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Home My WebLink About2007 02-12 500 CMWAGENDA CITY COUNCIL/MANAGER WORKSHOP Monday February 12, 2007 Council Chambers, City Hall 5:00 P.M. A. CALL TO ORDER B. ROLL CALL C. APPROVAL OF AGENDA D. NEW BUSINESS - (Reports to follow) 1. Firefighter Relief Association E. ADJOURNMENT FEB 06 2007 07:15 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 P.01/10 A6 p! 1P J. ib Ed Fitzgerald - j 7 Q +1 President MFRA { 1, f 4 Oil A $4,500. Effective 10, 0I, 2006 Facilitator: Ed Fitzgerald Meeting called by: Type of meeting: Ed Fitzgerald Request for ratification President MFRA of Benefit level change from $4,000. to $4,500. Effective 10, 0I, 2006 Facilitator: Ed Fitzgerald Attendees: Maplewood- Council, Mayor, and City Manager Ed Dietz Treasurer WRA Please read: Maplewood Fire Fighters Relief Association Annual Report and supplemental Minutes of the October 2006 Relief Meeting, Request the Council Propose and approve the Ed Fitzgerald- Opening Statement 10 Min following bylaw change for the Maplewood Ed Di eU - Arrival of the $4,500 IOMin Firefighters Relief Association at their 2/12/2007 amount and general financial Consent agenda. ' benchmarks, Please see attached Draft of the Proposed ByLaw Council Q & A to the Board Change of Section 9.2 Benefit Levels 25 Min FEB 06 2007 07:16 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 P.02/10 �� Special notes: Please See Separate attachments of 9.2 Bylaw change as proposed, Financials, and October Minutes FEB 06 2007 07:16 FR ST PAUL COS TECHNOLOG651 310 5 TO 918666201862 8.03/10 0.7. _�T SectigILA-1 Bylaw amendments The Bylaws of this Association may be amended at an regular or special meeting thereof by a favorable vote of two thirds of the members prese an d vo ting , Provided that quorum is Present and provided fiulher that notice of any proposed amendment Or amendments " be given by reading the same at a regular or special Meeting not more than thirty-one (3 1) daYs AW Preceding that upon which such amendment o amen are acted upon, and that a notice be mailed t eac member at his/her last known address not less than ton (10) days prior to such meeting, and proyided firtber, approval of th C o f t h e Ci of Maplewood must be obtained. Th e f0llOwing misting by -law as it now reads, and the new by-law that will read, as to Arnie Ix section 9.2 benefit levels, 7 *e CurreNt 44aw as it now reads drat & to be amended Section 9.2 Benefit levels.- AR77CLE Ix - BENEFrrs The Board "I submit schedules to the City for the f benefit level of $4000 per you of service as Of August 1, 2005. Amended July 184005 The proposed by -taw as dM ARTICLE IX - SENEMS 599 fa 92 Benefit levels: The Dowd shall submit schedules to the City f6r the foll benefit level of $,LJOO Per Year of service. Effective October 1, 2006. Tht M proposed by ARTICLE IV- MEMBERSHIP Sai►on 4.$ Membership Dues: All active membm of the amxWon shall pa dues. The funds received from dues shall be kept in the General Awd. The amount shall be rewmmended by the Board to the memb and be RMOved by the memberships at any annual or s p ec i a l Association meeting a rema in effect unt il 0hanged, Effective January 1, 2007 FEB 06 2007 07:16 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 Maplewood Fire Fighters Relief Association Financial Data December 31, 1971 To December 31, 2006 MINNESOTA STATE AID $3,468,483.38 CITY OF MAPLEWOOD $2,112,798.22 CITY OF OAKDALE $187,493.34 CITY OF LANDFALL $18,973.00 TOTAL CITY AND STATE AID $5.787,747,94 TOTAL INVESTMENT INCOME $4,2841982,63 OTHER INCOME, refunds Mn sup benef $78,046.17 TOTAL INCOME $10,150,776.74 ACCOUNTING FEES $113,512.65 LEGAL FEES $42,711.45 BOARD OF TRUSTEES PER DIEM $131,779.00 INSURANCE BOND FEE $9,845-64 42.21% OFFICE SUPPLIES $5,138.40 INVESTMENT MANAGEMENT FEE $2,703.21 DUES AND SUBSCRIPTIONS $8,440.78 SEMINAR FEE $2,354.62 OTHER EXPENSES $6,146.96 TOTAL ADMINISTRATION EXPENSES $322,632.71 REGULAR PENSION PAYMENTS $4,978,466 91 SUPPLEMENTAL BENEFIT PAYMTS $:34,693.42 WITHHOLDING TAXES $65,089.85 TOTAL PENSION BENEFITS PAID $5,078,250.18 TOTAL EXPENSES AND PENSIONS $5 882�xq NET INCOME (LOSS) $4,749,893,85 BEGINNING BALANCE 12/31/1971 $110,771,64 ENDING BALANCE 12131/2005 $4,860 P. 04/10 34,17% 1.85% 0,19% 57.02% 42.21% 0.77% 100.00% 2-10% 0,79% 2,44% 0.18% 0.10% 0.16% 0.04% &97% 92.18% 0.64% 1.21 % 94.03% 100,00% Prepared by Ed Dietz 1131/07 I FEB 06 2007 07:16 FIR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 P.05/10 Asset Allocation 2007 January 1, 2007 Cash Money Mkt Bonds Stock Index International Total Morgan Stanley Dean Witter Transfer to Mn 881 Jan 07 $ (400,000,00) Money Market Funds 523,507,16 $ 523.507.16 $ (400,000.00) Municipal Bonds $ $ Corporate Fixed Certificates of Deposit $ Mutual Funds $ $ Total 9950 At Morgan Stanley Dean Witter $ Mn SBI s 123,507.18 - Transfer from MSDW Jan 07 $ 400,000.00 $ 400,000.00 Mn to Bond Account $ 941,400.43 r $ 941,400-43 Mn SBI Stock index $ 3,393,757,90 $ 3 39375790 Total assets at Mn SBI 4! -)nn mm AA * I =—. International n 11 c ) neY Mkt 9% 3% ds * Money Mkt * Bonds ❑ Stock/Mutual Fds 0 International Stock/Mutual Fds 65% NOTE The above total assets does not include the Minnesota supplemental benefit of $ 2.000,00 that Was paid to retires In 2008 and will be reimbursed to MFFRA In March 2007 Financial 7 50,000,00 $ 4,735.15a.33 Note the above numbers are transfers within SDI' Money Mid: Total All Assets Bonds Stock/Mutual Fds International S 123 ,5_0716 $1141,400.43 $ 3 _$__4_§0,000= $ 2.$4% 23,49% 64.7095 926% 100.00% Investment Policy Taraets Cash Money Mkt $ 48,586,65 Bonds $1,165,079,72 Stock Index International $ 3,158,132,67 S' 485,068,55 1% 24% 65% 10% 100.00% January 1, 2007 Cash Money Mkt Bonds Stock Index International Total Morgan Stanley Dean Witter Transfer to Mn 881 Jan 07 $ (400,000,00) Money Market Funds 523,507,16 $ 523.507.16 $ (400,000.00) Municipal Bonds $ $ Corporate Fixed Certificates of Deposit $ Mutual Funds $ $ Total 9950 At Morgan Stanley Dean Witter $ Mn SBI s 123,507.18 - Transfer from MSDW Jan 07 $ 400,000.00 $ 400,000.00 Mn to Bond Account $ 941,400.43 r $ 941,400-43 Mn SBI Stock index $ 3,393,757,90 $ 3 39375790 Total assets at Mn SBI 4! -)nn mm AA * I =—. International n 11 c ) neY Mkt 9% 3% ds * Money Mkt * Bonds ❑ Stock/Mutual Fds 0 International Stock/Mutual Fds 65% NOTE The above total assets does not include the Minnesota supplemental benefit of $ 2.000,00 that Was paid to retires In 2008 and will be reimbursed to MFFRA In March 2007 Financial 7 FEB 06 2007 07:16 FIR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 Asset Allocation: December 31, 2008 Cash money Mkt Bonds Stock/Mutual Fds I Morgan Stanley Dean Witter $ Money Market Funds $ 523,507,1( Municipal Bonds Corporate Fixed Certificates of Deposit Mutual Funds Total assets at Morgan Stanley. Dean Witter Mn SBI Bond Account Mn SBI Stock Index Total assets at Mn Sol Total P. 06/10 Cash Money Mitt Bonds Stock(Mutual Fds i Total assets $ 523 _*_,-._94j.400.43 ",393157.90 S 4,815-8166-5-49 10.77% 19.38% 69.65% 100.00% investment Policy. Tar" $ 1,214,666.37 $ 3,643,999.12 $ 4,858,665.49 26.00% 76.00% 100.00% Morley I iC!'!'h Mo ey M' ■ Bond C3 Stoc utual Fds Stock/Muitial Fds 70% NOTE The above total assets does not include the Minnesota supplemental benefit of $ 2,000.00 that was paid to retires In 2006 and 01 be reimbursed to MFFFZA in March 2007 Financial 6 523,507.16 s $ $ 523,507-16 $ 941.40003 $ 941,400.43 $ 3,305,757.90 $ 3,393,757.90 $ 4.8ft,666.49 Cash Money Mitt Bonds Stock(Mutual Fds i Total assets $ 523 _*_,-._94j.400.43 ",393157.90 S 4,815-8166-5-49 10.77% 19.38% 69.65% 100.00% investment Policy. Tar" $ 1,214,666.37 $ 3,643,999.12 $ 4,858,665.49 26.00% 76.00% 100.00% Morley I iC!'!'h Mo ey M' ■ Bond C3 Stoc utual Fds Stock/Muitial Fds 70% NOTE The above total assets does not include the Minnesota supplemental benefit of $ 2,000.00 that was paid to retires In 2006 and 01 be reimbursed to MFFFZA in March 2007 Financial 6 FEB 06 2007 07:17 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 P.07/10 Special Fund AssetS Pension Liabili Fund Percent funded Benefits Per Year of service . Maplewood Contribution Oakdale Contribution Landfall Contribution Other Contribution (F Total Contributions Other Ineome Investment income Total L F Vested (20 WIX,tyrs and over) Non-vested (under 10 Total active members Deferred till 39e 60 members Oakdale Transfers total - members Maplewood Contrib per ActPF Oakdale Contribution ActFF Win State kid per ActrF Ind Fire Dept Aid per Act FF Total Contribution Active FF Past 3 Avg Finc Act FF 1 -$274,536 _AI,077,351 3,224,676 $3,782,292 $4,a 133,233 $4,86Q66,1 4.552,506 29 $3990,577 '153 13 26 17 14 . 102 82 99 510 36 rd JX31/03 12/31104 5 E 9 81 41 -$274,536 _AI,077,351 770,797 12131102 12/31103 12MI104 18 12 13 26 17 14 . 102 82 77 36 42 40 145 131 123 1 1/02 12J31103 12�131104 $410.53 $2,754M. $2,496.39 11,428-06 $2,168,23 5 E 9 81 41 FEB 06 2007 07:17 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 � P.08/10 ! | | / / 12131/96 12131197 12131/98 12j31/99 j Special Fund Assets $2,731,157 $3,242,033 $3,820471 $4,687.591 $4,04 ! $3,� 'Funded (unfunded) 1 funded 101,85% 110,15% 124,64%. 108.28% 8910% Penefits Per Year of service $2,240 $2,600 $2,800 i2 9 0 $3,300 Imi/00 1=1/01 Maplewood Conhibution $140,711 $1,41,254 Oakdale Contribution $27,273 Landfall Contribution $2,000 Other Contribution (17D) Total Contributions —Income $169,984 W1,254 ___L98,374 ��6�,32o 810 $0 Nher Minnesota State Aid 'Fn $11".687 $110,564 1115,686 $118,926 $122,682 $128.454 income $265,934 $207,211 $575,068 Total $580,605 $54§, $789,128 $951,653 M-$230,114 -$204,680 12131/96 12131197 IN31198 1 12131199 12/31100 12131101 Fully Vested _(20 yrs and over) 11 10 10 — i6 17 18 Partially Vested (10-19 yrs) 37 1 44 38 30 26 Total active mambers 133 137 115 119 109 100 Deferred till age 50 members 27 29 32 35 37 39 Oakdale Transfers 0 10 16 9 9 Total members 160 166 157 164 155 148 12/31/9$ 1213 1197 12131198 12131196' 1213111)0 12131/0j Uakdale Contribution ActFF $205.06 $0.00 $0,00 $0.00 $0.00 $0-00 Landfall Coptribution per ActFF $15.04 $0.00 $0.00 $0.00 $0.00 $0.00 Minnesota state Aid per ActEF $1,087.87 $806-96_ $1,005.97 $999-38 $1 125Z2 $1,284.54 Ind Fire Dept Aid per Act FF Total Contribution Active FF $2,365-95 $1,83a-ci --- �2 — ,167-60 � � � | Financial 4 . FEB 06 2007 07:18 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 Special Fund Trust Account Ralance Sheet As of December 31, 2006 ASSETS W SBZ (Investment Accounts) Bond Account (Bond Market) 941,400.43 Stock Account (common Stock) 3_rl93,757.90 Total M SBI (Investme A ccoun t s ) Morgan Stanley (In Accounts) Money Market 523f507,16 Total Morgan Stanley (Invest A CCoun t q ) Total MN SBI, Morgan Stanley Other Current Assets Supplemental Benefit mN LIABILITIES & EQTjITy Equity Opening Balance January 1,2006 Not Income (Loss) Total Equity TOTAL LIABILITIES '& E' . OUTTY P. 09/10 4,335,159.33 1 523 i 1 4, 858, 665.49 2 4,133,608:'.16 727 33 � 4 Accrued Pension Liability ACtIve fire rignrers (81) 21638,98;0.00 Deferred early Viasted (41) 1 j926j,455.00 Total Accrued Pension Liability 4f565 1 1 435.00 Ft mded (unfunded) Pension Liability .106.5% 0 -49 2 3 TOTAL ASSETS 11 6 0 6155 �j Financial 2 FEB 06 2007 07:18 FR ST PAUL COS TECHNOLOG651 310 5019 TO 918666201862 P.10w10