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HomeMy WebLinkAbout1990-04-03 MinutesMINUTES OF A POLICE PENSION BOARD MEETING A special meeting of the Police Pension Fund was held on Tuesday, April 3, 1990, at 2:00 p.m. in Room 326 of City Hall, 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Rick Hoyt, Jr., Jerry Friend, Eldon Roberts, Scott Linebaugh, Ben Mayes, Accounting Supervisor, and Sherry Thomas, City Clerk. ABSENT: Dr. James Mashburn and Hollis Spencer OTHERS PRESENT: Mike Kirkland and Elizabeth Fisher of Dean Witter INVESTMENTS Linebaugh stated Kirkland had requested this special meeting to discuss the status of the investments since the local office of Shearson -Lehman had been closed. Kirkland, now of Dean Witter, stated that the pension fund investments were sound, and there is no need for any immediate action. He stated the Madison account is find and Dean Witter deals with that money manager. However, Dean Witter does not deal with the Oppenheimer Money Manager. He suggested that the pension board may want to look into managers that Dean Witter recommends and consider transferring from Oppenheimer to a new manager. Elizabeth Fisher, the Regional Consultant, addressed the board and explained some of the programs Dean Witter has available and why she feels they are an excellent investment firm. She told of the various reporting methods and reports available to their clients to help them follow the progress of their investments and to compare them to the progress of other money managers and their investments. She stated Dean Witter has been around for about 65 years and with Sears since 1981. Dean Witter's fundamental philosophy is derived from Sears. She stated they were not interested in becoming the largest investment firm, but rather concentrated on profits and doing a good job for their clients. Kirkland and Fisher discussed the wrap fee system the pension fund currently utilizes. Fisher assured the pension board that Dean Witter wt. d match the same fees and costs they have been paying. She suggested that on the fixed income side, it might be less costly to the fund if they did not utilize the wrap fee. She stated the fee bases may need to be adjusted to help meet the objectives of the pension fund. Kirkland requested that the pension board allow him to perform a search of the available managers Dean Witter has available and present his findings to the board. Fisher asked what was most important to the board. Hoyt stated they board was seeking the highest rate of return for the lowest fee and risk. • April 3, 1990 Fisher suggested diversifying funds to 2 or 3 managers as the total fees would be the same, and the pension fund would be able to utilize different types of investment strategies of different managers in an attempt to earn the highest possible overall rate of return. Linebaugh suggested that Kirkland look into the costs in converting the Oppenheimer account and a recommendation from Kirkland on possible money managers to take over the cash that is available for investment at this time. Roberts stated he did not want to take any losses to convert from the Oppenheimer account. It was decided to hold another meeting on April 18, 1990, at 2:00 p.m. in order to allow Mike Kirkland to bring the results of his research before the board. Kirkland and Fisher left the meeting. Roberts stated was comfortable with Kirkland and the recommendations he has provided the board in the past. Linebaugh stated Shearson took its whole office and went to Dean Witter, and that made him feel more comfortable with the situation. Hoyt stated he felt Kirkland had done a good job, but he is worried about moving the funds from Oppenheimer. He feels the board should have some justification for moving the funds from manager to manager. Linebaugh stated Shearson does not have anyone in town to service this account. The closest office is Little Rock. He agrees that the fund should not take a loss just to move the funds and keep them with Kirkland. Hoyt stated he had heard that Elaine Longer was working with a manager that might be acceptable to the pension board, and he would like to hear what she had to offer if the board was considering moving their funds. Friend stated he agreed that if the funds were moved from Oppenheimer, than he ,would like to have the opportunity to hear from others as well. Linebaugh reminded the board that the reason they had shied away from Longer in the first place was because she had no backup to her decision making process. Roberts stated that whatever the board decided, he would like to keep the investments local. DISABILITY RETIREMENT FOLLOW-UP Linebaugh stated the pension board had received letters from the physicians of the disability pensioners, Mike Mitchell, Larry Perdue, Bob Williams, and Frank Upton, informing the board that their respective disabilities still prevented the men from performing the duties of a police officer. He asked the board what they would like to do at this point. April 3, 1990 Roberts stated according to the letter received from the minimum standards office, Mike Mitchell is not a certified police officer at this time and has not been since his decertification in July of 1989. Linebaugh stated there was no violation of his disability retirement. The board requested that copies of the lettere from the physicians be sent to Dr. Mashburn for his reviewal. STATE TURNBACK FUNDS Roberts stated he had attended a joint legislative committee meeting in Little Rock where the reallocation of insurance turnback funds was discussed. The proposal would affect 6 of the 44 departments in the state. The proposal is that the departments that were determined to be actuarially sound would not receive any more state turnback. This issue has not yet been decided. ADJOURNMENT The meeting adjourned at 3:27 p.m. FAMTTEVILLE THE CITY OF FAYETTEVILLE. ARKANSAS • DEPARTMENTAL CORRESPONDENCE 7. 'S'ti) '1.,T TK • TO: FROM: Jerry E. Rose, City Attorney DATE: February 21, 1990 RE: Police Pension: Disability Retirement: Scott Linebaugh, Asst. City Manager The following is my response to your questions regarding disabled officers: 1. Does the Board have power to place a disabled officer who goes off disability back on the force? A.C.A. § 24-11-423(d)(1) states:' "In addition to the examination required by subsection (c) of this section, the board of trustees may require the member to have an examination made of himself by a physician named by the board no more often than once every six (6) months, and, if the physician determines that the member has recovered from the disability, it shall be the duty of the board of trustees to stop the payment of the pension and to place the member back in service on the police department." Accordingly, it appears the board has the power to place the member back in service on the police department. 2. If so, does he have to be at last rank? Generally, the officer would return to the rank he held at the time he was disabled. I could envision unusual circumstances in which a demotion might be allowed, but without specific facts I'd rather not hypothecate. If I can provide you with anything further, just let me know. JER/cbp FAYET T'EVIEEE 6E CITY OF FAYETTEVILLE, ARKANSAS SCOTT C. LINESAUGM, ASSISTANT CITY MANAGER March 5, 1990 Mike Mitchell 2035 Cline Street Fayetteville, AR 72701 Dear Mike: As allowed by ACA 24-11-423 (e)(1), the Police Pension Board has the authority to request a medical examination every 6 months as long as you remain on disability retirement from the police department. At the February 15, 1990 Police Pension Board meeting, the board decided to request this examination. Please make an appointment with your physician and ask him to mail us a report on your medical condition as it currently affects your ability to perform as a police officer. Thank you very much for your help in this matter, and if you have any questions, please do not hesitate to contact me. Sincerely, ScoC. inebaugh sta City Manager cc: Police Pension Board 113 WEST MOUNTAIN 72701 501 575-8330 • THE FAYETTEVILLE FAMILY PRACTICE CLINIC 707 W. NORTH STREET FAYETTEVILLE. ARKANSAS 72701 PHONE 521-3000 MT ED HAMILTON R. HART. M.D.• FAAFP DAVID L. ROGERS, M.D.• PAAPP JOE P. ROUSE. M.D.• PAAPP STEVEN C. WILSON. M.D.• FAAFP 3-14-90 • Scott Linebaugh 113 West Mountain Fayetteville, Ar. 72701 Police Pension Board RE: MIKE MITCHELL TO WHOM IT MAY CONCERN, I have examined Mr. Mike Mitchell and found that he is disable to perform his duties as a policeman. He is disable due to shoulder and neck pain which cannot be relieved by medication or physical therapy. Thank you, Hamilton Hart M.D. • Diplomate American Board of Family Practice DISABILITY DETERMINATION FOR SOCIAL SECURITY ADMINISTRATIION.. 701 Pulaski Street - Little Rock, Arkansas 72201',t. When performing an examination for the follow this guide for reporting passive ra necessary to measure range of motion of that your report indicat t =t 4' ` re wi i44-1 Shoulder A. Torutrd Elevation(�-150°) - B. Right/ 30taf c Rataticn Social Security Admini:Stration nge of motion in degrees. It normal joints, however, we do, thin rural 1' its. y Abduction (0° IE °, Right 9Z Left Abduction 1,0° THE FINGERS (FLEXION) wet darn is L:ris t A. Dcrs"'exon (00 - 60°) Right&b Left 4247 Neutral. Position • 0 please is not ' request; .Eibca A. F'_e:don--c, to^sior.(0.150° - Right/t0 Left //D 150' / • - , ^ • -4••;;---c 04 '.D.I.P..(0-90°) Right9O Left_ 1 Laee B. Pay^ -'-}e_on704)A_ =2 -' dbr"=ce Right/(/Left /v R'-ghfli Left.. C. Rad±a1., ev'_ation (0�-20`) Ri cOTO-)Left'? D. 'Tamar Deviation (00-300) Right/'ti Left3a ak ror-.:ani Flexion (00 1000) C. Righc(2Left's(, 100° Cervical Reeion A. Lateral Flexion (0°, - 40°) B. Flexion (0`-300) P.ight?9 eft Rotaticn-Inter Rightrpr) Left n• ace t� +/ Left It:iet P • 'i•: So''r:e Luther Reeler: A. Flexion -Extension • (0° • • -40°) Rotation-ater-o-0°- -igh t CO'Lef 0 •D. Rotation Right Extension(0°-30°) .20 Yeut:.1 laetttaa - 900) B. Lateral Flexion (0° - 0 0 Right° Left 78 REPORTING Pt(SICIAN'S SICNATL'RZ AND DATE Ankle • .Dorsi4.1exion1(0° - 20 Right Left 200)B. 1"lantar-F1e_Yioc, (0.:-'40P10) Right • 1• dor,_:1,ex:e Pi 44 • 20 - \it 5znature: Date: • • plantar- flexion ORTHOPAEDIC CLINIC FED ID NO.71.0412695 ACODENT'- n RELATED --Rn wawa .1-1PPNEEG LTD. PHYSICIAN MIN. TIME CD 07 PARK, to .0., JOHN P. 1 12:30P ( 'EENT L/R?Y T PEQDUR a.P,nA69GMWR MED. REC. REFER PHYSICIAN M.O.. VMN 6. VIN7ANT. AC:.u. CO .ACUNT.7.1JiRR0 M.'1 DATE. 2/27/90 DR 7 T. PERDUE AR 72703 DOB/AGE 5/15/47 42s" ^i REc SAND ARK. BLUE CkOSS-FLUE SHIELD ADDRESSOFP. BGX 2181 CAT LITTLE ROCK, AR 72203-2181 3ILLTOLARRY AihINSURANCE 675 FLC'RENEIIIW YF TT:vi11F DTHER OVERAGE: CO: POL: .32 INSURED'SNAME LARRY T. PERDUE POLICY 692140 PATIENT RELATIONSHIP GROUP 090041 io INSURED SELF 7/2b/bS P� nSPRINGDALE n ROGERS - 05 n.:FAYET.7EVIUF PATIENT OR AUTHORIZED SIGNATURE • 1 AUTHORIZE THE RELEASE OF ANY MEDCAL INFORMATION NECESSARY 'O PROCESS THE CIMM. DATE SIGNED ASSGNMENT -1 AUTHORIZE PAYMENTS OF MED - CAL BENERBTO ORTHOPAEDIC CUNC RJR SEM. ICES U$IED BEIDW. SIGNED ..wuac.'z;. T ILLN®•., r ACODENT'- n RELATED --Rn wawa .1-1PPNEEG OVER 120 DAYS "AIM: .•s. WIM. . n as ( . GREhnal01Ol `,n .. a.P,nA69GMWR NAG. 1. z. 3. MG BALANCE DUE .00 .00 31J .32 20.03 7/2b/bS P� ; irlagl 'Z 05 .00 /�� ICClDENT:DATE L.M.P. DATE ... HOSPITAL -' DATE DISMISS PROCEDURES rAYtTTEVILLE PDLICE HOCEA501) 442-0293 02/27/90 -- Larry is reassessed and is essentially unchanged from his previous visit. I would recommend continuing on his present status without change at this point. He realizes that he may ultimately still require operative intervention. I will reassess him in six months. John P. Park, M.D. • (dictated, but not read) /kd cc: John W. Vinzant, M.D., 22 East Spring, Fayetteville, AR 72701 41/4 0-30 DAYS 31-60 DAYS 61-90 DAYS 91-120 DAYS OVER 120 DAYS LAST PAYMENT AMOUNT L PYMT. DATE CC DC MG BALANCE DUE .00 .00 .00 31J .32 20.03 7/2b/bS 05 .00 715920 7/89 ARTHRITIS, DEGENERATIVE (CHRDNIC) Acram 2123880 1 L PERDJE 726202 7/89 IMPINGEMENT SYNDROME jnJUL(EC Ri3-Ti:(EJj1) 442-0293 E:(501) 521-8050 726400 7/89 TENDINITIS PENDING CLCIrS: .00 • CHART • THE FAYETTEVILLE FAMILY PRACTICE CLINIC 767 W. NORTH STREET FAYETTEVILLE. ARKANSAS 72701 PHONE 021-3600 HAMILTON R. HART. M.D.• FAAFP DAVID L. ROGERS. M.D.• FAAFP JOE P. ROUSE. M.D.• PAAFP STEVEN C. WILSON. M.D.• FAAFP • March 29, 1990 To whom it may concern: I am sorry to inform you that Mr. Bob Williams is still disabled and cannot perform the duties of a police officer due to shoulder dysfunction. Sincerely, HRH:sh • Dip!omate American Board of Family Practice Springdale Clinic Ek AND BLAIRSTREETS PHONE 7511-484637 INGDALE, ARKANSAS • • March 25, 1990 Scott C. Linebaugh Asst: City Manager Fayetteville, Ark RE: Frank M. Upton: The above individual was shot in the right hand in 1978 while working in Fayetteville Police Department. He has a 60% loss of grip in right ring and little fingers. 40% loss of grip in right middle finger. We do not consider him able to use a hand gun. He is disabled to do Police work. Yours trul ohn R. Power, M.D. S. APPLEGATE, M.D. J.R. POWER, M.D. W. MCGOWAN, M.D. GOVERNOR BILL CLINTON • • STATE OF ARKANSAS OFFICE OF THE GOVERNOR COMMISSION ON LAW ENFORCEMENT STANDARDS AND TRAINING STANDARDS OFFICE 3703 W. ROOSEVELT ROAD LITTLE ROCK. AR 72204 501-371-8129 March 16, 1990 Sherry L. Thomas, Secretary Police Penson Board City of Fayetteville 113 W. Mountain Fayetteville, AR 72701 RE: Mr. Michael J. Mitchell, D.O.B. 10/20/39 Dear Ms. Thomas, r F BOBBY NORMAN, DIRECTOR 15011 574-1810 Your letter dated March 12, 1990, requesting under the Freedom of Inform- ation Act, the certification status of Mr. Mitchell has been received. According to his file, in this Office, he presently is not in law enforce - ment. The last documentation submitted to this Office was when he terminated the Fayetteville Police Department on July 31, 1989. If I may be of further assistance, please feel free to contact me. Sincerely, BB.mns BILL BROWN Deputy Director