06-17-2013 Edgewater Firefighter's Pension Fund
June 17, 2013
Community Center
6:00 p.m.
CALL TO ORDER:
Chairman Dominick Fede called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on June 17, 2013 at 6:10 p.m. at the
Edgewater Community Center.
ROLL CALL:
Members present were Chairman Dominick Fede, Justin Nickels, Barbara Scott,
Scott Hopkins, Gary Butt and Shontella Jackson, Recording Secretary. Also
present were Jack Evatt and John Thinnes of Bogdahn Group, Doug Lozen of
Foster & Foster, Jonathan McKinney, Finance Director and Donna Looney,
Personnel Director.
APPROVAL OF MINUTES:
The minutes of March 18, 2013 meeting was submitted for approval. MOTION by
Barbara Scott. SECOND by Justin Nickels to approve the minutes of March
18, 2013 Edgewater Firefiahter's Pension Board as written. MOTION
CARRIED UNANIMOUSLY.
NEW BUSINESS:
Annual report by Foster & Foster
Doug Lozen of Foster & Foster presented the annual actuarial valuation to the
Board. Mr. Lozen stated that Foster & Foster will review all assumption and
conduct a study for the assumptions. This could lower the city's contribution. Mr.
Lozen state the study would not exceed the cost of $7000 and will return in June
with the results. MOTION by Barbara Scott. SECOND by Justin Nickels to
have Foster & Foster conduct the study of assumptions and for the cost
not to exceed $7000. MOTION CARRIED UNANIMOUSLY.
The Board had a brief discussion on the annual actuarial valuation. MOTION by
Justin Nickels. SECOND by Barbara Scott to approve the annual actuarial
valuation as written with the cost of $1500 for a reevaluation is needed.
MOTION CARRIED UNANIMOUSLY. Foster & Foster will provide a revised
copy to reflect the changes.
Report by Bogdahn Consultants
Jack Evatt of Bogdahn Group presented the first quarter report ending December
31, 2012. Mr. Evatt stated that ordinance changes have been needed in the past
three years. The general and police pension board is working on new language
and it should be completed by late 2013. The Board reviewed and discussed the
quarterly report.
Employee for all city pensions
Chairman Dominick Fede discussed the plan to have an employee to oversee all
pension boards. Jonathan McKinney explained that the general and police have
had a plan advisor for their pension for a few years. The plan administrator will
manage all three pension plans and handle the ordinance changes needed for all
plans. Mr. McKinney advised the Board to join the general and police RFP for a
plan administrator which will be conducted in June. MOTION by Justin Nickels,
SECOND by Barbara Scott to join the RFP for a plan administration with
general and police. MOTION CARRIED UNANIMOUSLY.
ADJOURNMENT:
MOTION by Dominick Fede, SECOND by Justin Nickels to adjourned the
meeting at 8:00 p.m.
Minutes respectfully submitted by:
Shontella Jackson, Recording Secretary
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