HomeMy WebLinkAbout1991-07-25 Minutes0
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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, July 25, 1991, at 11:15 a.m. in Room
362 of City Hall.
PRESENT: City Manager Scott Linebaugh, Assistant Fire Chief
Marion Doss, Retirees Darrell Judy and Richard
Baird, Finance Director Ben Mayes, and City Clerk
Sherry Thomas.
ABSENT: Pete Reagan
CALL TO ORDER
The meeting was called to order by City Manager Scott Linebaugh.
PENSION LIST
City Manager Linebaugh reported that there were no changes on the
Pension List. Judy, seconded by Doss, made a motion to approve the
Pension List as it stands from the last meeting. The motion was
approved by a unanimous vote.
OLD BUSINESS
INVESTMENTS
It was announced that Richard
meeting with a stock portfolio
the latest report from Richard
missed the meeting of June 27,
Yada would not be present at this
report. Doss requested a copy of
Yada on the stock portfolio, as he
1991, in which it was presented.
Doss requested verification on actuary liabilities and Ben Mayes
responded that it was due to the high number of retirees from 1987
to 1989 with each retiree adding $200,000.00. Mayes responded that
they do not take age of spouse and number of children into
consideration in the actuary studies.
City Manager Linebaugh suggested that Mayes prepare a report on the
Police Pension and Relief Fund and Fire Pension and Relief Fund to
compare performances of their various investors. Baird stated that
he needed to report back to the retirees with figures that can be
understood.
ADJOURNMENT
The meeting was adjourned at 11:32 a.m.