HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2005-09-27RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, September 27, 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 27th day of
September, 2005.
Committee:
Attending:
Absent:
Mayor Baudek, Fire Chief Dorman, Finance Officer
McFarland, EPVFD Members Birchfield and Sharman, Clerk
Williamson
Mayor Baudek, Fire Chief Dorman, Finance Officer
McFarland, Clerk Williamson, Administrator Repola
EPVFD Birchfield and Sharman
Mayor Baudek called the meeting to order at 8:35 a.m.
REVISED ACTUARIAL VALUATION FOR 2005 — REQUEST APPROVAL
An actuarial study for the Volunteer Firefighters' Pension Fund has been performed for
2005 by Milliman USA. This request for additional studies would evaluate the cost of
adding the dive team to the pension and/or increasing the pension benefit at a cost not
to exceed $1,500 and would be completed no later than November 1, 2005. Studies to
be conducted include the following:
• $350 benefit including 7 divers
• $400 benefit w/o divers
• $400 benefit with divers
• $450 benefit w/o divers
• $450 benefit with divers
Chief Dorman informed the Board that the pension fund has seen a 1 % growth rate in
2005 versus a forecasted growth rate of 4.5%; therefore the fund balance is lower than
expected. He stated the studies would provide information to the firefighters/divers as
to why a pension increase or the addition of the divers would not be feasible at this time.
Discussion followed: Chief Dorman expressed his concern that the current pension is
lower than other similar communities; therefore, he has contacted DOLA to obtain a
listing of pensions in Colorado; Finance Officer McFarland will contact MBIA to discuss
changes to the current investment strategy; a policy statement will be developed for
investments; benefits should not be increased automatically at the expense of future
benefits; fund balance should be verified prior to an increase in pension benefits;
Finance Office McFarland will verify if the State matching funds are limited to 90% of a
$300 benefit; the 2005 application for State contributions will be submitted following the
September 27th Town Board meeting. Following discussion, it was moved and
seconded (Dorman/McFarland) to authorize Milliman USA to perform the additional
actuarial studies as described above to be funded from the Pension Fund, and it
passed unanimously. The next Board meeting will include the fire department
personnel to set long range goals.
There being no further business, Mayor Baudek adjourned the meeting at 9:10 a.m.
J kie Williamson, Town Clerk