2017 Meeting Minutes and Financial Reports

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 10:30 am

07/19/2017

Members Present:

Chairman Reid Vaughan

Dale Wyatt

Chris Mullins

Billy Doss

Charlie Dixon

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 07/20/2016 were presented by Secretary Catherine Burnett

Motion made by Mr. Dale Wyatt to accept minutes

Second made by Mr. Charlie Dixon

Motion passed unanimously

Financial Report for June 1, 2016 through June 30, 2017 presented by Secretary Catherine Burnett

Motion to accept Financial Report made by Mr. Dale Wyatt

Second made by Mr. Chris Mullins

Motion passed unanimously

Old Business

Mr. Reid Vaughan shared that the Social Media campaign has been deferred to the October 2017 meeting in order to finalize Actuarial Statement approval.

Mr. Dale Wyatt asked about spending money for Quick Books issues to be resolved. Mr. Vaughan is in the process of finding an individual to organize the program.

Mr. Charlie Dixon’s Governor’s appointment ended in 2016. There has been no response from Mr. Vaughan’s correspondence with the office regarding the status. Legally, until a successor is named, the seat remains filled by the current appointment.

New Business

The Actuarial Report is complete. Our current status is a $60 benefit. On page 1 Cavanaugh Macdonald Consulting recommended the benefit be increased to at least $75 but no more than $90. This would be the amount for the next 2 years before we are required to do another study. Mr. Vaughan suggests $90, as it is sound statistic and will be good for increasing membership.

Motion to increase annuity benefit to $90 made by Mr. Charlie Dixon

Second made by Mr. Billy Doss

Motion passed unanimously

Motion to raise the rate on October 1, 2017 made by Mr. Chris Mullins

Second made by Mr. Dale Wyatt

Motion passed unanimously

Available funds in the checking account are approximately $80,000, with annual expenses approximately $19,000. The board discussed what amount could be moved to the RSA account from the checking account.

Motion to move $55,000. from general checking account to RSA account made by Mr. Dale Wyatt

Second made by Mr. Charlie Dixon

Motion passed unanimously

Plans were discussed to work on budget forecast in the upcoming October meeting. We will look at a draft of our annual expenditures to date and work towards approving an annual budget in the October meeting. Going forward we will approve the budget in July meetings and have it in place for October 1st as our new fiscal year.

Meeting dates going forward will be on the same date as the Commission meetings. Our start time will be 10:30am. Work sessions are also an option as needed, as well as remote meetings as we are not a regulatory agency. Work sessions would allow for agenda to be shared and give members adequate time to prepare for upcoming meetings.

In closing, Business from Commissioners:

Mr. Dale Wyatt brought up the Executive Director vacancy. A few potential candidates were mentioned and commissioners asked to give thought to who they feel would be a good candidate for the job.

It was requested that Mr. Mark Boardman look at our laws and statutes to help us make certain we are addressing all issues {ie: if Volunteer Fire Fighter signs up, how will we know they are actively still volunteering? What would we require of a member who files a Disability claim? What defines retired?} We are allowed an Administrative Code chapter, so that would help us to know how to follow the proper protocol with situations such as those mentioned.

The next AFABF meeting will be held on October 18, 2017 at 10:30 am. Internal Audit Committee will meet October 18, 2017 at 10:00am.

Adjourn

Motion made to adjourn by Dale Wyatt

Second by Chris Mullins

Motion passed unanimously

___________________________________________________

Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 10:30 am

10/18/2017

Members Present:

Chairman Reid Vaughan

Dale Wyatt

Chris Mullins

Billy Doss

Charlie Dixon- Absent

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 07/19/2017 were presented by Secretary Catherine Burnett

Motion made by Mr. Dale Wyatt to accept minutes

Second made by Mr. Chris Mullins

Motion passed unanimously

Financial Report for July 1, 2017 through September 30, 2017 presented by Secretary Catherine Burnett

Motion to accept Financial Report made by Mr. Dale Wyatt

Second made by Mr. Billy Doss

Motion passed unanimously

Old Business

$55,000 has been transferred from Bryant checking account to RSA State Street Bank account.

Reid will follow up for proper appointment re: Mr. Charlie Dixon’s Governor’s appointment ended in 2016 as there has been no response thus far.

Update website to reflect current figures in effect Oct 2017.

Board attorney Mark Boardman would like Board to address Administrative Code. What constitutes disability? What qualifies as vested? Death benefit? Mr. Wyatt will represent the Board to meet with Mr. Boardman as needed.

Motion to spend up to $3,000. for legal services made by Mr. Dale Wyatt

Second made by Mr. Billy Doss

Motion passed unanimously

New Business

The Fund has approximately $25k net income over operating expenses. We take in approximately $42k/year. Quick Books allows for budgets to be set up. As we move forward we would like to put an operating budget in place. We need to run a fiscal year. Reid Vaughan would like to create the budget retroactive to October 1, 2017 and approve in January, 2018.

Reid Vaughan will contact graphic designer for new brochures with updated information.

Motion to spend up to $1k on creating and printing brochures with updated information by Mr. Chris Mullins

Second made by Mr. Billy Doss

Motion passed unanimously

Social media campaign; plan to implement before 2018. Reid Vaughan suggested the Board members seek individual time to create media piece to distribute.

The next AFABF meeting will be held on January 17, 2017 at 10:30 am. Internal Audit Committee will meet January 17, 2018 at 10:00am.

Adjourn

Motion made to adjourn by Dale Wyatt

Second by Chris Mullins

Motion passed unanimously

___________________________________________________

Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date