HomeMy WebLinkAbout1974-11-04 MinutesMINUTES OF A MEETING OF THE FIREMEN'S
PENSION AND RELIEF BOARD
November 4, 1974
The regular monthly meeting of the Firemen's Pension and Relief Board was
held November 4, 1974, at 4:30 p.m. in the Fayetteville City Manager's
Office.
Present: Donald L. Grimes, Chairman; Pat Tobin, Treasurer; Darlene
Westbrook, Secretary; and Fire Pension Board members Charles
McWhorter, Larry Poage, Don Miller, Ronald McArthur, and
N. D. McChristian.
Absent: None
The meeting was called to order by Chairman Grimes and following roll call
the minutes of the October 1, 1974, meeting were considered for approval.
There being no corrections or additions to the minutes, Charles McWhorter
motioned that the minutes be approved as submitted. The motion was seconded
by Larry Poage and was passed unanimously by the Board.
Consideration of the November pension list was the next item of business.
There were no deletions or additions to the November list.anCharles
McWhorter motioned that the list be approved and the motion was seconded
by Don Miller. The motion was passed unanimously by the Board.
Mr. Grimes then acknowledged receipt of the third quarterly financial
statement of the Firemen's Pension and Relief Fund submitted by Mr. Tobin.
During discussion the Board expressed its satisfaction with the financial
status of the fund.
Mr. Tobin reported that the fund had a cash balance of $20,541.95 and
suggested that $10,000 of the balance be invested in short-term treasury
bills and that the proceeds from the bills be considered for investment
with a certificate of deposit which would mature in January, 1975. After
slight discussion, Charles McWhorter motioned that the $10,000 be invested
in treasury bills and the motion was seconded by Don Miller. The motion
passed unanimously in a vote of the Board
Mr. McWhorter then reported that he had received a copy of the results of a
survey ofnfir0eliehsionefundsnwhichiwasoeonducted by one Arkansas city. Mr.
McWhorter said that the results of the study showed the the Fayetteville
pension fund was second out of approximately fifteen cities surveyed as to
revenues and was sixth in regard to disbursements. During discussion, Mr.
Tobin asked if the Board would be interested in having an individual study
made of the Fayetteville fund. The Board members expressed their favor of
such a study and Chairman Grimes and Mr. McWhorter expressed the importance
of a study for indicating the future obligations and needs of the fund.
Chairman Grimes asked that the treasurer obtain a cost estimate for the study.
There being no further discussion or business, Charles McWhorter made a
motion to adjourn the meeting. The motion was seconded by Larry Poage and
was passed unanimously Chairman Grimes declared the meeting adjourned.
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