HomeMy WebLinkAbout2016-07-18 NEERB MINUTES•
•
•
NONEMERGENCY EMPLOYEES RETIREMENT PLAN BOARD MEETING
July 18, 2016
A telephone poll was complete by the Recording Secretary of the NonEmergency
Employees Retirement Plan Board .
The January 1, 2016 Actuarial Report has been completed by Gabriel , Roeder, Smith and
Company . The report included the assumption changes decreasing the discount rate from
return from 7 .0% to 6 .5%, the actuarial value of assets was reset to the market value of
assets (and smoothing will continue going forward), and the amortization period was set
to 15 years for the entire unfunded accrued liability. The annual required employer 's
contribution will go from 20.8% to 22.4% beginning January 2017. The employees
contributions will continue at 3.0%.
Members : Jim Woodward, Chairperson , Council Appointee
Mahendra Patel , Employee Representative
John Moore , Council Appointee
James Phelps , Council Appointee
Kathleen Rinkel , Director of Finance and Administrative Services
David Henderson , Employee Representative
Steve Yates , Council Member
The Board is asked to approve the report.
Ayes:
Nays :
Absent:
The motion carried .
Carol Wescoat
Recording Secretary
Henderson , Moore , Patel , Phelps , Rinkel
None
Woodward , Yates