HomeMy WebLinkAboutMINUTES Firemen's Pension Board 1991-06-28BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Firemen's Pension Board
June 28, 1991
Board: Mayor Dannels, Fire Chief Rumley, 1st
Assistant Chief Ford, 2nd Assistant Chief
Campbell, Treasurer Vavra, Secretary O'Connor
Attending: All
Absent: None
Mayor Dannels called the meeting to order at 11:00 A.M.
1991 ACTUARIAL STUDY - REVIEW.
The 1991 Actuarial Study performed by the William M. Mercer,
Inc. firm was presented. The Board of Trustees authorized the
study during the budget process; the fee was $2,400.00 Treasurer
Vavra fully reviewed the actuarial valuation of the Volunteer
Firefighters' Pension Fund as of January 1, 1991. In summary, the
study has determined that expected contributions are exceeding the
required contributions; however, the firm is recommending:
1. That no benefit increases be given until additional
progress is made on the unfunded accrued liability. The
accrued liability for retired participants currently
exceeds the assets of the fund.
2. That actuarial studies be made periodically (every two to
three 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 (Campbell/Ford) the
Board acknowledge acceptance of the 1991 Actuarial Study performed
by William M. Mercer, Inc., and it passed unanimously. It was also
moved and seconded (Ford/Vavra) benefits not be increased at this
time and it also unanimously.
Treasurer Vavra will monitor the fund and request future actuarial
studies as authorized by the Board of Trustees.
There being no further business, Mayor Dannels adjourned the
meeting at 11:25 A.M.
Vickie O'Connor, CMC, Town Clerk