Pension Board Minutes 10.23.18 - Laserfiche WebLink

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Chairman Reedy called for approval of the disbursements. Disbursements were motioned by Member Stutz, seconded by Member Myers and approved with unanimous consent. New Member Applications Informational Mark HallPolice Officer David MoorePolice Officer Approval of Retirements Adam GersmanPolice Officer corrected calculation. Previously approved. Other Matters Member Isenberg stated previously there was discussion about creating a subcommittee to review contracts with UMB, FAMCO, Commerce, etc and asked if the Board could move forward with it. Member McCarthy stated the subcommittee has been established as McCarthy, Isenberg, and Winkerand they need to get the contracts and set up a meeting to review them. The intent is to review the contracts and determine if we do an RFP or extend the agreements. McCarthy commented that we may not need UMB as a custodian when we could get it for free but the Board should go through the process to review everything and make recommendations. Chairman Reedy commented that he recently had a conversation with the Treasurer Charumilind regarding professional services and specifically do the auditors have responsibilities, and take steps and have procedures regarding our pension funds and she assured him that they do and that there is extensive testing done with our transactions and balances. Treasurer Charumilind stated that the auditors spend a lot of time with the pension plan especially with new GASB 67 and 68 relating to reporting pension plan liabilities in the City report. She stated that this year the new GASB 75 regarding post-employment benefits has to be calculated annually. Next Meeting Date(s) January 22, 2019 Adjournment The meeting adjourned at 8:00 p.m., the motion was passed with unanimous consent.