HomeMy WebLinkAbout1996-03-28 Minutes1
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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.
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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.