HomeMy WebLinkAboutRetirement Committee - Minutes - 06/17/19770 0
•
•
MINUTES
CITY OF FORT COLLINS
EMPLOYEES' RETIREMENT BOARD
MEETING HELD JUNE 17, 1977
Members Present: Warren Dalke, Ronald Wood, John Hartman, and Jack Williams
Members Absent: Philip Shade
Others Present: Tom McComb, Dick Salisbury, and Mayor Arvid Bloom
Meeting was called to order on June 17, 1977 at 4:00 p.m.
Tom McComb advised the board that the calculations for Manual Kerbel were
correct and that calculations were based upon standard life of people. He
advised the board that he felt lump sum payments should be paid only when
the amounts were small for the convenience factor and the dollar savings
involved to the paying agent.
The lump sum payment requested by Manual Kerbel was discussed by board
members with regard to the current retirement plan. It was noted that
Mr. Kerbel had indicated his second choice would be the 10 year Certain
and Continuous Option. The number of years could be varied on this
option, but for all calculations Mr. Wood and Mr. McComb had agreed to use
10 years.
Jack Williams made a motion that the lump sum payment to Manual Kerbel be
declined, but that the board approve any other option that he requested.
Ron Wood seconded the motion. Motion passed. Mr. Wood is to notify Mr.
Kerbel of the board action.
Tom McComb then answered several questions with regard to the unfunded
liability of the Employees' Retirement Fund and conclusions he had stated
in his actuarial valuation.
Meeting adjourned.
Respectfully submitted,
Ronald R. Wood