PB 11/26/2001 Minutes - Laserfiche WebLink

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Police Officers' and Firefighters' Pension Board November 26, 2001 Page 2 III. Seating and Oath of Office for New Trustee - Theresa Krebs, Fire Department The oath of office as member of the Police Officers' and Firefighters' Pension Board was administered to Firefighter Theresa Krebs by the City Clerk. IV. Approval of Minutes - September 6 and 13, 2001 MOTION: Moved by Officer Larry Littrell to approve the Minutes of September 6, 2001 as submitted. Motion was seconded by Firefighter Theresa Krebs and carried unanimously by voice vote. MOTION: Moved by Firefighter Theresa Krebs to approve the Minutes of September 13, 2001 as submitted. Motion was seconded by Police Officer Larry Littrell and carried unanimously by voice vote. V. Selection of 5t' Member Board of Trustees Mr. Scott Christiansen said the interpretation of Ordinance 95-847 Section 7(C) in the memo submitted with the packet regarding the fifth member was incorrect. The memo from the City Clerk stated that Mrs. Mary Moschler could not be re-elected to a third terin. In accordance with Chapter 175 and 185, the fifth member shall be allowed to succeed himself or herself in office indefinitely if re-elected by the board. Mrs. Moschler can be re-elected if so desired by the Board. Since two members of the board were absent, he suggested the item be tabled until all members can be present. Mr. Schluckebier said since the terms for Thomas Embree (appointed by the City Commission) and Mary Moschler (elected by the board) both expire in January, he will place the Commission appointment on their agenda in December to ensure a quorum for the next board meeting. MOTION: Moved by Police Officer Larry Littrell that the Selection of the fifth member of the board be tabled until the next scheduled meeting. Motion was seconded by Firefighter Theresa Krebs and carried unanimously by voice vote. VI. Approval of Actuarial Valuation Report as of October 1, 2001 - Foster & Foster Patrick Donlan of Foster & Foster presented the actuarial valuation report for the Police Officers' and Firefighters' Fund as October 1, 2001. Mr. Donlon said two methodology changes were implemented in this year's valuation. (1) The use of market value in determining valuation assets has been changed to a smoothing teclulique that considers the average market value return for the most recent four years. This change is intended to reduce the effects of short -terns fluctuations in the market and provide more stable and predictable funding rates. (2) The Cost method for developing the minimum funding requirements has been modified to consider a funding standard account. This account accumulates any sponsor