HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2002-07-30RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, July 30, 2002
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 30th day of July, 2002.
Committee:
Mayor Baudek, Fire Chief Dorman, Finance Officer
Brandjord, EPVFD Secretary Landkamer, EPVFD Member
Deats, Clerk O'Connor
Attending: Mayor Baudek, Fire Chief Dorman, Finance Officer
Brandjord, EPVFD Member Deats, Clerk O'Connor
Also Attending: None
Absent: EPVFD Secretary Landkamer
Mayor Baudek called the meeting to order at 8:14 a.m.
DEATH BENEFIT — APPROVAL (RETROACTIVE).
It was moved and seconded (Dorman/Brandjord) the following death benefits be
paid to the surviving spouse/family, and it passed unanimously:
Ron Weakland, $100.00 benefit paid 9/1/00
Jim Seybold, $100.00 benefit paid 12/21/00
Don Engelhardt, $100.00 benefit paid 3/1/01
H. Bernerd Dannels, $650.00 benefit paid 12/5/01 (increase approved 6/6/01)
AUDITED FINANCIAL STATEMENTS FOR THE FIRE PENSION FUND FOR THE
YEAR ENDED 12/31/01.
Finance Officer Brandjord reviewed the Auditor's Report (excerpts), stating that the
auditor cited neither findings nor material weaknesses. Funding at the current level, the
Actuarial Study is adequate, however, due to declining interest levels, Finance Officer
Brandjord suggests additional discussion during the next Study.
INVESTMENT PERFORMANCE, INVESTMENT POLICY, AND POSSIBLE
ASSOCIATION WITH FIRE & POLICE PENSION ASSOCIATION (FPPA).
Finance Officer Brandjord distributed copies of the "Trustee Handbook on Pension Fund
Investing" and stated that historically low rates are being realized with traditional
investments such as CD's, T-Bills, etc. The Firemen's Pension is more conservatively
invested than the Town's Investment Policy, and staff is suggesting researching legal
investment options for fire pensions, including lengthening maturities to achieve larger
yields. Depending on the bond rating, bonds could also be investigated.
Pertaining to association with the FPPA, staff confirmed that the Association reported a
higher yield than what the Estes Park Firemen's Pension is currently receiving. In 2001,
the FPPA had a negative return that was less than the Estes Park Fund, however, over
longer terms, the FPPA has significantly outperformed the Estes Park Fund.
Disadvantages could be less local control.
It was moved and seconded (Dorman/Deats) Finance Officer Brandjord contact an
FPPA Representative to schedule a meeting with firefighters and the Pension
Board (at the Fire Station) prior to a formal decision being made on the
Investment Policy and membership in the FPPA.
RECORD OF PROCEEDINGS
Firemen's Pension Board — July 30, 2002 - Page 2
RFP FOR ACTUARIAL SERVICES - DISCUSSION
This item was continued pending the meeting with the FPPA Representative; however,
with the target date of soliciting proposals for a new Actuarial Study in September,
Finance Officer Brandjord may begin the process at present (i.e. explore costs, etc.).
BENEFIT ENHANCEMENTS — DISCUSSION.
Finance Officer Brandjord reviewed the Board's decision (12/12/01) to raise the monthly
pension benefit from $325/mo. to $350/mo. effective January 2002, and, if the Fund can
withstand an additional increase in 2003, the pension be increased to $400/mo.
Pursuant to the continuation of the RFP for Actuarial Services above, this item was also
continued.
APPLICATION FOR PENSION — APPROVAL.
Fire Chief Dorman reported that Steve Nytes has submitted his Application of Pension,
having reached the age of 50 years. It was moved and seconded (Dorman/Deats) the
application be approved, retroactive to his 50th Birthday, and it passed
unanimously.
*Editor's Note: Following the meeting, staff confirmed that Mr. Nytes received
Board approval 3/2/98 and that the effective date of pension benefits is 6/1/02.
Following completion of all agenda items, Mayor Baudek adjourned the meeting at 8:43
a.m.
Vickie O'Connor, CMC, Town Clerk