Loading...
HomeMy WebLinkAbout1993-04-29 Minutes• 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 Arvil 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.