HomeMy WebLinkAbout2011.04.11 Fire Pension Board MinutesFIRE PENSION BOARD MEETING
MINUTES
April 11, 2011
CALL TO ORDER:
Meeting called to order.at 6:00 p.m. by Rebecca Francik.
ROLL CALL:
Those Present: Don Carter, Debbie Clark, Alvie Covington, Rebecca Francik, Harvey Swoboda, Dunyele
Mason, Lynn Jackson.
APPROVAL OF PRIOR MEETING MINUTES:
Motion was made by Harvey Swoboda and seconded by Alvie Covington to approve the minutes as
amended of the January 10, 2011 meeting.
Motion passed.
BILLS:
A copy of the monthly transaction ledger for January through March was distributed.
Motion was made by Alvie Covington and seconded by Harvey Swoboda to approve the expenditure
transactions as presented.
Motion passed.
FINANCIAL STATEMENT:
Presented. Discussion ensued regarding the new format that splits the prior accounting fund into two
funds; one for OPEB (Medical) and one for Pensions based on new GASB reporting requirements.
OLD BUSINESS:
1) Actuarial Study The contract with Milliman is complete. The fire pension fund is considered fully
funded for pension benefits. The actuary study does not cover the medical portion of the future
liability. This calculation is made using the State's actuary tool.
NEW BUSINESS:
1) Calculation of payment and benefit information move from Finance to Human Resources and
the payroll department. Finance Manager remains as pension board member and Treasurer.
2) Investment opportunity to fund LID 146 for ten year term at 10 year US Treasury rate of
3.55%. Investment total is $97,875 as of March 15, 2010. If not interested, then the city will
purchase the debt/investment. Motion was made by Harvey Swoboda and seconded by Alvie
Covington to purchase the LID 146 as an investment.
OTHER BUSINESS: None.
ADJOURNMENT: 6:40 p.m.
NEXT MEETING ON: July 11, 201,1 at 6:00 p.m.