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GI pension committee meets with former police captain
The Grand Island Police pension debacle took another turn Thursday. Members of the pension committee met with former Captain Pete Kortum at City Hall.
Former Captain Pete Kortum once again in the city halls of Grand Island Thursday. But this time it was alongside his attorney Jerry Janulewicz.
The pension committee met to decide how much to pay Kortum using the straight life annuity formula.
"Mr. Kortum, his retirement date was actually January 1st, 2013 and because of the sensitive issues that have been in front of the public on pension retiree payments we wanted to get Mr. Kortum paid and processed," said Grand Island Finance Director Jaye Monter.
Kortum is Hastings Police Chief.
So how do they calculate the number?
"We base that decision upon the council resolution that was passed on the January 17th meeting which basically directed staff to and directed the pension committee to go out and give the quotes based upon the straight life or single life annuity method," Monter said.
You may remember city council voted not to seek repayment from retired officers for overpaid pensions and to use the straight life annuity formula for future payments. Today is one of the first.
The quote they are negotiating is around the number of just under $40,000.
"After we got that exact calculation correct and our interpretation of the state statutes on what the five year average salary was for Mr. Kortum that's the only snag that we've kind of ran into, but that's just a matter of looking at the numbers and making sure we're right," said Monter.
Just a few snags in trying to figure out this new road to travel down.
"I mean, of course, every new process, you know, when you're used to doing things the same way for like the last eight years in a row and then when you kind of realize, uh oh, maybe we should go this route, I mean, yeah, it's kind of bumpy," said Monter. "But again it hasn't been too bad. I think everybody has been really great to work with and cooperative and they understand we just want to do it right."
The pension committee will meet again next week.
They are hoping to have a payment presented to Kortum at the February 12th City Council meeting.
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