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Home My WebLink AboutFinal Agenda PacketCITY OF enton AGENDA Firefighters' Pension Board Meeting 2:00 PM - Thursday, July 18, 2019 Mayor's Conference Room, 7th Floor, City Hall — 1055 S. Grady Way 1. CALL TO ORDER 2. APPROVAL OF MINUTES a) May 16, 2019 3. CORRESPONDENCE 4. MONTHLY STATEMENTS a) May 2019 b) June 2019 S. MONTHLY BILLS AND PENSION PAYMENTS a) June 2019 b) July 2019 6. UNFINISHED BUSINESS 7. NEW BUSINESS a) COLA Update 8. ADJOURNMENT AGENDA ITEM #2. a) MINUTES FIREFIGHTERS' PENSION BOARD CITY OF RENTON May 16, 2019 Denis Law, Mayor Armondo Pavone, Finance Committee Chair Jason Seth, City Clerk Ray Barilleaux, Fire Department Representative - ABSENT 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 Mayor Denis Law, at 2:00 p.m. in the Mayor's office, 7th floor of Renton City Hall. In attendance were Mayor Law, Fire Department Representative Bruce Phillips, City Council Finance Committee Chair Armondo Pavone, and City Clerk Jason Seth. Additionally, Jamie Thomas and Sean Hollingsworth from the Fiscal Services Division were in attendance. MINUTES APPROVAL MOVED BY PHILLIPS, SECONDED BY SETH, THE PENSION BOARD APPROVE THE MINUTES OF THE MARCH 21, 2019 MEETING. CARRIED. MONTHLY STATEMENT The March 31, 2019 and April 30, 2019 financial reports were reviewed. Total cash/investment balance was, as of April 30, 2019, $7,109,497.39. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY PHILLIPS, SECONDED BY SETH, THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS OF $14,731.53 FOR APRIL 2019 AND $14,731.53 FOR MAY 2019, TO BE PAID BY THE FIREFIGHTERS' PENSION FUND. CARRIED. UNFINISHED BUSINESS Jamie Thomas presented and explained several investment options. Discussion ensued regarding the options. Bruce Phillips recommended not doing anything riskier than what is currently being done. Mayor Law stated that nothing would be done now, and the issue could be revisited in the future. ADJOURNMENT MOVED BY SETH, SECONDED BY PHILLIPS, THE FIREFIGHTERS' PENSION BOARD ADJOURN. CARRIED. TIME: 2:17 P.M. Jason Seth, City Clerk Secretary, Firefighters' Pension Board AGENDA ITEM #4. a) 6.00 ,61W.. 25.25 5.00 CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF MAY 31,2019 Firefighter's Pension Fund Comparison of Cash and Investment Activity ■2019 02018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CURRENT 2019 2019 LAST YEAR 2018 2018 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 7,109,497.39 7,146,982.49 6,100,422.00 5,777,583.45 5,832,896.70 5,832,897.00 RECEIPTS: Fire Insurance Premium Tax 155,412.91 155,412.91 143,000.00 154,275.27 154,275.27 143,000.00 Investment Interest 6,054.14 36,584.32 325,000.00 3,374.95 1,352,434.70 325,000.00 DISBURSEMENTS: Fire Pension 14,731.53 82,746.81 200,000.00 14,299.61 192,624.18 200,000.00 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 0.00 10,000.00 0.00 0.00 0.00 ENDING CASH/INV BALANCE $7,256,232.91 $7,256,232.91 $6,357,947 $5,920,934.06 $7,146,982.49 $6,100,422 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $5,464,865.08 $5,318,008.58 $3,631,321.12 $3,487,478.57 INVESTMENTS: Federal National Mortgage Assn 852,855.63 852,855.63 852,855.63 852,855.63 Treasury Strips & Zero Coupon Bonds 924,554.08 924,554.08 1,422,683.08 1,422,683.08 Interest Receivable 13,958.12 14,079.10 14,074.23 14,566.17 TOTAL CASH AND INVESTMENTS $7,256,232.91 $7,109,497.39 $5,920,934.06 $5,777,583.45 The State Investment Pool interest 2.4954% 2.5405% 1.7951% 1.7149% H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\May 19 Page 1 7/12/2019 AGENDA ITEM #4. b) 7.50 7.00 N L R c 6.50 0 0 0 c 6.00 0 5.50 5.00 CITY OF RENTON - FIREFIGHTER'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF JUNE 30, 2019 Firefighter's Pension Fund Comparison of Cash and Investment Activity 02019 02018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CURRENT 2019 2019 LAST YEAR 2018 2018 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET BEGINNING CASH/INV BALANCE 7,256,232.91 7,146,982.49 6,100,422.00 5,920,934.06 5,832,896.70 5,832,897.00 RECEIPTS: Fire Insurance Premium Tax 0.00 155,412.91 143,000.00 0.00 154,275.27 143,000.00 Investment Interest 825.41 37,409.73 325,000.00 3,540.22 1,352,434.70 325,000.00 DISBURSEMENTS: Fire Pension 14,731.53 97,478.34 200,000.00 14,299.61 192,624.18 200,000.00 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 0.00 10,000.00 0.00 0.00 0.00 ENDING CASH/INV BALANCE $7,242,326.79 $7,242,326.79 $6,357,947 $5,910,174.67 $7,146,982.49 $6,100,422 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH/State Investment Pool $5,450,133.55 $5,464,865.08 $3,619,560.23 $3,631,321.12 INVESTMENTS: Federal National Mortgage Assn 852,855.63 852,855.63 852,855.63 852,855.63 Treasury Strips & Zero Coupon Bonds 924,554.08 924,554.08 1,422,683.08 1,422,683.08 Interest Receivable 14,783.53 13,958.12 15,075.73 14,074.23 TOTAL CASH AND INVESTMENTS $7,242,326.79 $7,256,232.91 $5,910,174.67 $5,920,934.06 The State Investment Pool interest 2.4954% 2.4954% 1.8866% 1.7951% H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\Jun 19 Page 1 7/15/2019 AGENDA ITEM #5. a) 4 5 1 4 5 i i 5 4 5 1 4 5 2 5 4 i i 2 4 i FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR JUNE 2019 Recipient Pension Amt Medical Total ANKENY, Charlie (Captain) $129.47 - $129.47 BARILLEAUX, Ray (Battalion Chief) - - $0.00 BERGMAN, Claudette (Widow) $106.90 - $106.90 CHRISTENSON, Chuck (Firefighter) $284.40 - $284.40 GEISSLER, Dick (Fire Chief) - - $0.00 GOODWIN, Kathryn Lorayne (Widow) $1,123.12 - $1,123.12 JONES, Evelyn M. (Widow) $340.45 - $340.45 LARSON, William (Firefighter) - - $0.00 LAVALLEY, Theodele (Captain) $403.74 - $403.74 MATTHEW, James (Deputy Chief) - - $0.00 MC LAUGHLIN, Barbara M. (Widow) $885.24 - $885.24 NEWTON, Gary (Lieutenant) $301.13 - $301.13 NICHOLS, Gerald (Battalion Chief) $612.98 - $612.98 PARKS -AN DREASON, Arlene (Widow) $374.47 - $374.47 PHILLIPS, Bruce H. (Deputy Chief) $265.31 - $265.31 PRINGLE, Arthur (Captain) $549.61 - $549.61 PRINGLE, S. Joan (Widow) $3,082.83 - $3,082.83 RIGGLE, Arduth S. (Widow) - - $0.00 RUPPRECHT, Jim (Firefighter D Step) $116.42 - $116.42 SMITH, Shirley (Widow) $355.26 - $355.26 STROM, Doris (Widow) $3,908.41 - $3,908.41 TODD, Tess R. (Widow) $419.57 - $419.57 TONDA, Lila Jean (Widow) - - $0.00 VACCA, Nick (Lieutenant) $349.23 - $349.23 WALLS, Camille (Widow) $149.81 - $149.81 WEISS, Cheryl (Widow) $973.18 - 1 $973.18 Total Expenses: Pension/Medical $14,731.53 $0.00 1 $14,731.53 1 Widows - Disability. Includes a 3.1% CPI increase effective July 1st, 2018 per RCW 41.16.145 2 Widows - Service. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. 3 Widows - Service prior to 1969. Includes a 3.1% CPI increase effective July 1st, 2018 per RCW41.16.145 4 Retirees - Disability after 1961. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. ' Retirees - Service after 1969. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. Prior Year Pension/Medical Payments: Total Pension Payments for June, 2018 14,299.61 dotal Medical Payments in June, 2018 0.00 Total Expenses: Medical/Pension 14,299.61 4-SUMMARY 2019 6/6/2019 AGENDA ITEM #5. b) 4 5 1 4 5 i i 5 4 5 1 4 5 2 5 4 i i 2 4 i FIREFIGHTERS' PENSION BOARD PENSION/MEDICAL PAYMENTS FOR JULY 2019 Recipient Pension Amt Medical Total ANKENY, Charlie (Captain) $129.47 - $129.47 BARILLEAUX, Ray (Battalion Chief) - - $0.00 BERGMAN, Claudette (Widow) $106.90 - $106.90 CHRISTENSON, Chuck (Firefighter) $284.40 - $284.40 GEISSLER, Dick (Fire Chief) - - $0.00 GOODWIN, Kathryn Lorayne (Widow) $1,123.12 - $1,123.12 JONES, Evelyn M. (Widow) $340.45 - $340.45 LARSON, William (Firefighter) - - $0.00 LAVALLEY, Theodele (Captain) $403.74 - $403.74 MATTHEW, James (Deputy Chief) - - $0.00 MC LAUGHLIN, Barbara M. (Widow) $885.24 - $885.24 NEWTON, Gary (Lieutenant) $301.13 - $301.13 NICHOLS, Gerald (Battalion Chief) $612.98 - $612.98 PARKS -AN DREASON, Arlene (Widow) $374.47 - $374.47 PHILLIPS, Bruce H. (Deputy Chief) $265.31 - $265.31 PRINGLE, Arthur (Captain) $549.61 - $549.61 PRINGLE, S. Joan (Widow) $3,082.83 - $3,082.83 RIGGLE, Arduth S. (Widow) - - $0.00 RUPPRECHT, Jim (Firefighter D Step) $116.42 - $116.42 SMITH, Shirley (Widow) $355.26 - $355.26 STROM, Doris (Widow) $3,908.41 - $3,908.41 TODD, Tess R. (Widow) $419.57 - $419.57 TONDA, Lila Jean (Widow) - - $0.00 VACCA, Nick (Lieutenant) $349.23 - $349.23 WALLS, Camille (Widow) $149.81 - $149.81 WEISS, Cheryl (Widow) $973.18 - 1 $973.18 Total Expenses: Pension/Medical $14,731.53 $0.00 1 $14,731.53 1 Widows - Disability. Includes a 3.1% CPI increase effective July 1st, 2018 per RCW 41.16.145 2 Widows - Service. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. 3 Widows - Service prior to 1969. Includes a 3.1% CPI increase effective July 1st, 2018 per RCW41.16.145 4 Retirees - Disability after 1961. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. ' Retirees - Service after 1969. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2019. Prior Year Pension/Medical Payments: Total Pension Payments for July, 2018 15,705.91 dotal Medical Payments in July, 2018 0.00 Total Expenses: Medical/Pension 15,705.91 4-SUMMARY 2019 7/12/2019 7/15/2019 Bureau of Labor Statistics Data AGENDA ITEM V. 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