RETIRED EMPLOYEES
ASSOCIATION
BOARD MEMBERS: All Board members present
RETIREMENT ISSUES TASK FORCE:
Bob West
President Nancy Acevedo
called the meeting to order and introduced John Casey as the new
Parliamentarian Board member, replacing Rosie Wiseman, and advised the Board
that John would also be taking Bob West’s place as the Association’s Health
Advisory Committee member.
The minutes of the Board meeting of November 18, 2003 were approved as submitted.
NOVEMBER: Treasurer Sylvia Tatum reported a balance in the Operating Fund on November 1, 2003 of $1,232.69. Income for November was $$1,925.13 and expenses totaled $1,052.85. Operating Fund balance as of November 30, 2003 was $2,104.97. Reserve Fund balance was $10,160.42 for a Grand Total of $12,265.39.
DECEMBER: Sylvia reported a balance in the Operating
Fund on December 1, 2003 of $2,104.97.
Income for December was $1,282.74 and expenses totaled $1,564.95. Operating Fund balance on December 31, 2003
was $1,822.76. Reserve Fund balance was
$10,169.88 for a grand total of $11,992.64.
Vice President Adam Saling reported the following programs:
January: Fire Department overview of Cedar Fire.
February: City Attorney candidates
March: Police Chief
Adam asked for suggestions
for three questions for the City Attorney candidates. He said each candidate would get ten minutes
to speak with
three minutes for rebuttal. There will
be no questions from the floor.
To accommodate the Police
Chief’s schedule his talk will be at 12:00 noon. Board meeting will be from 10:00AM to 11:30
AM; General Member’s meeting from 11:30 AM to noon and lunch at 12:30PM.
Dave Crow reported that the next RITF meeting would be held on Friday February 5, 2004 at 10:00 AM where the agenda will be set for discussion items for 2004.
Bob West reported that the January HAC meeting was cancelled. The next meeting will be in April. The committee is awaiting a report from the City’s Task Force on Health Issues.
NEWSLETTER
Joe Flynn reported that he estimates a 10% annual savings
on the newsletter expenses by using the
Charles Buchanan had nothing
to report
Alice Anglim stated the next
meeting of the Committee would be held January 14, 2004. There is nothing on
the agenda with respect to retirees.
LIABILITY INSURANCE
Adam Saling reported on two areas he was asked to investigate:
County Retired Employees
Assn. liability insurance. Adam explained that the County Retired
Employees Assn. was an “agency of the County” and not an independent
organization like our association. Thus
their liability would not be applicable to us.
Higher deductible
lowering premiums. Adam said the
quotes he obtained were the lowest available based on the highest deductible.
The premium for $1 Million
coverage for Board liability is $1,020 per year. He moved that the insurance be
purchased. Motion seconded by John
Casey. There was discussion regarding
exactly what type of liability the insurance would cover and if it was really
needed. A motion to table was seconded
and approved and the matter was moved to the Board retreat in February.
AUDIT COMMITTEE
Nancy Acevedo announced the 2003 audit committee consisting of Bob Headland, Bill Schempers and Mary Bush.
SUPPLEMENTAL BENEFITS (13TH
CHECK) ISSUE PAPER
February 13, 2004 at the
9:00AM to 3:00PM. Main agenda items would be 2003
accomplishments, goals for 2004, review of 2003 expenses and the 2004
budget.
Commission meets weekly on Tuesdays from 4-6 PM in the Retirement Office Board room. Last week’s meeting centered on Pension Obligation Bonds. (Dave Wood gave a brief overview of the pros and cons of issuing bonds to finance retirement benefits) At this week’s meeting Cathy Lexin will compare the city’s pension benefits with other agencies.
Retirement Fund balance as of
January 12, 2004 was $3.171 Billion, up $141 Million from last month.
Adam Saling sent a request to
Laurie Chapin for clarification on payments of Corbett settlement monies of
deceased retirees.
The meeting was adjourned at
10:55 AM.
Respectfully submitted,
Robert E. Cain
Secretary