HomeMy WebLinkAboutMinutes - Public Safety Personnel Retirement System Board - 3/2/2018 MINUTES
ORO VALLEY PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM
(PSPRS)LOCAL BOARD
REGULAR SESSION
MARCH 2,2018
KACHINA CONFERENCE ROOM
11000 N.LA CANADA DRIVE
ORO VALLEY,ARIZONA 85737
CALL TO ORDER AT OR AFTER 3:00 P.M.
Chair Lemos called the meeting to order at 3:05 p.m.
ROLL CALL
BOARD MEMBERS PRESENT: Stacey Lemos,Chair
Pete Clegg,Member
Richard Tracy,Member
Katherine Beck,Member
Andy Lopez,Member
OTHERS PRESENT:
Barb Harnisch,Local Board Secretary
Thomas Benavidez,Attorney for the PSPRS Local Board
Troy Kranz,officer/retiree
Joseph Cantu,officer
Notice of Possible Executive Session
Pursuant to ARS§38-431.03(A),the Board may vote to convene in executive session
to discuss or consider confidential records exempt by law from public inspection,and/or
to consult with the Board's attorney for legal advice and to consider the Board's position
and to instruct the Board's attorney regarding its position in contemplated litigation
regarding Agenda Items 5 and 6.The Board will take action on these items in open
session.
AGENDA
1. REVIEW/APPROVAL OF REGULAR SESSION MINUTES FROM NOVEMBER
29,2017
March 2,2018 PSPRS Local Board Meeting 1
MOTION: Member Tracy moved to approve the minutes as written and was
seconded by Member Beck.
MOTION carried,5-0.
2. REVIEW AND APPROVAL OF NORMAL RETIREMENT
A. TROY KRANZ,EFFECTIVE FEBRUARY 28,2018
MOTION: Member Beck moved to approve the normal retirement and was
seconded by Member Lopez.
MOTION carried,5-0.
3. REVIEW AND APPROVAL OF DROP APPLICATIONS
A. JASON LARTER,EFFECTIVE JANUARY 31,2018
B. CHRISTOPHER OLSON,EFFECTIVE MARCH 31,2018
MOTION: Member Lopez moved to approve the DROP applications and was
seconded by Member Clegg.
MOTION carried,5-0.
4. REVIEW AND APPROVAL OF DEFERRED ANNUITY BENEFIT
A. PAUL BLAIR,EFFECTIVE APRIL 30,2018
MOTION: Member Lopez moved to approve the Deferred Annuity benefit and
was seconded by Member Clegg.
MOTION carried,5-0.
Executive Session
Pursuant to ARS§38-431.03(A),the Board may vote to convene in Executive Session
to discuss or consider confidential records exempt by law from public inspection,and/or
to consult with the Board's attorney for legal advice and to consider the Board's position
and to instruct the Board's attorney regarding its position in contemplated litigation
regarding Agenda Item 5 and 6.The Board will take action on these items in open
session.
MOTION: Member Tracy moved to go into Executive Session at 3:12 p.m.
pursuant to ARS§38-431.03(A)(3)and was seconded by Member Beck.
MOTION carried,5-0.
March 2,2018 PSPRS Local Board Meeting 2
ADJOURNMENT OF EXECUTIVE SESSION
MOTION: Member Tracy moved to adjourn from Executive Session at 3:19 p.m.
and was seconded by Member Beck.
MOTION carried,5-0.
5. REVIEW/APPROVAL OF EXECUTIVE SESSION MINUTES FROM NOVEMBER
29,2017
MOTION: Member Tracy moved to approve the minutes as written and was
seconded by Member Clegg.
MOTION carried,5-0.
6. ACKNOWLEDGEMENT AND POSSIBLE ACTION ON PRE-EXISTING
HEALTH CONDITIONS
A. JOSEPH CANTU,EFFECTIVE AS OF OCTOBER 24,2017
MOTION: Chair Lemos moved to accept the Board's findings of no
pre-existing conditions as noted in the medical examination reports and
was seconded by Member Clegg.
MOTION carried,5-0.
7. REVIEW AND DISCUSSION OF ACTUARIAL REPORT FOR CURRENT YEAR
Chair Lemos pointed out some highlights of the annual actuarial report that came
out in December of 2017. This report shows general return on investments and
updates on the various tables listed.
Funded status:the employer contribution rate is increasing from 34.85%to 37.04%for
next fiscal year
Town's funded status is 61.2%
Updated mortality table,reflects members are living longer,drawing pension funds
longer
Budget impact to General Fund next fiscal year is$200,000
Page B-1 starts specific information to TOV
Page-2 is a future pension projection
Unfunded liability is$21 million
Impact of extra contributions table
List of actives,retirees,DROP and inactive status
March 2,2018 PSPRS Local Board Meeting 3
FUTURE AGENDA ITEMS-BOARD MEMBERS MAY BRING FORTH FUTURE
AGENDA ITEMS(DISCUSSION IS LIMITED TO INFORMATION/CLARIFICATION
ONLY)
To review a pension pay down plan after it is formulated and brought forward by
Town Manager Mary Jacobs.
ADJOURNMENT
MOTION: Member Beck moved to adjourn the meeting and was seconded by
Member Tracy.
MOTION carried,5-0.
Meeting adjourned at 3:43 p.m.
Prepared by:
Barb Harnisc
Local Board Secretary
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of
the Public Safety Personnel Retirement System(PSPRS)Local Board of Oro Valley,
Arizona held on the 2.day of March.I further certify that the meeting was duly called
and held and that a quorum was present.
March 2,2018 PSPRS Local Board Meeting 4