HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 01/05/2010 I.
KENT
Firemen's Relief & Pension Board
January 5, 2010
Board Members Present: Suzette Cooke, Brenda Jacober, and Sam Grubbs
(Grubbs attended by phone)
Others Present: City Council President Debbie Raplee, Accounting Manager
Bonnie Fell, Assistant City Attorney Susan Jensen, and former Fire Chief Tom
Foster
The meeting was called to order at 3:40 p.m.
Minutes of July 7, 2009. Grubbs moved to accept the minutes of October
6, 2009, as written. Raplee seconded and the motion carried.
Financial Transactions of September, October and November 2009.
Fell distributed copies of the financial transactions and reviewed the figures
as of November 30, 2009. She noted a significant drop in the retained
earnings balance, which was $3,545,077 in 2008 and $3,393,327 in 2009.
She also explained that revenues were $146,320 and expenses were
$298,070, for a net loss of $151,750. She pointed out that operating
revenues are down from 2008 by $170,703, and that expenses have only
increased by $5,297. Fell noted that the cost of the actuarial study was
$7,350. She estimated that the interest income will be $130-135,000 by the
end of the year. Grubbs moved to approve the September, October and
November 2009 financial reports. Jacober seconded and the motion carried.
Foster Request. Mayor Cooke noted receipt of a letter from former Fire
Chief Tom Foster regarding his service credit. Chief Foster explained his
work history and said he believes his pension should be based on 28 years
and 11 months of service. Foster answered questions from Susan Jensen,
and a brief discussion was held. It was noted that the Finance Department is
researching records, and Jensen said she will prepare and distribute a memo
prior to the next regular meeting of this Board. Foster agreed to provide an
address where he can be reached.
Board Membership Option. Jacober said it has been determined that
LEOFF members may serve on the Firemen's Relief & Pension Board as long
as they are elected by persons under the jurisdiction of the Firemen's Relief
& Pension Board. This research was done in response to concerns
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Firemen's Relief & Pension Board January 5, 2010
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about the potential lack of Firemen's Relief & Pension members in the area to
serve on the Board in the future.
Survivor Benefits Amendment. Copies of House Bill 1506 relating to
benefits for the survivors of certain firefighters were provided. It was noted
that the bill passed in 2009, and that the phrase "the widow's or widower's
monthly pension benefit, including increased benefits to his or her minor
children, shall cease if and when he or she remarries" was removed from
the Act.
Other Business — Cost of Living Allowance. Fell noted that there was no
Cost of Living Allowance (COLA) this year, so there are no payment changes
to approve since rates will remain the same.
Adjournment. The meeting adjourned at 4:20 p.m.
Brenda Jacober, C• C
City Clerk/Board Member
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