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HomeMy WebLinkAbout1986-07-07 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD A regular meeting of the Firemen's Pension & Relief Fund Board was held at 4:30 p.m. on Monday, July 7, 1986 in Room 313 of City Hall. PRESENT: Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary Suzanne Kennedy, Fire Chief Mickey Jackson, Firemen John Dill, Darrell Judy, Pete Reagan and Retiree Carl Springston Call to Order The meeting was called to order by Chairman Grimes. Minutes The minutes of the May meeting were considered. It was moved by Reagan, seconded by Dill and unanimous to approve the minutes of the May meeting. The minutes of the June meeting were considered. It was moved by Dill, seconded by Springston and unanimous to approve the minutes of the June meeting. Pension List The pension list for July, being the same as last month's pension list, was considered. It was moved by Springston, seconded by Dill, and unanimous, to approve the July pension list. Old Business There was no old business introduced. New Business Dill asked Linebaugh if the request for benefit increases had been sent in. Linebaugh responded that this had not yet been done. Grimes commented that he thought the Board's motion at the last meeting, to request benefit increases, was worded in a pretty general fashion. He asked that the Board consider this in more detail and redefine its actions, to be sure they aren't leaving any loopholes and in order to have a formula which can be uniformly applied in the future. Fire Pension Board Minutes July 7, 1986 Page 2 Linebaugh pointed out that the Board is required to decide exactly what it wishes to approve before the actuarial study is done. Grimes expressed concern that the actions taken by the Board could prevent a fire chief, for example, from receiving more benefits than a beginning fireman. Linebaugh asked the Board to explain how they came up with the criteria by which five retirees were left off the list of those to receive benefit increases. Dill responded that it was done by rank. Jackson explained that the intent was to prevent an existing retiree from earning more than someone retiring now. Linebaugh asked if this meant the increase could not be applied to former Fire Chief Logue's pension. Dill responded that they were attempting to raise benefits for some of the older people whose benefits have been low for some time and then, in the future, get back to cost -of -living raises. Jackson said it didn't occur to him that the Board's actions would prevent Logue from receiving this increase and perhaps the next increase. Carl Springston said it was his understanding that this would be a one-time thing and that it involved Logue at this point. Grimes asked if it was fair to put a former fire chief on hold until the gap is closed. Grimes commented that some of the individuals have been retired for quite some time and it may not be possible to tell at what step they were on the pay scale when they retired. Judy said the point was not to put someone who is retired above what someone can retire at now. Grimes suggested the motion be clarified to indicate that the Board wants to seek increases for those who have retired, but doesn't want any of them to be making more than a person who would retire today at the same rank at the maximum. Springston pointed out there could be a situation where someone of the same rank worked longer years to get to their pay scale. Dill noted that Arnold King had received 1/2 salary plus extra time. Grimes suggested the entire list of retirees needed to be reviewed. Linebaugh asked the firemen if, when they planned this out, they ever checked to see if anyone would be eligible for a $25 increase rather than a $50 increase. Judy said they were trying just to get the lowest people raised. Linebaugh pointed out that others might complain Fire Pension Board Minutes July 7, 1986 Page 3 because they could have received a $25 increase and still would have been under half their salary. Grimes remarked that there was a possibility the raises may not be totally equitable. Grimes asked the firemen if one of them would be willing to do some calculations to see how an increase would affect everyone. Linebaugh noted that it would be necessary to determine everyone's rank. Grimes suggested the Board members should calculate this and then have the staff calculate it and compare figures. Reagan commented that they had considered asking for a $100 increase across-the-board but chose a lower figure in case the actuarial report shows the fund could not give a $100 increase and remain actuarially sound. Management Fee for Equity Account Pete Reagan reported he had talked with Jacques Devore of RNC and they have agreed to reduce the management fee from 1.6% to 1.4%, on the Equity Account, and have agreed to drop the $250 set-up fee, for a savings of about $1200. It was decided that this was agreeable to the Board. Ad journma„t With no further business, the meeting adjourned at about 5:05 p.m. �MANNHAIRMAN e-ba-�e