HomeMy WebLinkAbout2003-12-10 RMLD Pension Trust Subcommittee MinutesRMLD BOARD OF COMMISSIONERS PENSION TRUST SUBCOMMITTEE
Date: December 10, 2003
Starting Time: 7:15 p.m.
Ending Time: 7.40 p.m.
Attendees-
RMLD Staff. Messrs. Cameron, Fournier
Commissioners: Messrs. Pacino, Hughes, Soli
Guest: Mr. Larry Stone, Stone Consulting, Inc.
Mr. Larry Stone presented the January 1, 2003, Pension Trust Actuarial Valuation. Mr. Stone
gave a detailed overview on the contribution level for 2003, which was based on certain
assumptions. Because investment returns were low (which was common for all during this time
period) and the experience of the RMLD, the contribution level ($628,384.00) was significantly
higher compared to prior years.
Mr. Pacino questioned the impact this would have on the financials, how it would be funded and
the effect it would have on the rates.
Mr. Fournier stated that the operating fund could handle the additional expense, which was
budgeted at $225,000.00, and Mr. Cameron stated the impact to the cost of service would be
minimal.
Board passed the recommendation 4:0 during general session.
- Lo