HomeMy WebLinkAboutSeptember 10Finance and Investment Committee Meeting
Town of Los Altos Hills City Council Chambers
26379 Fremont Road
Monday, September 10, 2007
The meeting was called to order at 5:05 p.m. by Chair Jean Mordo.
Roll call
Members present: Chair Jean Mordo, Stan Mok, Frank Lloyd, Doug Norby,
Lalla Stark – arrived 5:15 p.m.
Members absent: Karl Kneip, Wilf Corrigan, Jim Lai
Staff present: Carl Cahill, Nick Pegueros, Cindy Higby
Others present: Doug Pryor – Bartel & Associates
Roddy Sloss – LAH citizen
Approval of minutes of meeting of - none
Introductions: Stan Mok, Frank Lloyd, Doug Norby, Jean Mordo, Nick Pegueros, Roddy Sloss,
Carl Cahill
Final presentation of GASB 45/OPEB actuarial analysis – by Doug Pryor – Bartel &
Associates
Doug reviewed report dated September 10, 2007, began with page 25 of the repot, calculations on
page 26 were 85% now are 78%. FIC wanted 20 year amortization. Stan Mok favors funding at
lower rate of return.
Jean Mordo – options for City Council – Do you want to fund? If you want to fund, at what level?
Doug Pryor – stated that the actuarial study will need to be updated every 3 years.
Jean M. and Nick P. will work to draft presentation to city council – reduce presentation to 5-6
slides.
Jean – consensus: Contribute based on 7.75% rate - $365,000 plus additional $100,000 – take this
proposal to city council on October 11, 2007
ABD - Review of current benefit plan, flex plan, and retiree health:
Lilliana Salazar – ABD compliance manager, provided a report:
Town of Los Altos Hills, Current Benefit Plan Overview, Flex Plan Alternatives and Retiree Health
Care Solutions, dated September 10, 2007.
Nick P. – PEHMCA law required same contribution for active & retired employees
Ruben Reyes – reviewed the report – AB2544 – we are an equal contribution employer.
Jean Mordo stated – we have 3 groups: retirees, current employees who have been promised a
retiree benefit – we have a moral obligation to this group, and new employees – where we can limit
benefits.
Jean said consensus is to work on new hire benefits – draft report for FIC Meeting – October 1,
2007. The report would then be placed on the October 11, 2007 city council meeting.
Presentations from the floor - none
Adjournment - The meeting adjourned at 7:00 p.m.