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2017-04-19 MINUTES POLICE RETIREMENT COMMITTEE April 19, 2017 A meeting of the Blair Police Retirement committee was held on April 19, 2017 at 1:30 p.m. in the Blair Council Chamber. The meeting was called to order by City Administrator Storm. Present were Chief Joe Lager, Lieutenant Aaron Barrow, Council member Ben Hansen, Tom Sick, Lee Roy Swanson, City Administrator Storm, and Civil Service Secretary Wheeler. Motion by Swanson, second by Hansen to approve the minutes of the October 25, 2016 meeting as presented. All members present voted Aye. Motion carried. City Attorney Tripp reviewed the what a QDRO is and the process for handling. A QDRO is a Qualified Domestic Relations Order. The order gives one party a percentage (usually based on period of marriage and participation in the plan) of the other party's retirement. Typically is the Alternate Payee (the party who is NOT the Participant in the Plan) gets a portion of the Account Balance or Accrued Benefit accumulated or earned during the Period of Marriage. This request came to us by a court order dated April 10, 2017. Principal will create separate accounts and transfer the Alternate Payee’s portion to a new fund. Tripp confirmed that Gary Clatterbuck, Attorney with Baird Holm and an expert in pension plans, drafted all documents to complete the QDRO. The city’s police pension plan regulations required that all QDRO requests be approved by the Police Pension Committee. Paperwork has been drafted to protect the city’s interest in the pension plan in the event of the employee’s disability or death while in the line of duty. If either event should occur, a reduction shall be an actuarial equivalent value of the amount originally set aside in the separate account for the Alternate Payee, as increased by an assumed rate of growth at the time the payment of a disability or death benefit commences. Paperwork will be mailed to both the Employee and the Alternate Payee for concurrence and acknowledgement of the reduction that can occur in the event of the employee’s disability or death in the line of duty. Motion by Swanson, second by Sick to approve the QDRO as presented. All members present voted Aye. Motion carried. Motion by Hansen, second by Barrow to adjourn the meeting at 1:45 p.m. All members present voting Aye. Motion carried.