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MINUTES
CITY OF FORT COLLINS
EMPLOYEES RETIREMENT BOARD
SPECIAL MEETING
HELD 9-5-75
PRESENT: John D. Hartman, Warren Dalke, Phillip Shade, Jack Williams,
and Charlie D. Cain
OTHERS ATTENDING: Mayor Jack Russell
The combined meeting of the three pension funds preceded this meeting.
Discussion was had on the recommendation of the subcommittee of the
three boards. The recommendation of the subcommittee was that the
individual Board recommend to the Council that Mr. Tom McComb be engaged
to conduct an actuarial study of the three separate funds.
John Hartman made a motion, seconded by Jack Williams to accept the
recommendation. The motion was unanimously adopted.
The special meeting of the Employees Retirement Board was adjourned.
Charlie D. Cain
•
Members present:
COMBINED MEETING OF PENSION BOARDS
EMPLOYEE'S RETIREMENT:
Present:
John Hartman,
and Charlie D
FIRE:
POLICE:
Jack Williams, Phillip Shade, Warren Dalke,
Cain
Present:
Charlie D. Cain, Art Eckdahl, V.49*0 T#o*.* and Mayor Jack Russell
Absent:
Glen Walters and Roger Peter
Present:
Charlie D. Cain, Lawrence Julch (substituting for Jay Davis),
Verna Lewis, and Mayor Jack Russell
A joint meeting of the three pension boards of the City of Fort Collins was
called to order September 5, 1975, for the purpose of hearing the report of
the subcommittee appointed to study the proposals from two actuarial firms.
John Hartman, a member of the subcommittee, reported that the committee felt
that both firms would do a good job, but it was their recommendation to use
Tom McComb due to the fact he was local.
The committee advised that the two firms were very close in cost and this
would be of no concern in making the decision. Charlie Cain advised that
Tom McComb's cost would be covered in a yearly charge not to exceed a certain
amount and he would do work for the City throughout the year. He, also, noted
that Mr. McComb would need to submit a breakdown of charges for the three
different funds.
Jack Williams asked about the actuarial study proposed by Tom McComb and the
degree of conservatism built into his proposal. The committee felt that Mr.
McComb would tend to be conservative in his calculations.
The pending ordinance regarding the contribution made by the policemen and
firemen was discussed. Verna Lewis advised this ordinance would not be
effective until September 12, 1975.
At this time all three pension boards voted separately on the recommendation
that Tom McComb be engaged to conduct an actuarial study of the three separate
funds. The boards voted unanimously to recommend to Council that Mr. Tom
McComb be retained to do the actuarial study for all three pension boards.
Combined Meeting of Pension Boards
September 5, 1975
Page 2
Jack Williams advised that the next to the last paragraph of the minutes of
July 24, 1975, did not express his intent and they should say that it
would aid Charlie Cain by relieving him of the entire responsibility of
investing pension funds.
The minutes were approved with this addition and correction.
It was agreed that the minutes should be mailed to all members of the boards
in advance of the next combined meeting.
Meeting adjourned.
Charlie D. Cain
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