HomeMy WebLinkAbout1991-02-28 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, February 28, 1991 at 1:30 p.m. in
Room 326 of City Hall.
PRESENT: Chief Mickey Jackson, Firemen John Dill and Pete
Reagan, Retiree Darrell Judy, City Manager Scott
Linebaugh, Finance Director Ben Mayes, and City
Clerk Sherry Thomas.
ABSENT:
CALL TO ORDER
The meeting was called to
PENSION LIST
Fireman Mike Bonaduce
order by Fire Chief Mickey Jackson.
Jackson stated that the total is $30,015.18. Dill, seconded by
Reagan, made a motion to approve the pension list for the month of
March. The motion passed by a unanimous vote.
OLD BIISINESS
Jackson stated that a notice of appeal has been filed in the Roy A.
Skelton litigation. Copies of the appeal were distributed to the
board members.
NEW BIISINESS
FINANCIAL REPORTS
Richard Yada, of Merrill Lynch, reviewed the contents of
portfolios on New Mexico Capital Management and other stock
holdings. He stated that the pension fund was 80% invested in
Rockbury at the end of January, and the account was worth $622,000,
which is up roughly $50,000. Yada stated that the income amount
was not reflected on materials distributed at this meeting. Yada
stated that the New Mexico account has a balance of $2,129,000.
Ben Mayes suggested that an actuarial statement similar to that
done for the Police Pension Fund be prepared to show where the Fire
Pension Funds options lay in regard to money dispersal and income
and the required rate of return to keep the fund sound.
Reagan asked that Yada research when the last actuarial study had
been performed and bring it to the next Board meeting.
ADJOURNMENT
The meeting was adjourned at 2:04 p.m.