HomeMy WebLinkAboutMINUTES Firemen's Pension Board 1999-07-13BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Firemen's Pension Board
July 13, 1999
Board: Mayor Dekker, Fire Chief Dorman, 1st Ass't. Chief Parker,
Treasurer Vavra, Clerk O'Connor
Attending: All
Absent: None
Mayor Dekker called the meeting to order at 8:06 a.m.
ACTUARIAL STUDY — PRESENTATION.
Treasurer Vavra submitted an Actuarial Valuation as of January 1, 1999 as prepared by
The Actuarial Consulting Group, Inc. the Study was thoroughly reviewed. Expected
1999 contributions are enough to pay normal costs, and to amortize unfunded actuarial
liability over two years.
Staff reported that this study is prepared every other year; the cost to prepare the study
is $2,500±; current retirees receive $2251mo.; the Town does not provide pre/post death
benefits; the Town does provide workers comp if injured in the line of duty, plus the Fire
Dept. provides additional insurance coverage; the funds are invested in two sources:
local banks (CD's), U.S. Gov. Treasury Notes or Treasury Bills.
Discussion followed concerning: pre -retirement death benefits and the affect such
benefits could have on the Study, with a potential pro -ration of 5% equivalency of $225
for 20 years; and whether an active member could draw retirement after 20 yrs. while
remaining on active status.
It was moved and seconded (Dorman/Parker) the Actuarial Study as of January 1,
1999 be accepted, with Treasurer Vavra investigating the pre -retirement death
benefit affect on the Fund. Chief Dorman will investigate whether an active
member can draw his retirement after 20 yrs. while remaining on active status.
The motion passed unanimously.
The Board requested an additional Study be prepared in the first quarter of Year 2000
that includes, for comparison purposes, projections of raising the pension benefit to
$300/mo. and $350/mo. Treasurer Vavra confirmed there are no funds budgeted in
2000 for an additional study, and that funds must be appropriated from another source,
as directed by the Town Board.
There being no further business, Mayor Dekker adjourned the meeting at 8:54 a.m.
Vickie O'Connor, CMC/AAE, Town Clerk