HomeMy WebLinkAbout1975-09-08 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF BOARD
September 8, 1975
The regular monthly meeting of the Firemen's Pension and Relief Fund
Board was held September 8, 1975 at 4:30 p.m. in the Office of the
City Manager.
PRESENT: Chairman Donald L. Grimes; Treasurer Pat Tobin; Secretary
Darlene Westbrook; and Board members Howard Boudrey, Dean
Harris, Don Miller, Charles McWhorter, and Ronald McArthur.
ABSENT: None
The meeting was called to order by Chairman Grimes who asked if there
be any corrections or additions to the minutes. There being none, Charles
McWhorter moved that the minutes be approved as_submitted. The motion was
seconded by Howard Boudrey and passed unanimously in voice vote of the Board.
Charles McWhorter, seconded by Howard Boudrey, moved that the September
pension list be approved. In voice vote of the Board the motion carried
unanimously.
Old business included the discussion of the proposded actuary study of
the pension fund. Mr. Tobin stated that he and Mr. McWhorter had spoken
with Dr. Hall'about the possibility of conducting a study on a smaller scale
which would reflect the status of the fund on an individual basis. Mr. Tobin
stated that the study would be beneficial in supporting requests for legis-
lation that would allow pension funds to increase benefits and contributions
if a actutarial study indicated that such action was necessary or feasible.
The Board took no action on the matter pending an estimate of the cost of
such a study.
Mr. Tobin reported that a $28,000 certificate of deposit would mature
on September 25 and that the fund had a cash balance of $32,000. He pro
posed that the Board authorize combining $25,000 cash with the maturing
certificate to make a total investment of $53,000. Charles McWhorter,
seconded by Don Miller, motioned to authorize the treasurer to.make the in-
vestment with an institution offering the highest interest rate. In voice
vote of the Board the motion carried unanimously. Chief McWhorter requested
that the treasurer inform -the Board members as to interest quotes received from
the various institutions.
There being no further business, Charles McWhorter, seconded by Dean
Harris, motioned that the meeting be adjourned. The motion was unanimously
approved and the Chairman adjourned the meeting.
APPROVED:
ohald L. Grimes, C airman
• ATTEST:
arlene Westbrook, Secretary.
•