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HomeMy WebLinkAbout1995-12-28 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, December 28, 1995, at 11:00 a.m. in room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Marion Doss, Ron Wood, Darrell Judy, Pete Reagan, and City Clerk/Treasurer Traci Paul. ABSENT: Mayor Fred Hanna and Howard Boudrey CALL TO ORDER Pete Reagan called the meeting to order. MINUTES Paul explained that Howard Boudrey was absent at the November 30 meeting and stated that change would have to be made. Reagan, seconded by Doss, made a motion to approve the minutes of the November 30, regular meeting. The motion passed unanimously. PENSION LIST In answer to a question from Reagan, Paul stated there were no changes in the pension list. Judy, seconded by Doss, made a motion to approve the January pension list. The motion passed unanimously. OLD BUSINESS DROP PLAN Reagan explained that he had not met with Jerry Rose to discuss the DROP Plan. Reagan stated he would have something for the Board at the January meeting. STATUS OF PENSION RECIPIENTS Doss stated at the last meeting the Board discussed the possibility that Ms. Barnes and Ms. Lain had passed away. Ms. Lain is still alive and lives in a nursing home. Doss explained that he did not know the status of Ms. Barnes. Doss stated the Board should know for certain after the affidavits are mailed out in January. Reagan pointed out that pension affidavits will be mailed with the January pension checks. • NEW BUSINESS December 28, 1995 INVESTMENT REPORT Paul distributed copies of December 22, 1995 that was Reagan stated Richard Yada January meeting. the portfolio performance as of faxed from Merrill Lynch. plans to make a year-end report at the The Board reviewed and briefly discussed KEYSTONE the report. Paul explained she received a letter from Keystone asking if the Board wants a copy of a report which provides background information about Keystone. Reagan stated it would be good to have the report on file. PROXY MATERIALS Paul explained that she received some proxy materials from the Accounting Division. Paul stated former City Clerk Sherry Thomas left instructions to throw away the materials, that it was not necessary to do anything with them. The Accounting Division wants verification from the Board that these materials can be thrown away. Doss pointed out that Merrill Lynch probably takes care of the proxy materials for the Board. Reagan suggested calling Richard Yada for his input. Paul stated she would contact Richard Yada. Reagan stated it might be good to keep the portfolios that are included in the proxy materials. NM CAPITAL FEES AUTHORIZED Paul stated she needs each member of the Board to sign several letters authorizing Merrill Lynch to pay quarterly management fees to NM Capital. cW • • OTHER BUSINESS December 28, 1995 BILL MORRIS Wood stated Bill Morris is still unhappy about the recent pension increase. Retirees receive an extra $5 per month for every year they stay in over twenty. Morris had twenty three years. He receives an extra $15 per month. His argument is that when the increase went into affect, the people who had extra years were penalized. Retirees who did not put in extra years received an increase while those who did stay longerthan twenty years did not receive an increase. Reagan stated the people who stayed the extra years are not getting credit for it at this point. The increase was required by State statute because we are actuarily sound. Paul pointed out that the statute would have needed to say something about those people who served extra years being eligible for the increase also even though they were already receiving more than the minimum pension payment. In answer to a question from Judy, Wood stated Morris believes that he should be receiving an additional $5 per month. Doss stated that in order to give an increase, the Board would have to go the Pension Review Board. Reagan stated he would talk to Bill Morris about the issue With a motion by Judy and a second by Doss, the meeting adjourned at 11:20 a.m.