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HomeMy WebLinkAboutFinal Agenda Packet AGENDA Firefighters' Pension Board Meeting 1:30 PM - Wednesday, January 31, 2024 Conferencing Center, 7th Floor, City Hall – 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) November 16, 2023 3. CORRESPONDENCE a) Craig Soucy elected for 1/1/2024 - 12/31/2025 Term 4. MONTHLY STATEMENTS a) October 2023 b) November 2023 5. MONTHLY BILLS AND PENSION PAYMENTS a) December 2023 b) January 2024 6. UNFINISHED BUSINESS 7. NEW BUSINESS 8. ADJOURNMENT MINUTES FIREFIGHTERS’ PENSION BOARD CITY OF RENTON November 16, 2023 ________________________________________________________________________ Armondo Pavone, Mayor Ruth Pérez, Finance Committee Chair Jason Seth, City Clerk Ray Barilleaux, Fire Department Representative Bruce Phillips, Fire Department Representative Chuck Christenson, Alternate Fire Department Representative Sean Hollingsworth, Finance Representative Kari Roller, Finance Administrator ________________________________________________________________________ The regular meeting of the Firefighters’ Pension Board was called to order by Mayor Armondo Pavone at 2:00 p.m. In attendance were Armondo Pavone, Mayor; City Clerk Jason Seth; and Fire Department Representatives Ray Barilleaux and Bruce Phillips. Additionally, Sean Hollingsworth, Finance Department Representative, was in attendance. MINUTES APPROVAL MOVED BY BARILLEAUX, SECONDED BY PHILLIPS, THE PENSION BOARD APPROVE THE MINUTES OF THE SEPTEMBER 2023 MEETING. CARRIED. MONTHLY STATEMENT The August and September 2023 financial reports were reviewed. Total cash/investment balance was, as of September 30, 2023, $8,915,789.21. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY BARILLEAUX, SECONDED BY PHILLIPS, THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF $21,358.15 FOR OCTOBER 2023, AND $21,358.15 FOR NOVEMBER 2023, TO BE PAID BY THE FIREFIGHTERS’ PENSION FUND. CARRIED. ADJOURNMENT Mayor Pavone adjourned the meeting at 2:07 p.m. Jason Seth, MMC City Clerk/Public Records Officer Secretary, Firefighters’ Pension Board AGENDA ITEM #2. a)   Page | 1     TO:  Jason Seth, City Clerk  FROM:  Steven C. Heitman, Fire Chief  ______  DATE:  December 21, 2023  SUBJECT: Firefighter’s Pension Board Voting Results      An election was conducted to fill the vacancy created by the expiration of Bruce Phillips’ term as  Renton RFA’s representative on the City of Renton Firemen’s Pension Board.    By a majority vote, Craig Soucy has been elected for this two‐year term of office effective from  January 1, 2024 through December 31, 2025.    Thank you!                                              SH/cn    c:  Mark Seaver, Deputy Chief, Safety & Support Services       Chuck DeSmith, Deputy Chief, EMS/Health & Safety       Samantha Babich, Chief Administration Officer  SH SH Steven C Heitman (Dec 21, 2023 21:00 PST) Steven C Heitman AGENDA ITEM #3. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF OCTOBER 31, 2023 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2023 2023 LAST YEAR 2022 2022 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 8,915,790.21 8,733,790.97 8,460,708.00 8,423,567.44 8,371,183.05 8,082,836.54 RECEIPTS: Fire Insurance Premium Tax 0.00 199,566.32 199,566.32 0.00 182,840.98 165,000.00 Investment Interest 24,166.21 208,800.43 225,000.00 10,377.96 406,059.76 125,000.00 DISBURSEMENTS: Fire Pension 21,358.15 223,559.45 254,000.00 18,660.26 222,792.82 200,000.00 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 0.00 475.00 Actuarial/Firemen's Pens 0.00 13,125.00 13,000.00 0.00 3,500.00 0.00 ENDING CASH/INV BALANCE $8,918,598.27 $8,905,473.27 $8,617,799 $8,415,285.14 $8,733,790.97 $8,172,362 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $8,388,628.87 $8,387,053.88 $7,806,693.46 $7,817,073.49 INVESTMENTS: Federal National Mortgage Assn 0.00 0.00 0.00 0.00 Treasury Strips & Zero Coupon Bonds 510,740.11 510,740.11 600,333.41 600,333.41 Interest Receivable 19,229.29 17,996.22 8,258.27 6,160.54 TOTAL CASH AND INVESTMENTS $8,918,598.27 $8,915,790.21 $8,415,285.14 $8,423,567.44 The State Investment Pool interest 5.3975% 5.3854% 3.0336% 2.5613% 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillions of Dollars2023 2022 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt.xls\Oct 23 Page 1 1/11/2024 AGENDA ITEM #4. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF NOVEMBER 30, 2023 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2023 2023 LAST YEAR 2022 2022 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 8,918,598.27 8,733,790.97 8,460,708.00 8,415,285.14 8,371,183.05 8,082,836.54 RECEIPTS: Fire Insurance Premium Tax 0.00 199,566.32 199,566.32 0.00 182,840.98 165,000.00 Investment Interest 336,283.12 545,083.55 225,000.00 332,406.89 406,059.76 125,000.00 DISBURSEMENTS: Fire Pension 21,358.15 231,792.60 254,000.00 18,660.26 222,792.82 200,000.00 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 0.00 475.00 Actuarial/Firemen's Pens 0.00 13,125.00 13,000.00 0.00 3,500.00 0.00 ENDING CASH/INV BALANCE $9,233,523.24 $9,233,523.24 $8,617,799 $8,729,031.77 $8,733,790.97 $8,172,362 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $8,782,474.96 $8,388,628.87 $8,209,037.14 $7,806,693.46 INVESTMENTS: Federal National Mortgage Assn 0.00 0.00 0.00 0.00 Treasury Strips & Zero Coupon Bonds 429,683.86 510,740.11 510,740.11 600,333.41 Interest Receivable 21,364.42 19,229.29 9,254.52 8,258.27 TOTAL CASH AND INVESTMENTS $9,233,523.24 $8,918,598.27 $8,729,031.77 $8,415,285.14 The State Investment Pool interest 5.4347% 5.3975% 3.7566% 3.0336% 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillions of Dollars2023 2022 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt.xls\Nov 23 Page 1 1/11/2024 AGENDA ITEM #4. b) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR DECEMBER 2023 Recipient Pension Amt Retro Total 4 ANKENY, Charlie (Captain) $321.41 ‐                $321.41 5 BARILLEAUX, Ray (Battalion Chief)‐‐                $0.00 1 BERGMAN, Claudette (Widow) $290.55 ‐                $290.55 4 CHRISTENSON, Chuck (Firefighter) $482.86 ‐                $482.86 1 GOODWIN, Kathryn Lorayne (Widow) $1,543.44 ‐                $1,543.44 1 JONES, Evelyn M. (Widow) $582.39 ‐                $582.39 4 LAVALLEY, Theodele (Captain) $646.78 ‐                $646.78 5 MATTHEW, James (Deputy Chief)‐‐                $0.00 1 MC LAUGHLIN, Barbara M. (Widow) $1,337.89 ‐                $1,337.89 4 NEWTON, Gary (Lieutenant) $506.86 ‐                $506.86 5 NICHOLS, Gerald (Battalion Chief) $921.28 ‐                $921.28 2 PARKS‐ANDREASON, Arlene (Widow) $602.87 ‐                $602.87 5 PHILLIPS, Bruce H. (Deputy Chief) $547.67 ‐                $547.67 1 PRINGLE, Barb $834.35 ‐                $834.35 1 PRINGLE, S. Joan (Widow) $3,792.38 ‐                $3,792.38 3 RIGGLE, Arduth S. (Widow) $110.03 ‐                $110.03 4 RUPPRECHT, Jim (Firefighter D Step) $264.61 ‐                $264.61 1 SMITH, Shirley (Widow) $582.40 ‐                $582.40 1 STROM, Doris (Widow) $4,807.98 ‐                $4,807.98 1 TODD, Tess R. (Widow) $658.33 ‐                $658.33 2 TONDA, Lila Jean (Widow) $165.12 ‐                $165.12 4 VACCA, Nick (Lieutenant) $557.31 ‐                $557.31 1 WALLS, Camille (Widow) $353.47 ‐                $353.47 1 WEISS, Cheryl (Widow) $1,448.17 ‐                $1,448.17   Total Expenses:  Pension/Medical $21,358.15 $0.00 $21,358.15 1 Widows ‐ Disability. Includes a 9.0% CPI increase effective July 1st, 2023 per RCW 41.16.145 2 Widows ‐ Service. Includes a 10.49% COLA Adj. Effective Janaury 1st, 2023. 3 Widows ‐ Service prior to 1969. Includes a 9.0% CPI increase effective July 1st, 2023 per RCW41.16.145 4 Retirees ‐ Disability after 1961. Includes a 10.49% COLA Adj. Effective Janaury 1st, 2023. 5 Retirees ‐ Service after 1969. Includes a 10.49% COLA Adj. Effective Janaury 1st, 2023. Total Pension Payments for November, 2022 18,660.26 Total Medical Payments in November, 2022 0.00 Total Expenses:  Medical/Pension 18,660.26 Prior Year Pension/Medical Payments: 4_SUMMARY.xls 11/28/2023 AGENDA ITEM #5. a) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR JANUARY 2024 Recipient Pension Amt Retro Total 4 ANKENY, Charlie (Captain) $633.41 ‐                $633.41 5 BARILLEAUX, Ray (Battalion Chief)‐‐                $0.00 1 BERGMAN, Claudette (Widow) $290.55 ‐                $290.55 4 CHRISTENSON, Chuck (Firefighter) $752.32 ‐                $752.32 1 GOODWIN, Kathryn Lorayne (Widow) $1,543.44 ‐                $1,543.44 1 JONES, Evelyn M. (Widow) $582.39 ‐                $582.39 4 LAVALLEY, Theodele (Captain) $958.78 ‐                $958.78 5 MATTHEW, James (Deputy Chief)‐‐                $0.00 1 MC LAUGHLIN, Barbara M. (Widow) $1,337.89 ‐                $1,337.89 4 NEWTON, Gary (Lieutenant) $785.86 ‐                $785.86 5 NICHOLS, Gerald (Battalion Chief) $1,281.28 ‐                $1,281.28 2 PARKS‐ANDREASON, Arlene (Widow) $897.19 ‐                $897.19 5 PHILLIPS, Bruce H. (Deputy Chief) $979.67 ‐                $979.67 1 PRINGLE, Barb $834.35 ‐                $834.35 1 PRINGLE, S. Joan (Widow) $3,792.38 ‐                $3,792.38 3 RIGGLE, Arduth S. (Widow) $110.03 ‐                $110.03 4 RUPPRECHT, Jim (Firefighter D Step) $500.11 ‐                $500.11 1 SMITH, Shirley (Widow) $582.40 ‐                $582.40 1 STROM, Doris (Widow) $4,807.98 ‐                $4,807.98 1 TODD, Tess R. (Widow) $658.33 ‐                $658.33 2 TONDA, Lila Jean (Widow) $544.32 ‐                $544.32 4 VACCA, Nick (Lieutenant) $822.31 ‐                $822.31 1 WALLS, Camille (Widow) $353.47 ‐                $353.47 1 WEISS, Cheryl (Widow) $1,448.17 ‐                $1,448.17   Total Expenses:  Pension/Medical $24,496.63 $0.00 $24,496.63 1 Widows ‐ Disability. Includes a 9.0% CPI increase effective July 1st, 2023 per RCW 41.16.145 2 Widows ‐ Service. Includes a 5.00% COLA Adj. Effective Janaury 1st, 2024. 3 Widows ‐ Service prior to 1969. Includes a 9.0% CPI increase effective July 1st, 2023 per RCW41.16.145 4 Retirees ‐ Disability after 1961. Includes a 5.00% COLA Adj. Effective Janaury 1st, 2024. 5 Retirees ‐ Service after 1969. Includes a 5.00% COLA Adj. Effective Janaury 1st, 2024. Total Pension Payments for January, 2023 18,660.26 Total Medical Payments in January, 2023 0.00 Total Expenses:  Medical/Pension 18,660.26 Prior Year Pension/Medical Payments: 4_SUMMARY.xls 12/20/2023 AGENDA ITEM #5. b)