HomeMy WebLinkAbout1991-09-26 Minutes•
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MINUTES OF A MEETING OF THE FIRS PENSION BOARD
A meeting of the Fayetteville Fire Pension and Relief Fund Board of
Trustees was held on Thursday, September 26, 1991, at 11:00 a.m. in
Room 362 of City Hall.
PRESENT: Firemen Marion Doss and Pete Reagan, Retirees
Richard Baird and Darrell Judy, Finance Director
Ben Mayes, and City Clerk Sherry Thomas.
ABSENT: City Manager Scott Linebaugh and Fireman Danny
Farrar
CALL TO ORDER
The meeting was called to order by Marion Doss.
PENSION LIST
City Clerk Sherry Thomas reported that there were no changes on the
Pension List. Reagan, seconded by Judy, made a motion to approve
the Pension List as it stands from the last meeting. The motion
was approved by a unanimous vote.
NEW BUSINESS
INSURANCE TURN BACK
Ben Mayes reported that they had received the State Insurance turn
back yesterday totalling $149,384.45. Mayes stated the funds were
to be allocated between the 23 active participants and 59 retirees
for a total of 82 currently participating in the General Relief and
Pension Plan. Currently there are 30 LOPFI participants, for a
total of 112. Mayes explained that the 82 General Relief and
Pension Plan participants will each receive $1,333.79, for a total
sum of $109,370.75 to the general plan. He further reported that
the turn back to the general plan in 1990 was $101,233.00, for an
increase of $8,000 or 8% in 1991.
Reagan inquired as to whether the retired volunteers are included
in the total participants, and Mayes responded that they are
included as part of the total participants in the plan.
Mayes reported that the excess funds were put in the checking
account yesterday pending instruction from Richard Yada. Mayes
stated that the funds are ready to be wired to Richard at any time.
He further verified that the checking account in which the funds
were located draws 4-4i% interest.
Reagan, seconded by Judy, made a motion to wire the excess
insurance turn -back funds to Richard Yada at Merrill Lynch. The
motion was approved by unanimous vote.
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FIREMEN'S PENSION AND RELIEF LAWS
Darrell Judy presented a letter to the Board, and it was suggested
that the Board take time to review the letter and wait to discuss
and act on it at the next meeting.
Doss, seconded by Baird, made a motion to table this item. The
motion was approved by unanimous vote.
Doss asked City Clerk Sherry Thomas if she has a current copy of
the Firemen's Pension and Relief Laws, and she responded that she
only has a Municipal Handbook, but not the handbook being referred
to. Thomas stated that she would check with City Attorney Jerry
Rose and obtain copies of any amendments from the '91 Legislative
session that applied to fire pension boards.
Baird stated that it would be handy to have a current copy of the
Firemen's Pension and Relief Laws
INVESTMENTS
It was reported that there would be no report from Merrill Lynch at
this meeting.
ADJOURNMENT
The meeting was adjourned at 11:19 a.m.