1994-5-16POLICE RETIREMENT COMMITTEE
A meeting of the Police Retirement Committee was held on May 16,
1994 at 7:00 p.m. in the City Council Chambers. The meeting was
called to order by City Administrator Storm at 7:20 p.m.
Those present were Committee members Chief of Police Doeden, City
Administrator Storm, Captain Kuhl, and Tom Sick. Also present were
Secretary Nickerson, City Clerk/Treasurer Diedrichsen, Jeff Wilhelm
and Stephanie O'Keef from American National Bank and Max Scott from
Feldman Investment Group,
Presentation was given by Stephanie O'Keef -and Max Scott on the
current asset and performance, portfolio investment goals. They
also reviewed state requirements and recommended changes to the
current investment plan. During this presentation Committee member
Sick, being a long time committee member explained how the
investment plan was currently working which seemed to be 70%-30%.
Max Scott explained his company's background and then proceed to
explain why equity and that Feldman's main object was to minimize
risk and maximize growth. Also with would have greater exposure -to
stock with growth 50%-50% instead of 70%-30%. The following is what
Max Scott would recommend for growth 40%-60% bond, 40%-60% stock
and 5%-10% cash.
After the presentation, City Administrator Storm reviewed the new
statues and discussed the investment option and what appeared to be
the worst way to go.
Motion to authorize Gary Clatterbuck of Baird, Holm, McEachen,
Pedersen, Hamann and Strasheim to update the plan with optional
provisions as follows was made by Chief of Police Doeden and
seconded by Captain Kuhl: Option A: The Police Officers are not
allow to direct the investment of all or part of their accounts
under the plan, Option B: The City of Blair will remain mute on
this for now, Option C: The City of Blair chose to be mute on the
lump sum distributions to be made to officers who retire before
January 1, 1997. Option D: The City of Blair has chose to cash out
of vested account balances of less than $3,500 in order to clean up
its pension roles. Also to pay the cost of submission of $1,100
which includes the 000.00 user fee charged by the Internal
Revenue Service for reviewing the Plan document and issuing a
determination letter on its tax -qualified status. Those present
voting aye. Those voting nay: none. Motion was carried.
It was also decided at the meeting to meet the statue requirement
of unfunded employee contributions.
The City Administrator recommended that Alice Diedrichsen, City
Clerk/Treasurer be appointed as Plan Trustee. The appointment will
be considered once the new plan has been adopted.
Meeting was adjourned at 9:35 p.m.