HomeMy WebLinkAbout2017-02-07 Employee Benefit Trustee Minutes APP •V
CITY OF CALDWELL CC -
EMPLOYEE BENEFIT PLAN
TRUSTEE MEETING
HELD ON FEBRUARY 7,2017
The meeting was called to order at 2:10 p.m.
Those in attendance: Monica Jones and ElJay Waite
DISCUSSION ITEM(S):
• As of December 31, 2016, total assets were $1,707,547, total liabilities were $287,406, and the
fund surplus was$1,420,142.
• The miscellaneous plan expenses were reviewed and reported in the amount of$15,992.
• Mercer had requested an increase in their service fees from an annual cost of $2,500 to
$10,000 in order to prepare an IBNR quarterly adjustment. ElJay will prepare a letter for the
Department of Insurance with a request to recognize and authorize an IBNR quarterly
adjustment estimate that he will present.
• Kelvin Ko is conducting an audit of the City's health trust on behalf of the Department of
Insurance. He is reviewing the plan years from 2011 through 2016. During this review, it
was discovered that the US Bank signature card authorizes the Mayor as a signer on the
trust account. A new signature card will be requested and signed by Trustees.
MOVED by Monica, SECONDED by ElJay to adjourn at 3:10 p.m. The next trustee meeting is
tentatively scheduled for April 20,2017.
MOTION CARRIED