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Home My WebLink About1993-06-03 - Agendas - FinalFire Pension Agenda Items For 6-3-93 • MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, April 29, 1993, at 11:20 a.m. in Room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: ABSENT: CALL TO ORDER Mayor Hanna called the meeting to order. MINUTES Marion Doss, Danny Farrar, Retiree Darrell Judy, Mayor Fred Hanna, City Clerk Sherry Thomas, and City Treasurer Glyndon Bunton. Pete Reagan and Retiree Richard Baird Judy asked what Pete Reagan had meant on the last page of the minutes when he asked Richard Baird if he was not happy with Merrill Lynch. Mayor Hanna stated Richard Baird could not understand the way or agree with the way the money manager reports the fund's account. Baird is worried about the fiduciary responsibility for this Board. • Mayor Hanna stated he felt it would be hard to find another money manager with more clout and respect in the field than Merrill Lynch. • Doss stated he feels Baird is genuinely concerned about this, and his asking questions does not bother him. He feels Baird has been satisfied with the answers he gets from Merrill Lynch. He felt Curtis Williams answered Baird's questions at the last meeting. Mayor Hanna feels Richard Baird had the right questions, but he will not find an answer that says the Board is not fiduciarily responsible. The investment policy of the City is very conservative. The Fire Pension Board could adhere to that policy, but the fund would probably not earn enough money to meet the future trust obligations. Merrill Lynch, and other money managers, can show the Board their five year averages showing their earnings. However, there will always be times when there will be a loss. Farrar stated he feels Baird's intentions are good, and he admires him for asking questions. Mayor Hanna stated if the fund jumped between managers each year based only on the earnings rate, it would probably end up losing money. Judy, seconded by Farrar, made a motion to approve the minutes. The motion passed unanimously. • April 29, 1993 PENSION LIST Thomas stated the retired volunteer, Doyle Morrison, passed away, and his benefits will now go to his widow. Mr. Morrison was drawing $70 per month. Thomas stated she understood the retiree's beneficiaries were receiving a minimum of $45 per month. Bunton asked if Act 480 would affect this. Doss asked why Clarence Tune's widow receives $70. Doss suggested the amount be left at $70 for this month and research the amounts the widows are receiving. Judy, seconded by Farrar, made a motion to approve the pension list and leave Mrs. Morrison at $70 for this month. The motion was approved unanimously. OLD BUSINESS Thomas stated she had received another bill for April King in the amount of $195.00 from the Neurological Associates for interpreting the MRI test. • Doss, seconded by Judy, made a motion to approve paying the $195.00. The motion passed unanimously. • NEW BUSINESS DANNY FARRAR Danny Farrar stated this was his last meeting, and he had enjoyed serving on the Pension Board. ELECTION OF OFFICERS Thomas stated Ron Wood has been elected by the active firefighters, and Richard Baird was re-elected for a two year term by the retired members of the pension fund. HEALTH INSURANCE BENEFIT Judy stated in reading the minutes, Mayor Hanna had mentioned something about health insurance benefits for the retirees. He asked if this had been checked into. Mayor Hanna stated he has not checked, but he has received several calls about the possibility. He stated the best place to start would probably be the Personnel Office, and get them to check on this. April 29, 1993 Doss stated the retired firemen and policemen should be pretty good risks for the insurance companies because most of the retirees are about 45-50 years of age, most of their children are grown and out of the household, and the retirees are still healthy at this age. Mayor Hanna stated the City would not be able to pay the premium; the retiree would be responsible for that. Doss agreed with the Mayor, but if the retirees were able to stay on the group policy, the premiums would be much lower than having an individual insurance policy. Thomas stated she would ask Don Bailey, Personnel Manager, about this and ask him to attend the next meeting. ADJOURNMENT The meeting adjourned at 11:43 a.m. • • • G ary Springston 1307 Wimbledon Place Fayetteville, AR 72703 June 1, 1993 Mickey Jackson, Chief Fayetteville Fire Department 303 W. Center Fayetteville, AR 72701 Chief Jackson: This letter is to inform you that I am resigning my position with the Fayetteville Fire Department. I am requesting that this be effective the pay period ending June 20, 1993. This has not been a quick or easy decision to make; and I h ave agonized over it for the past two months. It's difficult t o terminate something in which you have invested 13 1/2 years o f your life. However, it is less difficult than enduring the stress and subsequent health-related problems that accompany continuous disatisfaction with your career. At this point I feel that it is best for myself and my family to distance myself from the above-mentioned problems and pursue my career in the private sector. I would appreciate your assistance in filing the necessary paperwork for me to receive pension contributions and unused sick leave pay to which I am entitled in a timely manner. Thank you for your time and consideration in processing this as expeditiously as possible. Sincerely, G ary . Springston G S/ljs Cpb FAYETTEVI LLE •ITY OF FAYETTEVILLE, ARKANSAS SHERRY L. THOMAS, CITY CLERK • • May 6, 1993 Mrs. Eliene Morrison 432 N. Willow Fayetteville, AR 72701 Dear Mrs. Morrison: On behalf of the Firemen's Pension and Relief Board, I would like to express to you and your family sympathy on the passing of your husband. Enclosed is the pension check for the month of May. The Fire Pension Board voted to leave the amount of this check at $70.00 for the month of May only. This will give the Pension Board time to review the monthly amounts being received by the beneficiaries of the retired firemen. If you have any questions, please give me a call. Sincerely, Sherry L. Thomas City Clerk Enclosure 113 WEST MOUNTAIN 72701 501 5754323 B e 0 0 co 0 co 0 t66t oast CD CD � E7Cr■@ _ % (to|22 *NI A History of Long -Term solea 4s0aa4u fl,YETTEVI(Lf A FIRE DEPT. • I I • • II !inn uu 111 F ARK FAYETTEVI LLE THE CITY OF FAYETTEVILLE, ARKANSAS FIRE DIVISION TO: All Retired Fayetteville Fire D partment Personnel FROM: Mickey Jackson, Fire Chief/ DATE: May 7, 1992 SUBJ: Nominations for Pension Board The retiree position on the Firemen's Relief and Pension Fund Board presently held by Darrel Judy expires this month. Darrel is eligible for reelection, or another person may be elected to this position but by the law, it has to be filled by a retiree. If you would like to nominate someone for the position, please submit your nomination to me in writing by not later than 12:00 noon, Wednesday, May 20. We will then make ballots and send to each of you for your vote. If only one person is nominated, we will declare that person elected by acclamation and notify you. If you do decide to nominate someone, please be sure first that that person is willing to serve. A11 elected positions on the Board are for two years. Thank you, and if you have questions, feel free to call me or Assistant Chief Doss at 575-8365. 303 W. CENTER STREET 7901-5973 • • FAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS FIRE DIVISION TO: All Retired Fayetteville Fire Dep rtment rtment Personnel FROM: Mickey Jackson, Fire Chief 27 DATE: May 20, 1992 SUBJ: Pension Board election Darrel Judy, the incumbent retiree on the pension board, whose term was expiring this month, received the only nomination for election to the position, so he has been declared elected by acclamation. This is for a two year term. If you have questions, feel free to call me at 575-8365. Thank you very much. 303 W. CENTER STREET 727013913 • FAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS • DEPARTMENTAL CORRESPONDENCE • • TO: Fayetteville Firemen's Relief •;`d Pension Fund Board FROM: Mickey Jackson, Fire Chief DATE: May 27, 1992 SUBJ: Annual election Pete Reagan was reelected to another two year term on the Firemen's Relief and Pension Fund Board by acclamation, being the only person nominated by the deadline, 1200 hours, May 26. me. If you have questions or comments, feel free to call upon