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<br /> <br />Actuary Report <br />Shannon Koons presented two actuary reports, Police & Fire and Non-Uniformed plans. He <br />years. There was only one <br />assumption changed, which is customary. The change was the Mortality Improvement Scale <br />from NP16 scale to NP17, which reduces the liability approximately $137,000 and $123,000 for <br />Police & Fire and Non-Uniformed, respectively. We are still waiting to hear about the Public <br />Plan Improvement Scale which should come out late summer or early fall. Police & Fire <br />investment return on market value was at 4.6%, while Non-Uniformed investment return on <br />market value was at 8.8%. Asset value was discussed and explained, including a five years <br />smoothing adjustment. Acceptance of both reports was approved unanimously. <br /> <br />Greensfelder Legal Comment <br />Kara Krawzik stated that the Senate Bill 870 was discussed in the last meeting; she and Tom <br />Mug along with Nick Meggos the actuary with Nyhart and John Hefele with Fiduciary Advisor will <br />do the two hour seminar this fall. The exact date has not been set. Ms. Krawzik mentioned the <br />Public Employee Pension Transparency Act. It was introduced to Congress three or four years <br />in a row by David Nunez of California. What it would require is for the City to report any defined <br />benefit pension plan, the funding status, the assumptions used and various things to the <br />government. The City would put this on the website using not only the actuarial rate of 6.5%, <br />but then also use a treasury spot rate yield curve which is really low. status <br />would plummet using that rate. If the City does not report then the City would be denied the tax <br />benefits relating to the bonds issued by the City during any period in which the City is non- <br />compliant with specified reporting requirements for the local government employee pension <br />benefit plans. <br /> <br />Ms. Krawzik also stated that she looked up the ordinance in regards to what Member Rose <br />brought up at the beginning of the meeting. Mr. Rose and Mr. McMahon are members of the <br />Board, but non-voting. She will look into whether the continuing education pertains to them as <br />well. <br /> <br />Council Liaison Remarks <br />The new Council Liaison, Steve McMahon, was welcomed. Mr. McMahon was a previous <br />Board Member. <br /> <br />Next Meeting Date(s) <br />October 23, 2018 <br /> <br />Adjournment <br />The meeting adjourned at 7:40 p.m. <br /> <br /> <br /> <br /> <br />