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City of Casselherry Police Officers' and <br />Firefighters' Pension Board of Trustees <br />Minutes of May 14, 2013 Meeting <br />Page 6 of 7 <br />Accounting Standards Board (GASB) has created a new set of rules called the GASB -60 that will take <br />effect for fiscal year 2015. Under the current rules, the City is not required to record on the books <br />whether it is under or over funded on the pension Plans. Under GASB -60, all agencies must record all <br />over or under funding. A part of that rule stipulates that the method used be the normal entry aged cost <br />method to determine the Plan valuation. The Plan currently uses the aggregate method. Mr. Christensen <br />stated that his understanding was the GASB -60 only affects reporting. Ms. Bowman stated that if the <br />Plan uses a different method, it could create confusion when one valuation figure is seen in the CAFR <br />and another is seen on Pension documents. <br />9. Attorney Report <br />Mr. Christiansen informed the Board that SB458 did not pass, however SB534 was adopted. SB534 <br />creates a new reporting requirement. Effective with fiscal year 2014, a new report on the Plan must be <br />submitted to the State. The report will be based on a different funding method and a different interest <br />rate assumption than what the Plan currently uses. This report is required to be completed every three <br />years. This new requirement will increase costs to the Plan. <br />Mr. Christiansen confirmed receipt and signing of the addendum to the contract with Foster & Foster <br />changing their rates. <br />Board members were reminded to complete and return the annual Financial Disclosure Form 1 by the <br />due date of July 1, 2013. <br />Mr. Christensen's office is in receipt of a Disability Application and physician's letter from Firefighter <br />Carpenter. The letter from the doctor is in need of clarification. Claims typically take from 60 -90 days to <br />complete. <br />Documents were submitted by Mr. Welker asking that an item be added to the next agenda requesting an <br />increase in the fees the Plan pays to Bogdahn Group. Discussion of the fees currently paid by other <br />municipalities occurred. Mr. Christensen stated that the option exists to put the contract out for bid. <br />10. Adjournment <br />Chairman Pavlis adjourned the meeting at 11:24 a.m <br />