1996-9-6POLICE RETIREMENT COMMITTEE
A meeting of the Police Retirement Committee was held on September
6, 1996 at 12:00 noon in the City Council Chambers. The meeting
was called to order by Chief Marvin Doeden at 12:15 p.m.
Those present were Committee members Chief of Police Doeden, LeeRoy
Swanson, Captain Kuhl , John Shotwel I and Tom Sick. Those absent
were: City Administrator Storm. Also present were Secretary
Nickerson, Alice Diedrichsen, Bob Schini ;aid Tom Sudyka from
Kirkpatrick Pettis Trust Company.
A motion was made by Tom Sick to approve the minutes of the May 15,
1995 meeting after correcting the roll call. Motion was seconded by
John Showell . Those present voting aye. Motion was carried.
Presentation was given by Bob Schini and Tom Sudyka reported that
the Rate of Return to date is 11.2V Mr. Sudyka went on to explain
what he hopes to gain by the year end. As of now the investments
are set at 41 1/2 % Equity, 56 1/2% bonds, and 2% cash. A motion
t,ira�3 made by Ed Kuhl and seconded by John S)hoicwell to recommend
raising domestic equity not to exceed 50% and/or international
equities not to exceed W All those present voting aye. Motion
was carried.
Chief Dooden asked Mr. Schini about the administration problems
tbaL we were having in receiving the annual individual reports,.
Mr. Schini assured the Committee that this would not occur again
and we should have the reports no later than March. The problem
had been resolved by making the changes that were requested but
with the change of staf t it was not done as quick as it should have
boon. Tom Sick than asked it it were possible for the quarterly
re-on.rts be made to show amount of contribution during the last
year, amount of yield during last year which would explain what had
happen during the year. Mr. Schini explained not quarterly Wit
possible annually,
Ed Kuhl made a motion to have the City Administrator investigate
the cost and feasibility of individual reports with greater
clarification including Kirkpatrick Pettis and report back to the
Committee with his findings. it was seconded by Tom Sick. Those
present voting aye. Motion was carried.
Ed Kuhl made a motion to authorize the City Administrator to put
together a summary description of the plan with the funds being
taken from the Police Department budget. It was seconded by John
Shotwell. Those present voting aye. Motion was carried.
Motion to adjourn the meeting at 1:43 p.m. was made by Ed Kuhl and
seconded by LeeRoy Swanson. Those present voting aye. Motion was
carried,