IRONWOOD - The Gogebic-Iron Wastewater Authority held its February meeting this Wednesday.

The members learned that a Grit Pump went down and it will cost approximately $4,500 to have the pump rebuilt. These pumps work 24/7 so replacement every 5 -10 years is expected.

Tony Radjenovich, Regional Manager for MERS discussed the employee retirement funds. The fund is currently funded at 65% of actuarial probabilities. The employer (The Authority) contributes to the fund annually; some of charges are used to offset the 65%. It would be much more desirable to be funded at 80% of expectancy, for several reasons.

Today with interest rates at low levels, one might consider moving some monies from a low or no interest account(s) and put those monies into the retirement fund. That is exactly what the Authority is considering.  The annual contribution would then be lower for the Authority and there would be a greater expectation of return on investment.
The Authority members tabled the until their next meeting.  The cost of postponing the move for just thirty days will be $1,500.
In other action the Authority members finally approved the contracts for two employees.  The approval was subject to the Authority’s attorney.