HomeMy WebLinkAbout1981-01-28 MinutesMINUTES OF A POLICEMEN'S PENSION AND RELIEF BOARD MEETING
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A meeting of the Policemen's Pension and Relief Board was held on Wednesday,
January 28, 1981, at 1:00 P.M. in the office of Scott Linebaugh, City
Administration Building, Fayetteville, Arkansas.
PRESENT: Chairman Ernest Lancaster, Treasurer Scott Linebaugh, Secretary
Vivian Koettel, Assistant Police Chief Clint Hutchens, Dr. James Mashburn,
and Dan Epperly
ABSENT: None
MINUTES
The minutes were approved as submitted for the August 26, 1980 meeting.
NEW BUSINESS
Treasurer Linebaugh distributed copies of the Police Pension Balance
Sheet for the period ending September 30, 1980 and the most current investment
run (attached).
Dr. Mashburn asked Treasurer Linebaugh what the current rate of interest
was on certificates of deposit. Mr. Linebaugh stated that today's rate for
a 90 day certificate was 17.27%.
PENSION APPLICATIONS
Chairman Lancaster stated that the Board had two applications for pension
purposes to consider.
Bill Brooks has been employed by the Police Department of Fayetteville
since May 1, 1962. Mr. Brooks requested benefits to begin on March 1, 1981.
He has 20 years of service including service with Washington County Sheriff's
Office. Treasurer Linebaugh stated that he had an opinion from previous
City Attorney David Malone that the service for Washington County Sheriff's
Office could be included in total length of service, and that Mr. Brooks would
be eligible for retirement.
Clint Hutchens has been employed by the Police Department of Fayetteville
since May 15, 1957. He requested benefits to begin on March 1, 1981. Mr.
Hutchens has 23 years and 10 months of service.
Director Lancaster stated that with sick leave and vacation days Mr.
Hutchens would have 24 years of service. He moved that the pension be
approved for 24 years of service, and that the pension of Bill Brooks be approved
with 20 years of service, both having beginning dates of March 1, 1981: Mr.
Epperly seconded the motion. The motion passed unanimously with Mr. Hutchens
abstaining because of personal interest.
OTHER BUSINESS
Clint Hutchens told the Board that Mr. Pearl Watts had requested
him to see if the Board could increase his amount of retirement from
$249.10 per month.
After a brief discussion it was decided that nothing could be done
on this matter because in order to increase the amount the Board would have
to that the Pension Plan has been sound for the last thirty years.
Clint Hutchens presented copies of a Bill and a letter from the
Arkansas Municipal Police Association (copy attached). He explained that this
is going before the legislature, but that the governor has stated he will
veto the bill if passed because it would result in state revenues being
turned over.
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Dan Epperly stated that the City of Fayetteville was losing a lot
of experience and knowledge with the retirement of Bill Brooks and Clint
Hutchens. He said there should be a way of keeping persons such as these
at a competitive rate.
Mr. Epperly asked if the Board ever sold the stock it had in a utility,
Treasurer Linebaugh reported that the Board had not sold the stock because
there had not been a financially feasible time. Mr. Linebaugh stated that
City Attorney McCord had stated that it was illegal for the Board to have
this stock, but that it could wait and sell it at an opportune time but
should not purchase any more.
Dan Epperly stated that at the present time the Pension Fund is in
good sound shape. However, he pointed out that if very many more persons
take retirement the possibility could increase that expenses would be more
than income. He suggested that this be watched closely.
Mr. Epperly asked hcw much cf a policemen's salary is put into
the fund. Mr. Hutchens answered that it is 4%, and that the City does
not contribute.
Mr. Hutchens pointed out to the Board that Denny Halfacre and
Jim Acker had withdrawn from the plan for a total of about $4,000.
ADJOURNMENT
There being no further business, the metting adjourned at 1:30 p.m.
ATTEST: APPROVED:
Secretary Chairman