HomeMy WebLinkAbout1998-06-25 Minutes•
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MINUTES OF
FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, June
25, 1998 at 11;00 a.m. in room 326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas.
PRESENT: Mayor Hanna, Marion Doss, Darrel Judy, Bill Morris.
CALL TO ORDER
Mayor Hanna called the meeting to order.
APPROVAL OF MINUTES
Mr. Doss moved to approve the minutes with a typo correction.
Mr. Judy seconded the motion.
The motion carried unanimously.
PENSION LIST
Mr. Morris moved to approve the pension list.
Mr. Doss seconded the motion.
The motion carried unanimously.
INVESTMENT REPORT
Mayor Hanna stated no action was required on the investment report.
OLD BUSINESS
Mayor Hanna stated it was the City Attorney's, Jerry Rose, opinion that it was not legal to use
the pension's money to pay for individual financial plans.
Mr. Doss asked if the survey had gone out to the retirees.
Ms Woodruff replied she received a fax of the survey yesterday.
Mr. Doss stated he had also spoken with Mr. Rose. It was Mr. Rose's opinion that the funds
could only be used for pension benefits and could not be used for financial plans. He had
planned to ask Mr. Yada if they would still provide the service if an individual wanted it. He
was very cautious about using the pensions money after talking with Mr. Rose. He added some
of the retired members might not like the idea of using pension money for individual retirement
plans, because they had not been offered the same service.
Mr. Wood moved to table the item. Mr. Doss seconded the motion. The motion carried
unanimously.
In reference to tax refund, Mayor Hanna thought it would be better to discuss the issue when Mr.
Yada, Mr. Reagan and Mr. Rose were present.
Mayor Hanna stated Dale Evans had offered to settle with the city on the property tax issue. He
did not believe the city should settle because he was not sure the courts would order the city to
refund the money. The city's portion to refund would be very small in comparison to the
Fayetteville School System. He did not believe it would hurt them to wait for a court decision.
If the courts did order the money to be refunded, it was his opinion money would have to come
out of the retirement fund.
Mr. Doss did not believe the Board could agree to a settlement. A refund would have to be court
decreed.
Mayor Hanna stated the city did not levy the tax. Every municipality that had a retirement fund
would be affected by the refund. He added the municipalities did not have anything to do with
the assessment or tax collection. Those were all done by the county and state. All the cities were
doing was taking advantage of what the legislature allowed them to do. To supplement the
retirement funds. He added the county was in charge of the reassessments, the city had nothing
to do with them. He added the amount of each refund the tax pay would receive was very small.
The meeting adjourned at 11:25 a.m.
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