2016-05-18MINUTES
POLICE RETIREMENT COMMITTEE
May 18, 2016
A meeting of the Blair Police Retirement committee was held on May 18, 2016 at 12:00
p.m. in the Blair Council Chamber. The meeting was called to order by City
Administrator Storm.
Those present were Chief Joe Lager, Tom Sick, Lee Roy Swanson, City Administrator
Storm, Civil Service Secretary Wheeler, Rick Dhabalt from DC Retirement Strategies,
Amy Larsen and Neil Lisec from BPI -Third Party Administrator, Gary Clatterbuck-
Pension Attorney, Adam Tripp, City Attorney, and City Treasurer Frahm. Absent:
Council member Ben Hansen and Assistant City Administrator Green.
City Administrator Storm reviewed the history of the disability for the city's Police Officer
Steve Bohlen and the steps that have been taken to reach this point. Mr. Bohlen's
temporary disability started in December, 2014 following surgery. His temporary
disability continued until April of 2016, at which time he was placed on disability
pension. The City had Mr. Bohlen evaluated by and independent physician in January of
2016, after one year on temporary disability per Nebraska Statutes, to determine
whether he would be able to return to work as a police officer. The independent
physician determined that Mr. Bohlen could not perform the duties of a police officer. By
state statute, the city is responsible to pay Mr. Bohlen 50% of his wages averaged over
the past five years for the rest of his life. City staff has been working with BPI, DC
Retirement Strategies, Principal, Gary Clatterbuck, and Adam Tripp to determine the
best way to go about administering these funds. The city does get credit for any
worker's compensation benefit and any funds currently held in his pension account.
Therefore, the purpose of this meeting is to discuss how to best administer these funds
to Mr. Bohlen.
Discussion was held regarding the possibility of transferring the pension funds from
Principal to a brokerage account that will be managed by DC Retirement Strategies
along with the city and BPI will be responsible for making payment to Mr. Bohlen out of
this fund: Motion by Lager, second by Swanson to move pension funds for Steve
Bohlen from Principal Financial Group to a brokerage account with the City Treasurer
as the Trustee. All members present voted Aye. Motion carried.
Discussion was held regarding the type of investment for the funds being transferred.
Motion by Lager, second by Sick to invest the funds in a Strategic Target Date Fund
with Principal that has 75% to 80% fixed income and 20% to 25% in equities. All
members present voted Aye. Motion carried.
It was noted that each year the committee will review this plan along with the regular
yearly Police Pension Retirement Committee meeting.
Motion by Sick, second by Swanson to adjourn the meeting at 1:10 p.m. All members
present voting Aye. Motion carried.