HomeMy WebLinkAboutMINUTES Firemen's Pension Board 2009-01-20RECORD OF PROCEEDINGS
Town of Estes Park, Larimer County, Colorado, January 20, 2009
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 20th day of January
2009.
Committee:
Attending:
Absent:
Mayor Pinkham, Fire Chief Dorman, Finance Officer
McFarland, EPVFD Members Birchfield and Landkamer,
Town Clerk Williamson
Mayor Pinkham, Fire Chief Dorman, Finance Officer
McFarland, EPVFD Member Landkamer, Town Clerk
Williamson
EPVFD Member Birchfield
Chief Dorman called the meeting to order at 9:00 a.m.
INVESTMENT POLICY CHANGES.
Finance Officer McFarland stated Win Advisory Group, Inc. has recommended changes
to the. Investment Policy Statement (IPS) for 2009. The following are their
recommendations:
• Migration to a core portfolio resulting in a more efficient trading and less cost to
the portfolio.
• Addition of hard assets to the portfolio (real estate and commodities) to reduce
the portfolio's volatility.
• Increase international equities to diversify the portfolio.
After further discussion, it was moved and seconded (Pinkham/Landkamer) to
approve the Investment Policy Statement prepared by Win Advisory Group, Inc.,
and it passed unanimously.
ACTUARIAL STUDY.
Discussion followed on the need to perform a RFP for the actuarial study. Finance
Officer McFarland stated there are only a couple of firms that conduct fire pension
actuarials in the state. Milliman was selected through an RFP process in 2003. After
further discussion, it was agreed to contract with Milliman to complete the 2009 actuarial
study with the following guidelines:
• First priority — add dive team to the pension.
• Second priority — increase the pension to $425 in 2009 and to $450 in 2010.
• Third priority — add death benefits and increase survivor benefits.
Chief Dorman stated other departments the size of Estes Park have pensions averaging
$600/month with twice as many volunteers.
Finance Officer McFarland would contact Milliman with the above details. The Board
requested Milliman include a presentation to the entire volunteer staff with the actuarial
study results.
There being no further business, Chief Dorman adjourned the meeting at 9:30 a.m.
Jackie Williamson, Town Clerk