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Home My WebLink AboutFinal Agenda Packet AGENDA Firefighters' Pension Board Meeting 2:00 PM - Thursday, July 17, 2025 Council Conference Room (and via teams), 7th Floor, City Hall – 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) May 15, 2025 3. CORRESPONDENCE 4. MONTHLY STATEMENTS a) April 2025 b) May 2025 5. MONTHLY BILLS AND PENSION PAYMENTS a) June 2025 b) July 2025 6. UNFINISHED BUSINESS 7. NEW BUSINESS 8. ADJOURNMENT MINUTES FIREFIGHTERS’ PENSION BOARD CITY OF RENTON MAY 15, 2025 ________________________________________________________________________ Armondo Pavone, Mayor Ruth Pérez, Finance Committee Chair Jason Seth, City Clerk Ray Barilleaux, Fire Department Representative - Absent James Matthew, Fire Department Representative Chuck Christenson, Alternate Fire Department Representative Sean Hollingsworth, Finance Representative Kari Roller, Finance Administrator Alex Tuttle, Senior Assistant City Attorney ________________________________________________________________________ The regular meeting of the Firefighters’ Pension Board was called to order by Jason Seth, City Clerk and Secretary of the Board at 2:02 p.m. In attendance were Mayor Armondo Pavone, Finance Committee Chair Ruth Pérez; City Clerk Jason Seth; and Fire Department Representatives Jim Matthew and alternate member Chuck Christenson. Additionally, Kari Roller and Sean Hollingsworth, Finance Department Representatives, and Alex Tuttle, Senior Assistant City Attorney were in attendance. MINUTES APPROVAL MOVED BY CHRISTENSON, SECONDED BY MATTHEW, THE PENSION BOARD APPROVE THE MINUTES OF THE MARCH 20, 2025, MEETING. CARRIED. MONTHLY STATEMENT The FEBRUARY 2025 and MARC 2025 financial reports were reviewed. Total cash/investment balance was, as of MARCH 31, 2025, $9,647,019.40. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY MATTHEW, SECONDED BY CHRISTENSON, THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF $21,014.94 FOR APRIL 2025, AND $20,547.67 FOR MAY 2025, TO BE PAID BY THE FIREFIGHTERS’ PENSION FUND. CARRIED. NEW BUSINESS City Clerk Seth noted that the process for the 2026 Firefighters’ Pension Board members election will be reviewed at the next meeting. ADJOURNMENT MOVED BY CHRISTENSON, SECONDED BY MATTHEW, THE MEETING BE ADJOURNED. CARRIED. Time: 2:08 p.m. AGENDA ITEM #2. a) 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 APRIL 30, 2025 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2025 2025 LAST YEAR 2024 2024 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 9,647,019.40 9,636,751.56 9,636,751.56 9,262,789.32 9,253,302.21 9,253,302.21 RECEIPTS: Fire Insurance Premium Tax 0.00 0.00 0.00 0.00 0.00 0.00 Investment Interest 26,790.13 110,423.18 1,500,000.00 28,759.89 652,361.01 200,000.00 DISBURSEMENTS: Fire Pension 21,014.94 94,380.15 260,000.00 18,744.24 261,511.66 315,000.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 0.00 475.00 Actuarial/Firemen's Pens 0.00 0.00 15,000.00 0.00 7,400.00 7,400.00 ENDING CASH/INV BALANCE $9,652,794.59 $9,652,794.59 $10,861,277 $9,272,804.97 $9,636,751.56 $9,130,427 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $9,247,030.69 $9,246,078.43 $8,818,588.75 $8,810,187.68 INVESTMENTS: Treasury Strips & Zero Coupon Bonds 356,701.36 356,701.36 429,683.86 429,683.86 Interest Receivable 49,062.54 44,239.61 24,532.36 22,917.78 TOTAL CASH AND INVESTMENTS $9,652,794.59 $9,647,019.40 $9,272,804.97 $9,262,789.32 The State Investment Pool interest 4.3933% 4.3994% 4.9273% 4.7698% 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 2025 2024 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\Apr 25 Page 1 7/7/2025 AGENDA ITEM #4. a) CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF MAY 31, 2025 Firefighter's Pension Fund Comparison of Cash and Investment Activity CURRENT 2025 2025 LAST YEAR 2024 2024 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 9,652,794.59 9,636,751.56 9,636,751.56 9,272,804.97 9,253,302.21 9,253,302.21 RECEIPTS: Fire Insurance Premium Tax 237,294.13 237,294.13 0.00 208,792.60 0.00 0.00 Investment Interest 26,219.19 136,642.37 1,500,000.00 29,537.06 652,361.01 200,000.00 DISBURSEMENTS: Fire Pension 20,547.67 114,927.82 260,000.00 18,744.24 261,511.66 315,000.00 Office/Operating Supplies 0.00 0.00 475.00 0.00 0.00 475.00 Actuarial/Firemen's Pens 0.00 0.00 15,000.00 7,400.00 7,400.00 7,400.00 ENDING CASH/INV BALANCE $9,895,760.24 $9,895,760.24 $10,861,277 $9,484,990.39 $9,636,751.56 $9,130,427 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $9,486,729.20 $9,247,030.69 $9,024,902.09 $8,818,588.75 INVESTMENTS: Treasury Strips & Zero Coupon Bonds 356,701.36 356,701.36 429,683.86 429,683.86 Interest Receivable 52,329.68 49,062.54 30,404.44 24,532.36 TOTAL CASH AND INVESTMENTS $9,895,760.24 $9,652,794.59 $9,484,990.39 $9,272,804.97 The State Investment Pool interest 4.3735% 4.3933% 5.3986% 5.3975% 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 2025 2024 H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\May 25 Page 1 7/7/2025 AGENDA ITEM #4. b) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR JUNE 2025 Recipient Pension Amt Retro Total 4 ANKENY (Captain) $408.98 - $408.98 5 BARILLEAUX (Battalion Chief) - - $0.00 4 CHRISTENSON (Firefighter) $577.35 - $577.35 1 GOODWIN (Widow) $1,478.54 - $1,478.54 1 JONES (Widow) $460.07 - $460.07 4 LAVALLEY (Captain) $764.70 - $764.70 5 MATTHEW (Deputy Chief) - - $0.00 1 MC LAUGHLIN (Widow) $1,177.96 - $1,177.96 4 NEWTON (Lieutenant) $605.91 - $605.91 5 NICHOLS (Battalion Chief) $1,073.71 - $1,073.71 5 PHILLIPS (Deputy Chief) $678.54 - $678.54 1 PRINGLE $688.48 - $688.48 1 PRINGLE (Widow) $4,012.34 - $4,012.34 3 RIGGLE (Widow) - - $0.00 4 RUPPRECHT (Firefighter D Step) $332.85 - $332.85 1 SMITH (Widow) $477.45 - $477.45 1 STROM (Widow) $5,086.84 - $5,086.84 1 TODD (Widow) $560.83 - $560.83 2 TONDA (Widow) - - $0.00 4 VACCA (Lieutenant) $657.98 - $657.98 1 WALLS (Widow)$212.52 - $212.52 1 WEISS (Widow) $1,292.62 - $1,292.62 Total Expenses: Pension/Medical $20,547.67 $0.00 $20,547.67 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, 2025. 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, 2025. 5 Retirees - Service after 1969. Includes a 5.00% COLA Adj. Effective Janaury 1st, 2025. Total Pension Payments for June, 2024 16,377.87 Total Medical Payments in June, 2024 0.00 Total Expenses: Medical/Pension 16,377.87 Prior Year Pension/Medical Payments: 4_SUMMARY 5/28/2025 AGENDA ITEM #5. a) FIREFIGHTERS' PENSION BOARD PENSION/RETRO PAYMENTS FOR JULY 2025 Recipient Pension Amt Retro Total 4 ANKENY (Captain) $408.98 - $408.98 5 BARILLEAUX (Battalion Chief) - - $0.00 4 CHRISTENSON (Firefighter) $577.35 - $577.35 1 GOODWIN (Widow) $1,710.26 - $1,710.26 1 JONES (Widow) $656.02 - $656.02 4 LAVALLEY (Captain) $764.70 - $764.70 5 MATTHEW (Deputy Chief) - - $0.00 1 MC LAUGHLIN (Widow) $1,493.81 - $1,493.81 4 NEWTON (Lieutenant) $605.91 - $605.91 5 NICHOLS (Battalion Chief) $1,073.71 - $1,073.71 5 PHILLIPS (Deputy Chief) $678.54 - $678.54 1 PRINGLE $936.62 - $936.62 1 PRINGLE (Widow) $4,160.80 - $4,160.80 3 RIGGLE (Widow) $138.03 - $138.03 4 RUPPRECHT (Firefighter D Step) $332.85 - $332.85 1 SMITH (Widow) $654.14 - $654.14 1 STROM (Widow) $5,275.05 - $5,275.05 1 TODD (Widow) $737.10 - $737.10 2 TONDA (Widow) - - $0.00 4 VACCA (Lieutenant) $657.98 - $657.98 1 WALLS (Widow)$405.45 - $405.45 1 WEISS (Widow) $1,615.02 - $1,615.02 Total Expenses: Pension/Medical $22,882.32 $0.00 $22,882.32 1 Widows - Disability. Includes a 3.70% CPI increase effective July 1st, 2025 per RCW 41.16.145 2 Widows - Service. Includes a 5.00% COLA Adj. Effective January 1st, 2025. 3 Widows - Service prior to 1969. Includes a 3.70% CPI increase effective July 1st, 2025 per RCW 41.16.145 4 Retirees - Disability after 1961. Includes a 5.00% COLA Adj. Effective January 1st, 2025. 5 Retirees - Service after 1969. Includes a 5.00% COLA Adj. Effective January 1st, 2025. Total Pension Payments for July, 2024 22,074.62 Total Medical Payments in July, 2024 0.00 Total Expenses: Medical/Pension 22,074.62 Prior Year Pension/Medical Payments: 4_SUMMARY 6/30/2025 AGENDA ITEM #5. b)