HomeMy WebLinkAbout2015.12.21 FPB MinutesFIREMAN PENSION BOARD
December 21, 2015
SPECIAL MEETING MINUTES
Call To Order:
The meeting was called to order at 6:00 p.m., by Rebecca Francik, in Conference Room No.
1 at Pasco City Hall.
Roll Call:
Present: Rebecca Francik, Debbie Clark, Alvie Covington, Scott Maloy and Ron Musson.
Excused absence: Harvey Swoboda
New Business:
Actuarial Study
Mr. Musson presented the two quotes received Govinvest and Milliman Inc., and
recommended Milliman Inc.
Mr. Covington and Mr. Maloy requested clarification regarding the following items:
1. What are the financial requirement's requiring the need to perform an actuarial study
on the Old Fire OPEB (Fund 619) and the Old Fire Pension Fund (Fund 610)?
2. Please clarify the two different funds (Old Fire Pension Fund -Other Post -Employment
Benefits (OPEB) and Old Fire Pension Fund) and how much money did the city put into
the fund?
3. Who handles the medical payment for the Old Fireman Pension fund?
4. Is Leoff I and Old Fire Pension the same fund utilized for payments for medical costs for
the Old Fireman Pension members?
5. Please provide response regarding negotiation of the fee from Milliman.
6. Please provide the medical payment totals for 2014 and 2015
7. Bring prior quarterly report showing disbursement of medical and pension payment
expense.
Mr. Musson replied he would provide the information.
FIREMAN PENSION BOARD
Minutes— December 21, 2015
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Mr. Covington and Mr. Maloy both stated the Actuarial Study of the Retiree Medical Fund
would be considered at the next meeting of the Fireman Pension Board.
It was motioned by Mr. Covington and seconded by Mr. Maloy and carried to direct Ron
Musson, Interim Finance Manager and staff to move forward with an actuary study for the
Fireman Pension Fund - cost not to exceed $11,755.
Investment Opportunity:
Mr. Musson presented the American Funds portfolio value history as of December 18, 2015.
Following discussion, consensus of the Board was given to Ron Musson, Interim Finance
Manager the authority to invest funds in the best interest of the Board.
Adjournment: There being no other business the meeting adjourned at 7:05 p.m.
Debb a Clark, Secr ary
FIREMAN PENSION BOARD
Minutes —December 21, 2015
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