HomeMy WebLinkAbout1993-10-21 Minutes•
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A meeting of
at 2:30 p.m.
W. Mountain,
MINUTES OF A POLICE PENSION BOARD MEETING
the Police Pension Board was held on October 21, 1993,
in Room 326 of the City Administration Building, 113
Fayetteville, Arkansas.
PRESENT: Eldon Roberts, Hollis Spencer, Clint Hutchens, Dr. James
Mashburn, Mayor Fred Hanna, City Clerk Sherry Thomas, and
City Treasurer Glyndon Bunton
ABSENT: Jerry Friend
CALL TO ORDER
The meeting was called to order by Mayor Hanna.
MINUTES
Spencer, seconded
19 and October 5,
NEW BUSINESS
by Roberts, made a motion to approve the August
1993 minutes. The motion passed unanimously.
INSURANCE TURNBACK
Roberts stated the insurance turnback check has been received by
the City, and this pension plan received about $160,000 of the
approximate $260,000 total check. The balance went to the LOPFI
plan.
INVESTMENTS
Thomas stated neither Mike Kirkland nor Elaine Longer would be
attending this meeting. However, Kirkland did fax a summary of the
Dean Witter pension fund accounts that show a cash value of
$255,928, TCW valued at $1,582,028, and Madison valued at
$1,468,423 as of October 20, 1993. The TCW account is up about
$90,000 or 6% for the past 2 and 1/2 month period. Kirkland
informed Thomas that the quarterly reports should be ready from
Madison at any time.
a.
Roberts stated the pension fund is currently invested in 40% stocks
which is the maximum the investment policy will allow. He stated
he guesses that could be changed, but he does not know if that
would be wise. He hates to see the fund stop making money because
there is quite of bit of money to be made in today's stock market.
However, that is the purpose of the investment guides.
Dr. Mashburn asked if the cash with Longer was fairly high because
of cashing an investment.
Roberts stated there was a treasury bill that matured, and at the
August 19 meeting, $300,000 had been transferred to the Longer
account.
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October 21, 1993
PENSION FUND MEMBERSHIP
Roberts stated there are 17 people actively employed who are
members of this pension fund. There are 44 retirees, which
includes a retiree and/or surviving spouses.
Mayor Hanna asked if there had been a determination of when this
plan would be over.
Roberts stated the last person hired that entered this plan was
1983. That person will be eligible for retirement in 2003. That
does not mean he will retire. Also, the year 2003 is the year when
the fund has to be actuarially sound. He believes this plan will
make it before that time.
MEDICAL RETIREES
Bunton asked if there was a list of medical retirees so that the
Board could keep up with their required medical reports.
Roberts stated there was not, but he would get with Thomas, and
they will have something for the next regularly scheduled meeting
which is the 3rd Thursday in January, 1994.
ADJOURNMENT
The meeting adjourned at 2:51 p.m.