PB 11/17/2009 Minutes - Laserfiche WebLink

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Police/Fire Pension Board Meeting November 17, 2009 Page 4 accounts. A subsequent Stop Restart ordinance would affect how future State money distributions are applied. There would be less future money that could be added to the Share Plan. There is about $100 thousand now in State money that is received in excess of the frozen amount. If it is added to the frozen amount with a Stop Restart ordinance it might lower the City's required contribution by 3% of salary. The Board Actuary will create impact statements for both the Stop ordinance and the Restart ordinance. The Board can tell the Actuary whether or not to use the Excess Reserve Monies to fund the Restart. Attorney Scott Christiansen pointed out that the use of the Excess Reserve Money is negotiable (collective bargaining). It must also be voted on by the members. Attorney Scott Christiansen reminded the Board that it is not the responsibility of the Pension Board to provide benefit enhancements for the members. That is achieved through collective bargaining with unions. Nor is it the responsibility of the Pension Board to help the City fund the Pension plan with a Stop Restart ordinance. The Board of Trustees owes a fiduciary responsibility to the members of the plan and their beneficiaries. That's all. Per Attorney Scott Christiansen, if the City successfully negotiates a Stop Restart agreement then Foster and Foster must do the actuarial valuation and the firm of Christiansen and Delmer should probably draft the ordinance. Foster and Foster and Christiansen and Delmer are contracted with the Pension Plan. Costs for service should be billed to the Pension Plan. MOTION: Moved by William Nas to approve the actuary valuation report for fiscal year 2009. Motion was seconded by William Jensen and carried unanimously on a 5 — 0 voice vote. MOTION: Moved by William Nas to authorize Foster and Foster to perform such studies and for Christiansen and Delmer to draft such ordinances in support of Stop Restart negotiations that the City may require on condition that the City reimburses the Pension Plan for the cost of such services. Motion was seconded by William Jensen and carried unanimously on a 5 — 0 voice vote. 8. Approval of Expenditure Report In a letter dated October 21, 2009 from Randy Newlon, Finance Director, the following invoices were submitted for Board Approval: • Bogdahn Consulting, LLC. — Sept 30, 2009 - $2,625.00 • Christiansen & Delmer, P.A. — Aug. 31, 2009 - $820.25 • Foster & Foster — November 4, 2009 - $9,097.00 • Galliard Capital Management — Sept. 30, 2009 - $1,229.93 • Manning & Napier — Sept. 4, 2009 - $5,690.81 • Salem Trust — October 14, 2009 - $750.00 MOTION: Moved by William Nas to approve the Expenditure Report as presented in the letter dated February 9, 2010 from the Finance Director. Motion was seconded by Harold Stewart and carried unanimously on a 5 — 0 voice vote. 9. Attorney's Report — Scott Christiansen