CIVILIAN PENSION BOARD

The Civilian Pension Board met on January 26, 2005 at 10:32 a.m. with Chairman Salters presiding. Members present were Councilman Ruane, Mrs. Braun, Mr. DePrima, Mrs. Rigby, and Mrs. Mitchell. Others present were Mr. Pike of Pike Associates, Mrs. Lisiecki, and Mrs. McMaster.

AGENDA ADDITIONS/DELETIONS

There were no additions or deletions to the agenda.

ANNUAL REVIEW OF PENSION BENEFITS PAID TO ALL CIVILIAN RETIREES (COLA)

During the Civilian Pension Board Meeting of February 27, 2000, members directed the City Clerk to maintain a permanent pending agenda item to review a Cost of Living Adjustment (COLA) for City of Dover retirees prior to the third week in February each year.

Mrs. Mitchell reviewed a letter (Attachment #1) prepared by Mr. Pike, which provided an estimate of the cost associated with giving a 1% or 2% COLA increase.

Mr. Lucas suggested that members consider providing retiree’s a 2% COLA. Based on the performance of the portfolio and the actuarial valuation, Mr. Salters suggested that members consider a 1% COLA. Mrs. Braun reminded members that the last COLA was provided on July 1, 2003 for those who retired on or before December 31, 2002 at the rate of 1.5%.

Mr. Ruane moved to recommend that a 2% Cost of Living Adjustment (COLA) increase be given on July 1, 2005, seconded by Mrs. Rigby and carried with Mrs. Mitchell abstaining.

Mr. Ruane moved for adjournment, seconded by Mr. DePrima and unanimously carried.

Meeting Adjourned at 10:54 A.M.

                                                                                          Respectfully submitted,

                                                                                          Reuben Salters

Chairman

RS/rfm

S:ClerksOfficeAgendas&MinutesMisc-MinutesPENSION2005