LUFKIN FIREMEN’S RELIEF and RETIREMENT FUND
REGULAR BOARD MEETING MINUTES
City Hall Council Chambers, Room 102
2:00 PM Thursday, January 30, 2014
On the 30th day of January 2014 at 2:01 PM, the Board of Trustees of the Firemen’s Relief and Retirement Fund of the City of Lufkin, Texas convened a regular meeting with the following members thereof, to wit:
Present: Absent:
Jimmy Ragsdale, Chairman, Arrived at 2:20 PM
Rufus Duncan, Trustee
Stanley New, Trustee
Tino Villasana, Trustee
Paul Parker, Trustee
Levi Cole, Trustee
Danny Roper, Trustee
Non-Voting Board Members in Attendance: Visitors:
Diana Russell, Plan Administrator Rodney Ivy, HR Director
Bruce Green, City Attorney Lt. Jesse Pickett, Lufkin Fire
1. Call Meeting to Order
At 2:10 PM, Vice Chairman Stanley New called the meeting to order, stating a quorum was present.
2. Administrate Oath of Office to New Trustee - FF Levi Cole
Vice Chairman New administered the Oath of Office to new Firefighter Trustee Levi Cole. Board members welcomed Mr. Cole to the Trustee position.
3. Election of New Board Officers
Trustee Villasana made the motion, seconded by Mr. Parker, to keep the same officers, with Levi Cole filling in the as Sec/Treas position. A unanimous vote was recorded.
2:20 PM Mr. Ragsdale arrived for the minute and took over conducting the meeting
4. Consider Approval of Minutes from December 19, 2013 Meeting
Mr. Parker made the motion, seconded by Mr. Villasana to approved the minutes as present. A unanimous vote was recorded.
5. 2013 Cash Flow Report 2014 Cash Flow Report
Contribution Total YTD: $1,650,657 $ 127,172
Misc Income $ 429
Benefits Paid YTD: ($1,209,958) (January 2014 Benefit paid in Dec 2013)
Refund of Contributions: ($102,082) ($19,128.41)
Expenses: Training/ Paid YTD: ($ 9,325)
Expenses: Services/Paid YTD: ($ 14,750)
Expenses Fees – Paid YTD ($ 88,403)
FUND Balance – As of 01/27/2014 = $13,020,944
LIABILITIES –
DROP Liability (between 2015 & 2017) = $1,300,000 – estimated - Ms Russell presented updated information on the DROPS – showing actual contributions totals for the year 2013. She will be providing the four DROP participants with this information.
Mr.Villasana reminded the Board that the DROP payout date shown on the Overview would only be effective if the DROP participant decided to retire before the six years.
Refund of Contributions, Not Requested = ($21,405)
Tino Villasana Lufkin Fire Department Scholarship Fund – Balance $5908, as of 01/24/2014
Mr.Villasana made the motion, seconded by Mr. New, to accept the Cash Flow report. A unanimous vote was recorded.
6. Update on Renewal of Determination Letter – Report from Ms Russell
Ms. Russell reported that Trustee Villasana and she reviewed the application and found a couple of typos. These were corrected and she gave Haglund Law firm a check for $2500, the application fee.
7. Updated on 2013 Audit Finance Audit – Report from Ms Russell
Ms. Russell reported that Axley and Rode are working on the audit and had requested information to justify two widow’s benefit – this data was provided. Ms. Russell asked the Board if they would want the auditors to complete a TLFFRA like report for the year 2013; and Board were in agreement to have this done.
8. Decide About Non-Profit TLFFRA Conference Committee – Members/When to Meet
Chairman Ragsdale: Asked for volunteers to be on a planning committee, with him and Ms Russell, to meet with LCVB Director, Tara Watson. Trustee Villasana and Cole volunteered. Ms Russell stated she would set up a meeting.
9. Review of Recent PRB Information – Educational Training & Actuarial Committee
Chairman Ragsdale: In your packet is some information from the PRB – especially relating to actuarial studies.
No action is needed.
10. Executive Session: Pursuant to Texas Government Code §§ 551.001, et seq. (Texas Open Meetings Act) to discuss any item on its open meeting agenda in accordance with the Texas Open Meetings Act (“Act”), including, without limitation, §§ 551.071-551.088 of the Act. Any final action, decision, or vote on a matter deliberated in a closed meeting will only be taken in an open meeting that is held in compliance with Texas Government Code, Chapter 551.
Chairman Ragsdale stated there was no need for an Executive Session.
11. Comments:
Chairman Ragsdale reported that JR Wood joined the Fire Department on 1/22/2014.
12. Upcoming Meetings/Conferences
Ø Lufkin Fire Pension Board Meeting – February 25 2013 – 2 PM – Westwood will present 2013 Performance
Ø 2014 TEXPERS 25th Annual Conference – March 23-26 – Renaissance Worthington, Ft. Worth
Ø 2014 TEXPERS Summer Conference – Aug 10-12 – Houston Omni
Ø 2014 TLFFRA Educational Conference – Sept 7-9 – Lufkin
13. Adjournment
Trustee New made the motion, seconded by Trustee Villasana to adjourn the meeting. Unanimous vote was recorded. Meeting adjourned at 2:50 PM.
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