Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting # 95 The Volunteer Firefighters’ Relief Fund Committee held its ninety-fifth meeting on Monday December 12, 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 Robert Zarnestke, City Manager Donald Leary, East Great Plain Karen Mankowski, Occum Joshua Pothier, Deputy Comptroller Red McKeon, Occum/Past Chairman Members absent were: Joseph Ruffo, Comptroller/Treasurer Dennis Davis, City Pension Board Member Richard Benoit called the meeting to order at 5:04 p.m. 2. Minutes a) Review of last meeting minutes. i. Motion made to accept the minutes by Thomas Dawkins, seconded by Donald Leary. Approved 3. Reports a) Treasurer’s Report: i. August, September and October Treasurer’s Reports were presented to the Committee. ii. A motion was made to accept the reports as presented by Red McKeon, seconded by Donald Leary. Approved. 4. Communications a) Mr. Benoit pointed out to the Committee that Richard Podurgiel would not be present at this meeting due to his recent retirement. He requested that the meeting minutes reflect the Committee’s appreciation of Mr. Podurgiel’s  support – past, present and future – of the Committee and its endeavors. Also, he and the Committee wished Mr. Podurgiel the best in his retirement. 5. Old Business a) The Committee received an email from Hooker & Holcombe (W. Bush) dated 12/08/2005 regarding the proposed plan changes to the Volunteer Firefighters’ Relief Fund. The Committee reviewed the email provided and had several comments: i. Mr. Bush inaccurately refers to the Relief Fund as the City of Norwich Volunteers Pension Plan. ii. Cost estimates provided are understated due to the assumption that 55-year olds with 20-years of service are reported to stop accruing pension service. This is not a factual assessment of actuarial assumptions – past, present or future. iii. Motion was made for Mr. Bush to revise the assessment of the Revision proposal, factoring in assumption corrections and be prepared to support a potential meeting for mid to late January with the Committee. iv. Motion made by Thomas Quinley, seconded by Robert Zarnestke. Approved. b) Mr. Zarnestke commented, that based on the Hooker & Holcombe cost estimate, the annual contribution rate as dated in the January 1, 2004 Valuation Report is $151,200. It currently appears that there are two City budget line items pertaining to the Firefighter Relief Fund and that going forward the City will have to assure that approximately $160,000 is provided to the Relief Fund. This figure will be revisited as the details of the 2005 Plan Revision are solidified and approved. 6. New Business a) Mr. Benoit stated that as 2005 draws to a close, it is that time of year to ensure that any new members of the Departments are brought into the Relief Fund with the appropriate forms and payments. Old deposit slips are still valid and are able to be used. Ensure that all members get the 2005 contributions in early for deposit. b) Red McKeon stated that the PSOB Death Benefit has been increased effected October 1, 2005. Current value is $283,385. c) Permanent Disability is now included as part of the Plan. However, specific criteria and definitions have not yet been established. Red will report back as more information becomes available. Additionally, the Federal Government  will assist with underage children’s tuitions of deceased firefighters. More information will be forthcoming on this issue also. d) The Committee asked if there was any new information regarding the potential for the Relief Fund to partner with the City Pension Plan for improved Relief Fund earning potential. Mr. Dawkins and Mr. Pothier reported that investment funding options and updates remain on Attorney Driscoll’s to-do-list and a final review and recommendation have not been performed. Motion made by Thomas Quinley, seconded by Thomas Dawkins to adjourn the meeting. Approved. Meeting adjourned at 1735 hours. Respectfully Submitted, Thomas G. Quinley January 23, 2006