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Home My WebLink AboutFinal Agenda Packet AGENDA Firefighters' Pension Board Meeting 2:00 PM - Thursday, January 18, 2018 Mayor's Conference Room, 7th Floor, City Hall – 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) November 16, 2017 b) December 21, 2017 - Special Meeting 3. CORRESPONDENCE 4. MONTHLY STATEMENTS a) November 2017 b) December 2017 5. MONTHLY BILLS AND PENSION PAYMENTS a) December 2017 b) January 2018 6. UNFINISHED BUSINESS a) Bruce Phillips Re-election: New Term Expires: 12/31/2019 7. NEW BUSINESS 8. ADJOURNMENT MINUTES FIREFIGHTERS' PENSION BOARD CITY OF RENTON November 16,2017 Denis Law, Mayor—ABSENT Don Persson, Finance Committee Chair—ABSENT lason Seth,City Clerk Ray Barilleaux, Fire Department Representative Bruce Phillips, Fire Department Representative Chuck Christenson,Alternate Fire Department Representative Jamie Thomas, Fiscal Services Director Sean Hollingsworth, Finance Representative The regular meeting of the Firefighters' Pension Board was called to order by Ray Barilleaux, Fire Department Representative at 2:01 p.m. in the Mayor's office, 7th floor of Renton City Hall. In attendance were Board members City Clerk Jason Seth, Fire Department Representatives Ray Barilleaux and Bruce Phillips, and Finance Department Representatives Jamie Thomas and Sean Hollingsworth. MINUTES APPROVAL MOVED BY BARILLEAUX, SECONDED BY SETH,THE PENSION BOARD APPROVE THE MINUTES OF THE SEPTEMBER 21, 2017 MEETING. CARRIED. MONTHLY STATEMENT The September 30, 2017 and October 31, 2017 financial reports were reviewed.Total cash/investment balance was, as of October 31, 2017, $5,777,392.55. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY PHILLIPS, SECONDED BY SETH,THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF$15,287.12 FOR OCTOBER 2017 AND$15,287.12 FOR NOVEMBER 2017,TO BE PAID BY THE FIREFIGHTERS' PENSION FUND. CARRIED. UNFINISHED BUSINESS Discussion ensued regarding the payments for widows, pre-LEOFF and LEOFF I pay increases, as well as the timing for COLA increases. Ms.Thomas indicated that she would review the issue and report back any findings she may discover regarding pension pay. NEW BUSINE55 Mr. Seth reported he would be sending a notice to the Renton Regional Fire Authority requesting an election be held to either re-elect Mr. Phillips for another two-year term or elect someone new to fill his position. ADJOURNMENT MOVED BY BARILLEAUX, SECONDED BY SETH,THE FIREFIGHTERS' PENSION BORARD ADIOURN. CARRIED.TIME: 2:15 P.M. AGENDA ITEM #2. a) 11/16/2017 Minutes Firefighters' Pension Board Page 2 of 2 r lason Seth, City Clerk Secretary, Firefighters' Pension Board AGENDA ITEM #2. a) MINUTES FIREFIGHTERS' PENSION BOARD SPECIAL MEETING CITY OF RENTON December 21,2017 Denis Law, Mayor Don Persson, Finance Committee Chair Jason Seth, City Clerk Ray Barilleaux, Fire Department Representative Bruce Phillips, Fire Department Representative Chuck Christenson,Alternate Fire Department Representative lamie Thomas, Fiscal Services Director Sean Hollingsworth, Finance Representative The special meeting of the Firefighters' Pension Board was called to order by Mayor Denis Law at 8:32 a.m. in the Mayor's office, 7th floor of Renton City Hall. In attendance were Board members Mayor Denis Law, Finance Committee Chair pon Persson, City Clerk Jason Seth, Fire Department Representatives Ray Barilleaux and Bruce Phillips, and Finance Department Representatives lamie Thomas and Sean Hollingsworth. PENSION INCREASES FOR WIDOWS OF LEOFF DISABILITY RETIREES Ms.Thomas reported that there are five different categories of pensioners associated with the Renton Firefighters' Pension Board, as follows: July CPI (minimum 2%) Number of Pensioners Group 1) Retirees—Disability retired prior to 1961 (Pre-LEOFF) 0 Group 2) Widows—Disability retired (Pre-LEOFF and LEOFF) 10 Group 3) Retirees and Widows—Service retirement prior to 1969 1 Tied to Current Salary/Rank when Firefighter Retired Number of Pensioners Group 4) Retirees—Disability retired after 1961 7 Group 5) Retirees and Widows retired after 1969 g Continuing, Ms.Thomas indicated that members of Group 2 and Group 3 have had their pension payments calculated incorrectly, and all of the beneficiaries of these groups are widows. Group 2 widows should have been moved from Group 4 (the category they were in upon the firefighter's passing)to Group 2 in order to receive their increases tied to COLA. She reported that this means that four widows were underpaid a total of$34,945.14, and seven widows were overpaid a total of$48,204. Ms.Thomas indicated that widows within Group 3 did not receive the minimum 2%CPI increase in July of 2003 and 2004, resulting in a total underpayment of 6,068.03 for the two affected widows. Responding to several inquiries from board members, Ms.Thomas reviewed the procedures and regulations related to the pay schedules for the five different pensioner categories. She also indicated that staff is not recommending the board seek repayment from the few widows who were overpaid.She did indicate, however, that future payments will be adjusted to correct the overpayment error. Concluding, Ms.Thomas recommended the board pay a total of$41,013.17 for the following widows who were underpaid: AGENDA ITEM #2. b) 12/21/2017 Special Meeting Minutes Firefighters' Pension Board Page 2 of 2 Recipient Total Underpaid Goodwin, Kathryn Lorayne (widow) 1,079.70 lones, Evelyn M. (widow) 9,731.28 Walls, Camille (widow) 4,284.00 Weiss, Cheryl (widow) 19,850.16 Haworth, Constance (estate) 3,200.81 Pringle,loan (widow) 2 g6 22 Total 41,013.17 MOVED BY BARILLEAUX,SECONDED BY PERSSON,THE FIREFIGHTERS' PENSION BOARD APPROVE THE PAYMENT OF$41,013.17 FOR WIDOWS WHOSE PENSIONS WERE UNDERPAID, AS LISTED ABOVE. CARRIED. MOVED BY BARILLEAUX,SECONDED BY PHILLIPS,THE FIREFIGHTERS' PENSION BOARD FORGIVE THE$48,204 IN OVERPAYMENTS TO PENSIONERS. CARRIED. Mr. Barilleaux indicated that he would assist in tracking down the executor of Ms. Haworth's estate. Ms.Thomas reported that she or Mr. Hollingsworth would contact the pensioners to determine the appropriate time to release their payments. ADJOURNMENT MOVED BY PERSSON,SECONDED BY PHILLIPS,THE FIREFIGHTERS' PENSION BORARD ADJOURN.CARRIED.TIME:9:34 A.M. lason Seth, City Clerk Secretary, Firefighters' Pension Board AGENDA ITEM #2. b) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF NOVEMBER 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 5,577,392.55 5,578,044.41 5,202,834.91 5,289,642.12 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 468,016.37 491,759.38 325,000.00 323,536.17 339,631.82 325,000.00 DISBURSEMENTS: Fire Pension 15,287.12 190,632.75 200,000.00 18,135.27 208,229.65 200,000.00 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 $6,030,121.80 $6,030,121.80 $5,470,360 $5,595,043.02 $5,578,044.41 $5,202,835 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $3,605,640.62 $3,150,542.85 $3,172,400.54 $2,716,323.40 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 1,561,038.48 1,709,638.98 Interest Receivable 10,587.07 12,955.59 8,748.37 10,824.11 TOTAL CASH AND INVESTMENTS $6,030,121.80 $5,577,392.55 $5,595,043.02 $5,289,642.12 The State Investment Pool interest 1.1561% 1.1385% 0.4672% 0.4724% 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\November 17 Page 1 1/16/2018 AGENDA ITEM #4. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF DECEMBER 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 6,030,121.80 5,578,044.41 5,202,834.91 5,595,043.02 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 2,595.95 494,355.33 325,000.00 1,562.65 339,631.82 325,000.00 DISBURSEMENTS: Fire Pension 49,020.36 239,653.11 200,000.00 18,135.27 208,229.65 200,000.00 Fire Pension Medical 0.00 0.00 0.00 0.00 0.00 0.00 Office/Operating Supplies 0.00 0.00 475.00 425.99 425.99 475.00 Actuarial/Firemen's Pens 12,200.00 12,200.00 0.00 0.00 0.00 0.00 ENDING CASH/INV BALANCE $5,971,497.39 $5,971,497.39 $5,470,360 $5,578,044.41 $5,578,044.41 $5,202,835 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $3,546,504.09 $3,605,640.62 $3,154,436.75 $3,172,400.54 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 1,561,038.48 1,561,038.48 Interest Receivable 11,099.19 10,587.07 9,713.55 8,748.37 TOTAL CASH AND INVESTMENTS $5,971,497.39 $6,030,121.80 $5,578,044.41 $5,595,043.02 The State Investment Pool interest 1.2777% 1.1561% 0.5075% 0.4672% 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\December 17 Page 1 1/16/2018 AGENDA ITEM #4. b) FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR DECEMBER 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 WEISS, Cheryl (Widow) $876.22 876.22 Total Expenses: Pension/Medical $15,154.92 $0.00 $15,154.92 *Includes a 2.2% CPI increase effective July 1 per RCW 41.16.145 Total Pension Payments for December, 2016 18,135.27 Total Medical Bills Reimbursed in December, 2016 0.00 Total Expenses: Medical/Pension 18,135.27 Prior Year Pension/Medical Payments: 4_SUMMARY 2017 1/11/2018 AGENDA ITEM #5. a) FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR JANUARY 2018 Recipient Pension Amt Widow PMT Total ANKENY, Charlie (Captain) $153.63 ‐ $153.63 BARILLEAUX, Ray (Battalion Chief)‐‐ $0.00 * BERGMAN, Claudette (Widow) $225.22 ‐ $225.22 CHRISTENSON, Chuck (Firefighter) $294.28 ‐ $294.28 GEISSLER, Dick (Fire Chief)‐‐ $0.00 * GOODWIN, Kathryn Lorayne (Widow) $1,213.02 ‐ $1,213.02 HAWORTH, Constance (Widow) deceased 05/04/2017 ‐ $0.00 * JONES, Evelyn M. (Widow) $455.23 ‐ $455.23 LARSON, William (Firefighter)‐‐ $0.00 LAVALLEY, Theodele (Captain) $410.45 ‐ $410.45 MATTHEW, James (Deputy Chief)‐‐ $0.00 *MC LAUGHLIN, Barbara M. (Widow) $1,048.84 ‐ $1,048.84 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) $2,990.14 ‐ $2,990.14 *RIGGLE, Arduth S. (Widow) $82.72 ‐ $82.72 RUPPRECHT, Jim (Firefighter D Step) $132.97 ‐ $132.97 *SMITH, Shirley (Widow) $455.68 ‐ $455.68 *STROM, Doris (Widow) $3,790.89 ‐ $3,790.89 * TODD, Tess R. (Widow) $515.61 ‐ $515.61 TONDA, Lila Jean (Widow) $8.26 ‐ $8.26 VACCA, Nick (Lieutenant) $354.69 ‐ $354.69 * WALLS, Camille (Widow) $274.60 ‐ $274.60 WALLS, Mercedes (Widow) $0.00 * WEISS, Cheryl (Widow) $1,135.76 ‐ $1,135.76 Total Expenses: Pension/Medical $15,686.28 $0.00 $15,686.28 *Includes a 2.2% CPI increase effective July 1 per RCW 41.16.145 Total Pension Payments for January, 2017 20,669.28 Total Medical Bills Reimbursed in January, 2017 0.00 Total Expenses: Medical/Pension 20,669.28 Prior Year Pension/Medical Payments: 4_SUMMARY 2018 1/11/2018 AGENDA ITEM #5. b) p tl'fON N To RENTON REGIONAL FIRE AUTHORITY DEC 2 9 2017 m ^'`' M E M O R A N D U M RECENEDc' o o yq(p RE p C TY CLERK'S OFFICE DATE: December 29, 2017 TO: Jason Seth, City Clerk FROM:Rick Marshail, Fire Chie SUBJECT: Firemen's Pension Board Voting Results An election was conducted to fill the vacancy created by the expiration of Bruce Phillips' term as the Department's representative on the City of Renton Firemen's Pension Board. By a majority vote, Bruce Phillips has b en elected for this two-year term of office effective January 1, 2018 to December 31, 'f " Thank you. RM/sm c: Chuck DeSmith,Deputy Chief,Support Services Roy Gunsolus,Deputy Chief,Response Operations Samantha Babich,Director of Administration AGENDA ITEM #6. a)