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HomeMy WebLinkAbout1996-03-28 Minutes1 • ,sirJ MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, March 28, 1996, at 11:00 a.m. in room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Mayor Fred Hanna, Howard Boudrey, Pete Reagan, Marion Doss, Darrell Judy (arrived late) and City Clerk/Treasurer Traci Paul ABSENT: Ron Wood CALL TO ORDER Mayor Hanna called MINUTES the meeting to order. Doss pointed out a correction that needed to be made. He stated the minutes should read, "if they spent over 20 years, $5 for each year", not 25 years. Reagan, seconded by Boudrey, made a motion to approve the corrected minutes of the February 29, 1996, regular meeting. The motion passed unanimously. PENSION LIST Paul reported that Betty Boudrey changed her Federal withholding which caused a minor change in the pension list. In answer to a question from Reagan, Paul agreed that there was no change in the bottom line total. Reagan, seconded by Boudrey, made a motion to approve pension list. The motion passed unanimously. Doss asked if the DROP participants would be noted on list. the April the pension Paul stated the issue would be addressed later in the meeting when the Board answers questions presented by the Accounting Division. • • OLD BUSINESS March 28, 1996 Retirement Information Doss pointed out that the Board received information regarding what each retiree's salary was at the time of their retirement. Doss stated the information needs further attention. Reagan stated Paul is still looking for past increases. Paul stated Microfilm Clerk Gina Roberts spent hours compiling the list of retiree's, their retirement dates and their salaries at retirement. There are no organized records in any one spot. This list is as complete as it can be. Mayor Hanna suggested mailing a copy of the information to each person on the list to help eliminate any errors. Doss suggested increases and retirements should be documented better in the future. In answer to a question from Doss, Paul stated the information came from minutes, payroll records, and boxes of old records. In response to Mayor Hanna's idea, Paul stated it is a good idea to mail copies of the information out to each retiree. Reagan agreed. Reagan suggested adding the past increases to the list to show who has received increases and the date of the increases. NEW BUSINESS DROP Questions - Accounting. Division Mayor Hanna introduced Accounting Manager Marilyn Cramer and stated the Accounting Division has several questions regarding the DROP Plan. Marilyn Cramer asked who is to administer the plan. She stated the regulations say the staff of the fund is to administer the plan. If that means the Accounting Division, the Board needs to address several questions. Darrell Judy arrived. After some discussion, Mayor Hanna suggested a subcommittee consisting of one active member and one retired member review the list of questions from Accounting and work with Marilyn Cramer to resolve them. Mayor Hanna asked Pete Reagan to serve as the active member. Howard Boudrey volunteered as the retired member. March 28, 1996 Investment Report Mayor Hanna reported that the investment managers would not be present. Reagan stated he asked the investment managers to send a report for any meeting they would not be attending. Reagan suggested the Board send a reminder letter to the managers asking them to send reports if they cannot attend meetings. The Llama Company Mayor Hanna explained that he had been approached by a manager from The Llama Company who wants to approach. the Board about Llama's management portfolio for retirement plans. Mayor Hanna stated he may be in touch with some of the Board members to inquire about making a presentation. There being no further business, Mayor Hanna adjourned the meeting at 11:28 a.m.