O!7
Cash & lnvestments - September 30. 2017
o Total cash & ¡nvestments have decreased about 570,000 since the same period in 2016.
o The Fire Relief & Pension Fund owns a percentage of all the City investments. These are
included on the Cash & lnvestment report as Other lnvestments. For the quarter ended
September 30,20L7, those investments earned between .84o/o and 2.55o/o.
Statement of Revenues and Expenses -September 30,2017
lnterest income lor 2OL7 is higher than we anticipated. The LGIP interest rates have
increased all year and were at L.I29o/o at September 30, 2Ot7. The fund has earned over
it},tql year to date, compared with S4,5OO in 2016 and SL,6gg in 2015.
Pension costs for the year to date are S122,389. Pension costs represent the difference
between what firefighters would have received under the city pension vs. their current
LEOFF pension benefits.
The health insurance cost for 2OL7 has decreased over 20L6. Health insurance amounts
are set by the actuarial. For 2OL7 the total annual health insurance cost will be
5200,000, down from 5226,000 in prior years. These costs represent a portion of the
cost of health insurance and long-term care insurance costs that are paid by the City.
a
Date Presented: 7O/ 77 /2OI7
KENT
WaSHtNGToN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September,2OlT
MANAGEMENT REPORTS
Cash and Investments as of September 30,2017
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Nine Months Ended September 30,2017
1
2
Date Presented: LO\T /2O17
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
September 30,2017
Five Year Comparison
9t30t14 9/30/15
$ 776,372 31.68%
1,674,018 68.320/0
_g_?,4s0,999___190.00%_
$ r,944,313
614,535
75.980/"
24.O20/"
9/30/16
$ 814,261
'1.538.531
9130117
$ 1,498,788
786,845
34.610/o
65.39%
65.57o/o
34.43o/o
CASH & INVESTMENTS
Cash in Checking & LclP
lnveslments, at Gost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETANED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETAINED EARNINGS
9/30/13
$ 2,127,3ffi 78.99%
565,977 21.01%
_$ 2,9912æ r0ogg2!_
$ 5,025 0.19Yo
2,688,258 99.8r%
$ 2.693.283 100.000/o
$ 2.558.848 100.00%
$ 5,937 0.23% $ 6,471 0.260/a
$ 2,352,792 100.00% $ 2.285.633 100.00%
$ 6,596 0.28% $ 6,676 0.290/o
2,278,957 99.710/0
$ 2.2E5.633 100.00%
. 2,552,911 99.77% 2,443,919 99.74yo 2,346,196 99.720/0
$ 2,558,848 100.00o/o $ 2,450,390 100.00% g 2,352,792 rO0.O0ø
I Cash in Checking
r Local Gov't lnvestment Pool
t Other lnvestments
r FHLJvl from 1987
CITY OF KENT
FIREMENIS RELIEF AND PENSION FT]ND INVESTMENTS
September 30,2Ol7
InvestrnentPr¡¡rchase
Security Description Yield Maturitv TotalDate
09/30/t7
09/30/17
09/30/t7
04/lo/87
Cash in Checking
Local Goüt Investnent Pool
Other Investnents
Federal Horrp Ioan Mortgage
0.000%
l.l29Yo
0.uo-2.550/0
8.508%
Ovemigþt
2 rro.-5 1as.
tt/29/19
173,387
838,891
486,510
786,845
$
$
$
$
$ 2.285,633
Date Presented: LOlt7l2OL7
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Nine Months Ended September 30,2017
Five Year Comparison
9t30t14 9/30/1 5
OPERATING REVEN.UES
lnterest lncome
Fire lnsurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pension Payments to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
$ 1s7,611 100.00% $180,3E1 100.00% $ 220,73't 100.00%$ 232,166 100.00% S 232,930 100.00%
$
9/30/13
2,599
155,012
94,000
147,750
1.650/o
98.35%
1,482
178,899
107,706
169,500
8,325
0.82o/o
99.18%
37.72%
59.36%
2.92o/o
1,699
219,032
1 18,295
169,500
3,000
0.77%
99.230/"
40.680/o
58.29o/o
1.03%
9/30/16
4,500
227,666
1 19,369
169,500
11,825
1.94%
98.06%
39.7Oo/"
56.37o/o
3.93%
9130117
10,147
222,783
4.360/0
95.640/o
44.35o/o
54.57o/o
1.09%
$$$$
38.88%
61j2%
0.00%
$ 241,750 100.00% $
$ (E4,139)
285,s31 100.00% $ 290,795 100.00% $ 300.694
$ (105,r50)$ (68,s2E)
122,389
150,591
000
100.00% $ 275,980 100.00%
s 143.050ì
3
2Date Presented: 10117 12017
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 Member – An active or retired firefighter covered by the Firemen’s Relief and
Pensions Act. of 1955, hired prior to March 1, 1970.
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) Tthe Mayor, (2) Tthe City Clerk, (3) Tthe
Chair of the Finance Committee, (4) Ttwo (2) 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 (2) 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. which must be cast by
that member in person – no proxy votes. 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 simply 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 as such 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 Recordsings – No one attending any Board meeting may video tape or audio
tape any portion of the meeting without prior approval of the Board.
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 42.1756 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. 1756 RCW.
5.0 REVIEW OF BOARD RULES, AMENDMENTS, REVISIONS PER STATE
REQUIREMENTS
These Board policies shall be accordingly 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 day of , 2017.
CITY OF KENT
FIREMEN’S RELIEF AND PENSION BOARD
Suzette Cooke, Mayor and Board Chairperson
Kimberley A. Komoto, City Clerk
Aaron BeMiller, Chair of Operations Committee
Sam Grubbs, Firefighter
Firefighter
APPROVED AS TO FORM:
Tom Brubaker, City AttorneyLaw Department