HomeMy WebLinkAbout1998-07-30 MinutesMINUTES OF
FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, July 30,
1998 at 11.00 A. M. m room 326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas
PRESENT: Mayor Hanna, Marion Doss, Darrel Judy, Bill Morris, Pete Reagan, Ron Wood, City
Clerk/Treasurer Heather Woodruff
Richard Yada and Curtis Williams of Merrill Lynch.
CALL TO ORDER
Mayor Hanna called the meeting to order.
APPROVAL OF THE MINUTES
Mr. Reagan moved to approve the minutes. Mr. Doss seconded the motion. The motion camed
unanimously.
PENSION LIST
Mr. Reagan moved to approve the minutes. Mr. Wood moved to second the motion. The
motion passed unanimously.
INVESTMENT REPORT
Mr. Yada read the Actuary Report. He stated there was enough annual income to fully fund the
Pension Fund. Mr. Yada reported the fund needs to be at 75 percent to be actuary sound and it
was only at 70 percent as the end of 1997. The reason the fund was not sound at the end of 1997,
the Drop program in the liability was added to the actuary of the Fund. The fund has four years
to make up the default.
Mr. Williams stated in the past when benefits have been increased that it had a major temporary
effect on the actuary of the plan.
Mr. Reagan made the motion to pay Keystone. Mr. Doss second the motion. The motion passed
unanimously.
OLD BUSINESS
Mr. Morris requested Ms. Woodruff to wnte a letter to Ms. Hinshaw requesting information on
what other cities pay their retired volunteer firemen.
The meeting adjourned at 11:30 A. M.