HomeMy WebLinkAbout1971-07-12 MinutesMINUTES OF THE REGULAR MEETING
• BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
July 12, 1971
The regular meeting of the Board of Trustees of the Firemen's Pension and
Relief Fund of Fayetteville, Arkansas, was held in the City Manager's Office
in the City Administration Building on Monday, July 12, 1971, at 4:30 P.M.
Present: Chairman Wesley M. Howe, Secretary LoVetta Moore, Treasurer
Patrick J. Tobin, City Attorney David Malone, Fire Chief Charles McWhorter,
and Board Members: Howard Boudrey, Harold Lee, and Paul Logue.
Absent: Dean Harris.
NOTE: It is reflected in these minutes that Howard Boudrey and Harold Lee
were elected to replace Joe Fraley and Carl Springston, respectively, as
members of this Board at the Firemen's meeting held June 17, 1971.
The minutes of the last regular meeting on June 14, 1971, copies of which
had previously been distributed to each of the Board Members, were approved.
The Secretary presented the Authorization Form to pay the June pensions.
Mr. Boudrey moved that the disbursements be allowed. The motion was
seconded by Chief McWhorter and upon roll call passed unanimously.
City Attorney David Malone reported that he had received an opinion from
• the Attorney General in reply to questions concerning Burl Skelton's
retirement. Mr. Skelton submitted his application for retirement and
the Board voted him a pension of one-half his salary at his 24th year
of service. Sometime later the question arose as to whether he had
been making payments in his last four years of employment. It was
then determined that he had not made payments during this four year
period and this raised the question whether he should be retired to
a pension of one-half his salary at 20 years when he stopped making payments,
or should he be allowed to receive a pension at one-half his salary at 24
years. These were the facts the City Attorney submitted to the Attorney
General for his opinion.
The Attorney General's written opinion stated "It appears he would be
entitled to his rate of salary at 20 years of service." It was also
recognized that there was a previous Attorney General's opinion, which
Mr. Skelton had relied on, which stated that he could discontinue
payments at the end of 20 years' employment. The present Attorney
General says a Fireman can stop making payments at the end of 20 years.
Mr. Malone stated that Mr. Skelton has two alternatives: (1) He could
make up the difference of his contributions, or (2) Take his retirement
on his salary at 20 years.
Following discussion by the Board, it was decided that Mr. Malone would
write a letter to Mr. Skelton stating the two alternatives available to
him and enclose a copy of the Attorney General's opinion. It is
anticipated that Mr. Skelton might wish to consult with his attorney
on this matter and sufficient time should be given him to make a decision
on this matter.
r 1
U
• Treasurer Tobin discussed the Financial Statement for the period ended
June 30, 1971, and advised the Board that approximately $10,000 could be
invested at this time. Following discussion by the Board, Chief McWhorter
moved to invest $12,000 at First Federal Savings f, Loan for two years at
6% interest. The motion was seconded by Mr. Logue, and upon roll call
passed unanimously.
Treasurer Tobin discussed the $100,000 on deposit at the First National
Bank at 7% interest and stated that it would mature on July 20, 1971.
He recommended that if this money could not be left on deposit at the
First National Bank at 6% interest or better, that it be moved to First
Federal Savings $ Loan at 6%. Mr. Logue moved that Mr. Tobin's
recommendation be approved. The motion was seconded by Mr. Boudrey and
upon roll call passed unanimously.
At the conclusion of discussion and action taken as a result of the
Financial Statement, Chief McWhorter moved that the Financial Statement
be accepted as presented. The motion was seconded by Mr. Logue and,
upon roll call passed unanimously.
The Secretary presented the Authorization Form to pay the July pensions
and stated that this form had been prepared so that the Board could
approve payment of the pensions for July in advance of the checks being
prepared, if they so desired. Following discussion by the Board, Chief
McWhorter moved to approve the disbursements. The motion was seconded
by Mr. Logue and upon roll call passed unanimously.
• There being no further business, Mr. Logue moved that the meeting be
adjourned. The motion was seconded by Mr. Boudrey and passed unanimously,
whereupon the Chairman declared the meeting adjourned.
ATTEST: C,���,(�
Lo etta Moore, Secretary
0
APPROVED:-
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Howe, Chairman
• FIREMENIS RELIEF AND PENSION FUND
Statement of Receipts and Disbursements
June 1971
Total To Date
Balance, December 31, 1970
$13.992.71
Receipts
Property Tax
$4,676.67
$17,386.06
Ambulance Service Payments
3.00
26.00
Interest
2,121.20
59944.92
Due from other funds
1,903.25
29521.00
Officers Contribution
-O-
2,511.71
Total Receipts
$8004.12
$289389.69
Total Available
$42,382.40
Disbursements
Pensions Paid
$29495.00
$139225.40
Purchase of Investments
-O-
59000.00
Refund to Officers Terminated
4-
134.29
• To Other funds
1.00
80118.11
Total Disbursements
$29496.00
$26,477.80
Balance, June 30, 1971
$15,904.60
•
0
FIRWENIS RELIEF AND PENSION FUND
Balance Sheet
at June 30, 1971
Cash in Rank $ 15,904.60
Savings Account 59298.13
Investments 335,O00.00
Total Assets -.-._.___.. $3569202.73
Refundable Officers Contribution $ 24,611.13
Reserve for Retirement 331.591.60
Total Liabilities and Surplus $356,202.73
i
• FIMMEN+S RELIEF AND PENSION FUND
Schedule of Investments
at June 30, 1971
•
•
Date
Interest
Aouistion
Maturity
Rate
Cost
Saving Certificates
First National Bank
07-17-70
07-17-71
7.00%
$1002000.00
McIlroy Bank
10-01-70
10-01-72
6.75%
1000000.00
First Federal Savings
i
.03-09-71
03-09-73
6.00%
30,000.00
I
i
04-22-71
04-22-73
6.00%
105.000.00
$335,000.00
i
• FIMMEN+S RELIEF AND PENSION FUND
Schedule of Investments
at June 30, 1971
•
•
0
Date
Interest
Aouistion
Maturity
Rate
Cost
Saving Certificates
First National Bank
07-17-70
07-17-71
7.00%
$1002000.00
McIlroy Bank
10-01-70
10-01-72
6.75%
1000000.00
First Federal Savings
and Loan Assn.
.03-09-71
03-09-73
6.00%
30,000.00
First Federal Savings
and Loan Assn..
04-22-71
04-22-73
6.00%
105.000.00
$335,000.00
Pass Book Saving Account
First National Bank
5.00%
$5,298.13
0