HomeMy WebLinkAboutMINUTES Firemen's Pension Board 1993-06-18se
BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Firemen's Pension Board
June 18, 1993
Board: Mayor Dannels, Fire Chief Rumley, 1st Ass't.
Chief Ford, Treasurer Vavra, Clerk O'Connor
Attending:
Absent:
All
None
Mayor Dannels called the meeting to order at 8:31 A.M.
1993 ACTUARIAL STUDY - REVIEW.
The 1993 Actuarial Study performed by the William M. Mercer, Inc.
firm and it was presented and reviewed by Treasurer Vavra. The
Town is contributing an amount based on .8251 mills on the assessed
valuation of the Town, and the State mates 90% of the Town
contributions up to a maximum of 1/2 mill on the assessed
valuation. The benefit schedule includes $150.00/month for
retirement and a lump sum death benefit of $100.00. The firm is
recommending:
1. The benefits and contributions be continued at current
levels.
2. That actuarial studies be made periodically (every 2-3
years) to compare the actual experience of the pension
fund with the assumptions being used in the actuarial
calculations.
Following discussion, it was moved and seconded (Vavra/Ford) the
Firemen's Pension Board accept the 1993 Actuarial Study prepared by
William M. Mercer, Inc., and it passed unanimously.
Chief Rumley reported that recent state law that placed a
retirement benefit cap of $500.00/month and questioned whether, in
the interest of retaining experience firemen, the retirement
benefit could be amended to pay an additional $7.50/month for each
year of service completed over 20 years. Treasurer Vavra will
review state law and how the increase would affect the Pension
Fund; a meeting will be scheduled when the report is prepared.
There being no further business, Mayor Dannels adjourned the
meeting at 8:53 A.M.
Vickie O'Connor, CMC, Town Clerk