HomeMy WebLinkAbout1973-09-04 MinutesMINUTES OF MEETING OF FIREMEN'S PENSION
AND RELIEF FUND BOARD
SEPTEMBER 4, 1973
4:30 P.M. CITY MANAGER'S OFFICE
Present: Chairman Donald Grimes, Treasurer Pat Tobin, Secretary Helen Young,
Fire Chief Charles McWhorter, and Fire Pension Board members Larry Poage, Bill
Boudrey, Richard Baird, and N. D. McChristian.
Absent: None.
Minutes of the August 6, 1973 meeting had been previously distributed to the
Board members. Charles McWhorter moved the minutes be approved. Bill Boudrey
seconded the motion. The motion passed unanimously.
Treasurer Pat Tobin presented Pension Authorization Form for the month of
September with no changes. Richard Baird moved the Pension Authorization
Form for the month of September be approved. Larry Poage seconded the motion
which passed unanimously.
Fire Chief McWhorter reported that he had received a reply to a letter written
to the Little Rock Fire Chief requesting information on a recent actuary study
of the Little Rock Fire Pension Fund. Little Rock Fire Chief Jack Davis said
that the firm of Peat, Marwick, Mitchell and Company had performed the actuary
study and the Little Rock Fire Department was pleased with the report and the
cost of the study. There was some discussion about whether or not it would be
possible to get an estimate of the cost of performing an actuary study :of the
Fayetteville Fire Pension Fund from Peat, Marwick, Mitchell and Company, and
also whether it would be possible to get a copy of an actuary study, or at
least a copy of the format used for actuary studies by Peat, Marwick, Mitchell
and Company It was decided that Treasurer Pat Tobin should contact Morton
and Company in Fayetteville and get a written statement of the fact that
Morton and Company is unable to perform the actuary study requested by the
Fayetteville Fire Pension Board. It was the will of the Board to authorize
Mr. Tobin and Fire Chief McWhorter to contact Peat, Marwick, Mitchell and
Company to ask for an estimate of the cost of performing an actuary study of
the Fayetteville Fire Pension Fund and also to request a copy of an actuary
study which had been performed by Peat, Marwick, Mitchell and Company.
Treasurer Pat Tobin reported that a $15,000 certificate of deposit will mature
at First Federal Savings and Loan on September 22, 1973. Mi:eTobin advised
that the Board could postpone consideration of this matter until the October
meeting of the Board.
Mr. Tobin reported that the First Federal Savings and Loan accepted the $20,000
for investment with the $132,000 at 7-1/4 percent. This matter was discussed
at the August meeting.
There being no further business, Bill Boudrey moved the meeting be adjourned.
Fire Chief McWhorter seconded the motion. The motion passed unanimously where-
upon Chairman Grimes declared the meeting adjourned.
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Chairman
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