HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2001-12-12BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, December 12, 2001
Minutes of a Regular meeting of the FIREMEN'S PENSION BOARD of the
Town of Estes Park, Larimer County, Colorado. Meeting held in the Municipal
Building in said Town of Estes Park on the 12"' day of December, 2001.
Board: Mayor Baudek, Fire Chief Dorman, EPVFD Secretary Landkamer,
EPVFD Member Deats, Treasurer Brandjord, Clerk O'Connor
Attending: All
Absent: None
Mayor Baudek called the meeting to order at 3:30 p.m.
ACTUARIAL STUDY— PRESENTATION.
Treasurer Brandjord presented the Actuarial Study dated as of January 1, 2001 prepared by
The Actuarial Consulting Group, Inc., adding that in the future, the Actuary should personally
present their report.
In summary, a review of the basic $325/mo. retirement benefit indicates that the current level of
expected contributions will support a basic monthly retirement benefit of $4001mo. State Statute
provides for a 90% match, not to exceed 1.5 mills.
Treasurer Brandjord expressed concern with the "Pension Fund Provisions", particularly the
Post -Retirement Death and Lump -Sum Death Benefits due to conflicting language within the
Statute. Additionally, staff believes an Investment Policy for the Pension Fund should be
implemented, and an RFP process would be utilized to maximize investments. Consensus
was reached for staff to proceed with preparing an RFP for an Actuarial Study, to include
a formal presentation by the certified actuary. The study is estimated at $2,500, the Finance
Dept will fund it, and the target date for receipt is June/July, 2002.
PENSION BENEFIT INCREASE - DISCUSSION.
Discussion followed on a proposed benefit increase and the affect on the Pension Fund.
Pursuant to the Actuarial Report, it was moved and seconded (Dorman/Landkamer) the
monthly pension benefit be increased from $325/mo. to $400/mo. Treasurer Brandjord
expressed concern with the motion due the above -stated items, and suggested a friendly
amendment to raise the pension benefit to $350/mo. effective in January, 2002 contingent
upon an additional actuarial study proving the affects of an increase to $400 on the
Pension Fund, and, if the fund can withstand an additional increase in 2003, the increase
be $400/mo. Chief Dorman, as the original motion maker, agreed to the amendment, and
Member Deats seconded the motion (amendment), and it passed unanimously.
Treasurer Brandjord distributed a worksheet identifying target practices and policies that should
be place, and requested they be distributed to all EPVFD members for completion. Additionally,
during the six-month interim (new Actuarial Study), Chief Dorman will poll EPVFD members to
ascertain their preference on increasing the monthly pension benefit or the spouse benefit.
There being no further business, Mayor Baudek adjourned the meeting at 4:06 p.m.
Vickie O'Connor, CMC, Town Clerk