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Police/Fire Pension Board Meeting <br />February 16, 2010 <br />Page 3 <br />eliminate any ala carte additional fees for special requests, research and attendance at other <br />meetings. The last fee increase was January, 2006. <br />Note: Trustee Matt Hettler arrives at this point in the meeting. <br />Pension Plan Attorney Scott Christiansen stated that his firm could put out a request for proposal <br />(RFP) if the board desired it. Discussion ensued. <br />MOTION: Moved by William Nas to approve the new fee proposal for Bogdahn <br />Consulting effective April 1, 2010 and guarantee for three years. Motion <br />was seconded by Daniel Glancy and carried unanimously on a 4 — 0 voice <br />vote. <br />8. Approval of Expenditure R <br />In a letter dated February 9, 2010 from Randy Newlon, Finance Director, the following invoices <br />were submitted for Board Approval: <br />MOTION: Moved by Daniel Glancy to approve the Expenditure Report as presented in <br />the letter dated February 9, 2010 from the Finance Director. Motion was <br />seconded by William Nas and carried unanimously on a 4 — 0 voice vote. <br />Federal legislation known as "Helps" was passed a couple of years ago to allow police officers <br />and firefighters pay up to $3,000 health insurance premiums on a pre-tax basis through the <br />pension plan. The plan would have to withhold the premiums and pay the insurance carriers <br />directly. New legislation called "Helps 2" proposes that pension deduction is no longer required. <br />Pensioners would pay directly to insurance companies and claim deductions on personal income <br />tax returns. Also, it wouldt expand the tax benefit to all governmental employees. If it is passed <br />the Board will be informed. <br />New officers have been seated and elections are needed. <br />MOTION: Moved by Daniel Glancy to make John Pavlis Chairman, William Nas Vice <br />Chairman and Matthew Hettler Secretary. Motion was seconded by <br />William Nas and carried unanimously on a 4 — 0 voice vote. <br />State law prohibits the pension plan from investing in securities from certain restricted countries <br />and corporations. Mike Welker will formally send letters to the Plan's portfolio managers to <br />inform them of investment limitations and request divestiture of any prohibited investments. This <br />will assure and evidence plan compliance with the law. <br />The Summary Plan Description has not been updated and has been awaiting the outcome of <br />