HomeMy WebLinkAbout1990-05-31 Minutes•
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MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Fire Pension and Relief Fund Board of
Trustees was held on Thursday, May 31, 1990, at 1:30 p.m. in Room
326 of City Hall.
PRESENT: Fire Chief Mickey Jackson, City Manager Scott
Linebaugh, Firemen Pete Reagan, Mike Bonaduce, John
Dill, Retiree Darrell Judy, Accounting Supervisor
Ben Mayes, City Clerk Sherry Thomas, and Richard
Yada of Merrill Lynch.
CALL TO ORDER
The meeting was called to order by Scott Linebaugh.
PENSION LIST
Secretary Sherry Thomas noted the addition of Roy Cate to the list
and stated the date of his retirement was May 3 of this year, with
the amount of payment shown being the payment for May and June.
Dill, seconded by Reagan, made a motion to approve the pension
list. The motion passed unanimously.
OLD BUSINESS
SKELTON RETIREMENT
It was asked if there had been any information or decision about
Roy Skelton's retirement, and Linebaugh stated that there was no
news.
PAY INCREASES
Mayes explained a report he had drawn up relating to pay scale for
active, retired -full paid and retired -part paid firemen. The
report demonstrated proposed pay raises and benefits for 1990 to
2005 and how they affected annual benefits. This included retiring
active employees after 20 years of service and increasing salaries
5% per year. There was discussion about the actuarial study just
released which showed the pension fund was not actuarially sound.
Based on this information, the consensus was that the fund could
not afford a benefit increase.
Reagan, seconded by Dill, made a motion to table the pay increase
subject indefinitely. The motion passed unanimously.
COPIES OF MINUTES
It was requested that five copies of the meeting minutes be made to
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be handed out to station personnel.
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Richard Yada
the balanced
an original
portfolio as
the year.
May 31, 1990
INVESTMENTS
gave his report on the financial portfolio. He stated
account managed by New Mexico Capital Management had
investment base of $1,647,585, and the value of the
of May 30, 1990 was $2,174,979, which was up 4.4% for
Roxbury Capital Stock Account was reported stable at approximately
55% invested. The portfolio is down 1/2% for the year, but Roxbury
is up 6.68% from the time they began management with a total of
$611,979.
The income portfolio is still paying a 10% rate of return. There
was a purchase of some bonds when interest rates went up some
months ago.
Current asset allocations consists of:
Stock portfolio at 28.2%
Bonds at 26.8%
Cash at 45%
Yada read an article from Financial World dated May 15, 1990,
describing a poll taken of several chief financial officers of
various corporations stating that Merrill Lynch was rated the best
overall pension fund manager, best pension fund service, second-
best fixed-income and best in equity research. The same survey
taken at various institutions and large banks rated Merrill Lynch
best at order execution.
ADJOURNMENT
The meeting was adjourned at 2:19 p.m.