07-15-1992 *ow wee
GENERAL EMPLOYEES PENSION BOARD
REGULAR MEETING
July 15, 1992
Minutes
CALL TO ORDER
Mayor Tanya Wessler Excused
City Clerk Susan Wadsworth Present
Rev. Harvey Hardin Present
Lynne Plaskett Excused
Janet Morris Present
Tyna Hilton Present
Also present was Debbie Sigler, recording secretary.
OLD BUSINESS
There was nothing brought up.
NEW BUSINESS
Review of investments, board duties, etc. by Jack Ascherl
Mr. Ascherl distributed the Pension Plan Analysis Report and
began going over it page by page. He explained the different
funds available to invest in. Currently the City invests 50/50
in the U.S. Stock Account and the Stock Index Account. The
General Investment Fund had a 10.08% return, the Stock Account
had a 23.13% return and the Stock Index had a 20.8% return.
Mr. Ascherl went over the General Investment Fund and the Expense
Statement Sheet by line item. He then went to the Actuarial
Valuation Report and explained its contents. He stated the
booklet entitled "Briefly" is a report that is received
quarterly and it explains how all the accounts are working.
There were no questions from the members regarding the review.
DISCUSSION ITEMS
Mrs. Sigler asked if the pension proposal initiated by Mrs.
Plaskett was to be distributed.
Mr. Ascherl cautioned if this was sent out to all the employees
it would be very confusing.
Rev. Hardin stated the City should be very careful about looking
at a COLA (cost of living adjustment). He told of his own
personal experience regarding a pension.
Mr. Ascherl suggested the members discuss numerous ways to
improve a plan before sending a proposal out to the general
employees.
There were no other comments.
ADJOURNMENT
Janet Morris moved to adjourn. Tyna Hilton seconded the motion.
Meeting adjourned 3:50 p.m.
Minutes submitted by:
Debbie Sigler