Page 90, Fire News, May 2022
FireNews.com
A UNIQUE APPROACH TO MANAGING FIREGROUND RISK Most everyone can agree that consistent drills and training help healthy habits. While under the watchful eye of a certified trainer, Wilton Fire make for a safer fireground. In Wilton, NY the local volunteer fire department has taken that one step further. To further mitigate risk, hosts exercise classes three days a week at their main station for all members and has seen great results they include group exercise training to with the program. One-member, help make sure their responders are fit, Three-year volunteer Christopher not just for emergencies, but for everyBrown, is down 28 pounds and has day life too. taken 45 seconds off his mile time A Journal of the American Heart Association Report republished in since participating in the group classes. September 2018 by the American Red An added benefit to this group exerCross states “that among firefighters, cise program is more time to socially more job-related deaths stem from carinteract and build camaraderie with diac arrest than from any other cause.” colleagues who they normally only see during drills or calls. One member stat“Firefighters face many dangers, but ed that although the classes are chalthe greatest risk is from underlying lenging, the fact the whole group is cardiovascular disease in combination working through a personal challenge with the physiological strain on the helps motivate everyone that they can firefighter,” said study lead author get through it. “There is strength in Denise L. Smith, Ph.D. who works numbers,” they said. adjacent to Wilton as the director of Managing risk on the fireground the First Responder Health and Safety and in your own life can sometimes Laboratory for Skidmore College in require extra dedication. It may not Saratoga Springs, NY. always be easy, but when it matters To help control these risk factors, most, it will be worth it. The American Heart Association rec- Andrew Bobbitt, ommends the management of blood NBT Insurance Agency, LLC pressure, maintaining proper weight and getting active among other
TIME TO REVIEW YOUR LOSAP INVESTMENTS The past two years have been very difficult for all of us. The pandemic and geo-political unrest has taken its toll on everyone. The LOSAP investments are no exception! We have seen our economy struggle to keep up with inflation and the stock market plummeting. This is not a time to panic. It’s time to speak to your investment advisors to see what the best approach will be for your specific investments. If your LOSAP is invested in fixed annuities, your annual report will reflect your actual returns. If you are invested in the market, you may see your annual report reflect a dip in overall funding. One of the most important things we should be aware of as fiduciaries is our assumed rate of return vs. our actual returns. This means that the rate of return that is used as the determining factor for establishing your annual contribution may lead to larger unfunded liability in the long run if your actual returns are substantially less. One way to alleviate this concern is to have a financial advisor do an independent audit of your LOSAP plan. This trusted advisor should be able to explain your funding and your overall plan in lay-
men’s terms so that all board members can understand the ramifications. Another prudent action a board can take is to establish an “Investment Policy.” Fire Districts have many policies in effect but very few Districts have an investment policy that would determine the intent of the current board for their LOSAP investments. For example, a board may want to take an extremely conservative approach and only invest in guaranteed funds, but another board may only want their operating account in guarantees and other funds in investments that could to lead to a higher rate of return. This is a discussion the board should have with their investment advisor. The policy going forward, would create a path for future boards and can be adjusted as needed. Forecasts for our countries economic future vary, however, keeping an optimistic outlook, as well as staying realistic is imperative as we move forward. On a personal note, I am looking forward to seeing all of you again and looking forward to our world getting back to normal. - Diane Setter, Diane Setter & Associates, 631-806-4402, d.setter@hotmail.com
