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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.