HomeMy WebLinkAbout1973-12-03 Minutes•
MINUTES OF MEETING OF FIREMEN'S PENSION
AND RELIEF FUND BOARD
DECEMBER 3, 1973
4:30 P.M. CITY MANAGER'S OFFICE
Present: Donald Grimes, Chairman; Pat Tobin, Treasurer; Helen Young,
Secretary; Charles McWhorter, Fire Chief; and Fire Pension Board members
Larry Poage, Bill Boudrey, and Richard Baird.
Absent: N. D. McChristian.
Minutes of the November 5, 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
December with no changes. Bill Boudrey moved the Pension Authorization
Form for the month of December be approved. Richard Baird seconded the
motion which passed unanimously.
Fire Chief McWhorter reported that he had discussed with City Attorney
McCord the matter of withholding pension contributions from overtime pay.
(This matter had been discussed at the November 5, 1973 meeting.) The
City Attorney said that he could not see any basis for withholding pension
contributions from overtime pay. Mr. McWhorter suggested that if the Board
wishes to change the policy regarding this matter that the change be
effective the first of the year, 1974. Chairman Grimes and Board members
Poage, Boudrey and Baird expressed concurrence with the City Attorney's
opinion. Treasurer Pat Tobin pointed out that this is a matter of inter-
pretation of the word "salary".
Fire Chief McWhorter moved that City Attorney McCord be asked to give the
Board a written opinion on the matter of withholding pension contributions
from overtime pay and that the matter be discussed further at the next
meeting of the Board.
Treasurer Pat Tobin distributed current financial statements for the
Firemen's Pension and Relief Fund. Mr. Tobin called to the attention of
the Board members that the Fund has approximately $22,000 in cash and
the tax millage check should arrive the last day of the year. In view
of these facts, Mr. Tobin asked the Board if they would wish to invest
some of the $22,000. Mr. Tobin reported that the $14,000 discussed at
the November meeting has been invested at 6.75 percent. Richard Baird
recalled that the reason for investing the $14,000 from last month for
one year was so some of the investments could be grouped to make a total
amount of $100,000 or more. Mr. Baird figured that a total investment
of $100,000 would be possible by 1975 if an investment were made now for
one year and if other investments as they matured were invested for 30,
60, or 90 -day periods. Larry Poage asked what the penalty would be if
a $100,000 investment contract had to be broken. Mr. Tobin said that the
investment would lose interest for three months as a penalty. Mr. Baird
said that he would not think it wise to group investments in amounts
greater than $100,000.
Fire Chief McWhorter moved that $15,000 be invested for one year at the
best rate possible. Larry Poage seconded the motion. The motion passed
unanimously.
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There being no further business, Fire Chief McWhorter moved the meeting be
adjourned. Richard Baird seconded the motion which passed unanimously.
Chairman Grimes declared the meeting adjourned.
ATTEST:
`, s. IQm Lai
Sec •g tary
APPROVED:
Chairman