HomeMy WebLinkAboutMINUTES Firemen's Pension Board 1985-06-07e•
BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Firemen's Pension Board
June 7, 1985
Board: Mayor Dannels, Town Treasurer Graves, Clerk
O'Connor, Fire Chief Rumley, 1st Assistant
Chief Watson, 2nd Assistant Chief McCracken,
Secretary/Treasurer Dike
Attending: All
Also Attending: Town Administrator Hill, Town Attorney White,
Finance Officer Vavra, Bob Cheney
ACTUARIAL STUDY/PENSION FUND - UPDATE:
Town Attorney White advised the Board of the completed evaluation
of the Firemen's Pension Plan as prepared by Thomas M. McComb,
F.C.A. With present revenues, the pension fund was found to be
actuarially sound. Finance Officer Vavra presented a financial
statement of May 31, 1984 which listed receipts, disbursements,
and fund balance. A copy of the Financial Statement is attached
and made a part of these proceedings. The largest expenditure is
the Current Pensions expense which includes 18 retired firemen.
Member Watson moved the Firemen's Pension be raised to
$150.00/month effective July 1, 1985. Member Dike seconded the
motion and upon roll the motion unanimously carried.
Discussion followed regarding years of service. Currently,
firemen are eligible to receive pensions when they reach 50 years
of age and have 20 years of service in the Fire Department. By
State Statute, firemen are now allowed a pension with 10 years of
service on a prorated basis. The Fire Department would be in
favor of stipulating pensions would only be allowed for medical
disabilities for those firemen with at least 10 but less than 20
years of service. Following discussion, the Board recommends
obtaining a legal opinion from Town Attorney White prior to
further action.
Member Dike moved the $100 Death Benefit Payment for David P.
Gavell be approved. Member Watson seconded the motion and upon
roll call the motion unanimously carried.
There being no further business, the meeting adjourned.
Vickie O'Connor, Secretary
TOWN OF ES1ES PARK
FIREMEN'S PENSION FUND
MAY 31, 1985
BUDGET
MONTH 1985
Fund Balance, January 1, 1985 184,066.12
RECEIPTS:
09-130-331-3330
State Grants 12,500 0.00 0.00
09-160-360-3600
Interest Earned 19,500 0.00 3,376.88
09-170-390-3901
General Fund 26,000 0.00 6,500.00
Total Fund 58,000 0.00 9,876.88
DISBURSEMENTS:
09-820-00-00-630-6321
Insurance & Other Expenses 600 0.00 180.00
09-820-00-00-630-6460
Current Pensions 23,600 1,800.00 9,300.00
09-820-00-00-630-6465
Eligible Pensions 0.00 0.00
09-820-00-00-630-6470
Death Benefits 500 0.00 100.00
09-820-00-00-799-6200
Office Supplies 200 0.00 0.00
Total Disbursements 24,900 1,800.00 9,580.00
FUND BALANCE:
Temporary Investments
Cash with General Fund
Checking Acct. #20-0037
Interest Receivable
Fund Balance
(1,800.00)
182,590.00
1.00
2,772.00
0.00
(1,800.00) 185,363.00