HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2005-01-03RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, January 3, 2005
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 3rd day of
January, 2005.
Committee:
Attending:
Mayor Baudek, Fire Chief Dorman, Finance Officer
Brandjord, EPVFD Member Birchfield, Deputy Williamson
Mayor Baudek, Fire Chief Dorman, Finance Officer
Brandjord, EPVFD Member Birchfield, Human Resource
Mgr. Parrack, Deputy Williamson
Absent: Member Landkamer
Mayor Baudek called the meeting to order at 9:40 a.m.
DEATH BENEFIT — APPROVAL (RETROACTIVE).
A. It was moved and seconded (Dorman/Brandjord) a death benefit be
paid to the surviving spouse/family of Ralph Sahm, who passed away
October 30, 2004.
B. A death benefit has not been paid to the surviving spouse/family of
Jack Seybold, who passed away February 12, 2004. Finance staff will
send a letter to the last known address requesting a response.
RETIREMENT BENEFITS:
A. APPROVAL (RETROACTIVE). The Board reviewed the pension
application submitted by Robert L. Leadley dated December 3, 2004. Mr.
Leadley is eligible for benefits, and it was moved and seconded
(Dorman/Birchfield) the Application be approved, and it passed
unanimously.
B. PAYMENT PROCESS FOR FUTURE RETIREES TO ELIMINATE
DELAYS IN RECEIVING PENSION BENEFITS - DISCUSSION.
Currently, pension benefits must be approved by the Pension Board prior
to receiving a pension. Staff is seeking approval to amend the payment
process that would authorize pension benefits to occur immediately
following verification of years of service and by the EPVFD Secretary.
The application would then be submitted to the Finance Dept. and this
action would be reported to the Pension Board at a subsequent meeting;
this amendment should eliminate undue delays in receiving pension
benefits. It was moved and seconded (Birchfield/Dorman) the EPVFD
and Staff be authorized to process pension benefits once the
retiree's pension criteria has been verified as described above, and it
passed unanimously.
ACTUARIAL VALUATION FOR 2005 — DISCUSSION.
The Volunteer Firefighters' Pension Fund requires that an actuarial valuation must be
performed every two years and this study is due in 2005. Milliman USA (current
consultant) has been contacted requesting an engagement letter. Following
discussion, it was moved and seconded (Dorman/Brandjord) Staff be authorized to
sign an engagement letter with Milliman USA not to exceed a 25% increase from
the previous actuarial study performed in 2003, and it passed unanimously.
RECORD OF PROCEEDINGS
Firemen's Pension Board — January 3, 2005 — Page 2
INVESTMENT PERFORMANCE AND INVESTMENT POLICY
Finance Officer Brandjord reviewed the Firemen's Pension fund balance. The
Firemen's Pension fund is currently managed by the Town using a short term
investment horizon. The Town's investment management firm, MBIA, could manage
this fund separately with a longer term investment horizon. Following discussion, it was
moved and seconded (Dorman/Birchfield) the investment horizon be extended up
to 5 years in compliance with the Town's adopted investment policy for all funds
except funds to pay current retirement benefits, and it passed unanimously.
There being no further business, Mayor Baudek adjourned the meeting at 10:15 a.m.
1Jaa kie Williamson, Deputy Town Clerk