PB 02/14/2012 Minutes - Laserfiche WebLink

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Police /Fire Pension Board Meeting Febr•ita� y 14, 2012 Page 4 valuations performed. One was to get caught -up with valuations of terminated plan members and one was for the early retirement calculation. Mr. Christenson noted that it is not unusual for two calculations to be performed - one when a plan participant terminates employment and one when a plan participant wants to elect retirement. MOTION: Moved by Mr. Hettler to approve the Consent Agenda as presented in the letter dated February 7, 2012 from the Interim Finance Director. Motion was seconded by Mr. Stewart and carried unanimously on 5 -0 voice vote. 8. Miscellaneous A. New members are: There were no new members during this period. B. Separation of Service of Members Report — there were no separations during this period. 9. Attorney's Report — Scott Christiansen Mr. Christiansen questioned the status of the firefighter contract. Negotiations are still ongoing and no new contract has been signed between the firefighters and the City. The decision of defining the salary to be included on benefits calculation is effective when a new contract is signed. Mr. Christiansen also advised that the selection of officers for Board must be held at this meeting. Motion: Mr. Stewart moved to leave the officers the same for the next two years. Motion was seconded by Mr. Strenth and carried unanimously on 5 -0 voice vote. Mr. Christiansen reviewed legislative issues. There was an appointment of a task force for in- line -of -duty presumption by legislature. The task force was charged with studying the presumptions. Members of the task force were Firefighter/Police & League of Cities members. The task vrc only agreed to liuve a health plan. III doesn't carry the force of the lazy. A letter was sent by Mr. Christenson's office explaining this issue, but it was not received by the City due to e -mail issues. This information will be forwarded to the Board members when received. Senate Bill 1499 discussed pension plan funding ratios. This provides that if a plan has a funding ratio below 80 %, then the plan has to self report to the State. Then the Board members roust develop plan to get back to 80 %, utilizing whatever means feasible. The Bill is pending. A discussion ensued regarding actuarial loss and unfunded accrued actuarial liability. The other bill is for police service provided to other municipalities other than mutual aid agreements. It does not apply to the City. 10. Discussion Items III. Benefit Calculation Issues: There was no discussion on benefit calculation issues as the Firefighters have not agreed upon a new contract with the City yet.