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Home My WebLink AboutFinal Agenda Packet AGENDA Firefighters' Pension Board Meeting 2:00 PM - Thursday, September 12, 2024 Council Conference Room, 7th Floor, City Hall – 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) July 11, 2024 3. CORRESPONDENCE 4. MONTHLY STATEMENTS a) June 2024 b) July 2024 5. MONTHLY BILLS AND PENSION PAYMENTS a) August 2024 b) September 2024 6. UNFINISHED BUSINESS 7. NEW BUSINESS 8. ADJOURNMENT MINUTES FIREFIGHTERS’ PENSION BOARD CITY OF RENTON July 11, 2024 ________________________________________________________________________ Armondo Pavone, Mayor Valerie O’Halloran, Finance Committee Chair - Absent Jason Seth, City Clerk Ray Barilleaux, Fire Department Representative Craig Soucy, 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 Jason Seth, City Clerk and Secretary of the Board at 11:03 a.m. In attendance were Armondo Pavone, Mayor; Finance Committee Chair Valerie O’Halloran; City Clerk Jason Seth; and Fire Department Representatives Ray Barilleaux, Craig Soucy and alternate member Chuck Christenson. Additionally, Sean Hollingsworth, Finance Department Representative, was in attendance. MINUTES APPROVAL MOVED BY BARILLEAUX, SECONDED BY SOUCY, THE PENSION BOARD APPROVE THE MINUTES OF THE MAY 2024 MEETING. CARRIED. MONTHLY STATEMENT The APRIL 2024 and MAY 2024 financial reports were reviewed. Total cash/investment balance was, as of March 31, 2024, $9,484,990.39. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY O’HALLORAN, SECONDED BY SOUCY, THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF $18,744.24 FOR JUNE 2024, AND $22,074.62 FOR JULY 2024, TO BE PAID BY THE FIREFIGHTERS’ PENSION FUND. CARRIED. ADJOURNMENT City Clerk Seth adjourned the meeting at 11:12 a.m. Jason Seth, MMC City Clerk/Public Records Officer Secretary, Firefighters’ Pension Board AGENDA ITEM #2. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF JUNE 30, 2024 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2024 2024 LAST YEAR 2023 2023 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 9,484,990.39 9,253,302.21 8,890,882.29 8,917,141.47 9,233,523.24 8,460,708.00 RECEIPTS: Fire Insurance Premium Tax 0.00 208,792.60 180,000.00 0.00 0.00 199,566.32 Investment Interest 29,573.85 170,847.80 200,000.00 22,110.51 41,612.12 225,000.00 DISBURSEMENTS: Fire Pension 18,691.08 129,669.45 240,000.00 16,377.87 21,358.15 254,000.00 Fire Pension Medical 0.00 0.00 0.00 0.00 0.00 0.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 475.00 475.00 Actuarial/Firemen's Pens 0.00 7,400.00 4,000.00 0.00 0.00 13,000.00 ENDING CASH/INV BALANCE $9,495,873.16 $9,495,873.16 $9,026,407 $8,922,874.11 $9,253,302.21 $8,617,799 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $9,035,151.86 $9,024,902.09 $8,395,814.46 $8,387,621.91 INVESTMENTS: Federal National Mortgage Assn 0.00 0.00 0.00 0.00 Treasury Strips & Zero Coupon Bonds 429,683.86 429,683.86 510,740.11 510,740.11 Interest Receivable 31,037.44 30,404.44 16,319.54 18,779.45 Vouchers Payable 0.00 0.00 0.00 0.00 TOTAL CASH AND INVESTMENTS $9,495,873.16 $9,484,990.39 $8,922,874.11 $8,917,141.47 The State Investment Pool interest 5.4042% 5.3986% 5.2000% 5.1498% 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 10.00 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 2024 2023 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt.xls\Jun 24 Page 1 9/3/2024 AGENDA ITEM #4. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF JULY 31, 2024 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2024 2024 LAST YEAR 2023 2023 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 9,495,873.16 9,253,302.21 8,890,882.29 8,922,874.11 9,233,523.24 8,460,708.00 RECEIPTS: Fire Insurance Premium Tax 0.00 208,792.60 180,000.00 0.00 0.00 199,566.32 Investment Interest 30,313.34 201,161.14 201,161.14 23,332.62 41,612.12 225,000.00 DISBURSEMENTS: Fire Pension 22,074.62 151,744.07 240,000.00 21,358.15 21,358.15 254,000.00 Fire Pension Medical 0.00 0.00 0.00 0.00 0.00 0.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 475.00 475.00 Actuarial/Firemen's Pens 0.00 7,400.00 4,000.00 0.00 0.00 13,000.00 ENDING CASH/INV BALANCE $9,504,111.88 $9,504,111.88 $9,027,568 $8,924,848.58 $9,253,302.21 $8,617,799 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $9,043,055.31 $9,035,151.86 $8,395,777.78 $8,395,814.46 INVESTMENTS: Federal National Mortgage Assn 0.00 0.00 0.00 0.00 Treasury Strips & Zero Coupon Bonds 429,683.86 429,683.86 510,740.11 510,740.11 Interest Receivable 31,372.71 31,037.44 18,330.69 16,319.54 Vouchers Payable 0.00 0.00 0.00 0.00 TOTAL CASH AND INVESTMENTS $9,504,111.88 $9,495,873.16 $8,924,848.58 $8,922,874.11 The State Investment Pool interest 5.4110% 5.4042% 5.2376% 5.2000% 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 10.00 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 2024 2023 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt.xls\Jul 24 Page 1 9/3/2024 AGENDA ITEM #4. b) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR AUGUST 2024 Recipient Pension Amt Retro Total 4 ANKENY, Charlie (Captain) $306.84 ‐ $306.84 5 BARILLEAUX, Ray (Battalion Chief)‐‐ $0.00 4 CHRISTENSON, Chuck (Firefighter) $481.37 ‐ $481.37 1 GOODWIN, Kathryn Lorayne (Widow) $1,645.22 ‐ $1,645.22 1 JONES, Evelyn M. (Widow) $628.56 ‐ $628.56 4 LAVALLEY, Theodele (Captain) $650.17 ‐ $650.17 5 MATTHEW, James (Deputy Chief)‐‐ $0.00 1 MC LAUGHLIN, Barbara M. (Widow) $1,434.34 ‐ $1,434.34 4 NEWTON, Gary (Lieutenant) $506.32 ‐ $506.32 5 NICHOLS, Gerald (Battalion Chief) $934.81 ‐ $934.81 2 PARKS‐ANDREASON, Arlene (Widow) $605.51 ‐ $605.51 5 PHILLIPS, Bruce H. (Deputy Chief) $533.11 ‐ $533.11 1 PRINGLE, Barb $898.15 ‐ $898.15 1 PRINGLE, S. Joan (Widow) $4,012.34 ‐ $4,012.34 3 RIGGLE, Arduth S. (Widow) $128.99 ‐ $128.99 4 RUPPRECHT, Jim (Firefighter D Step) $255.00 ‐ $255.00 1 SMITH, Shirley (Widow) $627.19 ‐ $627.19 1 STROM, Doris (Widow) $5,086.84 ‐ $5,086.84 1 TODD, Tess R. (Widow) $707.28 ‐ $707.28 2 TONDA, Lila Jean (Widow) $134.33 ‐ $134.33 4 VACCA, Nick (Lieutenant) $560.29 ‐ $560.29 1 WALLS, Camille (Widow) $386.79 ‐ $386.79 1 WEISS, Cheryl (Widow) $1,551.17 ‐ $1,551.17 Total Expenses: Pension/Medical $22,074.62 $0.00 $22,074.62 1 Widows ‐ Disability. Includes a 5.8% CPI increase effective July 1st, 2024 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 5.8% CPI increase effective July 1st, 2024 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 August, 2023 21,358.15 Total Medical Payments in August, 2023 0.00 Total Expenses: Medical/Pension 21,358.15 Prior Year Pension/Medical Payments: 4_SUMMARY.xls 9/3/2024 AGENDA ITEM #5. a) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR SEPTEMBER 2024 Recipient Pension Amt Retro Total 4 ANKENY, Charlie (Captain) $306.84 ‐ $306.84 5 BARILLEAUX, Ray (Battalion Chief)‐‐ $0.00 4 CHRISTENSON, Chuck (Firefighter) $481.37 ‐ $481.37 1 GOODWIN, Kathryn Lorayne (Widow) $1,645.22 ‐ $1,645.22 1 JONES, Evelyn M. (Widow) $628.56 ‐ $628.56 4 LAVALLEY, Theodele (Captain) $650.17 ‐ $650.17 5 MATTHEW, James (Deputy Chief)‐‐ $0.00 1 MC LAUGHLIN, Barbara M. (Widow) $1,434.34 ‐ $1,434.34 4 NEWTON, Gary (Lieutenant) $506.32 ‐ $506.32 5 NICHOLS, Gerald (Battalion Chief) $934.81 ‐ $934.81 2 PARKS‐ANDREASON, Arlene (Widow) $605.51 ‐ $605.51 5 PHILLIPS, Bruce H. (Deputy Chief) $533.11 ‐ $533.11 1 PRINGLE, Barb $898.15 ‐ $898.15 1 PRINGLE, S. Joan (Widow) $4,012.34 ‐ $4,012.34 3 RIGGLE, Arduth S. (Widow) $128.99 ‐ $128.99 4 RUPPRECHT, Jim (Firefighter D Step) $255.00 ‐ $255.00 1 SMITH, Shirley (Widow) $627.19 ‐ $627.19 1 STROM, Doris (Widow) $5,086.84 ‐ $5,086.84 1 TODD, Tess R. (Widow) $707.28 ‐ $707.28 2 TONDA, Lila Jean (Widow) $134.33 ‐ $134.33 4 VACCA, Nick (Lieutenant) $560.29 ‐ $560.29 1 WALLS, Camille (Widow) $386.79 ‐ $386.79 1 WEISS, Cheryl (Widow) $1,551.17 ‐ $1,551.17 Total Expenses: Pension/Medical $22,074.62 $0.00 $22,074.62 1 Widows ‐ Disability. Includes a 5.8% CPI increase effective July 1st, 2024 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 5.8% CPI increase effective July 1st, 2024 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 September, 2023 21,358.15 Total Medical Payments in September, 2023 0.00 Total Expenses: Medical/Pension 21,358.15 Prior Year Pension/Medical Payments: 4_SUMMARY.xls 8/27/2024 AGENDA ITEM #5. b)