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Police/Fire Pension Board Meeting November 17, 2009 Page 5 Clarification was requested as to the election of new board members. Regarding the Firefighter member, requests for nominations have been distributed. The election and appointment of the new member will take place before the next Pension Board meeting in February, 2010. Discussion ensued as to how to go about selecting a fifth at -large member. Attorney Scott Christiansen suggested that the Board could avoid the need for a Special Meeting. Consensus was that it was desired by the Board to reappoint John Pavlis as the at -large member and Chairman Pavlis indicated willingness to accept another term. Three of four elected members will continue into the next calendar year. If the three continuing members agreed unanimously to reappoint John Pavlis then an election today would be sufficient. There will be no form 1 required for John Pavlis because there will be no break in service. John Pavlis will run the meeting in February. MOTION: Moved by Daniel Glancy to appoint John Pavlis to be the fifth member of the Board for a term beginning January 1, 2010. Motion was seconded by William Nas and was carried with a 4 — 0 voice vote. John Pavlis abstained. A fiscal year-end report is needed consisting of a letter to be signed by the Chairman to the City Commission that lists plan investments and returns. It is Pension Letter number 2. Letter required to key State officials declaring that the plan is in compliance with the lave pertaining to the use of social security numbers is no longer required. The requirement has been repealed. Meeting dates for next year will be 2/16/10, 5/18/10, 8/17/10 and 11/16/10. No objections were noted. The Summary Plan Description would normally be due to be updated but it is suggested that the Board wait to update in case a benefit ordinance is passed. If the City passes an ordinance then the Board can authorize the Plan Attorney to move ahead to update the Plan Summary. MOTION: Moved by William Nass to authorize Christiansen and Delmer to update the Plan Summary should the City pass a benefit enhancement ordinance in the interim before the February, 2010 meeting. Motion was seconded by William Jensen and was carried with a 5 — 0 unanimous voice vote. The Plan needs to declare to the State an expected rate of investment return for next year, the next several years and the long term thereafter. Mr. Bryan Bakordijev of Bogdahn Consulting recommends 8% rate of return. MOTION: Moved by Daniel Glancy to report to the State an expected rate of return of 8% for next year, the next several years and the long term. Motion was seconded by Harold Stewart and was carried with a 5 — 0 unanimous voice vote. A letter needs to go to the State, actuary and to the City.