2012-7-10MINUTES
POLICE RETIREMENT COMMITTEE
July 10, 2012
A meeting of the Blair Police Retirement committee was held on July 10, 2012 at
11:30 a.m. in the Blair Council Chamber. The meeting was called to order by City
Administrator Storm.
Those present were Chief Joe Lager, Lieutenant Aaron Barrow, Tom Sick, Lee
Roy Swanson, Council member Keith Christiansen, City Administrator Storm, Assistant
City Administrator Green and Civil Service Secretary Wheeler. Absent: None.
Motion by Sick, second by Swanson to approve the minutes of the December 8,
2010 meeting as presented. All members present voted Aye. Motion carried.
Rick Dhabalt and Gregory Cismoski from DC Retirement Strategies and James
Baker, Principal Financial Group were present to discuss the activity in the funds
currently managed by Principal for the Police Pension group. James Baker reviewed the
plan design and current provisions of the plan. No changes were discussed at this time.
City Administrator Storm stated that due to the recent changes by the Nebraska
Legislature, the Police Pension Plan will need to be amended to include the new vesting
schedule and vesting limits outlined by State Statute. Staff will be working with Gary
Clatterbuck, Baird Holm regarding these changes and will submit plan revisions to
Principal in the near future. Discussion was held regarding the coordination with the
TPA when reviewing plan provisions. It was noted communication is much better but
that everyone should continue to work to improve communication. Plan demographics
and trends were highlighted and discussed. Investment performance was reviewed and
no investment changes were requested. Discussion was held regarding replacing
Money Market account with Stable Value but it was decided to hold off and discuss it
again at a later meeting. A list of other investment options currently available was
provided for the Committee's reference. Plan expenses and fees were reviewed and a
current total cost summary was provided to the Committee for their records. The
Committee then asked if DC Retirement Strategies could help provide education for the
employees that currently have funds in the Money Market account. DC Retirement
Strategies stated they would contact Principal for a list of the plan participants in the
Money Market account and contact them explaining the potential for the fund to have a
negative rate of return. Chief Lager stated he would like to schedule education for the
Police Officers in October. DC Retirement Strategies will follow up. Discussion was
held with the Committee regarding setting regular meetings of the Committee semi-
annually in late January and late July. Civil Service Secretary Wheeler will work with
DC Retirement Strategies to schedule the first meeting in 2013.
Motion by Sick, second by Swanson to adjourn the meeting at 1:10 p.m. All
members present voting Aye. Motion carried.