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HomeMy WebLinkAboutMinutes - Minutes - Public Safety Personnel Retirement Boards - Meeting Date: 11/17/2021r� Glendale A R I Z O N A MINUTES PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM LOCAL FIRE BOARD CITY HALL - HR TRAINING ROOM 5850 W. GLENDALE AVE. GLENDALE, ARIZONA 85301 NOVEMBER 17, 2021 9:30 A.M. 1. CALL TO ORDER A JOINT MEETING OF THE LOCAL FIRE AND POLICE BOARDS Chair Charles Erickson called the joint meeting of the Local Fire and Police Boards to order at 9:30 a.m. 2. ROLL CALL FOR THE JOINT MEETING OF THE LOCAL FIRE AND POLICE BOARDS Present: Mayor & Board Member Jerry Weiers Board Member & Chair Charles Erickson Fire Board Member Paul Morales, Fire Captain (by telephone) Fire Board Member Anthony Love, Fire Engineer Police Board Member Cody Carmichael, Police Sergeant Police Board Member Justin Harris, Police Officer Absent: City Manager & Board Member Kevin Phelps Staff Present: Jim Brown, Board Secretary & Director of Human Resources & Risk Mgmt. Michael Hamblin, Assistant City Attorney Lisette Camacho, Director of Budget & Finance Ken Barnes, Assistant Fire Chief Eric Eckert, Fire Battalion Chief Arick O'Hara, Fire Fighter Chris Carlott, Fire Captain Nancy Rodriguez, HR Analyst Lisa Chill, Admin Support Supervisor, HR Other Attendees Board Attorney Carrie O'Brien 3. CITIZEN COMMENTS There were no citizens present. 4. REVIEW OF THE JUNE 30, 2020 ANNUAL ACTUARIAL VALUATION OF MEMBERS FOR GLENDALE FIRE AND POLICE COVERED BY THE PSPRS - LISETTE CAMACHO, FINANCE & BUDGET DIRECTOR Budget & Finance Director Lisette Camacho stated that she wouldn't be going over the June 30, 2020 actuarial reports because the City had recently issued certificates of participation to fund the City's unfunded liability for both Police and Fire. She said that the most recent actuarial reports for fiscal year 2021 haven't been released by PSPRS yet and that the contribution rates would be changing. The City plans to request a new actuarial report in January or February 2022 from PSPRS after the actuarial finishes up the report ending June 30, 2021. She said that report would still reflect the old rates and then PSPRS will need to do an analysis. After that, an updated report would reflect the lower contribution rates for the City. Ms. Camacho stated that the City had issued about $253,000,000 in certificates of participation to fund the unfunded liabilities for both Police and Fire up to 90% funded, and that the City expects to realize over $100,000,000 in savings because of this. Ms. Camacho said that for fiscal year 2022 the City paid the full contribution amount. She said that the City had worked with PSPRS to reduce the City's rates based on the actuarial amounts through October. For the remainder of fiscal year 2022, the City would have paid down the required contributions but moving forward the City will be paying the normal costs. Police Board Member Justin Harris asked for some clarification on the savings amount after the contribution rate was lowered. Ms. Camacho responded that it would be up to 90% funded and the savings to the City would be over $100,000,000 for the remaining 60 years of amortization. Ms. Camacho continued and said that the City Council had established a pension reserve fund and the City expects to fund that reserve fund with the savings from the issuance of the costs. The target is to fund that reserve fund within 2 to 3 years up to a certain dollar amount. Fire Board Member Anthony Love asked about the timeframe for the 2021 report. Ms. Camacho replied that the fiscal year 2021 report is expected in late November or in December, but that the updated report will depend on the timing of procuring the actuarial services. Chair Erickson suggested that the updated report be brought before the Boards as a future agenda item once the report is available. There was some discussion, but the Boards agreed that it does not need to be an agenda item as long as the updated report can be provided to the Boards. Ms. Camacho stated that it is a public document and could be sent to the Board members. Board Secretary Brown stated that he could send it out to the Board members once it is available and if the Board members have questions, it can be brought back as a future agenda item. 5. PRESENTATION BY THE LOCAL BOARDS' OUTSIDE ATTORNEY, CARRIE O'BRIEN Board Attorney Carrie O'Brien presented the Boards with a review of the Open Meeting Law followed by an overview of HB 2381, which contains significant changes to the PSPRS Local Boards' Duties effective January 1, 2022. Board Secretary Jim Brown advised the Boards that he and some support staff would be attending a meeting on December 9th hosted by the City of Surprise and presented by members of PSPRS administration regarding the upcoming changes to the Boards' roles. More information will be presented to the Boards at upcoming meetings. 6. BOARD COMMENTS AND SUGGESTIONS There were no Board comments or suggestions. 7. ADJOURN THE JOINT MEETING OF THE LOCAL FIRE AND POLICE BOARDS Chair Erickson adjourned the joint meeting at 10:02 a.m. 8. CALL TO ORDER THE LOCAL FIRE BOARD Chair Erickson called the meeting to order at 10:03 a.m. 9. ROLL CALL Present: Mayor & Board Member Jerry Weiers Board Member & Chair Charles Erickson Board Member Paul Morales, Fire Captain (by telephone) Board Member Anthony Love, Fire Engineer Absent: City Manager & Board Member Kevin Phelps Staff Present: Jim Brown, Board Secretary & Director of Human Resources & Risk Mgmt. Michael Hamblin, Assistant City Attorney Ken Barnes, Assistant Fire Chief Eric Eckert, Fire Battalion Chief Arick O'Hara, Fire Fighter Chris Carlott, Fire Captain Police Board Member Cody Carmichael, Police Sergeant Police Board Member Justin Harris, Police Officer Nancy Rodriguez, HR Analyst Lisa Chill, Admin Support Supervisor, HR Other Attendees Board Attorney Carrie O'Brien 10. CITIZEN COMMENTS There were no citizens present. 11. APPROVAL OF THE MINUTES The Board approved the Public Safety Personnel Retirement System - Local Fire Board Minutes of October 27, 2021 Motioned by Board Member Anthony Love, seconded by Board Member Paul Morales AYE: Mayor Jerry Weiers Board Member Charles Erickson Board Member Paul Morales Board Member Anthony Love Other: Board Member Kevin Phelps (ABSENT) Passed 12. NEW BUSINESS There was no new business. 13. BOARD COMMENTS AND SUGGESTIONS There were no Board comments or suggestions. 14. NEXT MEETING The next regular meeting of the Public Safety Personnel Retirement System Local Fire Board will be held on December 15, 2021 at 9:30 a.m., in the HR Training Room, located at 5850 W. Glendale Ave., Glendale, Arizona, 85301. 15. ADJOURN THE LOCAL FIRE BOARD MEETING Chair Erickson adjourned the meeting at 10:05 a.m. The Public Safety Personnel Retirement System Local Fire Board meeting minutes of November 17, 2021 were submitted and approved this 15th day of December, 2021. /s/Jim Brown Jim Brown Recording Secretary