HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 01/06/2009 i
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Firemen's Relief & Pension Board
January 6, 2009
3:30 p.m.
Board Members Present: Suzette Cooke, Al Bond, Sam Grubbs, Brenda
Jacober, and Tim Clark who arrived at 3:45 p.m.
Others Present: Bonnie Fell, Kathleen Etheredge
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes of July 1, 2008. Bond moved to accept the minutes of July 1,
2008, as written, Grubbs seconded and the motion carried. Clark concurred
with the motion after his arrival.
Financial Transactions of June, July, August, September, October and
November 2008. Fell distributed copies of the financial transactions and
noted that the retained earnings as of November 30, 2008, is $3,479,709
which represents a .7% increase over December 31, 2007. She added that
as of November 30, 2008, the fair market value of investments was up
$35,000 over December 31, 2007. There was a question as to the $131,000
difference in accrued interest between November and December, and Fell
agreed to do some research and report back. She said that salaries will be
down because of the loss of one member, but there will be an increase due
to the COLA. She noted that benefits are stable and are expected to stay
that way.
Fell explained that the only things which change during the year are the
amount of interest accrued, the amount of the fire premium received, and
the volatility in the fair market value. Upon a question from the mayor
regarding cash flows from investing activities, Fell agreed to determine
whether the change was related to the stock market or the fair market value.
She concluded by stating that overall there has not been much gain or loss.
Grubbs moved to approve the June through November financial transactions.
Bond seconded and the motion carried. Clark concurred with the motion
after his arrival.
Actuarial Firm Research. Fell stated that Paula Barry will research an
actuarial firm which has been referred to her, as well as the State, in order to
get a competitive price for a study. The Mayor noted since that the process
is a lengthy one and that it must be done this year, a special meeting of this j
Board to approve the firm may be necessary.
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Firemen's Relief & Pension Board January 6, 2009
Page Two
Cost of Living Allowance. Etheredge distributed copies of the recalcula-
tions and noted that the fire contract was 100% of the CPI this year, which is
6.2%. The new salaries for the Captain, Battalion Chief and Firefighter 1"
Class are shown on the recalculation sheet, as well longevity increases, the
base salary, and the amount due from the City including the escalator
percentage. She noted that the total monthly payout is $11,892.02, until
LEOFF goes into effect April 1", at which point the amount will be reduced
because LEOFF will pay more. Clark moved to approve the 6.2% COLA
amount. Grubbs seconded and the motion carried.
Other Business. There was no further business to come before the Board.
Adjournment. The meeting adjourned at 4:00 p,m.
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Brenda Jacober, MC
City Clerk/Boar Member
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