2001-1-23j
MINUTES
POLICE RETIREMENT COMMITTEE
JANUARY 23, 2001
A meeting of the Blair Police Retirement committee was held on January 23,
2001 at noon at the City Office. The meeting was called to order by City Administrator
Storm.
Those present were Chief Mary Doeden, Lieutenant Joe Lager, LeeRoy
Swanson, John Shotwell, City Attorney Samson, City Administrator Storm, Assistant
Administrator Hiller and Civil Service Secretary Taylor.
Motion by Swanson, second by Shotwell to approve the minutes of the April 9,
1999 meeting as presented. All members present voted Aye. Motion carried.
City Administrator Storm stated the Doug Oldaker, Account Representative with
Kirkpatrick Pettis was unable to attend. Storm reviewed the fund statements for year
ending December 31, 2000. Discussion was held regarding the investments and
profit/loss figures for the year. Due to the change in the stock market at the end of
2000, the fund showed an overall loss. Discussion was held regarding the funds being
used for investments, the expertise of Kirkpatrick Pettis and their accountability to the
fund for investments.
City Administrator Storm stated that he and Brenda had visited with Gary
Clatterbuck, Attorney with Baird Holm regarding updates to the Plan Document. Storm
reviewed the changes with the Committee. He noted that amended Plan incorporates
recent changes in the Nebraska statutes as well as those recently enacted portions of
the Internal Revenue Code that apply to governmental plans. However, the Committee
needs to consider the possibility of allowing the plan to include self directed funds. The
Committee would select the funds available for the officers to use for investments and
then the individual officers would direct the investment of their money into those funds,
The Committee requested Doeden and Lager to survey the officers determining their
desire to self -direct their own retirement funds and to report back to Storm with the
results. Motion by Shotwell, second by Swanson to approve the changes made to the
plan by Attorney Clatterbuck and if simple majority of plan participants want to self direct
funds, then that change would be included in the plan document. All members present
voted Aye. Motion carried.
Discussion was held regarding the possibility of having set meeting dates each
quarter and obtaining proposals from various investment firms. Storm indicated another
Committee meeting will be scheduled for late February or first of March.
Motion by Lager, second by Shotwell to adjourn the meeting at 1:20 p.m. All
members present voting Aye. Motion carried.