Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting # 93 The Volunteer Firefighters’ Relief Fund Committee held its ninety-third meeting on Monday May 9, 2005 at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Richard Benoit, Taftville Thomas Quinley, Yantic Thomas Dawkins, Personnel Manager Joseph Kochanski, Laurel Hill Joseph Morse, Citizen Appointee Donald Leary, East Great Plain Karen Mankowski, Occum Joshua Pothier, Deputy Comptroller Robert Zarnestke, Assistant City Manager Red McKeon, Occum/Past Chairman Members absent were: Richard Podurgiel, City Manager Joseph Ruffo, Comptroller/Treasurer Dennis Davis, City Pension Board Richard Benoit called the meeting to order at 5:03 p.m. 2. Minutes a) Review of last meeting minutes. i. Motion made to accept the minutes by Dennis Leary, seconded by Joseph Kochanski. Approved 3. Reports a) Treasurer’s Report: i. February, March and April Treasurer’s Reports were presented to the Committee. ii. Motion made to accept by Red McKeon, seconded by Donald Leary. Approved. 4. Communications a) The Committee received a revised May 4, 2005 Volunteer Firefighters’ Pension Plan Actuarial Report, from Hooker & Holcombe, Inc. (Williams W. Bush, III). In summary: i. The actuarial assumptions interest return rates have been revised downward from 6 1/2% to 4 1/2% compounded annually. ii. Actuarial liabilities were noted to have increased from January 1, 2002 @ $2,289,738 to January 1, 2004 @ $2,356,564. iii. Additionally, the total normal cost for the City’s recommended contribution was noted to increase approximately $18,000 from $33,076 to $51,198. iv. Mr. Bush further stated, that based on the current revised figures and considering the relatively low rate of return being paid on investment monies, the City’s contribution, indicated on page 6 line item g, increased from an annual contribution of $120,000 to $151,226. v. Currently the money market rates being paid are not meeting our investment goals. The Committee may be forced to investigate more aggressive investment options. b) A corrected Treasurer’s Report was received for the time period January 2002 through December 2003, clarifying Volunteer Fire Department contributions. 5. Old Business None 6. New Business a) Requests for benefits: i. Taftville requests benefits for Mr. Joseph Allen Chabot with 20 years qualified service. ii. Yantic requests benefits for Mr. Edward Sanborn with 30 years qualified service. Motion made by Donald Leary to begin benefit payments for the above noted individuals. Seconded Joseph Kochanski. Approved. b) Red McKeon stated, that junior members of the Fire Departments (16-17 year olds) are also entitled to the Public Service Officer’s Death Benefit (PSOB). Therefore it is important for all Departments to ensure that they have current Beneficiary Forms for all members. The PSOB is currently valued at $275,658 and the next revaluation for this benefit will take place in 2006.  c) The Volunteer Firefighters’ subcommittee meeting to begin work on the draft 2005 revision to the Volunteer Firefighters’ Relief Fund has been tentatively scheduled for June 9, 2005 at the Taftville Fire Station. 7. Other Business None 8. Adjournment a) Motion made to adjourn by Donald Leary, seconded by Thomas Quinley. b) Meeting adjourned at 5:30 p.m. Respectfully Submitted, Thomas G. Quinley September 12, 2005