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HomeMy WebLinkAbout1998-10-29 Minutes• FIRE PENSION MINUTES OF A MEETING • A meeting of the Fayetteville Fire Pension and Relief Board was held on October 29, 1998, at 11:00 a.m. in the City Administration Building Room 326. PRESENT: Marion Doss, Darrell Judy, Bill Morris, Pete Reagan, Richard Yada and Mary Dreudhal ABSENT: Mayor Fred Hanna, Ron Wood, and Heather Woodruff MINUTES • Marion Doss moved to approve the minutes of the September 24, 1998 meeting. Darrell Judy seconded the motion. Upon roll call the motion carried unanimously. PENSION LIST Marion Doss moved to approve the Pension List. Bill Morris seconded the motion. Upon roll call the motion carried unanimously. SKELTON VS SKELTON CASE A copy of the Chancery Court of Washington County Qualified Domestic Relations Order (No. E98-804) was distributed to Board members by Mr. Doss. The Order awarded a percentage of Roy Allen Skelton's pension income to Kathy Diane Skelton. Following review of the Order, Board members felt it was a clear-cut decision by the court and required no further action on the part of this Board. OLD BUSINESS Review of assets to be managed and investment report: Mr. Richard Yada introduced Barbara Sawrie, Merrill -Lynch representative from Little Rock. Mr. Yada reported that portfolio gains have been modest; the market is projected to be challenging for the next 6-12 months, and caution will continue to be exercised in selecting investments. A summary account of the Fire Department Pension and Relief Fund Portfolio Performance 12/31/97 to 9/30/98 was distributed. NEW BUSINESS Approval to Pay NCPERS Annual Dues - Board members discussed whether or not to pay the Annual Dues (1/1/99-12/31/99) to the National Conference on Public Employee Retirement Benefits (NCPERS). Marion Doss made a motion to approve payment of the dues. The motion was seconded by Darrell Judy. Upon roll call the motion carried unanimously. Pete Reagan stated that the next Annual Conference & Exhibition of NCPERS is scheduled for May 9-14, 1999 in Atlanta, Georgia 1 le felt that someone from the Board should attend. He volunteered to attend if the Board wanted him to, Darrell Judy made a motion to send Mr. Reagan to the meeting to represent the Board. Bill Morris seconded the motion. Upon roll call the motion carried unanimously, Marion Doss commented that a retiree had questioned the legality of using pension funds to send people to conventions. He stated that he would check with the City Attorney, Jerry Rose, for an opinion on this. There was a discussion about whether or not Heather Woodruff should routinely sign certain documents. Richard Yada was asked for an opinion as to whether or he wanted to review changes before Heather signs. >faLon Doss stated that the document would be executed on the advice of Merrill Lynch, and therefore could be approved with no additional review. Motion was made by Reagan and seconded by Doss to sign without further review. The motion was followed by a recommendation by Barbara Sawr ie of Merrill Lynch to have Richard Yada review the issue at an upcoming meeting with Merrill Lynch before the final decision about signatures was made. There was general agreement to do this,', but no formal motion was made. Pete Reagan moved to adjourn the meeting at 11:20 a.m. The motion was seconded by Marion Doss. Mr. Yada commented that the next meeting of this Board was scheduled for Thanksgiving Day and would need to be rescheduled. The December meeting also fell near the Christmas Holidays. It was agreed to combine those two meetings and the combined meeting was scheduled for December 3rd, 1998 at 11:00 a. nt. in the City Administration Building, Room 326. The meeting informally adjourned at 1 1:30 a.m. • •