HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2006-05-16RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, May 16, 2006
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 16th day of May 2006.
Committee:
Attending:
Absent:
Mayor Baudek, Fire Chief Dorman, Finance Officer
McFarland, EPVFD Members Birchfield and Landkamer,
Town Clerk Williamson
All
None
Chief Dorman called the meeting to order at 11:00 a.m.
RFP FOR INVESTMENT SERVICES — APPROVAL.
Finance Dir. McFarland stated two responses (Win Advisor Group, Inc. and Investment
Trust Company) were received for the RFP to provide investment services for the
firemen's pension fund. Win Advisory Group's investment philosophy is diversification
through mutual funds with an annual advisory fee of 1.25% of assets under
management. Investment Trust Company's investment strategy is to purchase specific
stocks and bonds with an annual fee of 1 %. Dir. McFarland advised the Win Advisory
Group's approach would yield good returns with less risk. Discussion followed
regarding each companies past history with fire pensions, how other small fire district
invest, guarantee of principal and percentage of current funds that could be invested.
Dir. McFarland stated the statutes allow 40% (approximately $300,000) of funds to be
invested in equities. The fund currently has $250,000 in cash, $250,000 in a bond that
matures June 2006 and $250,000 in a bond that matures in 2008 with MBIA. Dir.
McFarland recommends Win Advisor Group, Inc. as the funds investment advisor and
to maintain the current bond that matures in 2008 with MBIA. It was moved and
seconded (Baudek/Birchfield) the proposal for investment services submitted by
Win Advisory Group, Inc. be accepted, and it passed unanimously.
DEATH BENEFIT — APPROVAL (RETROACTIVE).
It was moved and seconded (McFarland/Landkamer) a death benefit be paid to the
surviving spouse/family of Stephen Campbell in the amount of $700 (two times
monthly benefit), and it passed unanimously.
RETIREMENT BENEFIT — APPROVAL.
The Board reviewed the pension application submitted by Mark Chrastil dated
September 4, 2005. Discussion followed regarding Mr. Chrastil's eligibility due to a
previous conviction. Chief Dorman confirmed the department has received restitution
from Mr. Chrastil and under State law he is eligible for the pension. EPVFD Member
Birchfield verified Mr. Chrastil served 15 years and the application was amended to
such. Members of the Board were not in favor of approving the pension application due
to the prior conviction; however all agreed not to incur additional court costs. It was
moved and seconded (McFarland/Dorman) the Application be approved for
Chrastil (deferred until 6/1/06) and it passed with Baudek abstaining.
MILLIMAN FEE — DISCUSSION.
Finance Dir. McFarland stated a bill was received from Milliman for $1,168 for the
presentation of the supplemental actuarial study provided to the Board at the March 14,
RECORD OF PROCEEDINGS
Firemen's Pension Board — May 16, 2006 — Page 2
2006 meeting. He was unaware there would be an additional cost for the presentation
and has asked for a detail breakdown of the charges prior to payment. Dir. McFarland
will forward additional information to the members for their review.
There being no further business, Chief Dorman adjourned the meeting at 11:32 a.m.
J#kie Williamson, Town Clerk