PB 11/15/2011 Minutes - Laserfiche WebLink

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Police/Fine Pension Board Meeting November 11, 2011 Page 4 MOTION: Motion was made by Mr. Glancy, based on the recommendation of the pension plan advisor, to declare the expected rate of return in upcoming year, next several years and long-term thereafter to be 8%. Motion was seconded by Mr. Strenth and carried unanimously on 4-0 voice vote. 7. Consent A:fenda - Approval of Expenditure Report In a letter dated October 10, 2011 from Randy Newlon, Finance Director, the following invoices were submitted for Board Approval: A. Approval of Expenditure Report — • Christiansen & Delmer, P.A. —June 30, 2011, $1,583.80 • Salem Trust— July 15,2011, $1,250.00 • Galliard Capital Management/Wells Fargo — July 22, 2011, $1,707.55 • Freddy Altemose — August 2, 2011, $1,146.55 • Christiansen & Delmer, P.A. — August 31, 2011, $1,314.41 • The Bogdahn Group — September 22, 2011, $3,875.00 • Manning & Napier — September 26, 2011, $8,460.62 MOTION: Moved by Mr. Strenth to approve the Consent Agenda as presented in the letter dated October 10, 2011 from the Finance Director. Motion was seconded by Mr. Glancy and carried unanimously on 4-0 voice vote. 8. Miscellaneous A. New members are: Firefighter Scott Ketcham Police Officer Jim Day B. Separation of Service of Members Report Firefighter Freddy Altemose has had his contribution refunded. Retired vested plan members are Gerald Donovan & Andrew Thomas 9. Attorney's Report — Scott Christiansen The fire department board position is open for elections. A Declaration of Candidacy deadline is 11/23/11 for persons who are interested in serving on the board to file their intent. Discussion ensued regarding whether a lump sum payment is allowed under the plan for terra vested plan members. Mr. Donlon, Foster & Foster stated that his firm has no clients that have a 100% lump stun option. He suggested that the board can opt for below a certain dollar amount to be paid out to terminated vested members. A consensus of the board was to take no further action regarding lump sum distributions. Mr. Christensen also reminded the board that they must do a fiscal year-end report to the City commissioners on the plan's assets.