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1974 - 1979 Book
CITY OF RENTON FIREMEN'S PENSION BOARD REGULAR MEETING January 15, 1974 BOARD MagERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Firemen Henry Schellert, Counci?man Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. All Board Members were present. MOVED BY SCHELLERT, SECONDED BY MEAD, THAT THE MINUTES OF THE PREVIOUS MEETING OF DECEMBER 10, 1973 BE APPROVED AS WRITTEN. MOTION CARP.IED. CORRESPONDENCE A letter from John R. Shields, M.D. reported that his records did not indicate whether surgery of June 22, 1971 for Fireman Arthur J. Pringle had been performed on advice of any physician, noting usual reasons are wife 's age and/or health. The Secretary was directed to write W. Pringle advising that physician's state- ment must be furnished the Board confirming that the surgery was performed in connection with the fireman's medical problem, rather than as a convenience. BILLS AND MONTHLY PENSION PAYMENTS List for payment of monthly bills and pension payments was distributed, as attached hereto. Bill from Dr. Jaffe for eye examination was presented which has been sub- mitted by retired Fireman Karl Strom for reimbursement. Proper reimbursement form was not attached. Discussion ensued concerning Board's obligation to pay on ser- vices rendered retired firemen when not connected with the disability for which retired, it being the consensus that Same be denied. Attention was called to Fire Chief WaZZs ' retirement and payment of accumulated siak leave benefits included in this monthly statement. MOVED BY SCHELLERT, SECONDED BY HENRY TO APPROVE THE BILLS AND MONTHLY PENSION PAYMENTS AS PRESENTED. MOTION CARRIED. Monthly Cash and Investment Statement was distributed, the Secretary outlined the transactions which reflected change in status of the various investments, report- ing also that Investment Counselor Gary Dime would be invited to the February meeting to review the status of the Fund at the close of the year and projections for the coming year. Fireman Bill Henry brought up the subject of reimbursement for temporary disabilities noting criticism from the Firefighters, source of funding questioned. The Secretary advised reimbursement was made on a quarterly basis. It was recalled that opinion had been requested from the Attorney General and the Auditor's Office and that the matter is still under study by those agencies. The Secretary reported that notice had been sent to the Fire Chief to call for an election, the term of Fireman Bruce Phillips expiring and needing to be filled. Mayor Garrett noted expiration of local LEFF Board terms, regt9etiftg Secretary to check into the status of terms and procedures. As there was no further business to come before the Board, it was WVED BY PHILLIPS, SECONDED BY HENRY TO ADJOURN. MOTION CARRIED. The meeting was adjourned at 4:30 P.M. :ty CZ rk-Secre tary FPB e Zoree A. Head, Ci 4 IL FIREMEN'S PENSION BOARD MONTHLY BILLS FOR DECEMBER 1973 FIREMEN'S PENSION FUND Firemen Retired Under Pension Board A & H Drugs #1 - Renton ac/John Parks, Rx 365892, Titrilac, 11123, $8.73 John L. Bernier, D.C. aclKarl Strom, Medical Services, 1215, $7.00 Cblumbia Clinic ac/Douglas Haworth, Medical Services, 12113, $11.50 Peninsula Pharmacy - Ilwa:^o ac/Douglas Haworth, Rx 190002, 197273, 195047, 11130 thru 12/22, $60.59 Firemen Retired Under LEFF System and Active Firemen A & H Drugs #2 - Renton ac/Gerald Jones, Rx 319600, 1013, $3.59 ac1J. M. Rupprecht, Rx 322445, 11113, $3.95 Cornells Valley Pharmacy aclE. V. Wooton, Jr. , Rx 34085, 12111, $5.32 ac1R. Ballestrasse, Rx 33632, 11130, $4.95 C. E. Freden, D.C. - Seattle ac/Delbert Miller, Medical Servi,cres, 5116-5122/7: $38.00 Group Health December payment, $111.00 Dr. C. David Heflen, D.C. aclRobert Connell, Medical services, $28.00 K's Prescription Pharmacy ac/Ted La Valley, Rx 86810, 85988, Ascriptin Rx 118033, $31.64; aclGerald Hurst, Rx 98169, Maalox, Di-Gel, $11.11 King County Medical December payment, $950.40 Nv a!s-PDaa siaeay---If4t1[�and-----------------aofdafiled-Geedwirr-,-Rx-434 4 ;-4-34-242-,-12' 207,-127ff4 $49:84 (Listed in error) Pay'n Save - Renton ac1C. Christenson, Rx 127064, $4.52, 8128 Shaw's Rexall Drugs aclDavid Walsh, Rx 388116, 1211, $8.68 M. C. Walls Retirement of Fire Chief, Sick Leave, $5,262 .60 PENSION PAYMENTS FOR JANUARY, 1974 John Alexander $692.50 John Parks $542.00 Mrs. Enza Anderson 300.00 Sylvia J. Pringle 539.94 T. K. Anderson 537.00 Karl Strom 537.00 James F. Ashurst 773.00 Franklin L. Todd .80 Charles Goodwin 692.50 Patrick J. Walsh 94.39 Douglas Haworth 532.00 Jack Haworth 537.00 Gerald Hurst 37.00 Floyd Lawrence 366.00 Mrs. Orpha McDonald 300.00 CITY OF RENTON — F I ItE_MLN'S PENSION FUND `nr Statement of Cash and I nvo0monts As of Decumber 31 , 1973 Cash b 40573.86 Investments Repurchase Agreement 1 10?0000.00 Municipals ;t, , 1 -53.29 R Corporate Bonds 2.12,891 .66 Mutual Funds _ 4201107.04 �"�7.On Total Investments I , IOc)1131 .09 Total Cash and Investments � 1 , 1101705.f35 i f a 4� C I AC.Y Ohl RAW7'01V F1 RANAW',=i 1 AWS1 ON WARD REGZ/GAR Blt'1:"['INC; F'i'bruu rel 3 5, 1911 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, CounciZman Ray Barilleaux, Alternate The regular meeting of the Fiivmen's Penjion Pinard uzs caZZed to order by by Chairman Garrett; at 4:00 1.11. hoard Momibcr henry sent notice to the Board that he would be unabla i:o ut 0nd Ow 0) Inot in the family. Visitors attending were Councilman Richard Qvvdi.nkv, NP. Gary Dime and Fireman Jim ilatthews. MOVED BY SCHELLERT, SECOi PkV BY 10110110 'i`0 AP11OVK THE AUNUT'SS OF THE PREVIOUS MEETING OF JANUARY 1b, T J& AS RK11). MUT.10N CARRIED. CORRE: PONDENCf Memo from Fire Chief Wa l-l a W00 ,;f r, ', ,0 h)n of Woman Bruc o Phillips by members of the Firemen 102nai,ut PON , a ish)-guar term as board member expiring December, 1975. MOVED NY 'i,7it:1 h'VY, 7hl OND BY MEAD, TWAY' 2WA' MINUTES REFLECT CONGRATULATIOd,';. 1110'i'i,oN Mr-.Phillips was welcomed back. Memo f'rom Board Member Schellert waa read submi,tt.ianj recommended format for rgvi.sioi., to monthly statement of Qah am! 1nocatmk ells. The report encompasses a th.rea-year period with inveetmwa/ +angws out:limad for the current month. '1'he a,!,c report rias submitted to 01 mamb"rs. it" Scanclary pointed out that a portion of the 192,000 i-nveu tmant has h p a ,,ornmtl0d by the Board for L.I.D. wana,, the projects not ready just- gK io Wc ao of lot,Gnn. r;;A r,`; i MONT1 L_:% PENSION PAYNA� ?V ,,' ' 't,)onth1g HIS 102' dunudry 00 t'.-N110110 1'�u;iwi 1hg1mcnts will.; diotr2bulnl aL wanhed nerato. boo Sec3rc , `ty noi,nl p<:'i1d.11-1 bbl r ;c6'.ivad from rt t iyR� Strom f0r cyc cJLn,,,. T<<C!"Am. 1(.a;wt.,a )n -�ucd oonoeywing payman! of Kjut° fireman 2v l.rer,' :,,rade! tn, A,-i . .I001) BY PHZLLII',`>, S10CG'X11.1 TO i3Oivfi,11124 1,11'1011' a)lNT, Ii : QV, :rill;' GIG/ lt;J1 NOT ALLOW MKD16%, VWAN ', _AIL. ';"1. hhh, Wh rl I11;T �'LNIF'1J'r 4✓A,`I AU'l'H01tI!1�,D, Nil% 1, z`.tF,i� CJ i"11E h( _.., ',�„ ,'ir, i�1,'u� /1'l'� 4✓r+_I 1,11APA, PY P.iRloAllN ba�,`i 111�'i'J'1'L� �)1::_ „111IiVt�. ' .V(..i OP1,1GAPJO1V OP PHP; iv th, ,:'IOIV t'llYM1;'N'1' iih; P a rkr; /:o a t m,o- vt t; , , QurtoK President �; 1 to two-year terms CITY OF RENTON FIREMEN'S PENSION BOARD REGULAR MEETING - February 15, 1974 PAGE TWO on the Renton LEF,F Board, expZri.ny March 1. 1976, Mr. Gary Dime, Investment Counsellor, Dean Witter & Co., had been invited to the meeting to review the Pension Fund Investments and was introduced at this time. Various types of investments held by the Pension Fund were outlined. CORPORATE BONDS AND SHORT TERM INVESI1A9EN7'S Mr. Dime pointed out that when interest rates are up, bond values go down and when interest goes down, the value of bonds goes up. If coupon interest is up, bonds sell for a premium. Interest, rates are now way down, dropping suddenly over a very short period of time and they may continue downward, possibly to a low of 7y%. The corporate bonds held by the Pension Fund should appreciate; aZZ yield over 8%, some 8-3/4% and all are "All-rated or better as required by State Law. Prevailing rates are down and still going down and any available money should be invested in bonds. It was pointed out that Mr. Bennett kept the short term investments active during the high interest period with very good results. The short term rates are low as they mature quicker. You have lese visk, and less time to worry about them, except under the present economic factors such is not true. As the short term rates come down, there will be no opportunity to invest at 9% and the Board should think about going into longer maturities at lesser rates. Bonds should not be sold unless necessary. i MUTUAL FUNDS Mutual fund investments may not exceed 35% of the Fund's total investments and not more than 5% of total investments may be made in shares of any one company. Mr. Dime recalled presentation of last year wherein each fund had beef averaged by performance. This year he outlined standings by year as follows:,, A 1970 1971 1972 1973 -.0. 107. 4, 13.3% T10.8% + 19.5% a 1970 loss was contributed to various factors including oil embargo, auto company problems (Detroit), inflation, etc. It was concluded that mutual funds are holding their own and there was no reason to change investments. The Dow Jones mode of averagining was outlined. Air. SchelZert inquired as to criteria for holding funds and was avised to stay away from funds that have a big gain. Mutual funds, at present, are at maximum investment a Z lowed by law. The Renton Firemen's Pension Fund may not invest in preferred or common stocks, since Pension Fund assets are not in excess of $.10,000,000. No new money is coming into the Fund, but costs are going out, so interest has to sustain the cost of the Fund. If the market goes up, as it is believed it will, the Fund could show some gains. In discussion, it was noted that "churning", or selling with intent to buy back, is illegal and the Board's interest should be to invest at the best interest on long term basis. Inquiry was made as to wfi4t changes, if any, the Board should make. Mr. Dime urged that the cash investments con- tinue as long as interest is 8% or more and when it comes down, changes could be made, Corporate bonds a good investment at this time. Secretary noted that part of the $92,000 is coirmitted for L.I.D. loans authorized but not ready to s CITY OF RENTON FIREMEN'S PENSION BOARD REGULAR MEET_T NO - Nbr Warr/ i PAGE THRf'F' to be utilized as yet, a"l.:;o Haat; ol.h� � r:rtu :;trnuni.:� �ry�� atrrr<zxi.rnum allowed by law. Mr. Dime concluded that when I, evononW is up and people are buying homes, automobiles, appliances, No. and the bunk., a,wd monccy for loan,,, then they will buy at high interest, howeve , whan av ononttt door i and people do not buy, the bank does not need money to lend and is not. 90% to Pay high intereat anymore. Mr. Dime, expressing jaith r llur� r ��; �'� ! t 10 nupkpt would come bouncing back. He noted that the Fund holds a 1"; r,tt• ,Irb!! (ti-t(iG t.'.� t./,'l-tl':i ia�/(�. As there was no jorthor As i a,w.. ��� j', t;r� �,rn�cl, it was NOV1s11 by P1IILLTf'::, SECONDED BY SCRELLL'fiT, TO DAM:j t; FIREMEN'S PENSION BOARD MONTHLY BILLS FOR JANUARY 1974 FIREMEN'S PENSION FUND Firemen Retired Under Pension Board A & H Drugs N,). 1 - Renton a(�VJohn L. Parks, Jr. , Titrilac, 1/14/74, $7. 55, 1/22, $7. 55 John L. Bernier, D.C. ac/Karl B. Sty--)m, Treatment, 1/30/74, $21. 00 Columbia Clinic - IZwaco ac/Douglas Haworth, 1/17/74, Treatment, $11. 50 Peninsula Pharmacies - IZwaco ac/DougZas Haworth, 1/7/74, Rx 190005, $5. 20 Shaw's RexaZ: Drugs ac/T. K. Anderson 1/19/74 Rx 359706 $7. 11 Dr. M. WynriA ac/ Jack Haworth, Emergency Dept., 11/5/73, $24.00 K's Prescription Pharmacy ac/John Alexander, Rx 119109, 1/10, $3. 69 Firemen Retired under LEFF S4stem and Active Firemen Benson Hill Drugs - Renton ac/Gar Dawkins Presc. balance y � $11. 58 Cornell's Valley Pharmacy ac/GeraZd H. Nichols, Rx 35196, 1/25, $4. 63; ac/David (Total - $35. 27) RiggZe, Rx 34029, 12/10/73, $3. 79; ac/Marvin Sherertz, Rx 32462, 1/30, $6. 74, Rx 34933, 1/11, $9. 79, Rx 32462, 11/2/73, $6. 21; ac/Keith R.SteeZ, Rx 34923C, 1/1/74, Group Health $4. 11 Payment for month of January, $111. 00 Rodney E. Handly, D.C. ac/Ernest J. Tonda, Treatments, 12/29-30, X-Ra s King County Medical Payment $ X-Rays,- $72. 00 K's Prescription Drugs y for month of January, 950. 40 p 9 ac/R. L. Connell, Rx 117-731,12/4, Rx 117-731, 12/17, (Total - $39. 33) Rx 117-731, 12/28, $16. 59; Rx 118744, 12/18, $4. 21 ac/Bruce Phillips, 12/17, Ty Zeno Z, My Zanta, $5. 22; ac/Jon Robinson, Di-Ge Z, 11/14, $2. 00; ac/Keith Steel, Rx 118476, 12/3, $5. 26; ac/M. C. Walls, Rx 99770, 12/12, $6. 05 Providence Hospital ac/LeRoy Smith, Outpatient balance, $224. 75, 10/19, Shaw's RexaZZ Drugs ac/David C. Walsh, 11/13/73, Rx 388116 388115 $7. 84 Valley General Hospital ac/Marvin Sherertz Patient balance, $170. 00, 10/11/73 PENSION PAYMENTS FOR FEBURARY 1974 John Alexander $692. 50 Gerald Hurst Mrs. Enza Anderson 300. 00 Floyd Lawrence $ 37. 00 T. K. Anderson 537. 00 Mrs. Orpha McDonald 366. 00 James F. Ashurst 773. 00 John Parks 300. 00 Charles Goodwin 692. 50542. 00 Douglas Haworth 532. 00 Sylvia J. Pringle 539. 94 Jack Haworth Karl Strom 537. 00 537. 00 Franklin L. Todd 43. 13 Patrick J. Walsh 94. 39 CITY OF REMTON - F I REt tI N `; f .")I nN F-0111) Statement of Cal,h .ir,d I noes 1Mun t 5 As of January 31 , 1974 Current Previous Last Year Last Year Period Period Current Previous � 1/31/74 12/31/73 Period Period 1/31/7 I /72 Cash S 130226.03 $ 40573.86 $ 230005. 16 $ 26,850.44 Investments bank Notes, Etc. 920000.00 102,000.00 1611,000.00 :610000.00 Municipals 354,849.89 3620133.29 3970595. 17 397.424.74 Corporate Bonds 212,891 .66 212,891 .66 2450462.47 2450462.47 Mutual Funds 429 107.04 429 107.04 422, 124.39 Total Si 088 848.59 $1 , 106,131 .99 $1 ,226, 182.03 SIA226.0011 ,60 Total Cash and Investments $1 , 102,074.62 $I 110 705 85 1249 Investment changes during current report period: I . Repurchase Agreement In the amount of $102,000 matured on January 25 and we reinvested $92,000 for 30 days at 9.220. 2. Annual payment received from LID 258. • CITY OF RENTON FIREMEN'S PENSION BOARD REGULAR MEETING March 18, 1974 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman Wi l l icon J. Henry, Fireman Henry Schellert, Councilman Racy Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 p.m. All Board Members were present. MOVED BY SCHELLERT, SECONDED BY PHILLIPS, THAT THE MINUTES OF THE PREVIOUS MEETING OF FEBRUARY )5, 1974 BE APPROVED AS READ. THE MOTION CARRIED. CORRESPONDENCE Letter from Gwen Marshall, Finance Director, over signature of Joan Pringle, was read reporting question concerning Pension Fund benefits paid retired Fire Captain Patrick J. Walsh, who retired under the LEFF system on January 16, 1972. The Budget Supervisor had called the LEFF Office in Olympia to check inquiry by Mr. Walsh as to whether additional benefits were due for minor child under the old Pension Act, which Mr. Walsh felt had been amended to provide same. It was confirmed during the telephone conversation that no such amenc�bnent exists and it was, at the same time, determined that the basis used to compute benefits payable should have been 50% City 55% LEFF, with minor child benefits included, rather than 50%/50%, disregarding 5% minor child benefits granted under LEFF in which case LEFF benefits exceeded City Pension Benefits and no differential was due. The letter pointed out that since the inception of the LEFF System, there has been a great deal of confusion as to how pension payments were to be computed. At the time Mr. Walsh retired and in each instance that a City rate affected Mr. Walsh by reason of the Escalator Clause, a form was filed with the State LEFF Office with comparison of pension payments between the two systems. Board discussion ensued. It was suggested that the Secretary write the City Attorney for opinion as to legal requirements concerning procedure and record correction. Board Member Henry produced LEFF Law pamphlet to point out R.C.W. 41. 26.290 provision relating to payment adjustment, The Secretary was asked to notify Mr. Walsh concerning the matter and that the Board is proceeding, as provided by R.C.W. to make any adjustment. To i CITY OF RENTON FIREMEN'S PENSION BOARD REGULAR MEETING - March 18, 1974 PAGE TWO i The Mayor advised request would be made of Mr. Lee Stowell for confirmation of opinions issued by the Office of the LEFF System, City computations and record payments to- Mr. Walsh to be forwarded for that purpose accordingly. BILLS AND MONTHLY PENSION PAYMENTS (See Attached) List of bills and pension payments was distributed. MOVED BY SCHELLERT, SECONDED BY PHILLIPS THAT THE CURRENT BILLS AND MONTHLY PENSION BENEFITS BE PAID AS PRESENTED, DISCONTINUANCE OF BENEFITS TO MR. WALSH REFLECTED THEREIN AT THIS TIME. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached) Monthly statement of cash and investments was distributed. Board Member Henry inquired as to effective date of the new LEFF System Laws, noting some firemen question whether it was June, 1969 rather than March, 1970. During discussion, the Secretary recalled that at a joint meeting of the local LEFF Board, Attorney Stone had explained that the LEFF Act did not become effective prior to March 1, 1970. IT WAS MOVED BY PHILLIPS, SECONDED BY MEAD, TO ADJOURN. MOTION CARRIED. The meeti7 was adjourned at 4:29 P.M. De ores A. Mead City Clerk - Secretary Firemen's Pension Board jt FIREMEN'S PENSION BOARD MONTHLY BILLS FOR FEBRUARY 1974 A & H Drugs ac/Jack Colombi , Rx 324861 , 12/14/73, $3.95, (Total $49.81 ) Rx 311939, 8/29/73, $3.95, Rx 303269, 10/7/73, $5.05, 0311939, $3.95, 10/29/73, ac/John Parks, Rx 365892, 2/5/74, $7.37; ac/David Riggle, 9/6, Rx 318315, $5.79; ac/James Rupprecht, Rx 298072, $3.90, 12/28/73, Rx 323191 , 11/23/73, $4.00, Rx 320769, 10/17/73, $5.48, Rx 298072, $3.90, 10/15/73; ac/Larry Weiss, Novahistine DH, 1/19/74, $2.47 Gordon P. Baker, M.D. - Seattle ac/David Riggle, Injections , 1/30/74, $43.00 John L. Bernier, D. C. ac/Karl Strom, Office calls , 2/5/74, $7.00 Ernest M. Burgess, M.D. ac/Jack L. Colombi , Lumbrosacral , $16.00 Columbia Clinic ac/Douglas Haworth, Services, $18.00 Cornell 's Valley Pharmacy ac/Gerald Nichols, Rx 35805, 35806, 2/11 , $11 .53 , Rx 35195, 35196, 1/21/74, $8.85; ac/M. Sherertz, Rx 30833, 8/10/73, $4.64, Rx 30873, 8/13/73, $6.21 , Rx 30873, 8/30/73, $6.21 ; 018165, 2/12/74, $3.26, ac/Larry Weiss, Rx 36087, 2/20/74, $5.00 N.w Charles Divelbiss , M.D. ac/David Thorson, Injection, $6.00 Group Health Payment for February, $111 .00 J. H. Hartwig, M.D. ac/David Riggle, office calls , $21 .00 Steven L. Jaffe, O.D. ac/William Henry, lenses and frames , $68.05 K's Prescription Pharmacy ac/Ron Bergman, Rx 119379, 1/24/74, $5.05; ac/ (Total $29.53) Gerald A. Hurst, Di-Gel , $5.58, 1/15/74; ac/Ted LaValley, Rx 86810, 1/11/74, $6.37; ac/Jon C. Robinson, Rx 118974, 1/4/74, $3.05; ac/Ken Walls , Rx 119317, 1/22/74, $9.48 King County Medical Payment for February 1974, $950.40 The Mason Clinic ac/Jack Colombi , Glucose solution, $1 .00 North Renton Clinic ac/John Parks, Services , $10.00, 2/19/74 Pay' n Save Drugs ac/Charles Christenson, Rx 150671 , 11/20/73, $10.37 eninsula Pharmacies, Inc. - Ilwaco ac/Doug Haworth, Rx 190002, 198399, 198499, """ 198499, CORRECTED TO $34 . 91 Shaw Bros. Rexall Drugs ac/Charles Christenson, Rx 386149, 386,150, 8/2.4, $7.11 ; ac/David Walsh, Rx 388116, $8.69, 1/18/74 Vukov Clinic ac/Gary Newton, Medication, $5.00 l FIREMEN'S PENSION BOARD MONTHLY BILLS FOR FEBRUARY 1974 PAGE TWO MONTHLY PENSION PAYMENTS FOR MARCH, 1974 John Alexander $ 692.50 Floyd Lawrence $366.00 Mrs. Enza Anderson 300.00 Mrs. Orpha McDonald 300.00 T. K. Anderson 5:1/.00 John Pa,,-lks 542. 00 James F. Ashurst 773.00 Sylvia Joan Pringle 539.94 Charles Goodwin 692.50 Karl Strom 537.00 Doug Haworth 532.00 Franklin L. Todd 43. 13 Jack Haworth 537.00 Patrick Walsh (See Letter) Gerald Hurst 37.00 CITY OF RENTON - FIREMEEN'S [VISION FUND Statement of Cash and inve:,irnents As of February 28, 1974 Current Previous Last Year Last Year Period Period Current Previous 2/28/74 1/31/74 Period Period 2/28/73 1/31/73 Cash $ 50499.83 $ 13,226.03 $ 28,815.25 $ 23,005. 16 Investments Bank Notes, Etc. 920000.00 920000.00 141,000.00 161 ,000.00 Municipals 354,849.89 354,849.89 397x269.80 397,595. 17 Corporate Bonds 212,891 .66 2120891 .66 2450462.47 245462.47 Mutual Funds 429 107.04 429, 107.04 429, 107.04 _422, 124,39 Total $1 ,088.848.59 $1 .088,848.59 $1 ,212,839.31 ,$1 .226.,182.03 Total Cash and Investments $1 .094.348,42 $1 , 102,074.62 1241 654 6 $IZ49. IQ7. 19 Investment changes during current report period: 1 . Repurchase Agreement in amount of $920000 matured on February 26 and was reinvested for 30 days at 8.25%. 1 CITY OF RENTON FIRE II`Z'S PENSION BOARD REGULAR MEE'T'ING April 15, 1974 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Treasurer Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, U)unciiifun Ray Barilleaux, Alter-gate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. Board Member William J. Henry was absent. MOVED BY PHILLIPS, SECONDED BY MEAD, TO APPROVE THE, MINUTES OF '111E PRE- VIO(JS MEETING OF MARCH 18, 1974 AS WRITTEN. MOTION CARRIED. CORRESPONDENCE The Secretary reported communications had been forwarded to Mr. Lee Stowell, LUT administrative official., along with documentation figures of duty- disability payments for Patrick J. Walsh and Franlin L. Todd for verifica- tion as concerned mode of computing differential to determine proper benefits payable. Report has not yet been received. Mr. Stowell's Office staff is presently checking the figures. Pursuanz to Open Meeting Laws interpretations by the City Attorney, Chair- man Garrett had inquired regarding compliance as concerns the Firemen's Pension Board meetings. Me ) from Secretary Mead was distributed noting meetings had been previously established on the second Monday of the Month at 10:30 a.m. , however, it appears at present that 4:00 p.m. is a better hour for the meetings. It was suggested that the Board officially estab- lish a regular calendar day, time and place for the Firemen's Pension Board meetings and then any deviations therefrom can be properly published and posted as required by Open Meeting Laws. MOVED BY PHILLIPS, SECONDED BY SCFE ,T FRT, THAT THF; SECOND MONDAY OF F.AC21 MONTH AT 4:00 P.M. , IN THE 6TH F LCOR C ONFEM14CE ROOM, BE SET FORTH AS 'I11E REGUIJ1R MONTHLY MEETINGS OF THE FIREMEN'S PEVA BION BOARD, UNLESS O17t1ER,WISE SCHEDULED, JVHICH SHALL THEN BE PROPERLY PUBLISHED AND POSTED. MOTION CARRIED. Upon inquiry by Fireman Member Phillips, discussion ensued regarding Pension Fund Budget allocation for preparation, printing, distribution and maintenance of the Firemen's Pension Board Minutes, correspondence, etc. , question raised as to whether like costs should be reimbursed- to the Finance Department for setting up the bills, this procedure now funded by the City, meeting attend- ance by Board Members presently City-funded. Question was also raised during discussion regarding possible funding of Board Member attendance at meetings and seminars wherein knowledge is dis- persed which relates to Pension Fund and/or LEFF functions as might affect retirement programs, firemen's policies or other procedures. Recent AWC 14 CITY OF RENTON FIR'S PENSION BOARD REGULAR MELTING - April 15, 1974 PAGE TWO presentation at Municipal Finance Officer's Meeting noted as an example. Chairman Garrett noted Administrative approval for attendance of local LEFF Board Members at such conferences heretofore. The Secretary advised that specific (33.01, Conferences & Schooling) Budgetary Account could be established at budget time to provide for attendance at such meetings. She noted that the Mayor and Councilman Schellert had attended the AWC presentation via the Suburban Mayors and Finance Officers Meetings, the Secretary attending the presentation at the Municipal Finance Officer's Meeting also, in capacities other than as Pension Board Members. The Board Members wishing to attend any such meetings could be authorized to file for reimbursement from the "42" miscellaneous fund account or funds could be transferred at this time and a new budget account estab- lished. The former being recommended for the interim until the 1975 Budget is formulated. MONTHLY BILLS AND PENSION PAYMENTS (See Attached) List of current bills and the monthly pension payments were distributed, the Secretary noting that pension payments to the three LEFF pensioners, Walsh, Todd and Hurst, to be adjusted at such tine as information is received from the State LEFF Board as to cost of living increases, which were effective as of April lst. MOVED BY PHILLIPS, SECONDED BY SCEIELSEI', THAT THE CURRENT BILLS AND PENSION PAYMEN'T'S BE PAID AS PRESENTED. MOTION CARRIED. "THLY STATEMENT OF CASH AND INVESTMENTS Monthly statement of status of cash on hand and investments was distributed. The Secretary noted repurchase of bank notes which are still maintaining 9.25% rate of interest. Some discussion ensued as to whether it might be desirable to make some additional corporate investments at this time. The Secretary recalled Mr. Dime's recent visit wherein he had suggested that repurchase agreements be continued until such time as the interest rates declined. Also these can be liquidated and corporates purchased at any time, however, while interest rates are holding, no changes were advised. The Secretary advised she would check the advisability of change at this time. As there was no further business to ccxne before the Board, it was MOVED BY PHILLIPS, SECONDED BY MEAD, THAT THE MEETING BE ADJOURNED. The meeting adjourned at 4:35 P.M. Delores A. Mead, Cityerk-Secretary Firemen's Pension Board jt ]r5 CITY OF Fi f,?rin - FIif'II rill; I'i ipInt,, rUIIp .'itaterficnt of in-ri I rivw,it wn1 , As o r March 31 , 1974 Current I'riry iou > 1-1:I Y<:;,r Last Ye it Per i o(j I',,r i )d Currcnt Previous 3/31%74 2,'28,74 1'eri, 'd Per iod 3/31/73 2/28/73 Cash $ 240766.80 $ 5,499.83 $ 22,021 .46 $ 280815.25 Investments Bank Notes, Ftc. 100,000.00 920000.00 81 ,000.00 141 ,000.00 Municipals 330,868.24 354,849.89 381 ,296.01 397,269.80 Corporate Fronds 2120891 .66 212,891 .66 245,462.47 2450462.47 Mutual Funds 2Q 429 107.04 429 107.04 429, 107.04 Total $10,0720866.94 $1 ,088,848.59 . $111360805.52 $1 2. 12 839.31 Total Cash and Investments $100970633.74 1$1 ,094p348.42 $1 # 158086 98 $1 241 654.56 Investment changes during current report pr,riod: I . Sold $92,000 Repurchase Agreement on maturity date and purchased $100,000 Repurchase Agreement to mature April 29 at 9.254. 2. Received payment on three LID installment notes. Installment note on ' LID 247 was paid in full with this payment. I i 16 FIREMEN'S PENSION BOARD N[N1111,Y BUIS S FOR MARCH 1974 A & H Drugs ac/John Parks, Rx 370579, 370580, 3/8, $9.00 ac/Gerald Jones, Rx 328945, 328946, 2/4, $8.66 Robert Beatteay, Jr. ac/R. Beatteay, glasses, Group Health, $28.59, 3/1 Ronald Bergman ac/R. Bergman, glasses, Columbian Optical, $60.86, 3/6/74 John L. Bernier, D.C. ac/Karl Strom, Services, $7.00, 3/6 Columbia Clinic - Ilwaco ac/Douglas Haworth, Services, $19.50, March Cornell's Valley Pharmacy ac/Ray Barilleaux, Rx 37403, 37404, $8.85, 4/1, ac/Marvin Sherertz, Rx 37212, $4.21, 3/26, Rx 37073, $9.95, 3/22 Gary Dawkins ac/G. Dawkins, Rx 209642, Valley General Hospital, $3.05, 2/15 Group Health Payment for March - $111.00 William J. Henry, Jr. ac/W. Henry, eye exam, $5.74, 4/6/74, S. L. a. Hart;�:.g, rill. ac/Gerald M. Nichols, Injection, $3.00, 3/6 King County Medical Payment for March - $950.40 K's Prescription Pharmacy ac/Ron Bergman, Rx 5833, $2.90, 3/8; ac/R. Cornell, Rx 111968, 119093, $14.06, 2/9; ac/G. Hurst, $8.12 Rx 98169, Excedrin, Emetrol, 2/21; ac/T. LaValley, Rx 85988, ascription/analesic, $20.22, 2/15; ac/Ken Walls, Rx 119317, 9.48, 2/7 John L. Parks, Jr. ac/John Parks, Back rest, $24.45, 3/15, Dr. Heilperr, Peninsula Pharmacies, Inc. ac/Doug Haworth, Rx 19005, 190002, 198694, 198863, $42.05, 3/1-3/23 Seattle Clinic of Medicine ac/Duuglas Haworth, Medical Services, $98.00 Shaw's Rexall Pharmacy (Austin) ac/T. K. Anderson, Rx 359706, $7.11, 3/9; ' ` $3.47, 2/21 a.-LL 1, RAi 116oLupes, ;5.00, 10/23/73, not covered by King County Frank Todd ac/Frank Todd, Elastic knee braces, $36.85 17 l.. R FLREC,1EN'S PU4SION BOARD M%JNIHLY BILLS FOR ?-ARCH 1974 PAGE Tf.JO MfVTHI.,Y PENSION PAVE TI S FOR APRIL, 1974 T. K. Anderson $537.00 John Alexander $692.50 Mrs. Fnza Anderson $300.00 James F. Ashurst $773.00 Charles Goodwin $692.50 Doug Hawor $532.00 Jack Haworth". $537.00 Gerald Hurst # Floyd Lawrence $366.00 Mrs. Orpha MfcDonald $300.00 John Parks $542.00 Sylvia Joan Pringle $539.94 Karl Strom $537.00 Franklin L. Todd $-43P43* # These figures will be adjusted when the information comes from LEFF. # Information from LEFF Board is that LEFF benefits exceed Firemen's ]Pension benefits, so Mr. Hearst will not get a pension from the Firemen's Pension Fund for the balance of the year. Mr. Todd's benefits have been reduced to $12.00 so the 'Voucher for $37°00 will be voided also, and both April and May benefits will be paid together nexf. month CITY OF R.EVECN FIRIIIEN'S PENSION BOARD RaRJLAR MMING May 13, 1974 130AIZD MEMBERS Avery Garrett, Mayor-Chairman Del. Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleatuc, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. Hoard Member Henry, being absent due to a fire, incident, was excused. Mr. Gary Dime, Investment Counsellor, Dean Witter & Go. was also present. Chairman Garrett introduced Mr. Dime at this time and advised that Mr. Dime had been invited to attend the meet- ing to review the Firemen's Pension Fund investments and to reccuvend additional investments which might be advantageous at this time, it appearing in view of present interest rates, that this might be the time to convert :erne of the cash investments to corporate bonds. Mr. Din*- explained Federal. Reserve policies .for controlling monetary r.irculation, along with s( rie reasons forp resent all-time high interest rater. They high interest discourages buying, curtailing money circula- tion and growth. price controls came off April :30th and ea panies, coming off' inventory, were borrowing to stockpile in anticipation of future higher c;c,:sts and this taking away bank's supply of money, forc(,s interest up. As leans are repaid and banks have money back for capital investment, interest rates will cxwe down. Many corporations, it was noted, will. 1)()5tlx)n(, financing transactions until interest rates are less. Govern- rant financial advisers and experts anticipate decline in interest rates within 60 - 90 days and the yield curve levelling off to a natural relation- :�ka 11le J k ms ion hind has sand $120,000 in cash investments at this time and it wL.-; prop)se'd that, 50°f, to 60%, be invested in corporates for a short time of 5 -- 7 - 10 yoar:s in order to take advantage of the present high interest rate leaving the balance in CID's and other investments. 1>rc sc nt (-.orfx)r-a[icon investments were listed, which include: $25,()00 - long Island Lighting ing 8.2b Maturing 1999 $:30,()00 - Hawaiian Tel u phone 8.75% Maturing 2000 $30,(XX) - Gulf Power 8.875% Maturing 2000 $50,000 - Pa.cific. Tel . & Tel 8.75% Maturing' 2006 It w;t.5 suggested that the hoard fill in with corporate bonds, at earlier miturity dates than present investments, at $25,000 each at an approximate c ost cd $58,(X)O and the bonds wi.l.l. realize $1,000 each at naturi.ty, such as: (NMI hated AA1# 5% 7j Years Maturity 1981 Cost $81L"1.50 each CITY OF RIMM Firemen's Pension Board Regular Meeting - May 13, 1974 Page Two Southern Cal Edison Rated AA 7.25% Matures 1981 Cost $728.75 Public Service Elec. Rated AA 5.125% Matures 1989 Cost $683.75 Mr. Dime noted that if the Board would desire to buy in this manner, they could buy $60,000 in bonds at approximately $46,000 cost. Coupon and maturity value and date equals the value of the bond. After score further discussion concerning investment program and market, it was MOVED BY SCHII j am', SECONDED BY PHILLIPS, THAT THE CHAIRMAN AMID SECRETARY BE AUTHO- RIZED TO PROCEED WITH PUFbCHA,S'E OF CORPORATE BONDS IN AN AMOUNT NOT TO EXCEED $60,000, AS PER. INVESIMWr COUNSELLOR DIME'S REO011q UMATIONS. MOTION CARRIED. IT WAS MOVED BY SOiEI T ER'T', SECONDED BY PHILLIPS, TO APPROVE THE MIN= OF THE PREVIOUS MEETING OF APRIL 15, 1974 MEETING. MOTION CARRIED. BILLS AMID MONTHLY PENSION PAY1yiEM (See Attached) MOVED BY PHILLIPS, SECONDED BY SCIEI.l,ERT, 110 APPROVE THE BILLS AND MWIULY PENSION PAYMENTS, AS PRES=M, AND THAT WARRANTS BE DRAWN FOR SAME, MOTION CARRIED. The monthly list of investments was distributed, as attached., As there was no further business to come before Board, it was MOVED BY SCHELLERT, SECONDED BY PHILIPS, THAT THE MEETING BE ADJOURNED. MOTION CARRIED. The meeting was adjourned at 4:56 P.M. Delores A. Mead City Clerk - Secretary - FPB DAM:jt 20 FIREMEN'S PENSION BOARD MONMY BILLS FOR APRIL 1974 RETIRED FIREMEN (Firemen's Pension Board) John L. Bernier, D.C. ac/Karl Strom, Medical Services, 4/17, $7.00 Columbia Clinic - Ilwaco ac/Douglas Haworth, Medical Services, 4/24, $18.50 K's Prescription Pharmacy ac/John Parks, Rx 120403,120404, 120405, 3/25, $24.43 North Renton Clinic ac/John Parks, Medical Services, 3/7, 3/21, $20.00 Peninsula Pharmacies, Inc. ac/Douglas Haworth, Rx 199079, 198863, 4/9, 4/18, $13.18 Seattle Clinic of Medicine ac/Douglas Haworth, Medical Services, 4/5, 4/8, $63.00 LEFF SYSTEM A & H Drugs ac/Jack Colombi, Rx 334366, 4/8/74, $4.58, 324861, (Total-$37,36) $18.42 4/10, $3.95; ac/Ray Barilleaux, Rx 333664,3/30, 'Credit Memo $8.94 - ac/J. Parks) $6.10; ac/Gerald Jones, Rx 328945, 328946, 2/12, $8.63; ac/James Rupprecht, Rx 298072, 3/7, $4.10 Co-r-ell's Valley Pharmacy ac/Marvin Sherertz, Rx 37534, 37535, 4/5, $7.53, (Total $29.59) Rx 37999, 4/19, $5.16, Rx 38184, 4/24, $5.63; ac/Patrick Walsh, Rx 18522, 3/26, $5.37, Rx 37753, 4/11, $5.90 Group Health Payment for April, 1974, $111.00 King County Medical Payment for April, 1974, $950.40 K's Prescription Pharmacy ac/Robert Connell, Wingel Liquid & Tablets, $3.93; (Total $49.85) Rx 117577, 3/2, $3.95; ac/William Larson, Rx 120434, 3/26, $2.00; ac/Bruce Phillips, Rx 114208, Mylanta Tablets, $8.23, 3/4, Rx 113355, 3/12, $8,00; ac/M.C. Walls, Rx 99770, 3/25, $6.05; ac/Larry Weiss, Rx 120102, 3/9, $17.69 North Renton Clinic ac/Charles Christenson, Medical Services, 3/21, 3/25, $10.00 Renton Optical Co. ae/William Larson, Glass Lens replaced, $13.16, 4/26 Shaws Rexall Drugs ac/Richard Geissler, Rx 390738, 3/27, $3.05; (Total $22.42) ac/David Walsh, 3/7, Rx 390359, 3/7, $4.26, Rx 388116, 2/14, $8.69, Rx 388115, 390074, 3/13, $6.42 Valley General Hospital ac/Deltxirt Miller, Room Charges not covered by King County, $14.00 21 FIRE&EEN'S PENSION BOARD M0NIHLY BILLS FM APRIL 1974 Page Two -Ay John Alexander $692.50 Floyd Lawrence $366.00 Mrs. Enza Anderson $300.00 Mrs. Orpha McDonald $300.00 T. K. Anderson $537.00 John Parks $542.00 James F. Ashurst $773.00 Sylvia Joan Pringle $539.94 Charles Goodwin $692.50 Karl Strom $537.00 T' $532.00 Franklin L. Todd $ 11.70 - April 1�aworth $537.00 $ 11.70 - May Gerald Hurst $ - 0 - Patrick J. Walsh - 0 - CITY OF RENTON FIRPAt-N"S PUISION FUfID Statement of Cash and Investments As Of Apr-! [ 30, 1974 Current Previous Last Year Last Year Per i od Current Previous -�0/74 3 /31/74 Pe r i od Reriod -----4�1'7)01 -/3 3/�1/73 Cash $ 14,080.69 $ 24#766.80 $ 63,255.08 S 22-,021 .46 Investments Bank Notes, Etc. 1130000.00 100,000.00 41P000.00 81 ,000.00 Municipals 325,418.91 330,868.24 376,701 .81 381 ,296.01 Corporate Bonds 212,891 .66 212,891 .66 245,462.47 245,462.47 Mutual Funds 429JI107._04 429, 107.04 429, 107.04 429, 107.04 Total $1 ,080,417,61 $1 ,072,866.94 $1 ,092,271 .32 $1 , 1361865.52 Total Cash and Investments $1 ,094,498.30 $1 ,097,633,74, $1 , 155,526.401 $ 1 , 158,886.98 durinn current rc,-Jort poriod. i . Bought an additional $13,000 Repo at 9.625% to mature May 16, 2. Sold $100,000 Repo on maturity date and reinvested at 10.00% to mature May 29. 3. Received payment on three LID Installment Notes in the amount of $5,449.33. 22 CITY OF RENTON FIREMEN' S PENSION BOARD June 13 , 1974 BOARD MII&EERS Avery Garrett, Mayor-C'hainnan Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4 :00 P.M. All Board Members were in attendance. It was MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MAY 13, 1974 AS PREPARED. MOTION CARRIED. Monthly statement of cash and investments was distributed (as attached hereto). Attention was called to purchase of corporate bonds as directed by the Board at the last meeting in sum not to exceed $60,000, actual cost, how- ever, in the sum of $51,121.15 as listed on the investment report. The report indicated reference to stock, it being noted that bonds were pur- chased. (Investment capability must total $10,00,000 to qualify for pur- chase of stock, this being a typographical error). Included in the new purchase was $20,000 face value bonds of General Motors Acceptance Corp. , Ohio Power Con4)any Registered, and Southern California Edison Co. Monthly Bills and Pension Payments (As Attached Hereto) low The Secretary noted payment to widow of Fireman Douglas Haworth, who was retired under service-connected disability, provisions of the 1.955 Pension Laws. Warrants covering funeral expenses, $500 per R.C.W. 35.18.140 and widow's pension per R.C.W. 41.18.100 equal. to the amount of the monthly pension the retired fireman was receiving at the time of his death were issued. MOVED BY PHILLIPS, SECONDED BY SCHEILERT, THAT THE MONTHLY BILLS AND PENSION PAYNUM BE AUDWED AND WARRANTS DRAWN TO OCHER. MOTION CARRIED. As there was no farther business to carne before the Board, it was MOVED BY PHILLIPS, SECONDED BY SCHELISRT TO ADJOURN. MOTION CARRIED. The meeting was adjourned at 4:40 P.M. Delores A. Mead, CitA Clerk Secretary - Firemen's Pension Board DAM:jt Attachments 23 CITY OF RENTON - FIREME-N'S P[HSION FUND Statement of Cash and Investments As of May 31 , 1974 Current Previous Last Year Last Year Period Period Current Previous 5/31 /74 4/30/74 Period Period 5/31 /73 4/30/73 Cash $ 77,629.57 $ 14,080.69 $ 29, 136.56 $ 630255.08 Investments Bank Notes, Etc. 130000.00 113,000.00 800000.00 41 ,000.00 Municipals 3240654.04 325,418.91 3750351 .02 376,701 .81 Corporate Bonds 243,605.06 212,891 .66 245,462.47 245,462.47 Mutual Funds 42.9 107.04 429 107.04 429 107.04 429 107.04 Total $1 ,010,366. 14 $1 ,080,417.61 $1 , 129,920.53 $1 ,092,271 .32 Total Cash and Investments 1 $1 .087,995.71 $1 ,094,498.301 $1159 057.09 1155 526 40 Investment changes during current report period: I . Liquidated $100,000 Repo to provide funds to purchase additional corporate bonds. 2. Reinvested $13,000 Repo at 109 to mature June 17. 3. Received payment on two LID Installment Notes in the amount of $796.37. 4. Purchased LID 281 Revenue Warrant in the amount of $31 .50 to provide interim financing for project. 5. Bought $20,000 face value General Motors Acceptance Corporation bonds for $16,300 at effective yield of 8.659 to mature in March 1981 . 6. Bought $20,000 face value of Southern California Edison Co. bonds for $14,413.40 at effective yield of 9.059 to mature in May 1992. Note: Purchased $20,000 face value of Ohio Power Co. bonds on June 5th for $20,134.00 at effective yield of 109 to complete purchase of additional corporate bonds authorized by Board. 24 FIREMEN'S PENSICN BOARD MONMY BILLS FOR MAY, 1974 June 10, 1974 A & H Drugs - Renton ac/Doug Haworth, Rx 372871, 372872, 5/6, $9.95 John L. Bernier, D.C. ac/Karl Strap, Medical Services, $35.00, 5/1-5/31 Columbia Clinic - Ilwaco ac/Doug Haworth, Medical Services, $7.00, 5/1 Cornell's Valley Pharmacy ac/Marvin Sherertz, Rx 25498, 5/6, $4.84, Rx 38184, (Total $28.52) 5/10, $11.37, Rx 38999, 5/22, $4.42, Rx 39126, 5/24, $4.63; ac/Patrick J. Walsh., Rx 18165, 5/24, $3,26 Group Health Medical May payment - $111.00 Heath Building Radiologists ac/Doug Haworth, Hypertensive Intravenous Pyelogram, Seattle 5/7, $60.00 King County Medical May Payment - $950.40 K's Pharmacy ac/R. Connell, Rx 111968, 119093, 4/15, $14.06; (Total $117.79) ac/W. H. Larson, Robitussin Cough Formula, 4/18, $1.74; ac/D. M. Miller, Rx 120678, 4/10, $3.26; ac/Bruce Phillips, Tylenol, Mylanta, 4/5, $8.60, Nyquil, Rx 120681, 4/10, $6.79; ac/Jon Robison, Rx 120735, 120736, 4/16, $5.95; ac/M. C. Walls, Rx 120856, 4/23, $9.63; ac/Larry Weiss, Rx120698, 4/15, $18.95, Rx 120882, 4/24, $3.69; ac/J. Parks, Rx 120403, 120404, 120405, 5/15, $24.33, Rx 120405, Titrilac, Gaviscon, 4/26, $14.95; ac/J. Alexander, Rx 121209, 5/13, $5.84 Leonard Rexall Drugs ac/Jack Haworth, Rx 231487, 5/15, $11.16 Long Beach Ambulance Service ac/Doug Haworth, Ambulance Service, 5/15, $35.00 Pacific County Hospital - ac/Doug Haworth, Room and T-EKG, $72.80, 5/15 Ocean Beach Peninsula Phaxmacies, Inc. - ac/Doug Haworth, Rx 199544, 199545, 5/15, $6.72 Ilwaco Shaw's Drugs ac/David Walsh, Rx 388115, 388116, 4/24, $11.64 Marvin Sherertz ac/Marvin Sherertz, Reimbursement for glasses, lens and frames, $74.17 Austin's Shaw Rexall Drugs ac/T. K. Anderson, RX 359706, 5/11, $7.11 Sherwin M. Maeser, M.D. ac/Doug Haworth, Office Cons. , 5/9, $22.50 Seattle Clinic of Medicine ac/Doug Haworth, Tests & Office calls, 5--6/5=9, $86.0( Cariboo MEmorial Hospital ac/Jack Haworth, X-Ray and Lab, 6/5, $21.30 Williams Lake, B.C. MON'11MY PENSION PAYMENT'S FOR JUNE Jack Haworth 537.00 John Alexander $692.50 Floyd Lawrence 366.00 Mrs. Enza Anderson 300.00 Mrs. Orpha McDonald 300.00 T. K. Anderson 537.00 John Parks 542.00 James F. Ashurst 773.00 Sylvia J. Pringle 539.94 Charles Goodwin 692.50 Karl Strom 537.00 Mrs. Constance Haworth 532.00 Franklin L. Todd 11.70 xfi .- Nacu-yrth ri(1(1 W - F)inPrnl I`xnensps 7� CITY OF RENTON FIREMEN'S PENSION BOARD am July 8, 1974 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order at 4:00 P.M. Board Members present were Chairman Garrett, Fireman William Henry, and Deputy City Clerk Maxine Motor, representing Del Mead. MOVED BY HENRY, SECONDED BY MOTOR, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF JUNE 13, 1974 AS PREPARED. MOTION CARRIED. Monthly statement of cash and investments was distributed (as attached hereto) . Monthly Bills and Pension Payments (As attached hereto) The statement of Monthly Bills and Pension Payments was distributed. There was some discussion of the 2% increase plus adjustments in the pension payments to widows of firemen. MOVED BY HENRY, SECONDED BY MOTOR, THAT THE MONTHLY PENSION PAYMENTS AND BILLS BE ALLOWED AND WARRANTS DRAWN TO COVER. MOTION CARRIED. As there was no further business to come before the Board, it was MOVED BY HENRY, SECONDED BY MOTOR, TO ADJOURN. MOTION CARRIED. The meeting was adjourned at 4:35 P.M. Maxine E. Motor Deputy City Clerk-Secretary Firemen's Pension Board MEM:jt Attachments 26 FIREMEN'S PENSION BOARD MONTHLY BILLS FOR JUNE, 1974 A & H Drugs No. 1 & 2 ac/Jack Colombi, Rx 335606, 4/23, $4.82; ac/Jolt (Total - $22.75 Parks, Titralac, 6/16, $7.55, Rx 374-575, 6/21 $7.27; ac/David Thorson, Rx 337-236, 5/13/74, $3.11 John L. Bernier, D.C. ac/Ron Bergman, Services 5/28-6/21, $5.21 Group Health Payment for June, 1974s $125.00 Dr. C. David Heflen ac/Delbert Miller, Medical Services, 1/7-2/5, $70.00 K's Prescription Pharmacy ac/John Alexander, Rx 121725, 6/12, $6.32, (Total - $164.04) Rx 121603, 121604,121605, 6/5,; $6.37, Rx 121868, 6/20, $5.05; ac/Ron Bergman, Rx 121710, 6/12, $7.84 ac/Robert Connell, Wingel tabs, 5/11, $2.09, Rx 117577, 111946, 6/26, $6.95; ac/Larry Codiga, Rx121119, $4.21, 5/8; ac/Bill Henry, Rx 121291, 5/17, $1.60; ac/Gerald Hurst, Maalox, Digel, Rx 98169, 6/3m $10.69; ac/Bill Larson, Rx 121126, Rx 121136, Anacin, Robitussin, 5/8, $20.27; ac/Ted LaValley, Rx 86810, Ascriptin, 5/9, $13.95, Rx 121208, 5/13, $3.37; ac/Bruce Phillips, Rx 11420E 6/19, 113355, Mylanta, 6/19, $15.18, Rx 120681, 5/1, $5.05; ac/M. C. Walls, Rx 121323, 5/20, $10.74 F ac/Larry Weiss, Rx 121994, 121995, 6/28, $41.5 King County Medical Payment for June, 1974, $950.40 Mason Clinic ac/Robert L. Connell, Influenza Vaccine, 10/19/73, 5.00 Pay'n Save Drugs ac/Chuck Ankeny, Rx 159472, 3/23, $3.48, Rx 160444, (Total - $14.88) 4/4, $3.99; ac/Chuck Christenson, Rx 127064, 2/20, 143226, $7.41 People's National Bank Safe Deposit Rent, 7/25, $17.00 $haw's Rexall Drugs ac/Richard Geissler, Rx 391258, 4/24, $2.58 Valley General Hospital ac/Jack Colombi, Hospitalization not covered by King County, 4/7, $50.00 University District Medical Lab ac/David Walsh, Allergenic extracts, /5/31, $16.50 PENSION PAYMENTS FOR JULY, 1974 .john Alexander $692.50 Mrs. Orpha McDonald $384.00* 'yrs. Enza Anderson 384.00* John Parks 542.00 T. K. Anderson 537.00 Sylvia J. Pringle 548.25* James F. Ashurst 773.00 Karl Strom 537.00 Charles Goodwin 692.50 Franklin L. Todd 11.70 Mrs. Constance Haworth 532.00 Jack Haworth 537.00 * Reflects Z% increase plus adjustments Floyd Lawrence 372.10 27 CITY OF RENTON - FIREMIN1S PENSION FUND Statement of Cash and Investments As of June 30, 1974 Current Previous Last Year Last Year Period Period Current Previous 6/30/74 5/31 /74 Period Period 6/30/73 5/31 /73 Cash $ 250007.54 $ 77,629.57 $ 23,540.82 $ 290136.56 Investments Bank Notes, Etc. 50,000.00 13,000.00 80,000.00 80,000.00 Municipals 3240367.28 324,654.04 374,490.25 375,351 .02 Corporate Bonds 263,739.06 2.43,605.06 245,462.47 2450462.47 Mutual Funds 42.9 107.04 429 107.04 429 107.04 429 107.04 Total $1 ,067,213.38 $1 ,010,366. 14 $I !29 059.76 $1 , 129p920.53 Total Cash and Investments 1 $1 ,092,220.92 1 $10087,995,711 $1 , 152,600.581 $1 L159,057.09 Investment changes during current report periods I . Purchased $20,000 face value of 0410 Power Co. bonds on June 5 for $20, 134 at effective yield of 10%. 2. Purchased LID 281 Revenue Warrant in the amount of $21 .00. 3. Received payment on LID 268 Installment Note in the amount of $307.76. 4. Liquieated $13,000 Repo. 5. Purcnased $50,000 Repo at 10% to mature July 17. 3 1 i 28 CITY OF RENTON FIRM'S PENSION BOARD August 12, 1974 BOARD NIERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleau, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. with all Board Members in attendance. Also present was Acting Fire Chief Richard Geissler. MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE MIN= OF THE PREVIOUS MEETING OF JULY 8, 1974 AS WRITTEN. CARRIED. BILLS AND MONTHLY PENSION PAYMEN'T'S (Per attached) MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE BILLS AND MONTHLY PENSION PAYMENT'S AS SUBMITTED. MOTION CARRIED. The Secretary distributed copies of the proposed 1975 Preliminary Budget balanced at $149,804.00 (See attached). Letter, submitted by Mayor Garrett, was read wherein Acting Chief Geissler requested $10,000.00 increase in the sum budgeted for disability sick leave in order that minimum manpower forces can be maintained next year, $13,000.00 of the $20,000.00 budgeted already used in the first six months of this year. Memo from the Mayor suggested presentation of the request at this Board Meeting. The Board increased the 42 Budget Account as requested, final determination on this item to be affirmed by the Board at its next meeting. Total 1975 Prelimi- nary Budget balanced at $159,804.00. Monthly statement of investment activity was distributed, as attached hereto. Fireman Phillips called attention to request of firemen that the Pension Fund pay difference in amounts over and above those coverc3 by the dental insurance program. Discussion ensued regarding fees charged by various dentists, some not members of the plan, and benefits allowable within the package. Percentage allowance was discussed, 10070 to be covered in 1975 upon individual utilization of the 707o and 8070 benefits. The fire- men felt that if the Pension fund were going to finance the dental plan, it should also fund any balances having to do with the well-being of the firemen. It was pointed out that some criteria is needed, "cosmetic" benefits not allowable and certain accessory benefits (dentures, etc. ) limited under existing program; and matter of limiting benefits only to the employee and not family. It was suggested some policy statement might be formulated. Board Member Schellert, Council Finance Committee Chairman, was requested tc secure figures frau the insurance plan concern- ing percentages and limits as to coverages and charges for services ren- dered. It was noted purpose of subscribing to the Dental Plan was to pro- vide protective maintenance for the firemen, other city employees limited to specific benefits, and the Board should subscribe to the Washington Dental Plan Standard. Fee Schedules, individuals probably to select member dentists whose "charges are filed. Question being whether the Pension Fund should be obligated for differences. Further discussion to be held until the next meeting. �9 CITY OF RENTON FI IS PENSION DOAHD Regular Meeting - August 12, 1.974 Page Two MOVED BY SCMLM, SECONDED BY PHILLIPS, TO APPROVE THE 1975 PRELIMINARY BUDGET AS ADJUSTED, MOTION CARRIED. As there was no further business, it was MOVED BY P}J(�LIP5; SECONDED BY MEAD TO ADJOURN. MOTION CARRIED. Meeting was adjourned at 4:55 P.M. Deores�AMead, City Cle k - Secretary Firemen's Pension Board DAM:jt 1�r Iwo 30 FIREMEN'S PENSION BOARD MUMMY BILLS FOR JULY, 1974 r I & H Drugs ac/Jack Columbi, Rx 338201, 7/5, $3.75, Rx 33 (Total - $35.39) 4/25, $4.58, Rx 338201, 5/28, $3.90; ac/Gerald Jones, Rx 328945, 328946, 6/4, $8.63; ac/James Rupprecht, Rx 298072, 6/25, $3.90; ac/M. Sherertz, Rx 340635, 6/25, $5.63; ac/Kurt Peterson, 6/16, Rx 374489, $5.00 Tohn L. Bernier, D.C. ac/Karl Strom, Treatments, 7/10-7/31, $14.00 :ariboo Memorial Hospital ac/Jack Haworth, 6/5/74, X-Ray, $27.00 Williams Lake, B.C. brnell's Valley Pharmacy ac/C. Christenson, Rx 39677, 6/18, $6.00; ac/Kurt Pederson, Rx 39179, 39180, $8.21; ac/M. Sherertz, Rx 39646, 40218, 6/18 - 7/10, $9.83; ae/Kurt Pederson, Rx 39681, 39680, 6/18, $13.11; ac/Patrick Walsh, Rx 40239, 7/11, $4.80 4.ry Dawkins ac/G. Dawkins, Benson Hill Drugs, $x 130042, 5/10, $4,69 :Is Prescription Pharmacy ac/John Parks, Rx 120405, 1204049 Titrilac, 7/12, !Total $54.57) $19.22; ac/Ron Bergman, Rx 122056, 7/2, $4.80; Rx 122356, 7/23, $3.75; ac/Robert Connell, Winge Rx 119093, 7/15, $12.34, Rx 122262, 7/17•, $2 60, Rx 122365, , 7/24, $5.15, ac/Ted LaValley, 7/26, Rx 122389, 122390, Ascriptin, $25.93 Torth Renton Clinic ac/David Walsh, Injections, 7/2-7/15, $12.00; (Total $22.00) ac/John Parks, Office Call, 5/6, $10.00 :enneth R. Parks ac/K. Parks, S. L. Jaffe, O.D. , Glasses, exam. 6/14, $70.38 rthur Pringle ac/A. Pringle, S. L. Jaffe, O.D. , Lenses & exam, 6/4, $71.29 an D. Ranniger, M.D. ac/Bruce Phillips, Flu Shot, 7/9," $4.50 a-,..,-in a,I).erertz ac/M. Sherertz, eye exam, S. L. Jaffe, O.D. , $4�00 ,).fife.. 3.1). ac/Frank Todd, frames, lenses, exam, 6/4, $81.97 ac/M.C. Walls, frames and lenses, S. L. Jaffe, O.D. 6/15/74, $72.65 Geie-al Hospital ac/Delbert Miller, Account Balance, $14.00 Dental Service July payment, $392.84 zTuly payment, $950.54 -ow Hea"*h Ju.ly payment, $125.00 aisabi-- ..ty Replacement January - June, 1974, $14,159.28 FIREMEN'S PENSION BOARD MONTHLY BILLS FOR JULY, 1974 Page Two 6M MON'T'HLY PENSION PAYMENTS FOR AUGUST, 1974 John Alexander $692.50 Mrs. Enza Anderson 312.00 T. K. Anderson 537.00 James F. Ashurst 773.00 Charles Goodwin 692.50 Mrs. Constance Haworth 532.00 Jack Haworth 537.00 Floyd •Lawrence 372.10 Mrs. Orpha McDonald 312.00 John Parks 542.00 Sylvia Joan Pringle 548.25 Karl Strap 537.00 Franklin L. Todd 11.70 32 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of July 31 , 1974 Current Previous Last Year Last Year Period Period Current Previous 7/31/74 6/30/74 Period Period 7/31/73 6/30/73 Cash $ 21 ,294,60 $ 25,007.54 $ 15,298. 18 $ 23,540.82 Investments Bank Notes& Etc, $ 509000.00 $ 50,000.00 $ 80,000.00 $ 80,000.00 Municipals 323,083.56 324,367.28 380,484023 374,490.25 Corporate Bonds 2630739.06 263,739.06 244,462.47 245,462.47 Mutual Funds 429 107.04 429 107.04 429 107.04 429 107.04 Total $1 ,065.1.929.66 $1 .067j213.,38 $1 , 134,053.74 $I 129 059.76 Total Cash and Investments $I 087 224.26 $1 ,092,220.92 $1 , 149,35lo92 J $1 . 152.600.58 i Investment changes during current report period: I . Received payment on LID 260 Installment Note in tho amount of $1 ,283.72 2. Liquidated $50,000 Repo 3, Purchased $50,000 Certificate of Depoosit at 11 --1/2% to mature August 30 INFORMATIONAL NOTE: Short term investment rates since January I have been as follows: Jan°,:a-y - Repo `1.22$ rebs%ary - Repo 8.25% ,Ylarc•- - Repo 9.25% Apr? ° - Repc 10.00% play - Repo 10.00% June - Repo 10.1,30$ my - C. D. 11 .50% r 1975 REVENUE ESTIMATE FIREMEN'S PENSION FUND CODE 601.301.00.00 CASH ON HAND $ 103,204.00 _. 330.00.00 INTERGOVERNMENTAL REVENUE 335.00 STATE SHARED REVENUE : 35.90 Other State Shared Revenue (Fire Insurance Premiums) $ 11,600.00 330.00.00 TOTAL INTERGOVERNMENTAL REVENUE 11,600.00 360.00 MISCELLANEOUS REVENUE 361.00 INTEREST EARNINGS 361.10 Interest on Investments $ 45,000.00 360.00.00 TOTAL MISCELLANEOUS REVENUE $ 45,000.00 601.000.00.00 'DOTAL RLVENUE FIR_EMEN'S PENSION FUND $159,804.00 C,v 1975 PRELIMP\ARY EL'DGET E S T I M A T E D E X P E N D I T U R E S 510 GL's-MA.L &01'lx\NL,,,fAL SERVICES 601 04.514.33 601 DEPT: 04 BASIC SUB ACCT. N0: 514 ELDMT (DIZISIO\): 33 Yid2laNS'FIN. FLNA\CE DEPT. FINANCIAL 8 ADMI ISTRATINT PENSIO\ SEPI"ICES 1973 1974 1974 1975 1975 2975 4 0 ACTUAL ADJUSTED EX'P. YEAR DEPARTN.EN'T KkYOR'S COL?NCIL e dDESCRIPTION C •-: A EX'PE!.'DITURES BL]DGET TO DATE . REQUEST RDCO!Mi. Ful-ISIC o uta AS OF AS OF 514 FINAXC7TAL & ADMD;ISTRATIVE 30 OTHM ADMaISTRATr%T SERVICES 33 PYNSIO\ SERVICES 10 00 Per�<onal Services 11 00 Salaries & Wages 29400.00 4,000.00 13 00 Personnel Benefits 12,578.40 22,489.00 13 03 Prepaid Medical (129578.40 (17,160.00) (Firemens' portion only) 13 09 Prepaid Dental --- (5,329.00) Firemens' portion only) Total Personal Services 14,978.40 26,489.00 20 00 Supplies 21100 Office Supplies 174-95 240.00 Total Supplies 174.95 240.00 30 00 Other Services & Charges 38 00 Repair & Maintenan_e 42.65 75.00 42 00 Miscellaneous (Pensions & 93,985.26 133 000.00 Firemens' medical a •meats) ' Total Other Services & Chgs. 949027.81 1331,075.00 60 00 Capital Outlay 64 00 Machinery K- Equipment 633.91 --- Total Capital Outlay 653.91 --- 5(4 --5T4 00, 00 TOTAL FSS' PENSIOIe 04 109,835.07 159,804.00 BOARD MIIIff3Ei,S Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman CITY OF REN'TON William J. Henry, Fireman FIREMEN'S PENSION BOARD Henry Schellert, Councilman Ray Barilleaux, Alternate September 9, 1974 r�r The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. with all Board Members in attendance. MOVED BY SCHELLERT, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE PREVIOUS MEET- ING OF AUGUST 12, 1974 AS WRITTEN' CARRIED, Matter of 1975 Budget request by Acting Chief Geissler was placed before the Board for final confirmation. Budget increase of $10,000 for disability sick leave replacement, in order to maintain adequate manpower forces had been requested, the budget balanced at $159,504 upon such approval. MOVED BY SCHET,T W, SECONDED BY MEAD, THE REQUEST OF THE AGING FIRE CHIEF BE CONFIRMED ALONG WITH AMENDED BUDGET. MOTION CARRIED Monthly Bills and Pension Payments (Attached hereto) MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE BILLS AND PENSION PAY- MENTS WITH WARRANTS DRAWN TO COVER, AS PRFSE=, WITH EXCEPTION OF REIMBURSE- MENT INVOICE FOR MASON SHOE MANUFACTURING 00. FOR HIGH TOP BOOTS, TO BE cHEcKED BY FIREMAN HENRY PRIOR TO APPROVAL (Rx/Re Bergman - broken ankle).. CARRIED, Board Member Schellert requested additional time on report on Dental Insurance coverage figures in regard to percentage payments and limitations and variances between dentists' charges. Board Member Phillips requested Board policy be established, noting firemens' request that the Pension Fund pay all balances over and above those fees allowed by Dental Insurance Plan (for firemen only, not dependents), their reasoning being that if premiums are paid by the Fund, then such additional costs should likewise be an allowed expenditure, be wig also medical maintenance. Discussion ensued concerning funding of the premier as preventative maintenance measure and limits of liability as would concern the additional payment, this being broad step in another new area and some type of guideline needed as to extent of policy to be established by the Board. Fireman Phillips proposed that the Board go by the insurance plan schedule and pay any balance that the insurance campany did not pay:, limited to what the insurance policy allows, Fireman Henry proposed that any such benefits be made retroactive to 1972 when the dental coverage started, Question was raised as to when the Fund began payment of premiums (City funded in 1973, Pension Fund- assumed payment as per budget provision in 1974). After some further discussion, it was determined the subject would be further con- sidered at the time Board Member Schellert's report was presented. Statement of Monthly Cash and Investment Status report was distributed. As there was no further business to cane before the Board, the meeting was adjourned at 4,:45 P,M i Delores A, Mead, City Clerk-Secretary jft Firemen's Pension Board FIRII4I NIS PENSION BOARD MXMY BILLS FOR AUGUST, 1974 A & H Drugs ac/Jack Colombi, Rx 338201, 8./19, $3.75 John L. Bernier, D.C. ac/Karl Strom, Services, 8/20, $7.00 Austin's Rexall Phaamacy ac/David Walsh, Rx 388-116, 7/2, $8.25; ac/T.K, Anderson, Rx 359706, $6.75 Gordon B. Baker, M.D. ac/David Riggle, Medical Services, $33.00 A & 11 Drugs ac/John Parks, Rx 376451, 376452, 8/10, $20.75 George Banasky ac/George Banasky,lenses and frames, 8/26, $56.79 Cornell's Valley Phammacy ac/David Riggle, Rx 40853, 40854,8/2, $8.50, ace bandage, $2.63; ac/Marvin Sherertz, Rx 38184, 37073, $20.35, Rx 40218, 8/6, $6.30, Rx32006, 40218, 41173, 8/14, $18.65; ac/Delbert Miller, Rx 40971, 40972, 40973, 8/7, $14.50; ac/Gerald Nichols, Rx 41416, 8/23, $3.90 James H. Hartwig, M.D. ac/Gerald Nichols, Injection, 8/23, $4.00 K's Pharmacy ac/George Banasky, Dramamine, 8/15, $3.69; ac/Keith Steel, Rx 122852, 122853, Neosporin drops, 8/30, $7.64; ac/Kenneth Walls, Rx 122539, 8/9, $3.10 John Lind, D.D.S> ac/Jack Colombi, Dental Services for accident,4/8 through 7/11, Balance, $107.40 Mason Shoe Mfg. Co. ac/Ronald Bergman, high top boots for broken , (To be reimbursed to Ron Bergman) 4/15/74, $45.23 (To be held until next meeti Pay,n Dn,gs ac/Chuck Christenson, Rx 166-780, 7/3,, $2085 ICN'TE-X PETSIC+N PAY'`'S FOR Ste, 1974 °"rhea. M._exaznder $692.50 W, rs. hr za, Anderson 312.00 x K. ndex°son 537.00 James F Ashurst 773.00 Charles Coodwin 692.50 '_firs. Constance Haworth 532.00 Jack Haworth 537.00 Floyd Lawrence 372,10 Mrs, Oraha McDonald 312.00 John Parks 542.00 Sylvia .oan Pring--,Le 548.25 Karl Strom 537.00 Twank~Js L. Todd 11,70 CITY,OF RENTON - F I REMI.N'S I".NS I ON FUND Statement of Cash and Investments As of August 31, 1974 Current Previous Ld5t Year Last Year Period PerFod Current Previous 8 /31 N 31f 74 Period Period 8 / / / Cash $ 16,634.07 $ 21,294.60 $ 9,635.84 $ 15,298.18 Investments bank Notes, Etc. 20,000.00 50,000.00 ! 75,000.00 80,000.00 Municipals 333,511.67 323,083.56 380,484.23 380,484.23 Corporate bonds 263,739.06 263,739.06 238,462,47 244,462.47 Mutual Funds 41 Total $1,046,357.77 1 065 t $1,1 4.053.74- Total Cash and Investments $12,062,991.84 LO 4 Investment changes during current report period; Liquidated $50,000 C. D. at maturity and reinvesr!•d $20,000 in a C. A. at 17n65% to mature September 30. e CITY OF RENTON FIREMEN°S PENSION BOARD October 18, 1974 rM BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board, usually held on the second Monday of the month, was held on the third Monday, proper publication of the meeting notice was published according to law. The meeting was called to order by Chairman Garrett at 4:00 P.M. , Board Member Schellert was absent. MOVED BY MEAD, SECONDED BY PHILLIPS, To APPROVE THE MINUTES OF THE REGULAR hn=ING OF SayI'IIvIDER 9, 1974 AS WRITTEN. MOTION CARRIED. BILK AND MONTHLY PENSION PAYMENTS (As attached hereto) Lst of monthly bills and pension payments was distributed. During discussion, it was requested that a memo be directed to Board Member Schellert advising that the Board is waiting for his report so determination can be made as concerns request by firemen that the Pension Fund pick up balance of dental (x)sts over and above benefits provided in the Dental Contract. M• . Attention was called to billing submitted by John L. Parks for reimbursement for eye- glasses, lenses and frames. It was noted that Mr. Parks was retired under the old pension system under which no benefits are provided for eyeglasses. Firemen Henry was requested to look into the matter of retirement date of Mr. Paris. -,xne discussion ensued as to Board authority to deny payments when approved by the oeal LEFF Board and provision of law that cities can use whatever funds are avail- ble tc pay medical costs, it being noted when dissenting opinions result between the Boards, the opinion should go back to the LEFF Board for further determination. MOVFL, BY PHILLIPS, SEOONDED BY HENRY, TO PAY THE BILLS AND MONTHLY PENSION WARRANTS, FD((*'.-'T FOR EYEGLASS RFIMBURSEVEIT FOR THE RETIRED FIREMAN. MOTION CARRIED. NEW BUSINESS >k)ard Member Henry noted request of Peter Adams for letter from this Board stating the amount _)f money he had paid into the Pension Fund from date of employment until 1970 when he went under LEFT, Secretary advised she would check this matter. Statement of Cash and Investments during current month was distributed, as attached hereto. Board Member Phillips urged that some action be taken by the Board in regard LO granting dental costs to firemen over and above those paid under the contract. It wa:i noted that in deference to Member Schellert who was to report on the matter, action would be witnhel_d at this meeting. The : ting adjourned at 4:48 p.m. Delores A. Mead, City irk-Secretary Firemen°s Pension Board DAM:j t 3.9 C I TY nF PENTON F I Pf N`.,I ON FUND 8tatument of Cash ,,nd Investmunts As of September 30, 1974 Current 1'rev iou . Lw.t Ycor List Year Period Pd;riod Current Previous 9 /30 114 8 /31 /14 Period Puriod 9 /30 /13 8 /31 //3 Cash $ 11,680.65 $ 16,634.07 $ 4,478. 14 $ 9,635. 84 Investments ,sank Notes, Etc. 20,000.00 20,000.00 75,000.00 75,000.00 Municipals 333,511.67 333,511.67 381,793. 97 380,484.23 Corporate Bonds 263,739.06 263,739.06 238,462.47 238,462.47 Mutual Funds 429,107.04 429, 107.04 429,107.04 429, 107.04 Total $1,046A357.77 $1,046,357.77 . 1 124 363.48 $1, 123,053.74 Total Cash and Investments $1,058,038.42 $1,062,991.84 $1, 128,841.62 , $1,132,689. 58 Investment changes during current report period: Liquidated $20,000 C . D. at maturity and reinvested in a C . D. at 10.70'/ to mature October 31. i i 40 FIREMEN'S PENSION BOARD MONTHLY BILLS FOR SEPTEMBER, 1974 A & H Drugs ac/Gerald Nichols, Rx 345178, 8/27 , $3.05; a James Rupprecht, Rx 298072, 345518, 8/31 , $8 Ronald L. Bergman ac/Ron Bergman, Reimbursement for High Top Boots, Mason Shoe Co. , 8/5, $45.23 John L. Bernier, D. C. ac/Karl Strom, Treatment, 9/25, $7.00 Cornell ' s Valley Pharmacy ac/Marvin Sherertz, Rx 42418, 10/2, $13.00 Gerald A. Hurst ac/Gerald Hurst, Reimbursement for glasses repair, 9/26, $5.79 K' s Pharmacy ac/Robert Connell , Rxll9093, 9/6, $10.50, Rx (Total ® $76. 12) 117577, 9/17, Rx 117577, Rx 121946, 9/24, $2.85, Rx 1122365, 9/30, $7.24; ac/Gerald Hurst, Rx 122871 , 122872, 8/31 , $5.75, Rx 122915, Maalox, Digel , Enzactin, 9/4, $7.16; ac/Jon Robison, Rx 122877, 9/3, $1 .95, Rx 122944, 122945, 9/6, $7.10; ac/John Alexander, cough syrup, 9/17, $1 .31 ac/James Ashurst, 9/17 , Maalox, $6.32; ac/John Parks, Rx 120404, 120405, Titrilac, 9/10, $22.19 King County Medical Services for September m $990,00 PqR Group Health Services for September m $125.00LM Washington Dental Service Services for September a $409.92 William Larson ac/W. Larson, Reimbursement for lenses, 9/20, Renton Optical Co. , $12.50 John L. Darks ac/John L. Parks, hospital bed, 8/7/74, $89.51 S`-law Re.xall �Austin' s) ac/Theron K. Anderson, Rx 393563, 8/29, $10.20 PENSION PAYMENTS FOR OCTOBER, 1974 John Alexander $692.50 Floyd Lawrence $372. 10 vrs. nza Anders-n 312.00 Mrs. Orpha McDonald 312.00 K. An1'erscm 537.00 John Parks 542.00 James F. Ashurst 773.00 Sylvia J. Pringle 548.25 vharles Goodwin 692.50 Karl Strom 537.00 Mrs. Constance Haworth 532.00 Franklin L. Todd 11 .70 Jack Pawort! 537.00 �{o A CITY OF Rlim-N FIREM'S PENSION "RD November 18, 1974 WARD MEMBERS Avery Garrett, Mayor-Chairn= Del Mead, City Clerk-Secretary Bruce Phillips, Fireman x William J. Henry, Fireman Ifenry Schellert, Councilman Ray Barilleaux, Alternate The iovember meeting of the Firemen's Pension Board, regularly held on the second Monday of the month, was held instead on the third Monday of the month, proper public notice given as required by law. The meeting was called to order by Chairman Garrett at 4:00 P.M. All Board members were present. MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE MINUTES OF OCTOBER 18, 1974 AS WRITTEN. CARRIED. CORRESPONDENCE The Secretary reported letter had been sent to Mr. Peter R. Adams, as directed at the Board's last meeting, itemizing contribution paid into the Firemen's Pension Fund and accrued interest through December 31, 1973 during his employ- ment in the Renton Fire Department in total sum of $2,193.04. Attention was called to the fact that in event contributions were withdrawn, Mr. Adams would not receive credit for years of service from 1966 to 1970 upon his retirement, unless that amount of money were to be paid into the LEFF System, the time then reinstated. BILLS AND MONTHLY PENSION PAYMEN'T'S List of October bills and November pension payments was distributed (attached hereto). Question was raised concerning request of Jack Colombi for reimburse- ment of one-half of accumulated sick leave benefits accrued prior to January 1, 1973 in sum of $359.59 now before the Board for payment. Fireman Phillip,-. reported payment is in order, release has been signed by Mr. Colombi. Bi 11 of R. ,�zissler for 30% dental bill reimbursement (Dr. Dahlquist) was questioned. Inquiry was made by Chairman Garrett as to specific issues to be decided by the Board in regard to Firemen's request for funding percentage of dental benefits not covered under present Dental Contract. Fireman Phillips advised the question concerns the fact that liability for dental care has been accepted for the Fire Department and the request now is for the Firemen's Pension Fund to assume liability also for the percentage cost 'the employee now pays (to cover employee only, not family members) . Fee schedule was outlined, Article IV, Section 4.021 of Dental Contract: 1973 - 70% paid by Company, eaployee pays 30"Io. 1974 - 80% paid by Company, employee pays 20%. 1975 - 90% paid by Company, employee pays 10%. 1976 - 100% paid by Company, employee pays nothing. The extent of payment to be funded would be limited to what the contract Qut- lines, per Board Member Schellert's report as concerns prosthetics :dentures and bridges cosmetic not allowed. In case of dentures, where only 501/o is Firemen's Pension Board Page 2 - November 18, 1974 allowed, the Firemen's Pension Fund is requested to pay the 50% balance, but only up to limited amount shown in the schedule, which is a certain fee for each particular type of work. Also, if schedule allows $XX and dentist charges more, the Board would allow only up to the amount allowed by fee schedule, employee to pick up the balance of dent�_st's over-charge. In ensuing discussion, it was noted that complete mouth xray is allowed only once every three years - diagnostic. When originally decided proposal was for amount of coverage to be bought as a preventative medical measure, the firemen now pro- posing that reimbursement to individual .firemen retroactive to beginning of the contract be effected which would be an entirely new situation. The request was submitted for decision, no obligation existing on the Board, the firemen feeling burden of responsibility of the city could be lightened and that accepting such liability was within legal discretionary capability. The cost of picking up such additional liability was anticipated at $2,000.00. Proof of service to be presented to the Board the dental service billings showing accounting. Effect of providing such service to a special group of employees was questioned, it being noted money must be appropriated into the budget before it can be expended, the matter not having been before the Finance Committee of the Council.. Fair Labor Act was cited as to treating all employees alike without discrimination, it being pointed out that only when going outside of what company fee schedule allows would there be discrimination. Further discussion ensued concerning exceptions listed, incentive plan and year and percentages in effect, 1973-7070, 1974- 80%, 1975-90% and 1.976-100%, no Further funds to be required thereafter. Legal aspects of payment to individuals was questioned, effect on contract if extended thusly, as well as matter of extending benefits to pick up 50% on dentures, which is beyond contract limits. After further discussion, it was MOVED BY SC EL.LERT, SECONDED BY MEAD, TO REFER THE MATTER TO BOARD h111BER. SCHELLERP TO COUNSEL WITH THE CITY ATTORNEY AS 10 LEGAL ASPECTS OF PROVIDING COVERAGE REQUESTED OVER, ABOVE CONTRACT FOR DMq`URES Al SO,IN VIEW. OF FAIR LABOR ACT AS CONCERNS TREATING ALL EMMPIi0YEE,.S OR. iMABERS ALIKE, WHET11ER BENEFITS COULD BE IX=)ED TO A GROUP OF INDIVIDUAL MEibBER E'VIPLOYEE.S, IMPACT OF TAKING ANY SUCH ACTION TO BE DETERMINED.WITH REPORT BACK AT DECEhBF� MEETING. MOTION CARRIED. MOVED BY SCHELL EF1 , SECOI,1DED BY MEAD, TO AUTIiORIZg PAYMENT OF CURRENT BILLS AND TILY PENTION PAYP;0nE s WITH IxCEPTIOPd OF THE GEISSLER DENTAL REI MURS . �, I ION CARRIED. hand 1-lember Henry noted increased cost of eyeglass frames due to inflation and at LEFF Board allowance has been raised from $20.00 to $3S.00 and suggested Like action by the Pension Board. MOVED BY SQIELLE1T, SECONDED BY BRUCE, TO RAISE THE ALLOWANCE FOR EYEGLASS FRAMES AS PPOPOSED. THE MOTION CARRIED. FIRUMT HENRY INQUIRED AS CONCERNS DISABILITY REPLACEMENT NOTI14G SICK LEAVE IS BEING DEDUCTED RATHER THAN DISABILITY LEAVE BEING GRAlVT'ED, CHA,1pA�F.N GAR.RFIT i NOTF;D SICK LEAVE IS TO BE USED UP PRIOR TO ANY DISABILITY BEING GRANTED. (per ! City Ordinance) Subject was further discussed as to paymentfor disability re- placement deemed a medical expense and payable item, vaxious as°_cct^ of sau,; dis cus6ed . 70 FIREMEN'S PENSION BOARD MUMMY BILLS FOR. OCIIDBER, 1974 Austins Shaw Pharmacy ac/T. K. Anderson, Rx 393563, 10/29, $10.20 too John L. Bernier, D.C. ae/Karl Strom, Services, 10/9, $7.00 Jack L. Colombi ac/J. Colombi, Reimbursement for 1/2 Sick Leave Benefit accrued prior to January 1, 1973, ' $385.59 Cornell's Valley Pharmacy ac/Del Miller, Rx 42707, 42706, 10/11, $8.30; (Total $40.55) ac/Marvin Sherertz Rx 42502 10/4,/ $4.00, Rx 42625 42502, 10/9, $11.60, Rx 425020, 10/16, $4.00, Rx 425020, 10/23, $4.00; ac/Keith Steel, Rx 42601, \\ 42600, 10/7, $8.65 R�ha.r Ge`�ss�r ja %6 issle Re' semen for 30% a\\ u uist r den 1bill not covered bytto 'al tract, ugus $210. 0 Group Health October coverage, $125.00, November coverage, $125.( (Total $250.00) King County Medical October coverage, $1,009.80, November coverage, (Total $1,999.80) $990.00 Washington Dental Service October coverage, $409.92, November coverage, $409.f (Total $819.84) K's Prescription Pharmacy ae/John Alexander, Rx 123437, 123438, 123439, 10/7, $7.75; ac/Jolu1 Parks, Rx 120404, Titrilac, 10/14, $11.97 Disability Reimbursement July - November 15., 1974, $5,840.72 PENSION PAYMENTS FOR NOVEMBER John Alexander $692.50 Floyd Lawrence $372.10 Mrs. Enza Anderson 312.00 Mrs. Orpha McDonald 312.00 T. K. Anderson 537.00 John parks 542.00 James F. Ashurst 773.00 Sylvia J. Pringle 548.25 Charles Goodwin 692.50 Karl Strom 537.00 Mrs. Constance Haworth 532.00 Franklin L. Tood 11.70 Jack Haworth 537.00 kw A 1 Firemen's Pension Boarc! Meeting LID November 18, 1974 Page 3. Monthly statement of cash and investments was distributed, investment changes during mc)nth reflecting liquidation of $20,000.00 Certificate of Deposit at maturity and reinvestment in a Repurchase Agreement at 9% to mature 11/29/74. As there as no further business to come before the Board, it was MOVED BY PHILLIPS, SECONDED BY HENRY, TO ADJOURN. THE MOTION CARRIED. The meeting was adjourned at 5:10 p.m. Delores A. Mead, City Clerk - Secretary, Firemen's Pension Board r r.r �Ozl C I TY OF RENTON - F I REINU N' Pl. N`;I nN I UND Statement of Cash and Investments As of October 31, 1974 Current Previous LdST Year Last Year Period Period Current Previous 10 /31 / 74 9/30/71! Ile riod Period 10/31/ 3 9/i0/7i Cash $ 6,138.44 $ 11,680.65 $ 38,059. 16 8 4,478. 11, Investments Bank Notes, Etc. 20,000.00 20,000.00 55,000.00 75,000.00 Municipals 333,511.67 333,511 .67 381,793.97 381,793.97 Corporate Bonds 263,739.06 263,739.06 212,891.66 238,462.47 Mutual Funds 429. 107.04 429, 107-64 429 107.04 429, 107,04 Total 91,046,357.71- 91 ,078,790,07 nllb-i.118 Total Cash and Investments $1,052,496.21 81,058,038-42 $1 , 116,851.83 81, 128,841.62 Investment changes during current report period: 1 . Liquidated $20,000 Certificate of Deposit at maturity and reinvested in a Repurchase Agreement at 9�, to mature November 29, 1974. 1 41 . CITY OF RENTON FIREMEN' S PENSION BOARD December 9, 1974 BOARD MEMBERS i Avery Garrett , Mayor-Chairman Del Mead, City Clerk-Secretary j Bruce Phillips , Fireman William J . Henry , Fireman Henry Schellert , Councilman Ray Barilleaux , Alternate The regular meeting of the Firemen ' s Pension Board was called to order by Chairman Garrett at 4 : 00 P..M. Absent Board Members Phillips , on vacation , and Schellert , unable to attend, were excused. MOVED BY MEAD , SECONDED BY HENRY TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF NOVEMBER 18 , 1974 AS PREPARED. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (As attached hereto) List of Monthly Bills and Pension payments were distributed. MOVED BY HENRY, SECONDED BY MEAD, MONTHLY BILLS AND PENSION PAYMENTS BE APPROVED 11 FOR PAYMENT. CARRIED. Fireman Henry questioned whether the Geissler bill for dental fee reimburse- ment was to be considered at this time. The Secretary advised that the City Attorney was preparing his opinion and did not have it available for this meeting . Fireman Henry inquired as to whether funds are taken out of the Pension Fund for disability reimbursement payments , the Chairman advising :funds were transferred after authorization by the Pension Board when shown on the Monthly Statement of Bills . Fireman Henry also inquired concerning the budgetary allocation for disability payments , it being con- firmed that. the Fire Department ' s Salary Account had been reduced by $10 , 000 , (no change mule regarding the $30 , 000 allocated for disability pay- ments in the Firemen 's Pension Fund account .) The subject of legal opinion concerning firemen ' s request for payment of expenses which they incur over and above amount the dental contract provides was ['urther discussed and it was determined that a special im�e : ing could be called if desirable upon receipt of the report by i>oard Member S,,.hellert, MONTHLY STATEMENT OF CASH AND INVESTMENTS (As attached hereto) Monthly statement of cash and investments was distributed, investment changes during month reflecting liquidation of $20 , 000 Repurchase Agree- ment at maturity and reinvested in a Certificate of Deposit at 91,11, to mature January 2 , 1975. MOVED BY HENRY, SECONDED BY MEAD, THAT THE MEETING BE ADJOURNED. CARRIED. AN--o Ling adjourned at 4 : 40 P.M. Delores A. Mead, City Clerk Secretary - Firemen ' s Pension DAM : jt Board 42 , FIR]34EN"S PENSION BOARD WMIR.,Y BILLS FOR NOVEMBER, 1974 RETIRED FIREMEN (Retired under Firemen's Pension Board) John L. Bernier, D.C. ac/Karl Strcm, Services, 11/6, .(J K's Prescription Pharmacy ac/John Alexander ` Rx 123438, 123439, $5.65, 11 1, Rx 123958, it 1.2, (Total - $66.77) / / $4.00, Rx 124138, 124155 11/25, $16,90; ac John Paxks, Rx 120404, 120405, Titri.la.c, $20.22 PENSION PAYMEIV'i'S FOR DEM&M, 1974 John Alexander $692.50 Mrs. Orpha McDonald $312.00 Mrs. Enza Anderson 312.00 John Parks 542.00 T. K. Anderson 537.00 Sylvia J. Pringle 548.25 James F. Ashurst 773.00 Karl Strom 537.00 Charles Goodwin 692.50 Franklin L. Todd 11.70 Nirs. Constance Haworth 532.00 Jack Haworth 537.00 Floyd Lawrence 372.10 ACTIVE FIREMEN AND FIREMEN RETIRED uNDER LEFF SYSTIm A & H Drugs ac/Jack Colambi, Rx 338201, 9/13, Rx 338201, (Total - $32.10) 10/14, $3.75, Rx 338201, 11/11, $3.75; ac/ James Matthew, Rx 378264, 9/27, $4.05; ac/James Rupprecht, Rx 351028, 11/8, $12.70, Rx 3471201. 9/24, $4.10, Austin Shaw Rexall Pharmacy ac/David Walsh, Rx 394559, 10/30, Rx 388115, . Ronald Bergman Reimbursement for Shepard Ambulance not paid by King County, 4/9/74, $18.00 Cornell's Pharmacy ac/Marvin Sherertz, Rx 425020, $6.00, 10/31, (Total - $28.40) Rx 43591, 11/13, $4.75, Rx 42502, 11/27, $3.60; ac/Patrick Walsh, Rx 43500, $4.20, 11/18, Rx 43499, 43500, 11/11, $9.85 J. H. Hartwig, M.D. ac/Michael Moeller, Injection, $5.00, 10/23 Dr. C. David Heflin, D.O. ac/Charles Christenson, Office Call and Treat- ment, 8/5, $15.00 K's Pharmacy ac/Robert Connell, Rx 122365, 119093, 10/21, (Total - $116.26) $15.65, Rx 124092, 11/20, $6.05; ac/G. Hurst, Maalox, Digel, Desenex, $7.24; ac/Bill Larson, 11/22, Rx 111119, $4.20; ac/Ted LaValley, 10/17, Ascri- Rx 122389, 122390, $26.17; ac/Gaxy Newton, Rx 123883, 123884, 11/6, $14.25; ac/Bruc Phillips, Tylenol, Mylanta, Rx 113355, 10/ , $14.77; ac/Ken Walls, Rx 123419, 123420, 1 ` , $12.15, Rx 123468, 10/9, $4.85, Robitussin, Rx 123468, 123419, 11/6, $10.93 Patrick. Walsh ac/Patrick Walsh, Reimbursement, glasses, $23.0( Drs. Wilson & Kushner ac/Patrick Walsh, Injection, 10/28, $5.00 1 43 3 CITY OF RENTON - FIREMEN'S PENSION FUND Statbment of Cash and Invesiments As of November 30, 19711 I Current Previous Last Year Last Year Period Period Current Previous 11 /30 /74 10 / 31/ 74 Period Reriod i ll r)0 / 73 11) r))1 /!3 C.15n $ 1,055.91 6 6, 138.44 16,523.80 i -58,u3'). 16 Invustmonts Binh NOTUS, C tc. 12,()00.00 20,0(10.00 70,000.00 5 5,(100.(10 MunicIpals 333,511.67 333,511.07 381 ,793.97 381 ,793.97 Corporatu Bonds 263,739.06 263,739.00 212,891 .66 2)12,891.00 Mutud I Funds h_'►) 107.04 1►_'9, 107.04 429, 107-0/1 429, 107.()11 { Tote 1 , ► Ilii i 57.77 $1 ,046,357-77 81 ,091,792.67 A I ,O7H,7')'_'.67 Tot,f l Cash and Investmunts $1 ,039,413.68 81 ,052,496.21 61, 110,316.47 1 , 116,851 .83 Invuutmunt changes during current report period; 1 . Liyuidal'od X620,0(10 Repurchase Agreement at maturity and reinvested ill c,,'t i fi(•ate or 1)eposi t at 9%, to uu►ture January 2, 1975. S CITY OF RENTON FIREMEN'S PENSION BOARD Special Meeting December 23, 1974 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk, Secretary Bruce Phillips, Fireman William J. Henry, Fireman Ray Barillepux, Alternate i The special meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 p.m. All Board Members were in attendance, City Attorney Shellan also present. The purpose of the special meeting was to hear report by Board Member Schellert on City Attorney's opinion regarding legality of payment from the pension fund of dental charges over and above benefits paid by the Washington Dental Plan, which unpaid balances are billed directly to individual firemen. The fire fighters had requested that the pension fund pick up that additional dental cost now bi'led to them. Board member Schellert, Finance Committee Chairman of the Council, reported recommendation, based upon Attorney's opinion, that the Board not change its present policy. City Attorney Shellan explained his report, ca-'ling attention to Attorney General's Opinion of May, 1971 which indicated that Firemen's Pension Fund monies can be used for certain employer obligations imposed under the LEFF Act, which enabling legisla- tion applies to both fire and police. Hospitalization, medical and dental coverage •'� is allowed, minimum dental limited to accidental injury incurred in line cf duty and member must go to the dentist within ninety days of injury. The City has gone beyond minimum allowance which it has the right to do if money is available, and as a preventative maintenance measure, Washington Dental Insurance has been provided for $XXX ;iew employees for said coverage. The contract provides for a graduated scale of dental benefits with 100% paid after three years if employee utilizes each year, a problem of discrimination arising if 100% given one group and not other covered under the same Act. It was noted that city employees at present all receive the same benefit. More benefits than established by LEFF are now granted,which may rightfully be done providing money is available,, but one group covered by the Act may not be excluded. Question was posed "Can Pension Funds be used to cover the Firemen's personal portion of dental costs over and above contract allowance, as presently requested by the fire fighters." Answer by Attorney: No, you cannot now provide the extra benefits to firemen and not provide them also to the police who are covered under the same Act. Question: "Can services be provided over and above what Attorney General had recom- mended and what LEFF Act stipulates. Answer: If Council should decide to.provide full coverage, if monies were available, it legally could do so. As concerns LEFF only,I do not believe such could be given to one group only, but such could be done if on a non-discriminatory basis The Firemen's pftLnmion Board could not determine for the firemen and exclude others who are also under the LEFF Act and thus any such policy decision w-)uld need concurrence by Council. When the Council established the present payment policy the Board was obligated to the amount of benefits as contracted and would have the authority to pay the firemen the benefits as granted all employees, the _,+:rasion Board however cannot initiate a change in Cites policy. The Board is limi- ted since the LWF Act became effective having authority however, to pay such benefits as are granted a-']. employees by Legislative Policy Decision. t i; FIREMEN'S PENSION BOARD Special Meeting - 12/23/74 (Cont.) Page Two Union requests of Firemen Board Members were noted, some of which concerned items of negotiation,the 100% dental benefit at this time being one of the requests. Discussion ensued concerning benefits received by firemen not contributing to the Pension Fund, it being pointed out that pension funds cannot be expended for police or others but are for firemen only, remarks noting merger of retirement systems also, benefits regarding Social Security, affecting some members upon legislative changes. It was pointed out that the Firemen's Pension Fund is a public fund and that it is not just owned by the firemen but that the City has put tax millage into the fund, use of said funds now predicated upon the LEFF Act and regardless of where the money came from or who paid into it, benefits cannot be paid on a discriminatory basis. Council could establish a policy that all employees should have special additional coverage and the City would have a policy and could pay the obligation for fire fighters from the fund and find the means for funding the benefits for others. Note was made by the firemen concerning depletion of the Fund. The City Attorney noted the fund to be actuarially sound, firemen having broader coverage and better off under LEFF than under the old system. Discussion ensued as to disability sick leave payments and wages not being permissible expendituressaccording to inter- pretation of AGO, and fireman Henry felt additional dental benefits should be in order,urging in view of actuary soundness that same be considered, Attorney's opinion as concerns possibility only if granted on a non-discriminatory basis, re- called. Following further discussion, it was MOVED BY HENRY, SECONDED BY PHILLIPS, THE SECRETARY CHECK CONCERNING ACTUARIAL VALUATION ASSESSMENT OF THE FUND AND ESTIMATED COST TO UPDATE. CARRIED. Presentation to the Board was suggested. It was suggested that a change in State Law might be sought to allow firemen benefits to be extended within the LHFF membership without having it apply to other members, if a Pension Fund should have available surplus to fund same. It was determined to defer concurrence in Member Schellert's recommendation until the actuary presentation is made. MOVED BY SCHELLERT, SECONDED BY PHILLIPS, TO ADJOURN. THE MOTION CARRIED. Meeting adjourned at 5:50 p.m. Del-ores -A. Mead, Cz y Clerk-Sec. 46 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting January 13, 1975 BOARD MEMBERS Avery Garrett , Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen ' s Pension Board was called to order by Chairman Garrett at 4 : 00 P.M. All Board Members were present . MOVED BY SCHELLERT, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF DECEMBER 9, 1974 AS WRITTEN. MOTION CARRIED. The Secretary reported that Fireman Henry' s term on the Board has expired as of January 1 , 1975. Letter to Fire Chief Williams requested election, present member to serve until his successor is confirmed. MONTHLY BILLS AND PENSION PAYMENTS List of monthly bills and January pension payments (as attached hereto) were distributed to members . In discussion of payment of bills not routed through King County Medical, policy was recalled that all claims must first be sent to King County Medical Service , Inc. prior to sub- mittal to the Pension Board, all LEFF members carried under either King County or Group Health and Firefighters to file claims with King County accordingly. Also, payments should be made on original bills and not monthly statements unless, for some reason, such is not possible. It was suggested that letter regarding these problems be sent to the LEFF Board to reaffirm that bills are first to be sent to King County prior to approval of payment . Fireman Phillips advised of claims included in current billings concerning weight control problems, the Clinic render- ing services therefor not a member of King County Medical , but firemen eel the facility provides the best service for this medical need. MOVED BY SCHELLERT, SECONDED BY MEAD, THAT THE BILLS AND PENSION PAYMENTS BE APPROVED AS PRESENTED AND WARRANTS DRAWN TO COVER. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (As attached hereto) Monthly statements of cash and investments was distributed, investment changes during the month reflecting liquidation of $12 ,000 Certificate of Deposit and investment of $46,000 at 8. 55% to mature March 31st . Also, receipt of $28, 824. 33 payment on three L. I .D. installment notes and $13, 097.40 Payment to Reimburse for interim financing of L. I .D. 277. 7'he Boarc. was advised that Gary Dime, Dean Witter Investment Counsellor, will be present to make presentation concerning the Pension Fund invest- ments at the next meeting. The Board, at its special meeting, had requested information regarding an actuarial . The Secretary reported that Mr. Norman Losch, of Marsh & McLennan Co. , the firm previously retained for that purpose had been 47 Firemen' s Pension Board Meeting of January 13, 1975 Page Two contacted concerning an actuarial survey and $1 ,000 had been estimated to conduct such survey. In discussion, it was noted that actuarials are usually conducted to determine whether millage is necessary to establish soundness of a fund. The Firemen 's Pension Fund obviously contains sufficient funds to provide necessary benefits payable with no tax levy required. Mr. Losch indicated medical benefits are some- what ,difficult to project, but some estimate could be ascertained. The Secretary was requested to invite Mr. Losch to make a presentation at the March meeting. i MOVED BY SCHELLERT, SECONDED BY PHILLIPS, TO ADJOURN. CARRIED. Meeting adjourned at 4 ;25 P.M. Delores A. Mead, City Clerk - Secretary - Firemen ' s Pension Board DAM;jt i i i 48 FIREM'S PENSION HOARD MONTHLY HILLS POR D E ' 1BER, 1974 RETIRED FIREMEN (Retired under Firemen's Pension Board Auburn General Hospital ac/J. Haworth, Outpatient, $48.75 K's Pharmacy ac/John Alexander, Rx 12430, 12/9, $4.20, Rxl2 , Total - $28.06 12/23, $9.00; ac/James Ashurst., Rx 80349, Maalox, 12/10, $8.92; ac/John Parks, Titrilac, 12/19, $5.94 Leonard Rexall Drugs - Kent ac/Jack Haworth, Rx 250740, 12/24, $2.00, Rx 250740 Total - $16.05 12/20, $3.00, Rx 250884, 250885, 1/6, $11.05 PENSION PAYMENTS FOR JANUARY, 1975 John Alexander $733.00 Gerald Hurst '$ 20.32 Mrs. Enza Anderson 312.00 Floyd Lawrence 372.10 T. K. Anderson 568.50 Mrs. Orpha McDonald 312.00 James F. Ashurst 818.00 John Parks 573.50 Robert Connell 40.50 Sylvia Joan Pringle 548.46 Charles Goodwin 733.00 Karl Strap 568.50 Mrs. Constance Haworth 563.50 Jack Haworth 568.50 ACTIVE FIREMEN AND FIREMEN RETIRED UNDER LEFF SYSTEM A & H Drugs ac/Jack Colombi, Rx 352808, 352809, 12/2, $6.05, Total - $28.60 Rx 353247, 12/6, $4.70, Rx 352809, 12/9, $2.85, Rx 353247, 12/15, $4.70, Rx 352809, 354032, 12/18, $6.60; ac/James Rupprecht, Rx 398072, 11/7, Se` Shampoo, $3.70 Columbia Clinic, Inc. ac/Ron Bergman, O/C, Medical, Lab, 10/6-12/11, or Total - $160.00 $70.00; ac/Larry Codiga, 0/C, Medical, Lab, 10/17, $45.00; ac/Larry Weiss, Office call, medication, ' 10/16, $45.00 Cornell's Valley Pharmacy ac/Marvin Sherertz, Rx 44462, 12/16, $11.40, Total - $36.15 Rx 44487, 12/16, $4.75, Rx 44875, 12/30, $5.10, ac/Keith Steel, Rx 44126C; ac/Edgar Wooten, Rx 44463, 44464, 12/16, $11.15 Group Health Services for December - $125.00 King County Medical Services for December - $990.00 Valley General Hospital ac/Gerald Hurst, Emergency Services not covered Total - $28.00 by King County, $18.00; ac/Kurt Pedersen, Emer- gency Services not covered by King County, $10.00 Washington Dental Service Services for December - $409.92 Dan E. Ranniger, M.D. ac/Bruce Phillips, Medical Services, 12/6, $7.50 49 CITY OF IUNTON - 1''1111: MNIS 114NS10N FUND Statement of Cash and Investments As of December 31 , 1974 Current Previous Lust Year Last Year Period Period Current Previous 12/31/74 11 /30/7�e Period Period -12/11 P 3 ll/-50,03 Carl, $ 56,595.14 6 1,055.91 $ 4,573.86 a 16,523.80 !IIvesLUlents Bank Notes, Etc. -0- 120000.00 1029000.00 709000.00 Muilicipals 2919589.94 333,511.67 362,133.29 381,793.97 Corporate Bonds 263,739.06 263,739.06 2129891.66 2129891.66 Mu Lua 1 Funds 429. 107.04 420. 107.04 429, 107.04 429 1OZ.01A To Lal $ 984,436.04 $1,038,357-77 $1,106,131-99 41 093 792.67 TOTAL CASH AND $1,041,031.18 1,039,413.613 $19110,705.85 $1,110016.47 INVE5IM1;NTS Inve6went changes during current report period: 1. Liquidates! $1-0,000 Certificate of Deposit at Maturity and Invested $46,000 on January 2, 1975 at 8.55% to Mature March 31st. 2. Received $28,824.33 Payment on three L.I.D. Installment Notes. 3. Received $13,097.40 Payment to Reimburse for Interim Financing) of L.I.D. 277. 50' CITY OF RENTON — FIREMEN'S PENSION FUND SHORT TERM INTEREST RATES FOR THE YEAR 1974 PERCENT PERCENT 12.0 12.0 11 .5 11 .5 11 .0 11 .0 10.5 10.5 10.0 10.0 9.5 9.5 9.0 9.0 8.5 8,5 8.0 4, 8.0 7.5 7.5 7.0 7.0 6.5 6.5 c 6.0 6.0 0a A 0 JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC 51 CITY OF RENTON FIREMEN'S PENSION BOARD Special Meeting February 3, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate A Special Meeting of the Firemen's Pension Board was called via telephone for the purpose of determining annual Cost of Living percentage increase, authorized by the 1974 Legislature, per Ch. 190, (Substitute Senate Bill No. 3194) WASH Laws, 1974 1st Ex Sess. (43rd Legis. 3rd Ex.S. ) , R.C.W. 41 . 18. 104, payable on Retiremen Pensions for service -or disability with fixed income receiving 2% increase not subject to escalator clause. U. S. Department of Labor Statistics, A.W.C. and other cities and the State Labor Council were contacted and 9.4% has been determined as the 1973 Consumer Price Index percentage used in payments to be adjusted effective as of July 1 , of each year. I It was the concensus of opinion that 9.4% would be granted. Delores A. Mead, Se retar Y 52 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting February 10, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. , all Board Members were present and in addition, Mr. Gary Dime, Investment Counsellor, Dean Witter and Co. Mr. Dime was introduced at this time and proceeded with review of annual Pension Fund investments. List of holdings in corporate bonds and mutual' funds was distri- buted, as attached hereto. CORPORATE BONDS The report listed corporate bond investments of $310,000; cost, $270,143.50; current market value (if sold today) $255,224.90 (932% decline) , income per year, $20,040.60 reflecting 7.420% cash yield on cost. Mr. Dime said the reason for the decline was a period in which interest rates moved up rapidly, prime rate being up to 12% and bonds declining in value accordingly. Bonds bought at discount will mature at full value and will eventually show a $40,000 capital gain. As interest rates decline, the bonds appreciate in value. Interest rates have been up as high as 12%, are now 9% and will likely be down to 7% by the end of the summer. Upon inquiry concerning cost and present market value, it was noted that the bonds always remain steady with no change if held to maturity, interim sale warranted only in event cash were needed. Upon inquiry as to cash flow and needs , Chairman Garrett noted adequacy of cash flow. for meeting .presentobligations,bonds purchased with the understanding they would be held to maturity to get the maximum interest. MUTUAL FUNDS It was noted that mutual funds have done better than anticipated in view of fluctuating interest rates. Mutual Funa__i.nvestments .total 5,891 shares at cost of $429,150.18; current market value $372,086.48, ,down 13% from cost. All have paid income and capital gains, all of which have been reinvested in additional shares. It was recalled that the City's mutual investments are at maximum, as total may not exceed 35% of the total investments of the Fund and not more than 5% may be invested in shares of any one com- pany. The Fund may not invest in preferred or common stocks since assets in excess of $10,000,000 are required for such investments. There are no restrictions on cor- porate bonds. After some general discussion of go-go funds and other funds out of favor in the mutual market, example of General Motors was cited, it being Predicted smaller and lighter cars Would compete with the foreign market, maybe exporting instead of importing a future possibility. MOVED 3Y SCHELLERT, SECONDED BY PHILLIPS, TO APPROVE THE MINUTES OF THE SPECIAL MEETING OF DECEMBER 23, 1974, THE REGULAR MEETING OF JANUARY 13, 1975 AND SPECIAL MEETING OF FEBRUARY 3, 1975. MOTION CARRIED. �FORRESPONDENCE Letter from G. H. Williams, Fire Chief, reportsre-election of William J. Henry to 53 Firemen' s Pension Board Meeting of February 10, 1975 Page Two two-year term as fireman representative to the Pension Board, term expires December 31 , 1976. Letter to the leff Board was read expressing appreciation for continuing support in regard to processing claims through King County Medical Services Corporation prior to any submittal to the Pension Board for payment. MONTHLY STATEMENT OF CASH AND INVESTMENTS (As attached hereto) Monthly statement of Cash and Investments was distributed which reflect receipt of Installment Note payment, L.I .D. 258, in sum of $3,079.01 and purchase of Certificate i of Deposit, $46,000 at 8.55% interest to mature March 31 , 1975. BILLS AND MONTHLY PENSION PAYMENTS (Attached hereto) The Secretary recalled 1975 Legislative action, SSB No. 3194, Ch. 190, Session Laws 1974 (RCW 41 .18. 104) , attached, granting cost of living increases payable on retire- ment pensions for service or disability, with fixed income and now receiving 20", annual increase (not for pensions receiving escalator clause benefits). Current increase to be based on 1973 Consumer Price Index;and in contact with the U.S. Depart- ment of Labor Statistics, various other cities, AWC and the State Labor Council , 9.4% had been determined as the C.P.I . percentage to be granted,with payments effective as of July 1 , 1974 and annually thereafter on each such anniversary date. The City of Renton Firemen's Pension Board, at its special meeting of February 3, 1975, had, by consensus of opinion, granted the 9.4%; said increases retroactively reflected i in the pension payments for this month. MOVED BY PHILLIPS, SECONDED BY SCHELLERT, TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED AND THAT WARRANTS BE DRAWN TO COVER. MOTION CARRIED. i As there was no further business, it was MOVED BY SCHELLERT, SECONDED BY MEAD, TO ADJOURN. CARRIED. Meeting adjourned at 4:45 P.M. j 5 Delores A. Mead, City Clerk-Secretary j Firemen's Pension Board DAM:JT i I 1 1 54 CITY OF RENTON FIREMEN'S PENSION BOARD February 10, 1975 mONTHLY BILLS FOR JANUARY, 1975 Austin's Shaw Pharmacy ac/David Walsh, Rx 388115, 388116, 12/6, $11.95 Baird M. Bardarson, M.D. ac/Marvin Sherertz, Injections, $8.00, 11/13, 12/3 Cornell's Pharmacy ac/Marvin Sherertz, Rx 44991, 44992, 44993, 1/3, (Total $85.22) $19.35; Rx 45279, 45280, 1/13, $18.85, Rx 45037, 1/15, $6.70; Rx 45037, 45705, 1/27, $14.25; Foc 45087 45088 1/25 10.95• 307. QJ0675, 116, $15.12 ac/John parks, Rx 120404, $14.94, 1/18 K's Pharmacy ac/Robert Connell, 121946, 117577, 124092, 12/31, (Total $121.43) $12.65; ac/Keith Steel, Rk 124446, 12/18, $6.40; ac/Frank Todd, Rx 124465, 12/18, $8.10; Rx123468, Novahistimine Elixir, $6.76; ag/J, Alexander, Rx 12465, 1/2, $27.00, 124645, $27.00, 124857, $3.15, Rx 125010, 125089, 124155, Chloraseptic, $15.43 King County Medical Insurance Payment for January, 1975 - $1,255.62 Jon Robison ac/Jon Robison, Reimbursement for frames and lenses 1/14, $76.95 - Stephen L. Jaffe, O.D. Group Health Insurance Payment for January - $125.00 Valley Internal Medicine, ac/Marvin Sherertz, Office Calls, 8/5,$15.00 Virginia Mason Hospital ac/Robert Connell, Balance over King County pa t, Hypoglycemia test, $37.85, Dr. Wilson and Kushner ac/Patrick Walsh, Injections, $10.00 W;ush. ngton Dental Service Payment for January, 1975 - $465.99 PENSION PAYMLNTS kUR JANUARY John Alexander $733.00 Floyd Lawrence $552..66 ?Nirs. Enza Anderson $489.60* Mrs. Orpha McDonald $489.60 T. K. Anderson $568.50 Sylvia J. Pringle $794.46* James F. Ashurst $818.00 Karl Strom $568.50 Charles Goodwin $733.00 Fi-wtk-1-in-ir-Trdd ----r-r-- fa-s. Constance Haworth $932.08* Robert Connell $ 40.50 Jack Haworth $568.50 John Parks $573.50 Gerald Hurst $ 20°32 * Cost of Living retroactive to July 1, 1974 included 55 CITY OF lll:'N`l'ON — Fllt1:,MEN'S 1'1iNSION FUND SLateluellt Of Cush cued 111VeaL11/caLa As of January 31, 1975 Current Previuub Lint Yeur Lit bL Yc,ir Period l'crival CurrcuL 1'rcviuus 1/31/75 12/31/74 It.1'iOil 1'�i iul 1 /'11 /74 ;;,,►� $ 5,060.03 $ 56,595.14 $ 13,226.03 $ 4,573.86 liiLwcnLs U;u,1, Nu Les, 1s Lc. 46,000.00 -0- 92,000.00 102,000.00 Munivipit IS 288,510.93 291,589.94 354,849.89 362,133.29 Cul•puraLe builds 263,739.06 263,739.06 212,891.66 212,891.66 MkILua1 1'wids 429.107.04 429 107.04 4?9,107.04 4?9,107 04 1'uLit 1 $1,027, 357.03 984 436.04 $1 0881 848. 59 1;1, 106,131.99 '1'0'1',11, C,1S11 AND $1,032,417.06 $1,041,031.18 $1,102,074.62 $1,110,705.85 1�V1:�`l!11•:.'V'1'� I luvesLmenL chau;;es during current report period. 1. Received payment of $3,079.01 on LID 258 Installment Note 2. Purchased $46,000 Certificate of Deposit at 8.55% to mature 3/31/75 P 56 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting March 10, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. , Board Member Phillips was absent, all others in attendance. MOVED BY SCHELLERT, SECONDED BYE HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEET- ING OF FEBRUARY 10, 1975. MOTION CARRIED. MONTHLY STATEMENT- OF CASH AND INVESTMENTS (As attached hereto) List was distributed reflecting ca$h and investment activity, L.I.D. 281 cash pay- ment of $10,480.61 for interim financing placed in cash account, the report filed for record. MONTHLY BILLS AND PENSION PAYMENTS (As attached hereto) MOVED BY HENRY,- SECONDED BY SCHELLERT, TO AUTHORIZE THE PAYMENT OF BILLS AND PENSION PAYMENTS. MOTION CARRIED. PUBLIC PENSION 0 SYSTEMS Chairman Garrett reported reconvening today of recessed meeting by the State Pension Board to further review proposal introduced by Senators Bailey, Rasmussen and Newschwander of new reti=antsystem for all public employees hired after January 1, 1.976 and to include any present employees choosing to transfer to the new system. Differential contribution and benefit rates were noted, (3% Social Security and 5-1/2%• pension based on 60% of prior five-year employment period) . Discussion ensued con- cerning pension integration with Social Security benefits, responsibility of cities, and anticipated funding problems when new monies would cease coming into existing systems. There will be some further investigation of the proposed bill prior to any further action. MOVED BY SCHELLERT, SECONDED BY HENRY, TO ADJOURN. CARRIED. Meeting adjourned at 450 P.M. Delores A. Mead, City C1 rk-Secretary Firema,a°s Pension Board DAM:j t 57 CITY OF RENTON Firemen's Pension Board March 10, 1975 MONTHLY BILLS FOR FEBRUARY, 1975 .ustin's Shaw Rexall Pharmacy ac/T. K. Anderson, Rx 393463, 1/13/75, $10.20 & H Drugs #1 ac/James Matthew, Rx 382162, 382163, 1/4, $11.78; & H Drugs #2 ac/James Rupprecht, Rx298072, Selsun Blue shampoo, 1/17/75, $4.60 ,ordon P. Baker, M.D. ac/David Riggle, Medical Services, $18.00 ohn L. Bernier, D.C. ac/Karl Strom, Medical Services, $16.00, 1/8, 1/13 .obert C. Bockoven, M.D. ac/Jack Haworth, Examination, 1/24, $50.00 ornell's Valley Pharmacy ac/Gerald H. Nichols, Rx 46556C, 2/19, $4.25; (Total - $38.65) ac/Marvin Sherertz, Rx 45037, 45279, 45280, 45705. 2/20, $34.40 enson Hill Drugs ac/Gary Dawkins, Rx 141624, 2/10, $6.60 roup Health Insurance Services for February - $125.00 r. C. David Heflen, J.O. ac/Robert Connell, Medical ,Services, 9/23, $14.00 's Pharmacy ac/George Banasky, Rx 124997, 124998, 1/18, $10.15; (Total - $84.25) ac/Robert Connell, Rx 124092, 119093, 1/27, $16.55; ac/Paul Henry, Rx 124963, 124964, 1/16, $9.50; ac/Ted LaValley, Rx 122389, 1/31, $6.75; ac/Bruce Phillips, Rx 113355, 1/22, $7.60, Rx 114208, 12/19, $2.50 - Selsun Blue; ac/John Alexander, Rx 125327, 2/4, $4.80, Rx 125411, 124155, 124138, 2/7, $16.30 Rx 124155, 125089, 2/19, $10.10 ing County Medical Service Services for February - $1,255.62 eonard Rexall Drugs ac/Jack Haworth, Rx 250884, 250885, 1/13, $11.05 aniel M. Moschel, M. D. ac/Jack Haworth, Medical Services, 12/21-1/13, $67.50 , arl B. Strom ac/Karl B. Strom, Reimbursement for James E. Fitzpatrick, D.C. , Medical Services 1/21-2/28/75 $200.00 ENSION PAYMENTS FOR MARCH, 1975 ohn Alexander $733;00 Jack uzaworL`u $568.50 rs. Enza Anderson 334;20 Gerald Hurst 20.32 K. Anderson 568.50 Floyd Lawrence 394.67 Ines F. Ashurst 818.00 Mrs. Orpha McDonald 334.20 bert Connell 40.50 John Parks 573.50 harles Goodwin 733.00 S. Joan Pringle 579.21 onstance C. Haworth 582.01 Karl Strom 568.50 58 CITY OF IIL'NTON - F11t1:.R N' S PINS1O1' rUND Statewent of Cash aad lavesLmedlLb As of Eebruariv_;,,8. 1975 Current Previous Last Year LasL Year Period Period CurrenL Previous 2//28/!5 141h5 Period Period Carl, $ 8,545.54 $ 5,060.03 $ 5,499.83 $ 13,226.03 Bank Nutes, Etc. 46,040.00 46,000.00 92,000.00 92,000.00 Municipals 278,030.32 288.510.93 354,849.89 354,849.89 Curpurate Bonds 263,739.06 263,739.06 212,891.66 212,891.66 Mu(.ua I Fwidb 1 419,107-04— TO 1TO L"1 $1,0161876.42 $1,0272357.03 $1,088,848.59 $1,088,848.59 s TOTAL CASH AN13 INVESTMENTS 1 025 381.96 1 032 417 06 Sj1 094 48 4') l,, Invebtment changes during current report period: 1. Received payment of $10,480.61 for interim financing provided for LID 281. CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting April 14, 1975 p BOARD MEMBERS Avery Garrett, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. Board Member Schellert was absent, all other members present. Mr. Norman Losk, of Marsh and McLennan, Inc. , Consulting Actuary, was introduced at this time having been invited to discuss possible actuarial study of the Firemen's Pension Fund. Mr. Losk noted6 800.00 monthly$ � y ens 'p ion costs , estimated on point survival basis, to result in 1 .2 Million extended liability and felt it desirable due to liability relationship to assets, that the Board commission actuarial , it being necessary to determine means for handling deficit. i Chairman Garrett expressed opinion that the Firemen's Pension Fund, with over `. $1 ,000,000 in assets, would seem to be presently sound. Discussion ensued regarding Engrossed Senate Bill No. 2765 which passed the Senate and is presently in the House Ways and Means Committee proposing a new single State- wide Pension System for all employees of the state, cities, counties, school dis- tricts and other Junior taxing districts after February 15, 1976. Funding liabilities of existing systems by diverting 3% of payroll was mentioned, some concern expressed regarding unfunded liability becoming a burden on cities. Mayor Garrett noted necessity to do whatever the law requires and that the Board would possibly not want to do anything until the Legislature goes home. Mr. Losk indicated that, based upon cost assumptions , there would appear to be an imbalance warranting an actuarial. Loss of benefits now paid in event of new pension plan were noted, attention called to elimination under the new system of requirements for payment by employer of off- duty and post retirement medical expenses (disability leave for these employees also eliminated as concerns those coming under the new system) . MOVED BY PHILLIPS, SECONDED BY HENRY, THAT THE MATTER OF AN ACTUARIAL AGAIN BE CON- SIDERED AT THE FIRST MONTHLY MEETING AFTER THE LEGISLATURE ADJOURNS. CARRIED. MINUTE APPROVAL MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MARCH 10, 1975. CARRIED. 60 FIREMEN'S PENSION BOARD Regular Meeting - 4/14/75 Page Two MONTHLY STATEMENT OF CASH AND INVESTMENT ACTIVITY List reflecting cash and investment activity as of March 31 , 1975 was distributed, a payment received on L.I .D. 265 Installment Note, $9,388.48. Also, $46,000 Certifi- cate of Deposit liquidated and reinvested at 6.20% maturing June 30, 1975. (See attached) . BILLS AND MONTHLY PENSION PAYMENTS The Secretary called attention to April 1 cost of living increases granted by LEOFF f (11 .07% ) noting City pension benefits not exceeding those of LEOFF so no adjustment necessary to pensions for that purpose. Adjustment was made for retired fireman, R. Connell in sum of $18.00 for variance as concerns lq pay differential to maintain spread for Captains as per fact-finding settlement with Firefighters Local 864, con- tract opened to consider such purpose, payment retroactive as of effective date of January 1 , 1975. MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE BILLS AND PENSION PAYMENTS AS PRESENTED AND TO AUTHORIZE THAT WARRANTS BE DRAWN TO COVER. CARRIED Chairman Garrett reported, as Mayor and as member of State Pension Board of Trustees, I his position as being unalterably opposed to the new pension plan as proposed since the State had not previously met its obligation to PERS which was to have insured over the 40-year period that it would be actuarily sound, nor has provision been made to guarantee that cities will not be burdened with additional future unfunded liability< Discussion ensued regarding A.W.C. Executive Committee report, PERS unfunded liability, State obligation, and $12,000,000 I.O.U. , question raised as to why the law does not require the State commitment to be fulfilled. a As there was no further business to come before the Board, the Meeting was adjourned, at 4037 P.M. Delores A. Mead, City Cldrk - Secretary DAM-its ,a N El CITY OF RENTON Firemen's Pension Board April 14, 1975 MONTHLY BILLS FOR MARCH, 1975 A & H Drugs #2 ac/Jack Colombi , Rx 358462, 2/4, $5.00, Rx 354032, (Total - $13.75) 358462, 2/10, $8.75 Austin's Shaw Rexall Pharmacy ac/T. K. Anderson, Rx 393563, 3/25, $10.20 Jack Colombi ac/Jack Colombi , Glasses, frames, lenses, and examination not covered by King County, S. L. Jaffe, O.D. , $75.06 reimbursement Cornell 's Valley Pharmacy ac/Jon Robison, Rx 46855, 3/12, $12.90, Rx 46847, (Total - $70.10) 46855, 2/28, $21 .15; ac/Marvin Sherertz, Rx 45037C, 3/25, 3/22, $13.40; ac/Richard Geissler, Rx 47624, 47625, 3/26, $22.65 Group Health Insurance March payment - $125.00 Jack Haworth ac/Jack Haworth, R. M. Wynrib, Office Call , 5/13/74, (Total Reimbursement - $28.25) $8.00, 9/5/74 - 3 Office visits, $15.00, Rx 195571 , Spencer-Dickie Drugs, Ltd. , 6/6/74, $5.25 K's Pharmacy ac/G.A. Hurst, Rx 125810, 125811 , 125812, 2/28, $9.0-^ (Total - $118.87) ac/Jon Robison, Rx 125455, 125456, 2/10, $9.30; ac/Charles Coffin, Rx 125985, 3/10, $3.75; ac/Robert Connell , Rx 124092, 119083, 122365, 3/7, $21 .70, Rx 77942, 1/28, $2.09; ac/Arthur Pringle, Rx 126167, 3/19, $4.10; ac/John Alexander, Rx 125411 , 125327, 3/3, $8.00, Rx 124155, 124138, 3/11 , $16.90, Rx 124645, 125411 , 125327, 3/20, $35.00; ac/John Parks, Rx 120404, 3/7, $9.00 King County Medical Insurance March payment - $1 ,255.62 Bruce Phillips - Reimbursement ac/B. Phillips, Rx 126315, 126315, 126316, $6.81 Washington Dental Service March payment - $465.99 PENSION PAYMENTS FOR APRIL, 1975 John Alexander $757.00 Gerald Hurst Mrs. Enza Anderson $334.20 Floyd Lawrence $394.67 T. K. Anderson $568.50 Mrs. Orpha McDonald $334.20 James F. Ashurst $818.00 John Parks $573.50 Robert Connell $ 18.00 S. Joan Pringle $579.21 Charles Goodwin $757.00 Karl Strom $568.50 Constance C.. Haworth $582.01 Franklin L. Todd $ 73.51 Jack Hawortr $568.50 CITY OF I"TON - I''UU-MIN'S 1'1:'NSIUN FUND SLutewenL of Ca:A1 Wed InvesL,uw,Ls As of March 1 ,107 i Current Previuub Lint Ycur LuaL Year Period Period Current Previous 3/31/15 '2/x'8/15 Peri Oil Ile riva 2 /_yrs /`'1, Cull► 8 26,959.77 S 8,505.54 8 24,766.8U 6 5,499.83 Ilives twer►Ls Bunk Nu Les, Etc. 46,000.00 46,000.00 100,000.00 92,000.00 Mu„iciNuls 259,412.70 278,030.32 330,868.24 354,849.89 Curl,urute Bosids 263,739.06 .363,739.06 212,891.66 212,891.66 Mutual r'w,as 1,29 107-01, 429 10 .04 429 10 .04 429) 107.04 To Lel 9981258.80 1 0 168 6.112 81 07'2 866.94 81 088 8118.59 TOTAL cAs11 AND $1,025,218.5? 1,025,381.96 $1,097,633.74 $1,094,348.42 INVEST*N S Investment changes during current report period: 1. Liquidated $46,000 Certificate of Deposit at maturity and reinvested at 6.20% to mature June 30, 1975. 1"e^eived $9,229.14 payment on L.I.D. 265 Installment Note and $9,388.48 payment on L.I.D. 267 Installment Note. CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting May 12, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Bruce Phillips, Fireman William J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 p.m. All Board Members were present. MINUTE APPROVAL MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF APRIL 1.4, 1975 AS WRITTEN. THE MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENT ACTIVITY List reflecting monthly cash and investment activity to April 30, was distributed and ordered placed on file for record. Payment was received on Installment Notes , L. I.D. 250, 061 .45, L. I.D. 252, $152.83 and L. I .D. 271 , $4,129.57. $25,000.00 Certificate of Deposit was purchased at 5-5/8% interest to mature 5/19/75. (List attached hereto. ) MONTHLY BILLS AND PENSION PAYMENTS I MOVED BY SCHELLERT, SECONDED BY PHILLIPS, TO APPROVE THE BILLS AND PENSION PAYMLNTS AS PRESENTED AND TO AUTHORIZE THAT WARRANTS BE DRAWN TO COVER. MOTION CARRIED. (List attached) . COST OF LIVING INCREASE PAYABLE ON RETIREMENT PENSIONS EFFECTIVE JULY 1 , 1975 The Secretary called attention to RCW 41 .18.104 which provides that local pension boards shall reet after March 31st and prior to June 30th, annually, to consider a cost of living increase payable on pensions of retirees under 41 . 18,040, .080 and j .100 based on percentage increase in the Consumer Price Index for the Seattle area j between January I and December 31 of the previous year, pension benefits to be a increased by a dollar amount proportionate to the average CPI percentage. i Since the U.S. Bureau of Labor Statistics does not provide a monthly index for the Seattle area but issues a quarterly index in February, May, August and November, it is necessary to compute the CPI percentage by special formula which method has j been approved ay AWC and used by Seattle, Tacoma and other cities accordingly. It was noted that LEOFF must increase pensions of its retired members annually in April at which time 11 .07% was granted, that amount also used by the State Labor Council in its recommendations. Under RCW 41 .18. 104 the local pension board must increase benefits cf its retired members effective with the July payment based on the- 1974 CP I'M the Seattle area and in computing as the law requires the CPI totals 12 .16°o and rounded off results in 12.2%. MOVED BY PHILLIPS, SECONDED BY HENRY, THAT THE PENSION BOARD GRANT THE 12.2% TO ITS RETIREES AND WIDOWS QUALIFYING UNDER THE RCW'S AS REFERENCED. (Not receiving escalator clause benefits) . THE MOTION CARRIED. 64 FIREMEN'S PENSION BOARD Meeting of May 12, 1975 Page Two Fireman Henry noted inquiry by various firemen concerning differential in pension benefits between LEFF members receiving escalator clause benefits who have larger pensions than persons receiving pensions under the old system, the Secretary noting the 12.2% will serve to equalize the benefits. As there was no further business, it was MOVED BY HENRY, SECONDED BY SCHELLERT, TO ADJOURN. CARRIED. The meeting adjourned at 4:30 P.M. Delores A. Mead, City C elerk--Secretary Firemen's Pension Board i DAM:j t 1 ;3 S - 3 1 5 CITY OF RENTON Firemen's Pension Board May 12, 1975 MONTHLY BILLS FOR APRIL, 1975 A & H Drugs ac/James Rupprecht, Rx 298072, $4.60, 3/29, (Total - $14.30) Rx 386323, $4.85, 4/11 , Rx 386323, 4/5, $4.85 ac/Steven Shneider Cornell 's Pharmacy ac/P. Walsh, Rx 48373, $5.85 , 4/23, Rx 16522, (Total - $30.90) $5.10, 4/28, Rx 48528, $9.75 , 4/29; ac/M. Sherertz Rx 48633, $10.20, 5/2 Dr. C. David Heflen ac/Arthur Pringle, Office Treatment, $74.50, 3/5 - 3/24/75 Dr. James H. Hartwig ac/Jack Colombi , Injection, $4.00, 4/18 Robert L. Connell ac/Robert L . Connell , Lenses , $46.80, 4/18, Reimbursement K' s Pharmacy ac/John Alexander, Rx 125411 , 125089, $5. 70, 4/1 (Total - $39.14) Rx 125327, 125411 , 124138, $17.30, 4/9, Rx 125411 , 125089, 125327, $10.50, 4/25; ac/John Parks , Rx 126768, $5.64, 4/25 Group Health Insurance Payment for April - $150.00 King County Medical Insurance Payment for April - $1 ,255,62 James Rupprecht ac/James Ruprecht, Reimbursement for frames, lease and portion of examination, $75.36 (Dr. Robert C. Bockoven, M.D. ) Marvin Sherertz ac/Marvin Sherertz, Reimbursement for Rx 132033, 132203, 132204, 132203, $33.80, 5/ (Martin Drug Lakeland, Fla. ) Washington Dental Service Payment for April - $465.99 PENSION PAYMENTS FOR MAY, 1975 John Alexander $739.00 Floyd Lawrence $394.67 Mrs. Enza Anderson $334.20 Mrs. Orpha McDonald $334.20 T. K. Anderson *568.50 John Parks $573.50 James F. Ashurst $818.00 Sylvia Joan Pringle $579.21 Robert Connell $ 46.50 Karl Strom $568.50 Charles Goodwin $739.00 Constance C. h;aworth $582..01 Jack Haworth $568.50 66 R.C. J. 41 .18.104 State Law (copy attached) provides that the local pension board shall determine the percentage increase in the Consumer Price Index between January 1st and December 31st of the previous year, for the Seattle area, and increase the benefits payable on retirement pensions by a dollar arrount proportionate to the average CPI increase. The United States Department, Bureau of Labor Statistics , however, does not provide a monthly index for the Seattle area, thus it is necessary to use the quarterly CPI in computing the percentage, the formula for which is as follows: 1967 Index - 100% February, 1974 - 135.8) quarter 112 November, 1973 - 131 .4) quarter 1'-2-2 267.2 2 = 133.6 = December, 1973 February, 1975 - 151 .8 November, 1974 - 147.9 299.7 a 2 = 149.85 = December, 1974 149.85 133.6 Difference 1973/ 16.25 a 133.6 = 12.16% = 12.2% 1,974 67 CITY OF HINTON - F1lH,.N1,N' S P[NSION I-VNl) Statement of Cash and luveatme"LS As of April ill, 1475 i Current Previous Last Year Last Year Period Period Current Previous 4/10/15 3/11/15 Verintl Period C 1 T, Cash 814.22 8 26,95q.77 6 14911ri11W 24,766.n11 IUVWmeuts Bunk Notes, Etc, 71,000.00 46,0110.1111 113,000.110 IO1I,000.0O Municipals 255,068.85 250,412-70 325,418.91 5509 868.211 Corporate Bonds 203,739.06 2'63,73'1.(16 212,891 .66 212,81)1 .66 Mutual 1•'unds 429 1()7.(111 122 1H7.W, 429 1117.1111 429 1117.INi To La 1 1 018,9 11.05 $ 998,2>58.811 $1 ,080,417.61 0I07'.' 866.94 TOTAL CASK AND lNVESTMLNTS $1,019,729. 17 $1,025,218.57 $1 ,094,498.30 61,007,633.74 Investment changes during current report period: 1. Received payment on following L.I.D. Installment Notes: L. I.D. ##250 ----- $ 61.45 j L.I.D. #252 ------ 152.83 L.I.D. #271 ------ 4,129.57 $4,343.85 2. Purchased $25,000 Certificate of Deposit at 5-5/8% to Mature 5105. I i 68 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting July 14, 1975 Ff am 60ARD MEMBERS Avery Garrett, Mayor-Chairman Maxine E. Motor, Deputy City Clerk-Secretary Bruce Phillips, Fireman 'W' iam J. Henry, Fireman Henry Schellert, Councilman Ray Barilleaux, Alternate the regular meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 4:00 P.M. MINUTE APPROVAL MOVED BY SCHELLERT, SECONDED BY BRUCE, THE BOARD APPROVE THE MINUTES OF JUNE 16, 1975 AS WRITTEN. MOTION CARRIED. PRESENTATION ON ACTUARIAL VALUATION Mr. Norman S. Losk of Marsh and McLennan, Inc. discussed providing an actuarial valuation of the Firemen's Pension Fund of the City as requested by the Board. =e noted the purpose of such valuation would be to develop a relationship between the current value of benefits being paid to retirees and beneficiaries under the Firemen' s Pension Fund and the assets of the plan. On the question of payment for medical expenses under this plan, he noted it would be extremely difficult to predict the levels of medical payments which could be expected to be made from this fund and it could be a significant factor relating to the funding of the benefits of this program. He explained that they were not in a position to develop present values of future medical expense payment, but w4, ll be in a position to make significant comments with respect to those pay- ments. Mr. Losk proposed to perform an actuarial valuation developing the relationship between the liabilities for pension payments and the assets of the plan, including comments with respect to the significance of medical payments in relation to this valuation, for a fee based on their normal time and expense charges, not to exceed $1 ,000, which would include the gathering and analysis of the data required, the development of the report, and the presentation of the report at a meeting of the Board. During ensuing discussion, Mayor Garrett confirmed that the City would fur- nish the needed information including the age and date of employment of employees , Mr. Losk noted a portion of the $1 ,000 would be used to become familiar with the matter, that he had made no previous actuarial , but was working with the City of Spokane' s Employees Retirement Board. Upon invita- tion from Mayor Garrett, Mr. Losk reported he would mail the prepared agree- ment and left the meeting. Alternate firms were discussed for consulting actuaries; Mayor Garrett offered to contact Tom Bleakney of Milliman & Robertson, Inc. experienced in <urnishing actuaries at the state level . Issuing of invitations by the Secretary was discussed. 69 Firemen's Pension Board Meeting of July 14, 1975 Page Two MONTHLY STATEMENT OF CASH AND INVESTMENT ACTIVITY (Copy attached) r.. List reflecting monthly cash and investment activity to June 30, 1975 was ` distributed and ordered placed on file for record. Payment was received on L. I.D. 268 Installment Note, $816.97; liquidation of two Certificates of Deposit, $46,000 and $20,000 at maturity and purchase of an $8,000 C. of D. at 5-1/8% and $60,000 C. of D. at 5"2-%, both to mature July 31 . MONTHLY BILLS AND PENSION PAYMENTS (List Attached) , MOVED BY HENRY, SECONDED BY SCHELLERT, THAT THE MONTHLY BILLS AND PENSION PAYMENTS BE APPROVED AS PRESENTED AND THAT WARRANTS BE DRAWN TO COVER. MOTION CARRIED. OLD BUSINESS Bruce Phillips presented Attorney General 's Opinion dated June 10, 1975 regarding payment of dental insurance by the Firemen' s Pension Board and also, the unpaid balance on personal billings which would then be considered a medi- cal expense. Phillips was asked to furnish copies of the AGO to the Board members and the City Attorney for advice as to whether or not the City is in compliance with the new rule. It was MOVED BY SCHELLERT, SECONDED BY HENRY, THAT THE MEETING BE ADJOURNED. MOTION CARRIED. The meeting adjourned at 4:45 P.M. r t Maxine E. Motor, Deputy City Clerk Secretary - Firemen's Pension Board: MEM:jt a Irn - 7 Y 'lf CITY OF RENTON Firemen's Pension Board July 14, 1975 ;'ONTHLY BILLS FOR JUNE, 1975 A & H Drugs ac/Jack Colombi , Rx 354032, 6/10, $3.75; (Total $34.90) ac/James Rupprecht, Rx 368926, 5/29, $4.00, Rx 298072, 6/4, $4.60, Rx 369771 , 6/9, $5.30; ac/Ken Walls , Rx 369637, 6/6, $13.25; ac/Larry Weiss, Rx 369740, 6/8, $2.90; ac/William Henry, Rx 370537, $1 . 10 ustin's Shaw Rexall Pharmacy ac/T. K. Anderson, Rx 393563, 6/3, $10.20 ornell 's Valley Pharmacy ac/J. Robison, Rx48973, 6/17 , $5.10; ac/Patrick (Total $9.25) Walsh, Rx 43500, 6/18, $4.15 .r. C. David Heflen ac/Steven Schneider, Office Call , $15.00, 5/6 (Total $38.50) ac/G. Banasky, Services, $23.50 's Pharmacy ac/G. Banasky, Rx 127556, 6/13, $4.25; ac/Ron (Total $89.67) Bergman, Rx 127447 , 6/6, $5.35; ac/C. Coffin, Rx 127268, 5/27, $4.00; ac/R. Connell , Rx 124092, 6/18, $6.05; ac/Ted LaValley, Rx 122389, 127342, 6/9, $14.70, Rxl27342, 1/31 , $7.42, Rx 127749, 6/23, $2.90; ac/Gary Newton , Rx 126525, 126526, 6/10, $8.85; ac/Arthur Pringle, Rx 126943, 5/29 $4.80, Rx 126167 , 6/4, $4.10; ac/John Alexand Rx 127317, 5/29, $3.75, Rx 125089, 125327 " 7, 6/9, $10.45, Rx 127317, 124138, 6/20, $13.05 i /Q yQpt,5 eith R. Steel ac/K. R. Steel , Mission Drug , Reimbursement, Rx 191494, $6.95 . eople's National Bank of Washington Safe Deposit Box rent, $25.00 ------------------------------------------------- ENSION PAYMENTS FOR JULY, 1975 Mrs. Enza Anderson $370.80** Constance C. Haworth $646.91** ohn Alexander $897.00* Floyd Lawrence $431 .88** . K. Anderson $690.50* Mrs. Orpha McDonald $370.80** li ames F. Ashurst $906.00* Sylvia J. Pringle $629.90** harles Goodwin $897.00* ack Hayworth $690.50* ** Widows and Chief Lawrence: Receive Cost of ohn Parks $695.50* Living effective 7/1/75 @ 12.2; on base salary arl Strom $690.50* Robert Connell $125.50*** Escalator - Old System: Gerald Hurst $ 40.16*** Receive 50% of Current Increase and Franklin L. Todd $ 93.20*** longevity. June payments included *** Retired under LEOFF: Receive difference between LEOFF Pension and current City increase, effective 6/1/75. June payment included. ij 71 CITY OF 1"TON RWD Statement of Cush said Investments As of June 30, 1975 Current Previous Lust Yeur Lays Yeur j Period Period currei►c Prevluua i 6 ,g0 /75 S /31/75 1'eriuit Period III 6 30 4 I `i /11 / 74 CaeIDl $ 7,702.66 $ 3, 113.83 $ 25,007.54 77 629. 57 Investments i i Bal)4 4Notes, Etc. 68,000.00 66,000.00 50,000.00 � 13,000.00 j Munic}pt#js 249,449.35 250,266.32 324,367.28 324,654.04 Cor•p®:z•ate Bonds 263,739.06 263,7.39.06 263,739.06 243,605.06 i Mutual twids 429,107.04 429, 107.04 429, 107.04 429,107.04 I ToLaai $1,010,295.45 $1,009, 112.42 $1,067,213. 38 $1,010,366. 1: I TOTAL CASE AND .NVESI'~►kNIS 1$1,017,998.11 $1,012,226.25 $1,092,220.92 $1,087.995. 71 In*eb tmeot fpanges during current report period; 1. Recetwd ;;816.97 payment on LID 268 installment (Vote 2, Lte,usOZed $46,000 Certificate of Deposit and $20,000 Certificate of Deposit ar inaCu ty. Purchased $8,000 Certificate o .' Deposit at 5 1/87 and $60,000 Cer•t$fj.#a a at 5�%®, both to mature July 31. 72 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting August 11 , 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Henry Schellert, Councilman Bruce Phillips, Fireman William J. Henry, Fireman Maxine E. Motor, Deputy City Clerk-Secretary Ray Barilleaux, Alternate (Not Present) The regular meeting of the Firemen' s Pension Board was called to order by Chairman Garrett at 4:00 p.m. MINUTE APPROVAL and PAYMENT APPROVAL MOVED BY SCHELLERT, SECONDED BY HENRY, THE BOARD APPROVE THE MINUTES OF JULY 14, 1975. MOTION CARRIED. MOVED BY HENRY, SECONDED BY SCHELLERT, MONTHLY BILLS AND PENSION PAYMENTS BE APPROVED AS PRESENTED AND THAT WARRANTS BE DRAWN TO COVER. (List attached. ) CARRIED. ACTUARIAL VALUATION Mayor Garrett noted distribution of Thomas Bleakney, Milliman and Robertson, Inc. actuarial proposal letter of July 21 , 1975 and also Norman S. Losk, Marsh & McLennan proposed agreement of July 18, 1975. MOVED BY HENRY, SECONDED BY BRUCE, THE BOARD AUTHORIZE MILLIMAN AND ROBERTSON TO CONDUCT ACTUARIAL ACCORDING TO THEIR LETTER PROPOSAL OF JULY 21 , 1975 AND THAT DETERMINATION BE MADE WHETHER OR NOT FORMAL CON- TRACT NEEDED. MOTION CARRIED. The Secretary was asked to contact the City Attorney Shellan and Finance Director, Gwen Marshall, to determine whether or not formal contract was needed; the Secretary was then to contact Milliman & Robertson. The Clerk was requested to keep record of all Staff time required to provide informa- tional material for the actuarial . OLD BUSINESS Attorney General Opinion 1975 No. 59, as presented by Phillips on 7/14/75, was discussed; Page 3, Paragraph 4, re employers paying such amounts as are not covered by insurance plans, i .e. , the policy variation from 70% to 100% coverage after three years active coverage. The Secretary was instructed to obtain legal opinion from the City Attorney re Board's proposed payment to Firefighters of that amount between applicable 70%, 80% or 90% insurance coverage to the amount allowed on the payment schedule and the difference between 50% for prosthetics and the amount listed on scheduled prices for necessary services, also the retroactive payments to the time insurance premiums were paid by the Firemen's Pension Fund on February 1 , 1973, as pertains to AGO 1975 No. 59. Fireman Henry noted the Board's right to determine policy and to repay Firefighters the percentage differential between that allowed by the insurance company and and fee schedule listing for regular as well as pros thetics for necessary services and to repay Firefighters retroactively upon presenia tion of dental bills. MOVED BY HENRY, SECONDED BY BRUCE, THE BOARD AUTHORIZE PAYMENT 3F AMOUNT ALLOWED BY INSURANCE CARRIER FOR BALANCE OF BASIC DENTAL FEE FOR FIREFIGHTEfS, INCLUDING PROSTHETICS. MOVED BY °.,HELLERT, SECONDED BY MOTOR, BOARD TABLE fiOTION JNTIL LEGAL OPINION RECEIVED FROM THE CITY ATTORNEY. MOTION CARRIED. Fireman's Pension Board August 11 , 1975 Page 2 MOVED BY HENRY, SECONDED BY SCHELLERT, MEETING ADJOURN. CARRIED. The meeting .,.� adjourned at 5: 35 p.m. Maxine E. Motor, Acting-Secretary CITY OF RENTON Firemen's Pension Board August 11 , 1975 MONTHLY BILLS FOR JULY, 1975* John L. Bernier, D.C. ac/Karl Strom, Office Calls , 7/19, 7/21 , 7/29, $24.00 K's Prescription Pharmacy ac/John Parks, Rx 128004, 126768, 7/7, $14.64; (Total - $32.64) ac/John Alexander, Rx 125411 , 125327, 6/30, $8.00, Rx 127317, 7/3, $3.75, Rx 127317, 125089, 7/18, $6.25 *LEFF Board did not hold meeting in August, so these bills only reflect firemen retired under the old pension system. PENSION PAYMENTS FOR AUGUST, 1975 John Alexander $818.00 Jack Haworth $629.50 Mrs. Enza Anderson $370.80 Gerald Hurst $ 20.08 T. K. Anderson $629.50 Floyd Lawrence $431 .88 James F. Ashurst $906.00 Mrs. Orpha McDonald $370.80 Robert Connell $125.50 John Parks $634.50 Charles Goodwin $818.00 S. Joan Pringle $629.90 Mrs. Constance Haworth $646.91 Karl Strom $629.50 Franklin L. Todd $ 46.60 74 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting September 8, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Henry Schellert, Councilman Bruce Phillips , Fireman William J. Henry, Fireman Ray Barilleaux, Alternate (Not present) The regular meeting of the Firemen' s Pension Board was called to order by Chairman Garrett at 4:00 P.M. with all Board Members present. City Attorney G. M. Shellan was also present. Chairman Garrett called attention to letter from Larry Weiss , Secretary of Firefighters Local 864 -egarding payment by the Pension Fund of dental benefits. Chairman Garrett recalled Attorney Shellan's Letter Opinion which indicates no legal problem wth payments by the Pension Fund, however, collective bargaining agreement limits benefits to provisions of the Washington Dental Service contract, and it is u'nding. Attorney Shellan confirmed legal use of Pension Funds as per AGO 59, dated June 10, 1975, nowerer, payments cannot be retroactive and paying additional costs prospectively posing a problem, the Firefighters Local 864 collective bargaining agreement limits benefits to the Washington Dental Service contract and the contract cannot be amended for the sole benefit of one party only. Reference was made in AGO 59 to Memorandum Opinion dated May 10, 1974, regarding dental benefits, the Secretary requested to write Deputy Attorney general Austin for a copy. Discussion ensued as to additional dental benefits to be provided, determined to be 100';' Of L -ose benefits now allowed under Contract 181 , opinion also expressed as to desired benefits. Attorney Shellan noted minimum necessary medical and health care services as orovided by the !AFF Act , and the City having the right to pay premiums for insurance coverage and to pay the difference in case not 100; covered. The minimum dental services the L&F Act are for job-connected accidental injury to teeth and treatment commenced v, :hi n ninety dav, . During o; :ussion.. inquiry was made regarding medical and retirement benefits now funded, itbP''r9 affirmed that these are specifically enumerated in state law and not limited to collective bargairing agreements, Attorney Shellan noting these are public funds and it riot aoss ,jle to directly or indirectly additionally benefit the sante parties covered by th.- collective contract. The varioL> Policy decisions of the Pension Board were reviewed as relate to medical benefits approved for funding and relativity to state law. Present 70, 80, 90 and 100°, incentive prograr,r was discussed, 100% to be obtainable in 1976. or 4r•;u-iry whetheM the Beard could pay as a separate authority, it was pointed out that 'qty has the obliiiation ender the LE W Act (not the Pension Board; and can use u0y f�,nds available to it. These are public funds in the Firemen's Pension Fund, but rde .i --y rnntrol , the diff culty not being payment of dental benefits from the Pension gid. buL the ' imitatiors of benefits in the dental contract because of its inclusion in ccr� lective bargaining agreement which benefits the same members. It was determined -frac, wouldfbeJfurtherainvbestigatedsandrpurssuedlasstofeaseib`ilityngton Dental Service 79 Firemen's Pension Board Meeting of September 8, 1975 Page Two h.. MINUTE APPROVAL MOVED BY SCHELLERT, SECONDED BY PHILLIPS, TO APPROVE THE MINUTES OF AUGUST 11 , 1975 AS WRITTEN. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS July and August investment reports were distributed, as attached hereto. Chairman Garrett reminded the Board that Mr. Gary Dime, Investment Counselor, of Dean Witter and Co. would be meeting the Board in October to report concerning any necessary action to be taken to maintain mutual funds investments at or below maximum of 35% of total fund assets in accordance with the law. The decrease in fund capital and reinvestment of gains in additional mutuals posing question in this aspect. NEW LOCAL TEFF DISABILITY BOARD MEMBER Attention was called to resignation on August 26th of LEFF Board member Mr. Stanley E. Stone and subsequent appointment by the remaining board members , per R.C.W. 41 .26. 110, of Mr. Dan Kellog. BILLS AND MONTHLY PENSION PAYMENTS MOVED BY SCHELLERT, SECONDED BY BRUCE, THE MONTHLY BILLS FOR AUGUST AND SEPTEMBER PENSION PAYMENT BE APPROVED AS PRESENTED AND WARRANTS BE DRAWN TO COVER. CARRIED. *MW PRELIMINARY BUDGET - 1976 The Secretary distributed copies of the 1976 Preliminary Budget balanced in sum of $177,601 .00 (see attached) . Each account was read, revenue and cash adjustments to be made if mutual fund gains are no longer to be reinvested. MOVED.. BY PHILLIPS, SECONDED BY SChELLERT, TO ADOPT THE PRELIMINARY BUDGET AS PROPOSED. - MOTION CARRIED. MOVED BY PHILLIPS, SECONDED BY MEAD, TO ADJOURN. CARRIED. Meeting adjourned at 5:20 P.M. Delores��d, City "Cl rk-Secretary Firemen 's Pension Board DAM:j t 76 CITY OF RENTON Firemen's Pension Board September 8, 1975 MONTHLY BILLS FOR AUGUST, 1975 A & H Drugs ac/James Rupprecht, Rx 371313, 6/27, $5.95, (Total - $27.90) Rx 372423, 372424, 7/10, $11 .85; ac/S. Schneider, Rx 390126, 390127 , 7/3, $10. 10 Baird M. Bardarson, M.D. ac/Marvin Sherertz, Medical Services, $62.00, Cornell Pharmacy ac/Jon Robinson, Rx 48973, 7/22, $5. 10; ac/George (Total - $49.85) Williams , Rx 40634, 50632, 50633, $33.65, 7/16, Rx 50973, 7/29, $11 .10 K's Pharmacy ac/Ron Bergman, 7/3, Rx 127959, 7/3, $5.40; (Total - $72.34) ac/Robert Connell , RX 128483, 128484, 7/15, $6.75, RX 128648, 128649, 7/23, $11 .85, Rx 127117 , 8/23, $12.40, Rx 128649, 8/30, $6.05; ac/Ted LaValley, Rx 127835, 6/27, $3.20; ac/Gary Newton, Rx 129187, 129188, 129189, 8/15, $10.00; ac/Bruce Phillips, Rx 126315, 126316, 7/19, $9.09, Rx 128607, 7/22, $7.60 John L. Bernier, D.C. ac/Karl Strom, Office Calls , 8/1-8/23, $32.00 Bartell Drugs ac/ N.A. Vacca, Rx 172584, 2/20/75, $2.90 Pay'n Save Drugs ac/Ken Pillon, Rx 195191 , 7/18, $2.19 Western Optical Dispensary ac/Don Goodwin, eyeglass frames , $37.07, 7/11 Drs. Wilson and Kushner ac/Patrick Walsh, Office Calls, 7/7-7/23, $24.00 K's Pharmacy ac/James Ashurst, Rx 129540, 8/30, $9.22; ac/John (Total - $37.39) Alexander, Rx 127317 , 125327, 124857, 129539, Tylenol , 8/28, $13.37, Rx 127317, 125327 , 8/2, $8.55, Rx 127317, 125089, 8/15, $6.25 Issaquah Chiropractic Clinic ac/Karl Strom, Reimbursement, Office Calls, 3/21 , Karl. Strom 3/25, 4/4, 4/21 , $34.00 Group Health Insurance Payment for August - $180.00 King County Medical Ins. Payment for August - $1 ,304.86 Washington Dental Service Payment for August - $504.03 A & H Drugs ac/Jack Colombi , Rx 354032, 8/1 , $3.75 Cornell 's Valley Pharmacy ac/Paul Henry, Rx 51126, 8/5, $5.75; ac/Jon (Total - $10.85) Robinson, Rx 48973, $5.10 (Bills continued on next page) • 77 CITY OF RENTON Firemen's Pension Board September 8, 1975 PENSION PAYMENTS FOR AUGUST, 1975 John Alexander $818.00 Gerald Hurst $ 20.08 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $629.50 Mrs. Orpha McDonald $370.80 James F. Ashurst $906.00 John Parks $634.50 Robert Connell $125.50 Sylvia J. Pringle $629.90 Charles Goodwin $818.00 Karl Strom $629.50 Constance Haworth $646.91 Franklin L. Todd $ 46.60 Jack Haworth $629.50 Austins Shaw Pharmacy ac/T. K. Anderson, Rx 393563, 8/1 , S10.20 S. L. Jaffe, O.D. ac/Marvin Sherertz, lenses , $124.57, 9/5 F. Gary Lewis, M.D. ac/Gerald Nichols, Injection, 7/31 , $8.00 CITY OF ltl•-1TON - 1-11U:MIN I S PENSION FUNt1 SLiltelllellt of Cil-Al and 1u%V:,IWON L, As of July 31, 1975 Curren L Ill-evi uu; Lit.-,L Ycu r L.,,t Year Period Ile riud Curr•cnt iuu, 7 Al h5 6 /30 /75 71'�•1iod Iod 61'� i 74— Cash $ 13,790.89 $ 7,702.66 $ 21,294.60 $ 25,007. 54 L,vestcnents Batik Notes, Etc. 65 000.00 68,000.00 50,000.00 50,000,00 Mw►icipals 238,648.27 249,449. 35 323,083. 56 324 367. 28 Corporate ltuttds 263,739.06 ' 263,739.06 263, 739.06 263,739,06 Mutual 1''w►ds 429,107.04 429,107.04 429, 107.04 429, 107.04 I TOLa1 $ 996,494.37 $1,010,295,45 $1,065,929.66 $1,067,213. 38 I TOTAL CASH AND IIVVd;S'1'M1�J'1'S $1 010285.26 $1,017,998. 11 $1 ,087, 224. 26 $ 1,092, �-)0.92 investtucnL changes during current report, period. 1. Received payment of $10,801.08 on LID X1260 Installment Note Liquidated $13,000.00 & $6Q,000. Certificates of Deposit & purchased $65,000.00 Certificate of Deposit at 6.27% to Mature September 5. CITY OF I11NTON — F I11EMI ° S l'I:N S I ON VIIND '�'laat.emvllt of Cuda utid dliven au,cul., A5 ul' August 31, 1975 curreuL 1'I'evIoil, Lint Yeal. Lia.'L 1'a•.ar 1'eI'iod Period Currca,L III't•viuU> 8 Al /75 7 AI /75 1'crioat Period 8 �1 /74 7 /31/74 Cash $ 3,704.57 $ 13, 790.8() $ 16,634.07 ,, 21,294.60 InvesLwenLs Bald, Notes, Etc, 65 000.00 65,000.0( 20,000.00 50,000.00 Mwaicipials 238 648.27 238,648. 2 333, 511 .67 323,083. 56 i Curpurut.e dlutsds 263,739.06 263,739.0 263,739.06 263,739.06 Mutual FLuads 429,107.04 429 107.0- 429 10 0-', 429, 107,04 $ 996 494. 37 $ 996,494. 3-, $ $ 1 065 929.66 'I'u Lai 1 04 6 3 > > s '1'0'1'OTALAL CASH AND 'd'All�1'1'S $1,000. 198.94 $1,010,285.2 $1,062.991.84 $1,087,224. 26 Investment changes during current report period: No Changes C 1TY OF M-rON 1976 PR.ELIMI\ARI' BUDGET EST I MATED REVENUE FUND \0.. F17,%D NAME: DEPART?fL'T: ("!] FIHFMEVS PL%SIO\ R-M) FI\A\CF _ 1974 1977 1975 1976 1977 c5 l o DESCRIP]IO\ OF RE T-NL ACTUAL ESTI ITED RECEIM) ESTUTATEI) ESTIKATED RPli,W- `E RI1'F-\Z-. AS OF = RL-%-E\-LT RFIEIT 3(l) (+ 10 CASH 0\ IL-\D 56,224.50 103,204 /3.i�j.� nomA, - f ' f 4ti` )1(+ Jill TAUS 511 10 Real and Personal Pro vert\- Tax --- --- MI --MI n 1(I TOTAL. 7ACES — 330 0 I\TFIIG0VQV0fLNIA1. RF1T71`E 335 11 STATE SILUM) RLATMT:S 011let Slate Shared Revenue 11,39',.(11 ] l ,h i /x.57?.C� (Insurance) i YI ,t, 10TA1. 1\1131G0XTIL\MI-NI I HYXI IT I 1 -'+'I.fJl 3t1' �� !fISCFI.i_a\IOI � ILI11:\l"F St.I I\TMLI ] LU I\GS ++1'5 IIII-INI 101AI IiI-XI.\1 I I Ii'I:"1 /7%. 1II-N IO\' 1l \]► '' '1i,"71 . 1 ] i". - - -J cG 1976 PREL IMI\ARYvE'--)GET E S T I M .A T E D E X P E N D I T U R E S 310 GE\TR11. GOA cR`,-�`.F`:T.�I. Sf�1 IiES 601/04-514-33 nND: bot DEPT: 04 BASIC St-B .ACCT. NO: 514 ELFtLNT (DIVISION) : 33 IPLAtEN'S PD;. FI\.I L,TF DEPT. FI\.A.CLAI- & .ADII\ISTR_ATIA-E PE\SIO` SMVICES 197'+ 1975 1975 1976 1976 19-46 r DESCRIFTIO\ ACTUAL ADJ 5TFD ESP. 1-LAR DFP.tRT` FNT ',MGR'S COL\CIL EKPL\DITUR F Et i�r,ET TO DATE REQC-EST RECO N. PRO��ISI0N r .AS OF AS OF 31� FINANCI.AL & :AD` I'NISTRATIAE 30 OTHLR .AD`1INISTP_ATIVE SERVICES 33 PCtiSION SE1VICES 10 C'0 Per_cnal Services ll +10 Salaries & 'Na-es 2,500.00 4,000.00 (Secretarial & accounting Services) 130 Personnel Benefits 15,438.36 31,276.00 13 3 Prepaid Medical (13,013.00) (23,968.00) (Fire Uniform Premiums Only) 13 09 Prepaid Dental (2,425.36) (7,308.00) (Fire Uniform Premiums Only) Total Personal Services 17,938.36 � 35,276.00 20 00 Supplies 21 00 Office Supplies 209.85 250.00 Total Supplies 209.83 250.00 1Q76 PRELIMINARY N j ,SFT DEPT. 04 FINAINCE — OO D E P A R T �1 Y \ T BASIC SUB FINA-NCLaL & S V kt '-i a I+ ACCOUNT 514 ADMINISTRATIVE El F',ILNT I►11 ISit)\ 31 PEN,SIv`: SERVICES 10-6 BLT)►;E.T RI.Q 'EST St�L�L�ItY G ✓: c r 514 33 00 00 i IRE.-tZN'S PENSION SERVICES 10 00 PERSONAL SERVICES 11 00 Salaries & Wages: Total Request - $4,000.00 Administration of Pensions, Medical Payments and Fund Investment. $2,500.00 for Secretarial, Printing and File Maintenance Services. $1,500.00 for Accounting and Investment Services. 13 03 Prepaid Medical: Includes Fire uniform employee portion of medical insurance premium: (Anticipated 24% increase included) 54 Uniform Employees (48 King Co. Med. $367/Yr. , & 6 Group Health $447/Yr.)-$20,298.00 4 CETA Uniform Employees (4 King Co. Med. $367/Yr.--------------------------- 1,468.00 6 Uniform Employees retired under LEFF (6 King County Med. $367/Yr. --------- 2 202.00 Total Medical Insurance Premiums - Fire Uniform Employees --------------------$23,968.00 Prepaid Dental: Includes Fire uniform employee portion of dental insurance premium: (Anticipated 10% increase included) 58 Uniform Employees @ $126/Yr. ----------------------------------------------$7,308.00 20 00 SUPPLIES: General office supplies including Minute Binder, typeurriter supplies, paper, printing supplies, etc. 30 00 OTHER SERVICES• & CHARGES 38 00 Repairs & Maintenance Maintenance Contract for I.B.M. typewriter C.9 CITY OF RINTO\ 1976 FiRELIMTNARY BL1tGET EST I MAT ED EXPE \ D 1 7t' RF. S 510 GF-\TKAI: GOWER\-k!INTA1 SERVICES 60]A)4.514.-)3 FUND: 601 DEFT: 04 fiASIC ST-13 ACCT. \0: 514 LI-Dg'-\T (DIVIS10N): 33 FIRIkaiNIS PE's. FINA\CE DEPT. FLNA-NCLkL b ADMI\ISTKATIVE PENSION SERVICES ,. 197'1 1975 1975' 1976 1976 1976 v c o ACTUAL ADJUSTED Ek'. LIAR DEPARTkUNT iia)-Olt' S COL\l l L e a DESCRIPTION EUENZI TIRES BL11GET TO DATE RLQL"t:ST RECO�LM. PROVISION c s AS OF AS OF 514 FP kNCI-AL & AD�11[\ISTRA. - Cont 33 PKK S10N SERVICES - Cont. 30 00 Other Seri-ices b Charges 3S 00 Repair & Maintenance 32.03 75.00 42 00 Miscellaneous I0S,176-03 142,000.00 42 31 Pensions ------------------ ------------ ----------- ---------- 100,000.00) 42 32 Fire Uniforu Medical Pa\7aetlts ----------------- ------------ ---------- ---------- (12,000.00) 4_' 33 Reir,bursement to Current Fund/I►isability Replacc-mt. ------------ ----------- ---------- (30,000.00) Total Otiler services & cilgr, 10`,210.('1, ` 142,075.U0 v4 00 MilcLit:cry b Louip-oe:;i --- Total Capitel (tjtlr} --- -- �l ��. 701A1 177,601.00 CITY OF RENTON FIREMEN'S PENSION BOARD Special Meeting September 12, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del dead, City Clerk-Secretary Henry Schellert, Councilman Bruce Phillips, Fireman William J. Henry-, rireman Ray Barilleaux, Alternate (Not present) The Special meeting of the Firemen's Pension Board was called to order by Chairman Garrett at 10:00 A.M. , Board Member Schellert absent, all others present; Mr. Pat Lemon of Dow Laney Corporation also in attendance. Mr. Lemon, the City's Insurance Advisor, was present at the invitation of the Board to discuss provisions of the Washington Dental Service Contract No. 181 and problem of providing additional dental benefits to Firefighter members; benefits to include balance of difference in the Dental Contract to allow 100% coverage, it being intended to provide full coverage as a medical health care benefit. Mr. emon noted strike presently in progress against the Washington Dental Service Corporation, but that he would present the matter and secure the € cost, noting possible problem with special accounting for procedures cover- ing only a portion of the contract beneficiaries. Findings will be reported upon completion of investigation. MOVED BY PHILLIPS, SECONDED BY MEAD, TO ADJOURN. CARRIED. The meeting adjourned at 10:40 A.M. Delores A. Mead, City C erk-Secretary DAM:j t to. c 1 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting October 14, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Henry Schellert, Councilman Bruce Phillips , Fireman William J. Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board, advanced one day due to holiday, was called to order by Chairman Garrett at 4:00 p.m. Councilman Schellert and Firemen Bruce Phillips and William Henry were absent, Alternate Ray Barilleaux was present. MOVED BY MEAD, SECONDED BY BARILLEAUX, TO EXCUSE THE ABSENT MEMBERS. CARRIED. Ted Bennett, Deputy Director of Finance along with Mr. Gary Dime, Investment Counselor of Dean Witter and Co. were also present. Mr. Dime was introduced, present at invitation of the Board to discuss pre- liminary audit finding ghat mutual fund investments exceed the legal limit of 35% of the System' s total investments and 5% in any one company. Mr. Dime distributed chart reflecting the mutual fund holdings (copy attached hereto) , recommending reductions to maintain 34.99% and 5% investment levels. It was pointed out that this percentage is perhaps too close to the 35% and it may be wise to maintain investment percentages lower than 35%. The stock market, inflation and pending economic climate were discussed and relationship to losses which would be sustained by the Fund in taking timely corrective action. It being desirable to be in legal conformance as expeditiously as possible and especially by the forthcoming audit, it was MOVED BY MEAD, SECONDED BY BARILLEAUX, TO AUTHORIZE TED BENNETT, DEPUTY FINANCE DIRECTOR, TO REQUEST LIQUIDATION OF INVESTMENT SHARES TO EFFECT NECESSARY DECREASE IN MUTUAL FUND INVESTMENTS OF THE RENTON FIREMEN'S PENSION FUND SO AS TO COMPLY WITH R.C.W. 35.39.040(18) BY DECEMBER 15, 1975. MOTION CARRIED. MOVED BY MEAD, SECONDED BY BARILLEAUX, THAT INVESTMENT DIVIDENDS AND RETURNS HEREAFTER BE TAKEN IN CASH AND INVESTED AT MAXIMUM BENEFIT TO THE FUND. CARRIED. MINUTE APPROVAL MOVED BY MEAD, SECONDED BY BARILLEAUX, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF SEPTEMBER 8, 1975 AND THE SPECIAL MEETING OF SEPTEMBER 12, 1975 AS WRITTEN. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Copy Attached) Monthly Statement of Cash and Investments for the period ending September 30, 1975 were distributed, investment change including liquidation of $65,000 Certificate of Deposit and purchase of $55,000 Certificate of Deposit at 6. 70% to mature October 31 , 1975, the report to be placed on file for record. MONTHLY BILLS AND PENSION PAYMENTS (Copy Attached) Attention was called to phone call received from William Henry advising of absence due to huntin trip and bill in his possession from Dr. Bernier for Karl Strom in sum of 24.00 for three office calls , approval requested and bill to be filed upon his return for voucher processing. CITY OF RENTON FIREMEN'S PENSION BOARD Meeting of 10/14/75 - Page 2 Bill for Gerald Hurst included $16.00 balance for eye examination, billing to be secured prior to release of payment. Some discussion ensued regarding costs for eyeglasses , wherein doctor' s pre- scription note certified need for tinted lens, in this instance to be allowed. MOVED BY MEAD, SECONDED BY BARILLEAUX, TO PAY THE BILLS AND PENSION PAYMENTS WITH SPECIAL ATTENTION TO ITEMS NOTED PRIOR TO RELEASE OF WARRANTS. CARRIED. OLD BUSINESS - AGO Memorandum The Secretary reported Attorney General ' s Memorandum from Wayne L. Williams, Assistant Attorney General , dated May 10, 1964, regarding dental insurance premium payments from Pension Funds had been distributed to Board Members as requested at the previous Board Meeting. LEOFF BOARD APPOINTMENT The Secretary advised of appointment of Mr. Wally Hume as LEOFF Chairman, Mr. Dan Kellogg, the new member replacing Stan Stone. MOVED BY MEAD, SECONDED BY BARILLEAUX, TO ADJOURN. CARRIED. The meeting adjourned at 4:45 P.M. De ores A. Meaty C- lie ck--Secretary Firemen's Pension Board DAM:j t Ob City of Renton Fireman's Pension Fund $986, 494. 37 (10- 1-75) % Fund/ Name of Mutual Fund Carrying Value Total Invmt. Nat. Sec. Stock Fund $ 50, 021. 26 5. 07 Nat. Sec. Growth Fund 50, 021 . 26 5. 07 Inv. Co. of America 62, 122. 42 6. 30 Oppenheimer Fund 64, 984. 85 6. 59 Mass. Inv. Growth Fund 64, 984. 43 6. 59 Pioneer Fund 64, 991. 38 6. 59 Wash. Mut. Inv. Fund 64, 998. 78 6. 59 Ke stone Cust. Funds 6, 982. 65 0. 07 $ 986, 494. 37 x 35% _ $ 429, 107. 04 43. 490jo — 345, 273. 30 $. 83, 833. 70 986, 494. 37 x 576 = 49, 324. 70 Revised Revised Recommended Reductions Carrying Values % Invested $ 1, 696. 56 $ 48, 324. 70 4. 8916 1, 696. 56 48, 324. 70 4. 89 13, 797. 70 48, 324. 70 4. 89 16, 660. 10 48, 324. 70 4. 89 16, 659. 70 48, 324. 70 4. 89 16, 666. 60 48, 324. 70 4. 89 16, 647. 00 48, 324. 70 4. 89 -0- 6, 982. 65 0. 07 $ 83, 851. 20 $ 345, 255. 55 34. 99% CITY OF RENTON - FIREMEN'S PENSION FLND Statement of Cush and Investwe»ts As of SEPTEMBER 30, 1975 Current Previous Last Year Lust Year Period Period CllrreiiL Previous 9 /30/75 8 /31/75 I'eriud Periud 0 8 61/74 Cash 6,714.58 3,704.57 11,680.65 16,634.07 L►ve s tweet s Bank Nutes, Etc. 55,000.00 65,000-00 202000.00 200000.00 Mw►icipals 238,648.27 2382648.27 333,511.67 333251 -.67 Curporate Bonds 263,739.06 263,739.06 263,739.06 263,739.06 Mutual Funds 42921D7.04 429.,107.o4 429,107.04 429,107.04 Total 986 494.37 996 494.37 1,0462357.77 1,046057.77 TOTAL CASH AND 9932208.95 ,000.198.94 4058,038.42 130620991.84 INVESTMENTS Investment changes during current report period: 1. Liquidated $65,000 Certificate of Deposit and Purchased $55,000 Certificate of Deposit at 6.70 % tp mature October 31. 88 CITY OF RENTON FIREMEN'S PENSION BOARD October 14, 1975 MONTHLY BILLS FOR SEPTEMBER, 1975 Gordon P. Baker, M. D. ac/David Riggle, Allergy Antigen, 8/13, $9.50 Ronald Bergman ac/Ronald Bergman, Reimbursement for glasses, lens, and exam, S.L. Jaffe, O. D. , $85.17 Cornell 's Valley Pharmacy ac/David Riggle, Rx 51873, 9/8, $6. 30; ac/Jon (Total $68. 15) Robinson, Rx 48973, 9/20, $5. 10; ac/Mary Sherertz, Rx 51874, 9/8, $10.80; ac/George Williams , Rx 50973, 50633, 50632, $40.55; ac/Pat Walsh, Rx 49420, 9/10, $5.40 John L. Bernier, D. C. ac/Karl Strom, Services, 9/10, 9/17, 9/24, $24.00 Disability Reimbursement January - August, 1975, $20,015.77 Eastside Orthopedics ac/James Rupprecht, orthopedic device, 7/9, $102. 11 Group Health Insurance Payment for September, 1975, $180.00 King County Medical Insurance Payment for September, 1975, $1 ,329.48 S. L. Jaffe, O.D. ac/William J. Henry, frames , $35.00, lenses , $90.00, (Total - $142.00) tinted lenses , $10.00*, examination, $7.00 Gerald Hurst ac/Gerald Hurst, Frames, $35.00, Lenses , $48.40, (Total - $101 . 31 ) examination, $16.00t* reimbursement - Western Optical Co. K's Pharmacy ac/Robert Connell , Rx 129951 , 128484, 128648, 9/26 , (Total - $73. 75) $21 . 10; ac/Ted LaValley, Rx 122389, 9/4m $6.75; Now ac/Bruce Phillips , Rx 126315, 9/8, $6.65; ac/Ken Walls , Rx 129885, 9/29, $6.00; ac/John Alexander, Rx 129451 , 9/2, $12.30, Rx 127317, 9/11 , $3.75, Rx 127317, 125089, 9/23, $10.00 Dr. Martin Kushner ac/Patrick Walsh, Injections , 7/30-8/21 , $30.00 Valley Orthopedic & Fracture Clinic ac/James Rupprecht, back brace, $15.50 J. C. Wagner, M. D. ac/Kurt Pedersen, $2.50, 8/9, ace bandage Patrick J. Walsh ac/P. J. Walsh, Reimbursement, $21 .56, Allergy Special Mixture paid to Dome Laboratories, 6/30 Washington Dental Service Payment for September, 1975, $513.54 PENSION PAYMENTS FOR OCTOBER, 1975 John Alexander $818.00 Gerald Hurst $ 20.08 Mrs. Enza Anderson $370. 80 Floyd Lawrence $431 .88 T. K. Anderson $629. 50 Mrs. Orpha McDonald $370.80 James F. Ashurst $906.00 John Parks $634.50 Robert Connell $125.50 Sylvia J. Pringle $629.90 Charles Goodwin $818.00 Karl Strom $629.50 Constance Haworth $646.91 Franklin L. Todd $ 46.60 Jack Haworth $629.50 * $10.00 Tinted Lenses MW ** $16.00 Doctor' s Bill Not attached to reimbursement slip. 89 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting November 10, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Henry Schellert, Councilman Bruce Phillips, Fireman William J. Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen 's Pension Board was called to order by Chairman Garrett at 4:00 P.M. Absent at roll call , Henry Schellert and William Henry, the latter arrived later in the meeting. Finance Director Gwen Marshall also in attendance. MINUTE APPROVAL MOVED BY PHILLIPS, SECONDED BY MEAD, THAT THE MINUTES OF THE REGULAR MEET- ING OF OCTOBER 14, 1975 BE APPROVED AS WRITTEN. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Copy Attached) Monthly Statement of Cash and Investment Activity for the period ending October 31 , 1975 was distributed. Investment changes included liquidation of $55,000 CD and purchase of $20,000 CD at 5.75% maturing December 1 , 1975, the report to be filed for record. BILLS AND PENSION PAYMENT (List Attached) MOVED BY PHILLIPS, SECONDED BY MEAD, TO PAY THE OCTOBER BILLS AND NOVEMBER PENSION PAYMENTS AS PRESENTED. MOTION CARRIED. OLD BUSINESS The Secretary reported plans of Investment Counselor Dime to liquidate some of the national growth stocks at a profit and then separate some of the mutuals into another group as we did once heretofore in order to meet the 5% legal investment limit. Letters have been written requesting that all future divi- dends be paid in cash rather than reinvestment in additional mutual funds. The Secretary reported that actuarial information has been compiled and now ready for transmittal to Milliman and Robertson, Inc. Report to be returned within sixty days of the receipt thereof. Board Member Phillips inquired regarding additional dental coverage to 100% for Firefighters. Finance Director Marshall reported proposal from Pat Lemon that present premiums be continued for each employee under the present con- tract and that any additional costs be paid on a cost plus basis with separate billing to the City. It was pointed out that employee obligation of 70%, 80%, 90% and 100% incentive program must still be met and payments would remain in accord with that program. MOVED BY PHILLIPS, SECONDED BY HENRY, TO APPROVE THE PROPOSED PLAN AS OUTLINED BY MRS. MARSHALL AND THAT MR. LEMON BE ADVISED TO PROCEED WITH WRITTEN DOCUMENT. CARRIED. Discussion ensued concerning budgetary item of disability replacement and it was MOVED BY PHILLIPS, SECONDED BY HENRY, THAT UPON RECEIPT OF THE ACTUARIAL STUDY, IF IT IS APPARENT THAT FUNDS ARE NO �0 70 Firemen' s Pension Board Meeting November 10, 1975 Page Two LONGER AVAILABLE, THAT IN THE INTEREST OF MAINTAINING A SOUND FUND THAT THE BOARD CEASE REIMBURSEMENT AS MAY BE FEASIBLE. CARRIED. MOVED BY HENRY , SECONDED BY PHILLIPS, TO ADJOURN. CARRIED. The Meeting adjourned at 4:40 P.M. Delores A. Mead,RityC erk-Secretary DAM:j t a mom CITY OF RENTON FIREMEN'S PENSION BOARD Novem)er 10, 1975 —+- Monthly Bills for October, 1975 A & H Drugs ac/James Rupprecht, 9/9/75, Rx 377251 ,$4.60, (Total -$14.10) Rx 377295, $2.75, 9/9, Rx 377295, 9/19, $2.75, Rx 378402, 9/22, $4.60 John L. Bernier, D.C. Office Calls, 10/8 - 10/31 , $48.00 Larry Codiga Reimbursement, Eye Exam, Dr. Jaffe, 9/22, $10.00 Group Health Insurance October payment - $180.00 K's Pharmacy ac/Larry Codiga, Rx 130402, 10/23, $3.75; ac/Robt. (Total - $94.79) Connell , Rx 128649, 127117 , 10/7, $18.45; ac/Paul Henry, Rx 130295, 10/17, $3.30; ac/W. Henry, Rx 130407, 10/23, $18.25; ac/Wm. Larson, Rx 130030, 9/30, $3.35, Rx 130030, 10/9, $3.35; T. LaValley, Rx 129991 , 9/29, $3.30, Rx 122389, 127342, 10/24, $14.70; ac/John Parks , Rx 128004, 126768, 10/3, $14.64; ac/John Alexander, Rx 125327, 127317, 124857, 10/20, $11 .70 King County Medical Insurance October payment - $1 ,329.48 Payn Save Drugs ac/C. Christensen, Rx 194984, 195116, 7/16-18, $5.88 Marvin Sherertz ac/M. Sherertz, Reimbursement, Dr. K. Briggs, $30, (Total - $90.00) ALCENAS, $60.00 Nick Vacca ac/Nick Vacca, Reimbursement, Valley General (Total - $32.51 ) Hospital , $27.61 , Kent Medical Center, $4.90 Washington Dental Service October payment - $513.54 PENSION PAYMENTS FOR NOVEMBER, 1975 John Alexander $818.00 Gerald Hurst $ 20.08 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $629.50 Mrs. Orpha McDonald $370.80 James F. Ashurst $906.00 John Parks $634.50 Robert Connell $125.50 Sylvia J. Pringle $629.90 Charles Goodwin $818.00 Karl Strom $629.50 Constance Haworth $646.91 Franklin L. Todd $ 46.60 Jack Haworth $629.50 qa CITY OF lIINTON S P1tiS1 ON FUND S La Lemen t, of Cash and Investments As or October 31 , 1975 CurrenL Previous Last. Year Last, Yea,, Period Period CurrenL Previous .10/31/75 9/30/75 Period Period 10/31 4 9 �0 4 Cash $ 13,813.53 $ 6,714.58 $ 6, 138.44 $ 11,680.65 lnvesLinen ts Mink Notes, Etc. 20,000.00 55,000.00 20,000.00 20,000.00 Municipals 238,648.27 238,648.27 333,511.67 333,511.67 Corporate Bonds 263,739.o6 263,739.06 263,739.06 263,739.06 MuLual FLUlds 429 107.04 429 107.04 429 107.04 429,107-011 T0La1 $951 ,494.37 $986 t 404.37 $1,046,357.77 61 ,046,357.77 `1'O`1'AL CASH AND 1NV1,STI%U,TITS $) )5,7)".90 $993,208.95 $1 ,052,4()6.21. $1,058,038.42 Investment changes during current report period: 1. Liquidated $55,000 Certificate of Deposit and purchased $20,000 Certificate of Deposit at 5.75% to mature December 1. CITY OF RENTON FIREMEN 'S PENSION BOARD Regular Meeting December 16, 1975 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Henry Schellert, Councilman Bruce Phillips, Fireman William J. Henry, Fireman Ray Barilleaux , Alternate The regular meeting of the Firemen 's Pension Board, advanced from December 8, was called to order by Chairman Garrett at 4:00 P.M. Board Members Schellert and Phillips were absent. Mrs. Gwen Marshall , Finance Director, was present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF NOVEMBER 10, 1975 AS WRITTEN. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Copy attached) Monthly statement of Cash and Investment activity for the period ending November 30, 1975, was distributed. Investment changes included liquidation of a $20,000 Certifi- cate of Deposit and purchase of a Certificate of Deposit at 5. 125% to mature 12/31/75; receipt of principal payment of $900 on 1954 Water & Sewer Revenue Bond, also, Change Requests were made in December on the Mutual Fund holdings, to comply with RCW 35.39.040(lc as previously directed by the Firemen ' s Pension Board. MONTHLY BILLS AND PENSION PAYMENTS (List Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE BILLS AS PRESENTED AND TO AUTHORIZE THAT WARRANTS BE DRAWN TO COVER. CARRIED. Letter from Patrick Lemon, F. B. Hall & Co. , Insurance Adviser, outlined 100% dental coverage program for Renton Firefighters. (Copy Attached) . Mrs. Marshall reviewed the proposed program. MOVED BY HENRY, SECONDED BY MEAD, THE MATTER BE HELD FOR THE JANUARY MEETING AFTER ALL BOARD MEMBERS HAVE AN OPPORTUNITY TO REVIEW THE PROPOSAL. CARRIED. ACTUARIAL REPORT Letter from Milliman & Robertson, Inc. submitted report of the actuarial valuation of the Firemen 's Pension Fund as of September 30, 1975. Copies were distributed. MOVED BY HENRY, SECONDED BY MEAD TO TABLE THE REPORT UNTIL ALL MEMBERS HAVE AN OPPORTUNITY TO REVIEW THE DOCUMENT. CARRIED. As there was no further business to come before the Board, it was MOVED BY MEAD, SECONDED BY HENRY, TO ADJOURN. CARRIED. The Meeting adjourned at 4:20 P.M. Delores A. Mead, City Clerk-Secretary 91 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting December 16, 1975 Mai MONTHLY BILLS FOR NOVEMBER, 1975 ALCENAS - Kirkland ac/Marvin Sherertz, Treatment, Medication, Hospitalization, $1 ,168.30 John Alexander ac/John Alexander, Reimbursement for Rx 382002, 11/2, $25.20 A & H Drugs ac/Ron Bergman, RX 378964, 9/29, $4.20; ac/James (Total - $25.30) Matthew, RX 394107, 394108, 10/8, $11 .30;ac/Jack Colombi , RX 352-808, 9/26, $3.20; ac/James Rupprecht, RX 380313, 10/13, $6.60 Austin' s Shaw Rexall Drugs ac/T. K. Anderson, Rx 393563, 10/3, $10.20 Gordon P. Baker, M.D. ac/David Riggle, Injections, $9.50; ac/J. Robison, K/C reject. Allergy antigen, $30.00 John L. Bernier, D.C. ac/Karl Strom, Office Calls, 11/3, 11/17, $18.00 Dr. Lloyd Salter ac/Robert Connell , Reimbursement, Balance after Reimbursement to Robert Connell King County, $16.00 Cornell 's Valley Pharmacy ac/D. Miller, RX 53426, 53574, 11/3, 11/7, $9.55 (Total - $157.60) ac/D. Riggle, RX 151873, 10/8, $7.25; ac/Jon Robison, RX 53596, 53597, 53596. 53597, 53596, 11/7-12/3, $61 .10; ac/M. Sherertz , Rx 45705, 54150, 10-7/11 -26, $14.35; ac/P. Walsh, RX 52875C, 52876, 10-14/11-13, $20.00; ac/G. Williams, RX 50632. 50633, 50634, 50973, 11/12, $45.35 Group Health Insurance Payment for November, $180.00, December, $180.00 Gerald Hurst ac/Gerald Hurst, Reimbursement for RX 380528, 380529, 11/11 , $7.95 King County Medical Insurance Payment for November, $1 ,329.48, pyt. for Decem- ber, $1 ,329.48 K' s Pharmacy ac/G. Banasky, RX 130883, 11/18, $4.00; ac/Robert (Total - $134.20) Connell , RX 130767, 130768, 128649, 11/11 , $10.80; ac/Paul Henry, RX 130530, 11/1 , $8.05; ac/Gary Newton, RX 130675, 130674, 11/5, $11 .40, 130674, 130575, 11/12, $11 .40, 130882, 7284, 11/18, $8.30, kx 130995, 11/22, $8.30; ac/Ken Parks, RX 130804, 11/12, $9.10; ac/B. Phillips, RX 128607 , 130769, 11/11 , $13.20; ac/Art Pringle, Rx 126167, 11/4, $4.10; ac/John Alexander, RX 125089, 127317, 130716, 11/7, $38.80; 130716, 11/21 , $6.75 Dr. Martin Kushner ac/P. Walsh, Injections , $25.85 City of Renton Firemen's Pension Board MONTHLY BILLS & PENSION PAYMENTS FOR NOVEMBER, 1975 Page Two j*0 Swedish Hospital ac/John Alexander, Balance of Hospitalization not covered by Blue Cross, $194.00 Milliman & Robertson, Inc. Actuarial Services - Valuation of Firemen 's Pension Fund at September 30, 1975, $750.00 Valley General Hospital ac/James Rupprecht, Balance of Hospitalization, not covered by King County, $27.20 Valley Villa Convalescent Center ac/Delbert Miller, physical therapy, $60.00 Washington Dental Service Payment for November, 1975, $504.03; December, $504.03 PENSION PAYMENTS FOR DECEMBER, 1975 John Alexander $818.00 Gerald Hurst $ 20.08 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $629.50 Mrs. Orpha McDonald $370.80 James F. Ashurst $906.00 John Parks $634.50 Robert Connell $125.50 Sylvia Joan Pringle $629.90 Charles Goodwin $818.00 Karl Strom $629.50 Constance Haworth $646.91 Franklin L. Todd $ 46.60 Jack Haworth $629.50 y Lot 96 CITY OF III-INTON - FIRIN1N' S 1'INSION FUND Statement of Cash and Inveshilelits As of November 30, 1975 C u r r e I I L IIrevioti Last Year Lust, Year Period Period Cu 1,re111, Previous 11/30/75 10/31/75 Period Period 11/30/74 10/31/74 Cash $ 7,906.23 $ 13,813.53 1,055.91 6,138.44 111ve s twen L s Bank Notes, lite. 20,000.00 20,000.00 12,000.00 20,000.00 Municipals 237,748.27 238,648.27 333,511.67 333,511.67 Corporate Bonds 263,739.06 263,739.06 263,739•x6 263,739.06 Mutual Fwlds 429,107.04 40-9,107-04 429, 107.04 429,107.04 Total 9 950 594. $_._ 951 ,494.371 ,038,357.77 1 046 TOTAL CASA AND 1NVE'S`1'Ml:^J'1'S 958,500.60 " 965,307.90 0 1 0 41 .68 1 0 2 4q,6 21 luvestment changes during current report period: 1. Liquidated $20,000 Certificate of Deposit and purchased Certificate of Deposit at 5.125% to mature December 31st. 2. Received Principal Payment of $900 on one (1) City of Renton 1954 Water & Sewer Revenue Bonds. 3. Change Requests were made in December on the Mutual Fund holdings, to comply with RCW 35-39.040(18), as previously directed by the Firemen's Pension Board. Frank B.Hall 3 Co. of Washington 200 West Thomas Street Seattle,Washington 98119 Mrs. Gwen Marshall November 26, 1975 Finance Director City of Renton Municiple Building 200 Mill Avenue South Renton, Washington 98055 Dear Gwen: City of Renton Fire Fighters The Washington Dental Service has determined the administrative procedures to be followed in providing 100° dental coverage for the City of Renton Fire Fighters. The City of Renton firemen will be established as a separate employee program with current benefits paid at 100%. This group will be billed for the cost of incurred dental claims plus a 20% administrative charge. A new rate will be developed for the spouses and dependents of �X xthe firemen to be included in the contract renewal. Dependent eligibility, as always, will be determined by employee eligibility even though they are enrolled in a separate sub-plan. If you should have any questions, Gwen, please feel free to con- tact me. Sincerely, Patrick Lemon EF:PL:cwc Telephone(206)284-4890 Telex 32 8894 Cable HALLCOYSEA / U CITY OF RENTON FIREMEN 'S PENSION BOARD January 12, 1976 BOARD MEMBERS Avery Garrett, Mayor-Chairman Del Mead, City Clerk-Secretary Henry Schellert, Councilman Delbert Miller, Fireman William Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen' s Pension Board was called to order by Chairman Garrett at 4:00 P.M. Board Member Schellert was absent. In attendance were Mr. Gary Dime, Dean Witter and Co: ; Bruce Phillips, immediate past fireman board member; Finance Director Gwen Marshall and Deputy Finance Director Ted Bennett, and all other Board Members. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF DECEMBER 16, 1975 AS WRITTEN. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Mr. Gary Dime, the Board' s Investment Counsellor, was introduced and reviewed report of investment changes as prepared by Deputy Finance Director Bennett who recalled directive of the Board to liquidate, when market was right, some of the mutuals exceed- ing 5% legal investment limit. (list of transactions attached) . Mr. Dime advised of gain rather than loss , in investment revisions , the market being even better thereafter, however. He reported transfers from Massachusetts & Growth to Massachusetts & Trust , and National Security Trust transactions not yet accompli9hed, but to. be completed by end of the month, the Board then to be in full legal compliance as regards its mutual fund investments. Mr. Dime was thanked for his presentation. ACTUARIAL REPORT Milliman and Robertson, Inc. report of actuarial valuation of Pension Fund, submitted at the last meeting, had been tabled pending its review by absent Board Members. MOVED BY MEAD, SECONDED BY HENRY , TO REFER THE ACTUARIAL REPORT TO THE MAYOR, FINANCE COMMITTEE BOARD MEMBER AND THE CITY COUNCIL BUDGET COMMITTEE,RECOMMENDING CONSIDERA- TION IN THE 1977 BUDGET. In ensuing discussion, it was determined that the Pension Board could discuss the matter further at subsequent meetings and take such action as deemed desirable as concerns recommendations regarding implementation of the find- ings and as to adoption of the report and as it may wish to make to the Council . MOTION CARRIED. Some discussion ensued about reimbursement monies budgeted for 1976, premiums, new coverage request of the firemen and Board policy of dental needs being considered medical disabilities. New dental coverage proposal for the firefighters , submitted in December, by Patrick Lemon of Frank B. Hall and Co. , and held for the January meeting, was discussed. There was some question concerning the 100% coverage if an employee has not fulfilled annual responsibility of dental treatment according to the incentive plan, all employees to have reached 100% coverage this year. Mrs. Marshall advised the proposed contract will be effective on February 1 , 1976, the anniversary date of the original contract. The 20% administrative charge was questioned, Mrs. Marshall CITY OF RENTON Firemen's Pension Board Meeting January 12, 1976 - Page 2 advised of Mr. Lemon 's efforts in effecting contract, the first of its kind granted by Washington Dental Services and the 20% administrative cost and other terms as proposed were firm and final , the company reluctant to start this kind of coverage at all , and such coverage would be carried on a separate billing procedure and no retroactive payments or dependent coverage included. MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE PROPOSAL AND AUTHORIZE THAT THE WRITTEN PLAN BE DRAWN ACCORD- INGLY. MOTION CARRIED. Letter was read from G. H. Williams, Fire Chief, advising of election by qualified pension fund members of Delbert Miller as Fireman Member of the Board to serve two year term expiring 12/31/77 , replacing Bruce Phillips whose term expired 12/31/75. Mr. Miller was welcomed. MONTHLY BILLS AND PENSION PAYMENTS (List Attached) MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE BILLS AND PENSION PAYMENTS AS SUBMITTED AND THAT WARRANTS BE AUTHORIZED TO COVER. MOTION CARRIED. Fireman Henry inquired regarding payment of retroactive dental bills to date of dental contract inception. In discussion, it was recalled that there was question by the Attorney as to legality of retroactive payments and Washington Dental also refusing such coverage. The Board will discuss this matter and legal aspect to be checked. MOVED BY HENRY, SECONDED BY MILLER, TO ADJOURN. Meeting adjourned at 4:45 P.M. Delores A. Mead, City Clerk-Secretary Firemen 's Pension Board DAM:j t CITY OF RENTON FIREMEN'S PENSION BOARD January 12, 1976 MONTHLY BILLS FOR DECEMBER, 1975 A & H Drugs ac/J. Colombi , Rx, $11 .00; ac/D. Miller, Rx, $4.60; (Total - $33.00) ac/J. Rupprecht, Rx, $4.60, $6.40, $6.40 Austin Shaw Drugs ac/D. Walsh, Rx $11 .35, $7 .00; T. K. Anderson, (Total - $28.55) ac7 A'R a rom, December treatments , $27 .00 John Bernier, D.C. Cornell ' s Valley Pharmacy ac/D. Miller, Rx, $6.90; ac/M. Sherertz, Rx, $18.90, (Total - $80.30) $13.00, $12.50; ac/Pat Walsh, Rx $7.25, $5.90; ac/Ed Wooten, Rx $15.85 K' s Pharmacy ac/R. Connell , Rx, $9.05; $3.45; ac/D. Goodwin, (Total - $108.89) Rx, $4.80, $14.95, $3.80; ac/P. Henry, Rx $2.75, $4.60; ac/W. Larson, Rx, $6.50; ac/G. Newton, Rx, $22.80; ac/B. Phillips, Rx, $4.50; ac/Ken Walls, Rx, $3.55 ; ac/J. Alexander, RX, $7 .50, $15.00; ac/J. Parks, Rx, $5.64 Payn Save ac/C. Ankeny, Rx, $5.88 Dan Ranniger, M.D. ac/B. Phillips , Flu Shot, $7.50 Benson Hill Drugs ac/G.. Dawkins, Rx, $3.65 L. D. Bracken Pharmacies ac/F. Todd, Rx $16.75 Dome Labs ac/P. Henry, $22.00, Reimbursement PENSION PAYMENTS FOR JANUARY, 1976 John Alexander $899.50 Gerald Hurst $ 84.58 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 .50 Mrs . Orpha McDonald $370.80 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $207.00 Sylvia Joan Pringle $629.90 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $646.91 Franklin L. Todd $106.10 Jack Haworth $691 .50 Patrick J . Walsh $ 18.04 CITY OF RENTON - FIRF ENI S PENSION FUND bw Statement of Cash and Investments As of December 31, 1975 Current Previous Last Year Last Year Period Period Current Previous 12/31/75 1V30/75 Period Period 12/31/74 1 11/30/74 Cash $ 1,496.57 7,906.23 S 56,595.14 1,055.91 Investments Batik Notes, Etc. 116,000.00 20,000.00 -0- 12,000.00 Municipals 214,637.08 237,748.27 291,589.94 333,511.67 Corporate Bonds 263,739.06 263,739.06 263,739.06 263,739.06 Mutual Funds 361,867.641429,107-04 429,107-04 429,107-04 ow Total 956,243-78 950,594-37 984 436.04 1,038,357.7-1. TOTAL CASH AND INVESTMENTS 957,740.]5 _1_. 928,500.6o 1,0411031- 18 1,039,413.68 Investment changes during current report period: 1 . Liquidated $20,000 Certificate of Deposit at maturity and purchased following Certificates of Deposit : AMOUNT MATT JR I TY RATE; $12,000 1/30/76 5.00% $12,000 2/27/76 5.00% $12,000 3/31/76 5.30% $24,000 4/30/76 5.50% 6 000 6/30/76 0.55% $116,000 2. Received $23,111. 19 payment on three L.I.D. Installment Notes. Il�r Cont. next page. boa c1I1 OF RENTON - FIREMEN'S PENSION FUND Page -2- Statement of Cash and Investments As of December 31, 1975 Investment changes during current report period - Cont: 3. Sold following Mutual Funds: PERCENT ORIGINAL RTN'D SOLD PROCEEDS COSTS GAIN Investment Company of America 35 $22,588.99 $21,742.85 $ 846. 14 Pioneer Fund 35 23,683.87 22,746.98 936.89 Washington Mutual Investors 35 24,449.18 22,749.57 1,699.61 $70,722.04 $67,239.40 $3,482.64 4. Exchanged following Mutual Funds: A. One half () National Securities Growth Fund shares for National Securities Stock Fund. B. One half (2) Oppenheimer Fund, Inc. , shares for Oppenheimer A.I.M. Fund, Inc. 5. We had requested that 95% of the National Securities Stock Fund be sold and that 2 of the MIG Fund shares be exchanged for MIT shares. These transactions were not, completed as of December 31, 1975, even though the requests were made the later part of November. Mr. Dime called long distance to New York and Boston on January 12, 1976 to check on the status of our requests. The requests will be complied with during the month of January, which will then put our Mutual Funds well within the requirement of RCW 35-39.040(18). 103 . CITY OF RENTON FIREMEN'S PENSION BOARD February 9, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Del Mead, City Clerk-Secretary William J. Grant, Councilman Delbert Miller, Fireman William Henry, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. , all Board Members were in attendance. Also present were Mr. Gary Dime, Investment Advisor, Dean Witter and Co. ; Gwen Marshall , Finance Director; Ted Bennett, Deputy Finance Director; and Bruce Phillips, immediate past board member. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF JANUARY 12, 1976. MOTION CARRIED. PRESENTATION - INVESTMENTS Mr, Gary Dime, Investment Counselor, reported sale and exchange of mutual fund investments (National Securities Fund for $87,016.24 at gain of $15,735.94, original cost being $71 ,280.30, and exchanging of one-half of Massachusetts Investors Growth Fund for Massachusetts Investors Trust Fund, market now being favorable) to bring the Pension Fund investments within legal limit allowed (5% of total fund assets in any one company) . Appreciation of mutual fund values and negative cash flow decreased the total fund value causing overage, needing adjustment for legal compliance. Mr. Dime reviewed corporate bond investment portfolio, noting full coupon bonds purchased over a period of time cost $168,924 with yield of 8.54%. If sold today, loss of $8,000 would result, however, when held to maturity, yield will net excess of cost factor at 8.96%. Upon inquiry by Chairman about Long Island Light investment, Mr. Dime noted this to be the second largest income producer in the world and a good invest- ment. Discount corporate bonds were explained, divestiture of same recommended to increase the fund by approximately $6,000, reinvesting $100,000 proceeds of such sale would result in new cost basis, the Fund also to pick up accrued interest to date. Aim of the investment program being to increase the size of the Fund and to increase the current income per year. Discussion ensued concerning the discount bonds, it being noted purchased some time ago along with mutuals, the idea then being not to take too big a risk in mutual funds. Discount bond purchased for $600, when reaching maturity to yield $1 ,000. Discount corporate bond investments cost $93,587 at 5.33%; market value today $100,050, annual income, $4,990.63. Problem the Pension Fund is facing is inadequate cash flow, the Fund needing all the money to pay expenses. Mr. Dime proposed sale of the discount bonds for anticipated profit of $6,463 and with the $100,050 proceeds, invest in full coupon bonds to, yield 9.92% or City of Renton Firemen's Pension Board Meeting February 9, 1976 - Page Two $9,437 per year, increasing the fund annually by $4,447 or $370 per month to receive needed income now and accomplishing the aims of the Fund to increase size and income. Mr. Dime recommended purchase of $60,000 each of Michigan Wisconsin Pipe Line, General Motors Acceptance Corporation and Pacific Power & Light Co. The law requires A rated or better and maturity dates on the proposed investments are liquid (can be sold at any time) , interim short term investments of pro- ceeds recommended. Ted Bennett noted proceeds from prior mutual fund sales of $87,000 put into short term purchase agreements. Gary Dime noted $100,000 from discount corporate bond sale, plus the $87,000 from prior mutual fund sales could buy the 180 new bonds. MOVED BY HENRY, SECONDED BY MEAD, TO CONCUR IN THE RECOMMENDATIONS OF THE INVESTMENT ADVISOR AND SELL PRESENTLY HELD DISCOUNT BONDS AND PURCHASING $60,000 EACH OF MICHIGAN WISCONSIN PIPE LINE, GENERAL MOTORS ACCEPTANCE CORP. AND PACIFIC POWER & LIGHT CO. , AND THAT TED BENNETT, DEPUTY FINANCE DIRECTOR, BE AUTHORIZED, ALONG WITH MR. DIME, TO EXECUTE NECESSARY INVESTMENT TRANSAC- TIONS. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (List Attached) MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE BILLS AND PENSION PAYMENTS AND WARRANTS BE AUTHORIZED TO COVER. Additional bill from John Alexander for Summit Madison Medical Group Services for $65.00 was submitted for inclusion in the bills. MOVED BY HENRY, SECONDED BY MILLER, TO AMEND THE MOTION TO ADD THIS BILL TO PAYMENT AUTHORIZATION. MOTION CARRIED. ORIGINAL MOTION TO PAY THE BILLS AND PENSION PAYMENTS AS AMENDED CARRIED. Fireman Henry q inquired regarding status of additional dental contract benefits requested by the firemen to include 100% of all covered costs. He noted dental and medical insurance premium payments from the Pension Fund and that 100% medical benefits, in excess of those covered by King County Medical are paid for the firemen, the same coverage now requested for dental benefits. Atten- tion was called to AGO letter memorandum dated 5/10/74 authorizing payment of medical/dental premiums from the Fund and letter to Mayor Delaurenti from City Attorney Shellan was read. Referring to Attorney General Opinion, also his own, that existing collective bargaining agreement with the firemen provides for dental coverage under Washington Dental Services and applies to all city employees on a uniform basis and "when there is an existing collective bargain- ing agreement providing for certain benefits, same cannot be unilaterally increased without consideration to the city since any such increase would be in violation of the constitutional prohibition". Prior memos, AGO, and letters were attached and Attorney Shellan concluded the additional coverage requested should be provided at time of renewal or extension of the existing labor con- tract, otherwise subject to challenge. City of Renton Firemen 's Pension Board Meeting February 9, 1976 - Page Three Fireman Bruce Phillips indicated payments from the Pension Fund for certain absentee replacement and the law being silent, it having been agreed that the Board had the power to pay such costs and he suggested that the Board could also pay the balance of the 100% coverage from direct billings to the Fund, in view of City Attorney's opinion that altering the dental contract would be in violation. Some questions ensued as to legality of any payment over and above that provided for in the bargaining agreement. Chairman Delaurenti requested a special meeting of the Pension Board on February 24, 1976 at 4:00 P.M. to further discuss the matter, the City Attorney to be requested to attend. Finance Director Gwen Marshall was requested to advise Mr. Lemon, the city's Insurance advisor, of the pending action. MOVED BY MEAD, SECONDED BY HENRY, TO ADJOURN. MOTION CARRIED. The meeting adjourned at 4:45 P.M. Delores A. Mead, City Cl rk-Secretary Firemen's Pension Board it r LJ a CITY OF RENTOi+ FIREMEN'S PENSION BOARD February 9, 1976 MONTHLY BILLS FOR JANUARY 1976 A & H Drugs ac/J.Colombi , Rx, $2.95, $2.95; ac/J. Ruppvecht (Total - $23.60) $6.40, $7.20, $4. 10 Cornell ' s Valley Pharmacy ac/R.Geissler $17. 10; ac/J.Robison $32.20; (Total - $113.03) ac/M.Sherertz $11 .70, $10.53; ac/G.Williams $40.90 K' s Pharmacy ac/R.Bergman $5.65; ac/R.Connell $6.05; ac/P.Henry (Total - $162. 31 ) $4.60; ac/T.LaValley $27.00; ac/G.Newton $35.09, $4.38, $6. 14; ac/F.Todd $30.60; ac/K.Walls $3. 10, $3. 10; ac/J.Alexander $4.80, $10.98, $9.35 ac/J.Ashurst $11 .47. R.W. Lomas , Opthamologist/Dr. ac/G.Newton $7.20 Eyeglasses Renton Optical Co. ac/W.Larson $55.27 Eyeglasses Summit Madison Medical Group ac/J.Alexander $65.00 balance Group Health Insurance $90.00 King County Medical Insurance $1 ,623.93 Washington Dental Service $504.03 Orthopedic International , Ltd. , P.S. Ac/John Alexander, November and December, 1975 PENSION PAYMENTS FOR FEBRUARY, 1976 Medical Services John Alexander $899. 50 Gerald Hurst $ 84: 58 H rs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 . 50 Mrs. Orpha McDonald $370.80 James F. Ashurst $944. 50 John Parks $699.00 Robert Connell $207.00 Sylvia Joan Pringle $629.00 Charles Goodwin $899. 50 Karl Strom $691 .50 Mrs. Constance Haworth $646. 91 Franklin L. Todd $106. 10 Jack Haworth $691 .50 Patrick J. Walsh $194.46 !d7 CITY OF RENTON - FIREKN'S PENSION FUND r Statement of Cash and Investments As of January 31, 1976 Current Previous Last Year Last Year Period Period Current Previous 131./76 12�1t15 Period Period 1 Al 5 1' 3V 74 Cash 8 1,289.46 $ 1,496.57 $ 5,060.03 $ 56,595.14 Investments Bank Notes, Etc. 199,000.00 116,000.00 46,000.00 -0- Municipals 212,229.49 214,637.08 288,510.93 291,589.94 Corporate Bonds 263,739.06 263,739.06 263,739.06 263,739.06 Mutual Funds 290,587-34 361,867.64 429,107.04 429,107.04 Total $965,555-89 $9:16,243-78 $1,027,357.03 $ 984,436.04 TOTAL CASH AND INVESTMENTS $()662845.35 $957Z740-35 $1,032,417-06 81,041,031.1e Investment changes during current report period: 1. Received $2,407.59 payment on L.I.D. 258 Installment Note. 2. Sold following Mutual Funds: PFRCFNT ORIGINAL FUND SOLD PROCEEDS COST GAIN National Securities Stock Fluid 95 $87,016.24 $71,280.30 $15,735.94 3. Exchanged following Mutual Funds: One half (1) Massachusetts Investors Growth Fund shares for Massachusetts Investors Trust Fund shares. 4. Liquidated $12,000 Certificate of Deposit at maturity and purchased $8,000 Certificate of Deposit at 5% to mature 3/5/76. 5. Purchased $87,000 "Repo" at 4.45% to mature 2/13/76. E',;finnan"s tension Fund I)i',SCR11'I'ION COST MKT-VALUE IN COM I; 20,000 Ohio Ywr. 100.67 104 10-118 182 20,134.0020,800.00 2,025,00 14,000 No. Nat Gas 107.75 96-1/2 8-3/4 '90 15,095,00 13,510.00 1,225,00 ,i- 25,000 Lg. Isl. Lite. 100.00 92-3/4 8.2 199 25,000.00 23, 187,50 2,050.00 24,000 Gulf Power 109.25 100-3/4 8-7/8 '00 26,220.00 Z4, 180.00 Z, 130.00 I 3U,000 Haw. Tel 108.50 96-1/8 8-3/4 '00 32,550.00 Z8,837.50 2,625.00 50,000 Pac. Tel, 99.87 100-7/8 8-3/4 '06 49,935.00 50,437.50 4,375.00 168,924.00 160,952.50 14,430.00 1 Yield S.5V'L Yield 8.96"/" Uisu,unl Corp. Bunds DESCRIPTION COST MKT-VALUE INCOME: 20,000 GMAC 81,50 89.75 516 '81 16,300.00 17,950.00 1,000.00 Z5,000 Ain. Tel 67.25 73,50 3-1/4% '84 16,812.50 18,375. 10 806.25 50,000 Am. Tel 61.25 65,25 2-5/8 '86 30,625.OU 32,625.00 1,312.50 25,000 Am. Tel til,75 tis,00 2-7/8 '87 15,437.50 It,,250.00 696.8s 20,OOU So. (:al. Ed 72,06 74.25 5-7/8 '92 14,412.00 14„,850, 1O 1, 175.00 93,587.00 IOU,050.UU 4,990.63 Yield 5,33';8, field 4.98% FIREMAN'S PENSION FUND SELL 20,000 Southern California Edison Co. 5.875 Due 5/15/1992 20,000 General Motors Acceptance Corp. 5.000 Due 3/15/1981 25,000 American Telephone A Telegraph 3,250 Due 9/I5/1984 50,000 American Telephone & Telegraph 2.625 Due 7/1/1986 r 25,000 American Telephone & Telegraph 2.875 Due 6/1/1987 BUY 60,000 14ichigan Wisconsin Pipe Line 9.750 Due 11/1/1990 60,000 General Motors Acceptance Corp. 8.875 Due 6/1/1999 60,000 Pacific Power & Light Co. 10.000 Cue 1/1!2006 �©9 CITY OF RENTON FIREMEN'S PENSION BOARD Special Meeting February 24, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman Delbert Miller, Fireman William Henry, Fireman Ray Barilleaux, Alternate A special meeting of the Firemen's Pension Board was called to order by Chair- man Delaurenti at 4:00 P.M. in the 6th Floor Conference Room. Board Members Grant and Miller were absent. G. M. Shellan, City Attorney and Gwen Marshall , Finance Director were present. The special meeting was called for the purpose of getting legal opinion in regard to providing additional dental benefits from the Pension Fund requested by firemen, to equal 100% of all contract covered costs. Letter to Mayor Delaurenti , from City Attorney Shellan, dated 1/27/76, was reviewed and it was the consensus of the Board that since question of legality had been indicated, no revision to the existing dental contract would be made, Finance Director Marshall requested to so notify Insurance Advisor Pat Lemon. The question before the Board at this time was whether the Board could legally, on i,ts own initiative, grant additional dental benefits from the Pension Fund, as requested by the firemen, without any change in the dental contract. City Attorney Shellan stated that special benefits cannot be granted uni- laterally over and above what the collective bargaining agreement calls for, it making no difference where the funds came from and provision for any special benefits should be made in renewal or extension of the existing collective bargaining agreement. Fireman Henry said the Board had control over the Fund, noting that the fire- men feel this Fund was set aside by law to provide benefits for the firemen and when medical/dental insurance premiums are paid from the Fund, otherwise an obligation of the City's general fund, the additional dental benefits might be also funded. City Attorney Shellan pointed out that these are public funds in the Firemen's Pension Fund, part of the pension funds paid by all tax payers from millage and fire insurance premium revenues, some firemen never having contributed otherwise to the Fund. He recalled Attorney General 's Opinion which ruled that the City can use city firemen's pension funds established under R.C.W. 41 .16, to pay medical and dental premiums, the city obligated only to provide services for dental listed in the R.C.W. as job-connected injuries if treat- ment by qualified dentists occurs within ninety days of injury, the city, however, granting greater benefits by contract premium payments as provided in the collective bargaining agreement. The city cannot grant greater benefits unilaterally or the bargaining contract could be nullified. Mo City Renton Firemen' s >': :: on Board Special Meeting of Februar; 24, 1976 Page Two Fireman Henry noted the firemen felt they had the right to receive benefits from the fund over and above those now granted even though they are spelled ; out in the collective bargaining agreement. City Attorney Shellan stated y pension funds might have been used if the collective bargaining agreement were silent, but as the matter stands now such action could be challenged. Discussion ensued concerning costs of additional coverage requested, this being undetermined, Fireman Henry feeling they should be retroactive to date of the dental contract inception. City Attorney Shellan inquired why have a collective bargaining agreement if it is not going to be observed, noting you cannot revise benefits in the "middle of the stream", nor can you do it retrc,- acti'vely, the collective bargaining agreement is binding and the coverage is now beyond the minimum required by law. Chairman Delaurenti advised that it is his intent to follow the legal advice of the Attorney. Secretary Mead also stated her desire to legally comply in making payments from the Pension Fund, it not being intended to withhold any benefits that were due but only to stay within rightful legal justification. Responsibility and liability of the city, the Pension Fund and Pension Board members was discussed and consequences in event of adverse audit findings. Discussion ensued regarding any repayment and Fireman Henry did not feel the firemen would want the fund liable for repayment nor did Board Members feel they wanted to assume such liability. The attorney noted there is reasonable doubt about payments proposed and he is legally advising the Board accordingly. Fireman Henry stated, as a fireman board member, he has the obligation to fight mom for benefits for the firemen. City Attorney Shellan said firemen are entitled to all benefits derived from the collective bargaining agreement, firemen feeling however they should receive benefits over and above the agreement, there being money to fund them. However, the city pension fund is a public fund and the source of funding is not the important factor, but the fact there is a col- lective bargaining agreement. He asked if there were no pension fund but the city had excess revenue sharing monies, should the firemen receive benefits over and above other employees. The consensus was that they should not. In discussion of benefits, it was noted the dental plan began in 1972 with an incentive program at 70% payment contribution, 80% the following year and 90% i,n 1975, now at 100% if incentive plan participation had been exercised. If 4 firemen had not gone for service they will not have reached the 100% and must i fulfill the incentive program requirements first. Recent actuarial report was discussed which projected need for a tax levy support to properly amortize the Firemen's Pension Fund liabilities, determined as of 12/31/74, to amount to $4,824,000.00. In view of the actuarial report, it was questioned whether there were pension funds available for extended benefits. The attorney inquired regarding the possibility of opening the collective bargaining contract as they had previously, limiting the benefits accruing to both parties or otherwise opening at the regular date of expira- tion and deleting the reference to the dental contract in its entirety. The Attorney inquired whether an Attorney General 's Opinion was desired on LM the subject of collective bargaining agreement being prohibitive to additional a E: City of Renton Firemen's Pension Board Special Meeting of February 24, 1976 Page Three payments from the Fund, the Board not feeling this necessary. After some fur- ther discussions regarding use of pension funds, it was MOVED BY HENRY, SECONDED BY MEAD, the meeting adjourn. The meeting adjourned at 4:57 P.M. Delores A. R e d Cletary it CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting March 9, 1976 woo BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chair- man Delaurenti in the 6th Floor Conference Room at 4:00 p.m. All Board Members were present, Fireman Miller arriving during reading of correspondence. Also present were Finance Director Gwen Marshall and Firemen Larry Weiss and Jim Matthews, the firemen arriving during the latter part of the meeting. MINUTE APPROVAL MOVED BY GRANT, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE REGULAR MEET- ING OF FEBRUARY 9, 1976 AND THE SPECIAL MEETING OF FEBRUARY 24, 1976 AS DISTRI- BUTED. MOTION CARRIED. MONTHLY REPORT OF CASH AND INVESTMENT ACTIVITY The monthly statement indicated liquidation of corporate discount bonds as directed by the Board upon advice of Investment Counsellor Gary Dime at the last regular Board meeting, and investment in additional full coupon corporate bonds (see attached report) , liquidation of $87,000 and $12,000 "repos" at maturity, and discount bond balance receipts of $100,368.10 combined funded the new investments. This report to be placed on file for record. CORRESPONDENCE Letter was read from Fire Chief Williams reporting that election by Fire Depart- ment members resulted in the reelection of Ken Parks to the local LEOFF Disability Board, two-year term expiring March 1 , 1978. Letters from Kari Strom and City Attorney Shelland were discussed concerning request for payment of accumulated sick leave benefits and legal ruling of ineligibility for the retired fireman to collect these benefits. It was requested that Mr. Strom be invited to attend a joint meeting of the Finance and Personnel Committee, the Firemen's Pension Board and the City Attorney on Tuesday, April 13, 1976. MEETING DATE CHANGE Attention was called to permanent change in Pension Board meeting date from the second Monday of the month to the second Tuesday of the month due to timing problem, the LEOFF Board meets on Saturday and bills needed on Monday for pre- paration of LEOFF Board minutes prior to submittal to the Finance Department for segregation and account listing for Pension Board approval . The new meeting time has been published and posted in accordance with open meeting laws. MONTHLY BILLS AND PENSION PAYMENTS MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED, INCLUDING ADDITIONAL BILL SUBMITTED FOR KARL STROM IN SUM OF $18.00, WITH WARRANTS DRAWN TO COVER. MOTION CARRIED. FIREMEN'S PENSION BOARD MEETING March 9, 1976 Page Two OLD BUSINESS Fireman Henry recalled his tabling action at the last Firemen's Pension Board meeting regarding subject of dental benefits , this having been determined a negotiable item. He explained since the Pension Fund was paying the dental insurance premiums, it was felt that that was where the 100% balance for addi- tional covered benefits should come from, however, the Attorney had advised such payment would be in conflict with the collective bargaining agreement. Mr. Henry stated he personally did not agree with the Attorney but acknowledged duty of the Board, as Mayor had indicated, to abide by the legal interpretation of the Attorney that contract change would conflict with the bargaining agree- ment. MOVED BY HENRY, SECONDED BY MILLER, THAT DENTAL CONTRACT 181 CONTINUE IN FORCE AS IT PRESENTLY STANDS WITH NO CHANGE IN BENEFIT COVERAGE AT THIS TIME. MOTION CARRIED. (Proposed amendment null and void) . Fireman Henry called attention to pending requests for payment of 100% covered dental contract items, Board action precluding any payment on these. MOVED BY GRANT, SECONDED BY MILLER, PENDING BILLS BE REJECTED IN VIEW OF ATTORNEY'S OPINION THAT PAYMENT WOULD BE QUESTIONABLE AND SUBJECT TO POSSIBLE CHALLENGE. (William Henry, $238.90; Richard Geissler, $210.90) MOTION CARRIED. Discussion ensued concerning betterment of the dental program now carried with Washington Dental Service. Other groups have peridontics and greater coverages. Investigation suggested in this regard. Possible negotiation with Washington Dental Service to be considered at such time as the collective bargaining agree- ment is opened. It was suggested that some investigation be made by the Admini- stration as to coverages and costs. MOVED BY MEAD, SECONDED BY GRANT, TO ADJOURN. The meeting was adjourned at 4:40 p.m. Delores A. Mead, City Clerk-Secretary DAM:j t rr CITY OF RENTON FIREMEN'S PENSION BOARD - MARCH 9, 1976 MONTHLY BILLS FOR FEBRUARY, 1976 Austin's Rexall Pharmacy ac/T. K. Anderson, Rx393563, 2/17, $10.20 John L. Bernier, D.C. ac/Karl Strom, Services, 2/9-18, $18.00 Group Health Insurance Payment for February, 1976, $90.00 King County Medical Ins. Payment for February, 1976, $1 ,623.93 James H. Hartwig, M.D. ac/Jack Colombi , 2/1/76, Injection, $5.00; ac/Ken Walls, 1/13/76, Injection, $5.00 K's Pharmacy ac/R. Connell , Rx 128648. 128649, 13067, 2/27, (Total - $119.90) $14.85; ac/P.Henry, Rx 130530, 2/3, $8.05; ac/W. Henry, Rx 130407, 2/12, $18.25; ac/Ted LaValley, Rx 132247, 2/7, $11 .00, Rx 132247, 2/17, $17.60; ac/Gary Newton, 1/30, $7.20, Rx 131728, 2/26, $12.85; ac/Bruce Phillips, Rx 128607, 126315, 2/25, $9.85; ac/Ken Walls, Rx 131837, 2/17, $3.10; ac/John Alexander, Rx 125327, 2/27, $4.80, Rx 127317, 2/23, $9.35; ac/James Ashurst, Rx 132111 , 2/2, $3.00 The Mason Clinic ac/Robert Connell , Flu Injection, 8/26, $6.50 Pay'n Save Pharmacy ac/Charles Ankeny, Rx 203338, 12/7/75, $2.69 Shepard Ambulance ac/Gary Newton, 12/31 , Services Not Covered bymo King County, $26.00 Valley General Hospital ac/Gary Newton, Hospitalization not Covered by King County, 11/16-11/18/75, $34.00 Virginia Mason Pharmacy ac/Larry Weiss, Rx 920888, 10/8/75, $8.85 Vukov Clinic ac/Gary Newton, Medicine, $39.00 Washington Dental Service Payment for February, 1976, $504.03 PENSION PAYMENTS FOR MARCH, 1976 John Alexander $899.50 Gerald Hurst $ 84.58 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 .50 Mrs. Orpha McDonald $370.80 James F. Ashurst $944.50 John Parks $698.50 Robert Connell $207.00 Sylvia Joan Pringle $629.90 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $646.91 Franklin L. Todd $106.10 Jack Haworth $691 .50 Patrick J. Walsh $194.46 Its CITY OF RENTON - FIRDIENI S PENSION FLNND Statement of Cash and Investments r.. As of February 29, 1976 Current Previous Last Year Last Year Period Period Current Previous 21 2V 76 1/3176 Period Period 2/28,/75 1 1 Cash $ 538.53 $ 1,289.46 $ 8,505.54 $ 5,060.03 Investments Bank Notes, Etc. 100,000.00 199,000.00 46,000.00 46,000.00 Municipals 212,229.49 212,229.49 278,030.32 288,510.93 Corporate Bonds 356,750.66 263,739.06 263,739.06 263,739.06 Mutual Funds 290,587-34 2 0 8 4 429,107-04 ".107-0/t Total $959,567.496 .8 $1,016.876.423 -$1 02 -1.0 ` 0 TOTAL CASH AND 1NVESTMINTS $960,100.02 662845-al 120223381-26 )6 Investment changes during current report periods 1. Liquidated $87,000 "Repo" and $12,000 "Repo" at maturity. 2. Sold and purchased following Corporate Bands in conformance with Board action during •January 1976 meeting: SOLD SALES PRICE PUR.CIIASE PRICE GAIN 20,000 GMAC $ 18,283.59 $16,300.00 $1,983.39 50,000 AT&T 32,301.58 30,625.00 1,676.58 25,000 AT&T 16,156.97 15,438.00 718,97 25,000 AT&T 18,474.85 16,812.00 1 ,662.85 20,000 So. Cal. Edison 15,12,51-31 14,413.40 737,91 $100,368.10 $93,588.40 $c,779.70 PURCHASED 60,000 Michigan Wisconsin Pipe Line ---------------------_------- $63,000.00 60,000 GMAC ------------M--------------..---M---------_ 61,500.00 60,000 Pacific Power & Light Co. -----------------------.- ------ 62 100.00 $186,600.00 t E /4 CITY OF RENTON F I REK N'S PENSION BOARD April 13, 1976 Regular Meeting WAM BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary j William J. Grant, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti , in the 6th floor conference froom at 4:00 p.m. Board Member William Henry was absent, alternate Fireman Ray Barilleaux was present. Also in attend- ance were City Attorney Shellan, Gwen Marshall , Finance Director; Finance and Personnel Committee members, in addition to Councilman Grant, Chairman; Council- men McBeth and Perry; also Sharon Green, Personnel Director. This meeting was also a joint meeting with the City Council 's Finance and Personnel Committee to discuss request by Fireman Strom for payment of accrued sick leave benefits not paid at time of his retirement. MINUTE APPROVAL MOVED BY BARILLEAUX, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF MARCH 9, 1976 AS DISTRIBUTED. MOTION CARRIED. low MONTHLY CASH AND INVESTMENT REPORT (See attached report) The monthly statement of cash and investment activity indicated liquidation of $8,000 and $12,000 Repo at maturity and receipt of $9,443.83 in payment on L.I .D. 265 installment note and $8,162.56 payment on L. I.D. 267 installment note; purchase of $15,000 Certificate of Deposit at 4.625% to mature April 21 , and $17,000 certi- ficate of deposit at 4.875% to mature June 30. This report to be placed on file for record. CORRESPONDENCE Letter from Pension Secretary, Del Mead, recalled RCW 41 .18.104 requirement that a the Pension Board meet after March 31st and prior to June 30th to adjust retire- ment and widow pensions to provide for arnual cost-of-living increase, payable for the Seattle area between January 1st and December 31st of the previous year. Since the U.S. Bureau of Labor Statistics does not provide a monthly index for the Seattle area, but only issues a quarterly C.P. I. report in February, May, August and November, it is necessary to compute the increases by special formula, sample attached, which amounts to 7.2% and which will affect pensions of Floyd Lawrence and the four widows, Mrs. Enza Anderson, Mrs. Constance Haworth, Mrs. Orpha McDonald, and Sylvia Joan Pringle. In order to give the Finance Department some lead time for processing the pension increases, the Board will need to take action on the matter at this meeting. Increases cover persons receiving benefits under RCW 41 .18.010, RCW 41 .18.080, RCW 41 .18.100 or RCW 41 .18.200. MOVED BY MEAD, SECONDED BY BARILLEAU TO AUTHORIZE 7.2% MONTHLY INCREASE TO WIDOWS AND PENSIONER COMMENCING JULY 1 , 1976 AS PROVIDED BY LAW. MOTION CARRIED. ""' 111 FIREMEN'S PENSION BOARD April 13, 1976 Page Two IL I Secretary plead read excerpt from April 3, 1976 local LEOFF Board meeting wherein LJ a flat fee of $60.00 (above physician's fee) was established for contact lenses. Attention was called by the secretary to joint meeting of the Pension and LEOFF Boards in 1973 when it was established that eyeglasses would be assumed as a medical disability expense obligation, $20.00 limit then set on frames, lenses to be fully covered, later increased by the LEOFF Board to $35.00, concurring action by the Pension Board thereafter. Contact lenses were not covered except to the extent that would have been paid for regular glasses, contacts not allow- able since they cannot be worn with masks, intense heat causing vacuum pulling lens off and causing eye damage. i Karl Strom inquired regarding use of the old Firemen's Pension Fund by the city for medical payments, stating this is not city money. i City Attorney Shellan recalled Attorney General 's Opinion (AGO) of some years ago that said if you have an old Firemen's Pension Fund that was in existence you may use that for medical purposes. it cannot be used for contributions to LEOFF, but may be used for medical purposes as allowed under the old act. The money in the fund is contributed from various sources, including fire insurance premium tax., millage, etc. , the city being ultimately liable to maintain sol- vency and if depleted, the city would have to use its own funds to provide pay- ments provided under the prior act. MOVED BY BARILLEAUX, SECONDED BY MILLER, TO SET MAXIMUM LIMIT PAYABLE FOR CON- TACT LENSES IN SUM OF $60.00 IN ACCORDANCE WITH THE LEOFF BOARD POLICY. CARRIED. City Attorney Shellan read list of medical services covered in the Act and advised that any city that has funds may go beyond the minimum allowance, but may not go below the minimum allowed under the Act, the Pension Boards, in this instance, granting benefits over the minimum. In e=isuing discussion, it was noted addi- tional benefits had been granted from time to time upon request by the firemen through their Board member representatives, and others were negotiated through the Union bargaining agreements. Various types of bills being presented for payment were discussed, attention called by the Attorney to the RCW allowance for drugs being upon prescriptions only, over-the-counter drugs are not prescrip- tion drugs and not covered and doctors should not be giving out prescriptions for that kind of medicine. Karl Strom inquired what might happen if fund benefits were denied the firemen, the City Attorney advising that one uniformed group (Police) and the other -(Fire) were equal , both being covered by the LEOrF Act and all having to be treated alike. Board Member Grant inquired as to where the Police payments came from, Finance Director Marshall advising that it was paid from the city general fund, as allocated at budget time in the Police Administration account. Member Grant inquired about insurance programs, it being noted both King County Medical and i Group Health Medical and Washington Dental preventative maintenance insurance is provided but funds only part of the cost and the balance being submitted by the firemen for payment, medical costs otherwise would be prohibitive. Chairman Del au ren ti noted approval by the Iocal LEOFF Board of the monthly medical bills submitted by firemen for payment which then go to the old pension fund for payment with no recourse, these bills not covered by insurance. The old ' pension board handles the bills of firemen, retired under the 1955 Act, not under LEOFF, which claims must be connected with the specific disability for which 1 1 C 118 FIREMEN'S PENSION BOARD April 13, 1975 Page Three they were retired. Discussion ensued regarding types of claims from the other firemen. City Attorney Shellan noted provisions of the law that if there is any other source of coverage, Social Security or other insurance policy, then that has to be taken into consideration and benefits cannot be collected twice, but only the difference between what is covered and what is unpaid. It was suggested that a questionnaire be sent out as if there was other coverage making payment, it is violation of the law. MONTHLY BILLS AND PENSION PAYMENTS (See attached list) MOVED BY MEAD, SECONDED BY GRANT, TO PAY THE CURRENT BILLS AND MONTHLY PENSION PAYMENTS AS LISTED. MOTION CARRIED. KARL STROM REQUEST FOR PAYMENT OF SICK LEAVE Board Member Grant, Finance and Personnel Committee Chairman, stated the Pension Board and Council committee were meeting jointly at this time to discuss letter written to the City Council from. Kari Strom requesting payment of his accrued sick leave not paid at time of retirement. Letter from City Attorney Shellan was reviewed advising that Mr. Strom's disability retirement preceded adoption of the ordinance which granted accrued sick leave payment to retired employees with, however, no retroactive provision, the payment applying only to the city employee thereafter retired from service. Discussion ensued concerning the sick leave payments negotiated by the firemen in their Union bargaining agreement, sick leave frozen and payment to be made at a future date, and the following year immediate payment of one-half of the sick leave was negotiated in the contract, everyone signing a verification request for the payment. During discussion following, inquiry was made as to legal recourse by retired firemen if they should feel such action might be justified; City Attorney Shellan advising law suit could be brought against the city and if favorable, the firemen would have to pay back the money they had received and the city then would be obligated to pay it back to the firemen upon their retirement as it would ordinarily have been paid. Whether Mr. Strom would be entitled to be paid for accrued sick leave was deter- mined negatively, to which he agreed, the law only applying prospectively and not retroactively. Regarding matter of whether it is legal to make payments from the Pension Fund, City Attorney Shellan noted the city is liable to make the fund actuarily sound and payments to the firemen will hasten depletion of the fund. The city, as employer, is responsible for the solvency of the Fund and is eventually likely to be spending money on salaries and maintenance rather than capital improvements. Chairman Delaurenti called attention to the concern that there is a situation where, although payments being made are legal and valid, more .meney. is going out than coming in. He admonished the firemen that it is not right the firemen take advantage of the Fund, taking everything they can get, and they should be taking advantage of every other source of coverage prior to submitting billings to the Pension Fund and over-the-counter drugs should not be submitted for payment in any event. i 119 FIREMEN'S PENSION BOARD April 13, 1976 Page Four The City Attorney suggested sending out inquiry as to additional coverage or Social Security as source of insurance with note that other benefits must be taken into account before they can use city funds because there is a question of legality where there is double collection or paying more than the law allows which is wasting the public moneys. Actuarial report was recalled wherein depletion of the Fund was anticipated within twelve years if no corrective action was taken. Also discussed was LEOFF Board action with regard to the medical bills. Chairman Delaurenti requested the Secretary to arrange a joint meeting with the local LEOFF Board for discussion of the medical payments and the problems related thereto. As there was no further business to come before the Board, it was MOVED BY MILLER, SECONDED BY MEAD, THAT THE MEETING ADJOURN. CARRIED. The meeting was adjourned at 5:15 p.m. Delores A. Mead, City Cler -Secry Firemen's Pension Board DAM: t J 120 CITY OF RENTON FIREMEN'S PENSION BOARD April 13, 1976 MONTHLY BILLS FOR MARCH, 1975 A & H Drugs ac/J. Colombi , Rx 385305, 2/5, $4.00; ac/G. Jones, (Total - $48.20) _ Rx 390559, 390560, 2/9, $12.85, Rx 390560, 2/13, $8.90; ac/James Rupprecht, Rx 377251 , 2/5, $4.60; ac/Kenneth Parks, Rx 394515, 394516, 3/15, $11 .90; ac/James Rupprecht, Rx 393304, 3/4, $5.95 Austins Shaw Pharmacy ac/David Walsh, Rx 403031 , 403032, 1/30, $13.35 Gordon P. Baker, M.D. ac/J. Robison, Allergy Antigen, 2/4, $15.00; (Total - $29.00) ac/David Riggle, Allergy Antigen, Injections, 11/6- 1/14, $14.00 John L. Bernier, D.C. ac/Karl Strom, Office Calls, 3/3-3/22, $45.00 Cornell 's Valley Pharmacy ac/ R. Geissler, Rx 47624, 2/28, $17.70; ac/Gerald (Total - $80.25) Nichols, Rx 57158, 3/3, $4.75; ac/Kurt Pedersen, Rx 56865, 2/25, $7.15; ac/Marvin Sherertz, Rx 45279, 54375, 2/13, $16.40, Rx 45705, 2/23, $7.85, Rx 54150, 3/3, $6.50; ac/Keith Steel , Rx 57105, 571056, 3/2, $9.35, Rx 57149C, 3/3, $5.00; ac/Pat Walsh, Rx 56525, 2/17, $5.55 Group Health e ith Insurance Payment for March - $98.69 K's Pharmacy ac/John Alexander, Rx 127317, 125089, 3/25, $13.75, (Total - $90.14) Rx 132862, 3/5, $5.55; ac/G. Banasky, Rx 7559, 3/19, $4.95, Rx 133264, 3/23, $9.30; ac/Ted LaValley, Rx 132247, 3/6, $17.60, Rx 132247, Rx 122389, 3/29, $24.35; ac/Gary Newton, Rx 131730, 3/26, $6.50; ac/John Parks, Rx 126768, 3/17, $5.64; ac/C. Tonda, Rx 132848, 3/4, $2.50 King County Medical Payment for March - $1 ,623.93 Steven Schneider ac/S. Schneider, Center Optical , Lenses and Reimbursement Frames, 2/4, $72.09 Vukov Clinic ac/Gary Newton, Medication, 2/17-3/4, $9.00 Washington Dental Service Payment for March - $504.03 James Hartwig, M.D. ac/Gerald Nichols, Injection, 3/3, $5.00 IC)1 6. CITY OF RIENTON Firemen's Pension Board Page Two MONTHLY PENSION PAYMENTS FOR APRIL, 1976 John Alexander $899.50 Gerald Hurst * $ 22.46 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 .50 Mgrs. Orpha McDonald $370.80 James F. Ashurst $944.50 John Parks $699.00 Robert Connell * $ 52.64 Sylvia Joan Pringle $629.90 Charles Goodwin $899.50 Karl Strom $691 .50 a tars. Constance Haworth $646.91 Franklin L. Todd * $ 47.67 Jack Haworth $691 .50 Patrick J. Walsh * $123.18 * Payments from city reduced, city pension exceeds LEOFF 1 a 11 y9 I 1"2 CITY OF REMN - FlRDOWI S PENSION FUND Statement of Cash and Investments As of March 31, 1976 Current Previous Last Year Last Year Period Period Current Previous 3/31/76 2 /29/763 Pe t o 75 2 e i d 5 Cash $ 1,753.53 538.53 $ 26,959.77 $ 8,505.54 Investments Bank Notes, Etc. 112,000.00 100,000.00 46,000.00 46,000.00 Municipals 194,623. 10 212,229.49 259,412.70 278,030. 32 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,739.06 Mutual Funds 290,587.34 290,587.34 429,107.04 429,107.04 Total $953,961.10 $959,567.49 998,258.80 $1,016,876.42 TOTAL CASH AND $955,714.63 $960 106 $1,025,218.57 $1,025, 381.96 INVESTMENTS ' �.. Investment changes during current report period: 1. Liquidated $8,000 "Repo" & $12,000 "Repo" at Maturity. 2. Received $9,443.83 payment on LID 265 installment note and $8,162.56 payment on LTD 267 installment note. 3. Purchased $15,000 certificate of deposit @ 4.625% to mature April 21, and $17,000 certificate of deposit @ 4.875% to mature June 30. CITY OF RENTON FIREMEN'S PENSION BOARD May 11 , 1976 Regular Meeting BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J . Grant, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti in the 6th Floor Conference Room at 4:00 P.M. Board Member Del Miller was absent, Alternate Fireman Ray Barilleaux attending, all other board members present. Gwen Marshall , Finance Director, and Wally Hume, LEOFF Board Chairman, were also present. MOVED BY MEAD, SECONDED BY HENRY, TO EXCUSE THE ABSENT MEMBER. MOTION CARRIED. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY BARILLEAUX, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF APRIL 13, 1976 AS WRITTEN. MOTION CARRIED. MONTHLY CASH AND INVESTMENT STATEMENT (Copy Attached) two The monthly report of Cash and Investment Activity for period ending April 30, 1976 was reviewed and ordered placed on file for record. The Firemen's Pension Board, at its last meeting, questioned payment for over-the- counter drugs and possible double benefits if firemen carried other insurance, in which case, City Attorney Shellan advised claims should not be filed for payment from the Pension Fund. Letter from Wally Hume, Renton LEOFF Disability Board Chairman, was read submitting AGLO (Attorney General Letter Opinion) , dated May 12, 1975, that charges for services rendered by an optometrist and supplies in connection therewith are covered for LEOFF members, this being in line with policies of the Seattle and King County Disability Boards. Wally Hume advised of LEOFF Board policy that payments for drugs and medicines, upon a physician' s prescription, as outlined in the letter, is interpreted to mean any drug or medicine prescribed and not necessarily "prescription drugs" . The LEOFF Board favored Pension Board members attending its Saturday, June 5th meet- ing for joint discussion regarding various payments , Mr. Hume extending such invita- tion to the Board. Attention was called to Pension Board action during the April meeting, confirming a $60.00 payment limit for contact lenses (aver and above physician 's fee) in line with Renton LEOFF Board action. Mr. Hume noted that there may be some question whether limit can be established. 124 FIREMEN' S PENSION BOARD Page Two - 5/11/76 City Attorney's letter (attached) interpreted R.C.W. 41 .26.030 to indicate drugs , as well as medicines, must be by physician's prescriptions and not being inclusive of over-the-counter sales of aspirin or other general non-scientific definition of drugs. Chairman Delaurenti confirmed if physician prescribes drugs or medicines , it is to be funded and not otherwise, the policy of both Boards . It was noted that Fire Chief Williams begins six-months disability sick leave tomorrow, May 12, 1976, eligibility list to be established for the vacant position. MONTHLY BILLS AND PENSION PAYMENTS (Copy Attached) MOVED BY HENRY, SECONDED BY BARILLEAUX, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED. MOTION CARRIED. NEW BUSINESS Gwen Marshall , Finance Director, requested confirmation of Board actions regarding the 1977 Budget, it being confirmed that any reimbursement for disability replace- ment is not to be funded from the Pension account, premiums for medical/dental pre- ventative maintenance programs to be continued, As there was no other business to come before the Board , it was MOVED BY GRANT, SECONDED BY MEAD, TO ADJOURN. MOTION CARRIED. The meeting was adjourned at 4:35 P.M. I Delores A. Mead, City Cle -Secretary Firemen 's Pension Board DAM:j t 125 CITY OF RENTON FIREMEN'S PENSION BOARD May 11 , 1976 MONTHLY BILLS FOR APRIL, 1976 Austins Pharmacy ac/David Walsh, Rx 403798, 3/5, %10.40 Robert Beatteay ac/R. Beatteay, Reimbursement for glasses, 2/23, $79.59 John L. Bernier, D.C. ac/Karl Strom, Office Calls, 4/6-4/18, $18.00 Cornell 's Pharmacy ac/Marvin Sherertz, Rx 58496, $6.55, 4/12, Rx 48633 (Total - $147.60) 3/26, $10.20, Rx 45705, 4/17, $7.85; ac/G. Nichols, Rx 57158, 3/8, $4.75, Rx 58929, 4/23, $6.80; ac/David Riggles, Rx 58268, 58269, 4/5, $8.35, Rx 58268, 4/5, $3.90, Rx 58912, 58913, 4/23, $17.25 ac/Patrick Walsh, 3/16, Rx 56525, $5.55, Rx 56525, 4/15, $5.55; ac/George Williams, Rx 50632, 50633, 50973, 3/8, $41 .90, Rx 50632, 50634, 50973, 4/19, $28.95 Eastside Orthopedics & Equipment Rntls . ac/Marvin Sherertz, Lumbosacral support, $44.75 Group Health Insurance Payment for April - $98.67 Dr. James H. Hartwig ac/Jack Colombi , Injections, 3/25-4/26, $10.00 Ell' Stephen L. Jaffe, O.D. ac/Jon Robison, Glasses, fee, $115.35 King County Medical Insurance Payment for April , 1976 - $1 ,623.93 K's Prescription Pharmacy ac/John Alexander, 4/1 , $3.35, Rx 133447, Rx 133573 4/2, $5.20 Martin Kushner, M.D. ac/Patrick Walsh, Injections , 3/9-3/30, $6.00 Valley General Hospital ac/Delbert Miller, Reimbursement for Hospitaliza- tion not paid by King County, $17.00; ac/Gary Newton, Reimbursement for Hospitalization not paid by King County, $103.00 Virginia Mason Hosp .. r;' ac/Franklin Todd, Hospitalization, 2/9/76, $39.70 PENSION PAYMENTS FOR ,. ; ;976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 .50 Mrs. Orpha McDonald $370.80 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia J. Pringle $629.90 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $646.91 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick J. Walsh $123.18 1 � CITY OF RENTON - FIREMEN' S PENSION FUND Statement of Cash and Investments As of Auril 'i0 1 7.- Current Previous Last Year Last Year Period Period Current Previous 4/30/76 3/31/76 Period Period 03/31/75 Cash $ 11,570.28 $ 1,753.53 $ 814.22 $ 26,959.77 Investments Bank Notes, Etc. 100,000.00 112,000.00 71,000.00 46,000.00 Municipals 189,988.57 194,623.10 255,068.85 259,412.70 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,739.06 Mutual Funds 290,58 . 4 290,587. 4 429,107.04 429,107-04 Rom Total $937,326.157 $953.961.100 $1,018,914.95 $ 998,258-80 TOTAL CASH AND INVESTMENTS 48 896.8 $9 5 714.63 $1 O1 722 .1 11 02 218. 7 Investment changes during current report period: 1 ) Liquidated $15,000 Certificate of Deposit and $24,000 Certificate of Deposit at maturity. 2) Purchased $15,000 Certificate of Deposit (u- 4.60% to mature May 24th and $12,000 Certificate of Deposit @ 4.55% to mature June 14th. 3) Received $4,606.89 payment on L.I.D. 271 Installment Note and $27.64 payment on L. I.D. 21)2 Installment Note. L OFFICE OF THE CITY ATTORNEYS REN �! A roe►r o►rua xcx ese wo ask* ^V914U9 W11JXNG a pYN roti,wwbHi�i.1';.)r• a► " q �? GERARD M SHRUAN.t)rr ^rtoaHsr LAWRENCE J K'ARIHI-.' May 5 , 1976 Honorable Charles Delaurenti Mayer , City of Renton .t, t'i t v Hall -,t , WW,h t rq,'t on Dear Charlie : We have received a copy of Mr. Wally Hume' s letter in his capacity as Chairman of the Renton LEFF Disability Beard. We have also taken cognizance of the Opinion of the Attorney General ' s office dated May 12 , 1975 relating to eyeglasses and there seems to be little question but that under the 1974 amendment the charges for services rendered by an opto�r:w t and supplies in connection therewith are covered for LEOFF etnployeet; however it would be our interpretation that the terns "drugs nnil medicines upon a physician's prescription" as contained in R(.11 41 . 26 . 030 (22) (iii) indicates that "drugs as well as medicines must. be upon a physician ' s prescription ; the term is conjinctf '.c' ,ertci not disjunctive . You will (lot(' there is no cotlema Or -;etnic,,)1I'll ., ft ,' r the' worcT'rdrugs" nor does tht� statute i ,-'ad "drugs or sic terms drtlf, as defined i.n rhe Anierican Heritage Diction, :ry r :: "it ;ust—ance used as medicine in the tvatmet, t of di seas, , .l t ;ire of ic , especially one that is addictive . It would seem to h) 1 1()w t hat such t reat.nrent should be rendered ttpon a Phys i.c. i;in ' ,; prc':,cript. ion . It i :; therefore our cotic:1 tiff ion that drugs , to be funded ull,ie'r r ilc Act , insist t)(' j1poll :a nl( dic' al (IUCLOY' S pescription and Would not include over t.ho counter sal.e.s of .aspirin , salt t,-.Uets , (etc . 111 1 r> f whi (•h could he itieluded tinder a general , nonsci.ent i f iC tiefirlit ion of l urt her service to you in this matter , 1' it She11.all CITY OF RENTON FIREMEN'S PENSION BOARD June 8, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Fireman Alternate The regular meeting of the Firemen's Pension Board was called to order by Chair- man Delaurenti , in the 6th Floor Conference Room at 4:00 p.m. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF MAY 11 , 1976. MOTION CARRIED. MONTHLY CASH AND INVESTMENT REPORT (See attached report) The monthly statement of cash and investment activity indicated liquidation of a $15,000 Certificate of Deposit at maturity, purchase of a $30,000 Certificate of Deposit at 5.125% to mature June 28th, and payment received of $2,069.36 on L. I .D. 264 Installment Note. This report to be placed on file for record. MONTHLY BILLS AND PENSION PAYMENTS (See attached list) A list of the monthly bills and pension payments was distributed. MOVED BY HENRY, SECONDED BY MILLER, THE CURRENT BILLS AND MONTHLY PENSION PAYMENTS BE PAID AS LISTED. MOTION CARRIED. As there was no other business to come before the Board, it was MOVED BY HENRY, SECONDED BY MEAD, TO ADJOURN. CARRIED. The meeting adjourned at 4:11 p.m. Delores A. Mead, City Cle -Secretary DAM:jt Jog CITY OF RENTON - FIRLMEN'S PENSION FL7dD Statement of Cash and Investments As of Ma • 31 1976 Current Previous Last Year Last Year- Period earPeriod Period Current Previous 5/31/76 4/30/j6 Period Period Al M > (Y 7 7,961 . 16 r 11 ,i70.28 61f.22 1 +gin t :, Bank Notes, Etc. 115,000.00 100,000.00 66,000.00 71,000.00 Municipals 187,019.21 189,988.57 250,266.32 255,068.85 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,130.06 Mutual Funds 290 587.34 290 58 7.34 429,107-04 4"1) 107.0 It To 011 $950,257•t1 $937,320.57 $1 ,009,112.42 $1 ,018,O1!1.95 TOTAL CASH AND INVE'STWNTS $956,218.37 $948,8%.85 $1 ,012,226.25 SI (W),721). 1 Investment changes during current report period: 1 ) Liquidated :x$15,000 Certificate of Deposit at maturity. 2) Purchased S30,000 Certificate of Deposit (iv 5. 125% to mature •lune 28th. i) Iteceived $2,069.36 payment on L.I .D. 264 Installment Note. CITY OF RENTON FIREMEN'S PENSION BOARD June 8, 1976 MONTHLY BILLS FOR MAY, 1976 ..o A & H Drugs ac/R. Beattey, Rx 400540, $4.50, 3/24; ac/Jack (Total - $24.00) Colombi , Rx 395704, 3/25, $7.00, Rx 395704, 3/31 , $7.00; ac/James Matthew, Rx 401767, 4/2, $5.50 Austins Shaw Pharmacy ac/T. K. Anderson, Rx 393563, 4/12, $10.20; ac/D. (Total - $6.20) Walsh, Rx 404468, 4/5, $10.40, Rx404715, 4/15, $6.20 John L. Bernier, D.C. ac/Karl Strom, Office calls, X-rays, 5/5-5/26, $37.00 Cornell 's Valle Pharmacy ac/R. Geissler, Rx 47624, 5/4, $17.70; ac/George (Total - $56.35 Nichols, Rx 59660, 59661 , 5/20, $11 .45, 5/20; ac/Kurt Pederson, Rx 59423, 5/12, $8.35; ac/Dave Riggle, Rx 58913, 5/5, $5.05; ac/Mary Sherertz, Rx 45705, 5/17, $7.85, Rx 59729, 5/24, $5.95 K's Prescription Pharmacy ac/John Alexander, Rx 127317, 134019,132862,133447, (Total - $193.37) $33.80, ac/J. Parks, Rx12678, 5/11 , $5.64; ac/ G. Bergquist, Rx 133597, 4/9, $6.55; ac/C. Coffin, Rx.134144, 5/13, $6.00; ac/Robert Connell , Rx 128649, 4/2, $6.05, Rx130768, 122262, 13076; 4/20, $11 .03, Rx 134190, 5/17, $8.45; ac/Don Goodwin, 4/23/76, Rx 133757, $4.75; ac/Paul HeMy, Rx 130530, 3/30, $8.05; Rx 133712, 4/20, $4.95, Rx 133712, 5/20, $4.95; ac/Gerald Hurst, Rx125812, 134076, 5/8, $6.75; ac/Ted LaValley, Rx 132247, 4/24, $17.60; ac/Bruce Phillips, Rx 126315, 4/6, $2.25; ac/Ron Pillo, Rx 133591 , 4/8, $5.65; ac/Ken Walls, Rx 133781 , 4/23, $9.00, Rx 133781 , 5/3, $9.00, Rx 134335, 134336, 5/27, $12.30; ac/ Franklin Todd, Rx 131721 , 4/12, $30.60 Group Health Insurance Payment for May, 1976 - $98.67 King County Medical Payment for May, 1976 - $1 ,623.93 Gerald Hurst Reimbursement - Frame repair, $7.35 Ernest Tonda Reimbursement - Frames and Lenses, Western Optical , 4/13, $85.44 Valley General Hospital ac/Larry Weiss, Reimbursement, Rx 236141 , 236142, Reimbursement/Larry Weiss 5/7 , $7.95 Washington Dental Service Payment for May, 1976 - $522.05 131 City of Renton Firemen's Pension Board June 8, 1976 - Page Two PENSION PAYMENTS FOR JUNE, 1976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $370.80 Floyd Lawrence $431 .88 T. K. Anderson $691 .50 Mrs. Orpha McDonald $370.80 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia J. Pringle $629.90 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $646.91 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick J. Walsh $123.18 i 132 CITY OF RENTON FIREMEN'S PENSION BOARD July 13, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Fireman Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. in the 6th Floor Conference Room. Board Members Grant and Miller were excused. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF JUNE 8, 1976. MOTION CARRIED. MONTHLY CASH AND INVESTMENT REPORT (See attached report) The monthly statement of cash an investment activity indicated receipt of $121 .55 payment on LID 255 Installment Note and $1 ,474.87 payment on L.I.D. 268 Installment Note. Liquidation of $115,000 in Certificates of Deposit at maturity and the purchase of the following: $15,000 @ 5.45%, maturing 7/30/76; $28,200 @ 5.40%, maturing 7/30/76; $11 ,000 @ 5.25%, maturing 7/9/76; $11 ,000 @ 5.40%, maturing 8/6/76; and $51 ,000 @ $5.50%, maturing 9/13/76, for a total of $116,000. MONTHLY BILLS AND PENSION PAYMENTS (See attached list) A list of the monthly bills and pension payments was distributed. MOVED BY HENRY, SECONDED BY MEAD, THE CURRENT BILLS AND MONTHLY PENSION PAYMENTS BE PAID AS LISTED. MOTION CARRIED. (See attached explanation of Group Health Medical increases and Pension increases for widows and Floyd Lawrence. ) As there was no other business to come before the Board, it was MOVED BY HENRY, SECONDED BY MEAD, TO ADJOURN. CARRIED. The meeting adjourned at 4:20 P.M. 'Delores . Mead, City C rk-Secretary DAM:j t 133 MEMORANDUM TO F f RF?MFN'S PENSION BOARD DATE 7-12-76 FROM FINANCE - BUDGETING & ACCOUNTING SUBJECT YOUR INQUIRY RE: INCREASE IN GROUP HEALTH FROM FEBRUARY TO MARCH PAYMENT AND PENSION INCREASES FOR WIDOWS AND FLOYD LAWRENCE EFFECTIVE 7-1-76. GROUP HEALTH INCREASE: The difference of $8.67 from the February payment ($90.00) and March payment $98.67) was due to a Group Health rate increase effective March 1, 1976, for three active firefighters C@ $2.89 each per month. (3 x $2.89 = $8.67) COST-OF-LIVING INCREASES FOR WIDOWS AND FLOYD LAWRIa,NCE EFFECTIVE 7-1-76: Per Firemen's Pension Board action, a 7.2% increase has been included in the July pension payment for the following: Enza Anderson ----------- $ 21.60/mo. Constance C. Haworth ---- 38.30 Floyd Lawrence ---------- 21.96 Orpha McDonald ---------- 21.60 Joan Pringle ------------ 29.92 Total Increase per month --- 9133.38 or $800.28 total for balance of 1976 134 CITY OF RENTON FIREMEN'S PENSION BOARD July 13, 1976 MONTHLY BILLS FOR JUNE, 1976 A & H Drugs ac/C. Ankeny, Rx 402298, 6/7, $4.60; ac/R. Ankeny, (Total - $20.25) Rx 404045, 5/26, $5.45; ac/Jack Colombi , Rx398723, 4/26, $3.20; Rx 398723, 5/4, $3.20; ac/D. Miller, Rx 399258, 5/1 , $3.80 John L. Bernier, D.C. ac/Karl Strom, Office Call , 6/16, $9.00 Craig M. Brewer, M.D. ac/C. Christenson, Services, 4/10, $10.00 Burien General Hospital ac/G. Banasky, $2.25, 3/19 Cornell 's Valley Pharmacy ac/D. Riggle, Rx 59864, 5/28, $5.90, Rx60071 , (Total - $112.15) 60072, 60073, 60074, 6/8, $37.00, Rx 60268, 60267, 6/15, $13.20; ac/G. Williams, Rx 50632, 50633, 50973, 5/27, $41 .95; ac/M. Sherertz, Rx 45705, 59729, 6/3, $14.10 Group Health Insurance Payment for July - $98.67 (Increased $2.89 per month for 3 active firefighters effective 3/1/16) Payment for June - $98.67 James Hartwig, M.D. ac/K. Walls, Injection, 4/23, $5.00; ac/D. Riggle, Injections, 5/28, $10.00 Paul Henry ac/Paul Henry, Reimbursement for Frames, Lenses and Examination, Stephen Jaffe, O.D. , $125.88 K's Pharmacy ac/R. Connell , Rx134190, 6/1 , $8.45, Rx134645, 6/16, (Total - $109.85) $15.80; ac/W. Henry, Rd130407, 6/2, $18.25; ac/Ted LaValley, Rx122389, 132247, 6/4, $24.35; ac/Bruce Phillips, Rx126315, 118607, 6/4, $12.10; ac/Ron Pillo, Rx134560, 6/11 , $4.75; ac/Ken Walls, Rx134335 6/4, $5.25; ac/M.C. Walls, Rx134731 , 6/22, $4.35; ac/John Alexander, Rx134526, 134527, 6/9, $6.80, Rx134527, 132862, 6/29, $9.75 King County Medical Insurance Payment for June - $1 ,623.93, Payment for July - $1 ,623.93 Robert M. Levenson, M.D. ac/George Williams, Diagnostic Evaluation, 5/27, $113.00 Jack McLaughlin ac/J. McLaughlin, Rx83816, 83134, 83135,5/4-5/26, Reimbursement for Look's Pharmacy - Issaquah Orthopedics Internation, Lmtd. , P.S. ac/John Alexander, Office Call , 4/7, $10.00 Pathologist's Central Laboratory ac/Don Goodwin, 4/22, Lab Fees, $13.25 Marvin Sherertz ac/M. Sherertz, Frames, Lenses and Examination, Reimbursement for Steven L. Jaffe, O.D. , $133.68 Valley General Hospital ac/Don Goodwin, Physiotherapy, $36.00, 4/23 Washington Dental Service Payment for June - $522.05, Payment for July, $522.05 y 1.35 City of Renton Firemen's Pension Board July 13, 1976 PENSION PAYMENTS FOR JULY, 1976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $392.40* Floyd Lawrence $453.85* T. K. Anderson $691 .50 Mrs. Orpha McDonald $392.40* James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia Joan Pringle $659.82* Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $685.21* Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick J. Walsh $123.18 * 7.2% Cost of Living Raises effective July 1 , 1976. Mrs. Enza Anderson Increase - $21 .60 Mrs. Constance Haworth 6 $38.30 Floyd Lawrence t $21 .96 Mrs. Orpha McDonald _ $21 .60 Joan Pringle " _ $29.92 136 CITY OF RDMN - FIREXI I S PENSION FUND Statement of Cash and Investments As of June30, 1976 Current Previous Last Year Last Year Period Period Current Previous 6 io h6 5 Al 116 Period Period AQ J-jq 5Z13/75 Cash $ 2,832.50 $ 5,961.16 $ 7,702.66 $ 3,113.83 Investments Bank Notes, Etc. $116,200.00 $115,000.00 $ 68,000.00 $ 66,000.00 Municipals 186,322.79 187,919.21 249,449.35 250,266.32 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,739.06 Mutual Funds 290,587.34 290,587.34 429,107.04 429,107.04 Total $949,860.79 $950,257.21 1,010,295.45 1,009,112.42 TOTAL CASH AND $952,693.29 956,218.37 1,017,998.11 1,012,226.25 INVESTMENTS Wmi Investment changes during current report periods 1. Received $121.55 Payment on LID 255 Installment Note & $1,474.87 Payment on LID 268 Installment Note. 2. Liquidated $115,000 in Certificates of Deposit at Maturity and Purchased the Following: Date Type Amount Maturity Bete 6/14/76 REPO $15,000 7/30/76 5.45% 6/29/76 CD 28,200 7/30/76 5.404 6/30/76 REPO 11,000 7/9/76 5.25% 6/30/76 CD 11,000 8/6/76 5.40% 6/30/76 CD 51,000 9/13/76 5.501 $116,000 137 CITY OF RENTON FIREMEN'S PENSION BOARD August 10, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Fireman Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. Board Members Grant and Miller were absent. MINUTEAPPROVAL OV MED_HY HENRY, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF JULY 13, 1976 AS WRITTEN. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly statement of Cash and Investment activity indicated a payment on LID 260 Installment Note of $4,995. 76 and liquidation of $102,600 in Repurchase Agreements and Certificates of Deposit at Maturity and purchase of Repos as follows : 7/9/76, $19,000, maturing 7/16/76 at 4. 875%; 7/16/76, $19,000, maturing 7/23/76, at 5.00" ; 7/23/76, $10,400, maturing 7/30/76, at 5.00% ; and Certificate of Deposit, 7/30/76, $50,100, maturing 9/13/76, at 5.25%. ILI L MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY BY HENRY, SECONDED BY MEAD,_TO PAY THE CURRENT BILLS AND MONTHLY PENSION PAYMENTS AS LISTED. MOTION CARRIED. 1977 BUDGET (Attached) Th-e- 1-9-71 Preliminary Budget, balanced in sum of $155,927.00, was presented by Secretary Mead and individual budget items were reviewed. The 1977 medical premium costs were increased 157', and dental premium costs were increased 10%. Medical payments were reduced based upon low cost experience this past year. Disability reimbursement funds were eliminated per agreement of prior Pension Board members. Burden to be placed on the current fund for these costs was noted and the city' s currently tight budget situation was discussed, along with actuarial report recommending possible millage allocation to the Pension Fund. MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE PRELIMINARY BUDGET AS PRESENTED AND THAT IN VIEW OF CURRENT ECONOMIC PRESSURES AND TIGHT BUDGET, ANY MILLAGE ALLOCATION BE HELD IN ABEYANCE WITH FURTHER DISCUSSION IN 1978 AND DISABILITY REPLACEMENT FUNDS, IN EVENT OF NECESSITY, BE AGAIN DI Sr PRIOR TO ADOPTION BY THE CIFY COUNCIL OF THE FINAL BUDGET. MOTION CARRIED. As there was no further business to come before the Board, it was MOVED BY MEAD, SECONDED BY HENRY, TO ADJOURN. CARRIED. Meeting adjourned at 4:30 P.M. Delores A. Mead,� Ork- e7c_r6�6�7j.Y DAM:jt 138 CITY OF RENTON FIREMEN ' S PENSION BOARD August 10 , 1976 MONTHLY BILLS FOR JULY , 1976 A & H Drugs ac/R. Beatteay, Rx 405299 , 6/26, $4 . 50 (Total - $64 . 95) Rx 405921 , 7/15 , $5 . 60 , Rx 406203, 7/22 , $6 . 50 , Rx 406300, 7/26, $ 20 . 50; ac/J . Colombi , Rx 403400 , 6/26, $4 . 00; ac/S . Schneider, Rx 403043 , 5/24, $7 . 95 Rx 403043 , 6/16 , $7 . 95 , Rx 403043 , 6/30 , $7 . 95 Austins Shaw Pharmacy ac/T .K. Anderson, Rx 393563 , 7/12 , (Total - $10 . 20) $10. 20 Baker, Gordon P . , M. D . ac/D . Riggle , $19 . 00 , 6/7 Cornell ' s Valley Pharmacy ac/R. Geissler , Rx 47624, 6/28, $18 . 00; (Total - $58 . 95) ac/K. Pedersen, Rx 61149, 7/22 , $4 . 75; ac/G . Williams , Rx 50973 , 7/12 , $13 . 90, Rx 50973 , 7/12 , $12 . 10 , Rx 60988 , 7/14 , $10 . 20 Disability reimbursement for disability replace- (Total - $13 , 060 . 98) ment for Jan - May 1976 Group Health Insurance payment for August $98 . 67 Hartwig, James , M. D. ac/D . Riggle , Injection, 6/1 , $5 . 00 K ' s Pharmacy ac/R. Connell , Rx 130767 , 7/23 , $3. 00, (Total - $97 . 04) Rx 128648, 7/27, $ 5. 80 , Rx 134645 , 7/27 , $15 . 80; ac/P . Henry , Rx 130530 , 7/2 , $4 . 60 , Rx 130530, 8/3 , $4 . 60; ac/ G. Hurst, Rx 122915 , 7/30 , $2 . 00, Rx 135268, 7/30, $5 . 30 , Rx 135269 , 7/30 $6 . 70; ac/ W. Larson , Rx 131484 , 7/24 , $6 . 50 ; ac/T . LaValley , Rx 132247 , 7/26 , $17 . 60, Rx 122389, 7/26, $6. 75 ; ac/G. Newton, Rx 135100, 7/20, $9 . 00 , Rx 131730, 7/20 , $ 3 . 75 ; ac/J . Parks , Rx 126768 , 7/9, $5 . 64 King County Medical Ins . payment for August - $1 , 652 . 42 Kushner, Martin , M.D . ac/P . Walsh , injection, $12 . 00 , 7/19 Newton, Gary ac/G. Newton, Rx 397874 , 6/21 , $3 . 74 , Rx 397875 , 6/21, $5 . 67 Physical Therapy Clinic ac/G. Banasky , 8/6 , $31 . 00 Schneider , Steven J . ac/S . Schneider, 7/26 , $20 . 00 , exam Washington Dental Service payment for August - $531 . 90 City of Renton hFiremen ' s Pension Board August 10, 1976 PENSION PAYMENTS FOR AUGUST, 1976 Alexander, John (Captain) $899 . 50 Anderson, Enza (Mrs . ) 392 . 40 Anderson , T. K. 691 . 50 ASHURST, James F. (Asst . Chief) 944 . 50 Connell , Robert (Captain) 52 . 46 Goodwin, Charles (Captain) 899 . 50 Haworth, Constance C . 685 . 21 Haworth , Jack 691 . 50 Hurst, Gerald 22 . 46 Lawrence , Floyd 453 . 84 McDonald, Orpha (Mrs . ) 392 . 40 Parks , John 699 . 00 Pringle, Sylvia Joan 659 . 82 Strom, Karl 691 . 50 Todd, Franklin L. 47 . 67 Walsh , Patrick J . (Captain) 123 . 18 1977 REVENUE ESTIMATE FIREMEN'S PENSION FUND CODE 601 .301 .00.00 CASH ON HAND $ 91 ,727.00 330.00.00 INTERGOVERNMENTAL REVENUE 335.00 STATE SHARED REVENUE 335.90 Other State Shared Revenue (Fire Insurance Premiums) $ 14,200.00 330.00.00 TOTAL INTERGOVERNMENTAL REVENUE 14,200.00 360.00 MISCELLANEOUS REVENUE 361 .00 INTEREST EARNINGS Interest on Investments $ 50,000.00 360.00.00 TOTAL MISCELLANEOUS REVENUE $ 50,000.00 601 .000.00.00 TOTAL REVENUE - FIREMEN'S PENSION FUND $155,927.00 O '-.;r tit COI\T: .IO (,E\E7WL G4A'}:R\NE\TAL rIIY OF RENTO\ - 1977 PRELIMI\,1R] Bi'Df,E.T E S T I M A I E D E C P F �,EII\10's Pg. 1 ,.f ; "•1 nl I I1 .111-VS DEPI: 04 FI\.a\CE BASIC SIB ACCT S0: i14 F.LI•.�1T (1)11ISION)t Affl. DFP.ART%fL%T FI\a.\CIAL &t AD41%ISTRl?IVE PENSION SER%ICES 19;5 19, 19,6 EXP. (177 1()77---- 1-77 k:1IN;ET REQ11ST SINi4ARYa� DESCRIPTIO\ ACTUAL AD .I. BI DGET YR. TO DAT DEPARTMENT MAYOR'S COl\'CIL EXPENT)ITl1tES AS OF AS OF REQI-EST YOMMF\I1A. PROA'ISI0\ t-tuna1 r%ices: 514 00 00 00 Fi\A\CIAL & ADMINISTRATIVE 30 00 00 OTHER ADMINISTRATIVE SERV. 33 00 00 PENSION SERVICES FIREMEN'S IDiSION 10 00 Personal Services 11 00 Salaries Az Wages 31999.84 -- Secretarial See a/c ct Accounting 50.00) Services - Finance Increase of 15% over 1976 13 00 Personnel Benefits 23,122.73 31,276 (A7543) 13 03 Prepaid Medical (1;,313.1_ (23,968 (Fire Uniform employee's premium) Ir_creG-� of 10% over 1976 13 09 Prepaid Dental (,,x.10.61 ) (7,30-8) (Fire Uniform employee's premium) 10 00 Total Persona] Services 27,122.57 31 276 4 O;L uffiCe Supplies: 20 00 Supplies 21 00 Office Supplies 227.31 250 20100 1 Total Supplies ilCpii t 1. ala i 7!t e11A1lCP: 30 00 Other Services % Charges )e 00 Repairs Maintenance i4.i2 -15 �5 N ,10 IGF,NERA1. I,O\ER\V(F\TAL r ITI of RE�T+i\ - :'+-; PRF.LIMI\Akl BI`D4;FT F- S T 1 M .A I F U E X P 1 \ ;1 11 1 R 1 - SEHX I I•I S I Iltl�iF'\'� DFFq 04 11\1\CE HASIC SNR ACCT \O: 71', 11J"MI-v 0111S1t1\): 33 ACCT. \tl, I'I\elm DEPART11117\1 FI\A\C1AL , ADMINISTRAr1NE PE'\Sl0\ SM IM'ES c 1'l;5 1,)-,6 1076 E.XP. 1't,, 1'�, 1-7 I TWIFT RFQIT:ST SI'4%ARN w.r - s�. Dl.;4'RIPTI0\ ACTI Al. AX. BUDGET 1R. TO DATE MPARTMT.1T MANOR'S Ctll\Ctl. EXPI\ISI TIRES AS OF AS OF RF.QI-FST F.('O*IE\11.A. PRI 1%1SIO\ 514 00 00 00 FINANCIAL k ADM. - Cunt. 33 00 00 FIREMEN'S PF1SI0\ 30 00 Other Serv. & Ch¢s. Cont. 42 00 Miscellaneous 115,343.31 142,000 114 CLAM 42 31 Pensions (SR,'134.5') (IOO,OO(1) 42 32 Fire Uniform Medical Payments (6,442.07) (12,000) i L?�OdJ 42 33 Disability- Replacement (Reimburse to Current Fund) (30,015.77) (;0,000 I I ( - - ---- 30 00 Tutal Other -�ei Cligs. 117, s + 1 t 1i : lli � 1\1.ItV t+ItlFlt\SIL\IAL t't?l' (11 fih\Tn\ - 1,1_ PRELNI\.aR) HIDQr E S T I M A I h h F 1 P F \ 0 l I [ R F ShRI Ii hs Pg. i ,+t ; ii if V- 14I'l: h l\A\('h BASIC A H 1('('T \I1: iIACCT. \It, t,01 iU'�.i14•ii !u\ 1)VPAR I ILNI FI\A\('IAL e_: AI)%I1\isrRATtl"E PE_'\Sto\ SLR%I(LS c _ _ 144;9 1776 10'7, UP. 1 )„ l')77 10 iN+f 1 Ri(A }rI SIMMARY ?.� _ DE.F('RIPTltt\ ACTT AL ADI. PA EGET 1-R. TO DAT DE:PARTMF\T MAI OR"% tit\CIL E\PfNDIrIRLS AS OF AS OF RFQ(-FST 'COMMFNT)A. PROVISIO\ li �c� luid ern ices: 'ili 00 00 00 11XAXC IAL , ADM. - font. 30 00 Governmental Services 92 00 Interfund Services See a/c 4,000 11.00 Salaries 90 00 Total Governmental Ser-v. v OOO Ma(hiner\ lquipment: 60 00 Capital Outlay 04 00 Machiner. l_ Equipment --60100 1 Total Capital Outlay I i I I i ili �ii 00 00 TOT%L FIRE\(}\•: Pf-\SIio\ 147.,747.93 -- .r x 4 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of July 31 , 1976 Current Previous Last Year Last Year Period Period Current Previous 7 /31/ 76 6 /30/ 76 Period Period 7 41 / 75 6 AO Z75 Cash S 3,860.48 $ 2,832.50 $13,790.89 $ 7,702.66 Investments Bank Notes, Etc. $ 112, 100.00 $116,200.00 3 65,000.00 $ 68,000.00 Municipals 181 ,327.03 1860322.79 238,648.27 279,449.35 Corporate Bonds 3560750.66 3560750.66 263,739.06 263,739.06 Mutual Funds 290 587.34 290,587,34 429 10704 429, 107.04 940 765 03 949 9 $9960494.37 S10010#295.45 S , S ,860.7 Total TOTAL CASH AND $ 944,625.51 $9520693.29 $10010,285.26 $1 ,0170998. 11 INVESTMENTS Investment changes during current report period: I . Received 140995.76 payment on LID 260 Installment Note. 2. Liquidated $102,600. in Repurchase Agreements and Certificates of Deposit at Maturity and purchased the following: DATE TYPE AMOUNT MATURITY RATE 7/9/76 REPO $19,000. 7/16/76 4.875% 7/16/76 REPO $190000. 7/23/76 5.00 % 7/23/76 REPO $100400. 7/30/76 5.00 % 7/30/76 C D $50, 100. 9/13/76 5.25 I I CITY OF RENTON 1 FIREMEN'S PENSION BOARD Regular Meeting September 14, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Fireman Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. , Board Member Grant was absent, all others in attendance. MINUTE APPROVAL MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF AUGUST 10, 1976 AS WRITTEN. MOTION CARRIED, MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly statement of Cash & Investment activity was reviewed, it being noted the liquidation of a $11 ,000 Certificate of Deposit at maturity; purchase of $11 ,000.00 "Repo" @ 5.125% to mature August 13; liquidation of that "Repo" at maturity and liquida- tion of $5,000 of $50,100 Certificate of Deposit in order to maintain positive cash balance in the fund. .r MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY LLER, SECONDED BY HENRY, TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED AND THAT WARRANTS BE DRAWN TO COVER. MOTION CARRIED. It was noted that upon passage of the "Vacation" ordinance next week, there would no longer be an observance of Columbus Day in October as a holiday and the next meeting of the Pension Board would be October 12, 1976, the regularly scheduled date. As there was no further business to come before the Board, it was MOVED BY HENRY, SECO14DED BY MILLER, TO ADJOURN. CARRIED. The meeting adjourned at 4:15 p.m. Delores A. Mead, City Cleirk-Secretary Firemen's Pension Board DAM:j t l k 'I los CITY OF RENTON FIREMEN'S PENSION BOARD September 14, 1976 MONTHLY BILLS FOR AUGUST, 1976 Gordon Baker, M.D. , Inc. , P.S. ac/Jon Robison, Allergy Antigen, 5/27, $15.00 Benson Hill Drugs ac/Gary Dawkins, Rx 168000, 8/20, $4.85 Cornell 's Valley Pharmacy ac/Ray Barilleaux, Rx 61712, 8/10, $9.75; ac/Dave (Total - $41 .15) Riggle, Rx 61938, 61939, 8/24, $12.95; ac/Pat Walsh, Rx 61428, 50525, 8/3, $13.85; ac/George Williams, Rx 61500, 8/4/76, $4.60 Finance Dept. Memorandum Reimbursement for services rendered to Firemen's Pension Fund by the Finance Department for period of 1/1/76 through 8/31/76 , Total - $740.12 Group Health Insurance Payment for September, 1976 - $98.67 J. H. Hartwig, M.D. ac/David Riggle, Injection, 8/24, $5.00; ac/Kenneth (Total - $10.00) Walls, Injection, 8/24, $5.00 K's Pharmacy ac/R. Connell , Rx 135552, 8/20, $5.30; ac/P. Henry, (Total - $82.91 ) Rx 130530, 8/25, $14.95; ac/T. LaValiey, Rx 135587, 8/23, $4.90; ac/A. Pringle, Rx 135469, 135470, 8/13, $9.55; ac/K. Steel , Rx 135618, 8/24, $4.10; ac/Ken Walls, Rx 1135625, 8/24, $7.85; ac/J. Alexander, Rx 127317, $11 .25, 8/9, Rx 130716, 8/12, $16.25; ac/J. Ashurst, Rx 129540, 8/17, $8.76 King County Medical Insurance Payment for September, 1976 - $1 ,652.42 Bruce Phillips ac/B. Phillips, paid to Dan M. Ranninger, M.D. , Injection, 8/23, $8.00 4 Renton Optical Co. ac/Robert Connell , Bifocal lenses, impact resistant, and frames, 8/31/76, $65.08 Merlin G. Rohrssen, M.D. ac/Robert Connell , Flu injection, 9/3, $5.00 Washington Dental Service Payment for September, 1976 - $522.05 PENSION PAYMENT FOR SEPTEMBER, 1976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $691 .50 Mrs. Orpha McDonald $392.40 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia Joan Pringle $659.82 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $685.21 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick Walsh $123.18 147 ME; MORAN Dl M 1- 110-MEN'S PENSION BOARD DATE: SEPTIMBEIi 'I. I+)-t, FfNAVF DEPARTMENT SI NJ: REQUEST REIMBURSEMENT FOR SERVICES RENI)ERED TO FIREMEN'S PENSION FIND BY THE FINANCE; DEPARTMENT FOR THE PERIOD OF 1/1/76 THROUGH 8/31/76 AS FOLLOWS: 1 ) Investment services provided by the Deputy Finance Director; 2 firs. per mo. for 8 mos. = 16 firs. x $10.4481/Hr. ---------- $167.17 2) Preparation of Fire uniform medical bills for payment and associated record keeping, provided by the Account Clerk; 6 firs. per mo. for 8 mos. = 48 Hrs. 3' mos. = 21 Hrs. x $4.9385/fir. ----------------------------- $103.71 41 mos. = 27 Hrs. x $5.1462/Hr. ------------------------------ 1 8 -22 $242.66 3) Computation and preparation of Fire Pension Payments provided by Budget Technician; 3 Hrs. per mo. for 8 mos. = 24 firs. x $6.9865/Hr. ----------- $167.68 4) Preparation of Firemen's Pension Board meeting agenda and minutes and associated clerical services; 4 Hrs. per mo. for 8 mos. = 32 Hrs. 2.1 mos. = 10 firs. x $4.9385/lir. ----------------------------- $ 49.39 52 mos. = 22 Hrs. x $5. 1462/Hr. ----------------------------- 113.22., $162.61 TOTAL SERVICES PROVIDED BY FINANCE DEPARTMENT FOR PI+,2101) OF 1/1/76 THROUGH 8/31/76 --------------------- $1A0. V2 PE;R 1970 BUDGET, WARRANT TIANSFE11 FROM: =Firemen-s Pension Fund a/c 601/04.514.33.31.04 -------=$740-1222 TO: Current Fund Revenue a/c 000/369.30.15 148 CITY OF RENTON - FIRWENI S PENSION FUND Statement of Cash and Investments As of August 31, 1276 Current Previous Last Year Last Year Period Period Current Previous 8/31/76 7/31,N Period Period 8 Al hs 7A1 bi Cash $ 1,326.04 $ 3,860.48 $ 39704.57 $ 13,790.89 Investments Bank Notes, Etc. 96,100.00 112,100.00 65,000.00 65,000.00 Municipals 181,327.03 181,327.03 238,648.27 238,648.27 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,739.06 Mutual Funds 290.587.34 2 8 4 429,107.04 429,107-04 Total $924,765.03 1940,765.03, TOTAL CASH AND INVESTMENTS $9261091-07 1 $944 625.5111,0001198-241 1 010 28 .26 Investment changes during current report periods 1 Liquidated $11,000 Certificate of Deposit at maturity. ' Purchased $11,000 "Repo" ® 5.125 , to mature August 13th. 3 Liquidated $11,000 "Repo" at maturity. 4 Liquidated $5,000 of $50,100 Certificate of Deposit in order to maintain positive cash balance in the fund. CITY OF RENTON Firemen's Pension Board Regular Meeting October 12, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Mayor Delaurenti , Chairman, at 4:00 p.m. Board Members Grant and Miller were absent. MINUTE APPROVAL MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF SEPTEMBER 14, 1976 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO PAY THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED. CARRIED. r.. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly statement; of Cash & Investment activity was reviewed, it being noted that two certificates of deposit at $45,100 and $51 ,000 were liquidated at maturity and additional certificates of deposit dnd Repo's were purchased, co-ops were purchased in the amount of $20,248.38 to mature 2/1/77 at 5.400 interest. As there was no further business to come before the Board, it was MOVED BY MEAD, SECONDED BY HENRY, TO ADJOURN. MOTION CARRIED. The meeting adjourned at 4:08 p.m. � I Delores A. Mead, City Cler*-Secretary DAM:jt �r CITY OF RENTON - FIR *N'S PENSION FIND Statement of Cash and Investments As of September 30, 1976 Current Previous Last Year Last Year Period Period Current Previous 9/3(/76 8/31/76 9Periiod5 f e �o 75 Cash 1 ,558.21 1 ,326.04 6,714.58 3,704.57 Investments Bank Notes, Etc. 88,248.38 96, 100.00 55,000.00 65,000.00 Municipals 181 ,327.03 181 ,327.03 238,648.27 238,648. 27 Corporate Bonds 356,750.66 356,750.66 263,739.06 263,739.06 Mutual Funds 290,587.34 290,587.34 429, 107.04 429, 107.04 Total 916,913.41 924,765.03 986,494.37 996,494.37 TOTA1, CASH AND INVESTMENTS 918,471 .62 926,091 .07 993,208.95 1 ,000, 198.94 Investment changes during current report period: I . Sold $45, 100 and $51 ,000 Certificates of deposit at maturity and purchased following: Date Type Amount Maturit Rate 9/13/76 "REPO" 12,000.00 9/17/76 4.90 9/13/76 CD 12,000.00 10/25/76 5.20 9/13/76 CD 25,000.00 11/22/76 5.30 9/13/76 CD 26,000.00 12/31/76 6.00 9/14/76 CO-OPS 20,248.38 2/1/77 5.40 2. Purchased $12,000 "REPO" @ 4.90 to mature September 24th. 3. Suld $ 12,000 "REPO" at maturity. 4. Purchased $5,000 "REPO" @ 4.90% to mature October 1st. 151 CITY OF RENTON FIREMEN'S PENSION BOARD October 12, 1976 MONTHL V BILU FOR SEPTEMBER, 1976 Austin ' s Shaw Rexall Pharmacy ac/T. K. Anderson, Rx 407432, 9/10, $10.20 John l.. Bernier, U.C. ac/Karl Strom, Office Call , 9/8, $10.00 Cornell ' s Pharmacy ac/Ray Barilleaux, Rx 62098, 8/30, $11 .10; ac/G. (Total - $120.45) Nichols, Rx 62563, 9/17, $8.45, Rx 62625, 9/20, $6.45; ac/David Riggle, Rx 61939, 8/30, $7.85; ac/Marvin Sherertz, Rx 45705, 58496, 8/2, $15.45, Rx 62391 , 62392, 9/13, $20.25; ac/George Williams, Rx 62550, 50633, 40973, 60988, 9/17, $50.90 James H. Hartwig, M.D. ac/Jack Colombi , Injection, 9/16, $5.00 S. J. Jaffe, O.D. ac/Jack Colombi , Frames, lenses, exam, 9/23, $111 .23: (Total - $124.23) ac/Kenneth D. McInnis, Exam, 9/13, $13.00 Martin Kushner, M.D. ac/Patrick Walsh, Office calls and injections, $23.85 Orthopedics International , Ltd. , P.S. ac/John Alexander, X-rays, 8/16, $65.20 PENSION PAYMENT FOR OCTOBER, 1976 John Alexander $899. 50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $691 .50 Mrs. Orpha McDonald $392.40 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia Joan Pringle $659.82 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $685.21 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick Walsh $123. 18 i 152 CITY OF RENTON Firemen's Pension Board Regular Meeting November 9, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Mayor Delaurenti , Chairman, at 4:00 p.m. All Board members were in attend- ance. Captain Bruce Phillips of the Fire Department was also present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF OCTOBER 12, 1976 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY , SECONDED BY MILLER, TO PAY THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS Monthly statement of Cash and Investments was reviewed, it being noted that $27,700 in REPO's were sold and $22,700 in REPO's was purchased; Certificate of Deposit sold at $12,000 at maturity and purchase of a Certificate of Deposit in amount of $9,600 at 5°o to mature December 27. Board Member Henry reported inquiry from members of the old Firemen 's Pension System regarding end of the year statement of accrued interest and investment to date, not issued since the LEOFF System became effective. The Secretary advised she would check with the Finance Department and report was requested for the next Board meeting. Board Member Miller reported complaints that firemen receiving medical bene- fits from the Pension Fund had never contributed to the fund and requested an Attorney General 's Opinion in this regard. Some discussion ensued regarding previous opinions indicating permissible use of existing pension funds to pay hospital and medical expenses per R.C.W. 's 46.21 .050 and 41 .26.150, AGO Letter dated May 10, 1974. MOVED BY GRANT, SECONDED BY MILLER, THAT A NEW AGO BE REQUESTED THROUGH SENATOR GARY GRANT. MOTION CARRIED. Captain Bruce Phillips questioned the Pension Board whether it would be receptive to pay for periodical physicals for firemen, personnel over 45 on an annual basis and younger firemen every five years as preventative maintenance health program. The Board requested that they have some cost figures prepared and presented at the next meeting. It was MOVED BY GRANT, SECONDED BY MILLER, TO ADJOURN. The meeting adjourned at 4:30 p.m. Delores A. Mead, City Clerk - DAM:jt Secretary - F.P.B. CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of October 31 , 1976 Current Previous Last Year Last Year Period Period Current Previous 10/31/76 9/30/76 Period Period 10 1 /15 9 0 5 Cash S 107.84 $ 10558.21 $ 13,813.53 $ 60714.58 Investments Bank Notes, Etc. 81 ,048.38 88,248.38 20,000.00 55,000.00 Municipals 1819327.03 181 ,327.03 2380648.27 238,648.27 Corporate Bonds 356,750.66 3560750.66 263,739.06 263,739.06 .Mutual Funds 290,587.34 290,587.34 429, 107.04 429, 107.04 Total $909,713.41 $916,913.41 $951 ,494.37 $9860494.37 L TOTAL CASH AND $909,821 .25 $918,471 .62 $965,307.90 $993,208.95 INVESTMENTS Investment changes during current report period: 1. Sold $27,700 in "REPO'S" and Purchased $22,700 in "REPO'S". 2. Sold $12,000 C D at maturity. 3. Purchased $9,800 C D @ 5.00% to mature December 27. 154 CITY OF RENTON FIREMEN'S PENSION BOARD November 9, 1976 MONTHLY BILLS FOR OCTOBER, 1976 A & H Drugs ac/C. Christensen, Rx 409017, 409018, 10/6, $8.05; (Total - $33.10) ac/J . Colombi , Rx 403400, 10/18, $4.00, Rx 409835, 409836, 409837, 409838, 9/16, $21 .05 John L. Bernier, D.C. ac/Karl Strom, Office Call , 8/11 , $9.00; ac/Ron (Total - $12.00) Bergman, Office Calls, 2/27-3/1 , Balance not paid by King County, $3.00 Cornell 's Valley Pharmacy ac/D. Miller, Rx 63267, 63268, 10/14, $12.20; (Total - $174.29) ac/G. Nichols, Rx 62822, C09286, 9/28, $34.64, Rx 62853, 9/26, $8.05, Rx 63004, collar, 10/4, $23.55, Rx 63004, 63286, 63291 , 10/15, $19.75; ac/Marvin Sherertz, Rx 45705, 62392, 62391 , 10/5, $44.25; ac/Keith Steel , Rx 63155C, 10/11 , $6.70; ac/P. Walsh, Rx 56525, %Z7, $6.15; ac/G. Williams , Rx 62733, 9/24, $9.50, Rx 62738, 9/27, $9.50 Group Health Insurance Payment for October - $98.67 James Hartwig, M.D. ac/Kenneth Walls, Injection, 10/25, $5.00 King County Medical Insurance Payment for October - $1 ,652.42 K's Pharmacy ac/C. Ankeny, Rx 136087, 136088, 9/25, $5.15; (Total - $222.87) ac/G. Banasky, Rx 135962, 9117, 59.10; ac/Robert Connell , Rx 130767, 134645, 9/17, $19.60, Rx 130768, 9/18, $4.58, Rx 122262, 10/22, $3.45; ac/L. Eager. Rx 136346, 10/13, $3.80, Rx 136637, 136638, 10/28, $7.09; ac/Paul Henry, Rx 136274, 10/9, $15.80, RX 130530, 10/28, $14.95; ac/W. Henry, Rx 135904, 9/13, $18.25; ac/Gerald Jones , Rx 135809, 9/4, $1 .95; I ac/W. Larson, Rx 131484, 136242 , 10/7 , $11 .25, Rx 136308, 10/11 , $6.00; ac/Ted LaValley, Rx 132247 , 9/10, $17.60, Rx 132247, 122389, 10/22, :$24.35; ac/ Gary Newton, Rx 8050, 135922, 9/14, $10.65, R036102 0/27, $7.10, Rx 136102, 10/8, $7.10; ac/B. Phillips, Rx 128607, 126315, 9/2, $16.00; ac/Ron Pillo , Rx 133591 , 9/1 , $5.65, Rx 136437, 10/18, $5.60; ac/Ken Walls, Rx 136562, 10/25, $7.85 K's Pharmacy ac/John Alexander, Rx 132862, 10/4, $5.55, Rxl36312, (Total - $52.96) 10/12, $12.00, Rx 134527, 125089, 127317, 10/22, $17.95; ac/John Parks, Rx 126768, 135824, 9/7 , $11 .8; Rx 126768, 10/11 , $5.64 Pay'n Save Drugs ac/J. Rupprecht, A011888, 9/30, $3.89 Washington Dental Service Payment for October, 1976 - $522.05 s CITY OF RENTON FIREMEN'S PENSION BOARD November 9, 1976 PENSION PAYMENTS FOR NOVEMBER, 1976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $691 .50 Mrs . Orpha McDonald $392.40 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia Joan Pringle $659.82 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $685.21 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick Walsh $123.18 i 156 CITY OF RENTON Firemen's Pension Board Regular Meeting December 14, 1976 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Mayor Delaurenti , Chairman. Board Members Grant and Miller were absent. • MINUTE APPROVAL MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF NOVEMBER 9, 1976 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE THAT WARRANTS BE DRAWN TO COVER. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly investment report was reviewed with changes listed as follows : Sold $25,000 CD at Maturity; purchased $15,300 "REPO" @ 4.50% to mature December 1 and sold one $1 ,000 Michigan-Wisconsin Pipe Line Bond. Report to be placed on file for record. CORRESPONDENCE Letter from Captain Phillips, Renton Fire Department, noted requirement of the department's physical fitness program that a systematic routine be estab- lished for physical examinations, a complete exam initially to be given all firefighters age 40 and over, again at 45 and before retiring, it requested since this would be considered preventative maintenance medical expense that the Firemen's Pension Fund absorb the cost at $127.00 each for twenty fire- fighters. Brochure from Group Healtr7 Cooperative featuring an article regard- ing annual physical exams was distributed. MOVED BY MEAD, SECONDED BY HENRY, TO CONCUR IN THE REQUEST AND TO REFER THE MATTER TO THE FIREFIGHTERS FOR INFORMATION AND APPROVAL. CARRIED. OLD BUSINESS Letter directed to Senator Gary Grant was read requesting AGO concerning use of pension funds to provide medical services for non-contributing firefighter per Board directive at its p prior meeting, no reply has been received as yet NEW BUSINESS The Secretary reported election is being called among the firefighters for tet: r� the two-year term of Board Member Henry which expires December 31 , 1976. As there was no further business , the meeting was adjourned at 4:23 p.m. Delores A. Mead, City Clerk it Secretary - FPB 1QES? CITY OF RENTON FIREMEN'S PENSION BOARD December 14, 1976 MONTHLY BILLS FOR NOVEMBER, 1976 Austin' s Shaw Pharmacy ac/T. K. Anderson, Prescriptions, $16.63 Richard K. Baker, D.C. ac/R. Price, Treatments, $365.00, for September, (Total - $461 .00) $96.00 for October and November Gordon P. Baker, M.D. ac/D. Riggle, Injections, $19.00 John L. Bernier, D.C. ac/Karl Strom, office call , $10.00 Cornell ' s Pharmacy ac/G. Nichols, Prescriptions, $22.65; ac/K. Pedersen, (Total - $52.80) Prescriptions, $7.45; ac/K. Steele, Prescription, $6.05; ac/P. Walsh, Prescription, $6.15; ac/E. Wooten, Prescription, $10.50 Group Health Insurance Payment for November, 1976 and December, 1976,:-197.34 King County Medical Insurance Payment for Novemberand December, 1976, $3,304.34 Orthopedics, International ac/Jahn Alexander, Office Call , $10.00 Pay'n Save ac/J. Rupprecht, Prescription, $3.89 reimbursement Fire Disability, June through November, 1976, ftw $26,262.81 Reimbursement Services by Finance Department for the period September through December 31 , 1976, $513.00 Washington Dental Services Payment for November & December, 1976, $1 ,044.10 PENSION PAYMENTS FOR DECEMBER, 1976 John Alexander $899.50 Gerald Hurst $ 22.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $452.84 T. K. Anderson $691 .50 Mrs. Orpha McDonald $392.40 James F. Ashurst $944.50 John Parks $699.00 Robert Connell $ 52.64 Sylvia Joan Pringle $659.82 Charles Goodwin $899.50 Karl Strom $691 .50 Mrs. Constance Haworth $685.21 Franklin L. Todd $ 47.67 Jack Haworth $691 .50 Patrick Walsh $123.18 158 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of November 30, 1976 Current Previous Last Year Last Year Peri-od Period Current Previous 1130'1 76 10 /31/ 76 Period Period 11/30/ 76 10/51 /75 Cash S 1*991 .03 S 107.84 S 70906.23 S 130813.53 Investments Bank Notes, Etc. 71*348.38 810048.38 200000.00 20,000.00 Municipals 181 ,327.03 181 ,327.03 2370748.27 238,648.27 Corporate Bonds 355,750.66 356,750.66 2630739.06 263,739.06 . Mutual Funds 290L587.34 290 587.34 429 107.04 429 107.04 Total S899.013.41 $909.713.41 $950.594.37 S951 ,494.37 TOTAL CASH AND $901,004.44 $909,821 .25 $9580500.60 $9650307.90 INVESTMENTS Investment changes during current report period: I . Sold $25,000. CD at Maturity. 2. Purchased $15,300. "REPO" @ 4.50% to mature December 1 . 3. Sold one ( 1 ) 51 ,000 Michigan-Wisconsin Pipe line Bond. � Sq CITY OF RENTON Firemen's Pension Board Regular Meeting January 11 , 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen 's Pension Board was called to order by Mayor Delaurenti , Chairman, at 4:00 p.m. Board Member Grant was absent. MINUTE APPROVAL MOVED BY MILLER, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF DECEMBER 14, 1976 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE THAT WARRANTS BE DRAWN TO COVER. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly investment report was distributed with annual balance comparisons and current investment changes reviewed; receipt of $1 ,544.66 payment on L. I .D. 259 Installment Note, $8,433.29 on L. I.D. 269 Installment Note and $7,616.03 on L. I .D. 261 Installment Note; sold $35,800 CD's at maturity and $57,300 "Repo's" at maturity. Purchase of $32,200 "Repo" @ 4.40% to mature 12/17/76, $9,800 "Repo" @ 4.375% to mature 12/31/76 and $42,500 @ 4.50% to mature 1/7/77. State- ment is to be filed for record. OLD BUSINESS The Secretary reported election among firefighters for board member has been con- ducted, results to be tabulated January 20th and report to be submitted at the February Pension Board meeting. NEW BUSINESS Fireman Henry requested year-end totals of expenditures . The Secretary advised Pension Fund final computer run with financial breakdown is now available. Pension reform, a prime issue before the State Legislature, was discussed, atten- tion called to current meetings being held on the subject, the next one February 18 at the Hyatt House. As there was no further business to come before the Board, it was MOVED BY HENRY , SECONDED BY MILLER, TO ADJOURN. CARRIED. The meeting adjourned at 4:25 p.m. Delores A. Mead, Cit— y(Clerk Secretary - Firemen ' s Pension Board DAM: ' / (o CITY OF RENTON FIREMEN'S PENSION BOARD January 11 , 1977 MONTHLY BILLS FOR DECEMBER, 1976 RETIRED FIREMEN - OLD SYSTEM John Alexander K's Prescription Pharmacy $46.65 T. K. Anderson Austins Shaw Pharmacy $ 5.00 John Parks K's Prescription Pharmacy $11 .14 $ 5.64 $10.00 Karl B. Strom John L. Bernier, D.C. $10.00 ACTIVE FIREMEN - LEOFF RETIREES G. Dawkins Reimbursement - Prescription 4.85 J. Colombi A & H Drugs 4.00 Paul Henry A & H Drugs $ 6.95 David Walsh Austin' s Rexall Pharmacy $ 4.35 G. Nichols Cornells 's Pharmacy $ 7.05 M. Sherertz Cornell 's Pharmacy $29.65 P. Walsh Cornell 's Pharmacy $ 7.00 G. Banasky K's Pharmacy $ 5.70 R. Connell $19.60 R. Connell $ 5.80 P. Henry $ 2.90 ...r Wm. Henry $18.25 Wm. Larson $ 3.55 Wm. Larson " $ 7.25 T. LaValley $ 4.45 T. LaValley $17.60 B. Phillips $11 .50 J. Rupprecht $ 9.30 J. Rupprecht $ 5.00 K. Walls $ 7.85 G. Banasky Dr. C. David Heflen $16.00 PENSION PAYMENTS FOR JANUARY, 1977 John Alexander $971 .00* Gerald Hurst $ 77 .46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $746.50* Mrs. Orpha McDonald $392.40 James F. Ashurst $999.50* John Parks $754.00* Robert Connell $124.14* Sylvia Joan Pringle $659.82 Charles Goodwin $971 .00* Karl Strom $746.50* Mrs. Constance Haworth $685.21 Franklin L. Todd $102.67* Jack Haworth $746.50* Patrick J. Walsh $194.68* * Reflects 8.2% City Increase as of January 1 , 1977 CITY OF RENTON - FIREREN'S PENSION FUND Statement of Cash and Investments As of December 31, 1976 Current Previous Last Year Last Year Period Period Current Previous 12/31/76 11/30/J6 Period Period 12 1 11 0 7 Cash $ 25. 17 $ 1,991.03 $ 1,496.57 $ 7,900.21 Investments Hank Notes, Etc. 62,748.38 71 ,348.38 116,000.00 20,000.00 Municipals 163,622.0 181 ,327.03 214,637.08 217, 7104.2-, Corporate Bonds 355,750.66 355,750.66 263,739.06 263,739.06 Mutual Funds 290,587-34 290,587.34 361,867.64 429, 107.04 Total $872,708.43 $899,013.41 $956,243.78 $950,594.37 TOTAL CASH AND INVESTMENTS $872,733.60 $901 ,004.44 $957,740.35 $958,500.60 Investment changes during current report period: 1 . Received $1,655.66 payment on L.I .D. 259 Installment Note, $8,433.29 on L. I .D. 269 Installment Note and $7,616.03 on L.I.D. 261 Installment Note. 2. Sold $35,800 CD's at maturity and $57, 300 "Repo's" at maturity. 3. l'iIrchased $32,200 "Repo" 0 4.40% to mature 12/17/76. 4. Purchased $9,800 "Repo" N, 4.375% to mature 12/31/76. �. t'urcliftsed $42,500 "Repo" ra; 4.50% to mature 1/7/77. :v CITY OF RENTON Firemen's Pension Board Regular Meeting February 8, 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman A. Mead, City Clerk-Secretary William J. Grant, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was convened by Mayor Delaurenti , Chairman, at 4:20 p.m. Members Grant and Miller were absent. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF JANUARY 11 , 1977 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE WARRANTS DRAWN TO COVER. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly investment report was distributed with current investment changes reviewed; receipt of $2,511 .64 payment on L. I.D. 258 Installment note, purchase and sale of Repos and purchase of a $39,300 CD @ 4.60% to inature February 28th. CORRESPONDENCE Letter from Acting Fire Chief Geissler was read reporting re-election of Fireman William Henry to a two-year term as Pension Board Member, effective January 1 , 1977. NEW BUSINESS Firefighters Labor Union meeting to be held February 18 for position regard- ing Pension System and LEOFF Laws was discussed. Board Member Henry is planning to attend, also Councilwoman Shinpoch, Local LEOFF Board Member. Pension bills pending before the Legislature were discussed. As there was no further business, it was MOVED BY HENRY, SECONDED BY MEAD, TO ADJOURN. Meeting adjourned at 4:40 p.m. Delores A. Mead, City Clerk-Secretar,t Firemen's Pension Board DAM:jt /63 CITY OF RENTON FIREMEN'S PENSION BOARD rr February 8, 1977 MONTHLY BILLS FOR JANUARY, 1977 Cornell ' s Valley Pharmacy ac/G. Nichols, Rx 66136, 1/21 , $8.20; ac/M. Sherertz , (Total - $31 .05) Rx 45705, 54496, 1112, $16.70; ac/P. Walsh, Rx 56525, 1/25, $6.15 K's Pharmacy ac/C. Ankeny, Rx 138088, 138089, 1/14, $6.40; (Total - $84.40) ac/R. Connell , Rx 138274, 134645, 1122, $31 . 15; ac/W. Larson, Rx 138033, 1/11 , $5.60; ac/Ted LaValley. Rx 137808, 137809, 1/3- $24.70; ac/J. Alexander, Rx 137503, 1/3, $13.20, Rx 133447, 1/18, $3.35 Renton Optical Co. ac/W. Larson, Eyeglass frames, 1/26, $16.86 Valley General Hospital ac/C. Ankeny, Balance after King County, $88.00, (Total - $403.00) 9/13-9/16/76; ac/G. Nichols, Balance after King County, $26.00, 10/14-10/15/76, $114.00, 10/21-10/26; ac/R. Pillo, Balance after King County, $130.00, 9/23-9/28/76, $50.00, 10/3-10/8/76 Vukov Clinic ac/G. Newton, Medicine, 6/22/76, $3.00 PENSION PAYMENTS FOR FEBRUARY, 1977 ... John Alexander $971 .00 Gerald Hurst $ 77.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $746.50 Mrs. Orpha McDonald $392.40 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $124.14 Sylvia J. Pringle $659.82 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $685.21 Franklin L. Todd $102.67 Jack Haworth $746.50 Patrick J. Walsh $194.68 ... CITY OF K TUN - FIRF24 ' S PENSION FUND Statement of Cash and Investments As of January 31 , 1977 Current Previous Last Year Last Year Period Period Current Previous 1/31/ 77 12/31 / 76 Period Period I 13V 76 12/31/75 Cash S 676.22 b 25. 17 S 1 ,289.46 $ 1 ,496.57 InvesWen CH Hank Notes, Et.c. 5911548.38 62,748.38 1990000.00 116,000.00 milli IIIpal � 161010.41 163,622.05 212,229.49 2140637.08 Col porate Honda 355,750.66 3550750.66 263,739.06 263,739.06 Mutual Funds 290,587.34 290,587.34 290,587.34 361 ,867.64 Total 8 866,996.79 $872,708.43 $ 965,555.89 S 956,243.78 TOTAL DASH AND S 8670673.01 8872,733.60 S 966,845.35 S 957,740.35 1 NVES'I'M�NTS Investment changes during current report period: I . Received $2,511 .64 payment on LID 258 Installment note. 2. Purchased and Sold following "REPOS" DATE RATE MATURITY PURCHASED SOLD 1/7/77 $42,500.00 1/7/77 4.45 ► 1/10/77 $45,200.00 45,200.00 1 /10/77 1/10/77 4.45% 1/13/77 45,200.00 45,200.00 1/13/77 1/ 13/77 4.45% 1/21/77 45,200.00 45,200.00 1/21/77 1/21/77 4.45% 1/28/77 390800.00 39,800.00 1/28/77 3. Purchased $39,300.00 CD 8 4.60% to mature February 28. CITY OF RENTON FIREMAN'S PENSION BOARD March 8, 1977 Regular Meeting BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was convened at 4:00 p.m. in the sixth floor conference room, by Mayor Delaurenti , Chairman. Board Member, Councilman Clymer, City Council Ways and Means Committee Chairman, was ill and unable to attend. All other board members present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF FEBRUARY 8, 1977 AS WRITTEN. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY MILLER, SECONDED BY HENRY, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE WARRANTS DRAWN TO COVER. QUESTION WAS RAISED REGARDING PAYMENT OF $20 FOR EYE EXAM (K. HANSON) , TOTAL CHARGE OF $40 ; SAID BILL TO BE CHECKED PRIOR TO PAYMENT, KING COUNTY LIABLE FOR ... PORTION. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly investment report was distributed and current investment changes were reviewed which include the sale of $20,248.38 Co-op's and $39,300.00 CD at maturity and purchase of $20,000 CD @ 4.66% to mature 3/31/77, $20,000 Repo @ 4.50% to mature 3/4/77 and $12,900 CD @ 4.63% to mature 3/31/77. Chairman Delaurenti inquired whether longer term CD investments might be possible which generate greater interest. The secretary indicated the lesser interest short term investments are likely made with cash which must be kept on hand to pay current bills, but that she would investigate further and report back. CORRESPONDENCE Memo from Capt. Nichols, Fire Department Training Officer, reporting that the union membership had been advised of request to the Pension Board by the training division that annual physicals for fire fighters over 45 years of age, be funded from the Firemen's Pension Fund, the cost involving 20 firemen at $127 each. The Board had indicated, on December 14, concurrence in the request based upon presentation to the fire fighters and approval by the membership. Fireman Miller indicated some objections had been raised as concerns the age limit, further report to be forthcoming at the next Pension Board Meeting. W�P FIREMAN'S PENSION BOARD Page Two March 8, 1977 r, OLD BUSINESS Seminar at Providence Heights March 3 was discussed wherein the consumer price index and new procedure in issuance of U.S. Department of Labor bulletins, and a second index, were topics of discussion. The Board is soon to determine cost of living increases to be granted widows and certain pension members per state law, based on the index which is presently not available. Some discussion ensued concerning the state retirement systems and pending legislative action and as there was no further business to come before the Board, it was MOVED BY MILLER, SECONDED BY HENRY TO ADJOURN. The meeting adjourned at 4:32 P.M. Delores A. Mead, City C1 k-Secretary Firemen's Pension Board CITY OF RENTON FIREMAN'S PENSION BOARD March 8, 1977 MONTHLY BILLS FOR FEBRUARY, 1977 Austin's Shaw Pharmacy ac/T.K. Anderson, Rx 407432, 1/17 (Total - $10.20) Baker, Richard K. D.C. a/c Randall Price, January medical (Total - $96.00) consultations at $12.00 ea. Bernier, John L. D.C. a/c Karl B. Strom, Office calls (Total - $20.00) 12/27/76 & 2/9/77 Cornell ' s Pharmacy a/c Ronald Bergman, Rx 67154, Rx 67155c280 (Total $57.05) Rx 67156, 2/25/77; a/c David Riggle, $7.85 Rx 61939, 2/16/77; a/c Marvin L. Sherertz, Rx 45705, Rx 62392 $26.40 Group Health Insurance Jan. $65.78 Feb. $65.78 Hanson, Kris K. Eyeglass lenses $52.00 (Reimbursement - $72.00) Examination 20.00 Dr. WNW Hurst, Gerald A. Eyeglass frames $35.00 (Reimbursement - $107.57) Lenses 69.95 Tax 2.62 Western Optical Dispensary K's Pharmacy a/c T. Hall , Rx 8364, 2/16/77 $5.05; (Total - $106.24) a/c T. LaValley, Rx 138473, 1/31/77, $15.30 a/c T. LaValley, Rx 138918, Rx 13j919, 2/18/77, $10.50; a/c K. McInnis, Rx 139072, 2/25/77, $6.25; a/c G. Newton, Rx 138849, 2/15/77, $7.70; a/c K. Parks, Rx 138562, 2/4/77, $8.55; a/c K. Parks , Rx 138683, 2/10/77, $5.40; a/c B. Phillips, Rx 138906, 2/18/77, $11 .50; a/c J. Rupprecht, Rx 138983, 2/22/77, $2.50; a/c R. Pillo, Rx 138917, 2/18/77, $2.90 a/c E. Tonda, Rx 138979, 2/22/77, $2.90 a/c J. Parks, Rx 137409, 137790, 135824, 126768, $27.69 King Co. Medical Insurance Jan. $1841 .50 Feb. $1873.25 Kushner, Martin M.D. a/c Patrick J. Walsh (Total - $23.00) Flu & allergy shots Sept. 17, 1976 thru Jan. 20, 1977 168 Page 2 CITY OF RENTON FIREMAN'S P'PISION BOARD March 8, 1977 Newton, Gary Eyeglass repair (Reimbursement - $7 .50) R. Lomas M.D. Washington Dental Service Jan. $512.2 Feb. $5219.05 PENSION PAYMENTS FOR MARCH, 1977 John Alexander $971 .00 Gerald Hurst $ 77.46 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $746.50 Mrs. Orpha McDonald $392.40 James F. Ashurst $999. 50 John Parks $754.00 Robert Connell $124. 14 Sylvia J. Pringle $659.82 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $685.21 Franklin L. Todd $102.67 Jack Haworth $746.50 Patrick J. Walsh $194.68 /67 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of February 28, 1977 Current Previous Last Year Last Year Period Period Current Previous 2/2W77 1 All Period Period 2A8/76 1 3 76 Cash $ 224.73 $ 676.22 $ 538.53 $ 1,289.46 Investments Bank Notes, Etc. 52,900.00 59,548.38 100,000.00 199,000.00 Municipals 161,110.41 161,110.41 212,229.49 212,220.49 Corporate Bonds 355,750.66 355,750.66 356,750.66 263,739.06 Mutual Funds 290,587.34 290,587.34 290,587.34 290,587.34 Total $860,348.41 $866,996.79 $959,567.49 $965,555.89 TOTAL CASH AND INVESTMENTS $860,573.14 $867,673.01 $960,106.02 $966,845.35 Investment changes during current report period: 1 ) Sold $20,248.38 Co-op's and $39,300.00 CD at maturity. 2) Purchased $20,000 CD Ca 4.66% to mature 3/31/77. 3) Purchased $20,000 Repo (0 4.50% to mature 3/4/77. 4) Purchased $12,900 CD @ 4.63% to mature 3/31/77. / 7e9 CITY OF RENTON FIREMEN'S PENSION BOARD April 12, 1977 Regular Meeting mod BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was convened at 4:00 p.m. in the sixth floor conference room by Mayor Delaurenti , Chairman. Board Members present: Mayor Delaurenti , Delbert Miller, and Maxine Motor, Deputy City Clerk, present as an alternate for Delores Mead, City Clerk-Secretary. Gwen Marshall , Finance Director, was also present. MINUTE APPROVAL MOVED BY MILLER, SECONDED BY MOTOR, THE BOARD APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MARCH 8, 1977 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY MILLER, SECONDED BY MOTOR TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE WARRANTS DRAWN TO COVER. Question was raised regarding payment of four months ' supply of medicine for George Williams. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly investment report was distributed and the 5.25% passbook interest was discussed. CORRESPONDENCE Letter from Joan Pringle was discussed regarding LEOFF Retirees' pension adjustments effective 4/1/77. (Attached) Finance Director Marshall explained the retirement adjustments were based on consumer price index, that if the current city pensions exceed the amount paid by LEOFF, the retiree is entitled to receive the difference which is paid from the Fire- men's Pension Fund. The adjustments for the nine members are shown on the attached letter. OLD BUSINESS Chairman Delaurenti asked for secretary' s report as requested in March minutes regarding short term investments and was advised it would be forth- coming at next month's meeting. The meeting adjourned at 4:20 p.m. axi'e E. Motor, Deputy City - Acting Secretary Firemen's Pension Board MEM:jt 17/ CITY OF RENTON FIREMEN'S PENSION BOARD April 12, 1977 Austin Shaw Pharmacy ac/D. Walsh, Rx 410554, 41055, 2/8, $8.45, (Total - $12.75) Rx 410592, 2/10, $4.30 Richard K. Baker, D.C. ac/R. Price, Adjustments, $36.00 John L. Bernier, D.C. ac/Karl Strom, 4 office calls, March, $40.00 Cornell 's Valley Pharmacy ac/R. Bergman, Rx 67156, 67154, 3/8, $16.00, (Total - $84.50) Rx 67266c2, 3/2, $6.80; ac/R. Geissler, Rx67984, 3/24, $6.35; ac/D. Riggle, Rx 67834, 67835, 3/21 , $12.90; ac/M. Shereretz, Rx 45705, 3/19, $9.40; ac/K. Walls, Rx 67426, 67425, 3/7, $12.20; ac/ P. Walsh, Rx 61428, 56525, 65333, 3/8, $20.85 Green & Jackson Drugs, Yakima ac/G. Williams, Rx808-156, 808-469, 808-470, (Total - $138.95) 808-485, $93.10, Nov. , Rx 816-459, 816-460, 816-461 , 816-462, 816-483, Dec. , $45.85 Group Health Insurance Payment for March - $73.50 James H. Hartwig, M.D. ac/D. Riggle, Inj . , 3/23, $5.00; ac/E. Tonda, (Total - $10.00) Inj . , 2/22, $5.00 K's Pharmacy ac/G. Banasky, Rx 139609, 3/25, $8.10; ac/Robert .�.. (Total - $149.90) Connell , Rx 139420, 139521 , 134645, 3/19, $22.28, ac/P. Henry, Rx 130530, 3/14, $14.95; ac/William Larson, Rx 137316, 3/3,. $7.25, Rx 137316, 3/21 , $7.25; ac/T. LaValley, Rx 139478, 3/17, $2.85, ac/J. Matthews, Rx 139251 , 3/4, $5.35; ac/Gary Newton, Rx 139241 , 139242, $30.10; ac/K. Walls, Rx 139448, 3/17, $2.50, Rx 139488, 3/25, $2.50; ac/J. Parks, Rx 137790, 135824, 126768, 3/19, $18.32; ac/J. Alexander, Rx 137506, 127317, 132862, 3/8, $28.45 King County Medical Ins. Payment for Marcri - $1 ,873.25 North Renton Clinic ac/J. Parks, Office calls 2/16-3/1 , $30.00 Washington Dental Service Fayment for March - $522.05 Valley General Hospital ac/John Parks, Hospitalization, $41 .50 PENSION PAYMENTS FOR APRIL, 1977 John Alexander $971 .00 Gerald Hurst $ 39.71 Mrs. Enza Anderson $392.40 Floyd Lawrence $453.84 T. K. Anderson $746.50 Mrs. Orpha McDonald $392.40 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.89 Sylvia Joan Pringle $659.82 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $685.21 Franklin L. Todd $ 67.16 Jack Haworth $746.50 P`trick J. Walsh $151 .36 172 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of March 31, 1977 Current Previous Last Year Last Year Period Period Current Previous 3/31/77 2/28/77 Period Period Cash 1,279.25 $ 224.73 1,753.53 $ 538.53 Investments Bank Notes, Etc. 79,500.00 52,900.00 112,000.00 100,000.00 Municipals 130,025.15 161,110.41 194,623.10 212,229.49 Corporate Bonds 355,750.66 355,750.66 356,750.66 356,750.66 Mutual Funds 290,587.34 2 0 8 4 290,587.34 2 0 8 4 Total $855,863-15 860 48.41 $953,961.10 $959,567.49 TOTAL CASH AND INVESTMENTS 8 142.40 1860,573-14 1252,.714.63. 6 106 0 Investment changes during current report period: 1 ) Received $16,992.37 payment on L.I.D. 265 Installment Note and $14,092.89 payment on L.I.D. 267 Installment Note. 2) Sold $32,900 CD's at maturity and $20,000 "Repos" at maturity. 3) Purchased $79,500 in open statement account at 5.25%. 173 M E M 0 R A N D 1. M 1'0: DEL MEAD, CITY CLERK DALE: APRT l l i , 11)77 1,ItOM: LOAN PRINGI E S1 31: LEOFF RE'TIREE'S PINSION ADJUSTMENTS EFFECTIVE 4/1/77 Members of the Renton Fire Department who retired under the I.F.OF'F System Murch 1 , 11170) receive an adjustment to their perngions April 1st of each after their first year of retirement. Increase: are based on the Consumer Index for the Seattle area and are as follows, effective April 1, 1977• Retirements from March 1, 1970 through April 1 , 1975 --------- 5.55` Retirements from April 2, 1975 through December 31 , 1975 ----- 16.251 Retirements from January 1, 1976 through Aprii 1 , 1976 ------ 5.584, If the current city pension (under old pension system RCW 41 . 18) exceeds that paid by LEOFF, the retiree is entitled to receive the difference which is paid from the Firemen's Pension Fund. We now have a total of 9 members of the Rentor, F'ire Department who have retired under LEOFF and their pension differences have been adjusted per said increase, effective April 1, 1977 as follows: - DUE FROM CITY DVE FROM CITY TO 4/1/77 AFTER LEOFF RETIREE ADJUSTMENT Robert Connell (Captain) - Service Retirement 71/95/74 - 5.58% increase ------------------------- $124.14/mo. ffi 76.89/mo. Paul henry (Fire Fighter) - Service Retirement. 4/1/77 -* No LEOFF increase for one year --------- --- Gerald Hurst (Fire Fighter) - Service Retirement t,,/1/72 - 5.58% increase ------------------------- 77.46 39.71 Marvin :,herertz (Battalion Chief) - Service Retirement Itl/l/75 - 16.25% increase ----------------------- _-- --- LeRoy Smith (Fire Fighter) - Disability Retirement 3/1/74 - 5.85% increase ------------------------- --- --- 1'rank 'lodd (Fire Fighter) - Disability Retirement. 1/3/72 - 5.85% increase ------------------------- 102.67 67. 16 M.C. Walls (Chief) - Service Retirement 3/16/74 - 5.58% increase ------------------------ --- --- Patrick Walsh (Captain) - Disability Retirement 5.58% increase ------------------------ 194.68 151.36 I,,QorgP Williams (Chief) - Disability Retirement No increase until 4/l./78 10TAL 111VF'F:1JLvCES BETWEEN I..F.OFF AND CITY PLNSIU\S $498.95 -535. 12 Hc-duced 0163.83/mo. until change in city salaries. 174 f CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting May 10, 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Mayor Delaurenti , Chairman, at 4:00 p.m. in the sixth floor conference room. Board Member Miller was absent, all others present. Gwen Marshall , Finance Director, was also in attendance. MOVED BY MEAD, SECONDED BY HENRY, TO EXCUSE THE ABSENT BOARD MEMBER. MOTION CARRIED. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF APRIL 12 AS WRITTEN. MOTION CARRIED. CORRESPONDENCE Pursuant to March board inquiry whether longer term investments might bring greater interest return, report prepared by Ted Bennett was distributed advising that longer terms of investments would not allow the required cash flow flexibility to meet monthly obligations (of approximately $12,000) nor would it result in any better interest rate, our present practices giving the best possible interest rate along with liquidity needed to meet monthly costs. Secretary Mead noted the mutual fund investments will soon reach the maximum of 35% of total investments allowed by law and that Mr. Gary Dime, Investment Counselor, Dean Witter and Co. , would like to meet to dis- cuss the Pension Fund investment program. MOVED BY HENRY, SECONDED BY CLYMER, TO INVITE MR. DIME TO THE JULY MEETING. MOTION CARRIED. Letter from Del Mead, Secretary, advised the Board it was necessary, at this time, per R.C.W. 41 .18.104, to adjust the retirement and widow pensions to provide for annual cost of living increases to Floyd Lawrence, Mrs. Enza Anderson, Mrs. Constance Haworth, Mrs. Orpha McDonald, and Mrs. S. Joan Pringle, to be based on Seattle Consumer Price Index for the prior year. Since the U.S. Bureau of Labor statistics does not provide a monthly index for the Seattle area, but only issues a quarterly CPI report in February, May, August and November, it is necessary to compute the increases by special formula (per sample attached) which amounts to 5.57% increase to commence July 1 , 1977. In order to give the Finance Department adequate lead time for processing the increases, the Board will need to take action at this time. MOVED BY HENRY, SECONDED BY MEAD, TO GRANT 5.57% INCREASE TO THE PENSIONERS AS LISTED, EFFECTIVE JULY 1 , 1977. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS LISTED AND TO AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. A FIREMEN'S PENSION BOARD Regular Meeting - May 10, 1977 Page 2 MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) rrr — Monthly Statement of Cash and Investments was distributed and indicated payment received of $7,222.22 on L. I .D. 271 Installment Note and liquidation of $1 ,197.73 from Open Statement Account. OLD BUSINESS Board Member Henry recalled actuarial report which indicated advisability of allocating millage to the Firemen's Pension Fund. In ensuing discussion, it was noted that one floating mill had previously been available for the use of junior taxing districts and that 1/2 Mill had been appropriated into the Firemen's Pension Fund several years ago. Finance Director Gwen Marshall noted tax levy now changed from millage to dollars per thousand dollars of assessed valuation, calling attention to payment of medical and dental pre- miums from the fund of approximately $25,000 per year and that 1 mill would now equal a levy of $.225 of every thousand dollars assessed valuation of the city. The Mayor indicated some action would be needed, in his opinion, when the fund reached $500,000. Board Member Henry recalled request of Captain Nichols, Training Officer, for financing from the Pension Fund annual physicals for firefighters of 45 years of age, involving 20 firemen at $127 each, expressed opinion on behalf of Board Member Miller and himself that this is negative funding and that all firemen should be given an annual physical and funding should be the city's responsibility. Some discussion ensued regarding costs and r.. advisability of equal physicals for all members and as to impact of possible retirement of firefighters who were unable to pass the physical . It was requested that cost figures be secured for funding of annual physicals for all 52 firemen. As there was no further business to come before the Board, the meeting was adjourned at 4:30 p.m. Delores A. Mead, City C erk- Secretary - Firemen's Pension Board DAM:jt err. y, I r7 CITY OF RENTON FIREMEN'S PENSION BOARD May 10, 1977 MONTHLY BILLS FOR APRIL, 1977 A & H Drugs ac/R. Beatteay, Rx 416865, 3/2, $5.55, Rx 4171 (Total - $63.10) 4/1 , $5.95, Rx 417436, 4/6, $5.40; ac/J. Colon_ _ , Rx 289971 , 3/14, $11 .30, Rx 295563, 395568, 3/17, $5.15, $3.20, 289971 , 4/4, $11 .30; ac/K. Pillon, Rx 338998, 4/22, $15.25 Austin Shaw Pharmacy ac/D. Walsh, Rx 410592, 410554, 410555, 3/7, $12.75 (Total - $32.80) Rx 410554, 4/6, $5.95; ac/T. K. Anderson, Rx407432, 3/30, $10.20, Rx 411851 , 4/12, $3.90 Richard K. Baker, D.C. ac/R. Price, Office Calls, $36.00 Cornell 's Valley Pharmacy ac/R. Bergman, Rx68032, 68133, 3/26, 3/30, $15.90; (Total - $29. 55) ac/G. Nichols, Rx 68322, 4/5, $5.90; ac/D. Riggle, Rx 68312, 4/5, $7.75 Drug Fair - Springfield, VA ac/P. Walsh, Rx 347243, 4/14, $6.95, Reimburse- ment Green & Jackson Drug Co. - Yakima ac/G. Williams, Rx 816764, 4/1 , 816741 , 4/16, (Total - $88.95) $21 .40, Rx 818203, 818204, 816460, 4/25, $41 .90 Group Health Insurance April payment - $73.50 James H. Hartwig, M.D. ac/D. Riggle, Injections, 4/12, $10.00 Dr. Steven L. Jaffe ac/R. Geissler, Frames, Lenses, exam, 4/11 , $92.45 K's Pharmacy ac/R. Connell , Rx 139880, 4/15, $5.80; ac/Ted (Total - $57.55) LUValley, Rx 139812, Rx 138918, 4/11 , $18.65; ac/J. Rupprecht, Rx 139692, 3/30, $2.35, Rx 139894, 4/15, $8.55; ac/J. Alexander, Rx 140003, 4/20, $12.60 King County Medical Insurance April payment - $1 ,905.00 Orthopedics International , Ltd. , P.S. ac/J. Alexander, Office Call , 5/2, $50.00 Pay' n Save Drugs ac/M Moeller, Rx A020901 , 3/29, $4.39 Renton Optical Co. ac/G. Banasky, Trifocal Lenses, frames, 4/27, $73.30, Reimbursement Washington Dental Service April payment - $522.05 John L. Bernier, D.C. ac/Karl Strom, Office Calls, 4/13-4/27, $30.00 J 177 CITY OF RENTON FIREMEN'S PENSION BOARD May 10, 1977 PENSION PAYMENTS FOR MAY s�F. ;i John Alexander $971 .00 Gerald Hurst .71 Mrs. Enza Anderson $392.40 Floyd Lawrence .84 T. K. Anderson $746.50 Mrs. Orpha McDonald ",40 James F. Ashurst $999.50 John Parks ,00 Robert Connell $ 76.89 Sylvia Joan Pringle X82 Charles Goodwin $971 .00 Karl Strom 50 Constance C. Haworth $685.21 Franklin L. Todd 16 Jack Haworth $746.50 Patrick J. Walsh 1 . 736 CITY OF RENTON - FIR.EMEN'S PENSION FUND Statement of Cash and Investments As of April 30, 1977 Current Previous Last Year Last Year Period Period Current Previous 4/30/77 3/31/77 Period Period 4 Ao h6 3/31/76 Cash $ 125.15 $ 1,279.25 $ 11,570.28 $ 1,753.53 Investments Bank Notes, Etc. 78,302.22 79,500.00 100,000.00 112,000.00 Municipals 122,802.93 130,025.15 189,988.57 194,623.10 Corporate Bonds 355,750.66 355,750.66 356,750.66 356,750.66 Mutual Funds 290,587-34 290,587-34 290,587.34 290,587.34 Total $847,443-15 $855,863.15 $937,326.57 $953,961.10 TOTAL CASH AND INVESTMENTS $847,568.30 $857,142.40 $948,896.85 $955,714.63 Investment changes during current report period; 1) Received $7,222.22 Payment on L.I.D. 2;'1 Installment Note. 2) Liquidated $1,197.78 from Open Statement Account. 178 OF THE CITY OF RENTON MUNICIPAL BUILDING 200 MILL AVE. SO. RENTON, WASH. 98055 a CHARLES J. DELAURENTI , MAYOR , DELORES A. MEAD �o Q CITY CLERK to SE P1��� May 10, 1977 Members of Firemen's Pension Board Municipal Building Renton, WA 98055 Re: Cost of Living Percentage Increase on Retirement and Widows ' Pensions - Payable July 1 , 1977 Dear Board Members: R.C.W. 41 .18.104 (copy attached) provides that the Pension Board shall meet after March 31st and prior to June 30th for the purpose of adjusting benefit allowances to provide for annual increase, based upon the percentage increase in the Consumer Price Index, Seattle area, between January 1st and December 31st of the previous year. Since the United States Bureau of Labor Statistics does not provide a monthly index for the Seattle area, only issues a quarterly C.P. I. report in February, May, August and November, it is necessary to compute the cost of living increases by a special formula which method has been used by Seattle, Tacoma, and other cities and approved by the Association of Washington Cities, per sample tabulation attached which results in a 5.57% increase. In order to give the Finance Department some lead time for processing the pension increases , the Board should take action on the matter at this meeting. Very truly yours, CITY OF RENTON A&40�a, - a. > Delores A. Mead, City Clerk- Secretary - Firemen's Pension Board DAM:j t Attachments 179 April 25, 1977 COST OF LIVING INCREASE FIREMEN'S PENSIOd BOARD WIDOWS AND RETIREES Due July 1 , 1977 Consumer Price Index - Seattle Arca February, 1977 - 171 .4 February, 1976 - 161 .7 November, 1976 - 167.9 November, 1975 - 159.7 Computation February, 1977 171 .4 November, 1976 + 167.9 Total 339.3 divided by 2 = 169.65 average February, 1976 161 .7 November, 1975 + 159.7 Total 321 .4 divided by 2 = 160.70 average Average of February, 1977 and November, 1976 = 169.65 Average of February, 1976 and November, 1975 = 160.70 Difference 8.95 8.95 divided 160.7 = 5.569 or 5.57% Aa in i,,i 100 T'it'r 41.18.1112 Applicability of RCW 41.18.040 and 41.18.130 Payment on separation--With less than 41.18.100. the provisions of RCW 41.18.040 and twenty-five years service or less than fifty years of 41.18.100 shall be applicable to all firemen employed age--Option to be classified as vested fireman. Any prior to March 1, 1970,-but shall not apply to any fireman who shall have served for a period of less than former fireman who has terminated his employment twenty--five years, or who shall be less than fifty years of prior to Juiy 1, 1969. [1969 ex s. c 209 § 32.1 age, and shall resign, or be dismissed from the fire Effective due---severability--Construction--1969 ex.s. c department for a reason other than conviction for a fel- 209:Sec RCW 41 26.900 through 41.26.920. ony, shall be paid the amount of his contributions to the fund plus earned interest: Provided, That in the case of 41.18.104 Annual increase in benefits payable on any fireman who has completed twenty years of service, retirement for service or disability —Appeals. The such fireman, upon termination for any cause except for -- pP amount of all benefits payable under the provisions of a conviction of a felony, shall have the option of electing, in lieu of recover of his contributions as herein pro- now or hereafter amended, shall be increased annually RCW 41.4±1.040. 41.18.080, 41.18.100 and 41.18.200 as vided, to be classified as a vested fireman in accordance with the following provisions: a., hereafter in thi; i section provided. The local pension with Written notice vsuch election shall be filed with board shall meet subsequent to March 31st but prior to the board within thirty days after the effective date of .lune 30th of each year for the purpose of adjusting ben- s termination; an' such firemrem efit allowance, payable pursuant to the aforementioned (�) During' the period between the date of his fermi sections. The local board shall determine the increase in nation and the date upon which he becomes a retired December 31st of the previous year and increase in dol- the consumer prise index between January 1st and fireman as hereinafter provided, such vested fireman and his spouse or dependent children shall be entitled to all lar amount the benefits payable subsequent to July 1st of benefits available under chapter 41.18 RCW to a retired the year in which said board makes such determination by a dollar amount proportionate to the increase in the fireman and his spouse or dependent children with the exception of the service retirement allowance as herein consumer price index: Provided, That regardless of the change in the consumer price index, such increase shall provided for: Provided. That any claim for medical cov- erage under RCW 41.18.060 shall be attributable to be at least two percent each year such adjustment is service connected illness or injury, rnade. (3) Any fireman electing to become a vested fireman Each year effective with the July payment all benefits shall be entitled at such time as he otherwise would have specified herein, shall be increased as authorized by this completed twenty-five years of service had he not termi- section. This benefit increase shall be paid monthly as nated, to receive a service retirement allowance com- part of the regular pension payment and shall be cumu- puted on the following basis: Two percent of the amount lative. The increased benefits authorized by this section of salary attached to the position held by the vested fire- shall not affect any benefit payable under the provisions man for the year preceding the date of his termination, of chapter 41.18 RCW in which the benefit payment is for each year of service rendered prior to the date of his attached to a current salary of the rank held at time of termination. [1969 ex.s. c 209 § 31; 1961 c 255 § 6; retirement. A beneficiary of benefit increases provided 1955 c 382 § 11.1 for pursuant to this section is hereby authorized to appeal a decision on such increases or the failure of the Effective date--Severability--Construction--1969 ex.s. c local pension beard to order such increased benefits or 209:See RCW 41.26.900 through 41.26.920. the amount of such benefits to the Washington law 41.18.140 Funeral expenses. The board shall pay enforcement officers' and fire fighters' system retirement from the firemen's pension fund upon the death of any board provided for in RCW 41.26.050. active or retired fireman the sum of five hundred dollars, For the purpose of this section the term to assist in defraying the funeral expenses of such fire- . Y 8 P "Consumer price index" shall mean, for any calendar man. 11961 c 255 § 7. 1955 c 382 § 13. year, the consumer price index for the Seattle, Washington area as compiled by the bureau of labor 41.18.150 Credit for military service. Every person statistics of the United States department of labor. who was a member of the fire department at the time he 11975-'76 2nd ex.s. c 44 § 2; 1975 1st ex.s. c 178 § 2; entered and served in forces the armedfor es of the United 1974 ex.s. c 190 § 2; 1970 ex.s. c 37 § 1; 1969 ex.s. c States in time of war, whether as a draftee, or inductee, 209 § 33.1 and who shall have been discharged from such armed Construction--Severability--1975 1st ex.s. c 179: See RCW forces under conditions other than dishonorable, shall 41 16.911,41.16.921. have added and accredited to his period of employment Coastruction--1970 ex.s. c 37: "This 1970 amendatory act shall as a fireman his period of war or peacetime service in be null and void and of no further force and effect if the 1970 extraor- the armed forces: Provided, That such added and dinary session of the Legislature does not pass legislation authorizing accredited service shall not as to any individual exceed cities and counties to levy additional taxes or appropriate at least ten five years. [1955 c 382 § 14.] million dollars for distribution to cities and towns for the remainder of the 1969-71 fiscal biennium." 11970 ex.s.c 37 J 4.]This applies to the 1970 amendments to RCW 41.16.145,41.18.104 and 41.26.250. 41.18.160 Certain firemen may elect to be covered Effective date--Severability--Construction--1969 ex.s. c under other law. Every fireman as defined in this chapter 209:See RCW 41.26.900 through 41.26.920. heretofore employed as a member of a fire department, [Title 41--p 48] 181 CITY OF RENTON um FIREMEN'S PENSION BOARD Regular Meeting June 14, 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Del Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chair- man Delaurenti at 4:00 p.m. in the Mayor's office. All board members were present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MAY 10, 1977 AS WRITTEN. MOTION CARRIED. CORRESPONDENCE Report was distributed, pursuant to board request for cost breakdown for complete physicals for all 52 firefighters. The report, prepared by Finance Director Marshall , advised that the cost for complete physical examination has increased from $127.00 to $139.00 per person, the exam including costs and services as follows: EKG-Treadmill , $80, Blood Test, $8, Cholesterol Test, $7, Urinalysis, $5, CBC, $8, Chest X-Ray, $16, Anatomic Exam, $15. It is anticipated these rates will increase before any exams are started to about $150 per person, for a total cost of $7,800.00. There is no money in the current fund to fund these exams in 1977. The Training Officer feels the exam should not be required until the age of 40 and then again at age 45 as per original request. Some question was raised as to why physicals should be given to all firefighters and whether it should be the city's responsibility for fund such annual physicals. Discussion ensued also concerning King County coverage, requirements of the firemen's physical fitness program and various opinions were expressed as to age annual physical should be given. Federal Way health evaluation guide was noted which indicates tests and at what age each should be performed, copy attached. MOVED BY MEAD, SECONDED BY MILLER, TO REFER THIS SUBJECT TO THE MAYOR FOR CONSIDERATION IN THE CITY'S PRE- LIMINARY BUDGET IF SUCH FUNDING IS AV ISLE. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Copy attached) Monthly statement of cash and investments was distributed reflecting investment of an additional $11 ,700 in open statement account and receipt of $930.40 payment on L. I.D. 264 Installment Note.for the period ending May 31 , 1977. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE CURRENT BILLS AND PENSION PAY- MENTS AS LISTED AND AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. As there was no further business to come before the board, the meeting was adjourned at 4:30 p.m. DAM:jt Delores A. Mead, City Clerk- ecretary 18,2 CITY OF RENTON - FIREMEN'S PENSION FUM) Statement of Cash and Investments As of MAY 31, 1977 Current Previous Last Year Last Year Period Period Current Previous 5/31/ 77 4 1 0/7 7 Period Period 5/3 76 4 M/76 Cash $ 163 . 61 125 . 15 5,961 . 16 11 , 570. 28 Investments Bank Notes, Etc. 90, 002 . 22 78, 302 . 22 115, 000 . 00 100, 000 . 00 [Municipals 121, 872 . 53 122, 802 . 93 187, 919 . 21 189, 988. 57 Corporate Bonds 355, 750 . 66 355, 750 . 66 356, 750. 66 356 . 750 . 66 Mutual Funds 290 587 . 34 290,, 58_7 . 34 290, 587 . 34 290, 587 . 34 ` Total 858 212 . 75 847 443 . 15 950, 257 . 21 937, 326 . 57 TOTAL CASH AND 858, 376. 36 847 , 568 . 30 956, 218. 37 948, 896 . 85 INVESTMENTS Investment changes during current report period: 1 . INVESTED ADDITIONAL $ 11 , 700 . 00 IN OPEN STATEMENT ACCOUNT. 2 . RECEIVED $930 . 40 PAYMENT ON L. I . D. #264 INSTALLMENT NOTE. mow, _, ._......._.,_..._...,.._._..y.....,�..._. __..._..._.._...,_w.. _. �.. I N T E R O F F I C E M E M 0 Date May 23 , 1977 1'O Firemen' s Pension Board FROM :Del Mead, City Clerk/Secretary SUBJECT: Board Request for Cost Breakdown for complete physical exams for 52 Fire Fighters The cost for complete physical exam has increased from $127 . 00 to $139. 00 per person, the exam including costs and services as follows : EKG-Treadmill $80 Blood Test 8 Cholesterol Test 7 Urinalysis 5 CBC 8 Chest X-Ray 16 Anatomic Exam 15 We can presume these rates will increase before any exams are started to about $150 . 00 per person. The cost for all 52 firefighters at $150. 00 per person will be $7800. 00 . There is no money available in the current fund in 1977 to fund these exams . The Training Officer still feels the exam should not be required until the age of 40 and then again at age 45 as per original request . rr 184 CITY OF RENTON FIREMAN' S PENSION BOARD June 14, 1977 MONTHLY BILLS FOR MAY, 1977 Austin Shaw Pharmacy a/c T.K.Anderson, Rx 412479 , 5/12 , $5 . 50 Richard K. Baker, D.C. a/c R. Price, Office Call , $12 . 00 Bartell Drugs a/c H. Hunt , Rx 124771 , (Total - $26 . 30) 5/18 , $6 . 65 , Rx 124772, 5/18 , $19 . 65 John L. Bernier, D. C. a/c K. B. Strom, Office Calls , $30. 00 Cornell ' s Valle Pharmacy a/c R. Geissler, Rx 67984, (Total - $19 . 55 5/24, $6 . 35 ; a/c G. H. Nichols , Rx 69671 , 5/24, $7 . 05 ; a/c P . Walsh, Rx 56525 , 5/23, $6 . 15 Green & Jackson Drug Co. - a/c G. Williams , Rx 820-086, Walla Walla 5/12 , $10. 70; Rx 816-460, (Total - $66. 45) 5/26 , $10. 30; Rx 816-483 , 5/26 , $14. 90; Rx 818-203, 5/26 , $19 . 85 ; Rx 820-086 , 5/26 $10. 70 James H. Hartwig, M.D. a/c G. Nichols , injection, 5/24, $5 . 00 K' s Pharmacy a/c R. Bergman, Rx 140334, (Total $122. 10) 5/10, $5 . 55 ; Rx 140334, 5/16, $6 . 50; a/c G. Ber quist , Rx 133597 , 4/29 , 6 . 55 ; a/c R. Connell, Rx 140071 , 4/25 , $3 . 70; a/c W. Larson, Rx 137316, 5/13 , $7 . 25 ; Rx 140382, $6 . 85 Rx 140584, 5/24, $6 .40;Rx 140585 , $4. 30 a/c T. LaValley, Rx 139812 , 4/11 , #94609; Rx 138918 , $8. 65 ; Rx 137809, 5/17 , $7 . 20; a/c Gary Newton, Rx 140297 , 5/9 $4. 35 ; Rx 140298 , 5/9, $1. 25 a/c K. Parks , Rx 138683 , 5/10, $5 . 40; Rx 138562 , 5/10, $8. 55 ; a/c B. Phillips , Rx 140374, 5/12 , $8. 50, Rx 138906, 5/12 , $11 . 50; a/c K. Walls , Rx 140266 , 5/6, $9 . 80; Rx 140266 , 5/20, $9. 80 185 CITY OF RENTON FIREMAN' S PENSION BOARD June 14, 1977 fte K' s Pharmacy a/c J . Alexander , Rx 140003 , (Total $41 . 24) 5/2 , $12 . 60 ; a/c J . Parks , Rx 140578 , 137790, 126768 , 5/24, $22 . 14; a/c J . Parks , 4/26 , $6 . 50 Martin Kushner, M.D. a/c P . Walsh, Allergy Vaccine, 5/19, $12 . 35 Orthopedics International , Ltd. a/c J . Alexander, Office call , 5/19 , $10 . 00 Pay 'n Save a/c M. Moeller, Rx A026901 , 4/13 , $4. 39 Valley General Hospital a/c R. Bergman, 5/ 7/77 , inv. 856290-3 , $303 . 00 PENSION PAYMENTS FOR JUNE John Alexander $971 . 00 Gerald Hurst $ 39 . 71 Mrs . Enza Anderson $392 . 40 Floyd Lawrence $453 . 84 T. K. Anderson $746 . 50 Mrs . Orpha McDonald $392 . 40 James F. Ashurst $999 . 50 John Parks $754. 00 Robert Connell $ 76 . 89 Sylvia Joan Pringle $659 . 82 Charles Goodwin $971 . 00 Karl Strom $746 . 50 Constance C . Haworth $685 . 21 Franklin L. Todd $ 67 . 16 Jack Haworth $746 . 50 Patrick J . Walsh $151 . 36 186 feral Way pilot project: Health evaluation schedule Here is your well adult evaluation schedule to guide you in seeking evaluation from age 18 until retirement and beyond. When coupled with sound health habits it will help maximize your health. Procedures to be completed are listed in the first column with the ages listed across the top. Dots show at what age each test should be performed. t' V PERIODIC HEALTH EVALUATION (AGES 18-49) ►rocedur• Aye to se ii 30 32 34 36 3e ; 4044 '44 44 sa m Coplete Physical Exam • • • • —t! _ f • • _ Stood Pressure • • • • • •! • • • • • 0 *1 Height,Weight • • • • • • • •I • • ( • I-t •' Stood Test(Hematocrit,WBC) • • • • o • • • • e i-• •j 0, unnelyme • -• • o • • • i• —II-• • TS Skin Test 01 • • • • 00 • I • • •' Guest X-ray • • •�r��• • I • -- Women 18 and over should have pap tests annually. Women should perform breast exams themselves monthly. PERIODIC HEALTH EVALUATION (AGES 50 AND UP) �— T- a0 a es 46 as ro n 74 76 re A" soT52 51 S• ss I w I ax 81 es ea Procedure I-f0.It-fY 9t 98 is 11001 Complete Physical Exam • • • • —•+' • •' • • •I Blood Pressure • i • 4-41_- e }--� • - I Haight,Weight i • • • • • • • • �1 Blood Test(Hematocrit,WBC) • • • • • • • • • • IS lhinalyais • • e • • • • • i • • Ta Skin Test 0 - • • : �� —� �� Chest X-ray" • — • • • DT* -- �• —1- • ---— - — Women 50 and over should have pap tests annually. Women should perform breast exams themselves monthly. e -Signifies visit when performed. •D1'= Diptheria -Tetanus hooster.(Every ten years.) '"After age 62,chest x-rays every four years. CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting July 12, 1977 ti BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room and those present were Chairman Delaurenti , Maxine Motor, Deputy City Clerk- Acting Secretary; Councilman Clymer, Deputy Finance Director Ted Bennett, and Fireman William Henry. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MOTOR, TO APPROVE THE MINUTES OF THE JUNE 14th MEETING AS WRITTEN. CARRIED. PRESENTATION Gary Dime, Investment Counsellor, Dean Witter and Co. , met with the Board to discuss investment of Firemen' s Pension Funds. The mutual fund invest- ment, by law, is not allowed to exceed a maximum of 35% of the total invest- ments, nor more than 5% in any one mutual fund. Mr. Dime presented a break- down of the mutual fund investments (as attached) explaining the funds were near a maximum investment and proposed reductions that would bring the percent- age of mutual funds investments from 34. 10% to 30.80%. Upon inquiry by Council- man ClyAeras to reinvestment of funds, Deputy Finance Director Bennett said the funds were needed for cash flow to meet obligations , however, the funds could be reinvested or kept in open passbook account. Upon further inquiry by Council- man Clymer as to interest, Mr. Dime explained the funds had been received in a "package deal" without cost or risk to the city; further explaining corporate bonds earned higher interest and that the mutual funds could be gradually liquidated and have been liquidateJas we go along. Both Mayor Delaurenti and Councilman Clymer inquired as to interest received and alternate investments , asking for report at next meeting. Board Member Henry inquired as to additional tax monies being placed in the Firemen' s Pension Fund, depletion of the fund amounts to $144,000 a year for expenditures , with about $40,000 interest income, leaving approximately $100,000 depletion of the fund each year. Mayor Delaurenti said he didn' t feel that additional tax monies were needed for the Fund until it reached around $500,000. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly report was distributed showing investment changes for June, receipt of $3,860. 48 payment on L. I .D. 268 Installment Note and liquidation of $3,100.00 from Open Statement Account. Councilman Clymer requested a revised form show- ing interest and how accrued. MONTHLY BILLS AND PENSION PAYMENTS (Attached) 4. MOVED BY HENRY, SECONDED BY MOTOR, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AND AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. Firemen' s Pension Board Page 2 - 7/12/77 NEW BUSINESS Board Member Henry noted that at the next meeting the preliminary budget would be discussed. Councilman Clymer requested the Secretary show total of monthly bills and pension payments. As there was no further business to come before the Board, it was MOVED BY CLYMER, SECONDED BY HENRY, THAT THE MEETING ADJOURN. CARRIED. Meeting adjourned at 4:30 p.m. 4a?xQinKe E. Motor, Deputy City Clerk Secretary pro tem - FPB MEM:jt CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of June 30, 1977 Current Previous Last Year Last Year Period Period Current Previous 6AO/0 7 5 A /77 Period Period Cash $ 144.57 $ 163.61 $ 2,832.50 $ 5,961.16 Investments Bank Notes, Etc. 86,902.2,2 90,002.22 116,200.00 115,000.00 Municipals 118,012.05 121,872.53 186,322.79 187,919.21 Corporate Bonds 355,750.66 355,750.66 356,750.66 356,750.66 Mutual Funds 290,587-34 2 0 8 4 290,587-34 290,587.34 Total $851,252.27 $858,212-75 $949,860.7 ___t950,257.21 TOTAL CASH AND INYESTMINTS $851,396.84 $858z376-36 $952t693.29 19 6 218.37 Investment changes during current report period: 1) Received $3,860.48 payment on L. I.D. 268 Installment Note. 2) Liquidated $3,100.00 from Open Statement Account. O City of Renton Fireman's Pension Fund $851, 252. 27 6/30/77 Re comd. Revised Mutual Funds Basis % of Inv. Reduction % of Inv. Nat. Sec. Stock Fund 3, 751. 59 0. 44 Nat. Sec. Growth Fund 25, 101. 64 2. 90 Inv. Co. of America 40, 379. 57 4. 74 -8, 000. 00 3. 80p10 Oppenheimer Fund 32, 492. 42 3. 82 Oppenheimer AIM 32, 492. 43 3. 82 Mass. Inv. Growth 32, 492. 21 3. 82 Mass. Inv. Trust 32, 492.22 3. 82 Pioneer Fund 42, 244. 40 4. 96 -10, 000. 00 3. 78% Washington Mutual Fd. 42, 249. 21 4. 96 -10, 000. 00 3. 78% Keystone S-1 6, 982. 65 0. 80 290, 587. 34 34. 10 30. 80% 191 CITY OF RENTON FIREMEN'S PENSION BOARD July 12, 1977 MONTHLY BILLS FOR JUNE, 1977 A & H Drugs Prescriptions, ac/R. Beatteay, $5.55, 4/26, $4.55, (Total - $43.20) 5/26, $7.85, 6/10, $6.75, 6/14; ac/D. Miller, $9.75, 5/18; ac/M. Moller, $4.75, 5/19; ac/Jack Colombi, $4.00, 5/24 Austin's Shaw Pharmacy ac/D. Walsh, $5.95, 5/23; ac/T. K. Anderson, $15.70, 6/20 Gordon P. Baker, M.D. ac/David Riggle, Injections, 5/31, $28.50 Bartell Drugs ac/Howard Hunt, Rx, $6.65, 6/1 John L. Bernier, D.C. ac/K. Strom, Office Call, $10.00, 6/30 Cornell's Valley Pharmacy ac/G. Nichols, Rx. $7.05, 5/27; ac/M. Sherertz, (Total - $26.95) Rx, $16.70, 6/3; ac/P. Walsh, Rx $5.90, 6/3 Group Health Insurance Billing for June, $73.50 G & J Drug Co. - Walla Walla ac/G. Williams, Rx, $10.70, 6/21, $51 .60, 6/27 K's Pharmacy ac/G. Banasky, Rx, $8.35,6/7;ac/R. Bergman, $6.50, (Total - $184.50) 5/27; ac/G. Bergquist, $6.55, 6/3, $13.60, 6/21; ac/R. Connell , $19.80, 6/2; ac/H. Dykes, $15.25, 6/23; ac/W. Henry, $11.95, 6/20; ac/G. Jones, $4.40. 6/10, $10.70, 6/10, $12.20, 6/13, $12.20, 6/17; ac/W. Larson, $10.70, 5/31; ac/J. Matthew, $5.55, 6/14, ac/A. Pringle, $2.25, 6/3; ac/J. Rupprecht, $8.55, 5/27, $6.70, 6/1, $9.35, 6/2, $4.35, 6/9, $5.15, 6/15; ac/K. Walls, $5.05, 6/22, ac/John Alexander, $9.75, 6/20 Now King County Medical Insurance Billing for June, $1,905.00 Arthur J. Pringle Reimbursement for glasses, $135.87, 6/3, Western Optical Dispensary, Inc. Valley General Hospital ac/R. Bergman, Hospitalization, $233.00, May Virginia Mason Pharmacy ac/W. Larson, Rx, $5.00, Reimbursement Walla Walla Clinic ac/G. Williams, Office Calls, $18.80 Washington Dental Service Billing for June, $522.05 PENSION PAYMENTS FOR JULY John Alexander $971.00 Gerald Hurst $ 39.71 Mrs. Enza Anderson $409.11* Floyd Lawrence $470.83* T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11* James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.80 Sylvia Joan Pringle $682.96* Charles Goodwin $971.00 Karl Strom $746.50 Mrs. Constance Hayworth $714.84* Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 * Reflects 5.57% Cost of Living Raise CHARTER 116, LAWS OF 1965 CITY OF RENTON CERTIFICATION 1.TME UNDERSIGNED DO HEREBY CERTIFY UNDER PENALTY OF PERJURY, THAT THE MATERIALS HAVE BEEN FURNISHED, THE SLRVICES RENDERED OR THE LABOR PERFORMED AS DESCRIBED HEREIN,ANO THAT THE CLAIM IS A JUST, DUE AND UNPAID OBLIGATION AGAINST UTHORI THE CITY OF RENTUN. AND THAT 1 AM AUTHORIZED TO AIJ�T N EENNT(If ATE AND CERTIFY Q. SAID CLAIM, /✓ ,/ayAJ`/�J�"(%'V � car, CITY OF RENTON FIREMAN'S PENSION BOARD Regular Meeting August 9, 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Fireman's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room. All board members were in attendance. Also present was Mr. Gary Dime, Investment Counsellor, Dean Witter and Company, to discuss the Pension Board investments. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE JULY 12th 1977 MEETING AS WRITTEN. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY MILLER, SECONDED BY HENRY TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AND AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly report was distributed showing investment changes, interest earned and expenditures during July, including receipt of $830.68 payment on L. I.D. 260 Installment Note and liquidation of $6,871 .46 from Open Statement Account. Statement filed for record following some questions concerning how interest was accrued and gap between expenditures and investment earnings. INVESTMENT PORTFOLIO - REVIEW OF MUTUAL FUNDS WITH INVESTMENT COUNSELLOR Mr. Gary Dime, Dean Witter and Company Representative, was present, having been asked last month to return to answer questions regarding the mutual fund investments as pertains to their past performance and what future action might be in the best interest of the Pension Fund as far as the mutuals are concerned. Summary sheets were distributed by Mr. Dime indicat- ing gain-loss and yearly yield percentage changes since acquisition. In review, Mr. Dime noted dramatic changes in mutuals, the market in 1974 coming out of the worst recession the country could have had, coupled with double digit inflation and high interest rates, the first president to resign and the market reaching bottom. The funds have done better since, profit of $19,218.50 realized in 1975. Upon question as to difference if investments had been in cash or bonds, return of 8% rather than 3% was indicated which would have resulted in $14,600 per year additional cash. Minus-$2,543.71 , loss for the current 193 Fireman's Pension Board Minutes -2 August 9, 1977 Six months was noted. Market inequities and the need to weigh over-all picture was cited, the funds having done well in view of the circumstances. The mutual funds can only have 30% in equities so exposure is not great in "' that area.and taking the $14,600.00 may be giving up 20-25% increase gain in the market. Who knows what may happen in the next year. Those funds reaching maximum 35% of total investments and 5% in any one fund are considered and liquidated as necessary. ALTERNATIVE SUGGESTIONS: 1 . Liquidate all mutuals. Sell all and recoup moneys and invest in debt securities increasing cash flow by $14,600.00 per year. (Bear in mind the funds took a profit of $19,218.50 in 1975 and if forced to sell the fund could have a loss ifinterest rates go up.) When interest Ts down bond value is up. 2. Scale out mutual funds over the next four years and invest in income type obligations thereby liquidating a percentage of the mutuals so if the market is good we would still be participating and could not be criticized for selling just before they went up. This decision would be to edge out mutuals over a period of time. 3. Liquidate 6% of mutuals each year giving a 9% return and increasing cash flow to an amount greater than you would receive otherwise. 4. In listening to the budget reviewed, Mr. Dime suggested alternate proposal for Board consideration to liquidate 10% of the mutuals over, say a four year period and the principal value could increase while taking back 12% increasing the cash flow Some discussion ensued regarding relationship of the market to the economic/ political conditions of the country. Upon question as to disposition of interest received, Mr. Dime advised the interest from the mutuals is taken in cash and used to meet day to day expenses of the pension fund, the capital gains put into additional shares looking for principal value to move up, each distributed quarterly on different dates. Looking at today and not knowing what is going to happen tomorrow, mutuals could move up 20% or so and as return comes back, there is a bigger asset base to invest. The mutuals have actually shown good performance considering all the country has been through. There is no easy road or pattern to follow that is going to work out perfectly, e good profit taken in 1975. Possibility of cutting expenses of the fund for closing the revenue/expenditure gap was posed as a query. At the close of discussion, Chairman Delaurenti advised that a meeting will be held with the Finance Director with subsequent recommendations presented to the Board. Mr. Dime was thanked for attending the Board meeting and providing the information the Board had requested. 6r NEW BUSINESS The preliminary budget for 1978 in sum of $163,445 was presented to the Board by Secretary Del Mead. Line item revenues and expenditures were individually reviewed. 194 Fireman' s Pension Board Minutes -3- August 9, 1977 As there were no amendments or recommendations at this time, it was suggested by the Mayor that members call the secretary for further information or any proposals for revision. Fireman Henry called attention to actuarial report and inquired as to approxi- mate tax levy and assessed valuation for the year 1978 which information the firefighters will want to know. (The deadline for filing departmental requests with the Finance Department is August 15 and the budget will be submitted at that time. Further recom- mendations, if any, will be forwarded to the Mayor after that date) The secretary advised the information requested can be secured from the Finance Director and will be provided. ADJOURNMENT As there was no further business to come before the Board, the meeting was adjourned at 5:10 p.m. DM:bh Delores A. Mead, ity C1 rk-Secretary CITY OF RENTON - FIRflMEN'S PENSION FLNC D bow Statement of Cash and Investments As of JULY 31, 197 Current Previous ( Last. Year Last Year Period Period Current Previous 7/31/77 6/ 30177 Period Period 7131176 6 Cash 5 35 . 32 $ 144. 57 $ 3, 860 . 48 5 2P832 . 50 Invpstments Rank Notes, Etc. 80, 030. 76 36, 902 . 22 1121. 100 . 00 116, 200 . 00 Milli icipaI S 117, 181 . 37 118, 012 . 05 181 , 327 . 03 186, 322 . 79 Corporate Bonds 355, 750 . 66 355, 750 . 66 356, 750. 66 356, 750 . 66 Mutual Fundy 290, 587 . 34 290 587 . 34 2901587 - 34 290 587 . 34 ftw Total 843, 550 . 13 8511, 252 . 27 940, 765 - 03 949, 860 . 79 TOTAL. CASH AND INVESTMENTS 843, 585 . 45 851 396 . 84 944 625 . 51 952 693 . 29 REVENUE 5, 037 . 89 5, 032 . 70 3, 313 . 72 7, 371 . 07 EXPENDITURE'S 12, 849 . 28 12, 012 . 22 11, 381 . 50 10, 896 . 15 Investment changes during current report period: 1 . RECEIVED $ 830 . 68 PAYMENT OF L. I . D. # 260 INSTALLEMT NOTE 2 . LIQUIDATED $ 6871 . 46 FROM OPEN STATEMENT ACCOUNT `1 4 X96 _ CITY OF RENTON FIREMEN'S PENSION BOARD August 9, 1977 MONTHLY BILLS FOR JULY, 1977 John L. Bernier, D.C. ac/ K. Strom, office Call, $10.00 (Total - $10.00) Cornell's Valley Pharmacy Prescriptions; ac/ Keith Steel, Rx (Total - $25.65) 70657 $11.75, Rx 70658 $6.30 - total $18.05; ac/ Patrick Walsh, Rx 71139 $7.60 James F. Fitzpatrick, D.C. ac/Kenneth McInnis, balance due $79.00 (Total - $79.00) Group Health Insurance Billing for July, $73.50 Green & Jackson Drug Co. ac/ George Williams, Rx 822737 $15.10, (Total - $71.98) Rx 820086 $14.98, Rx 816460 $10. 30, Rx 818203 $19.85, Rx 818204 $11.75 K's Pharmacy Prescriptions; ac/John Parks, Rx 126768 (Total - $103.97) $2.82, Rx 137790 $6.50, Rx 140578 $10.00 Total $19. 32; ac/Chuck Ankeny, Rx 138089 $3.00; ac/Ronald Bergman, Rx 140334 $6.50; ac/Greg Bergquist, Rx 141291 $8.50; ac/Larry Eager, Rx 141609 $7.25, Rx 141610 $2.25 Total $9. 50; ac/William Henry, Rx 141264 $3.00; ac/Ted LaValley, Rx 138918 $8.65, Rx 137809 $7.20 Total $15.85; ac/Gary Newton, Rx 141204 $11.95; ac/Bruce Phillips, Rx 138906 $11.50, Rx 140374 $8.50 Total $20.00; ac/Art Pringle, Rx 141166 $6.35 King County Medical Insurance Billing for July, $1,905.00 Richard D. Baker, D.C. ac/Randel Price, $48.00 (Total - $48.00) Pay 'n Save ac/Michael H. Moeller, A026901 $4.39 (Total - $4.39) Renton Optical Co. ac/William H. Larson, glasses $67.62 (Total - $67.62) Seattle Health Testing Center ac/John E. Alexander, $10.00 (Total - $10.00) Washington Dental Service Billing for July, $522.05 GRAND TOTAL: $2,921.16 PENSION PAYMENTS FOR AUGUST Alexander, John $971.00 Hurst, Gerald $ 39.71 Anderson, Enza $409.11 Lawrence, Floyd $470.83 Anderson, T.K. $746.50 McDonald, Orpha $409.11 Ashurst, James F. $999.50 Parks, John $754.00 Connell, Robert $ 76.89 Pringle, Sylvia Joan $682.96 Goodwin, Charles $971.00 Strom, Karl $746.50 Haworth, Constance $714.84 Todd, Franklin L. $ 27.16 Haworth, Jack $746.50 Walsh, Patrick $151.36 GRAND TOTAL: ' $8,96.88 t DOW 06 CITY OF RINTQN PAGE ♦! DATE 1/22/77 1975 PRELtMINPY SUDSET G7 ESTIMATED REVENUE FUND 601 FIREMEN PENSION 1976 1977 1977 1978 ACTUAL ESTIMATED RECEIVED ESTIMATED FUND GASUB ELtM 084 DESCRIPTION REVENUE REVENUE AS OF 07/22 REVENUE 601 330 00 00 INTERGOVERNMENTAL REVENU 338 30 00 FIRE INS PREMIUM TAX ��'y, �7 7 160E00l00 190873.70 Ap,OOG 330 00 00 INTERGOVERNMENTAL REV. /S y55.7 7 — Its 0100 19p873.70 360 00 00 MISCELLANEOUS REVENUE 361 10 00 INVESTMENT INTEREST 7.7.?.9/ 501000.00 270909.22 361 30 00 RAINS A LOSSES ON INVES --------------- 360 04 00 MI$C• REVENUE 73 05/7.0/ 300000.00 27.909.22 j�S,000 601 000 00 00 FIREMEN PENSION RLNENUE TOTALS 88,Sp,?.�� 66.200.00 •70782.92 67, C]O p 301 00 00 ESTIKATED CASH ON HAND W, 787.oo TOTAL FIRD(ENI S PENSION FUND 3. 78 /SS 9?9 7 40 100050 06 CITY OF RENTON PAGE 169 )ATE 7/16/77 1975 PRELIMINARY SUOGIT ESTIMATED EXPENDITURES 'UNO 601 - FIREMEN PENSION 1976 1971 1977 1978 1978 1978 ACTUAL AOJ BUDGET EYP TO DATE DEPT MAYORtS COUNCIL •gOrRAM DEPT BASUB ELEM OBJ SUS-OBJ DESCRIPTION EXPENDITURES AS OR 7/16 AS OF 7/16 REQUEST RECOMM, PROVISION 000 06 516 73 00 00 FINANCE/FIREMENIS PENSION PLR.SI NAL SERVICES; Fin• Iniform Medical Premiums 10 00 PERSONAL SERVICES tp ocee portion only: 804 rr,, reale anticipated. 13 00 PERSONNEL BENEFITS Ming Co. Med: 14 (a 3445.36/yr. (Active persnnnel) 32,355 'a Ret./LEOF'F ,) 0 S445.86/yr.13 03 PREPAID MEDICAL 2009601 27#563.00 110728.56 0.0000040 GiQuu Health: 2 (d 5573.36/yr. b,770 Fire Int form Dental Premiums: 13 09 PREPAID DENTAL 61202.37 80039.00 31122.65 ••0.0.0 0• J_4 increase anticipated. 56 (a 3120.64/yr. 13 04 UNIFORM MEDICAL "See explanation 5,243.21 0,0o0.00 3,10_.9 b,100 next image. _ w Os PERSONAL SERVICES 260998.68 35#602.00 168851001 45,625 SUPPLIES: Supplres needed for Firemen's Pension Board services. 20 00 SUPPLIES 21 00 OFFICE SUPPLIES 263.63 250.00 •••••�10• 0s SUPPLIES 268.63 250.00 230 REPAIRS &. M-41NTENANCE: Service contract on 30 00 OTHER SERVICES d CHARGES 1 t.perrttpr. 38 00 REPAIRS S MAINTENANCE 56.51 78.00 52007 ••.... PENSIONS: 62 00 MISCELLANEOUS - Disability retirees under 62 31 PENSIONS 1001221.13 113#000000 83#616.83 ..;;6,0000 old system (prior to LFOFF) 4 — Ui down (prior to LEOFF) Rased on 1477 Pension payments 1 - Serxrce retiree (prior to LEOFF) 9 - Retired under LEOFF (Total eat, for year $10„856.05) have added 71 for possible increases plus conttugency for unforeseen. 21 - Receiving Pensions from Pension F'und and/or 1,MFF_ Os OTHER SERVICES 6 CHARGES 1058518935 119#071000 568769052 116,070 Dl AR 11.1 T1' RF:PLACFNT. REIMBITSEMF3r"f: SO 00 GOVERNMENTAL SERVICES No request for reimbursement of Fire disability 52 00 INTERFUNO SERVICES replacement. 52 08 REIMB CURRENT/OISAS REPLM 39#323.79 -- -- . .... •... REIMBIRSF CtVMNT,CLERICAL cs_ ACCT: Hr,mhursetneut to Current Hurd 52 09 REIMB CURRENT/CLER b ACCT 1J253.12 1#000.00 0 mos. reimb. 9• •:��a� • ;.,t :ert ices provided by (612.98) tttianre Inept., including clerical, accounting and investment ser--ices. 00 0• GOVERNMENTAL SERVICES 60A576.91 10000000 -- ;lit M W-1 �1UD050 06 CITY OF RENTON PAGE 870 1AT1 WJ14/77 1978 PRELIMINARY BUDGET r- ESTIMATED EXPENDITURES "UND 601 - FIREMEN PENSION 1976 197? 1977 1978 1979 1972 ACTUAL AOJ BUDGET EYP TO DATE DEPT MAYORIS COUNCIL GROGRAM DEPT SASUB ELEM OBJ SUSwOBJ DESCRIPTION EXPENDITURES AS OF 7/14 A2 OF 7.414 REQUEST RECOMM. PROVISION 000 04 $14 33 60 00 CAPITAL OUTLAY ,:APITAL OUTLAY: No request. 64 00 MACHINERY 6 EQUIPMENT --- --- --- --- Os CAPITAL OUTLAY — — --- — ♦s FIREMEN PENSION 173s349•27 155,1927000 710620/83 1b3.445 BRAND TOTAL UNIFORM MMICAL (a/c 13.04): Payment of medical bills not covered by insurance, with approval of LEOFF Board and Firemen's Pension Board, for active Fire uniform personnel and those retired under LEOFF. Payment of medical bills for those retiring ." prior to LEOFF, disability related only. Request $6,500 in 1978; increase of 5904 over 197" for possible increase in costa. CUM Pnton M Fireman's Pension Fund Mutual Fund Summary August 5, 1977 Shares Issue Pr. /Sh. Yield Value Cost Gain/Loss 639 Nat. Sec. Stk. 8. 02 4. 0 5, 124. 78 3, 751. 59 +1, 373. 19 3, 477 Nat. Sec. Gwth. 5. 57 2. 1 19, 366. 89 25, 010. 64 -5, 643. 75 3, 684 Inv. Co. Amer. 13. 94 3. 1 51, 354. 96 40, 379. 57 +10, 975. 39 3, 844 Opp. Fund 5. 95 2. 8 22, 871. 80 32, 492. 42 -9, 620. 62 2, 81 7 Opp. AIM 9. 18 1. 5 25, 860. 06 32, 492. 43 -6, 63Z. 37 2, 468 MIG 8. 43 1. 5 20, 805. 24 32, 492. 21 -11, 686. 97 2, 217 N11 10. 10 3. 2 22, 391. 70 32, 492. 22 -10, 100. 52 4, 230 Pioneer Fnd. 14. 03 2. 9 59, 346. 90 42, 244. 40 +17, 102. 50 8, 462 Wash. Mut. Inv. 6. 60 4. 2 55, 849. 20 42, 249. 21 +13, 599. 99 290 Keystone S-1 17. 49 —4. 1 5, 072. 10 6, 982. 65 -1, 910. 55 Ave r. Yield Z. 94 288, 043. 63 290, 587. 34 -2, 543. 71 w Profit - 1975 S19, 218. 50 O O CJ ' Page 2 � i Q� City of Renton �i Fireman's Pension Fund Mutual Fund Summary August 5, 1977 Percentage Change From Previous December 31st June 30 '73 '74 '75 176 '77 Nat. Sec. Stk. -19. 4 -18. 3 +31 . 8 +27. 9 +2. 9 Nat. Sec. Gwth. -37. 0 -33. 0 +30. 0 +16. 4 -5. 4 Inc. Co. Amer. -19. 5 -22. 8 +29. 4 +25. 3 -3. 6 Opp. Fnd. -24. 5 -29. 5 +24. 6 +12. 4 -6. 1 Opp. AIM -23. 1 -34. 4 +26. 6 +17. 6 -1 . 0 MIG -21. 0 -36. 6 +22. 9 + 7. 3 -8. 4 MIT -15. 5 -29. 2 +25. 9 +19. 2 -7. 5 Pioneer Fnd. - 6. 3 -20. 7 +33. 2 +31. 8 +1. 9 Wash. Mut. Inv. -12. 9 -21. 9 +37. 1 +25. 1 -3. 6 Keystone S-1 -15. 0 -29. 0 +22. 9 +12. 0 -9. 3 w CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting September 6, 1977 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the sixth floor Conference Room. Board Members Clymer and Miller were absent, Mr. Clymer reporting inability to attend. MINUTE APPROVAL MOVED BY HENRY , SECONDED BY MEAD, TO APPROVE THE MINUTES OF AUGUST 9, 1977 AS WRITTEN. MOTION CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MEAD, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AND AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly report was distributed indicating investment changes to August 31 , ... 1977, including liquidation of $7,900 from open statement account with monthly revenue of $4,501 .59 and expenditures of $11 ,878.13. Statement is to be filed for record. 1978 PRELIMINARY BUDGET Since no revisions had been proposed to the 1978 preliminary budget, pre- sented to the Board on August 9th, it was MOVED BY HENRY, SECONDED BY MEAD, TO ADOPT THE BUDGET IN TOTAL SUM OF $163,455, SUBJECT TO POSSIBLE CHANGE . IN THE EVENT OF AVAILABILITY OF CITY FUNDS PER ACTUARIAL REPORT RECOMMENDATIONS, AS DISCUSSED AT THE BUDGET MEETING LAST MONTH. MOTION CARRIED. Fireman Henry acknowledged receipt from the Finance Director of information requested by the firefighters concerning expenditures over a period of years through negotiations and regarding assessed valuation equalized to the dollar figure, $3.60 per thousand dollars of assessed value (millage no longer used to compute tax levy) . The secretary noted possible need for a special meeting to approve additional bills due to the early meeting this month. Telephone notice will be given if necessary. As there was no further business to come before the Board, the meeting was adjourned at 4:20 p.m. A- V-r- .+_ Delores A. Mead, City C k-Secretary DAM:j t c? CITY OF RENTON FIREMEN'S PENSION BOARD September 6, 1977 am MONTHLY BILLS FOR RETIRED FIREMEN--AUGUST John L. Bernier, D.C. ac/Karl Strom, Office Call , 8/17, $10.00 K's Pharmacy ac/John Alexander, Rx 141630, 141631 , $32.14, 7/28; ac/J. L. Parks, Rx 142014, 140578, 8/23, $15.64 GENERAL BILLS Finance - Printing Copies Made on VHS-R during April through June, 1977 , 217 copies @ 5¢ ea. plus tax, $11 .44. Group Health Insurance Billing for August, 1977, $73.50 King County Medical Insurance Billing for August, 1977, $1 ,905.00 Washington Dental Service Billing for August, 1977, $522.50 PENSION PAYMENTS FOR SEPTEMBER John Alexander $971 .00 Gerald Hurst $39.71 Mrs. Enza Anderson $409.11 Floyd Lawrence $470.83 T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.89 Sylvia Joan Pringle $682.96 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Hayworth $714.84 Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 "04 CITY OF MENTON - FIRtENEN'S PENSION FUND Statement of Cash and Investments As of AUGUST 31 , 1977 Current Previous Last Year Last Year Period Period Current Previous 8/ 3y 77 7A 1/7 7 Period Period 8 76 7 A 117 6 Cash 558 . 78 35 . 32 1 , 326 . 04 3 , 860 . 48 Investments Bank Notes, Etc. 72, 130 . 76 80, 030 . 76 96, 100 . 00 112, 100 . 00 Mw1icipal8 117 , 181 . 37 117 , 181 . 37 181 , 327 . 03 181 , 327 . 03 Corporate Bonds 355, 750 . 66 355, 750 . 66 356, 750 . 66 356, 750 . 66 Mutual Funds 290, 587 . 34 290, 587 . 34 290, 587 . 34 290, 587 . 34 Total $8351_650 . 13 843 550 . 13 $ 924 765 . 03 $ 940, 765 . 03 TOTAL CASH AND INVESTMENTS 836, 208 . 91 843 585 . 45 926 1 091 . 07 944 625 . 51 REVENUE 4, 501 . 59 5, 037 . 89 5 , 428 . 52 3 , 313 . 72 EXPENDITURES 11 , 878 . 13 12 , 849 . 28 23, 998 . 96 11 , 381 . 50 Investment changes during current, report period: l/ LIQUIDATED $ 7900 . 00 FROM OPEN STATEMENT ACCOUNT 205 CITY OF RENTON FIREMEN'S PENSION BOARD Special Meeting .. September 20, 1977 BOARD MEMBERS C. J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barrilleaux, Alternate A Special Meeting of the Firemen's Pension Board was called via telephone at 10:00 a.m. to consider additional monthly bills not Previously approved due to Pension Board meeting held prior to LEOFF Board meeting, thus bills not ready. MOVED BY MILLER, SECONDED BY MEAD, TO APPROVE THE ADDITIONAL BILLS AS PRESENTED. CARRIED. (See Attached) . MOVED BY MEAD, SECONDED BY MILLER, TO ADJOURN. CARRIED. The meeting adjourned at 10:15 a.m. too Delores A. Mead City Clerk-Secretary DAM:j t bw 205 CITY OF RENTON FIREMEN'S PENSION BOARD September 20, 1977 BILLS FOR AUGUST, 1977 A & H Drugs ac/R. Beatteay, Rx 422466, 7/26, $7.85; R. Bergman, (Total $25.80) Rx438136, 7/28, $7.40; ac/M. Moeller, RX 367460, 6/23, $10.55 Richard K. Baker, D.C. ac/Randel Price, Treatment, $36.00 Cornell 's Valley Pharmacy ac/R. Geissler, Rx 67984, 8/9/77, $6.35; ac/Ted (Total $49.28) LaValley, Cervical spine traction equipment & pillow, 8/15, $36.78; ac/P. Walsh, Rx 56525, 8/1 , $6.15 Fairwood Pharmacy ac/Gary Dawkins, Rx 76494, 6/15, $8.50 Green & Jackson Drug Co. ac/G. Williams, Rx820-086, 816-460, 816-483, (Total $70.85) 825-947, 818-203, total $70.85, 8/26 Dr. Jaffe, Opthalmologist ac/R. Geissler, frames & lenses, $79.45, 8/23; (Total $190.00) ac/P. Henry, lenses & exam, 8/30, $110.55 K's Pharmacy ac/G. Bergquist, 8/2, Rx 141291 , $8.50; ac/R. (Total $81 .90) Connell , 8/17, Rx 139420, 139880, 134645, $25.65: (Total $15.45)* ac/W. Henry, 8/8, Rx 135904, $18.25, Rx 141803, 141804, 8/9, $13.05; ac/B. Phillips, Rx 141681 , 8/1 , $3.60; ac/J. Rupprecht, Rx 136798, 139894, 8/10, $12.85; ac/J. Alexander, Rx 127317, 134527, 8/16, $15.45* Pay'n Save Drugs ac/M. Moeller, Rx 019026901 , 7/25, $4.39 The Polyclinic ac/T. LaValley, Anti-Inflammatory Agent, 3/14, $5.00 David Walsh ac/D. Walsh, reimbursement, frames & lenses, $86.64, 8/29/77 Total Medical Expenses $478.91 *Plus Medical Expenses from 9/6/77 Meeting Not Listed $ 15.45 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting October 13, 1977 BOARD MEMBERS C. J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room. All Board members were in attendance. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE MINUTES OF THE REGULAR MEETING OF SEPTEMBER 6, 1977 AND THE SPECIAL MEETING OF SEPTEMBER 20, 1977 AS WRITTEN. MOTION CARRIED. MONTHLY BILL AND PENSION PAYMENTS (Attached) MOVED BY HENRY, SECONDED BY MILLER, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AND AUTHORIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly report was distributed reflecting investment changes to 9/30/77 including liquidation of $4,800.00 from open statement account and the sale of $2,700 1954 Water and Sewer revenue bonds at maturity. Fireman Board Member Bill Henry reported request by firemen for Board con- currence and in going on record to request that the City Council appropriate tax dollars into the Firemen's Pension Fund,in accordance with RCW 41.16.060 and recommendations of the 1975 actuarial report. MOVED BY HENRY, SECONDED BY MILLER, TO REFER TO THE CITY COUNCIL THE MATTER OF THE ACTUARIAL REPORT AND REQUEST FOR ALLOCATION TO THE FIREMEN'S PENSION FUND OF TAX DOLLARS IN THE AMOUNT OF TWENTY-TWO AND ONE-HALF CENTS ($.225 ) PER THOUSAND DOLLARS OF ASSESSED VALUE AGAINST THE TAXABLE PROPERTY IN THE CITY OF RENTON. MOTION CARRIED. Some discussion ensued regarding possibility of claim by another junior tax- ing district upon any part of the dollar rate which is not allocated for muni- cipal purposes. Provision of RCW was noted that actuary needs to establish that the levy is necessary in order to meet estimated demands FOR THE ENSUING BUDGET YEAR, before any tax monies must be placed in the Firemen Pension Fund. Attention was called also to the Attorney General's Opinions authorizing payment of medical claims from any funds available to the city, including local pension vow funds. It also being noted that no reimbursement has been made as regards sick leave by previous board action, this not being a valid expenditure. As there was no further business to come before the Board, it was MOVED BY HENRY, SECONDED BY MILLER, TO ADJOURN. MOTION CARRIED. The meeting adjourned at 4:30 p.m. Delores A. Mead, City Clerk-Secretary Firemen's Pension Boad DAM:jt CITY OF RENTON FIREMEN'S PENSION BOARD October 6, 1977 ■.. MONTHLY BILLS FOR SEPTEMBER A & H Drugs ac/Bob Beatteay, Rx, 9/25, $7.85; ac/J. Colombi , (Total - $43.05) Rx's, 9/7, $18.50; ac/M. Moeller;B. Phillips, Rx, 9/7, $2.95; ac/J. Colombi , Rx, 9/13, $3.20 Allergy Clinic ac/G. Bergquist, 9/13, Office calls, $36.00 Austin Shaw Drugs ac/T. K. Anderson, Rx's, 8/18, $10.20 Cornell 's Valley Pharmacy ac/R. Geissler, 9/12, $6.35; ac/G. Nichols, 9/7, (Total - $42.55) $7.25, Rx, 9/12, $7.05; ac/M. Sherertz, 7/23, $9.05 ac/P. Walsh, 9/22, $12.85, Rx 's. Green & Jackson Drug Co. ac/G. Williams, Rx, 9/14, $10.70, Rx's, 9/22, $25.81 (Total - $104.85) Rx's, 10/1 , $68.35 Group Health Insurance September premium - $73.50 James H. Hartwig ac/J. Colombi , Inj . , 9/7, $5.00; ac/J. Robison, (Total - $10.00), Inj . , 10/3, $5.00 Paul J. Henry Reimbursement, Inj. , Dr. Perkins, $16.35 u„w G. Hurst Reimbursement, Frames, 10/6, $27.36 K's Pharmacy ac/R. Bergman, Rx, 9/9, $6.55; ac/G. Bergquist, (Total - $119.66) Rx, 9/7, $8.50; ac/W. Henry, Rx, 9/20, $4.60; ac/G. Hurst, 9/24, $11 .25; ac/G. Jones, 9/26, $18.65; ac/Bill Larson, Rx, 9/13, $7.25; ac/T. LaValley, Rx, 9/7, $13.10, 9/20, $13.10; ac/B. Phillips, Rx's, 9/17, $20.00; ac/K. Walls, Rx, 9/14, $3.35, Rx., 9/24, $3.35; ac/J. Ashurst, Rx, 9/8, $9.96 King County Medical Insurance Premium for September, $1 ,905.00 John L. Bernier, D.C. ac/K. Strom, Office Calls, 9/14, 9/19, $20.00 Pay'n Save Drugs ac/R. Barilleaux, Rx, 8/4, %6.25 Frank Todd Reimbursement, Glasses, frames & lenses, $123.73 S. L. Jaffe, D.O. ac/M. Sherertz, Frames & Lenses, exam. , 9/16, $160.26 Walla Walla Clinic ac/G. Williams, 4/11 , $6.75, Treatment Patrick Walsh ac/P. Walsh, Inj . , 9/22, $7.00 Reimbursement Valley General Hospital ac/D. Walsh, Hospitalization, 7/28-8/2, $210.00 Roger White, D.C. ac/K. McInnis, Treatments $65.00 Washington Dental Service Premium for September, $522.05 Total Medical ~3,509.56 PENSION PAYMENTS FOR OCTOBER, 1977 John Alexander $971 .00 Gerald Hurst $ 39.81 Mrs. Enza Anderson $409.11 Floyd Lawrence $470.83 ..r T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.80 Sylvia Joan Pringle $682.96 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $714.84 Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 Total Medical Payments for September, 1977 - $3,509.56 Total Pension Payments for September, 1977 - 8,956.88 Total $12,466.44 CITY OF RENTON - FIREMEN'S PENSION FUND Statement of Cash and Investments As of SEPTEMBER 30. 1977 Current Previous Last Year Last Year Period Period Current Previous 9 /30( 7 7 01177 Period Period 913d 76 8 A1/76 Cash $ 1, 174. 30 $ 558 . 78 $ 1, 558, 21 $ 1, 326. 04 Investments Bank Notes, Etc. 67, 330. 76 72, 130 . 76 88, 248. 38 96, 100 . 00 Municipals 114, 481 - 37 117, 181 . 37 181, 327. 03 181, 327 - 03 Corporate Bonds 355, 750 . 66 355, 750 . 66 356, 750. 66 356, 750 . 66 Mutual Fupde 290j587 , 34 220, 587 . 34 2 0 58 . 34 290 587 . 34 "'w Total $828, 150. 13 835. 650 . 13 916, 913 . 41 $924, 765 - 03 TOTAL CASH AND INVESTMENTS 4 - 836 . 208. 91 $ 218, 471 . 62 $ 2 6 0 91 . 0Lj REVENUE $ 5, 440. 23. $ 4, 501 . 59 $ 3, 991 . 42 $ 5, 428. 52 EXPENDITURES $ 12, 324. 71 $ 11, 878 . 13 $ 11, 610. 87 $ 23, 998. 96 Investment changes during current report period: 1. LIQUICATED $ 4800. 00 FROM OPEN STATEMENT ACCOUNT 2. SOLD $2700 . 00 1954 WATER AND SEWER REVENUE BONDS AT MATURITY. Ci 1 C) f_1 �.L6 CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting November 8, 1977 BOARS MEMBERS C. J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen ' s Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6tti Floor Conference Room. Board Member Clymer was absent. Mr. Gary Dime of Dean Witter Investment Co. was present , along with Ted Bennett, Deputy Finance Director and visiting Fireman David Riggle who has been elected to fill expiring term of Firefighter Miller on 12/31/77 . MINUTE APPROVAL MOVED BY HENRY, SECOiIDED BY MILLER, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF OCTOBER 13, 1977 AS WRITTEN. After some discussion regarding allocation of tax dollars to the fund, the MOTION CARRIED. Mr. Gary Dime was introduced, having been requested to make recommendations regarding liquidations of mutual funds to comply with legal limits of the law. It was recalled that 35 maximum of the fund investments are allowed in mutual funds with not more than 5; in any one fund. Mr. Dime recommended accordingly, that approximately $999 in mutual funds be liquidated on or before 12/31/77, required to maintain the investments within the percentage limits with equal parts to be liquidated from Investment Co. of America, Pioneer and Washington Mutual Funds. MOVED BY HENRY, SECONDED BY MILLER, TO CONCUR IN THE RECOMMENDATIONS. MOTION CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly statement of cash and investments to 10/31/77 was distributed reflecting investment changes as follows: Liquidation or :.9,100 from Open Statement Account and expenditures from the fund of $12,476.73. MONTHLY BILLS AND PENSION PAYMENTS (Attached) MOVED BY MILLER, SECONDED BY HENRY, TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED. MOTION CARRIED. OLD BUSINESS Pursuant to Board action at its previous meeting, letter from Secretary was read directed to the Renton City Council Budget Committee putting the firemen on record as requesting appropriation into the Pension Fund of tax dollars. The Secretary reported that the Council referred the matter to the Administration for recommendation to the Budget Committee. NEW BUSINESS Letter from Fire Chief Geissler was read advising that Firefighter David Riggle has been elected to a two-year term on the Board commencing 1/1/78. Fireman ;1enry inquired regarding a new actuary, noting possible audit procedures , at which time one might likely be order. He reported firemen' s interpretation of RCW C) 3 Firemen' s Pe.-;ion Boar.- Regular oar=Regular •ieet'ing - 11%c.;7' Page 2 .� 41 . 16.060 that tax levy for the Pension Fund was mandatory. The provisos for the omission of the levy not felt to be valid. The Secretary outlined the procedure for securirg actuary and after some further discussion, it was noted that possibly a new AGO would be advisable before additional funds of nearly $1 ,000 are used for an actuary. Fireman Henry inquired concerning request for annual physicals , not to be a liability of the Pension Fund, however. No further action has been taken on this matter, there being no budgetary funds available and there being some question as to need for annual physicals . As there was no further business to come before the Board, the meeting was adjourned at -,.415 p.m. Delores Cit Cl +, -Sec 'Sec . ,.Y Firemen ' s Pension Board DAM:j t wow 14 CITY vF RENTON FIREMEN'S PENSION BOARD November 8, 1977 MONTHLY BILLS FOR OCTOBER, 1977 A & H Drugs ac/R. Bergman, Rx,9/27, $8.00; ac/R. Beatteay, Total - $12.00 Rx, 10/20, $4.00 Austin's Rexall Pharmacy ac/D. Walsh, Rx, 10/26, $12.90 John L. Bernier, D.C. ac/K. Strom, Office Call , 10/26, $10.00 Cornell 's Valley Pharmacy ac/C. Christenson, Rx, 10/11 , $6.70; ac/G. Jones, Total - $37.80 Rx, 10/18, $5.95; ac/M. Sherertz, 10120, $7.40; ac/P. Walsh, Rx, 9/27, $4.75, Rx, 10/7, $13.00 Green & Jackson ac/G. Williams, Rx's, 10/21 , $26.65 Finance Dept. - Printing Copies Made on VHS-4, July thru Sept. , $15.44 Don Goodwin ac/D. Goodwin, Reimbursement, glasses & frames, 11/1 , $101 .16 Group Health Insurance Premium for October, 1977, $73.50 K's Pharmacy ac/G. Banasky, Rx, 10/13, $8.35; ac/G. Bergquist, Total $147.75 Rx, 10/4, $8.50; ac/R. Connell , Rx' s, 10112, $23.50; ac/W. Henry, Rx, 10/6, $5.05, ac/G. Jones, Rx, 9/30, $12.70, Rx, 10/5, $5.20, Rx's , 10/8, $16.95; ac/W. Larson, Rx 10/20, $7.25; ac/T. LaValley, "No Rx, 10/3, $7.20, Rx's, 10/14, $21 .40; ac/G. Newton, 10/8, Rx, $4.15; ac/K. Parks, Rx, 10/19, $6.35; ac/J. Robison, Rx, 10/3, $4.35; ac/J. Rupprecht, Rx, 10/18, $5.55; ac/J. Alexander, Rx, 10/11 , $11 .25 King County Medical Insurance Premium for October, 1977, $1 ,968.50 Washington Dental Service Premium for October, 1977, $531 .90 Total Bills for October $2,910.95 MONTHLY PENSION PAYMENTS FOR NOVEMBER, 1977 John Alexander $971 .00 Gerald Hurst $ 39.71 Mrs. Enza Anderson $409.11 Floyd p-awrence $470.83 T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.89 Sylvia J. Pringle $682.96 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance C. Haworth $714.84 Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 Total Pension Payments $8,956.97 low Total for Month - $11 ,507.92 CITY OF RFNTON - FIRI~?W S PENSION FUND 10M Statement of Cash and Investments As of October 31 , 1977 Current Previous Last Year Last Year Period Period Current Previous 10/31/77 9/30/77i 10 A 1/76 Q A0 h6 Period Period Cash $ 326.43 $ 1, 174.30 6 107.84 $ 1,558.21 Investments Bank \otes, Etc. 78,230.76 67,330.76 81,048.38 88,248.38 Municipals 114,481.37 114,481 .37 181,327.03 181,327.03 Corporate Bonds 355,750.66 355,750.66 356,750.66 356,750.66 Mutual Funds 290,587.34 2 0 8 4 290,587.34 2 0 87. 4 +.� Total $819,050- 13 $828,150- 13 $909,713.41 $916,913.41 TOTAL CASH AND INVESTMENTS $819,376.56 $829,324.43 $9092821.25 $918,471 .62 REV1s'hTTE $ 2,528.86 $ 5,440.23 $ 2,328-32 $ 3,991.42 EXPF.h'DITURES $ 12,476.73 $ 12,324.71 $ 10,978.69 $ 11,610.87 Investment changes during current report Period: 1 ) Liquidated $9, 100.00 from Open Statement Account. 4J A'3 CITY OF RENTON FIREMEN ' S PENSION BOARD Regular Meeting DECEMBER 13 , 1977 BOARD MEMBERS C. J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman Delbert Miller, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room of the Renton Municipal Building. Board Members Earl Clymer, Delores A. Mead and Delbert Miller were absent. Present: David Riggle, Board Member Elect, and Maxine E. Motor, Deputy City Clerk and Acting Secretary , along with regular Board Members. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY RIGGLE, THE BOARD APPROVE THE MINUTES OF THE PREVIOUS MEETING, NOVEMBER 8, 1977, AS WRITTEN. CARRIED. MONTHLY BILLS AND Kcf�SION PAYMENTS (Attached) The monthly report was distributed and it was noted that a medical payment was listed in error and was removed. MOVED BY HENRY, SECONDED BY RIGGLE, THE BOARD AP- PROVE THE CURRENT BILLS AND PENSION PAYMENTS AS CORRECTED AND AUTHORIZE WARRANTS DRAWN TO COVER. CARRIED. ••r MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly statement of cash and investments to 11/30/77 was distributed reflecting liquidation of $10,100 from Open Statement Account and Expenditures of $11 ,894.57. Board Member Bill Henry requested further information regarding funds liquidated and distribution made, asking to be advised. OLD BUSINESS Fireman Board Member Bill Henry called attention to the Board' s letter to the City Council 10/24/77 requesting appropriation into the Pension Fund, which request was denied; however copy of City Attorney' s memorandum regarding research of law concern- ing contributions to the fund (dated 11/18/77) , was requested. Acting City Attorney Warren' s letter was read noting review of RCW 41 . 16 and 41 . 18 and that no compulsion for contribution to Fund by the City was fount as long as that Fund has adequate resources to pay the claims made upon it; that requirements exists that City as part of its annual tax levy, place in the Fund one-half of one mill on all taxable proper- ties unless an actuarial report indicates that such levy is unnecessary. Discussion ensued wherein Bill Henry noted firemen' s view that revenue be contributed to the Fund. NEW BUSINESS MOVED BY HENRY, SECONDED BY RIGGLE, THAT THE BOARD DIRECT A LETTER TO STATE REPRESEN- TATIVE AVERY GARRETT TO REQUEST AN ATTORNEY GENERAL'S OPINION AS TO WHETHER OR NOT IT IS MANDATORY THAT THE CITY CONTRIBUTE REVEIUE ANNUALLY TO THE FIREMEN'S PENSION FUND PER RCW 41 .16 AND IN VIEW OF THE 9/30/75 ACTUARIAL REPORT. CARRIED. Board Member Henry requested the actuarial report be included with the letter of request. As there was no further business to come before the Board, the meetinq was adjourned at 4:45 p.m. Acting Secretary M-iXine F. Motor, nnt`uty City Clerk 9) '7 CITY OF BEDN'M - FIBEON'S PENSION FUND Statement of Cash and Investments As of NOVEMBER 30, 1977 Current Previous Last Year Last Year Period Period Current Previous 1 110 /'7 7 1061/77 Period Period 101176 Cash $ 709 . 27 $ 326 . 43 $ 1 , 991 . 03 $ 107 . 84 Investments Bank Notes, Etc. 48, 130 . 76 58, 230 . 76 71, 348 . 38 81 , 048 - 38 Hwaicipals 114J- 481 - 37 114, 481 . 37 181 , 327 . 03 181 , 327 . 03 I Corporate Bonds 355, 750 . 66 355, 750 . 66 355, 750 . 66 356, 750 . 66 Mutual Funds � 2 4 290 . 587 . 34 2 0 8 4 290, 587 . 34 W" Total 08 13 alaa.05n . i -; gqq . 013 . 41 9 0 3 . 41 .y TOTA1 CASH AND 1INVESTMIINT S REVENUE $ 2, 177 . 41 2, 528 . 86 2, 504. 27 2, 328 . 32 EXPENDITURES 11, 894 . 57 12, 476 . 73 11, 321 . 08 10, 978 . 69 Investment changes during current report pefiod: 1 . LIQUIDATED $10, 100 FROM OPEN STATEMENT ACCOUNT ■W 18 CITY OF RENTON FIREMEN'S PENSION BOARD December 13, 1977 MONTHLY BILLS FOR NOVEMBER, 1977 John L. Bernier, D.C. a:/Karl B. Strom, Office calls, 11/9, 11/26, $?0.00 Cornell ' s Valley Pharmacy ac/R. Geissler, Rx, 11/29, $6.35; ac/G. Jones, (Total - x12.30) Rx, 10/26, $5.95 Cornell 's Valley Pharmacy 7 ac/Bart Daily, Rx's, 11/4, $13.0. Group Health Insurance Payment for November - $73.50 K's Pharmacy ac/G. Bergquist, Rx, 10/28, $8.50; ac/Wm. (Total - $96.65) Henry, Rx, 11/21 , $18.25; ac/J. Matthews, Rx, 11/11 , $4.35; ac/B. Phillips , Rx's , 11/10, $20.00; ac/J. Rupprecht, Rx, 11/23, $17.60; ac/J. Alexander, RX' s, 10/28, 11/3, 11/11 , 11/21 , $27.95 King County Medica; nsurarce Payment for November, 1977, $1 ,968.50 Payn Save Corporation ac/C. Christenson, RX, 10/11 , $9.19 Washington Dental Sery- ct� Payment for November, 1977- $522.05 WHO Total Medical for November, 1977 - $2,715.29 PENSION PAYMENTS FOR DECEMBER, 1977 John Alexander $971 .00 Gerald Hurst $ 39.71 Mrs. Enza Anderson $409. 11 Floyd Lawrence $470.83 T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11 James F. Ashurst $999.50 John Parks 5754.00 Robert Connell $ 76.89 Sylvia J . Pringle $682.96 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $714.84 Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 CHARTI-R i 1 CITY OF IREN f.�LFt L411- 1':t 141M A.4i^,�,.7 � 711. i, OTIt `r :"[1 _ 219 BOARD MEMBERS C. J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room, Renton Municipal Building. All board members were in attendance. New board members Richard Stredicke, Chairman of Ways & Means Committee, and David Riggle, Fire- man, were welcomed to the Board. Also present were Gwen Marshall , Finance Director, and Deputy Finance Director Ted Bennett. Chairman Delaurenti requested the Secretary to outline the function of the Pension Board for the new members. City Clerk Mead noted pension boards of cities established by RCW (42.16.020) consist of five members which includes the Mayor, City Clerk, Chairman of the Finance Committee of the Council and two firemen members elected annually by the firemen. The Board controls the pension fund and meets monthly to pass upon medical bills, pension payments and other administrative expenses. It was explained that the local LEOFF Board approves claims for all LEOFF members which are then submitted to the Firemen's Pension Board for funding, the Board acting upon claims of firemen retired under the old Pension Act, the law, however, allow- ing benefits for those members only for the disability which they retired under. Discussion ensued regarding differences of opinion between the Boards regarding payments and it was noted joint meetings have been held to resolve differences and to establish policies for uniformity in benefits granted. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY RIGGLE, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF DECEMBER 13, 1977 AS WRITTEN. MOTION CARRIED. MONTHLY BILLS & PENSION PAYMENTS (Attached) The monthly report of current bills and pension paymentSwas distributed and monthly expenses totalled $12,621 .96. MOVED BY HENRY, SECONDED BY RIGGLE, TO APPROVE THE BILLS AND PENSION PAYMENTS AS LISTED. MOTION CARRIED. MONTHLY STATEMENT OF CASH & INVESTMENTS (Attached) The Monthly Report was distributed showing sale of $3,333.00 of Investment Co. of America Mutual Funds; $3,333.00 of Washington Mutual Investors Mutual Funds, $3,333.00 of Pioneer Fund Mutual Funds; receipt of $1 ,622.20 on LID 259 Installment Note; $9,208.75 on LID 261 Installment Note; and $8,011 .02 on LID 269 Installment Note, also purchase of $26,800.00 "Repo". Board Member Stredicke inquired regarding decline in mutual fund investments the past year and why LID's were no longer funded. Attention was called to the legal limits of the law whereby 35% maximum of the fund's investments are allowed in mutual funds with no more than 5% in any one fund. Deputy Finance Director Ted Bennett advised that LID's have not been funded 220 Firemen's Pension Board - 2 - January 10, 1978 due to the need for liquidity to meet monthly obligations as well as the fact that LID rates are not flexible and the fund can realize a higher rate of return on other investments for a shorter period of time, 9 to 11% interest rate iras realized a couple of years ago on short term investments of 30, 60 and 90 days which LID's cannot provide. Ted noted that the Firemen's Pension Funds are combined with other city funds to make up $100,000 required for such short term investment purposes. The Deputy Finance Director reported the sale of mutual funds in December, as directed by the Board, maintaining legal invest- ment limit. OLD BUSINESS Board action from the prior meeting was recalled to request Attorney General 's. Opinion and letter directed to State Representative Avery Garrett was read asking for an AGO as to whether it is mandatory for the city to contribute tax money to the Pension Fund annually per RCW 41 .16.060 and enclosing the 1975 Actuarial Report. Discussion ensued regarding whether 1975 Actuarial reflected today's circum- stances of revenue and liability of the Fund, forthcoming Attorney General 's opinion to determine same. City Attorney Warren's opinion letter was noted advising of no legal compulsion for the city to contribute tax funds to the Pension Fund as long as the Fund has adequate resources to pay the claims. As there was no further business to come before the Board, the meeting was adjourned at 4:38 p.m. _A d� & Delores A. Mead, City V erk Secretary, Firemen's Pension Board DAM:jt i 221 CITY OF RENTON FIREMEN'S PENSION BOARD January 10, 1977 MONTHLY BILLS FOR DECEMBER, 1977 Allergy Clinic ac/Greg Bergquist, pollen antigens, $6.00, 11/8 A & H Drugs ac/R. Bergman, Rx, $7.40, 11/1 , ac/J. Colombi , Total - $30.35 Rx, 12/9, $12.45; Rx's 12/15, $10.50 Richard K. Baker, M.D. ac/R. Price, Office Call , 11/23, $12.00 Cornell 's Valley Pharmacy ac/K. Pedersen, Rx's, 12/21 , $11 .50; ac/D. Riggle, Total - $29.05 Rx's, 12/22, 12/27, $11 .15; ac/K. galls, Rx, 12/10, $6.40 Group Health Insurance December payment - $73.50 J. H. Hartwig, M.D. ac/G. Nichols, Inj. , 9/7, $5.00; ac/K. Walls, Total - $20.00 Inj . , 12/10, $5.00; ac/J. Colombi , IN . , 12/9, $5.00; ac/D. Riggle, Inj . , 12/22, $5.00 K's Pharmacy ac/G. Banasky, Rx, 12/23, $8.00; ac/G. Bergquist, Total - $137.14 Rx, 11/25, $8.50, Rx, 12/21 , $8.50; ac/R. Connell , Rx's, 12/13, $21 .35; ac/W. Larson, Rx, 11/28, $7.25, Rx's, 12/13, $10.70, Rx's, 12/22, $10.70; ac/T. LaValley, Rx's, 1217, $13.20; ac/E. Tonda, Rx, 12/5, $4.35; ac/J. Parks, Rx's, 11/30, $35.59 King County Medical Insurance December payment - $1 ,968.50 William H. Larson ac/W. Larson, Reimbursement for Hospital Drugs, 12/14, $5.00 Renton Chiropractic Clinic ac/K. McInnis, Office Calls, $96.00, November David Riggle ac/D. Riggle, Reimbursement for Glasses, $41 .20 Alford W. Shipp, D.C. ac/G. ,tones, $5.00 Washington Dental Service December payment - $522.05 Finance Department Reimbursement for Services of Finance and City Clerk personnel , $620.20 Gilmore Chiropractic Center ac/K. Steel , Office Calls, September, October, December, $99.00 Total Medical for December, 1977 - $3,044.79 Total Bills for December, 1977 - $3,664.99 PENSION PAYMENTS FOR JANUARY, 1973 John Alexander $971 .00 James F. Ashurst $999.50 Mrs. Enza Anderson $409.11 Robert Connell $ 76.89 T.K. Anderson $746.50 Charles Goodwin $971 .00 222 City of Renton 2 Firemen's Pension Board PENSION PAYMENTS FOR JANUARY, 1978 (Continued) Mrs. Constance Haworth $714.84 John Parks $754.00 Jack Haworth $746.50 Sylvia J. Pringle $682.96 Gerald Hurst $ 39.71 Karl Strom $746.50 Floyd Lawrence $470.83 Franklin L. Todd $ 67.16 Mrs. Orpha McDonald $409.11 Patrick J. Walsh $151 .36 Total Pension Payments for January - $8,956.97 Total Expenses for the month - $12,621 .96 x CITY OF RENTON - FIRE 'S PENSION FUND Statement of Cash and Investments As of December 31, 1977 Current Previous Last Year Last Year Period Period Current Previous 1231/J7 11/30/7 Period Period Cash $ 4.14 $ 709.27 $ 25.17 $ 1,991.03 Investments Bank Notes, Etc. 74,930.76 48,130.76 62,748.38 71,348.38 Municipals 95,639.40 114,481.37 163,622.05 181,327.03 Corporate Bonds 355,750.66 355,750.66 355,750.66 355,750.66 k' Mutual Funds 280,588-34 290,587-34 290t587-34 290P587-34 Total $806,909.16 $808050-131 $872,708.43 $899013-41 TOTAL CASH AND INVESTMENTS $806,913.30 $809,659.40 $872,733.60 $901,004.44 Revenue $ 12,097.31 $ 2,177.41 $ 9,698.05 $ 2,504.27 Expenditures $ 14,843.41 $ 11,894.57 $ 37,968.89 $ 11021.08 Investment changes during current report period: 1. Sold $3,333.00 of Investment Company of America Mutual Funds. 2. Sold $3,333.00 of Washington Mutual Investors Mutual Funds. 3. Sold $3,333.00 of Pioneer Fund Mutual Funds. 4. Received $1,622.20 payment on L.I.D. 259 Installment Note; $9,208.75 on L.I.D. 261 Installment Note; and $8,011.02 on L.I.D. 269 Installment Note. 5. Purchased $26,800.00 "Repo". NET INCREASE OR (DECREASE) IN INVESTMENTS FOR THE CURRENT PERIOD ($2,040.97). zzf CITY OF RENTON FIREMEN'S PENSION BOARD February 14, 1978 BOARD MEMBERS C. J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. in the 6th Floor Conference Room in the Renton Municipal Building. All Board members were in attendance, Councilman Stredicke arriving shortly after the meeting convened. Also present were Gwen Marshall , Finance Director, and Ted Sennett, Deputy Finance Director, alternate Board member Ray Barilleaux and Fireman Bruce Phillips. The Chairman requested the secretary to notify Council- man Stredicke in writing regarding the meeting dates and his membership on the Board as Chairman of the Ways and Means Committee of the Council . MINUTE APPROVAL MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF JANUARY 10, 1978 AS WRITTEN. MOTION CARRIED. ra MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) The monthly report was distributed showing receipt of $258.26 on LID 252 installment note; liquidation of open statement account of $48,130.76 and sale of Repo in amount of $26,800, also purchase of $21 ,300 Repo at 6.50% and $45,000 Savings Certificate at 7.00% to mature March 31st. Chairman Delaurenti questioned Ted Bennett regarding investment decreases and accounting procedures for interpreting revenue and expenditure bal- ances. Mr. Bennett explained the decreases in investments were in order to meet necessary monthly expenditures, noting the need to maintain investment liquidity to insure adequate cash flow. Pension funds are combined with other city monies in short term investments to yield higher interest rates for the Pension Fund. Ted advised he would revise the monthly statement to further simplify the reporting data. MONTHLY BILLS AND PENSION PAYMENTS (Attached) List of month y bills for January and February Pension payments was distri- buted reflecting total expenditures of $12,406.62. MOVED BY HENRY, SECONDED BY RIGGLE, TO APPROVE THE BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHO- RIZE WARRANTS DRAWN TO COVER. MOTION CARRIED. CORRESPONDENCE The Board had directed letter to Avery Garrett, State Representative, requesting Attorney General 's Opinion "whether it is mandatory that the city contribute tax revenue annually to the Firemen's Pension Fund pursuant to RCW 41 .16.060 and present 1975 actuarial report". Letter from Wayne L. Williams, Assistant Attorney General , was read in response attaching AGO 1977, No. 7, and Supreme Court ruling, Firefighter's Local 828 versus the City of Longview. Firemen's Pension Board February 14, 1978 - Page 2 The Secretary read from AGO No. 7 that payments for medical benefits may be made from the Pension Fund and in event of fund depletion employer shall then have the obligation to make the payments; the Legislature giving the Coun- cil authority to review annually the status of the estimated demands on the fund for the ensuing year and to make the levies needed. (To require those cities with no pension funds to allocate annual tax levies. ) Cited also from the Supreme Court ruling "if levy is unnecessary to meet the demands on the fund for the ensuing budget year, the levy may be omitted. The Legislature's use of the words 'ensuing budget year' supports the conclusion. To construe the Statute so as to require an annual actuary report in order to eliminate the levy would render the words "may" and "ensuing budget year" meaningless." Fireman Riggle advised of the firemen's interpretation that unless we have an actuary saying we do not need the levy, the city is supposed to be putting monies in. Board Member Stredicke indicated the Attorney General 's response apparently still needs to clarify the question of actuary and mandatory fund- ing according the firefighter's interpretation. Fireman Henry noted mandatory actuary every five years. Fireman Bruce Phillips recalled his prior member- ship on the Pension Board and agreement then as to necessity to start putting money back in but because of city's finances, it was agreed it would be de- ferred and put in when the city had the money. The 1975 actuary noted some- thing should be done to bring the fund back up. The Legislature gave Council authority to annually contribute from tax levies. MOVED BY RIGGLE, SECONDED BY HENRY, TO AUTHORIZE A NEW ACTUARY. MOTION CARRIED. In ensuing discussion, the firemen noted the fund should be sound for 40 years. The Secretary pointed out that the 16 pension payees would never increase in number, all remaining fire personnel under the LEOFF system. Attention was called to firefighter's request to Council for 1978 alloca- tion to the Pension Fund not funded in the preliminary budget due to city's financial situation and thus not included in the Council 's final budget. The Chairman requested the Secretary and the Finance Director to research firms to make the study, Board Members invited to submit names. Board Member Stredicke noted as Council Member he would not allocate funds to the Pension Fund unless mandatary, noting extensive benefits to the uni- formed divisions which might well be subject to public inquiry. Mayor Delaurenti recalled his intention to allocate tax funds at such time as the Pension Fund was depleted to $500,000 and that cost of actuary con- stitutes additional fund expense. OLD BUSINESS Councilman Stredicke noted for Board information that the architects for the Airport restaurant will be presenting and finalizing plans. NEW BUSINESS Fireman Henry inquired regarding IRS ruling when firemen go on disability, is their payment to the LEOFF pension fund deducted from their city check during the six-month disability period;('if it is service-connected, it does not have to be deducted".) It was noted that if they did not pay the service for the six-month period would not be credited to them. The Finance Director noted problem in knowing whether disability was service connected or, not. Firemen's Pension Board February 14, 197E - Page 3 As there was no further business to come before the Board the meeting was adjourned at 5:05 p.m. Delores A. Mead, city cl e4ecretary Firesen's Pension Scard DAM:j t Liff ail iii 2.27 CITY OF RENTON FIREMEN'S PENSION BOARD February 14, 1978 MONTHLY BILLS FOR JANUARY, 1978 A & H Drugs ac/R. Beatteay, Rx, 1/5, $7.85; ac/J. Colombi , Total - $18.35 Rx, 1/4, $4.00; ac/J. Colombi , Rx, 1/4, $6.50 John Alexander Reimbursement, Valley General Hospital , $57,00, Malley Internal Medicine, 205.35 Austin' s Shaw Drugs ac/D. Walsh, Rx, 12/14/77, $5.65, Rx, 1/9, $4.35 Total - $20.2.0 ac/T. K. Anderson, Rx, 12/19/77, $10.20 Richard K. Baker, D.C. ac/R. Price, 1/10, $12.00 John L. Bernier, D.C. ac/Karl Strom, Office Call , 1/25, $10.00 Cornell 's Valley Pharmacy ac/P. Walsh, Rx 1/5, $10.95 Group Health Cooperative Billing for January, 1978 - $36.75 Internacional Optical Dispensary ac/R. Beatteay, Lenses, 1/23, $49.60 Steven L. Jaffe, O.D. ac/W. Henry, lenses & exam, 12/10/77, $96.20 how King County Medical Billing for January, 1978 - $2,614.50 K' s Pharmacy ac/R. Bergman, Rx, 1/6, $6.55; ac/G. Bergquist, Total - $181 .79 Rx, 1/16, $8.50; ac/L. Codiga, Rx's, 1/14, $12.35; ac/Kris Hanson, Rx's, 1/14, $8.95; ac/P. Henry, Rx, 1/11 , $4.45; ac/G. Hurst, Rx, 12/29, $14.20; ac/G• Hurst, Rx, 12/31 , $13.30; ac/B. Larson, Rx, 1/20, $7.25; ac/T. LaValley, Rx's, 1/21 , $16.39; ac/G. Newton, Rx' s, 1/13, $16.65; ac/B.Phillips, Rx, 1/3, $20.00; ac/J. Rupprecht, Rx, 12/30, $4.35; ac/J. Alexander, Rx, 1/4, $11 .25, 1/13, $33.00, 1/20, $4. 10 Overlake Hospital ac/A. Pringle, Balance, 12/22, $111 .00 Virginia Mason Hospital ac/W. Larson, Reimbursement, Rx, 1/31 , $10.10 Washington Dental Service Billing for January, 1978 - $ 15-86 Total Medical for January - $3,449.65 PENSION PAYMENTS FOR FEBRUARY, 1978 John Alexander $971 .00 John Parks $754.00 Mrs. Enza Anderson $409. 11 Sylvia J. Pringle `682.96 T. K. Anderson $746.50 Karl Strom $746.50 James F. Ashurst $999.50 Franklin L. Todd $ 67.16 Robert Connell $ 76.89 Patrick J. Walsh $151 .35 Charles Goodwin $971 .00 Mrs. Constance Haworth $714.84 Total Pension Payment for February, 1978 - $8,956.97 Jack Haworth $746.50 Gerald Hurst $ 39. 71 Total Expenses for the month - $12,406.62 Floyd Lawrence 5470.83 Mrs. Orpha McDonald $409. 11 CITY OF RENTON - FIR N'S PENSION FWD 3 Statement of Cash and Investments As of January 31, 197$ Current Previous Last Year Last Year Period Period Current Previous 131/78 12/31/77 Period Period I 1/77 21 1 6 Cash $ 248.16 $ 4.14 $ 676.22 25.17 Investments Bank Notes, Etc. 66,300.00 74,930.76 59:548.38 62,748.38 Municipals 95,381.14 95,639.40 1610110.41 163,622.05 Corporate Bonds 3559750.66 355,750.66 355,750.66 355,750.66 Mutual Funds - 2809.588.24 280.588.34 29012§7.14- 2 8 4 Total $798,020.14 $806,909.16 866 $872,708,43, TOTAL CASH AND INVESTMENTS $798,268.30 6806:913.30 1 $867,673-01_1 $872,73L.60 Revenue $ 792.71 $ 12,097.31 $ 4,240.56 $ 9,698.05 Expenditures $ 9,437.71 $ 14,843.41 $ 9,301.15 $ 37,968.89 Investment changes during current report period: 1. Received $258.26 payment on LID 252 Installment Note. 2. Liquidated open statement account in amount of $48,130.76. 3. Sold $26,800.00 "Repo". a 4. Purchased $21,300.00 "Repo" 0 6.506. 5. Purchased $45,000.00 Savings Certificate @ 7.00% to mature March 31. Net Increase or (Decrease) in Investments for the current period --- $(8,889.02). zzs FIREMEN'S PENSION BOARD - Regular Meeting March 14, 1978 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. ; all Board members were in attendance, Councilman Stredicke arriving shortly after the meeting convened. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY RIGGLE, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF FEBRUARY 14 AS WRITTEN. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (Attached) List of monthly bills for February and March pension payments was distributed. Additional bill from Valley General Hospital , over and above insurance cover- age, for retired Fireman John Alexander was presented. It was noted that Fireman Alexander would bring in an itemization of the billing the next day. Itemized statement wasreceived,corrected figure from $526.00 to $512.00. MOVED BY HENRY, SECONDED BY RIGGLE, TO APPROVE THE BILLS AND PENSION PAYMENTS INCLUDING THE VALLEY GENERAL HOSPITAL BILL AND AUTHORIZE WARRANTS DRAWN TO COVER. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS A new form was distributed outlining r,onthly cash and investments and reflect- ing cash flow, investments and monthly activity including sale of $97,600 in "Repos" and purchase of $100,300 in "Repos", the report to be placed on file for record. Councilman Stredicke inquired regarding firemen and other employee experiences with Washington Dental Service plan relating his personal problems, especially in regard to timing of payments. He noted change of carrier, questioning whether the city is getting the best coverage possible for the premiums paid. It was noted that there had been no problems brought forth by the firemen. MOVED BY STREDICKE, SECONDED HENRY, THE MATTER OF DENTAL SERVICE BE REFERRED TO THE ADMINISTRATION FOR INVESTIGATION AND REPORT BACK NEXT MONTH, A SAMPLE POLLING SUGGESTED. MOTION CARRIED. The firemen members were requested to poll the firemen, the Secretary to check with other city employees and to report back. The Secretary advised of an insurance company compairson study conducted by the city not too long ago which reflected present coverage to be the best available at that time, noting also the matter being a union contractual negotiable item, but survey can be conducted for April report. OLD BUSINESS Prior Board action regarding an actuarial study was recalled and the Secretary distributed letter and fee schedule from Milliman & Robertson, Inc. , Consulting Actuaries, which firm prepared the 1975 actuary. The Secretary also called Marsh, McLennan, Inc. and was quoted $2,500 basic fee plus time and computer CITY OF RENTON FIREMEN'S PENSION BOARD March 14, 1978 MONTHLY BILLS FOR FEBRUARY, 1978 John L. Bernier, D.C. ac/K. Strom, Office calls, 2/1-2/22, $33.00 John Alexander ac/J. Alexander, Rein+bursement, Blood and leg brace, $203.75 K's Pharmacy ac/J. Alexander, Rx's 144817, 144818, 211 , $22.30; (Total - $62.75) Rx's 144924, 144925, 144926, $10.45, 2/6, Rx's 144924, 2/11 , $7.10, Rx 145115, 2/15, $5.00, Rx 144924, 2/17, $14.20, Rx 145227, 2/22, $3.70 King County Medical Premium for February - $2,614.50 Group Health Cooperative Premium for February - $36.75 Cornell 's Valley Pharmacy ac/R. Geissler, Rx, 217, $6.35 Stever, L. Jaffe, O.D. ac/R. Bergman,Frame, Lens, Examination, 2/2, $199.50 K's Prescription Pharmacy ac/R. Bergman, Rx, 211 , $11 .75; ac/G. Bergquist, (Total - $160.20) Rx, 2/14, $8.50; ac/R. Connell , Rx, 1/30, $17.45; ac/P. Henry, 2/4, Rx, $19.80; ac/W. Larson, Rx's 1/4, $14.10, 2/13, $15.65; ac/G. Newton, Rx, 1/28, $24.70, Rx, 1/31 , $28.80; ac/K. Parks, Rx's, 2/10, $12.10; ac/J. Rupprecht, Rx, 2/15, $7.35 Overlake Hospital ac/Art Pringle, 12117177, $96.10 Washington Dental Service Premium for February - $615.86 Valley General Hospital ac/J. Alexander, $512.00 Total Medical for February $4,034.76 + $512.00 = $4,546.76 PENSION PAYMENTS FOR MARCH, 1978 John Alexander $971 .00 Gerald Hurst $ 39.71 Mrs. Enza Anderson $409.11 Floyd Lawrence $470.83 T. K. Anderson $746.50 Mrs. Orpha McDonald $409.11 James F. Ashurst $999.50 John Parks $754.00 Robert Connell $ 76.89 Sylvia J. Pringle $682.96 Charles Goodwin $971 .00 Karl Strom $746.50 Mrs. Constance Haworth $714.84 Franklin L. Todd $ 67.16 Jack Haworth $746.50 Patrick J. Walsh $151 .36 Total Pension Payments for March - $8,956.97 Total Expenses for March - $12,991 .93 + $512.00 = $13,503.93 w CITIUE' REry9Y►\ - FIRE? S PENSION FUND CASH A- INVESTMLNT ACTIVITY REPORT As of February 28, 1978 Current Month Previous MonthLast Yr. Current Last Yr. Previous CASH K. IN'VESTMI•NT ACTIVITY 2/28/78 1/31/78 Month 2/28/77 Month 1/31/77 (SASH Neginning Cash Balance . . . . . . . . . . . . . . $ 248.16 $ 4.14 $ 676.22 $ 25.17 ItFC E:I PTS: Revenue . . . . . . . . . . . . . . . . . . . 6,353.31 792.71 4,880.54 4,240.5b < Investments Sold . . . . . . . . . . . . . . . . 97,600.00 75,189.02 59,548.38 220,411.64 1 1►1 SBIXSENKNTS: Expenditures . . . . . . . . . . . . . . . . 13,071.70 9,437.71 11 ,980.41 9,301.15 # 1 Investments Purchased . . . . . . . . . . . . . . 100,300.00 66,300.00 52,900.00 214,700.00 1 LNDI\G CASH BALANCE . . . . . . . . . . . . . . . $ (9,170.23) $ 248.16 $ 224.73 $ 676.22 1'�V ESTMF�1 S Savings Accounts, Repurchase Agreements K Certificates of Deposit . . . . . . . $ 69,000.00 $ 66,300.00 $ 52,900.00 $ 59,548.38 Municipals . . . . . . . . . . . . . . . . . . . . 95,381.14 95,381.14 161,110.41 161,110.41 ? Corporate Bonds . . . . . . . . . . . . . . . . . 355,750.66 355,750.66 355,750.60 355,750.66 Mutual Fundy . . . . . . . . . . . . . . . . . . . 280,588.34 280,588.34 290,587.34 290,587.34 TO"rAL I`1'F.STMEtiTS . . . . . . . . . . . . . . . . $800,720.14 $798,020.14 $860,348.41 $866,996.79 TOTAL CASH & INVESTMENTS . . . . . . . . . . . . $791,549.91 $798,268.30 $860,573.14 $867,673.01 INV`ESTMENT ACTIVITY DURING THE CUIWNT MONTH: 1) Sold $97,600.00 in "Repos". 2) Purchased $100,300.00 in "Repos". 233 IL FIREMEN'S PENSION BOARD Regular Meeting Ll April 11 , 1978 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. The following members were present: C. J. Delaurenti , William Henry, Richard Stredicke, Maxine Motor, Deputy City Clerk, representing Delores A. Mead. Gwen Marshall , Finance Director, was also present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY STREDICKE, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MARCH 14, 1978 AS WRITTEN. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Month y statement was distributed showing the following investment activity: Sold $109,300 in Repos; Sold $45,000 Certificate of Deposit; received $8,340.25 payment on LID 267 installment note and $2,399.34 on LID 265 installment note and purchased $147,600 in repos. MONTHLY BILLS AND PENSION PAYMENTS List of monthly bil s for March and pension payments for April was distributed. Councilman Stredicke inquired regarding use of the fund for payment of medical for all firemen, being advised by Fireman Henry and Finance Director Marshall of the Attorney General Opinion that the Fund could be so used. Henry also explained present payments by Firemen go by law to the LEOFF system. Councilman Stredicke also inquired of verification on prescriptions to avoid any fraud, being advised of precautions used, also that Mayor Delaurenti would talk with several pharmacies regarding procedures. MOVED BY HENRY, SECONDED BY STREDICKE, BOARD APPROVE MONTHLY BILLS AND PENSION PAYMENTS. CARRIED. OLD BUSINESS Coun— chi —man Stredicke called attention to March meeting when sample polling of employees satisfaction with Washington Dental was requested. It was determined the matter would be discussed next month when Clerk Secretary Del Mead would be present. NEW BUSINESS Memo from Joan Pringle, Finance Department re LEOFF Retiree's Pension adjustments (Fire Uniform) effective 4/1/78, was discussed with Finance Director Gwen Marshall . The letter listed percentage increases given by the LEOFF system for those retiring under the LEOFF system with pensions adjusted accordingly: MIA Retirements 3/1/70 through 4/1/76 ----7.96% Retirements 4/2/76 through 12/31/76--13.99% Retirements 1/1/77 through 4/1/77---- 7.96% The letter further stated that if the current pension (under old pension system RCW 41 .18 exceeds that paid by LEOFF, the retiree is entitled to receive the difference Z34 Firemen's Pension Board Regular Meeting - April 11 , 1978 Page 2 which is paid from the Firemen's Pension Fund. (Gerald Hurst does not receive any payment for April ; LEOFF exceeds his City pension. ) The letter further noted that pension adjustments per Firefighters Local 864 contract settlement would be effected when contract is finalized. MOVED BY HENRY, SECONDED BY MOTOR, THE BOARD CONCUR WITH PENSION ADJUSTMENTS AS GIVEN. CARRIED. As there was no further business to come before the Board, it was MOVED BY STREDICKE, SECONDED BY HENRY, MEETING ADJOURN. CARRIED. Meeting adjourned at 4:35 p.m. �� "i_,.f� �'t yam- � _ / �C•-r`-��'"-'f.- Maxine E. Motor, Deputy City erl— Secretary Pro tem, FPB MEM:j t i `1,35 CITY OF RENTON FIREMEN'S PENSION BOARD r.. April 11 , 1978 MONTHLY BILLS FOR MARCH, 1978 A & H Drugs ac/R. Beatteay, Rx's, 2/21 , $4.00, 3/1 , $12.80, Total -- $38.55 3/6, $6.95; ac/R. Bergman, Rx, 2/1 , $7.40; ac/J. Colombi , 3/7, $4.00; ac/J. Rupprecht, 2/9, $3.40 Austin' s Pharmacy ac/D. Walsh, Rx, 2/7, $2.65, 2/28, $5.65; ac/T. K. Total - $18.50 Anderson, 2/27, Rx, $10.20 John L. Bernier, D.C. ac/K. Strom, Office Calls, 3/15 & 3/22, $22.00 Total - $22.00 Group Health Medical Premiums for March, 1978, $41 .00 Steven L. Jaffe, O.D. ac/K. Hanson, Glasses, $85.00 K' s Pharmacy ac/J. Parks, Rx's, 3/2, $21 .44; ac/J. Alexander, 3/1 , Total - $49.69 $4.95, 3/9, $16.20, 3/14, $7. 10 K' s Pharmacy ac/C. Ankeny, 3/8, Rx's, $6.20; ac/G. Bergquist, 2/27, Total - $163.50 R8.50, 3/14, $4.20; ac/C. Coffin, 2/27, Rx's, $5.40; ac/W. Henry, 3/9, Rx's, $18.25, 3/16, $5.05; ac/W. Larson, Rx, 2/27, $4.55, 3/13, $13.60; ac/T. LaValley, Rx's , 2/27, $20.80; ac/K. Parks, Rx, 3/10, $12.10, +r 3/27, $8.20; ac/B. Phillips, 3/8, Rx's, $16.10; ac/A. Pringle, Rx, 2/28, $3.60, 3/13, $6.45; ac/James Rupprecht, Rx, 3/2, $5.15, 3/10, $12.35; ac/K. Walls, 3/3, $6.50, 3/22, $6.50 King County Medical Premiums for March, 1978, $2,614.50 Washington Dental Service Premiums for March, 1978, $615.86 Total Medical for March, 1978 - $3,648.60 PENSION PAYMENTS FOR APRIL, 1978*(See Memorandum on Adjustments to Pension Payments) John Alexander $971 .00 Mrs. Orpha McDonald $409.11 Mrs. Enza Anderson $409. 11 John Parks $754.00 T. K. Anderson $746. 50 Sylvia Joan Pringle $682.96 James F. Ashurst $999. 50 Karl Strom $746.50 Robert Connell *$ 5. 72 Franklin L. Todd *$ 13.68 Charles Goodwin $971 . 00 Patrick J. Walsh *$ 86.12 Mrs. Constance Haworth $714.84 Jack Haworth $746.50 Floyd Lawrence $470.83 Total Pension Payments for April - $8,727.37 low Total Expenses - $12,375.97 t I"I C1 T'1 OE RL%TON - t'IR MN'S Ptti'�,10% F'I;tiU Q�+t CASH k- IWE:STWN7 ACT I l l 1'1" RE:P41RT M Ari of MARCH 31, 1978 .1 1 Current Month Previous Month Last. Yr. Current Leat. Yr. Prt-vious i CASH & INVESTMENT ACTIVITY 3/31/ 78 2/28/78 Month3/31/77 Month 2/28/77 e CBeginning Cash Balance . . . . . . . . . . . . . $ C9, 170 . 23) $ 248. 16 $ 224. 73 $ 676. 22 1 e RECEIPTS: Revenue . . . . . . . . . . . . 5, 944- 39 6, 353 - 31 7, 599 . 59 4, 880 . 54 Investments Sold . . . . . . . . . . . . . . . . 165, 039 - 59 97, 600 . 00 104, 985. 26 59, 548. 38 = D I SBUMSFXM'f S: t Expenditures . . . . . . . . . . . . . . . . . . 13, 612 . 09 13, 071 . 70 12, 030 . 33 11, 980 . 41 Investments Purchased . . . . . . . . . . . . . . 147, 600 . 00 100, 300 . 00 99, 500 . 00 52, 900 . 00 # ,E ENDING CASH BALANCE . . . . . . . . . . . . . . . $ 601 . 66 $ (90170. 23) $ 1, 279 . 2 5 $ 224. 7 3 t T INVESTMENTS ! Savings Accounts, Repurchase Agreements do Certificates of Deposit . . . . . . • $ 62, 300 . 00 $ 69, 000 - 00 $ 79, 500 . 00 52, 900. 00 Municipals . . . . . . . . . . . . . . . . . . . . 84,641 . 55 95, 381 . 14 130, 025 . 15 161, 110. 41 Corporate Bonds . . . . . . . . . . . . . 355, 750 . 6 6 355, 750. 66 355, 750 . 66 355, 750. 66 Mutual Funds . . . . . . . . . . . . . . . 280, 588- 34 280, 588- 34 290, 587 - 34 290, 587 - 34 TOTAL INVESTMENTS . . . . . . . . . . . $783, 280 . 55 $800, 720 . 14 $ 855, 863 . 15 $ 860, 348. 41 TOTAL CASE do INVES"ll"iTS $7 83, 8 8 2 . 21 $791, 549. 91 $ 857, 142 . 401 $ 860, 513 . 14 `INVESTMENT ACTIVITY DURING THE CURRENT MONTH: 1 . SOLD $109, 300 . 00 IN REPOS 2 . SOLD $45, 000 . 00 CERTIFICATE OF DEPOSIT 3 . RECEIVED $8, 340 . 25 PAYMENT ON LID 267 INSTALLMENT NOTE AND $2, 399 . 34 ON LID 265 INSTALLMENT NOTE 4. PURCHASED $147, 600 . 00 IN REPOS 237 FIREMEN'S PENSION BOARD Regular Meeting May 9, 1978 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Fireman The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. All Board Members were present except William Henry who had reported inability to attend and Alternate Ray Barilleaux on duty and not free at this time. MINUTE APPROVAL MOVED BY MEAD, SECONDED BY RIGGLE, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF APRIL 11 , 1978AS WRITTEN. CARRIED. CORRESPONDENCE Report was distributed by Secretary Mead in response to Board request for sampling survey among city employees in regard to satisfaction with the Washington Dental Services coverage. Overall general satisfaction with the coverage was reported; slow payment, extensive paper work and proposed additional coverage were among the half-dozen comments offered. Fireman Member Riggle advised poll among firefighters also indicated general satisfaction. MOVED BY STREDICKE, SECONDED BY RIGGLE, TO ACCEPT THE REPORT AND TO CONTINUE PRESENT COVERAGE WITH WASHINGTON DENTAL SERVICES. MOTION CARRIED. (Report attached) Letter from Del Mead, Secretary, advised of need for the Board to adjust retirement and widow pensions per RCW 41 .18.104 to provide annual cost of living increases for Floyd Lawrence, Mrs. Enza Anderson, Mrs. Constance Haworth, Mrs. Orpha McDonald and Mrs. Sylvia Joan Pringle to be based on the Seattle Consumer Price Index for the previous year. The U.S. Bureau of Labor Statistics issues its quarterly reports in February, May, August and November; thus it is necessary to compute the increases by special formula which this year is amount of 8.64% to be effective with the July payment. Total monthly costs of the pension increases, $160.05. The Board was requested to take action at this meeting in order to give the Finance Department adequate lead time. MOVED BY RIGGLE, SECONDED BY MEAD, TO GRANT THE 8.64% INCREASE TO PENSIONERS AS LISTED, EFFECTIVE JULY 1 , 1978. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (Attached) Monthly statement was distributed reflecting investment activity as follows: sold $243,800 in Repos; received $4,972.25 payment on LID installment note; purchased $220,500 in Repos and purchased $19,600.00 O 7.375% to mature August 1 . MONTHLY BILLS AND PENSION PAYMENTS (Attached) The Board was advised that the May pension payments did not include increases effected MIA by the escalator clause since the new fire contract has not been signed as yet. Authorization was requested to adjust the May payment in event the contract is signed in time to become effective May 16, 1978. MOVED BY RIGGLE, SECONDED BY MEAD, TO AUTHORIZE THE ADJUSTMENT UPON CONTRACT EXECUTION AS REQUESTED. MOTION CARRIED. Chairman Delaurenti reported checking re prescription drug billings and being advised by K's Prescription Pharmacy that all bills filed contained only prescriptions ordered 238 Firemen's Pension Board Regular, Meeting of May 9, 1978 Page Two MONTHLY BILLS AND PENSION PAYMENTS (Continued) "by --A physician and tfwt each is verified. In ensuing discussion, it was noted that prescription eyeglasses lens are paid for in full by the Pension Fund, the frames limited to $35-00. MOVED BY MEAD, SECONDED BY kIGGLE, TO APPROVE THE CURRENT BILLS AND PENSION PAYMENTS AS LISTED AND AUTHORIZE WARRANTS DRAWN To COVER. MOTION CARRIED. As there was no further business to come before the Board, the meeting was adjourned at 4:30 p.m. Delores A. Mead, 'City C;�-'Seecretary Renton Firemen's Pension Board DAM:jt CD CITY OF RF.'70N — FIRP2*N'S PENSION FM Cr CASH et_ INVE:STMOiT ACTIVITY REPORT C1-z As of APRIL 30, 1978 Current Month Previous Month Last Yr. Current Last Yr. Previous CASH & INVESTMENT ACTIVIn 4/30/78 3/31 /78 Month 4/30/77 Month 3/31/77 CASH Beginning Cash Balance . . . . . . . . . . . . . . $ 601 . 66 $ (9, 170 . 23: $ 279. 25 $ 224. 73 RECEIPTS: Revenue . . . . . . . 3, 234. 66 5, 944- 39 3, 292 . 09 7, 599 - 59 Investments Sold . . . . . . . . . . . . . . . . 248, 772 . 25 165, 039- 59 8, 522 . 22 104,985. 25 D I SBLRSD(ViTS s Expenditures . . . . . . 12, 379. 34 13, 612 . 09 11, 866. 19 12, 030. 33 Investments Purchased . . . . . . . . . . . . . . 240, 100 . 00 147, 600 . 00 102 . 22 99, 500. 00 ENDING CASH BALANCE . . . . . . . . . . . . . . . $ 129 . 23 $ 601 . 66 $ 125 . 15 $ 1 , 279. 25 INVESTMENTS Savings Accounts, Repurchase Agreements & Certificates of Deposit . . . . . . . $ 58, 600 . 00 62, 300 . 00 78, 302 . 22 79, 500 . 00 Municipals . . . . . . . . . . . . . . . . . 79, 669 . 30 84, 641 - 55 122, 802 . 93 130, 025 . 15 Corporate Bonds . . . . 0 0 . . . . . . . 355, 750. 66 355, 750 . 66 355, 750 . 66 355, 750 . 6 Mutual Funds . . . . . . . . . . . . . . . . . . 280.0588- 34 280, 588- 34 290P587 - 34 290,587 . 3 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . 774,608 . 30 783, 280 . 55 847,443 . 15 855, 863 . 1 ' TOTAL CASH & INVESTMENTS $ 774, 737, 53 $ 783,882 . 21 $ 847, 568- 30 $ 857 , 142 . 4 INVESTMENT ACTIVITY DARING THE CURRENT MONTHS 1 . SOLD $243, 800. 00 IN REPOS 2 . RECEIVED $4, 972 . 25 PAYMENT ON LID 271 INSTALLMENT NOTE 3 . PURCHASED $220, 500 . 00 IN REPOS 4. PURCHASED $19, 600 . 00 CERTIFICATE OF DEPOSIT @ 7 . 375% TO MATURE AUGUST 1 240 CITY OF RENTON FIREMEN'S PENSION BOARD May 9, 1978 MONTHLY BILLS FOR APRIL, 1978 Allergy Clinic - James E. Stroh, M.D. ac/G. Bergquist, Injections, 2121 , 2/23, 4/5, 31 .00 Heath Bldg. Radiologists ac/John Alexander, 5/2, $55.00 Cornell 's Valley Pharmacy ac/R. Geissler, Rx, 4/7, $6.35; ac/D. Riggle, (Total - $25.15) Rx, 4/6, $7.10; ac/T. Hall , Rx's, 4/8, $11 .70 James H. Hartwig, M.D. ac/D. Riggle, Injections, 416, $6.00 K's Pharmacy ac/G. Bergquist, Rx's, 3/28, 4/24, $8.50, $8.50; (Total - $116.94) ac/R. Connell , Rx's, 4/12, $20.65; ac/W. Henry, Rx. 4/12, $5.05; ac/W. Larson, Rx's, 4/12, $17.8011 ac/T. LaValley, Rx's, 4/10, $16.39; ac/K. Parks, Rx, 4/6, $3.10; ac/K. Walls, Rx's, 4/3 & 4/11 , $6.80; ac/B. Phillips, Rx's, 4/18, $21 .70; ac/K. Walls, Rx's, 4/21 , $8.45 K's Pharmacy ac/d. Alexander, 4/16, 4/24, 4/17, Rx's, $115.55; King County Medical Premium,,, for April , 1978 - 12,614.50 ORN Group Health Medical Premiums for April , 1978 - 14 .00 L&M L_ Renton Optical Co. ac/Ray Barilleaux, Frames and lenses, 4/13, $72.89; (Total - $156.29) ac/M. C. Walls, 4/12, Frames and lenses, $83.40 Kenneth A. Walls Reimbursement, Back Brace, 140.69 Washington Dental Service Premiums for April , 1978 - 615.86 Total Total Medical for April , 1978 $3,717.98 PENSION PAYMENTS FOR MAY, 1978 John Alexander $971 .00 Floyd Lawrence $470.83 Mrs. Enza Anderson $409.11 Mrs. Orpha McDonald $409.11 T. K. Anderson $746.50 John Parks $754.00 James F. Ashurst $999.50 Sylvia Joan Pringle $682.96 Robert Connell $ 5.72 Karl St-om $746.50 Charles Goodwin $971 .00 Franklii L. Todd $ 13.68 Mrs. Constance Haworth $714.84 Patrick J. Walsh 86.12 Jack Haworth $746.50 Total Pension Payments for May, 1978 - $8,727.37 CHARIER 116, LAW6 OF 1966) Total Expenses $12,445.35 CITY OF RENTON CERTIFICATION I. THE UN[)FRS1jJNrr) PENALTY OF Do HERFOY CERTIFY ANDERa PERJURY, THAT THE MATERIALS. IJAVi- Lt.N FURr4ISHLC, LAUOR pLq ' THE (JR THE , fOpME D AS OLS,-NJr3t1) HrpElr4. THE CLAIM IS A AND 7HAT AGA INS I rfu DUC ANO JoNp�A" ()i4UGAT!ON Alit"vRIZ (�F IIENFON, ANU- IIIAt I AN-, tD 10 AUII;F�rq ;ATC AND -'AID CLAIM OUNTIFY 1-0 SIQNf D- —el 241, REPORT TO THE. FIREMEN'S PENSION BOARD ON WASHINGTON DENTAL SERVICES COVERAGE May 9, 1978 low Department No. Responding Comments City Clerk 3 Three employees satisfied, one never used. Building 10 All satisfied with coverage Data Processing 3 All satisfied with coverage Finance 5 Three reported satisfied with coverage, two never used. Hearing Examiner 2 No problems, would like increased coverage on items less than 80% coverage, i .e. extractions. Mayor's Office 3 One satisfied, one has no commient other than does the Pension Board have better plan? One replied they were very slow in paying, several months in some cases, also, too many limitations & deductions, less than $500 paid on $1 ,300 bill @ 90% coverage. Parks On scale of fair to excellent, service rated good. Personnel 2 Satisfied. Planning 8 Four indicate coverage adequate and are satisfied; one protests paperwork required with each claim feeling Social Security and identifying number already on file at Washington Dental ; one never used and two would like better dependent coverage. Design Engineering 10 Eight satisfied with coverage, one not happy, two feel there is room for improvement. Traffic Engineering No complaints Utilities 3 Personnel generally satisfied. Library 7 Six satisfied with coverage, one not satisfied. Would like coverage on crowns - cosmetic, ortho- dontia and bridgework. Delores A. Read, City Clerk Secretary - Firemen's Pension Board 2A!2 FIREMEN'S PENSION BOARD Regular Meeting June 13, 1978 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Fireman The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. All Board Members were present except Fireman David Riggle; Maxine Motor attended for Delores A. Mead. Gwen Marshall , Finance Director was also present. MINUTE APPROVAL MOVED BY HENRY, SECONDED BY STREDICKE, TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF MAY 9, 1978 AS WRITTEN. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Monthly statement was distributed reflecting investment activity as follows: sold $227,400 in Repos; received $656.91 payment on LID installment note; sold $5,300 of bonds; purchased $203,200 in Repos; purchased $15,000 @ 7.17% to mature June 30, 1978, and purchased $26,700 @ 7.33% to mature July 31, 1978. Councilman Stredicke inquired as to interest paid on last LID and whether or not the Board could earn more interest by financing LID's; being advised by Finance Director Marshall of 7% interest and that LID financing would be long term, whereas that shown on statement is short-term 60 to 90 days. Upon further inquiry, Mrs. Marshall explained the stocks and bonds are investments with Dean Witter; while cash is invested by the Finance Department. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) Upon inquiry, Finance Director Marshall noted medical and dental payments are higher than a year ago. *The Board Members requested the Monthly Bills Statement snow figures of one year ago. Fireman Henry noted. 30% increase in medical costs. MOVED BY HENRY, SECOND MOTOR, CURRENT BILLS AND PENSION PAYMENTS BY APPROVED FOR PAYMENT. CARRIED. CORRESPONDENCE Letter from the Finance Department was distributed outlining retroactive pension increases including 9.3% retroactive to January 1, 1978 per Fire Local Contract Arbitration and longevity increase for nonrepresented pensioners. See attached report. MOVED BY HENRY, SECOND MOTOR, THE BOARD APPROVE PAYMENT OF RETROACTIVE SALARY AND LONGEVITY PENSION INCREASES ACCORDING TO STATEMENT FROM THE FINANCE DEPARTMENT. Discussion ensued regarding pensions dependent upon Battalion Chief salary, the position bow is vacant; Councilman Stredicke suggested possibility of changing State law requirement. MOTION CARRIED. 43 Firemen's Pension Board Regular Meeting of June 13, 1978 Page Two OLD BUSINESS .. Actuary report was discussed; all material having been sent to firm. As there was no further business to come before the Board, the meeting was adjourned at 4:50 p.m. Maxine E. Motor, Deputy City Clerk-Secretary Renton Firemen's Pension Board *See page two monthly statement of Bills and Pension Payments for 1977 monthly totals. r.. CITY OF RLNTON - VIRL119-'N'S PENSION WND CASH & TWEI.STMENT ACTIVITY REPORT As of MAY 31 , 1978 Current Month Previous Month Last Yr. Current Last Yr. Previous CASH [WESTMI~?vT ACTIVITY MAY APRIL Month t1AY Month APRIL CASH Beginning Cash Balance . . . . . . . . . . . . . . $ 129 . 23 $ 601 . 66 $ 125 . 15 $ 279. 25 RECEIPTS: Revenue . . . . . . . . . . . . 27,338 . 82 3, 234 . 66 22, 37 . 44 3 29 . 09 ''� Investments Sold . . . . . . . . . . . . . 233, 356 . 91 248, 772 . 25 10, 030 . 40 8, 522 . 22 131 tiBI�RSM.NENTS: Expend tures . . . . . . . . . . . . . . . . . . 15, 775 . 28 12, 379 . 34 11 , 929 . 38 11, 866. 19 lnvc•atmc•nt y I'circhasFd 244, 900 . 00 240 100 . 00 201800 . 00 102 . 22 hN. DING ('AtiH HALANCE . . . . . . . . . . . . . . . $ 149 . 68 $ 129 . 23 $ 163 . 61 $ 125 . 15 1 NV FSTWNT S Savings Accounts, Repurchase Agreements Ac Certificates of D*,posit $ 76, 100 . 00 $ 58, 600 . 00 $ 90, 002 . 22 $ 78, 302 . 22 Municipals . . . . . . . . . . . . . . . . . . . . 79, 012 . 39 79p669 . 30 121 , 872 . 53 122, 802 . 93 Corporate Bonds . . . . . . . . . . . . . . . 350, 450 . 66 355, 750 . 66 355, 750 . 66 355, 750 . 66 Mutual Funds . . . . . . . . . . . . . . . . . . • 280, 588 . 34 280, 588 . 34 290 , 587 - 34 290, 587 . 34 POTAL INVESTMNTS . . . . . . . . . . . . . . . . 786, 151 . 39 774, 608 . 30 1 858, 212 . 75 847, 443 . 15 TOTAL CASA & INVESTMENTS . . . . . . . . . • • • • $786 - 301 - 07 $774, 737 . 53 $ 858 , 376 - 36 5 847, 568 - 30 INVEsTMI TIT ACTIVITY DURING Tm: t'I JtIt NT MONTH: \` 1 . SOLD $227, 400 . 00 1N REPOS ' 2 . RECEIVED $656 . 91 PAYMENT ON LID # 264 INSTALLMENT NOTE 3 . SOLD $ 5,300 . 00 OF MICHIGAN-WISCONSIN PIPELINE BONDS 4. PURCHASED $ 203, 200 . 00 IN REPOS 5 . PURCHASED $ 15,000 . 00 CERTIFICATE OF DEPOSIT @ 7 . 17% TO MATURE 6/30/ 78 6 . PURCHAcED $26, 700 . 00 CERTIFICATE OF DEPOSIT @ 7 . 33% TO MATURE 7/31 / 78 N 245 CITY OF RENTON FIREMEN'S PENSION BOARD JUNE, 1978 MONTHLY BILLS FOR MAY, 1978 A&H Drugs ac/B. Beatteay, Rx's 4/17, 5/17 $6.95, (Total $37.80) $17.35; a/c J. Colombi 4/19, 5/17 $3.95, $5.45; a/c Wm. Furlong Rx 4/20 $4.10 Austin's Pharmacy a/c David C. Walsh, 5/10, Rx's , $14.85 Richard K. Baker, D.C. a/c Price treatments 1-10 to 4-5, $12.00 Bartell Drugs a/c N. Vacca Rx 2/28, $5.15 Cornell ' s Vallee Pharmacy a/c R. Barilleaux, Rx 5/5, $15.75; a/c Green a Jackson Jr-�q C:� , ;i iia .-s , Rx' s 5/� , y2�. 35; Walla 'Walla , 'Wa . c 6 4i1 ars, Rx's 5/30, $95.00. Steven L. Jaffee, O.D. a/c G. Nichols, examination 5/2, $29.00; (Total $116.70) a/c K. Parks, examination 5/9, $87.70. K's Pharmacy (Total $68.08) a/c R. Bergman, Rx 5/5, $7.20; a/c G. Berquist, Rx 5/19, $8,50; a/c R. Connell , Rx 5/22, $3.95; a/c W.Henry, Rx 5/2, $8.45; a/c G. Newton, Rx 5/11 , $9.78; a/c K. Parks , Rx 5/5, $14.95; a/c K. Parks, Rx 5/18, $3.15; a/c J. Robison, Rx's 5/4, $12.10 Navratil Chiropractic Clinic a/c T. LaValley, Chiropractic services 8/23 - 12/23/77, Balance $228.00 Skagg Drug Center a/c K.R. Packs , Rxl03Ol , 3/16, $5.89 Valley General Hospital a/c T. LaValley, Physical Therapy, 12/21 - 12/30-77, $29.50 Total Medical for May , 1978 - Page 1 $667.47 CHARTER 116, LAWS OF 1965 CITY OF RENTON CERTIFICATJON .r Pf t'l ill li Yet pCr r'Ht, Ir{A!. {F 1<<i� IIA-.: RFI N i r.•. ikfi tai r^.! }y A .t: 1, { ,.. r i1�aF.l,i1 :I'LL AT S/"l At,A+'.° I f1i; .I t ,,i ;�� �;i .h. AN�� IHAT 1 AAA AUTHI1R,,tU TV AUf!•ICir AND Gtkitry TO tiAi i CLAIM ,4.L �4-66 FIREMEN'S SION BOARD -2- JUNE, 1978 MONTHLY BI FOR MAY, 'd) Austin's Fi— macy a/c T.K.Anderson, Rx 5/2, $10.20 John L. Be er, D.C. a/c K. Strom - office calls, May $55.00 John L. Be� ;er, D.C. a/c K. Strom - Office calls , April $33.00 Fairwood F macy a/c Gary Dawkins, Rx 89993, 5/2, $5.65 Group Heal Medical Premiums for May, 1978 - $41 .00 Heath Buil ' ig Radiolog; a/c John E. Alexander, Treatment 5/2/78 - $55.00 K's Pharma a/c John Alexander, Rx 5/22/78, 5/2/78 - $21 .50 King Count ledical Premiums for May, 1978 - 2,614.50 King Count ledical - B1 1 a/c Greg Berquist - Reim- bursement for subscriptions not covered by King County - $26.60 Renton Chir 'nractic Clir Roger L. Wf ':e, D.C. a/c K. McInnis - Treatments 12/1/77 to 5/22/78 - 126.00 Standring t -iorial Ostecr ithi ►los I.al a/c G. Newton - Treatments 1/27, 1/28 - $25.50 Paul M. Tu, Fers , M.D. a/c K. McInnis - Treatments 3/6/78 to 5/12/78 - $18.00 Valley Gent 0 Hospital a/c Greg A. Berquist, Treatment (Total - 3.50) 3/10/78 to 3/14/78 - $196.00 a/c John Alexander - Lab Tests 5/17 - $17.50 Washington Mental Service Premiums for May, 1978 - $615.86 Total Media l for May, 1978 - Page 2 $3,861 .31 24-7 FIREMEN'S PENSION BOARD -3-- JUNE, 1978 - PENSION PAYMENTS FOR JUNE, 1978 John Alexander $1 ,111 .00 Mrs. Enza Anderson $ 409.11 T. K. Anderson $ 839.00 James F. Ashurst $1 ,048.00 Robert Connell $ 145.72 Charles Goodwin $1 ,111 .00 Mrs. Constance C. Haworth $ 714.84 Jack Haworth $ 839.00 Paul J. Henry $ 8.16 Gerald Hurst $ 83.85 Floyd Lawrence $ 470.83 Mrs. Orpha McDonald $ 409.11 John Parks $ 855.00 Sylvia Joan Pringle $ 682.96 Marvin L. Sherertz $ 634.95 Karl Strom $ 839.00 Franklin L. Todd $ 97.68 Ernest J. Tonda $ 168.62 Patrick J. Walsh $ 226.12 Total Pension Payments for June, 1978 - $10,693.95 Total Medical for May, 1978 - $ 4,528.78 r... Total Expenses - $15,222.73 Total Pension Payments for June, 1977 $8,853.70 Total Medical for May, 1977 $2,636.30 Total Expenses (1977) $11,490.00 X u r 249,. - - - M E 4 0 R A N D U M TO: FIN1:2N&,N'S PF'NSION BOARD DAI'F: fLZ'E 6, 1978 FROM: FINANCE DEPARTMI ENT Sli BJ: RKYROAC T VE PLNS ION PAYM N'T S The Fire Local 864 Union Contract was signets and became effective May 16, 1978. A 9.31 salary increase was granted per Arbitration, retroactive to January 1, 1978. A longevity increase was also granted, effective May 16, 1978. I'he foregoing increases apply to the positions of Fire Fighter through Captain; Battalion Chien posirion (not represented by Union Contract) received a 5% salary increase and no loth„tvity increase. Retroactive pension amounts will be issued to retirees in a special check, claims run of June 12, 19;8. Following is a list of retirees and retroactive pension payments due: RPA IR D HEYORF: LF:IWi ' SYSTtN TN EFFECT: City- F•`iremen's Pension Fund pays applicable percentage of current rank's salary-. RE`l'R,OACTIW PENSION PUTE PERIOD OF IZ1 - 5/jl/7 John Alexander (Captain) -------------_______._ _ $463.75 I'. K. Anderson (Fire Fighter) 350.00 Jame-, Asht}rst (Asst. Chief; Pension cannot exceed Battalion Chief) - 242.50 Chstles tmtodwin (Captain) 463.;'5 Pack Haworth (Fire Fighter) 350.00 John Park: (F ire Fighter'j ____-_---- _ ----- 354.25 Karl >t r�yrs (Fire Fighter� ------------ ------ "" '-- ___U 00 1'0'1'AL RETR.OACTIVF; 1'FN'SION DUE/R1;T1RFYS BEFORE LLOFF S2,574. 25 RET 111H) I NISI R LEOF SYSTEM: City Firviatr)' s Pension Fund pays difference ( if City Pension exceeds LEOFF' Pension). Rona 1<i 13 t rgman !1;'i re F i Th t e r} ------------- ------- -- - $ -0- Robert Connell .�Captain ------------------ w-- ----- _w�.m y o _--. 463.75 Paul Henry (Fire Fighter) - ------- ""'—� 133. 11 t l q•r i l 1 d 1{u r s t (Fire Fighter) ___._._.�__._—.�.-.._...._.- ----.-�-.�:-•..------- 319.95 Htst•Niri Shelcrte (Battalion Clrief) -------_-- -- --- -0- Leiiof str s t h ' Fire Fighter) - ------- -�- --- -0- Ir:111k lodd ir'irt• Fighter) ------- ----- _----- 345. 5 Ernt>-1 Tonda (Captain) --_____ __ - __ _ - .531.''-':► Pa t r 1 C k 1.;A l sh (Cup t a i n) ...___., .___ 4615-75 M.C, i+1t1 !> (Chief; City Pension cannot exceed Battalion Chief) -- -0- Ge ,rg 4: iiams (Chief; City Pension cannot exceed Battali4 C'hi.ef) -0- MI_L RETROACTIVE PINSION DUOY.OFF RE'I'mu-S - $2,275"1 .56 �a} CUA\0 .OTAI. ALL KFI'ROACTIVE PF: 'SION PAYVNITS -- $4 831 61 .a ,2,�A / FIREMAN'S PENSION BOARD Regular Meeting July 11 , 1978 BOARD MEMBERS Charles J . Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Fireman The regular meeting of the Fireman' s Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. Fireman David Riggle was absent on vacation as well as Alternate Board Member, Fireman Ray barrileaux. MINUTE APPROVAL Minutes of the previous meeting of June 13, 1978 were read. MOVED BY MEAD, SECONDED BY HENRY, TO APPROVE THE MINUTES. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Investment report was distributed reflecting the following investments: 1 . Sold $59,300.00 in repos 2. Received $539.82 payment on LID #268 installment note 3. Purchased $45,100.00 in repos Monthly report will be filed for record. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Report) Finance Department billing in sum of $743.98 was noted for investment, accounting and clerical services from January 1 , 1978 through June 30, 1978. Attention was also called to pension and medical payment comparisons for months in the prior year as requested at last month' s board meeting. MOVED BY STREDICKE, SECONDED BY HENRY TO ACCEPT THE REPORT AND APPROVE PAYMENT OF THE BILLS AND PENSIONS AS PRESENTED. MOTION CARRIED. OLD BUSINESS Secretary Mead reported the actuarial is well along in progress; that current investment details have been forwarded with 6/30/78 cut-off date and actuarial is now being compiled as of that date. NEW BUSINESS Board Member Henry questioned content of the written examination for Battalion Chief as to applicability of the questions to the duties of the position. In discussion it was noted this is a management position and that the new exam was the result of firefighters ' dissatisfaction with the previous test. Board Member Stredicke requested that the monthly statement of medical bills and pension payments, in addition to monthly prior year cost comparisons, also included total calendar year costs for the previous year and a breakdown between pensions paid to LEOFF members and retirees under the old pension fund. i " a S'o ireman's Pension Board egular Meeting of July 11 , 1978 age Two ks tnere was no further business to come before the board it was MOVED BY 3TREDICKE, SECONDED BY HENRY TO ADJOURN. MOTION CARRIED. THE MEETING WAS ADJOURNED AT 4:2a PM. Delores A. Mead,' City CLerk t � t C I'V'Y OF RFNTW% - F 1 RINKN'S PKNS I ON F17ND CASH r: F N,%'F;ST*Lyr ACTIVITY REPORT As of JUNE 30 , 1y78 Currant Mmith Previous Month hast Yr. Current I,avt Yr. Previous CASH � INVKSTMFNr ACTIVITY JUNE MAY Month JUNE Month MAY CASH Beginning Cash Balance . . . . . . . . . . . . $ 149 . 68 $ 129 . 23 $ 163 . 61 $ 125 . 15 FLEE E I PTS: Reef• ntw . , . . . . . 5, 552 . 65 27, 338 . 82 5, 032 . 70 22, 737 . 44 IIIvestment Sold . . . . . . . . . . . 59, 839 . 82 233, 356 . 91 13, 060 . 48 10, 030 . 40 D I SBI SRW-%NT`: Expend tures . . . . . . . . . . . . . . . . 20, 054 . 54 15, 775 . 28 12, 012 . 22 11 , 929 . 38 Intcytrnnt y Purchased . . . . . . . . . . . . . . 45, 100 . 00 244, 900 . 00 6, 100 . 00 20 , 800 . 00 ENDING CASH BALANCE: , . . . . . . . . . . . . . . $ 387 . 61 $ 149 . 68 S 144 . 57 S 163 . 61 Sw, inks Accounts, Repurchase Aureew-rats r: Certificates of Deposit . . . . . . . $ 61 , 900 - 00 $ 76, 100 . 00 $ 86, 902 . 22 S 90, 002 . 22 Municipals . . . . . . . . . . . . . . . . . . . . 78, 472 . 57 79, 012 . 39 118, 012 . 05 l 21 , 872 . 53 Corporate Bonds . . . . . . . . . . . . . . . . • 350, 450 . 66 350, 450 . 66 355, 750 . 66 355, 750 . 66 Mutual hinds . . 280, 588 . 34 280, 588 . 34 290, 587 . 34 290, 587 . 34 TOTAL INX'F:STMFNTS . . . . . . . . . . . . . • • • $ 7 7 1 4 1 1 . 57 $ 786, 1 5 1 . 39 $ 8 5 1 . 252 . 2 TOTAL CASH & INNESTMENTS . . . . . . . . . . . $ 771, 799 . 18 $786, 301 . 07 S 851 , 396 . 84 $ 858 376 . 36 1%�'ES'1WNT ACTIVITY Dt1RING nu,' CIIRR.ENT MONTH: 1 . SOLD $59, 300 . 00 IN REPOS 2 . RECEIVED $ 539 . 82 PAYMENT ON LID # 268 INSTALLMENT NOTE 3 . PURCHASED $ 45, 100 . 00 IN REPOS �M I FIREMENS ' PENSION BOARD JULY , 1978 MEDICAL BILLS FOR JUNE, 1978 INV# CORNELL' S VALLEY PHARMACY 1887 BARRILEAUX $ 6. 30 1877 GEISSLER 6. 35 1885 HALL 5. 75 3055 HALL 6. 00 3037 RIGGLE 4. 40 3250 RIGGLE 4. 40 3033 WALSH 17. 30 $ 50. 50 CHARLES C. CULLEN CO. 66240 SHERERTZ $25. 83 $ 25. 83 K' S PHARMACY 103752 ANDERSON $11. 30 103757 ALEXANDER 21. 35 104520 ALEXANDER 10. 05 104638 ALEXANDER 13. 26 103860 BERGMAN 7. 20 104546 BERGQUIST 8. 50 104568 BERGQUIST 10 . 30 103753 CONNELL 35. 40 103883 LARSON 16. 55 104601 PARKS 11. 77 104550 PHILLIPS 21. 70 103873 RUPPRECHT 3. 75 104675 RUPPRECHT 8. 35 104538 WALLS 8. 75 $188. 23 ;MEDICAL PREMIUMS FOR JUNE, 1978 GROUP HEALTH MEDICAL $ 41. 00 KING COUNTY MEDICAL 2614. 50 WASHINGTON DENTAL SERVICE 615. 86 $3271. 36 .rl TOTAL MEDICAL COSTS FOR JUNE, 1978 $3535. 92 FINANCE DEPARTMENT I^,�VESTMEN`i , ACCOUNTING $ 743. 98 �I�ID C+,ERICA. SERVICE O -, FIREMENS' PENSION BOARD JULY, 1978 PENSION PAYMENTS FOR JULY, 1978 ALEXANDER, John (Captain) $1, 111. 00 ANDERSON, Enza (Widow) 435. 03 ANDERSON, T. K. (Fireman) 839. 00 ASHURST, James F. (Asst. Chief) 1, 048. 00 CONNELL, Robert (Captain) 145. 72 GOODWIN, Charles (Captain) 1, 111.00 HAWORTH, Constance C. (Widow) 760. 80 HAWORTH, Jack (Fireman) 839. 00 HENRY, Paul J. (Fireman) 8. 16 HURST, Gerald (Fireman) 83. 85 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Mrs. Orpha (Widow) 435.03 PARKS, John (Fireman) 855. 00 PRINGLE, Sylvia Joan (Widow) 718. 86 STROM, Karl (Fireman) 839. 0`0 TODD, Franklin L. (Fireman) 97.68 TONDA, Ernest J. (Captain) 168. 62 WALSH, Patrick J. (Captain) 226. 12 TOTAL PENSION PAYMENTS FOR JULY, 1978 $10 , 219 . 05 TOTAL MEDICAL PAYMENTS FOR JUNE, 1978 3 ,535. 92 TOTAL EXPENSES: $13, 754. 97 TOTAL PENSION PAYMENTS FOR JULY, 1977 $ 8,956. 88 TOTAL MEDICAL PAYMENTS FOR JUNE , 1977 $ 3 , 284. 07 TOTAL EXPENSES: (1977) $12 , 240. 95 CHARTER 116, LAWS OF 1965 CITY Or RENJON CERTIFICATION 1, iHF. UNDERSIGNED 00 HCRFDY C'EkTIFY UNDER PENALTY OF PERJURY, THAI Th! VAT�RIALS FladE BEER FURFII;;"CO, TNF S RLNUai?Eu CN f-+ LABOR PCPFURMLD AS OESCk19F'D HCRCIN, AND THAI THF CLAIM IS A JUST, DUE AND UNPAID CBLIGATION AGAINSF THE CITY OF RENTON, AND THAT 1 AM AUTHORIZLD TO AUTHENTICATE AND CERTIFY TO SAID CLAIM. SIGNED: lNel 254 W.T. CURRENT 339. 14.33 M h M 0 R A N D 1—M TO: FIREMEN'S PENSION BOARD DATE: JULY 10, 1978 FROM: FINANCE DEPARTMENT SUB,J: REQUEST REIMB1TRSE)�ffNT FOR SERVICES RENDERED TO FIREMEN'S PENSION FUND BY THE FINANCE DEPARTMENT FOR THE 'PERIOD OF 1/1/78 through 6/30/78 AS FOLLOWS: 1) Investment services provided by the Deputy Finance Director; 2 Hrs. per mo. for 6 mos. = 12 Hrs. x $12.0534/Hr. -------- 144.64 2) Preparation of Fire uniform medical bills for payment and associated record keeping, provided by the Purchasing Controller; 6 Hrs. per mo. for 6 mos. = 36 Hrs. x $6.8332/Hr. ______ $!_24600 3) Computation and preparation of Fire Pension Payments provided by the Budget Technician; 4 Hrs. ger mo. for 6 mos. = 24 Hrs. x $8.7288/Hr. --- - $_209o49 4) Preparation of Firemen's Pension Board meeting agenda and minutes, plus associated clerical services provided by Secretary I; 4 Hrs. per mo. for 6 mos. = 24 Hrs. x $5.9938/Hr. $;_143=.85_ TOTAL SERVICES PROVIDED BY FINANCE DEPARTMENT FOR PERIOD OF 1/1/78 through 6/30/78 -------- $ 743.98 PER 1977 BUDGET, WARRANT TRANSFER FROM: Firemen's Pension Ind a� 601/000/04.514.33.52.09 ------------ - i 743.98 TO: Current Ind Revenue a/c 000/000/000/339.14.00.33 M .F FIREMAN' S PENSION BOARD Regular Meeting August 8 , 1978 BOARD MEMBERS vow Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Fireman The regular meeting of the Fireman' s Pension Board was called to order by Chairman Delaurenti at 4 :00 p.m. Maxine Motor, Deputy City Clerk, replaced Delores Mead, absent on vacation. All other board members present except Alternate , Fireman Barilleaux; Finance Director, Gwen Marshall also present. MINUTE APPROVAL Minutes of the previous meeting of July 11, 1978 were read. MOVED BY HENRY, SECONDED BY RIGGLE TO APPROVE THE MINUTES AS PREPARED. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Investment report was distributed reflecting the following investments : 1. Sold $61 , 000. 00 in repos r... 2 . Sold $26, 700. 00 Certificate of Deposit 3. Received $711. 14 payment on LID #260 Installment Note 4. Purchased $77 , 300. 00 in repos Monthly report will be filed for record. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Report) Payment of actuarial services bill in amount of $850. 00 was noted. MOVED BY HENRY, SECONDED BY RIGGLE TO ACCEPT THE REPORT AND APPROVE PAYMENT OF THE BILLS AND PENSIONS AS PRESENTED. MOTION CARRIED. Councilman Stredicke questioned cost of premiums for King County medical insurance compared with payments made by King County Medical and suggested the matter be looked into. Finance Director Marshall advised that a representative would be in contact with the City soon and an investigation made, but felt that from previous discussions the payments made by King County Medical were greater. OLD BUSINESS Report prepared in response to July 11, 1978 request for information was distributed. The report pertained to pensions and fire uniform medical bills paid by the fund for years 1976 and 1977 and estimated payments for 1978. MOVED BY STREDICKE AND SECONDED BY HENRY THE REPORT BE ACCEPTED BY COMMITTEE FOR STUDY AND THE MATTER BE PLACED ON THE AGENDA FOR NEXT MONTH. MOTION CARRIED. 206 Fireman' s Pension Board Regular Meeting of August 8 , 1978 Page Two NEW BUSINESS Actuarial copies were distributed of the Cost Estimate and Valuation of Fireman' s Pension Fund June 1 , 1978 prepared by Milliman & Robertson, Inc. , Consulting Actuaries. MOVED BY STREDICKE, SECONDED BY HENRY, THE ACTUARIAL BE PLACED ON THE AGENDA FOR THE NEXT MEETING, GIVING TIME TO REVIEW AND STUDY. MOTION CARRIED. BUDGET Finance Director, Gwen Marshall , reviewed the 1979 Preliminary Budget of Estimated Expenditures. The proposed budget listed the 1979 budget revenue as follows : 301. 00. 00 - Beginning Unencumbered Fund Balance (Cash) $128, 686 335. 30. 00 - Fire Insurance Premium Tax 30 ,940 361. 10. 00 - Investment interest 40,000 TOTAL ESTIMATED 1979 FIREMEN' s PENSION FUND BUDGET $199 , 626 Following discussion it was MOVED BY HENRY, SECONDED BY RIGGLE THE BOARD ACCEPT THE PRELIMINARY BUDGET AS PREPARED AND IF ANY BOARD MEMBERS HAD QUESTIONS THEY DIRECT THEM TO THE FINANCE DIRECTOR BY AUGUST 15. MOTION CARRIED. As there was no further business to come before the board, the meeting was adjourned at 4 : 40 PM.Maxine E. Motor, Deputy City Clerk i 1 i CITY OF RkNTON - FIRI~ ON'S PE.'NSIO% WND CASA k INVESTMINT ACTIVITY REW►R'I As of JULY 31 , 1978 Current Month 1'r4•vious M(,wIt Last Yr. Current Last Yr. Pt � CASH & IWESTMENT ACTIVITY JULY 'JUNE Mouth ►tu► Y Mouth jiir.:► CACI Beginning Cash Balance . . . . . . . . . . . . . . $ 387 . 61 149 . 68 144 . 57 $ 163 . t> 1 RWF I PTS: Revenue . . 3, 325 . 58 5, 552 . 65 5, 037 . 89 5, 032 . 70 Invemtsrents Sold• 93, 511 . 14 59, 839 . 82 7, 702 . 14 13, 060 . 48 1►1S44-ILS W, FNTS: ExPend I tures . . . . . . . . . . . . . . 14, 443 . 95 : v , 054 . 54 12, 849 . 28 12, 012 . 2 ") luve�atment s 1'urchaaed . . . . . . . . . . . . . • 82 500 . 00 45 , i - FND ING CASH BALANCE . . . . . . . . . . . . . . • $ 280 . 38 $ 387 . 6 1 N V ESTWILN I':; snvinga Acrebwrts, Repurchase AKreerseots A- Certificates of Deposit . . . . . . . $ 51, 500 . 00 $ 6 ; , 900 . 00 $ 80, 030 . 76 $ 86, 902 . 2 -2 41micipm1,4 • • . o • • . * • . • * * • • • 77, 761 . 43 78, 472 . 57 117, 181 . 37 118, 012 . 05 Corporate Ronda . . . . . . . . . . . . . . . . . 350, 450 - 66 350, 450 . 66 355, 750 . 66 355 , 750 . fib ►Mutual Funds . . . . . . . . . . . . . . . . . . . 280, 588 . 34 280 , 588 . 34 290, 587 . 34 290, 587 . 34 TOTAL 1NVF_Sr*NTS 760, 300 . 43 $ 771 , 411 . 57 $ 843, 550 . 13 $ 851 , 252 . 21 TOTAL CASH k INI'FSTMFTITS 760, 580 . 81 S 7 7 1 , 799 . 18 $ 843, 585 . 45 5 851, 396 . 84 I YV F.NTMFNT AVT I V 1 TY D JR I Nf THF; ('IWJ NT MONT11% I . SOLD $61, 000 . 00 IN REPOS ' 2 . SOLD $261700 . 00 CERTIFICATE OF DEPOSIT 3 . RECEIVED $ 711 . 14 PAYMENT ON LID 0260 INSTALLMENT NOTE 4 . PURCHASED $77, 300 . 00 IN REPOS 258 FIREMENS' PENSION BOARD AUGUST, 1978 MEDICAL BILLS FOR JULY, 1978 : AUSTINS PHARMACY INVOICE #824661 ANDERSON $10 . 20 $ 10. 20 A & H DRUGS INVOICE #554778 COLOMBI $ 7. 10 #554838 FURLONG 7. 95 #554844 FURLONG 3. 55 $ 18. 60 JAMES H. HARTWIG, 11D INVOICE #31758 WALLS $ 6 . 00 #32190 WALLS 8. 00 #33448 WALLS 25. 00 $ 39. 00 DAVID M. THORSON P & S 4019063374 THORSON $ 3 . 69 (reimbursement) VGH 4266825 T?,ORSON 4 . 30 VGii #226826 2110RSO'N 4 . 40 $ 12 . 39 JOHN L. BE:'Z:4IER, DC 6/'1/78 ^:RG 6/28/78 TROT°i 11. 00 $ 22. ORTHOPEDICS IP4T' 5/9/78 ALEXANDER $39 . 35 $ 39. 35 VALLEY GENERAL 7/15/78 HALL $15. 00 $ 15. 00 MEDICAL PREMIUMS FOR JULY, 1978 SROUP HEALTH :MEDICAL $ 41. 00 KING COUNTY MEDICAL 2614 . 50 WASHINGTON DENTAL SERVICE 615. 86 $3271. 36 TOTAL MEDICAL COSTS FOR JULY, 1978 $3412 . 90 FIREMENS' PENSION BOARD AUGUST, 1978 faw PENSION PAYMENTS FOR AUGUST, 1978 ALEXANDER, John (Captain) $1, 111. 00 ANDERSON, Enza (Widow) 435. 03 ANDERSON, T. K. (Fireman) 839 . 00 ASHURST, James F. (Asst. Chief) 1 , 048. 00 CONNELL, Robert (Captain) 145 . 72 GOODWIN, Charles (Captain) 1, 111. 00 HAWORTH, Constance C. (widow) 760. 80 HAWORTH, Jac;; (Fireman) 839. 00 HENRY, Paul J. (Fireman) 8. 16 HURST, Gerald (Fireman) 83. 85 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Orpha (Widow) 435. 03 PARKS , John (Fireman) 855. 00 PRINCLE , Sylvia Joan (Widow) 718. 86 STROM, Karl (Fireman) 839. 00 TODD, Franklin L. (Fireman) 97. 68 TONDA, ERNEST J. (Captain) 168. 62 WALSH, Patrick J. (Captain) 226 . 12 TOTAL PENSION PAYMENTS FOR AUGUST, 1978 $10 ,219. 05 W TOTAL MEDICAL PAYMENTS FOR JULY, 1978 3, 412. 90 TOTAL EXPENSES: Medical/Pension $13, 631. 95 OTHER - Actuarial services 850. 00 TOTAL EXPENSES $14 , 481. 95 TOTAL PENSION PAYMENTS FOR AUGUST, 1977 $ 8,956. 88 TOTAL MEDICAL PAYMENTS FOR JULY, 1977 2 ,921. 16 TOTAL EXPENSES FOR 1977 $11 , 878. 04 i7n •; FIREMAN'S PENSION BOARD Regular Meeting September 12, 1978 BOARD MEMBERS Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk - Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman The regular meeting of the Fireman's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. All board members were present. Council member Stredicke arrived during discussion of Actuarial Report. Also present were Gwen Marshall, Finance Director and Fireman Ray Barilleaux. MINUTE APPROVAL Minutes of the previous meeting of August 8, 1978 were read. MOVED BY HENRY, SECOND RIGGLE TO APPROVE THE MINUTES AS PREPARED. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Cash and investment activity report was distributed reflecting August Investments as follows: 1) Sold $86,300.00 in repos 2) Purchased $77,900 in repos r MOVED BY HENRY, SECOND RIGGLE TO ACCEPT AND PLACE ON FILE FOR RECORD. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) List of medical bills for August and pension payments for September, 1978 was distributed. The secretary reported change in monthly pension of retired assistant fire chief James Ashurst(,reflect adjustment of $86.50 monthly increase, retroactive to January 1, 1978. This increase is based on salary for position of Battalion Chief established upon Council confirmation of appointment of Bruce H. Phillips to that position The Ways and Means Committee not previously assigning a salary until someone was appointed. After discussion,MOVED BY HENRY, SECOi4D RIGGLE TO APPROVE THE BILLS AND MONTHLY PENSION PAYMENTS INCLUDING SALARY ADJUSTMENT FOR RETIREE ASHURST. CARRIED. OLD BUSINESS Two year comparison pension fund expenditure report was held for future dis- cussion ,full board not present at this time. Actuarial report of valuation of fireman's pension fund as of 6/1/78 prepared by Milliman & Robertson, Inc. , Consulting Actuaries, was discussed. Board member Bill Henry advised the firemen had reviewed the report and were asking that the Pension Board concur in the recommendations and request the City Council to consider levy of tax money for the pension fund. Chairman Delaurenti recalled his prior indica- tion of intent to allocate monies when the fund decreased to $500,000.00 balance. The firemen members questioned propriety of such determination, advocating the city has the liability to allocate tax dollars annually. Finance Director Marshall noted tax dollars are now being levied to pay mandatory contributions into the Firemen's LEOFF Retirement System in Olympia, which money was previously allocated Firemen's Pension Board Regular Meeting of September 12, 1978 Page Two Old Business - Cont. ..m for the firemen's pension fund. Chairman Delaurenti advised of city's bleak revenue picture for the ensuing year, lay off of bodies the next alternative consideration. Fireman Henry called attention to City Attorney Warren's letter of November 1977 regarding requirement for annual levy requirement, unless actuarial report indi- cates such levy unnecessary. Councilman Stredicke arrived during this discussion. The secretary called attention to various legal opinions and AGO's received previously and noted the actuarial report does not indicate levy is or is not necessary to meet claims upon the fund for the ensuing uear, the firemen advising they are discounting the term "ensuing year" and indicated levy is necessary to maintain the fund. MOVED BY HENRY, SECOND RIGGLE THE PENSION BOARD SEND A LETTER TO THE CITY COUNCIL STATING THE BOARD CONCURS WITH RECOMMENDATIONS OF THE ACTUARY REPORT AND REQUEST THAT THE CITY COUNCIL CONSIDER ALLOCATION OF TAX DOLLARS FOR THE PENSION FUND AS RECOMMENDED BY THE ACTUARY REPORT. Firemen's recommendations were reviewed for board member Stredicke who advised that the Ways and Means Committee of the Council would not likely be receptive to a general request for tax funds in an unspecified amount. Also, such motion ignores realistic funding availability and no legal recommendation from the Attorney has been received following expenditure of money for a new actuarial report. Chairman Delaurenti read a report prepared by Finance Director Marshall noting discrepancies of the actuarial concerning LEOFF payments and advising tax dollar amounts from respective levies of 19G, 21.-,, 31�, and 45� per $1,000 of assessed valuation. Alternative three-year phase out of medical/dental premium payments and uniform medical payments, from the pension fund to the general fund were proposed with possible allocation of tax dollars thereafter. (See Attached) MOVED BY STREDICKE, SECOND MEAD, TO AMEND ORIGINAL MOTION TO INCLUDE A REQUEST FOR REVIEW BY THE ATTORNEY FOR HIS LEGAL OPINION WITH NEW REPORT AND THE FINANCE DIRECTOR'S REPORT TO BE GIVEN TO THE COUNCIL COMMITTEE TO WHOM THIS SUBJECT IS REFERRED. THE AMENDMENT CARRIED. The original motion as amended was read and Roll Call vote requested. All Ayes. ORIGINAL MOTION AS AMENDED CARRIED. Discussion ensued regarding time schedule and various methods of allocation of tax dollars into the pension fund and regarding payments of excess costs. Council member Stredicke requested firemen to put their views in writing, as expressed here to the board, so that the council and committee will have all pertinent information and reports available for consideration. As there was no further business to come before the board it was MOVED BY STREDICKE, SECOND HENRY TO ADJOURN. CARRIED. Meeting adjourned at 5:09 P.M. Delores A. Mead, City C erk - Secretary Renton Firemen's Pension Board CIT) OF RFNTtt\ — FMM N'S P .%SIt,\ FIND CASH % 1%%"FSTMWI ACTI% ITY Rk:tl)RT A- of AUGUST 31, 1978 Current Mimilt Previou. MonthLa,+t Yr. Current last Yr. Ivo-k t. u- CASH 1\1'F.STMINI' ACTIVI(Y AUGUST JULY Muuth AUGUST M4111'It JULX CASH Ht•K►tu►inK Cash Balance . . . . . . . . . . . . . . $ 280 . 38 $ 387 . 61 $ 35 . 32 $ 144 . 57 RE:C E I I'TS: Revenue . . . 5, 784. 80 3, 325 . 58 4, 501 . 59 5, 037 . 89 Imextm� nt . Sold86, 300 . 00 93, 511 . 14 7, 900 - 00 7, 702 . 14 1)ISM R.SKMI-NFS: Fspettitt tt►re4 . . . . . . . . . . . . . . . . . . 14, 443 . 83 14, 443 - 95 11 , 878 . 13 12, 849 . 28 (m-eµtmt•rtt y Purchused . . . . . . . . . . . . . ENDIMS' CASH ltAl.A.\CF . . . . . . . . . . . . . . . $ 2 1 . 35 $ tial Ings At nur►t x, Repurchase Agreement 1 % Certificates of Deposi t . . . . . . . $ 43, 200 . 00 $ 51 , 500 . 00 $ 72, 130 . 76 $ 80, 030 . 76 Municipals . . . . . . . . . . . . . . . . . . . . 77, 761 . 43 77, 761 . 43 117, 181 . 37 117 , 181 . 37 Corporate Bonds . . . . . . . . . . . . . . . . . 350, 450 . 66 350, 450 . 66 355, 750 . 66 355, 750 . 66 Mutual Funds . . . . . . . . . . . . . . . . . . . 280, 588 . 34 280, 588 . 34 290, 587 . 34 290, 587 . 34 TOTAL 1%VFST*N.'TS . . . . . . . . . . . . . . • • $ 752, 000 . 43 $ 760, 300 . 43 $ 835 650 . 13 $ 843 . 550 . 13 TOTAL CASH k INV'E:SrONTS . . . . . . . . . . . . . $ 752, 021 . 78 $ 760, 580 . 81 $ 836 208 . 91 5 8585 . 45 lWt;S MFN'l ACTIVITY WRING TIO•: CMWNT MONTH: 1 . SOLD $ 86, 300 . 00 IN REPOS 2 . PURCHASED $ 77, 900 . 00 IN REPOS Of N 9163 FIREMENS' PENSION BOARD SEPTEMBER 1978 MEDICAL BILLS FOR AUGUST 1978: A & H DRUGS 554868 COLOMBI $ 18.55 554693 COLOMBI 3.20 $ 21.75 AUSTINS PHARMACY 825494 ANDERSON $ 10.20 $ 10.20 BARTELL DRUG 348116 VACCA $ 10.50 $ 10.50 CORNELL'S PHARMACY 1668 GEISSLER $ 6.35 1662 GEISSLER 15.65 3334 HALL 10.65 3043 HALL 10.65 1664 MOELLER 7.00 1660 WALSH 12.30 $ 62.60 GREEN & JACKSON DRUG CO. 54318 WILLIAMS $ 61.40 290 WILLIAMS 47.40 $ 108.80 K'S PHARMACY 105046 BERGMAN $ 7.20 105032 BERGQUIST 15.60 104743 CONNELL 9.31 104795 CONNELL 5.25 104875 CONNELL 7.35 104021 CONNELL 37.88 105033 HANSON 3.80 104692 HENRY 20.25 104819 LARSON 8.50 104766 LaVALLEY 7.20 105006 LaVALLEY 27.87 104686 PARKS 18.10 104887 PARKS 14.95 103973 PHILLIPS 25.55 105054 ALEXANDER 20.90 104001 ALEXANDER 4.46 104076 ALEXANDER 52.05 103925 PARKS 11.77 $ 297.99 MONTEFERING CLINIC 1697 STROM $131.00 $ 131.00 RENTON OPTICAL COMPANY LARSON $ 75.30 $ 75.30 SWEDISH HOSPITAL MEDICAL CENTER ALEXANDER $204.45 $ 204.45 MEDICAL PREMIUMS FOR AUGUST 1978 GROUP HEALTH MEDICAL $ 41.00 KING COUNTY MEDICAL 2,573.00 r.. WASHINGTON DENTAL SERVICE 604.24 $3,218.24 TOTAL MEDICAL COSTS FOR AUGUST 1978: $4,140.83 or FIREMENS' PENSION BOARD SEPTEMBER 1978 PENSION PAYMENTS FOR SEPTEMBER 1978 ALEXANDER, John (Captain) $ 1,111.00 ANDERSON, Mrs. Enza (Widow) 435.03 ANDERSON, T.K. (Fireman) 839.00 ASHURST, James F. (Asst. Chief) 1,826.50 CONNELL, Robert (Captain) 145.72 GOODWIN, Charles (Captain) 1,111.00 HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 839.00 HENRY, Paul J. (Fireman) 8.16 HURST, Gerald (Fireman) 83.85 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Mrs. Orpha 435.03 PARKS, John (Fireman) 855.00 PRINGLE, Sylvia Joan (Widow) 718.86 STROM, Karl (Fireman) 839.00 TODD, Franklin L. (Fireman) 97.68 TONDA, Ernest J. (Captain) 168.62 WALSH, Patrick J. (Captain) 226. 12 TOTAL PENSION PAYMENTS FOR SEPTEMBER 1978 $10,997.55 TOTAL MEDICAL PAYMENTS FOR AUGUST 1978 4,140.83 TOTAL EXPENSES: Medical/Pension $15,138.38 TOTAL PENSION PAYMENTS FOR SEPTEMBER 1977 $ 8,956.88 TOTAL MEDICAL PAYMENTS FOR AUGUST 1977 2,558.78 TOTAL EXPENSES FOR 1977 $11,515.66 �1 r ¢i M E M 0 R A ti D C M ..W TO: MAYOR DELALREITI DATE: SEPTEMBER 13, 1978 FROM: GWE N MARSHALL, FINANCE DIRECTOR SLBJ: FIKVI 'V'S PENSION FUND ACTtiARIAL REPORT The report is based on a 25 year actuary, which I do not feel is realistic. Also there are several discrepancies in Appendix B, Provisions of Governing Law, which we will research. On page 2, paragraph 4, last sentence; we already pay LEOFF retirement contributions from the Current Fund. The maximum allowed by law for maintenance of the pension fund is .450 per $1,000 of true value. The report recommends an allocation of .190 to .310 per $1,000. Following are tax levies based on my estimate of our assessed valuation for 1979s . 19t per $1,000 ------- $159,000 .21t per $1,000 ------- 176,400 .310 per $1,000 -------- 260,400 .450 per $1,000 -------- 378,000 Obviously, any of the above levies would be difficult to handle in our 1979 Budget. Because of our financial picture, my recommendation would be as follows: 19;9 --- Allocate tax dollars to cover fire uniform employees' dental premiums and puriform medical (medical expenses not covered by insurance as allowed by Firemen' s Pension and LEOFF Boards . 1980 --- Allocate tax dollars to cover, fire uniform employees' medical insurance premiums. 1981 --- Increase tax dollars to . 19c per $1 ,000 of true value. r FIREMEN'S PENSION BOARD Regular Meeting October 10, 1978 BOARD MEMBERS Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk - Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate Fireman The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. All board members were present. MINUTE APPROVAL MOVED BY HENRY, SECOND RIGGLE,TO APPROVE THE MINUTES OF THE PREVIOUS MEETING, SEPTEMBER 12, 1978, AS PREPARED. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Cash and investment activity report was distributed reflecting September invest- ments as follows: 1) Sold $35,000.00 Certificate of Deposit 2) Sold $81,700.00 in Repos 3) Purchased $103,700.00 in Repos Monthly report filed for record. or MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) List of medical bills for September and October pension payments was distributed. The secretary called attention to additional medical-dental premium payments reflecting two new firemen covered under King County and one new fireman under Group Health, all Washington Dental. Board member Stredicke questioned availability of annual statement from the various pharmacies and mode of pharmacy selection by the firemen. It was noted all the pharmacies utilized do furnish annual statements upon request for income tax purposes, which firemen, however, should not be using since the pension fund makes the payments. In discussion, it was noted also the board at one time had designated a single pharmacy for all prescriptions, such selection policy dropped after receipt of complaints from the other pharmacists and from firemen unable to get to a pharmacy. MOVED BY HENRY, SECOND RIGGLE TO APPROVE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED. CARRIED. OLD BUSINESS Finance Department memorandum held for full board quorum, August 8th meeting, was distributed. The report contained pension fund payments pertaining to pensions and uniform medical bills paid by the pension fund for 1976, 1977, and estimate for 1978. The three-year cost comparison reflected increases paid to the pensioners retired under the old pension system, the four widows and one non-service connected retiree and difference in cost paid to retiree LEOFF when city pension exceeds LEOFF pension. (See Attached Report) f,7 Firemen's Pension Board Regular Meeting of October 10, 1978 Page Two OLD BUSINESS - Cont. Chairman Delaurenti proposed that such a report be made available to the board annually at the close of the budget year. The secretary suggested the report be provided in March at the time Mr. Dime, of Dean Witter & Co. , makes his annual report to the board regarding pension fund investments. Agreed. NEW BUSINESS Letter from Finance Director Marshall was distributed, directed to the City Council requesting an Ordinance to appropriate excess revenue into the various bugetary accounts, including the firemen's pension fund, to cover salary and benefit adjust- ments per union settlements. Total Firemen's Pension Fund appropriation $11,243.00. MOVED BY MEAD, SECOND HENRY TO CONCUR IN THE FINANCE DIRECTOR'S REQUEST AND COUNCIL AUTHORIZATION OF ORDINANCE TO APPROPRIATE THE MONIES TO MAINTAIN FUND SOLVENCY FOR THE BALANCE OF THE YEAR. CARRIED. As there was no further business to come before the board, the meeting was adjourned. 4:26 P.M. Q. A Delores A. Mead, City Clerk - Secretary Renton Firemen's Pension Board c� CITY OF RENTON — FIRM N'S PENSION FUND 00 CASH X INVESTMENT ACTIVITY REPORT As of September 30 , 1978 Current Month Previous Monthlast Yr. Current Last Yr. Previous CASH & INXESTMENT ACTIVITY September Auuus t Month Septembe Month Auugus t CASH Beginning Cash Balance . . . . . . . . . . . . . . $ 21 . 35 $ 280 . 38 $ SS8 . 78 $ 3S . 3- RECEIPTS: S . 3-RECEIPTS: Revenue . . 2 , 4S9. 62 S , 784 . 80 5 , 440 . 23 4 , 501 . 59 Investments Sold 116 , 700 . 00 86 , 300 . 00 10 , 700 . 00 7 ,900 . 00 DISR(XSH%GN. TS: Expenditures . . . . . . . . . . . . . . . . 15 , 269 . 87 14 , 443 . 83 12 , 324 . 71 11 , 878. 13 Investments Purchased . . . . . . . . . . . . . . 103 , 700 . 00 77 , 900 . 00 3 , 200 . 00 -8- ViD ING CASK BALANCE . . . . . . . . . . . . . . . $ 211 . 10 $ 21 . 3S $ 1 , 174 . 3 0 $ S58 . 7 8 INVESTMENTS Savings Accounts, Repurchase Agreements & Certificates of Deposit . . . . . . . $ 30 , 200. 00 $ 43 , 200. 00 $ 67 , 330 . 76 $ 72 , 130 . 7b Municipals . . . . . . . . . . . . . . . . . . . . 77 , 761 . 43 77 , 7bI . 43 114 , 481 . 37 117 , 181 . 37 Corporate Bonds . . . . . . . . . . . . . . . . . 350 ,450 . 66 350 , 450 . 66 355 , 750 . 66 3S5 , 750 . h6 Mutual Funds . . . . . . . . . . . . . . . . . . . 280 , 588. 34 280 , 588 . 34 290 , 587 . 34 290 , 587 . 34 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $ 739 , 000 . 43 $ 752 , 000 . 43 $ 828 , 150. 13 $ 8350650 . 13 TOTAL CASH & INVESTMENTS . . . . . . . . . . . . . $ 739 , 211 . S3 $ 752 , 021 . 78 $ 829 , 324 . 43 $ 836 , 208 . 9 1 INVESTMENT ACTIVITY DURING THE CURRENT MONTH: 1 . Sold $3S ,000 . 00 Certificate of Deposit , 2 . Sold $81 , 700 . 00 in Repos 3 . Purchased $ 103, 700 . 00 in Repos 269 FIREMENS' PENSION BOARD OCTOBER 1978 MEDICAL BILLS FOR SEPTEMBER 1978: A & H DRUGS 086994 BEATTEAY $ 11.45 087901 BEATTEAY 5.60 554627 WEISS 6.30 $ 23.35 AUSTINS PHARMACY 825510 WALSH $ 14.85 $ 14.85 BAKER, RICHARD K. , D.C. PRICE $ 47.00 $ 47.00 CORNELL'S VALLEY PHARMACY 1652 GEISSLER $ 15.20 1634 HENRY 16.40 1650 WALSH 6.20 1638 WALSH 15.40 24863 NEWTON 115.26 $ 168.46 GREEN & JACKSON DRUG CO. WILLIAMS $ 87.65 $ 87.65 K'S PHARMACY 105076 COFFIN $ 5.05 104439 LaVALLEY 9.40 104272 PARKS 3. 15 104339 PILLO 8.60 104438 ALEXANDER 36.60 104463 ASHURST 9.78 104450 PARKS 8.95 $ 81.53 KADET, THEODORE S. , O.D. A13749 HENRY $111.66 $ 111.66 LABORATORY OF PATHOLOGY ALEXANDER $ 13.00 $ 13.00 ORTHOPEDICS INTERNATIONAL ALEXANDER $ 45.00 $ 45.00 SKAGGS DRUG CENTER PARKS $ 8.78 $ 8.78 UROLOGICAL SURGEONS, INC. CONNELL $ 6.00 $ 6.00 VALLEY GENERAL HOSPITAL 7900376 CONNELL $ 53.00 $ 53.00 VARN, DAVID H. , M.D. SHERERTZ $ 27.00 $ 27.00 VARN'S PHARMACY, INC. SHERERTZ $ 67.90 $ 67.90 VISION SPECIALIST, DR. HALE SMITH $136.79 $ 136.79 WESTERN OPTICAL GOODWIN $126.43 $ 126.43 MEDICAL PREMIUMS FOR SEPTEMBER 1978 GROUP HEALTH MEDICAL $ 82.00 KING COUNTY MEDICAL $2,573.00 WASHINGTON DENTAL SERVICE $ 615.86 $3,270.86 TOTAL MEDICAL COSTS FOR SEPTEMBER 1978 $4,289.26 270 FIREMENS' PENSION BOARD OCTOBER 1978 PENSION PAYMENTS FOR OCTOBER 1978 ALEXANDER, John (Captain) $ 1,111.00 ANDERSON, Mrs. Enza (Widow) 435.03 ANDERSON, T.K. (Fireman) 839.00 ASHURST, James F. (Asst. Chief) 1,134.50 CONNELL, Robert (Captain) 145.72 GOODWIN, Charles (Captain) 1,111.00 HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 839.00 HENRY, Paul (Fireman) 8.16 HURST, Gerald (Fireman) 83.85 LAWRENCE, Floyd (Chief) 497.18 McDONALD, Mrs. Orpha (Widow) 435.03 PARKS, John (Fireman). 855.00 PRINGLE, Sylvia Joan (Widow) 718.86 STROM, Karl (Fireman) 839.00 TODD, Franklin L. (Fireman) 97.68 TONDA, Ernest J. (Captain) 168.62 WALSH, Patrick J. (Captain) 226. 12 TOTAL PENSION PAYMENTS FOR OCTOBER 1978 $10,305.55 TOTAL MEDICAL PAYMENTS FOR SEPTEMBER 1978 4,289.26 TOTAL EXPENSES: Medical/Pension $14,594.81 TOTAL PENSION PAYMENTS FOR OCTOBER 1977 $ 8,956.88 TOTAL MEDICAL PAYMENTS FOR SEPTEMBER 1977 3,509.56 TOTAL EXPENSES FOR 1977 $12,466.44 CHARTER 116, LAWS OF 1965 CITY OF RENTON CERTIFICATION I, THE UNOFRSI6NED DO HERE.E2Y CERTIFY UNDER PENALTY OF PI RJItRY, THAT THE MAUH14LS HAVE REEK FJRNISHED, THL CSL RVICES R N'.%t RLD UR THE LABOR Pi.RFORMED AS UL SCRIBED HFRLIN, AND THAT THE CLAIM IS A JUST. DUE AIID UNPAID OBLIGATION AGAINST THE CITY OF RENTON. AND THAT 1 AM AUTHORIZED TO AUTHLNTI TE AND CERTIFY TO SCLA1 / SIGNED: ED: M E M O R A N D U M TO: FIREMEN'S PEtiS1ON BOARD DATE: AUGUST 8, 1978 FROM: FINANCE: DEPARTMENT SL-&J: I NFOR.MAT I ON REQU'1"STE3) AT YOUR MEETING OF .IDLY 1 1 , 1978 PEltTA I N I NG TO PENSIONS AND FIRE. UNI FORM MEDICAL BILLS PAID BY THI,: FIND FOR THE YEARS 1970 AND 1977; ESTIMATED PAYM1NTS SHOWN FOR 1978. 1 ) Pensions paid: 1976 EST. 1978 *(7) Retired under old pension system, prior to LEOFF (March 1 , 1970). Under Escalator Clause; receive 50% of current rank's salary for disability retirement or '21% for each completed year of service of current rank' s salary for service retirement — = 66,204.00 71,220.00 x 78,743.25 *(5) Includes 4 widows and 1 non—service connected disability (before LEOFF). Receive a cost of living increase each July 1st, as set forth by the Firemen's Pension Board. Increase is computed on base salary and added to current pension amount — 30,203.7b 31 ,623. 12 33,202.50 Retired under LEOFF system, after March 1 , 1970. If current City pension exceeds LEPFF pension, City pays the difference ----- 3,813.55 (6) * 4,512.93 (11) * 9,219.96 (11 ) TOTAL PENSIONS PAID 1976, 1977 AND EST. 1978 $100,221 .31 $107,356.05 x121, 165.71 EST. 2. Fire Uniform Medical Bills paid i5,243.21 x6,439.91 Expended to 7/31/78 $4,856.06 * Number in brackets indicates how many pensioners in category. NOTE: LEOFF retirees do not receive pension increase from LEOFF system April 1 of current year, if date of retirement is after April 1 of prior year; LEOFF retirees have to be retired I full year in order to receive cost of living pension increase from LEOFF. 272 FIREMEN'S PENSION BOARD Regular Meeting November 14, 1978 BOARD Rt2'IBrERS Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate Fireman The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. All board members were present. Also attending was Ted Bennett, Deputy Finance Director. MINUTE APPROVAL MOVED BY HENRY, SECOND RIGGLE TO APPROVE THE MINUTES OF THE PREVIOUS MEETING, OCTOBER 10, 1978,AS PREPARED. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) Cash and investment activity report was distributed reflecting October investments as follows: 1) Sold $123,000.00 in Repos 2) Purchased $108,800.00 in Repos Monthly report filed for record. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) List of monthly bills for October and November pension payments was distributed. The secretary called attention to additional medical/dental premiums included for the month of November due to early voucher run and to medical payment for surgury of retired member Alexander, which reflectsover normal amounts for the month. MOVED BY RIGGLE, SECOND HENRY TO APPROVE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE WARRANTS TO COVER PH.YMENTS. CARRIED. OLD BUSINESS Fire Board member Riggle inquired regarding pension fund actuary and letter requests previously forwarded to the city council for consideration of 1979 budget allocation of tax dollars into the Firemen's Pension Fuad. Discussion ensued regarding absence of subject funding in the Mayor's Preliminary Budget and upon inquiry as to when council action might be taken on the matter, Chairman Delaurenti noted that the letters would likely be reviewed at the time the council reviews the fire department budget. It was requested that the secretary direct a note to the Council President referring to the Board letter dated 9/19/78 and Firefighter Henry's letter dated 9/20/78 requesting consideration in the 1979 budget of tax dollar allocation into the pension fund pursuant to recommenda-Pons of the June 1, 1978 actuary report. 273 Firemen's Pension Board Regular Meeting of November 14, 1978 Page Two NEW BUSINESS Letter from Secretary Mead,directed to Fire Chief Geissler, was read calling attention to expiration of term of Firem-2n Henry on December 31, 1978 and advising of need for election among the firefighters prior to term expiration date to fill the position. Mayor Delaurenti commended Firefighter Henry for his sincere and dedicated service on- the board. Letter from Secretary Mead advised of necessity to liquidate mutual fund investments so as to maintain percentage level allowed by law (maximum 35% of total investments) . It was requested, since the funds will continue annually to reach excess, that authorization be granted Deputy Finance Director, Bennett to automatically fore and liquidation notices as may bo necessary. In ensuing discussion, Ted Bennett noted legal requirement also that no one mutual fund investment can be more than 5% of total mutual fund investments. MOVED BY STREDICK:, SECOND HENRY,THAT TED BENNETT, DEPUTY FINANCE DIRECTOR, BE AUTHORIZED TO LIQUIDATE THE MUTUAL FUND INVESTMENTS OF THE FIREMEN'S PENSION FUND AND SEND OUT LIQUIDATION NOTICES AS NECESSARY, SO AS NOT TO EXCEED PERCENTAGE REQUIREMENTS OF THE LAW AND THAT THE BOARD BE NOTIFIED WHEN SUCH CHANGES ARE MADE. CARRIED. As there was no further business to come before the board, the meeting was adjourned, 4:25 P.M. Oelores A. Mead, City Cle -Secretary Renton Firemen's Pension Board r. 974 FIREMEN'S PENSION BOARD NOVEMBER 1978 Amendment to September 1978 Medical Bills: Valley General Hospital Connell $116.52 Total Medical Payments for September 1978 $ 4,405.78 Total Expenses: Medical/Pension $14,711.33 MEDICAL BILLS FOR OCTOBER 1978: BELLEVUE EYE CENTER 07432 BAIMA $ 76.75 $ 76.75 BAKER, GORDON P. , M.D. 91-087-3155 MATTHEW $ 20.00 $ 20.00 BAKER, RICHARD K. , D.C. PRICE $ 24.00 $ 24.00 GREEN & JACKSON DRUG. CO. 7555 WILLIAMS $ 133.40 $ 133.40 WYNRIB, M. Dr. HAWORTH $ 37.00 LEE, H.C. Dr. HAWORTH 12.00 CARIBOO MEMORIAL HOSPITAL HAWORTH 2.00 OFFICIAL B.C. PHARMACARE RECEIPTS HAWORTH 50.31 $ 101.31 HEAD & NECK SURG. ASSOC. ALEXANDER $ 160.00 PHYSICIANS ANETH. ASSOC. ALEXANDER 45.00 SWEDISH HOSPITAL ALEXANDER 1,432.50 $ 1,637.50 JAFFE, STEVEN L. , O.D. A13832 SHERERTZ $ 134.35 $ 134.35 K'S PRESCRIPTION PHARMACY 095273 ALEXANDER $ 37.30 $ 37.30 PAY 'N SAVE NICHOLS $ 4.35 94518 CHRISTENSEN 5.08 74414 NEWTON 6.89 14668 NEWTON 6.89 $ 23.21 VALLEY GENERAL HOSPITAL 789183-0 THORSON $ 24.00 $ 24.00 WESTERN OPTICAL PHILLIPS $ 111.41 $ 111.41 MEDICAL PREMIUMS FOR OCTOBER 1978 GROUP HEALTH MEDICAL $ 82.00 KING COUNTY MEDICAL 2,614.50 WASHINGTON DENTAL SERVICE 627.48 $ 3,323.98 MEDICAL PREMIUMS FOR NOVEMBER 1978 GROUP HEALTH MEDICAL $ 82.00 KING COUNTY MEDICAL 2,614.50 WASHINGTON DENTAL SERVICE 627.48 $ 3,323.98 TOTAL MEDICAL COSTS FOR OCTOBER-INCLUDING YOVEMBER PREMIUMS-1978 $ 8,971.19 �7 5 FIREMENS' PENSION BOARD NOVEMBER 1978 T111=111 PENSION PAYMENTS FOR NOVEMBER 1978: ALEXANDER, John (Captain) $ 1,111.00 ANDERSON, Mrs. Enza (Widow) 435.03 ANDERSON, T.K. (Fireman) 839.00 ASHURST, James F. (Asst. Chief) 1,134.50 CONNELL, Robert (Captain) 145.72 GOODWIN, Charles (Captain) 1,111.00 HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 839.00 HENRY, Paul J. (Fireman) 8. 16 HURST, Gerald (Fireman) 83.85 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Mrs. Orpha (Widow) 435.03 PARKS, John (Fireman) 855.00 PRINGLE, Sylvia Joan (Widow) 718.86 STROM, Karl (Fireman) 839.00 TODD, Franklin, L. (Fireman) 97.68 TONDA, Ernest J. (Captain) 168.62 WALSH, Patrick J. (Captain) 226.12 TOTAL PENSION PAYMENTS FOR NOVEMBER 1978 $10,305.55 TOTAL MEDICAL PAYMENTS FOR .00TOBER x978 $ 8,971.19 (Including November Premiums) TOTAL EXPENSES: Medical/Pension $19,276.74 TOTAL PENSION PAYMENTS FOR NOVEMBER 1977 $ 8,956.97 TOTAL MEDICAL PAYMENTS FOR OCTOBER 1977 2,937.60 3TAL EXPENSES FOR 1977 $11,894.57 �IA►'1 -h t i6. LAW- CA 1' 'ITY Or r26--:4T0N CFRT1FIC,^ (i` '.-p UhoLI,i.NEP 00 HERuiy Tv CF PERJGHV. THAT 'CH_ MATEF' ,�R NIS,ICD, T',E SERVICES REr,nl, '' PP.IR PEFFU1'-A-D AS DEECRIBLO HEPL:N -HF '.LXPA b A JUbT. LUE ANO UNPAID J'pIN£t THE CII Y OF Ft F N T ON. ANC. T', -wJk_zLO TO ALITHEN-(ICATE AND cF�- t/ o Cl A!M. CITY OF RENTON - FIREKEN'S PENSION FIND CCS CASH INVESTMENT ACTIVITY REPORT As of antahor 31, 1978 Current Month Previous Month Lash Yr. Current Last Yr. Previous CASH & 1%'VE:STMENT ACTIVITY October SgIptemhar Month Qctohrar Month SeTtfthar— t•ASiI 1t.-ginning Citsh Balance . . . . . . . . 211.10 $ 21.35 $ 1p174.30 = 558.78 REI Rrvrnue . 399.12 2,459.62 2,528.86 5,440.23 Irivemi ment.s Sold 123,000.00 116,700.00 90100.00 10,700.00 M.S1t1 HSEMENTS: Kxperid itures . . . . . . . . . . . . . . . . . 14,781.21 15,269.87 12,476.73 12024.71 Invastmer►t.w Purchased . . . . . . . . . . . . . . 108,800.00 1039700.00 -0— 3v200.00 M)I V; CASH BALANCE . . . . . . . . . . . . . . . $ 29.01 $ 211.10 $ 326.43 ; 1,174.30 I`�•F»t•fME1iT5 .Arroun+-, Repurchase greements & Certificat.es of Deposit . . . . � 16,000.00 ; 30,200.00 S 589230.76 $ 67,330.76 Municipals . . . . . . . . . . . . . . . . . . . . 719761.43 71,761.43 1149481.37 114,481.37 Corporate Bonds . . . . . . . . . . . . . . . . . 350,450.66 350,450.66 355,750.66 355,750.66 Mr►tlral nindq . . . . . . . . . . . . . . . . . . . 280088.34 280,588.34 2909587.34 290087.34 1'0rAL INVESTMENTS . . . . . . . . . . . . . . . . .724,800.43 $739,000.43 $819,050.1,3 $828,150.13 rum, (•AS11 � INVESTMENTS NTS : . . . . . . . . . . . . $724,829.44 X6739,211.53 $819,o376.56 $82902-4-43 I NS E 1 ME�'I' A("1'1 V I'R DURING THE (IfME NT MONTH: 1. Sold $123,000.00 An REK�S 2. l-umhased $108,800.00 in HEY06 -77 FIREMEN' S PENSION BOARD Regular Meeting December 12, 1978 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Richard Stredicke, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate Fireman The regular meeting of the Firemen' s Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. All board members were present except Delores Mead, City Clerk (on leave of absence due to knee surgery) , represented by Maxine Motor, Deputy City Clerk. MINUTE APPROVAL MOVED BY RIGGLE, SECOND HENRY TO APPROVE THE MINUTES OF THE PREVIOUS MEETING, NOVEMBER 14, 1978. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) The cash and investment activity report was distributed reflecting November investments as follows: 1) Sold $67,900.00 in Repos 2) Purchased $59,500.00 in Repos 3) Sold $1, 155.00 of Northern Natural Gas Bonds 4) Sold $2,100.00 of Michigan.-Wisconsin Pipeline Bonds Firemen Riggle and Henry expressed the opinion that money should be allocated to the Pension Fund at this time. Mayor Delaurenti noted he favored reimbursement of the fund when it reached $500,000, also that the record shows the firemen favor reimbursement at the present time. Monthly report was accepted and filed for -ecord. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) List of monthly bills for November and December pension payments was distributed. MOVED BY RIGGLE, SECOND HENRY TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AS PRESENTED AND AUTHORIZE WARRANTS TO COVER PAYMENTS. CARRIED. OLD BUSINESS Fireman Henry inquired regarding action tarsen on the September 1978 letters from the Pension Board and Firemen representatives of the board requesting council consider allocation of tax dollars for the pension fund in accordance with recommendations of the 1978 Actuarial report. Councilman Stredicke noted council �► Budget Committee review of the letters and that as no emergency situation existed, the Budget Committee decided that 'unding of pumper was of greatest value. Councilman Stredicke also suggeste.l the firemen board members discuss the matter with the Public Safety Committee. Mayor Delaurenti asked that the matter of funding be brought to his attention in June, prior to the drafting of the preliminary budget, in the event that funds are available. Firemen' s Pension Board Regular Meeting of December 12, 1978 Page Two As there was no further business to come before the board it was MOVED BY STREDICKE, SECOND RIGGLE TO ADJOURN. CARRIED. 4:35 P.M. Maxine E. Motor, Deputy City Clerk Renton Firemen' s Pension Board �`1�� .� �� � � CITY OF BENTON - FUMM'S PENSION FUND CASH & INVESZ?lIW ACTIVITY REPORT As of November 30 , 1978 Current Mouth Previous Month Last Yr. Current Last Yr. Previous', CASH & INVESTMENT ACTIVITY November October Month November Month October j CASH Fieginning Cash Balance . . . . . . $ 29. 01 211 . 10 326.43 $ 1 , 174. 30 RUCEIPTS t Revenue 4,388. 60 399 . 12 2 , 177 . 41 25.28. 86 Investments Sold 71 , 155 . 00 123 ,000. 00 10 , 100. 00 91U0.00 D I SBUI SEXEYTS t Expenditures . . . . . . . . . 15 , 793 . 16 141781 . 21 11 , 894 . 57 U-j 476 . 73 Investments Purchased . . . . . . . . . . . . S9, S00. 00 108, 800. 00 -0- -0- ENDING CASH BALANCE $ 279 . 45 29. 01 $ 709. 27 $ ,;f326 . 43 I NN ESTMENTS Savings Accounts, Repurchase 7 ,600 . QO $ 16 ,000. 00 $ 48, 13 Agreement, & Certificates of Deposit . . 0. 76 $ 58;230. 76 Municipals 77 , 761 . 43 77 , 761 . 43 114 , 481 . 37 114;481 . 37 Corporate Bonds 347, 195. 66 350,4SO. 66 355 , 750. 66 .355 , '50 .66 { Mutual Funds . . . . . . . . . . . 280 , 588 . 34 280 , S88. 34 290. S87 . 34 290 , 587 . 341 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $ 713 , 145 . 43 $ 724 , 800 . 43 $ 808 , 950 . 13 $ 819 ,0"50 . 13 TOTAL CASH & INVESTMENTS • • • • • • • • • • • • • $ 713, 424. 88 -24, 829 . 44 $ 809 ,659. 40 $ 819 , 37b 6 INVESTW NT ACTIVITY DURING THE CURRENT MONTH: 1 . Sold $67 ,900 . 00 in repos . 2 . Purchased $59 , 500. 00 in repos . 3. Sold $ 1 , 155. 00 of Northern Natural Gas Bonds 4 . Sold $2, 100. 00 of Michigan-Wisconsin Pipeline Bonds 00 O � C°�7 PIREriF:N'5 PENSION BOARD DECEMBER 1978 281 MEDICAL BILLS FOR NOVEMBER 1978 A&H DRUGS 087599 BEATTEAY $ 6.45 087752 BEATTEAY 7.40 756936 BEATTEAY 10.45 554579 SNYDER 18.67 756138 SNYDER 20.15 756022 SNYDER 39.50 757103 SNYDER 11.54 $114.16 ALLERGY CLINIC 01930 BERGQUIST $ 25.00 $ 25.00 AUSTIN'S PHARMACY 06840 WALSH $ 16.30 $ 16.30 BURIEN CHIROPRACTIC CENTER 12350 McINNIS $ 14.00 $ 14.00 BURIEN GENERAL HOSPITAL 12360 BANASKY $114.00 $114.00 CORNELL'S VALLEY PHARMACY 3916 BERGQUIST $ 1,0.05 3566 BERGQUIST 6.70 3709 BERGQUIST 19.50 3717 GEISSLER 12.70 3457 RIGGLE 5.50 3456 RICGLE 9.85 3463 RIGGLE 6.50 3467 SHF.RERTZ 17.25 3715 SHERERTZ 17.25 $105.30 GOTTESKAUN, JAMES E. ,M.D. 30790 ALEXANDER $ 76.25 $ 76.25 K'S PRESCRIPTION PHARMACY 095642 ANK ENT $ 11.45 095557 BANASKY 10.20 095376 CONNELL 13.50 095479 CONNELL 15.00 095736 CONNELL 8.70 095809 CONNELL 11.50 095114 GOODWIN 5.45 095269 HENRY 20.25 095621 HENRY 4.65 095324 LARSON 21.45 095210 LA VALLEY 9.40 095302 LA VALLEY 9.40 095423 LA VALLEY 14.20 095537 LA VALLEY 11.40 095695 LA VALLEY 9.40 095270 MC NNIS 8.35 095441 MC INNIS 8.35 103858 PARKS 14.95 095434 PHILLIPS 25.55 095717 RUPPRECHT 13.70 01 i?-,:.,095684 RUPPRECHT 4.35 rTY ► �iJ v i:f-F7l i r i�' + :" 095365 WALLS 6.55 $257.75 ,.,g n• t ♦ � ; Gid AL .+L•F3 282 DECEMBER 1978 MEDICAL BILLS FOR NOVEMBER 1978 (Cont'd) NATIONAL HEALTH LABORATORIES 53830 ALEXANDER $ 35.00 $ 35.00 RENTON CHIROPRACTIC CLINIC 66970 MC INNIS $106.00 $106.00 SUMMIT MADISON MEDICAL GROUP 78820 ALEXANDER $ 95.00 $ 95.00 UROLOGICAL SURGEONS, INC. 85055 CONNELL $ 3.00 $ 3.00 SERVICES OF FINANCE & CITY CLERK PERSONNEL $725.71 $725.71 MEDICAL PREMIUMS FOR DECEMBER 1978 GROUP HEALTH MEDICAL $ 82.00 KING COUNTY MEDICAL 2,656.00 WASHINGTON DENTAL SERVICE 639.10 $3,377.10 TOTAL MEDICAL COSTS FOR NOVEMBER-INCLUDING DECEMBER PREMIUMS .5,064.57 PENSION PAYMENTS FOR DECEMBER 1978: ALEXANDER, John (Captain) $ 1,111.00 ANDERSON, Mrs. Enza (Widow) 435.03 ANDERSON, T. K. (Fireman) 839.00 ASHURST, James F. (Asst. Chief) 1,134.50 CONNELL, Robert (Captain 145.72 1,111.00 GOODWIN, Charles (Captain) 760.80 HAWORTH, Mrs. Constance C. (Widow) 839.00 HAWORTH, Jack (Fireman) 8.16 HENRY, Paul J. (Fireman) 83.85 HURST, Gerald (Fireman) 497.18 LAWRENCE, Floyd (Chief) 435.03 McDONALD, Mrs. Orpha (Widow) 855.00 PARKS, John (Fireman) 718.86 PRINGLE, Sylvia Joan (Widow) 839.00 STROM, Karl (Fireman) 97.68 TODD, Franklin L. (Fireman) 168.62 TONDA, Ernest J. (Captain) 226.12 WALSH, Patrick J. (Captain) TOTAL PENSION PAYMENTS FOR DECEMBER 1978 $10,305.55 TOTAL MEDICAL PAYMENTS FOR NOVEMBER 1978 $ 5,®6-44.57 (Including December Premiums) TOTAL EXPENSES: Medical/Pension $15,310.12 TOTAL PENSION PAYMENTS FOR DECEMBER 1977 $ 8,956.97 TOTAL MEDICAL PAYMENTS FOR NOVEMBER $ 2,715,29 S FOR 1977 }'x $11,672.26Ap�. TOTAL EXPENSE FIREMEN'S PENSION BOARD Regular Meeting ..� January 9, 1979 BOARD MEMBERS Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fireman David Riggle, Fireman Ray Barilleaux, Alternate Fireman The regular meeting of the Fireman's Pension Board was called to order by Chairman Delaurenti at 4:00 P.M. All board members were present except Delores Mead who was represented by Maxine Motor, Deputy City Clerk. MINUTE APPROVAL MOVED BY HENRY, SECOND RIGGLE TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF DECEMBER 12, 1979. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMEN:LS (See Attached Statement) The cash and investment activity report was distributed reflecting investments as of December 31, 1978 as follows: ti.. 1) Sold $37,900.00 in Repos. 2) Sold $2,700.00 of Oppenheimer Mutual Fund Shares. 3) Sold $2,700.00 of Oppenheimer A.I.M. Mutual Fund Shares. 4) Received $3,203.88 payment on L.I.D. 269 Installment Note; $1,950.16 on L.I.D. 259 Installment Note; and $4,172.48 on L.I.D. 261 Installment Note. 5) Purchased $39,300.00 in Repos. Following discussion, the monthly report was accepted and filed for record. MONTHLY BILLS AND PENSION PAYMENTS (See -Xttached Statement) List of monthly bills and January pension payments was distributed. The increased pension payments were noted reflecting applicable percentages for cost of living increases granted firemen for 1979. The amount of January medical premiums was not available and will be reflected next month as payments are made for the following month. Dave Riggle requested the figures of one year ago used for comparison, be listed (in brackets) on the same line with the current monthly total amounts. MOVED BY HENRY, SECOND RIGGLE TO APPROVE: THE MONTHLY BILLS AND PENSION PAYMENTS, AUTHORIZE WARRANTS TO COVER AND AMEND L'STING OF COMPARISON STATUS. CARRIED. r �1 A Firemen' s Pension Board Regular Meeting of January 9, 1979 Page Two OLD BUSINESS Firemen Riggle and Henry discussed need for funding noting $90,000 to $100,000 per year reduction of fund. Mayor Delaurenti recalled his intent for inclusion in 1980 budget upon review of available monies. NEW BUSINESS Letter from Fire Chief Geissler reported Bill Henry was re-elected to a two-year term as a member of the Pension Board as a result of election by members of the Firemen's Pension System. Mayor Delaurenti introduced City Councilman Larl Clymer as 1979 Ways & Means Committee Chairman and member of the Board replacing Board Member Richard Stredicke, outgoing Ways & Means Committee Chairman. Mayor Delaurenti congratulated Bill Henry on his re-election. Councilman Clymer was welcomed and his prior service on the Board noted. As there was no further business to come before the Board, the meeting was adjourned at 4:40 p.m. 22z-o-Z Maxine E. Motor, Deputy City Clerk Renton Firemen's Pension Board PRE: L 1M I NARY CITY OF RENTON — FIRE'MEN'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT As of December 31, 1978 Current Month Previous Month Last Yr. Current Last Yr. Previous CASH & INVESTMENT ACTIVITY December November Month December Month November CACI Beginning Cash Balance . . . . . . $ 279.45 $ 29.01 $ 709.27 $ 326.43 RECEIPTS: Revenue5,907.82 4,388.60 12,097.31 2,177.41 Investments Sold 52,626.52 71,155.00 28,840.97 10, 100.00 n DISBURSEMENTS: Expenditures 19,407.66 15,793.16 14,843.41 11,894.57 Investments Purchased 39,300.00 59,500.00 26,800.00 —0— ENDING CASH BALANCE , , . $ 106.13 $ 279.45 $ 4.14 $ 709.27 I NV E:STME NTS Savings Accounts, Repurchase Agreements k Certificates of Deposit . . . . . . . $ 9,000.00 $ 7,600.00 $ 74,930.76 $ 48,130.76 air Municipals . . . . . . . . . . . . . . . . . . . . 68,434.91 77,761.43 95,639.40 114,481.37 Corporate Bands 347,195.66 347,195.66 355,750.66 355,750.66 Mutual Ends 275,188.34 280,588.34 280,588.34 290,587.34 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $699,818.91 $713,145.43 $806,909. 16 $808,950. 13 TOTAL CASH k. INVESTMENTS . . . . . . . . . . . . . $699,925.04 $713,424.88 $806,913.30 $809,659.40 INVESTMENT ACTIVITY [HIRING THE; CURRENT M!►NTH s 1 Sold $37,900.00 in Repos. 2; Sold $2,700.00 of Oppenheimer Mutual Fund Shares. 3) Sold $2,700.00 of Oppenheimer A. I.M. Mutual Fund Shares. 4) Received $3,203.88 payment on L.I.D. 269 Installment Note; $1,950.16 on L.I.D. 259 Installment Note; and $4,172.48 on L.I.D. 261 Installment Note. t3 5) Purchased $39,300.00 in Repos. 00 FIREMEN'S PENSION BOARD JANUARY 1979 MEDICAL BILLS FOR DECEMBER 1978: AUSTINS PHARMACY 827888 WALSH $ 16.30 $ 16. 30 BAKER, GORDON P. , M.D. INC. PS. R00-550747 MATTHEW $ 5.00 $ 5.00 BAKER, RICHARD K. , D.C. PRICE $ 36.00 $ 36.00 BARTELL DRUG 39206'] SHERERTZ $ 8.00 $ 8.00 GROUP HEALTH 213111 PRICE $ 62.26 $ 62.26 JENSEN, NEAL S. , O.D. DYKES $ 89.43 $ 89.43 K'S PHARMACY 095846 BERGMAN $ 7.20 095887 CONNELL 4.40 095920 LaVALLEY 17.55 095913 NEWTON 12.60 095988 PARKS 9.00 $ 50.75 SKAGGS DRUGS REPRECHT $ 4.39 $ 4.39 VALLEY GENERAL HOSPITAL NICHOLS $ 88.00 $ 88.00 MEDICAL PREMIUMS FOR JANUARY 1979: Not determined at this date .�r PENSION PAYMENTS FOR JANUARY 1979: ALEXANDER, John (Captain) $1 ,226.00 ANDERSON, Mrs. Enza (Widow) 435.03 ANDERSON, T.K. (Fireman) 926.00 A.SHURST, James F. (Asst. Chief) 1,296.00 BERGMAN, Ronald A. (Fireman) 6. 70 CONNELL, Robert (Captain) 260. 72 GOODWIN, Charles (Captain) 1,226.00 HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 926.00 HENRY, Paul J. (Fireman) 114. 36 HURST, Gerald (Fireman) 172. 35 LAWRENCE, Floyd (Chief) 497. 18 Mc DONALD, Mrs . Orpha (Widow) 435.03 PARKS, John (Fireman) 943.50 PRINGLE , Sylvia Joan (Widow) 718.86 SHERERTZ, Marvin L. (Battalion Chief) 165.43 SMITH, Leroy (Fireman) 18.55 STROM, Karl (Fireman) 926.00 TODD, Franklin L. (Fireman) 183. 18 TONDA, Ernest J. (Captain) 320.42 WALSH, Patrick J. (Captain) 341. 12 WILLIAMS, George H. (Fire Chief) 33.20 TOTAL PENSION PAYMENTS FOR JANUARY 1979 $11 ,932.43 TOTAL MEDICAL PAYMENTS FOR DECEMBER 1978 $ 360. 13 TOTAL EXPENSES: Medical/Pension $12,292.56 FIREMEN' S PENSION BOARD -2- JANUARY 1979 7 TOTAL PENSION PAYMENTS FOR JANUARY 1978 $ 8,956.97 SNOW TOTAL MEDICAL PAYMENTS FOR DECEMBER 1977 S 3,664.99 TOTAL EXPENSES FOR 1978-1977 $12,621.96 v� ��� CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting February 13, 1979 BOARD MEMBERS Charles J. Delaurenti , Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fire Dept. Rep. David Riggle, Fire Dept. Rep. Ray Barilleaux, Alternate Fire Dept. Rep. The regular meeting of the Fireman's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. All board members were present except Earl Clymer and Delores Mead who was represented by Maxine Motor, Deputy City Clerk. Finance Director, Gwen Marshall , was also present. MINUTE APPROVAL MOVED BY HENRY, SECOND RIGGLE TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF JANUARY 9, 1979. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) The cash and investment activity report was distributed reflecting investments as of January 31, 1979 as follows : 1) Sold $55,500.00 in Repos. 2) Sold $33,200.00 in Mutual Funds. 3) Received $4,738.37 payment on L. I .D. 258 Installment Note. 4) Purchased $60,300.00 in Repos. 5) Purchased $25,000.00 Certificate of Dep o_ t. The Board members requested that starting next month the following information be given on each item on current monthly investment activity: Bank or Financial Institute, amount of interest and length of time. Following discussion, the monthly report was accepted and filed for record. MONTHLY BILLS AND PENSION PAYMENTS (See Attached Statement) List of monthly bills and February pension payments was distributed. Following discussion of several individual doctor bills it was MOVED BY HENRY, SECOND RIGGLE TO APPROVE MONTHLY BILLS AND PENSION PAYMENTS, AND AUTHORIZE WARRANTS TO COVER. CARRIED. OLD BUSINESS Captain Henry noted previous request for funding. Mayor Delaurenti recalled his commitment to the 1980 budget. a �U Firemen's Pension Board Regular Meeting of February 13, 1979 Page Two NEW BUSINESS Disability retirement of George Banasky effective February 1, 1979 was discussed. Letter from Finance Director outlined pension allowance as follows: LEOFF Pension - 50% of basic salary = $1,226.00/mo. City Pension - 60% of basic salary = $1,471.20/mo. Firemen's Pension Fund pays difference of $245.20/mo. The letter noted final approval was needed from the LEOFF Board in Olympia on George Banasky retirement prior to payment of $245.20 per month retroactive to 2/1/79. Letter also read from Deputy City Clerk to the Washington State Office of the Treasurer, Olympia, forwarding requested certification of the number of paid firemen in the city fire department as of 12/31/78 (54); date city fire department was formed (1/2/44); and date City of Renton Firemen's Pension Fund was established (3/2/48). The subject of settlement of recorded compensatory time off was discussed and the approximate $34,000 cost. Capt. Henry asked that if the payment was made from the Firemen's Pension Fund, the intent to reimburse the fund would be a matter of record. As there was no further business to come before the Board, it was MOVED BY HENRY SECOND RIGGLE THE MEETING ADJOURN. 4:45 P.M. i Maxine E. Motor, Deputy City Clerk Renton Firemen's Pension Board CITY OF RENTON — FIREMEN'S PE'vSION FUND CASH & INVESTMENT ACTIVITY REPORT As of January 31, 1979 Current Month Previous Month Last Yr. Current Last Yr. Previous CASH & INVESTMENT ACTIVITY Jan. 1979 Dec. l978,—.jhUmQL._,4an. 1 78 Month Dec. 1977 CASH Beginning Cash Balance . . . . . . . . . . . . . . $ 98.22 $ 279. $ 4.14 $ 709.27 RECEIPTS: Revenue . . . . . . . . . . . . . . . 4,407.90 5,907.82 792.71 12,097.31 Investments Sold . . . . . . . . . . . . . . 93,438.37 52,626.52 751189.02 28,840.97 D T SBURSE14ENTS: Expenditures . . . . . . . . . . . . . 12,51. 19,415-57,. 9:437.71 14,843.41 Investments Purchased . . . . . . . . . . . . . . 85,3 = 39,300,00 66,300.00 26,800.00 ENDING CASH BALANCE . . . . . . . . . . . . . . . $ $ 98.22 $ 248.16 $ 4.14 INVESTMENTS Savings Accounts, Repurchase Agreements &. Certificates of Deposit . . . . . . $ 38,800.00 $ 9,000.00 $ 66,300.00 $ 74,930.76 Municipals . . . . . . . . . . . . . . . . . . . . 6326 68,434,91 : 95,381.14 95,639-40 Corporate Bonds 347,E " 347,195-, 355 750.66 355 750.66 Mutual Eti:nds . . . . . . . . . . . . . . . . . . 241998 275,188.34Y 280,588.34 280,588.34 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $691,680.54 $699,818.91 "'t" S1020.14 $806,909.16 f TOTAL CASH & INVESTMENTS . . . . . . . . . . . . . $691,754.41 $699,917.13 $798,268.30 $806,913.30 i IWESTWNT ACTIVITY DIJRING THE CURRENT MONTH: 1) Sold $55,500.00 in Repos. 2 Sold $33,200.00 in Mutual Funds. 3 Received $4,738.37 payment on L.I.D. 258 Installment Note. 4 Purchased $60,300.00 in Repos. 5 Purchased $25,000.00 Certificate of Deposit. i FPEMEN' S PENSION BOARD FEBRUARY 1979 MEDICAL BILLS FOR JANUARY 1979: A & H DRUGS 758098 BEATTEAY $ 10.45 756712 COLOMBI 3.95 756562 COLOMBI 9.75 756578 COLOMBI 9. 15 756509 COLOMBI 13.35 $ 46.65 AUSTINS PHARMACY 407342 ANDERSON $ 10.20 $ 10.20 BREWER, C.W. , M. D. EAGER $ 10.00 $ 10.00 CENTER OPTICAL 11313 SCHNEIDER $ 90.24 S 90.24 COLEMAN, DANIEL H. , M. D. ALEXANDER $286. 00 $286.00 CORNELL'S VALLEY PHARMACY 4010 BARILLEAUX S 6.55 4428 BERGQUIST 12. 80 4026 SHERERTZ 34. 50 $ 53.85 FAIRWOOD PHARMACY 96452 DAWKINS S 10.50 $ 10.50 FLETCHER, CHARLES R. D.C. NEWTON $ 37.00 $ 37.00 Beacon Chiropractic Center HARTWIG, JAMES H. , M.D. 36178 COLOMBI $ 6.00 $ 6.00 I HENNINGSEN & ASSOCIATES, INC. 7795 BERGMAN $104.21 $104.21 K'S PHARMACY 096387 BERGMAN $ 13.56 096242 CONNELL 10.73 096367 CONNELL 7.75 096189 HENRY 2.65 096493 HENRY 23. 15 096253 JONES 7.30 f 096396 JONES 7.30 096221 LaVALLEY 23.55 096213 PHILLIPS 15.35 096245 RUPPRECHT 2.75 096403 RUPPRECHT 9.85 096415 TODD 37.90 $161.93 K'S PHARMACY 096423 ALEXANDER $ 12.00 096293 ALEXANDER 2. 15 096157 PARKS 29.99 096380 PARKS 13. 15 096511 PARKS 20.35 096014 PARKS 18.62 $ 96.26 KUSHNER, MARTIN, M.D. WALSH $ 17.00 $ 17.00 MONTEFERING CLINIC 1936 STROM $ 90.00 $ 90.00 NATIONAL HEALTH LABORATORIES ALEXANDER $ 30.00 $ 30.00 PAY' n SAVE CORP. 80904 MOELLER $ 18. 15 $ 18. 15 PUGET SOUND BLOOD CENTER 037903 ALEXANDER $194.00 $194.00 f FIREMEN'S PENSION BOARD -2- FEBRUARY 1979 1 MEDICAL BILLS FOR JANUARY 1979 - Continued: RENTON OPTOMETRY CLINIC WALSH $ 84.89 $ 84.89 SUMMIT MADISON MEDICAL GROUP ALEXANDER $130.00 $130.00 t TOPP, WILLIAM L. , M.D. JONES $ 12.00 $ 12.00 UROLOGICAL SURGEONS, INC. CONNELL $ 8.00 $ 8.00 VALLEY GENERAL HOSPITAL CONNELL $168.00 $168.00 RENTON OPTOMETRY CLINIC MILLER $ 95. 16 $ 95. 16 MEDICAL PREMIUMS FOR JANUARY 1979: GROUP HEALTH MEDICAL $ 82.00 KING COUNTY MEDICAL 2,656.00 I WASHINGTON DENTAL SERVICE 689.70 $3,427.70 TOTAL MEDICAL COSTS FOR JANUARY 1979 $5,187.74 PENSION PAYMENTS FOR FEBRUARY 1979: ALEXANDER, John (Captain) $1,226.00 ANDERSON, Mrs. Enza (Widow) 435.03 I ANDERSON, T.K. (Fireman) 926.00 ASHURST, James F. (Asst. Chief) 1,296.00 BERGMAN, Ronald A. (Fireman) 6.70 CONNELL, Robert (Captain) 260.72 f GOODWIN, Charles (Captain) 1,226.00 ! HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 926.00 HENRY, Paul J. (Fireman) 114.36 HURST, Gerald (Fireman) 172.35 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Mrs. Orpha 435.03 PARKS, John (Fireman) 943.50 PRINGLE, Sylvia Joan (Widow) 718.86 SHERERTZ, Marvin L. (Battalion Chief) 165.43 SMITH, Leroy (Fireman) 18.55 1 STROM, Karl (Fireman) 926.00 TODD, Franklin L. (Fireman) 183. 18 I TONDA, Ernest J. (Captain) 320.42 WALSH, Patrick J. (Captain) 341. 12 WILLIAMS, George H. (Chief) 33.20 TOTAL PENSION PAYMENTS FOR FEBRUARY 1979 $11,932.43 TOTAL MEDICAL PAYMENTS FOR JANUARY 1979 $ 5,187.74 TOTAL EXPENSES: Medical/Pension $17,120. 17 �q FIREMEN'S PENSION BOARD -3- FEBRUARY 1979 TOTAL PENSION PAYMENTS FOR FEBRUARY 1978 $ 8,956.97 TOTAL MEDICAL PAYMENTS FOR JANUARY 1978 3,449.65 TOTAL EXPENSES FOR 1978 $12,406.62 i f; i CITY OF RENTON FIREMEN'S PENSION BOARD Regular Meeting March 13, 1979 BOARD MEMBERS Charles J. Delaurenti, Mayor-Chairman Delores A. Mead, City Clerk-Secretary Earl Clymer, Councilman William Henry, Fire Dept. Rep. David Riggle, Fire Dept. Rep. Ray Barilleaux, Alternate Fire Dept. Rep. The regular meeting of the Firemen's Pension Board was called to order by Chairman Delaurenti at 4:00 p.m. All board members were present. Ted Bennett, Deputy Finance Director, was also in attendance. MINUTE APPROVAL MOVED BY MEAD, SECOND RIGGLE,TO APPROVE THE MINUTES OF THE PREVIOUS MEETING OF FEBRUARY 13, 1979. CARRIED. MONTHLY STATEMENT OF CASH AND INVESTMENTS (See Attached Statement) The cash and investment activity report was distributed reflecting investments to February 28, 1979 as follows: 1) Sold $89,200 in Repos. 2) Sold $25,000 Certificate of Deposit. 3) Purchased $13,800 Repo from Seattle 1st @ 9.55% to mature 2/9. 4) Purchased $17,900 Repo from Peoples @ 9.40% to mature 2/16. 5) Purchased $43,700 Repo from Peoples @ 9.30% to mature 2/23. 6) Purchased $27,400 Repo from Pacific National @ 9.65% to mature 3/2. MOVED BY HENRY, SECOND RIGGLE TO ACCEPT THE REPORT AND SAME BE FILED FOR RECORD. CARRIED. MONTHLY BILLS AND PENSION PAYMENTS <See Attached Statement) List of February medical bills and March pension payments were distributed. MOVED BY HENRY, SECOND RIGGLE TO APPROVE THE MONTHLY BILLS AND PENSION PAYMENTS AND AUTHORIZE WARRANTS DRAWN TO COVER. CARRIED. OLD BUSINESS The subject of payment to Fire Department personnel for accumulated bank time, to clear the books, was brought before the board by the Mayor pursuant to inquiry last month. The Mayor inquired regarding possible loan from the Firemen's Pension Fund in the sum of $33,927. 14 plus interest of approximately $2,720 with reimbursement to be included in the 1980 budget. In ensuing discussion it was noted such bank time is no longer accrued having been acquired over a period of years previous to 1973. (In lieu of pay when called to major fires and unused holiday time, firemen unable to take off time without creating manning problems) Firemen's Pension Board Regular Meeting of March 13, 1979 Page Two Funding alternatives and consequences of delayed payment were discussed. 1) Borrow from Firemen's Pension Fund as proposed. 2) Fund from unanticipated revenue to be received in 1979 thereby avoiding interest paywent, or from other sources as may be available. 3) Make early payment based on present salaries, costs otherwise if delayed to increase with salary changes. 4) Payment when held until retirement poses excessive funding obligation for the city with other accrual benefits to be paid at that time. MOVED BY HENRY, SECOND RIGGLE IN THE EVENT FUNDING IS NOT AVAILABLE FROM ANOTHER SOURCE, THE PENSION BOARD AGREES TO FINANCE THE LOAN WITH REPAYMENT, PLUS INTEREST AT RATE INVESTED MONEY IS EARNING AT TIME OF LOAN, NO LATER THAN JULY 1, 1980. CARRIED. The Secretary was requested to direct a letter to the City Council for this coming weeks agenda (March 19) with -ef>-rral ry°_,ommendec to the Ways and Means Committee a}fid/o= Budget Committee. NEW BUSINESS The secretary reminded the Board of up-coming annual pension benefit increases to be granted widows and certain pensioners per RCW 41'. 18. 104, noting decision to be made regarding 11, S. Bureau of Labor-C.P.I. Index to be used. Attention was called to President Carter's recommendation regarding a 7% wage increase limitation. Further information will be provided after research of State Labor Council recommendations and other city pension systems. As there was no further business to come before the Board,it was MOVED BY HENRY, SECOND RIGGLE THE MEETING ADJOURN. CARRIED. 4:26 P.M. Delores A. Mead, City Clelrk Renton Firemen's Pension Board 1 CITY OF RENTON — FIREMEN'S PENSION FUND CASH & INVESTMENT ACTIVITY REPORT As of February 28, 1979 Current Month Previous Month Last Yr. Current Last Yr. Previous CASH & INVESTMENT ACTIVITY February January Month February Month January CASH Beginning Cash Balance . . . . . . . . $ 73.87 $ 98.22 $ 248.16 $ 4. 14 RECEIPTS: Revenue . . . . . . . . . . . . . . . . 5,794.96 4,407.90 6,353.31 792.71 Investments Sold . . . . . . . . . . . . . . . . 114,200.00 93,438.37 97,600.00 75,189.02 DI SBURSDMENTS t Expenditures . . . . . . . . . . . . . . 17,120.17 12,570.62 13,071.70 9,437.71 Investments Purchased . . . . . . . . . . . . . . 102,800.00 85,300.00 100,300.00 66,300.00 INDING CASH BALANCE . . . . . . . . . . . . . . . $ 148.66 $ 73.87 $ (9,170.23) $ 248.16 INVESTMENTS Savings Accounts, Repurchase Agreements Ac Certificates of Deposit . . . . . . . $ 27,400.00 $ 38,800.00 $ 69,000.00 $ 66,300.00 Municipals . . . . . . . . . . . . . . . . . . . . 63,696.54 63,696.54 95,381.14 95,381.14 Corporate Bonds . . . . . . . . . . . . . . . . . 347,195.66 347,195.66 355,750.66 355,750.66 Mutual Funds . . . . . . . . . . . . . . . . . . . 241,988.34 241,988.34 280,588.34 280,588.34 TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $680,280.54 $691,680.54 $800,720.14 $798,020.14 TOTAL CASH Ac INVESTMENTS . . . . . . . . . . . . . $680,429.20 $691,754.41 $791,549.91 $798,268.30 INVESTMENT ACTIVITY DURING THE CURRENT MONTH: 1) Sold $89,200.00 in Repos. 2) Sold $25,000.00 Certificate of Deposit. 3) Purchased $13,800.00 Repo from Seattle 1st @ 9.55% to mature 2/9. 4) Purchased $17,900.00 Repo from Peoples @ 9.40,$ to mature 216. 5) Purchased $43,700.00 Repo from Peoples @ 9.301 to mature 2/23. �^ 6) Purchased $27,400.00 Repo from Pacific National @ 9.65% to mature 3/2. FIREMEN'S PENSION BOARD MARCH 1979 MEDICAL BILLS FOR FEBRUARY 1979: A & H DRUGS 758987 BEATTEAY $ 4.00 mom 756340 NICHOLS 9.45 $ 13.45 AUSTINS PHARMACY 632520 ANDERSON $ 10.20 $ 10.20 CORNELL'S VALLEY PHARMACY 4618 NICHOLS $ 12.35 $ 12.35 JAFFE, S.L. , O.D. A14388 HUNT $117.23 $117.23 K'S PHARMACY 096348 BERGMAN $ 27.45 096829 BERGQUIST 8.50 096713 CONNELL 9.15 096679 LaVALLEY 17.55 096840 PARKS 9.00 096905 PARKS 9.80 096718 PHILLIPS 10.20 096577 RUPPRECHT 9.85 $101.50 K'S PHARMACY 096788 ASHURST $ 12.75 096842 PARKS 20.35 $ 33. 10 MEDICAL PREMIUMS FOR FEBRUARY 1979: GROUP HEALTH MEDICAL $ 123.00 KING COUNTY MEDICAL 2,656.00 WASHINGTON DENTAL SERVICE 689.70 $3,468.70 TOTAL MEDICAL COSTS FOR FEBRUARY 1979 $3,756.53 � 99 FIREMEN'S PENSION BOARD -2- MARCH 1979 Al PENSION PAYMENTS FOR MARCH 1979: ALEXANDER, John (Captain) $1,226.00 ANDERSON, Mrs.Enza (Widow) 435.03 ANDERSON, T.K. (Fireman) 926.00 ASHURST, James F. (Asst. Chief) 1,296.00 IiANASKY, G�_rge, (Capt4in) 2,41-,20 (Feb,) 245.20 (March) BERGMAN, Ronald A. (Fireman) 6.70 CONNELL, Robert (Captain) 260.72 GOODWIN, Charles (Captain) 1,226.00 HAWORTH, Mrs. Constance C. (Widow) 760.80 HAWORTH, Jack (Fireman) 926.00 HENRY, Paul J. (Fireman) 114.36 HURST, Gerald (Fireman) 172.35 LAWRENCE, Floyd (Chief) 497. 18 McDONALD, Mrs. Orpha (Widow) 435.03 PARKS, John (Fireman) 943.50 PRINGLE, Sylvia Joan (Widow) 718.86 SHERERTZ, Marvin L. (Battalion Chief) 165.43 SMITH, Leroy (Fireman) 18.55 STROM, Karl (Fireman) 926.00 TODD, Franklin L. (Fireman) 183. 18 TONDA, Ernest J. (Captain) 320.42 WALSH, Patrick J. (Captain) 341.12 WILLIAMS, George J. (Chief) 33.20 TOTAL PENSION PAYMENTS FOR MARCH 1979 $12,422.83 TOTAL MEDICAL PAYMENTS FOR FEBRUARY 1979 $ 3,756.53 TOTAL EXPENSES: Medical/Pension $16,179.36 TOTAL PENSION PAYMENTS FOR MARCH 1978 $ 8,956.97 TOTAL MEDICAL PAYMENTS FOR FEBRUARY 1978 4,540.76 TOTAL EXPENSES FOR 1978 $13,497.73 3DB