HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2007-02-19RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, February 19, 2007
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 19th day of February
2007.
Committee:
Mayor Baudek, Fire Chief Dorman, Finance Officer
McFarland, EPVFD Members Birchfield and Landkamer,
Town Clerk Williamson
Attending: All
Absent: None
Chief Dorman called the meeting to order at 8:30 a.m.
INVESTMENT SERVICES UPDATE.
Finance Dir. McFarland introduced Mr. Autterson/Win Advisor Group. Win was hired
during the 4th quarter of 2006 to manage the investments of the Firemen's Pension
Fund. Mr. Autterson stated Win's investment strategy is based on the principles of
Modern Portfolio Theory (MPT) that provides for a passive, long-term, buy -and -hold
strategy implemented through globally diversified portfolios. Current funds have been
invested in a passive asset class which consists of a group of investments with similar
risk and return. The portfolio consists of fixed income (55.8%), and mutual funds
invested in the following categories: domestic equities (23.1%), international equities
(10.3%), money market (4.9%), real estate (3.1%) and commodities (2.7%). The
investment policy establishes a scenario in which equities are sold high and purchased
low and interest and dividends are paid in cash to maintain the required
cash/investment balance required by state law. The accumulative portfolio return after
2 months is 3.2%. Mr. Autterson projects a 6% return on the investments after the first
year. Finance Officer McFarland will distribute quarterly investment reports to the
members. A meeting will be held in November to review the performance of the
investments after one full year.
RETIREMENT BENEFIT — APPROVAL.
The Board reviewed the pension application submitted by John Elley, Charles Stalker
and Steve Thoms. Mr. Elley started with the department on October 4, 1979 and retired
in 2000 with over 20 years of service. Application was filed on November 30, 2006. Mr.
Elley turned 50 in December and is eligible to receive full pension benefits immediately.
It was moved and seconded (Baudek/Landkamer) the Application be approved for
John Elley, and it passed unanimously.
Charles Stalker started with the department on October 2, 1990 and retiring August 1,
2006 with 15 years of service. Application was filed on December 8, 2006. He is
eligible for immediate benefits at 3/ of the rate. It was moved and seconded
(McFarland/Landkamer) the Application be approved for Charles Stalker, and it
passed unanimously.
Steve Thoms started with the department on June 5, 1984 and is currently an active
member with over 20 years of service. Mr. Thoms is eligible for full benefits once he
retires from the department. It was moved and seconded (Baudek/Landkamer) the
Application be approved for Steve Thoms contingent upon his retirement from
the department, and it passed unanimously.
There being no further business, Chief Dorman adjourned the meeting at 9:35 a.m.
Jackie Williamson, Town Clerk