HomeMy WebLinkAbout1992-05-28 Minutes•
•
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 28, 1992, at 11:00 a.m. in Room
362 of City Hall.
PRESENT: Firemen Marion Doss, Danny Farrar, and Pete Reagan;
Retirees Richard Baird and Darrell Judy;
Administrative Services Director Ben Mayes; City
Attorney Jerry Rose; and City Clerk Sherry Thomas.
ABSENT: City Manager Scott Linebaugh
CALL TO ORDER
The meeting was called to order by Marion Doss.
MINUTES
City Clerk Sherry Thomas stated that there were no minutes prepared
for the Board's approval at this meeting.
PENSION LIST
Thomas reported there were no changes on the Pension List for
April. Reagan, seconded by Judy, made a motion to approve the
Pension List. The motion was approved by a unanimous vote.
OLD BUSINESS
DISABILITY RETIREES
ROY SKELTON
City Attorney Jerry Rose submitted for the Fire Pension and Relief
Fund Board of Trustees' approval or disapproval for Roy Skelton's
examination a psychiatrist by the name of Dr. B. Dean from Siloam
Springs. Dr. Dean has experience in evaluating mental disabilities
for Social Security and Workers' Compensation programs, and Rose
stated he has no reason to believe that Dr. Dean is not qualified
to evaluate Mr. Skelton.
Reagan, seconded by Farrar, made a motion
perform the psychological evaluation of
was approved by a unanimous vote.
Reagan asked City Attorney Rose whether
copy of his qualifications, as per the
attorney for Roy Skelton.
to approve Dr. B. Dean to
Roy Skelton. The motion
Mr. Dean would submit a
request of Lamar Pettus,
City Attorney Rose responded that Dr. Dean would be requested to
submit a copy of his resume to the Board and a copy would be
forwarded to Mr. Pettus. In addition, Dr. Dean indicated he would
1 •
May 28, 1992
be willing to contact Roy Skelton directly to arrange an
appointment.
ARVIL KING
City Clerk Sherry Thomas reported with respect to the examination
of Arvil King by Dr. Runnels, she has been advised that Dr. Runnels
was not his regular physician. King requested that he be evaluated
by his regular attending physician, and Thomas reported she had
advised him by letter that a report from his regular physician
would be accepted by the Board.
NEW BUSINESS
PENSION BOARD NOMINEE
Doss reported that the term of Pete Reagan had expired on the Fire
Pension and Relief Fund Board of Trustees, and his was the only
name submitted to serve another term. Therefore, Pete was
nominated by acclamation to serve another term on the Board. In
addition, Darrell Judy was reappointed as a retired representative
to serve on the Board
ROXBURY CAPITAL MANAGEMENT
Doss stated he had received a letter from Roxbury Capital
Management asking if the Board would like a copy of the "SEC ADV -
Part II" which was available free of charge; however, he was
unfamiliar with what Roxbury was offering.
Mayes responded that the "SEC ADV - Part II" was probably an
evaluation by the Securities and Exchange Commission of Roxbury
Capital Management's rankings and BETA factors, and these letters
normally are forwarded to Richard Yada of Merrill Lynch.
MERRILL LYNCH
Reagan requested that a letter be sent to Merrill Lynch, firmly
requesting that if Merrill Lynch is not going to attend the Fire
Pension and Relief Fund Board of Trustees meetings, they at least
FAX the Board a monthly report.
Reagan stated t is not stated in the contract with Merrill Lynch
that they are o attend all meetings; however, they had agreed to.
do so. He further explained the representatives from the local
Merrill Lynch office are unfamiliar with Act 891. Richard Yada and
Curtis Williams work independently with regard to the Fire and
Police Pension Plans and have followed Act 891 through the
legislature.
City Clerk Sherry Thomas reported that she had a "letter of
assignment" from New Mexico Capital Management which requires the
•
•
May 28, 1992
signatures of all Fire Pension and Relief Fund Board members,
pertaining to the sale of New Mexico Capital Management shares to
John Hancock Insurance.
In response to Baird's question, Mayes stated only a majority of
the Fire Pension and Relief Fund Board members are required to sign
the letter of assignment.
Baird stated he would prefer not to sign the letter of assignment
since Merrill Lynch was not present to answer his questions.
Director of Administrative Services Ben Mayes explained that New
Mexico Capital Management was recommended to the Board by Merrill
Lynch. He assumes it would be their position to recommend that the
Board not stay with John Hancock if there was a problem, as they
are ultimately answerable to the Board with their selection of the
investment managers.
Reagan reported that Richard Yada from Merrill Lynch recommended
approval of the acquisition by John Hancock Insurance to the Board
at their last meeting.
ADJOURNMENT
The meeting was adjourned at 11:24 a.m.