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HomeMy WebLinkAbout2003-11-20 MinutesFireman's Pension and Relief Fund Board Meeting November 20, 2003 Pagel of 3 MINUTES OF A MEETING OF THE FIREMAN'S PENSION AND RELIEF FUND BOARD November 20, 2003 A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 a.m. on November 20, 2003 in Room 326 of the City Administration Building. Present: Danny Farrar, Pete Reagan, Robert Johnson, Marion Doss, Ronnie Wood, Marsha Farthing, and Amber Wood. The meeting was called to order by Marion Doss. Approval of the minutes of October 30, 2003: Pete Reagan motioned to approve the minutes. Danny Farrar seconded. The motion passed unanimously. Approval of the Pension List: Marion Doss: Did Sondra say whether there were any changes on the list or not? Amber Wood: She did not say, however she might possibly be hereby 11:30. Pete Reagan motioned to approve the Pension List. Danny Farrar seconded. The motion passed unanimously. Investment Report: They reviewed the report given by Longer Investments. Old Business: Ashland Management: Pete Reagan: We have not heard back from Ashland on this, Kit sent them a letter. New Business: NCPERS Legislative Alert: Firemen's Pension Meeting November 20, 2003 Page 2 of 3 They each reviewed the email sent regarding NCPERS Legislative Alert. Budget Reports: Marion Doss: This is something sent down from Finance. Pete Reagan: Marsha prepared them all herself and does an excellent job of it. Marion Doss: If anyone has any questions about that, we're fortunate to have Marsha here to answer any questions about the Financial Report. Ronnie Wood: Thank you Marsha. Pete Reagan: Next I would like to discuss this Actuary Report from Osborn, Carreiro, & Associates, on the effects of a DROP, Act 1369 (DROP) and Act 1372 (Working After DROP) and a temporary 3%, 3 year COLA. Pete Reagan motioned to adopt a resolution and get it to the City Clerk so that she can then get it going to City Council as soon as possible for benefit increases as proposed in Act 1369 and 1372. Danny Farrar seconded. The motion passed unanimously. Marion Doss: You will set the resolution up for the board to approve the 3% COLA? Pete Reagan: Yes, all we have to do is send that to the Pension Review Board and they meet on December 17th. Danny Farrar: So we have to split them up? Ronnie Wood: So we don't actually have to have the board's blessing on a 3% COLA. Pete Reagan: At this point we have to send it before the City Council. Danny Farrar motioned to proceed with the temporary 3 year, 3% COLA as recommended by Osborn, Carreiro & Associates. Ron Wood Seconded. The motion passed unanimously. Pete Reagan: I motion to adjourn. Amber Wood: One thing before we adjourn, the next meeting is scheduled for December the 20h which is the day after Christmas. Would you be interested in moving it to the 18th which is the Thursday prior to that week? Marion Doss: That is an excellent idea. Firemen's Pension Meeting November 20, 2003 Page 3 of 3 The Fire Pension and Relief Fund Board of Trustees meeting scheduled for December 26, 2003 was rescheduled for December 18, 2003. Danny Farrar: On this temporary 3 year COLA, does that go into effect in 2004 or next month? Pete Reagan: It will actually start once it's approved here. They will actually back pay because it actually has not been approved by the Pension Review Board but they will meet in December. Marion Doss: Normally when the Pension Review Board approves it they back date it. Last time we did a benefit increase it was retroactive, we asked for it and then it took six months to approve it. Pete Reagan: Who made the last motion? Danny Farrar: Me. Pete Reagan: Okay, you need to make it for a full paid retirees. Danny Farrar: Personally, I'm for doing it for everybody, but if we can't, we can't. Pete Reagan: Not with the actuary the way it is. Normally we have taken care of them. Ronnie Wood: We can always look at that again three years down the road when we get another actuary and review the 3%, we can always look at that then. Danny Farrar motioned to amend his motion and include full paid retirees. Pete Reagan seconded. The motion passed unanimously. Pete Reagan motioned to adjourn. Robert Johnson seconded. The motion passed unanimously. Meeting Adjourned at 11:30 AM.