HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2003-12-02RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, December 2, 2003
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 2nd day of December,
2003.
Committee:
Attending:
Also Attending:
Absent:
Mayor Baudek, Fire Chief Dorman, Finance Officer
Brandjord, EPVFD Members Deats, Landkamer, Clerk
O'Connor
Mayor Baudek, Chief Dorman, Finance Officer Brandjord,
EPVFD Birchfield and Landkamer
Pat Kahle/Milliman Associates, Kelly Claypool, Recording
Secretary
Clerk O'Connor
Mayor Baudek called the meeting to order at 3:30 p.m.
FIREMEN'S PENSION BOARD — APPOINTMENT OF REPLACEMENT MEMBER.
it was moved and seconded (Dorman/Landkamer) Will Birchfield be elected to the
pension board, replacing Doug Deats (retired), and it passed unanimously.
ACTUARIAL SERVICES — PRESENTATION.
Presentation of the Department's Actuarial Valuation was given by Pat Kahle/Milliman
Associates. The purpose of the valuation was to review the:
• Funded Status of the plan
• Annual Required Contribution
• Annual Required Contribution from State Funding
■ Demographic and Financial Experience
Ms. Kahle reviewed the plan provisions, participant data, financial data and
assumptions and methods. She also went over calculations and the results. (See
attachment).
Discussion followed regarding the decreased interest rate from 6% to 4.5%.
Mayor Baudek questioned if the decreased rate was realistic for the next 10 years; Ms.
Kahle responded that it was aggressive and that a re-evaluation could be performed to
investigate 10 to 15 years if so desired. However, it would be difficult to say if the rate
would stay at the current level (4.5%) in that long of amount of time.
Chief Dorman questioned if additional funds should be contributed to the fund;
Brandjord stated they may want to look at changing the investment amount if so
desired.; the minimum $54,000 is required.
Brandjord questioned what would happen to the actuary if the Fire Department went to
a Fire District; Kahle stated there would be no change. It would just be moved over to
the District and they would assume the expenses that the Town is currently paying.
Chief Dorman questioned what would happen if there was an increase in the number of
members or a change in the member benefits? How would that change the outcome?
RECORD OF PROCEEDINGS
Firemen's Pension Board — December 2, 2003 — Page 2
How would the changes be paid for? Some potential consideration of added benefits: 1)
Spouse benefit 2) Increase in monthly payment. Kahle requested a "wish list" from the
members as to what is desired and the firm could then proceed. The actuarial
assumptions would be calculated to ensure any new benefits would be covered.
Brandjord stated that the amortization is conducted to look at any foreseeable changes
and make changes as needed to cover any increases.
There being no further discussion, the general consensus of the Board is that the fund
is sound at this time.
Following completion of all agenda items, Mayor Baudek adjourned the meeting at 4:35
p.m.
Kelly Claypool, or ' ecret�