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.
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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
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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.