HomeMy WebLinkAboutMINUTES Firemen's Pension Board 1996-03-06BRADFORO PUBLISHING CO.
RECORD OF PROCEEDINGS
Firemen's Pension Board
March 6, 1996
Board: Mayor Dannels, Fire Chief Rumley, 1st Ass't.
Chief �•, Treasurer Vavra, Clerk O'Connor
Attending: Chief Rumley, Ass't. Chief Ford, Treasurer
Vavra, Clerk O'Connor
Also Attending: Town Administrator Klaphake
Absent: Mayor Dannels
Chief Rumley called the meeting to order at 10:09 A.M.
PENSION PLAN RETIREMENT BENEFITS - DISCUSSION.
Administrator Klaphake reported that the Town budgeted
approximately $33,000 toward the Firemen's Pension Plan in 1996.
The purpose of this allocation is to continue to receive a funding
match from the State. Therefore, a total of $60,000± is included
in the budget. Pursuant to conversations with Town Attorney White,
staff believes it would be best to increase the pension benefit at
this time as Estes Park is lagging behind in the State. The
current pension benefit is $150.00/month; with an increase to
$225.00/month, the Town would then be comparable with other
Colorado municipalities. The pension benefit of $150.00 was last
increased in July, 1985. Staff stated that the Town does have an
obligation to be somewhat competitive in the pension plan market.
The 1995 Actuarial Study determined that the Pension Fund is in a
strong financial position and the benefit could be increased. A
new study, which is scheduled for January, 1997, would set forth
what contribution levels should be maintained in the future.
Chief Rumley questioned whether the increase would be retroactive,
and staff responded that the increase in benefits would require a
1996 budget amendment, and it would be best if the increase not be
retroactive.
It was moved and seconded (Vavra/Ford) the retirement benefit for
the Firemen's Pension Plan be increased to $225.00/month, effective
July 1, 1996, directing Treasurer Vavra to prepare a Resolution for
the adjustment to the 1996 Budget. The Firemen's Pension Board
will seek the Town Board's concurrence of this action.
REPORTS.
Chief Rumley questioned whether firemen remaining with the
Department over 20 years receive additional compensation. Staff
responded retiree benefits are paid a flat amount with no
additional compensation for any years of service over 20.
Treasurer Vavra reported that the survivors of Barney Graves who
passed away June 23, 1995 and Maurice Rockwell, who passed away
November 27, 1995 received the $100.00 Death Benefit.
There being no further business, Chief Rumley adjourned the meeting
at 10:34 A.M.
Vickie O'Connor, CMC/AAE Town Clerk