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Home My WebLink AboutFinal Agenda Packet Ame, vat CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting 7th Floor-Mayor's Conference Room Thursday, December 20, 2007 *2:30 P.M.* 1. CALL TO ORDER 2. APPROVAL OF MINUTES OF NOVEMBER 15, 2007 3. CORRESPONDENCE Memo regarding Bruce Phillips' election 4. MONTHLY STATEMENT TO NOVEMBER 30, 2007 5. MONTHLY BILLS AND PENSION PAYMENTS 6. UNFINISHED BUSINESS Pension Calculations 7. NEW BUSINESS 8. ADJOURNMENT ley MINUTES FIREMEN'S PENSION BOARD CITY OF RENTON November 15, 2007 Kathy Keolker, Mayor Don Persson, Council Finance Committee Chair Bonnie Walton, City Clerk Ray Barilleaux, Fire Department Representative Bruce Phillips, Fire Department Representative Chuck Christensen, Fire Department Alternate The regular meeting of the Firemen's Pension Board was called to order by Acting Chairman Bruce Phillips at 1:35 p.m. in the Mayor's conference room, 7th floor of Renton City Hall. In attendance were Board members Bruce Phillips, Bonnie Walton, and Chuck Christensen (alternate). MINUTES APPROVAL MOVED BY CHRISTENSEN, SECONDED BY WALTON, THE PENSION BOARD APPROVE THE MINUTES OF THE OCTOBER 18, 2007, MEETING. CARRIED. CORRESPONDENCE A memo to Fire Chief I. David Daniels was reviewed giving notice that an election must be held to fill a two- year Fire Department representative position on the Firemen's Pension Board. The position, which expires December 31, 2007, is currently held by Bruce Phillips. MONTHLY STATEMENT The financial report as of October 31, 2007, was reviewed. Total cash/investment balance was $4,403,373.58. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY CHRISTENSEN, SECONDED BY WALTON, THE BOARD APPROVE THE PENSION/MEDICAL PAYMENTS FOR NOVEMBER 2007, IN THE TOTAL AMOUNT OF $35,480.06 TO BE PAID FROM THE FIREMEN'S PENSION FUND. CARRIED. NEW BUSINESS Board members Phillips and Christensen requested information to show exactly how the pension amounts for recipients are calculated. Board member and Secretary Walton will ask the Finance Department representative to provide this information at the next meeting. A request to change the time of the December Board meeting was considered. Board members agreed to set December 20, 2007, at 2:30 p.m. as the date and time for the next regular meeting. ADJOURNMENT MOVED BY CHRISTENSEN, SECONDED BY WALTON, THE MEETING OF THE FIREMEN'S PENSION BOARD BE ADJOURNED. CARRIED. Time: 2:00 p.m. 4 idaetoY- Bonnie I. Walton, City Clerk Member and Secretary, Firemen's Pension Board *ere CITY OF RENTON 4.` �Y DEC � a 2007ti O FIRE DEPARTMENT s3 RECEIVED CLERKS' 'iK MEMOR ANDU ITY OFFICE DATE: December 10, 2007 TO: Bonnie Walton, City Clerk FROM: I. David Daniels, Fire Chief/Emergency Services Administrato 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 unanimous vote, Bruce Phillips was been elected for this two-year term of office effective from January 1, 2008 to December 31, 2010. Thank you. cc: Robert Van Horne, Deputy Fire Chief is\daniels\firepensi onmemo.doc w CITY OF RENTON - FIREMEN'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT AS OF NOVEMBER 30, 2007 Fireman's Pension Fund Comparison of Cash and Investment Activity 6 ❑2007 ■2006 5 e cu G 4 — 0 N c 3 — 11-1111-11111 2 — 111 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CURRENT 2007 2007 LAST YEAR 2006 2006 ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL ADJ BUDGET BEGINNING CASH/INV BALANCE $4,403,373.58 $4,672,241.19 $4,459,523 $4,546,662.96 $4,811,901.62 $4,713,823 RECEIPTS: Fire Insurance Premium Tax 0.00 85,061.56 73,000 0.00 77,820.55 73,000 Investment Interest 1,467.05 27,881.15 175,000 189,206.09 215,553.19 150,000 DISBURSEMENTS: Fire Pension 34,695.56 392,316.40 463,500 33,669.09 414,281.42 450,000 Fire Pension Medical 784.50 8,652.93 20,000 1,631.58 11,536.51 20,000 Office/Operating Supplies 0.00 450.00 450 0.00 316.24 400 Actuarial/Firemen's Pens 0.00 7,550.00 12,000 0.00 0.00 0 Reimb General/Clerical&Acct 686.00 7,540.00 8,226 575.00 6,900.00 6,900 ENDING CASH/INV BALANCE $4,368,674.57 $4,368,674.57 $4,203,347 $4,699,993.38 $4,672,241.19 $4,459,523 CURRENT PREVIOUS LAST YEAR LAST YEAR ACTIVITY: MONTH MONTH CURR MO PREV MO CASH $162,962.30 $197,661.31 $494,281.11 $121,862.13 INVESTMENTS: CD's&State Investment Pool 454,767.46 454,767.46 454,767.46 454,767.46 Federal National Mortgage Assn 99,555.84 99,555.84 99,555.84 99,555.84 Treasury Strips&Zero Coupon Bonds 3,651,388.97 3,651,388.97 3,651,388.97 3,870,477.53 TOTAL CASH AND INVESTMENTS $4,368,674.57 $4,403,373.58 $4,699,993.38 $4,546,662.96 The State Investment Pool interest 4.6985% 4.9108% 5.2229% 5.1931% H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension_2007.xls\Nov07 Page 1 12/14/2007 Nome Noe FIREMEN'S PENSION FUND-MONTHLY PAYMENTS STEP 1: DETERMINE BASIC SALARY RCW 41.18.010 RANK + LONGEVITY = BASIC SALARY (per union contract) (per union contract) Mo Salary Mo Amount Firefighter D Step(pre 2003) $5,540 After 5 years $111 Firefighter D Step(pre 2003 E Step) $5,564 After 10 years $223 Lieutenant $6,399 After 15 years $334 Inspector(pre 19xx) $6,562 After 20 years $556 Captain $7,231 After 25 years $668 Battalion Chief $8,316 STEP 2: DETERMINE FACTOR FOR BENEFIT FORMULA SERVICE YEARS x 2% INCREASE = FACTOR Service <25 yrs Service Years x 2% 2%-50% Service >25 yrs Service Years(30 yrs max) x 2% 52%-60% Disability <25 yrs N/A 50% Disability >25 yrs Service Years(30 yrs max) x 2% 52%-60% STEP 3: CALCULATE MONTHLY FIRE PENSION BENEFIT FIRE PENSION FUND BASIC SALARY x FACTOR = (FPF)PENSION STEP 4: CALCULATE MONTHLY PENSION PAYMENT FPF PENSION FIRE PENSION FUND(FPF) STATE BENEFIT PAYMENT FROM PENSION - (LEOFF1) = CITY H:\F1NANCE\FINPLAN\FIREPEN\2007 Fire Pension\Calculations.xls\calculation 12/13/2007 Page 1 of 1 low FIREMEN'S PENSION BOARD w PENSION/MEDICAL PAYMENTS FOR DECEMBER, 2007 ANKENY, Charlie (Captain) $116.94 116.94 ASHURST, James (Assistant Chief) $4,436.00 406.24 4,842.24 BANASKY, George (Captain) $934.00 934.00 BARILLEAUX, Ray (Battalion Chief) - - BEATTEAY, Karlen (Widow) $207.57 207.57 BERGMAN, Claudette (Widow) $136.28 136.28 CHRISTENSON, Chuck (Firefighter) $295.60 295.60 CONNELL, Robert(Captain) $683.41 683.41 GEISSLER, Dick(Fire Chief) - - GOODWIN, Charles (Captain) $3,893.50 - 3,893.50 GOODWIN, Donald (Firefighter) $931.54 931.54 HAWORTH, Constance (Widow) $2,688.00 2,688.00 HAWORTH, Jack (Firefighter) $2,937.00 - 2,937.00 HENRY, William, Jr. (Captain) $1,225.73 1,225.73 HURST, Gerald (Firefighter) $494.80 494.80 JONES, Evelyn M. (Widow) $224.42 224.42 LARSON, William (Firefighter) - - LAVALLEY, Theodele (Captain) $324.64 324.64 MATTHEW, James (Deputy Chief) - - MC LAUGHLIN, JACK(Battalion Chief) $914.31 914.31 NEWTON, Gary (Lieutenant) $244.78 244.78 NEWTON, Roger(Firefighter) - - NICHOLS, Gerald (Battalion Chief) $485.25 485.25 PARKS-ANDREASON, Arlene (Widow) $301.76 301.76 PARKS, John (Firefighter) $3,048.00 - 3,048.00 PHILLIPS, Bruce H. (Deputy Chief) $226.17 226.17 PRINGLE, Arthur(Captain) $435.83 435.83 PRINGLE, S. Joan (Widow) $2,309.31 2,309.31 RIGGLE, David E. (Firefighter D Step) $70.23 70.23 RUPPRECHT, Jim (Firefighter D Step) $102.45 102.45 SMITH, Leroy(Firefighter) $372.14 372.14 STROM, Karl (Firefighter) $2,937.00 - 2,937.00 TODD, Franklin (Firefighter) $427.33 427.33 TONDA, Lila Jean (Widow) - - VACCA, Nick (Lieutenant) $280.94 280.94 WALLS, Kenneth (Firefighter D Step) $127.61 127.61 WALLS, Mercedes (Widow) $96.55 96.55 WALSH, David (Firefighter) $974.51 974.51 WALSH, Patrick(Captain) $899.44 899.44 WEISS, Larry (Battalion Chief) $698.23 698.23 WILLIAMS, Alta (Widow) - - WOOTEN, Maril n E. Widow $214.29 214.29 $6,4, ` Fids oti1'Medicil ,A09"- 1`., i ce y r s 0.1413 Prior Year Pension/Medical Payments: Total Pension Payments for December, 2006 33,669.09 Total Medical Bills Reimbursed in December, 2006 168.17 Total Expenses: Medical/Pension 33,837.26 4_SUMMARY 2007.XLS 12/14/2007 • '411"' FIREMEN'S PENSION BOARD MEDICAL BILLS TO BE REIMBURSED IN DECEMBER, 2007 PAYMENT 2 James Ashurst Safeway 192.93 2 James Ashurst Safeway 88.61 2 James Ashurst Safeway 124.70 406.24 Charles Goodwin 0.00 Jack Haworth 0.00 John Parks 0.00 Karl Strom 0.00 PTA : I emsST t,_ ;, r : . *4 :fia.ter,. 3_2007 FP Medical.XLS Page 1 of 1 12/14/2007 ef,s- 1/51-7Lrlig S74- Z7 /7//p f p04 l 2 KION 3RDMA ACY r RENTON,WA 98055 #1 (425)226-0325 Official Keceipt Please retain for tax or insurance ASHU,RS ,,AME (425)255-6154 2-ed ARDS -AVE N. 12/17 RENTON,WA 98055 DR. GRAVES,DANIEL [RS] 17900 TALBOT RD S RENTON,WA 98055 Rx:6699560 Oct 18, 2007 Safety Cap: Yes PROTONIX 40MG TAB (WYET)Oty: 50 TAB Ref:A0076912282891 NDC:00008.0841.81 VMCIPPP REGENCE BLUESHIELD WASHINGTN Amount Due: $192.93 11111111111111 111111111 It Rx REFILL YOUR PRESCRIPTIONS L� (a�SAFEWAY.COM froegibiliN[PAMMACY RENTON,WA 98055 cS (425)226-0325 Official'"Receipt - Please retain for tax of insurance ASHURST,JAMES (425)255-6154 223 B GARDEN AVE N. 12/17 RENTON,WA 98055 DR. GRAVES,DANIEL ERF] 17900 TALBOT RD S RENTON,WA 98055 Rx:6688798 Nov 07, 2007 Safety Cap: Yes COZAAR 50MG TAB (MERC)Qty: 50 TAB Ref:A4077118643051 NDC:00006.0952.54 MAOI REGENCE BLUESHIELD WASHINGTN Amount Due: $88.61 011111111113111111 III I Rx L )�REFILL Cal SAfEWAY.COM PRESCRIPTIONS rn yr nKrr U A r rn nr r'i'n-,kV,'I-nii G„FoV fln V fialtMAdiligilIMIMACY RENTON,WA 98055 #(10 (425)226-0325 Official Re.ei,t-Please retain fol taA or inaurdIIUC ASHURST,JAMES (425)255-6154 223 B GARDEN AVE N. 12/17 RENTON,WA 98055 DR. GRAVES,DANIEL [RF] 17900 TALBOT RD S RENTON,WA 98055 Rx:6686911 Nov 07, 2007 Safety Cap: Yes PLAVIX 75MG TAB (B-M ) Qty:30 TAB Ref:A9077113768501 NDC:63653.1171.01 MAOI REGENCE BLUESHIELD WASHINGTN Amount Due: $124.70 1111111 111111111111111111Rx �/REFILL 1 SAFEWAY.COM PRESCRIPTIONS rn Yr nnlr rn nr rr n♦,I,(lr rrsi -Our rip,c c-n rr V pyde 2-