City of Carbondale FireFighters Pension Board met Jan. 17.
Here is the minutes provided by the Board:
Ted Lomax called the meeting to order at 9:00 a.m. with the following members of the Board present/absent:
Present: Ted Lomax, President; Mike Hertz, Secretary; Becky Applegate
Absent: Harry Threlkeld, Fire Fighter Retiree Representative, Deborah McCoy
Guests: None
Also present was Fire Department Administrative Secretary/Recorder Kathy Haldeman
Minutes Of Previous Meeting
Motion made by Mike Hertz to approve minutes of the October 18, 2016 meeting. Motion seconded by Becky Applegate. Voice Vote: Ayes: Ted Lomax, Mike Hertz, and Becky Applegate. Nays: None. Motion declared carried.
Treasurer's Report
Becky Applegate presented the Treasurer’s Report and Market Value Comparison for the period ending December 31, 2016. Investments showed an increase of $461,686 since September’s statement. Ms. Applegate stated that $670,000 Real Estate Taxes and $186,000 Replacement Taxes have been received with an additional $9,739 Replacement Taxes received this past Friday. $580,000 has been forward to Graystone for investments. Motion made by Mike Hertz to accept the Treasurer’s Report as presented and approve expenses totaling $430,446.86, of which $409,005.96 was payroll. Motion seconded by Ted Lomax. Voice Vote: Ayes: Ted Lomax, Mike Hertz, and Becky Applegate. Nays: None. Motion declared carried. See attached Expense Report for details. Ms. Applegate noted that Retirees Tom Wenzel and Frank Yates both deceased recently and have no spouses or eligible pension dependents.
Unfinished Business
Ted Lomax presented a letter from Assistant Fire Chief Terril Kaufmann stating that he will not be retiring at this time, therefore retracting his Application for Pension Benefits approved at the October 18, 2016 meeting.
NEW BUSINESS
Board members discussed the annual COLA increase effective January, 2017. Motion made by Mike Hertz to approve the annual pension benefit COLA 3% increase. Motion seconded by Becky Applegate. Roll Call Vote: Ted Lomax – Aye, Mike Hertz – Aye, Becky Applegate – AYE. Ayes: Three; Nays: None. Motion declared carried.
Becky Applegate stated she has received all Annual Pension Affidavits with the exception of Rosalie Burk who did not report to an Embassy as required of all benefit recipients not residing within the United States. Ms. Applegate sent Ms. Burk a letter reminding her of the affidavit requirements. Ms. Burk’s pension benefits will not be distributed to her until all required documentation has been received.
Becky Applegate presented the annual audit. Motion made by Ted Lomax to accept the Financial Statements and Independent Auditors’ Report for the Firemen’s Pension Fund dated April 30, 2016 from Kerber, Eck & Braeckel, LLP. Motion seconded by Mike Hertz. Voice Vote: Ayes: Ted Lomax, Mike Hertz, and Becky Applegate. Nays: None. Motion declared carried.
Kathy Haldeman stated that she has completed the annual on-line OMA and FOIA training.
Patrick Donnelly of Graystone Consulting was unable to physically attend the meeting due to health issues, however was available via telephone. Mr. Donnelly presented the Investment Review for period ending December 31, 2016. Mr. Donnelly made three recommendations that will come at no cost to the pension fund and would save the pension fund approximately $6,400 in expenses. Motion made by Mike Hertz to move Mid Cap Equity from I-Share Russell Mid-Cap ETF to I-Shares Core S&P Mid-Cap ETF, Small Cap Equity from I-Shares Russell 2000 to I-Shares Core S&P Small Cap, and International Equity from I-Shares MSCI EAFE ETF to Vanguard FTSE Developed Markets. Motion seconded by Becky Applegate. Voice Vote: Ayes: Ted Lomax, Mike Hertz, and Becky Applegate. Nays: None. Motion declared carried.
Announcements And Adjournment
Motion made by Mike Hertz to adjourn at 9:55 a.m. Motion seconded by Becky Applegate. Voice Vote: Ayes: Ted Lomax, Mike Hertz, and Becky Applegate. Nays: None. Motion declared carried.
The next meeting is scheduled for April 18, 2017 at 9:00 a.m.
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