02-09-1994 Minutes POLICE OFFICERS' /FIREFIGHTERS' RETIREMENT TRUST FUND
N— (PENSION MEETING)
February 9, 1994
The meeting was called to order at 12:10 p.m. in the Community Center by Acting Chairman
Strosnider.
PRESENT: Members Gledich, Strosnider, Williams, and Wilson. Also present were Attorney
Dehner, Actuary Foster, and Clerk /Stenographer Lewis.
ABSENT: Chairman Reed.
AT THIS POINT IN THE MEETING ACTING CHAIRMAN STROSNIDER ELECTED TO
TAKE ONE ITEM OUT OF ORDER BECAUSE ACTUARY FOSTER HAD TO LEAVE
THE MEETING: REPORTS - Actuary, Costs Estimates of Changes In Plan.
Actuary Foster presented details of an Analysis of Benefit Improvements, a special acturial
study at the request of the Board to assess the costs associated with implementation. He said the
Board could recommend changing the Ordinance but could not implement improvements.
Members are not required to vote on additional member contributions and Mr. Foster suggested
membership participation endorsing the improvements. Member Gledich commended Mr.
Foster on the information in the analysis and requested a work -up of a lower retirement age,
"twenty-five and out," or including a 2.5 % with five years and 2.75% in the format used in the
Analysis of Benefit Improvements to include all the combinations of the improvements for
dicussion /approval of an option at the March 21, 1994 meeting. Member Stosnider asked if the
"twenty-five and out" plan caused a greater increase in pension payment into the program and Mr.
Foster confirmed an increase in the cost of the plan, depending on the composition of the group.
Attorney Dehner said item H of the analysis should be reviewed at length. Actuary Foster said
he will be happy to double the list and pointed out the amount of work involved in the
compilation.
Attorney Dehner confirmed Member Gledich's question of whether the General Employees'
Pension Board is interested in making benefit improvements and suggested taking it to the City
together. Member Gledich said the Board based upon Actuary Foster's report, should seriously
consider which of the benefit improvements to approve, scheduling a date to meet and inform
members of its recommendation.
APPROVAL OF MINUTES
M•m) •r 1•.i h s b M•mI •r A il on a• •rove the minutes of Janua 17 1994 as
presented. Motion carried 4 -0.
CONSIDERATION /ADOPTION OF AMENDMENTS TO OPERATING RULES AND
PROCEDURES AND SELECTED PROVISIONS
Member Williams. seconded by Member Gledich. moved to table item IV.
Consideration /Adoption of Amendments To Operatin ' Rules and Procedures and Selected
Provision to the next meeting. Motion carried 4 -0.
Police Officers /Firefighters Retirement Trust Fund Board Meeting
February 9, 1994
DISCUSSION /ADOPTION RE:PROPOSED REVISIONS TO PERMIT EMPLOYEE
TRANSFERRING TO FIRE /POLICE FUND FROM GENERAL FUND TO RETAIN
VESTING CREDITS EARNED IN GENERAL FUNDS
Acting Chairman Strosnider said the adoption of the Proposed Revisions to Permit Employee
Transferring to Fire /Police Fund From General Fund to Retain Vesting Credits Earned in General
Funds had been approved during the Joint Board Meeting. Attorney Dehner said the only
difference is the Fire /Police Plan already has the pre- existing disability waiver. The Board must
determine if it will be a part of the Ordinance, including family medical leave, roll -over
distributions, and the cross -over provisions (in common with the General Employees' Plan).
Member Strosnider asked if other cities are using the pre - existing disability waiver in their plans
and Mr. Dehner confirmed this, pointing out it is included in many plans and general council for
EOC confirms the passing of the ADA which will protect the plan. The Board directed Attorney
Dehner to bring a revised Ordinance covering all the changes to the next meeting.
REPORTS
ATTORNEY
Attorney Dehner had no reports other than those already given in items IV and V of the agenda.
,,. INVESTMENT MANAGER
The investment manager was absent and no reports were given.
OTHER BUSINESS
The next meeting was scheduled for Monday, March 21, 1994, 1:00 p.m. in the Community
Center.
APPOINTMENTS
Member Gledich. seconded by Member Williams. moved to nominate Member Reed as
Chairman. and Member Strosnider as Secretary /Vice Chairman of the Board with a term of
one year. Motion carried 4 -0.
ADJOURNMENT
A in • h . irm . n . r i .nil • r s . nd - d s Mm I • r A illi . moved s to • e urn at 12:40
p.m. Motion carried 4 -0.
Respectfully submitted,
i arie F. LEWIS, Clerk /Stenographer
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