HomeMy WebLinkAbout1973-11-05 MinutesMINUTES OF MEETING OF FIREMEN'S PENSION
AND RELIEF FUND BOARD
NOVEMBER 5, 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 October 1, 1973 meeting had been previously distributed to the
Board members. Charles McWhorter moved the minutes be approved. Larry Poage
seconded the motion. The motion passed unanimously.
Treasurer Pat Tobin presented Pension Authorization Form for the month of
November with no changes. Fire Chief McWhorter moved the Pension Authorization
Form for the month of November be approved. Richard Baird seconded the
motion which passed unanimously.
Fire Chief McWhorter reported that a letter has been received from Morton
and Company stating that they are unable to perform the actuary study of
the Fire Pension Fund. Treasurer Pat Tobin reported that the information
requested by Peat, Marwick, Mitchell and Company has been sent to them and
he expects to hear something from that firm shortly.
Fire Chief McWhorter reported that a certificate of deposit in the amount of
$14,000 has matured at First Federal. The Board members discussed the
following alternatives regarding re -investing the monies: (1) Re -invest the
$14,000 for two years at 6-1/2 percent; (2) Re -invest the $14,000 for periods
of 60 days until other investments mature making possible a total investment
of $100,000 or more; (3) Re -invest the $14,000 for one year at which time
the Board can consider combining it with other monies to make a total invest-
ment of $100,000 or more. Fire Chief McWhorter moved that the Treasurer be
instructed to re -invest the $14,000 for one year at the highest interest rate
possible. Bill Boudrey seconded the motion which passed unanimously.
Fire Chief McWhorter asked the Treasurer to prepare a financial statement of
the Firemen's Pension and Relief Fund.
The Board members discussed the question of whether or not three percent of
the overtime pay received by firemen should be withheld for pension fund con-
tributions. Fire Chief McWhorter noted that upon retirement a fireman receives
pension payments equal to half of his monthly salary at the time of retirement
and monthly salary does not include overtime pay. Withholding pension contribu-
tions from overtime pay also complicates bookkeeping, Mr. McWhorter said.
Richard Baird moved that the City Attorney be asked to interpret the state law
regarding this matter. Larry Poage seconded the motion which passed unanimously.
There being no further business, Richard Baird moved the meeting be adjourned.
Bill Boudrey seconded the motion. The motion passed unanimously whereupon
Chairman Grimes declared the meeting adjourned.
:gym
Chairman