HomeMy WebLinkAboutMINUTES Policemen's Pension Board 1986-04-28cj
BRADFORD PUBLISHING CO.RECORD OF PROCEEDINGS
Policemen’s Pension Board
April 28,1986
Board:Mayor Dannels,Treasurer Vavra,Police
Lieutenant Elste,Clerk O’Connor
Attending:Treasurer Vavra,Police Lieutenant Elste,
Clerk O’Connor
Also Attending:Town Attorney White,Town Administrator Hill,
Police Chief Ault,Officers Ballew,Cazan,
Clark,Cohn,Emerine,Filsinger,Greenman,
Hutter,Jensen,Kappely,Landis,Lundquist,
Matuszak,Dave Parker/ICMA
Absent:Mayor Dannels
POLICE PENSION FUND -PRELIMINARY DISCUSSION REGARDING CONVERSION
TO ICMA PLAN:
Town Attorney White reviewed the benefits offered in the existing
Police Pension Plan between those offered in the ICMA Plan.A
vote of 65%in favor would be required to authorize the Town to
pursue a conversion.An “actuarial study”would be performed to
determine the value of funds each officer has accrued in the
existing pension plan.Upon conversion,each officer would have
their own account with the appropriate funds transferred to it;
the funds would begin accruing interest immediately.Under the
defined ICMA Plan,the participant would become vested in a
yet—to—be determined number of years,and he would receive all
contributions made by the participant and Town upon reaching
retirement age.The vesting schedule,retirement age,tax
shelter (IRAs),and provision for loans against an individual
account are local decisions to be made by the Town.Town
Attorney White stated each individual would receive more money
upon reaching retirement age in the conversion to ICMA in lieu of
retaining the existing plan.Seeking a decision from the Police
Department as to whether or not the Town should pursue the
conversion,the Board requested Lieutenant Fiste be available to
receive comments from the Department,reporting his findings to
the Board as soon as possible.Upon formalization of a written
plan,the Department will be offered the opportunity to vote
whether or not the Town should proceed with the conversion.
There being no further business,the meeting adjourned.
Upon notification from Lieutenant Elste stating 16 positive votes
were cast in favor of obtaining additional information to convert
to the ICMA Police Pension Plan,the Board recommends pursuing
further information,performing an actuarial study and preparing
the finanalized plan for review by the Police Department,setting
a goal of 45 days to complete the project.
Vickie O’Connor,Town Clerk