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HomeMy WebLinkAbout1994-04-28 Minutes• • • MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension & Relief Board was held on Thursday, April 28,1994, at 11:10 a.m. in Room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Marion Doss, Pete Reagan, and Ron Wood, Retirees Richard Baird and Darrell Judy, Mayor Fred Hanna, City Clerk Sherry Thomas, and Treasurer Glyndon Bunton. CALL TO ORDER Mayor Hanna called the meeting to order. MINUTES Baird, seconded by Reagan, made a motion to approve the minutes of the March 31, 1994 meeting. The motion passed unanimously. PENSION LIST Doss stated Mrs. Carmen Poore passed away last month. With the deletion of her name from the pension list, Reagan, seconded by Doss, made a motion to approve the pension list for May. The motion passed unanimously. OLD BUSINESS DROP PLAN Reagan distributed copies of the Little Rock DROP Plan to the Board. He stated he will provide each active member with a copy of this plan. In a couple of weeks, he will call a meeting and ask for input. He will then prepare a draft for Fayetteville and get it to the City Attorney for his reviewal Hopefully, it will be ready for the May Fire Pension meeting. Doss stated he attended the Pension Review Board (PRB) meeting in Little Rock on April 6. There are five cities that have adopted the DROP Plan --Benton, Bentonville, Little Rock, Jonesboro, and Van Buren. The PRB stated there are some costs, but these just have to be weighed against the benefits of the plan. He stated he understood from the meeting that the actuarial reports can be done both ways, based on pension funds having the DROP Plan and on those without the plan. Wood stated he felt the cost to the pension fiord is the biggest question that needs to be looked into before decidmg on whether or not to adopt the DROP Plan. • April 28, 1994 Reagan stated he was told by Bill Lundy that the actuary was going to figure the plan both ways because the DROP plan is a statutory option for the pension plans. Wood asked if the pension fund has to request an actuary report or is it done automatically. Reagan stated they are performed every two years on the odd years. But, it takes until about June or July to get the report. So, this June or July the Board will receive the actuary report based on the December 31, 1993 figures. The Board can request an additional actuary report; however, that would cost the fund about $1,800. NEW BUSINESS INVESTMENT REPORT There was no investment report for this meeting. ELECTION OF PENSION BOARD MEMBERS Thomas report she had sent a letter requesting nominations to fill the retiree position on the Pension Board to all retired firefighters. She did not receive any nominations. • Mayor Hanna stated the standard procedure would be to reappoint the current position holder, • Darrell Judy. Doss, seconded by Reagan, made a motion to reappoint Darrell Judy for a two year term. The motion passed unanimously. Doss stated Chief Mickey Jackson sent letters to the active firefighters requesting nominations to fill the position currently held by Pete Reagan. He stated Reagan was the only nominee, so he was declared re-elected by acclamation. ADJOURNMENT The meeting adjourned at 11:23 a.m.