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AGENDA
Firefighters' Pension Board Meeting
2:30 PM - Thursday, April 8, 2021
Mayor's Conference Room, 7th Floor, City Hall – 1055 S. Grady Way
Join Zoom Meeting:
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Meeting ID: 872 9481 6721 Passcode: 984199
1. CALL TO ORDER
2. APPROVAL OF MINUTES
a) January 25, 2021
3. CORRESPONDENCE
4. MONTHLY STATEMENTS
a) December 2020
b) January 2021
c) February 2021 - Draft
5. MONTHLY BILLS AND PENSION PAYMENTS
a) February 2021
b) March 2021
6. UNFINISHED BUSINESS
a) Investment Opportunities (continued) – Nate Malone
7. NEW BUSINESS
8. ADJOURNMENT
MINUTES
FIREFIGHTERS’ PENSION BOARD
CITY OF RENTON
January 25, 2021
________________________________________________________________________
Armondo Pavone, Mayor
Valerie O’Halloran, Finance Committee Chair
Jason Seth, City Clerk
Ray Barilleaux, Fire Department Representative
Kari Roller, Interim Administrative Services Administrator
Sean Hollingsworth, Finance Department Representative
Nate Malone, Tax and Licensing Program Manager
________________________________________________________________________
The regular meeting of the Firefighters’ Pension Board was called to order by City Clerk Jason
Seth, at 2:33 p.m. via videoconference. In attendance were Mayor Pavone, Valerie O’Halloran,
Finance Committee Chair, City Clerk Jason Seth, and Fire Department Representative Ray
Barilleaux. Additionally, Kari Roller, Sean Hollingsworth, and Nate Malone, Finance Department
Representatives, were in attendance.
MINUTES APPROVAL
MOVED BY BARILLEAUX, SECONDED BY SETH, THE PENSION BOARD APPROVE THE MINUTES OF
THE NOVEMBER 23, 2020. CARRIED.
MONTHLY STATEMENT
The October, November, and draft December financial reports were reviewed. Total
cash/investment balance was, as of December 31, 2020, $7,898,630.60.
MONTHLY BILLS AND PENSION PAYMENTS
MOVED BY BARILLEAUX, SECONDED BY O’HALLORAN, THE BOARD APPROVE THE
PENSION/MEDICAL PAYMENTS OF $18,215.43 FOR DECEMBER 2020, and $19,841.07 FOR
JANUARY 2021, TO BE PAID BY THE FIREFIGHTERS’ PENSION FUND. CARRIED.
NEW BUSINESS
Nate Malone, Tax and Licensing Program Manager, presented a Call for Quotes for investment
opportunities he had recently received. He discussed the pros and cons of the chart and
suggested instead that the Board consider investing $1,000,000 in a Certificate of Deposit. He
noted that would leave over $6,000,000 in cash with approximately $1.8 million invested. Mr.
Malone also noted that two more investments will be maturing in 2021 and two others in 2022.
Discussion ensued. Mr. Malone agreed to call Mr. Barilleaux to explain the reasoning of the
recommendation and that no action on this matter would be taken until everyone’s questions
had been satisfactorily answered.
ADJOURNMENT
MOVED BY PAVONE, SECONDED BY SETH, ADJOURN THE MEETING. TIME: 2:43 P.M.
Jason Seth, City Clerk
Secretary, Firefighters’ Pension Board
AGENDA ITEM #2. a)
CITY OF RENTON - FIREFIGHTER'S PENSION FUND
CASH & INVESTMENT ACTIVITY REPORT
AS OF DECEMBER 31, 2020
Firefighter's Pension Fund Comparison of Cash and Investment Activity
CURRENT 2020 2020 LAST YEAR 2019 2019
ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET
BEGINNING CASH/INV BALANCE 7,913,995.37 7,565,901.69 7,565,902.00 7,581,089.73 7,581,089.73 7,146,983.00
RECEIPTS:
Fire Insurance Premium Tax 0.00 165,916.78 143,000.00 0.00 0.00 143,000.00
Investment Interest 12,531.60 389,666.62 325,000.00 13,107.70 13,107.70 325,000.00
DISBURSEMENTS:
Fire Pension 18,215.43 209,773.55 200,000.00 16,145.74 16,145.74 200,000.00
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 3,400.00 0.00 12,150.00 12,150.00 10,000.00
ENDING CASH/INV BALANCE $7,908,311.54 $7,908,311.54 $7,833,427 $7,565,901.69 $7,565,901.69 $7,404,508
CURRENT PREVIOUS LAST YEAR LAST YEAR
ACTIVITY: MONTH MONTH CURR MO PREV MO
CASH/State Investment Pool $7,085,776.48 $7,083,972.36 $6,387,010.77 $6,398,963.21
INVESTMENTS:
Federal National Mortgage Assn 99,555.84 99,555.84 353,133.34 353,133.34
Treasury Strips & Zero Coupon Bonds 698,844.16 698,844.16 806,745.46 806,745.46
Interest Receivable 24,135.06 31,623.01 19,012.12 22,247.72
TOTAL CASH AND INVESTMENTS $7,908,311.54 $7,913,995.37 $7,565,901.69 $7,581,089.73
The State Investment Pool interest 0.1560% 0.1611% 1.7737% 1.8286%
5.00
5.50
6.00
6.50
7.00
7.50
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillions of Dollars2020 2019
H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\Dec 20 Page 1 3/15/2021
AGENDA ITEM #4. a)
CITY OF RENTON - FIREFIGHTER'S PENSION FUND
CASH & INVESTMENT ACTIVITY REPORT
AS OF JANUARY 31, 2021
Firefighter's Pension Fund Comparison of Cash and Investment Activity
CURRENT 2020 2021 LAST YEAR 2019 2019
ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET
BEGINNING CASH/INV BALANCE 7,908,311.54 7,908,311.54 7,833,427.00 7,565,901.69 7,581,089.73 7,146,983.00
RECEIPTS:
Fire Insurance Premium Tax 0.00 0.00 160,000.00 0.00 0.00 143,000.00
Investment Interest 2,566.51 2,566.51 225,000.00 9,337.91 13,107.70 325,000.00
DISBURSEMENTS:
Fire Pension 19,841.07 19,841.07 200,000.00 18,304.84 16,145.74 200,000.00
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 12,150.00 10,000.00
ENDING CASH/INV BALANCE $7,891,036.98 $7,891,036.98 $8,007,952 $7,556,934.76 $7,565,901.69 $7,404,508
CURRENT PREVIOUS LAST YEAR LAST YEAR
ACTIVITY: MONTH MONTH CURR MO PREV MO
CASH/State Investment Pool $7,066,361.34 $7,085,776.48 $6,372,717.01 $6,387,010.77
INVESTMENTS:
Federal National Mortgage Assn 99,555.84 99,555.84 353,133.34 353,133.34
Treasury Strips & Zero Coupon Bonds 698,844.16 698,844.16 806,745.46 806,745.46
Interest Receivable 26,275.64 24,135.06 24,338.95 19,012.12
TOTAL CASH AND INVESTMENTS $7,891,036.98 $7,908,311.54 $7,556,934.76 $7,565,901.69
The State Investment Pool interest 0.1395% 0.1560% 1.7230% 1.7737%
5.00
5.50
6.00
6.50
7.00
7.50
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillions of Dollars2021 2020
H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\Jan 21 Page 1 3/15/2021
AGENDA ITEM #4. b)
CITY OF RENTON - FIREFIGHTER'S PENSION FUND
CASH & INVESTMENT ACTIVITY REPORT
AS OF FEBRUARY 28, 2021
Firefighter's Pension Fund Comparison of Cash and Investment Activity
CURRENT 2020 2021 LAST YEAR 2019 2019
ACTIVITY: MONTH YTD BUDGET CURR MO ACTUAL BUDGET
BEGINNING CASH/INV BALANCE 7,891,036.98 7,908,311.54 7,833,427.00 7,556,934.76 7,581,089.73 7,146,983.00
RECEIPTS:
Fire Insurance Premium Tax 0.00 0.00 160,000.00 0.00 0.00 143,000.00
Investment Interest 2,836.02 5,402.53 225,000.00 6,389.21 13,107.70 325,000.00
DISBURSEMENTS:
Fire Pension 19,841.07 39,682.14 200,000.00 18,304.84 16,145.74 200,000.00
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 12,150.00 10,000.00
ENDING CASH/INV BALANCE $7,874,031.93 $7,874,031.93 $8,007,952 $7,545,019.13 $7,565,901.69 $7,404,508
CURRENT PREVIOUS LAST YEAR LAST YEAR
ACTIVITY: MONTH MONTH CURR MO PREV MO
CASH/State Investment Pool $7,046,893.60 $7,066,361.34 $6,359,781.90 $6,372,717.01
INVESTMENTS:
Federal National Mortgage Assn 99,555.84 99,555.84 353,133.34 353,133.34
Treasury Strips & Zero Coupon Bonds 698,844.16 698,844.16 806,745.46 806,745.46
Interest Receivable 28,738.33 26,275.64 25,358.43 24,338.95
TOTAL CASH AND INVESTMENTS $7,874,031.93 $7,891,036.98 $7,545,019.13 $7,556,934.76
The State Investment Pool interest 0.1347% 0.1395% 1.6787% 1.7230%
5.00
5.50
6.00
6.50
7.00
7.50
8.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMillions of Dollars2021 2020
H:\FINANCE\FINPLAN\FIREPEN\1_Fire_Pension Stmt\Feb 21 Page 1 3/15/2021
AGENDA ITEM #4. c)
FIREFIGHTERS' PENSION BOARD
PENSION/MEDICAL PAYMENTS FOR FEBRUARY 2021
Recipient Pension Amt Retro Total
4 ANKENY, Charlie (Captain) $387.25 ‐ $387.25
5 BARILLEAUX, Ray (Battalion Chief) ‐ ‐ $0.00
1 BERGMAN, Claudette (Widow) $272.00 ‐ $272.00
4 CHRISTENSON, Chuck (Firefighter) $511.21 ‐ $511.21
5 GEISSLER, Dick (Fire Chief) $276.65 ‐ $276.65
1 GOODWIN, Kathryn Lorayne (Widow) $1,322.31 ‐ $1,322.31
1 JONES, Evelyn M. (Widow) $495.86 ‐ $495.86
4 LAVALLEY, Theodele (Captain) $667.39 ‐ $667.39
5 MATTHEW, James (Deputy Chief) ‐ ‐ $0.00
1 MC LAUGHLIN, Barbara M. (Widow) $1,142.93 ‐ $1,142.93
4 NEWTON, Gary (Lieutenant) $535.28 ‐ $535.28
5 NICHOLS, Gerald (Battalion Chief) $920.75 ‐ $920.75
2 PARKS‐ANDREASON, Arlene (Widow) $623.39 ‐ $623.39
5 PHILLIPS, Bruce H. (Deputy Chief) $624.57 ‐ $624.57
4 PRINGLE, Arthur (Captain) $820.32 ‐ $820.32
1 PRINGLE, S. Joan (Widow) $3,261.02 ‐ $3,261.02
3 RIGGLE, Arduth S. (Widow) $89.61 ‐ $89.61
4 RUPPRECHT, Jim (Firefighter D Step) $311.32 ‐ $311.32
1 SMITH, Shirley (Widow) $496.42 ‐ $496.42
1 STROM, Doris (Widow) $4,134.32 ‐ $4,134.32
1 TODD, Tess R. (Widow) $561.80 ‐ $561.80
2 TONDA, Lila Jean (Widow) $276.51 ‐ $276.51
4 VACCA, Nick (Lieutenant) $573.60 ‐ $573.60
1 WALLS, Camille (Widow) $298.85 ‐ $298.85
1 WEISS, Cheryl (Widow) $1,237.71 ‐ $1,237.71
Total Expenses: Pension/Medical $19,841.07 $0.00 $19,841.07
1 Widows ‐ Disability. Includes a 3.2% CPI increase effective July 1st, 2019 per RCW 41.16.145
2 Widows ‐ Service. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
3 Widows ‐ Service prior to 1969. Includes a 3.1% CPI increase effective July 1st, 2019 per RCW41.16.145
4 Retirees ‐ Disability after 1961. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
5 Retirees ‐ Service after 1969. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
Total Pension Payments for February, 2020 18,304.84
Total Medical Payments in February, 2020 0.00
Total Expenses: Medical/Pension 18,304.84
Prior Year Pension/Medical Payments:
4_SUMMARY 2020 2/12/2021
AGENDA ITEM #5. a)
FIREFIGHTERS' PENSION BOARD
PENSION/MEDICAL PAYMENTS FOR MARCH 2021
Recipient Pension Amt Retro Total
4 ANKENY, Charlie (Captain) $387.25 ‐ $387.25
5 BARILLEAUX, Ray (Battalion Chief) ‐ ‐ $0.00
1 BERGMAN, Claudette (Widow) $272.00 ‐ $272.00
4 CHRISTENSON, Chuck (Firefighter) $511.21 ‐ $511.21
5 GEISSLER, Dick (Fire Chief) $276.65 ‐ $276.65
1 GOODWIN, Kathryn Lorayne (Widow) $1,322.31 ‐ $1,322.31
1 JONES, Evelyn M. (Widow) $495.86 ‐ $495.86
4 LAVALLEY, Theodele (Captain) $667.39 ‐ $667.39
5 MATTHEW, James (Deputy Chief) ‐ ‐ $0.00
1 MC LAUGHLIN, Barbara M. (Widow) $1,142.93 ‐ $1,142.93
4 NEWTON, Gary (Lieutenant) $535.28 ‐ $535.28
5 NICHOLS, Gerald (Battalion Chief) $920.75 ‐ $920.75
2 PARKS‐ANDREASON, Arlene (Widow) $623.39 ‐ $623.39
5 PHILLIPS, Bruce H. (Deputy Chief) $624.57 ‐ $624.57
4 PRINGLE, Arthur (Captain) $820.32 ‐ $820.32
1 PRINGLE, S. Joan (Widow) $3,261.02 ‐ $3,261.02
3 RIGGLE, Arduth S. (Widow) $89.61 ‐ $89.61
4 RUPPRECHT, Jim (Firefighter D Step) $311.32 ‐ $311.32
1 SMITH, Shirley (Widow) $496.42 ‐ $496.42
1 STROM, Doris (Widow) $4,134.32 ‐ $4,134.32
1 TODD, Tess R. (Widow) $561.80 ‐ $561.80
2 TONDA, Lila Jean (Widow) $276.51 ‐ $276.51
4 VACCA, Nick (Lieutenant) $573.60 ‐ $573.60
1 WALLS, Camille (Widow) $298.85 ‐ $298.85
1 WEISS, Cheryl (Widow) $1,237.71 ‐ $1,237.71
Total Expenses: Pension/Medical $19,841.07 $0.00 $19,841.07
1 Widows ‐ Disability. Includes a 3.2% CPI increase effective July 1st, 2019 per RCW 41.16.145
2 Widows ‐ Service. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
3 Widows ‐ Service prior to 1969. Includes a 3.1% CPI increase effective July 1st, 2019 per RCW41.16.145
4 Retirees ‐ Disability after 1961. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
5 Retirees ‐ Service after 1969. Includes a 3.5% COLA Adj. Effective Janaury 1st, 2020.
Total Pension Payments for March, 2020 18,304.84
Total Medical Payments in March, 2020 0.00
Total Expenses: Medical/Pension 18,304.84
Prior Year Pension/Medical Payments:
4_SUMMARY 2020 3/1/2021
AGENDA ITEM #5. b)