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Home My WebLink AboutFinal Agenda Packet AGENDA Firefighters' Pension Board Meeting 2:00 PM - Thursday, July 20, 2017 Mayor's Conference Room, 7th Floor, City Hall – 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) May 18, 2017 3. CORRESPONDENCE a) Cost of Living - Widows 4. MONTHLY STATEMENTS a) May 2017 Statement b) June 2017 Statement 5. MONTHLY BILLS AND PENSION PAYMENTS a) June 2017 b) July 2017 6. UNFINISHED BUSINESS 7. NEW BUSINESS 8. ADJOURNMENT MINUTES FIREFIGHTERS' PENSION BOARD CITY OF RENTON May 18,2017 Denis Law, Mayor Don Persson, Finance Committee Chair lason Seth, City Clerk Ray Barilleaux, Fire Department Representative Bruce Phillips, Fire Department Representative-ABSENT Chuck Christenson,Alternate Fire Department Representative lill Masunaga, Finance Department Representative The regular meeting of the Firefighters' Pension Board was called to order by Mayor Denis Law at 2:04 p.m. in the Mayor's office, 7th floor of Renton City Hall. In attendance were Board members Mayor Denis Law, Finance Committee Representative Don Persson, City Clerk Jason Seth, Fire Department Representative Ray Barilleaux, Fire Department Representative alternate) Chuck Christenson, and Finance Department Representative Jill Masunaga. MINUTES APPROVAL MOVED BY BARILLEAUX, SECONDED BY CHRISTENSEN,THE PENSION BOARD APPROVE THE MINUTES OF THE APRIL 6, 2017 MEETING. CARRIED. MONTHLY STATEMENT The March 31, 2017 and April 30, 2017 financial reports were reviewed.Total cash/investment balance was, as of April 30, 2017, $5,506,677.89. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY BARILLEAUX,SECONDED BY CHRISTENSON,THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF$18,523.86 FOR APRIL 2017 AND$18,523.86 FOR MAY 2017, TO BE PAID BYTHE FIREFIGHTERS' PENSION FUND.CARRIED. UNFINISHED BUSINESS Ray Barilleaux asked how a new bill pending at the State level regarding LEOFF II would affect the Firefighters' Pension Fund. Mayor Law remarked that he would look into it and provide the information at a later date. NEW BUSINE55 The 2017 Actuarial Valuation was reviewed. Additionally, Ms. Masunaga reported that Ms. Constance Haworth (widow) had passed away. ADJOURNMENT Mayor Law adjourned the meeting. TIME: 2:08 P.M. Jason Seth, City Clerk Secretary, Firefighters' Pension Board AGENDA ITEM #2. a) ADMINISTRATIVE SERVICE$ DEPT. D o c;tyof y . City Clerk Office 0 M E M O R A N D U M DATE: July 20, 2017 TO: Members, Firefighters' Pension Board FROM: ason Seth, City Clerk SUBJECT: Cost of Living Increase Payable July 1, 2017 - Widows Washington State Law (RCW 41.18.104) requires that the Firefighter's Pension Board meet each year for the purpose of adjusting benefit allowances for widows of firemen pensioned prior to the LEOFF Act (March 1970). The Board must determine benefits according to the increase in the Consumer Price Index for the previous calendar year for the Seattle, Washington area as compiled by the Bureau of Labor Statistics of the United States Department of Labor. The Bureau has updated its form for this year and has reported a 2.2% annual increase in the CPI percentage for All Urban Consumers in the Seattle area for 2016. A copy of the report is attached. RCW 41.16.145 requires a minimum increase of 2% annually, regardless of the Consumer Price Index. I recommend that the Board adopt a 2.2% increase, effective July 1, 2017. cc: Jamie Thomas, Fiscal Services Director AGENDA ITEM #3. a) Western Information Office,90 7th St.,Suite 14-100,San Francisco,CA 94103 Information Staf(415)625-2270/Fax(415)625-2351 SEATTLE-TACOMA-BREMERTON Consumer Price Index,All Items, 1982-84=100 for All Urban Consumers(CPI-U) SEMIANNUAL 1ST 2ND ANNUAL YEAR JAN FEB MARCH APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC HALF HALF AVERAGE 1998 166.5 166.4 167.5 168.5 169.3 169.4 166.6 168.9 167.7 1999 170.6 172.2 172.7 173.4 174.7 174.4 171.6 774.0 172.8 2000 176.1 177.8 179.2 180.3 182.1 181.5 177.3 181.1 179.2 2001 184.0 184.2 186.3 186.8 187.9 186.1 184.4 186.9 185.7 2002 187.6 188.8 189.4 190.3 190.9 190.0 188.3 190.3 189.3 2003 191.3 192.3 191.7 194.4 193.7 191.0 191.6 193.1 192.3 2004 193.5 194.3 195.3 194.6 196.5 195.1 194.0 195.4 194.7 2005 197.6 201.3 199.8 199.9 203.3 200.9 199.2 201.3 200.2 2006 203.6 207.4 208.2 209.6 209.8 209.3 205.8 209.5 207.6 2007 211.704 215.767 215.510 215.978 218.427 218.966 213.810 217.502 215.656 2008 221.728 223.196 228.068 227.745 225.915 222.580 223.569 225.869 224.719 2009 224.737 225.918 227.257 227.138 226.277 225.596 225.580 226.475 226.028 2010 226.085 226.513 226.118 227.645 227.251 226.862 226.195 227.190 226.693 2011 229.482 231.314 233.250 233.810 235.916 234.812 230.815 234.715 232.765 2012 235.744 237.931 239.540 240.213 241.355 237.993 237.344 239.981 238.663 2013 239.898 240.823 242.820 242.767 242.787 241.055 240.777 242.350 241.563 2014 242.770 246.616 247.642 247.185 247.854 245.050 245.125 246.912 246.018 2015 245.496 247.611 251.622 251.617 250.831 250.385 247.614 251.115 249.364 2016 250.942 253.815 256.098 256.907 256.941 256.821 253.122 256.651 254.886 2017 259.503 261.560 Table of over-the-year percent increases. An entry for Feb.2006 indicates the percentage increase from Feb.2005 to Feb.2006. 1999 2.5 3.5 3.1 2.9 3.2 3.0 3.0 3.0 3.0 2000 3.2 3.3 3.8 4.0 4.2 4.1 3.3 4.1 3.7 2001 4.5 3.6 4.0 3.6 3.2 2.5 4.0 3.2 3.6 2002 2.0 2.5 1.7 1.9 1.6 2.1 2.1 1.8 1.9 2003 2.0 1.9 1.2 2.2 1.5 0.5 1.8 1.5 1.6 2004 1.2 1.0 1.9 0.1 1.4 2.1 1.3 1.2 1.2 2005 2.1 3.6 2.3 2.7 3.5 3.0 2.7 3.0 2.8 2006 3.0 3.0 4.2 4.9 3.2 4.2 3.3 4.1 3.7 2007 4.0 4.0 3.5 3.0 4.1 4.6 3.9 3.8 3.9 2008 4.7 3.4 5.8 5.4 3.4 1.7 4.6 3.8 4.2 2009 1.4 1.2 0.4 0.3 0.2 1.4 0.9 0.3 0.6 2010 0.6 0.3 0.5 0.2 0.4 0.6 0.3 0.3 0.3 2011 1.5 2.1 3.2 2.7 3.8 3.5 2.0 3.3 2.7 2012 2.7 2.9 2.7 2.7 2.3 1.4 2.8 2.2 2.5 201 3 1.8 1.2 1.4 1.1 0.6 1.3 1.4 1.0 1.2 2014 1.2 2.4 2.0 1.8 2.1 1.7 1.8 1.9 1.8 2015 1.1 0.4 1.6 1.8 1.2 2.2 1.0 1.7 1.4 2016 2.2 2.5 1.8 2.1 2.4 2.6 2.2 2.2 2.2 2017 3.4 3.1 A G E N D A I T E M # 3 . a ) Western Information Office,90 7th St., Suite 14-100,San Francisco,CA 94103 Information Staff(415)625-2270/Fax(415)625-2351 S EATTLE-TACOMA-BREMERTON Consumer Price Index,All Items, 1982-84=100 for Urban Wage Earners and Clerical Workers(CPI-W)SEMIANNUAL 1ST 2ND ANNUAL YEAR JAN FEB MARCH APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC HALF HALF AVERAGE 1998 162.2 161.9 162.8 163.8 164.9 164.9 162.1 164.4 163.2 1999 166.0 167.8 165.0 168.8 170.2 170.1 167.0 169.5 168.3 2000 171.6 173.3 174.5 175.4 177.5 177.0 172.8 176.4 174.6 2001 179.2 179.4 181.3 181.5 183.1 181.1 179.6 181.9 180.8 2002 182.5 183.6 184.1 184.8 185.5 184.6 183.1 184.9 184.0 2003 186.2 187.0 185.7 188.2 187.8 185.3 186.2 187.1 186.7 2004 187.8 189.1 190.4 189.6 191.6 190.3 188.7 190.5 189.6 2005 192.4 196.2 194.8 195.3 198.6 196.1 194.1 196.5 195.3 2006 198.0 202.5 203.8 205.1 203.9 204.3 200.8 204.4 202.6 2007 205.746 210.388 210.550 210.220 213.107 214.024 208.373 212.160 210.266 2008 216.332 218.483 223.573 223.273 220.687 216.424 218.664 220.721 219.692 2009 218.752 220.208 221.993 221.873 221.339 220.905 219.853 221.463 220.658 2010 221.215 222.309 221.857 223.444 223.112 222.853 221.714 223.053 222.384 2011 225.790 228.313 230.072 230.558 232.697 231.297 227.455 231.415 229.435 2012 232.081 234.808 236.222 236.750 237.947 234.588 233.959 236.564 235.261 2013 236.542 237.405 238.963 239.343 239.363 238.021 237.271 238.987 238.129 2014 239.607 243.690 244.293 244.471 244.289 240.726 242.006 243.455 242.732 2015 240.735 243.165 246.925 247.500 246.307 246.146 243.104 246.761 244.933 2016 246.464 249.396 251.848 252.393 252.639 252.286 248.769 252.277 250.523 2017 255.471 257.648 Table of over-the-year percent increases. An entry for Feb.2006 indicates the percentage increase from Feb.2005 to Feb.2006. 1 999 2.3 3.6 3.2 3.1 3.2 3.2 3.0 3.1 3.1 2000 3.4 3.3 3.9 3.9 4.3 4.1 3.5 4.1 3.7 2001 4.4 3.5 3.9 3.5 3.2 2.3 3.9 3.1 3.6 2002 1.8 2.3 1.5 1.8 1.3 1.9 1.9 1.6 1.8 2003 2.0 1.9 0.9 1.8 1.2 0.4 1.7 1.2 1.5 2004 0.9 1.1 2.5 0.7 2.0 2.7 1.3 1.8 1.6 2005 2.4 3.8 2.3 3.0 3.7 3.0 2.9 3.1 3.0 2006 2.9 3.2 4.6 5.0 2.7 4.2 3.5 4.0 3.7 2007 3.9 3.9 3.3 2.5 4.5 4.8 3.8 3.8 3.8 2008 5.1 3.8 6.2 6.2 3.6 1.1 4.9 4.0 4.5 2009 1.1 0.8 0.7 0.6 0.3 2.1 0.5 0.3 0.4 201 0 1.1 1.0 0.1 0.7 0.8 0.9 0.8 0.7 0.8 2011 2.1 2.7 3.7 3.2 4.3 3.8 2.6 3.7 3.2 2012 2.8 2.8 2.7 2.7 2.3 1.4 2.9 2.2 2.5 2013 1.9 1.1 1.2 1.1 0.6 1.5 1.4 1.0 1.2 2014 1.3 2.6 2.2 2.1 2.1 1.1 2.0 1.9 1.9 2015 0.5 0.2 1.1 1.2 0.8 2.3 0.5 1.4 0.9 2016 2.4 2.6 2.0 2.0 2.6 2.5 2.3 2.2 2.3 2017 3.7 3.3 A G E N D A I T E M # 3 . a ) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF MAY 31, 2017 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2017 2017 LAST YEAR 2016 2016 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 5,506,677.89 5,578,044.41 5,202,834.91 5,254,380.31 5,299,034.47 4,935,309.91 RECEIPTS: Fire Insurance Premium Tax 150,950.76 150,950.76 143,000.00 148,033.76 148,033.76 143,000.00 Investment Interest 1,751.20 10,916.38 325,000.00 973.78 339,631.82 325,000.00 DISBURSEMENTS: Fire Pension 18,523.86 99,055.56 200,000.00 15,965.53 208,229.65 200,000.00 Fire Pension Medical 0.00 0.00 0.00 0.00 0.00 0.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 425.99 475.00 Actuarial/Firemen's Pens 0.00 0.00 0.00 0.00 0.00 0.00 ENDING CASH/INV BALANCE $5,640,855.99 $5,640,855.99 $5,470,360 $5,387,422.32 $5,578,044.41 $5,202,835 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $3,213,696.30 $3,079,419.93 $2,800,402.99 $2,667,363.11 INVESTMENTS: Federal National Mortgage Assn 852,855.63 852,855.63 852,855.63 852,855.63 Treasury Strips & Zero Coupon Bonds 1,561,038.48 1,561,038.48 1,709,638.98 1,709,638.98 Interest Receivable 13,265.58 13,363.85 9,445.79 9,530.84 TOTAL CASH AND INVESTMENTS $5,640,855.99 $5,506,677.89 $5,372,343.39 $5,239,388.56 The State Investment Pool interest 0.8688% 0.8283% 0.4240% 0.4288% 5.00 5.25 5.50 5.75 6.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mi l l i o n s o f D o l l a r s 2017 2016 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\MAY17 Page 1 7/17/2017 AGENDA ITEM #4. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF JUNE 30, 2017 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2017 2017 LAST YEAR 2016 2016 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 5,640,855.99 5,578,044.41 5,202,834.91 5,254,380.31 5,299,034.47 4,935,309.91 RECEIPTS: Fire Insurance Premium Tax 0.00 150,950.76 143,000.00 0.00 148,033.76 143,000.00 Investment Interest 1,973.73 12,890.11 325,000.00 974.33 339,631.82 325,000.00 DISBURSEMENTS: Fire Pension 15,141.59 114,197.15 200,000.00 15,965.53 208,229.65 200,000.00 Fire Pension Medical 0.00 0.00 0.00 0.00 0.00 0.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 425.99 475.00 Actuarial/Firemen's Pens 0.00 0.00 0.00 0.00 0.00 0.00 ENDING CASH/INV BALANCE $5,627,688.13 $5,627,688.13 $5,470,360 $5,239,389.11 $5,578,044.41 $5,202,835 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $3,202,701.77 $3,213,696.30 $2,785,384.12 $2,800,402.99 INVESTMENTS: Federal National Mortgage Assn 852,855.63 852,855.63 852,855.63 852,855.63 Treasury Strips & Zero Coupon Bonds 1,561,038.48 1,561,038.48 1,709,638.98 1,709,638.98 Interest Receivable 11,092.25 13,265.58 9,473.46 9,445.79 TOTAL CASH AND INVESTMENTS $5,627,688.13 $5,640,855.99 $5,357,352.19 $5,372,343.39 The State Investment Pool interest 0.9803% 0.8688% 0.5113% 0.4240% 5.00 5.25 5.50 5.75 6.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mi l l i o n s o f D o l l a r s 2017 2016 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\june 17 Page 1 7/17/2017 AGENDA ITEM #4. b) FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR JUNE 2017 Recipient Pension Amt Medical Total ANKENY, Charlie (Captain) $153.63 153.63 BARILLEAUX, Ray (Battalion Chief)‐‐ BERGMAN, Claudette (Widow) $174.42 174.42 CHRISTENSON, Chuck (Firefighter) $294.28 294.28 GEISSLER, Dick (Fire Chief)‐‐ GOODWIN, Kathryn Lorayne (Widow) $1,159.41 1,159.41 JONES, Evelyn M. (Widow) $284.03 284.03 LARSON, William (Firefighter)‐‐ LAVALLEY, Theodele (Captain) $410.45 410.45 MATTHEW, James (Deputy Chief)‐‐ MC LAUGHLIN, Barbara M. (Widow) $1,143.87 1,143.87 NEWTON, Gary (Lieutenant) $310.61 310.61 NICHOLS, Gerald (Battalion Chief) $611.47 611.47 PARKS‐ANDREASON, Arlene (Widow) $381.11 381.11 PHILLIPS, Bruce H. (Deputy Chief) $293.41 293.41 PRINGLE, Arthur (Captain) $547.69 547.69 PRINGLE, S. Joan (Widow) $2,905.75 2,905.75 RIGGLE, Arduth S. (Widow) $93.13 93.13 RUPPRECHT, Jim (Firefighter D Step) $132.97 132.97 SMITH, Shirley (Widow) $466.07 466.07 STROM, Doris (Widow) $3,709.29 3,709.29 TODD, Tess R. (Widow) $534.31 534.31 TONDA, Lila Jean (Widow) $8.26 8.26 VACCA, Nick (Lieutenant) $354.69 354.69 WALLS, Camille (Widow) $164.32 164.32 WALLS, Mercedes (Widow) $132.20 132.20 WEISS, Cheryl (Widow) $876.22 876.22 Total Expenses: Pension/Medical $15,141.59 $0.00 $15,141.59 Total Pension Payments forJune 2016 15,965.53 Total Medical Bills Reimbursed in June, 2016 0.00 Total Expenses: Medical/Pension 15,965.53 Prior Year Pension/Medical Payments: AGENDA ITEM #5. a) FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR JULY 2017 Recipient Pension Amt Medical Total ANKENY, Charlie (Captain) $153.63 153.63 BARILLEAUX, Ray (Battalion Chief)‐‐ BERGMAN, Claudette (Widow) $174.42 174.42 CHRISTENSON, Chuck (Firefighter) $294.28 294.28 GEISSLER, Dick (Fire Chief)‐‐ GOODWIN, Kathryn Lorayne (Widow) $1,159.41 1,159.41 JONES, Evelyn M. (Widow) $284.03 284.03 LARSON, William (Firefighter)‐‐ LAVALLEY, Theodele (Captain) $410.45 410.45 MATTHEW, James (Deputy Chief)‐‐ MC LAUGHLIN, Barbara M. (Widow) $1,143.87 1,143.87 NEWTON, Gary (Lieutenant) $310.61 310.61 NICHOLS, Gerald (Battalion Chief) $611.47 611.47 PARKS‐ANDREASON, Arlene (Widow) $381.11 381.11 PHILLIPS, Bruce H. (Deputy Chief) $293.41 293.41 PRINGLE, Arthur (Captain) $547.69 547.69 *PRINGLE, S. Joan (Widow) $2,969.68 2,969.68 RIGGLE, Arduth S. (Widow) $93.13 93.13 RUPPRECHT, Jim (Firefighter D Step) $132.97 132.97 SMITH, Shirley (Widow) $466.07 466.07 *STROM, Doris (Widow) $3,790.89 3,790.89 TODD, Tess R. (Widow) $534.31 534.31 TONDA, Lila Jean (Widow) $8.26 8.26 VACCA, Nick (Lieutenant) $354.69 354.69 WALLS, Camille (Widow) $164.32 164.32 WALLS, Mercedes (Widow) $132.20 132.20 WEISS, Cheryl (Widow) $876.22 876.22 Total Expenses: Pension/Medical $15,287.12 $0.00 $15,287.12 *Includes a 2.2% CPI increase effective July 1 per RCW 41.16.145 Total Pension Payments forJuly 2016 18,394.14 Total Medical Bills Reimbursed in July, 2016 0.00 Total Expenses: Medical/Pension 18,394.14 Prior Year Pension/Medical Payments: 4_SUMMARY 2017 7/17/2017 AGENDA ITEM #5. b)