|
Police/Fire Pension Board Meeting
<br />June 14, 2011
<br />Page 3
<br />6. Consent Agenda - Approval of Expenditure Report
<br />In a letter dated April 4, 2011 from Randy Newlon, Finance Director, the following invoices were
<br />submitted for Board Approval:
<br />A. Approval of Expenditure Report
<br />• Christiansen & Delmer, P.A. —November 30, 2010, $849.35
<br />• Manning & Napier Advisors, Inc. — December 7, 2010, $7,463.81
<br />• Bogdahn Consulting, LLC. — December 20, 2010, $3,875.00
<br />• Salem Trust Company — January 15, 2011, $1,250.00
<br />• Galliard Capital Management — January 21, 2011, $1,566.96
<br />• Christiansen & Delmer, P.A. — January 31, 2011, $376.07
<br />• Christiansen & Dehner, P.A. — February 28, 2011, $943.67
<br />• Manning & Napier Advisors, Inc — March 8, 2011, $8,524.37
<br />• Bogdahn Consulting, LLC. — March 25, 2011, $3,875.00
<br />MOTION: Moved by Mr. Hettler to approve the Expenditure Report as presented in
<br />the letter dated April 4, 2011 from the Finance Director. Motion was
<br />seconded by Mr. Glancy and carried unanimously on 5-0 voice vote.
<br />7. Attorney's Report — Scott Christiansen
<br />Financial disclosures should have been filed by the board members. Fines start on
<br />11/1/11 at $25 per day. Senate Bill 1128 is still waiting the governor's signature, but is
<br />expected to pass. It affects Section 175 and 185 pension plans. Assuming this bill
<br />becomes law, it will require the Department of Management Services to rank all defined
<br />benefit plans as to their financial strength. This will cause the actuaries to recalculate
<br />pension obligations with a 7.75% return, but the required funding for the City's plan will
<br />still be at 8%. This recalculation will only be for providing information to the State. The
<br />bill also provides for a task force to be established to review the payout of disability for
<br />"in the line of duty illness" that occurs at a later date but is presumed to be job related. It
<br />may also change the diseases that fall under this presumption. The bill also changes
<br />language to give members the ability to vote to increase their contribution without
<br />increasing their benefit at the same time. Another expected change is that as of the
<br />effective date, no overtime hours in excess of 300 hours or lump sum payments of
<br />accrued time will be included in the compensation calculation. The City's current
<br />definition includes both of these clauses. This would be effective for non -bargaining
<br />employees on July 1, 2011 and for bargaining employees on the date of their new signed
<br />contract after July 1, 2011. For the City's police officers, the effective date would be
<br />July 1; however, because the firefighters are operating without a contract right now, it
<br />would be effective when they have a new contract signed. Mr. Christensen has several
<br />questions as to the interpretation of the law and how to follow it.
<br />8. Miscellaneous
<br />• New Members of the Plan:
<br />o Firefighter Joshua Marzolf — Effective February 7, 2011
<br />o Firefighter Jeffrey Morlen — Effective February 7, 2011
<br />o Firefighter Gregory Regan— Effective February 7, 2011
<br />
|