HomeMy WebLinkAbout1998-09-18 MinutesMINUTES OF
POLICE PENSION BOARD
A SPECIAL MEETING
A meeting of the Fayetteville Police Pension and Relief Board was held on Thursday, September
18, 1998 at 10:00 A. M. in room 326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas.
PRESENT: Mayor Hanna, Eldon Roberts, Dr James Mashburn, Randy Bradley, Jerry Friend,
Hollis Spencer, and City Clerk/Treasurer Heather Woodruff.
TO ADD INCREASED BENEFITS TO THE NEXT CHECK
Eldon Roberts handed out information from Merrill Lynch and explained the benefits and
increases.
Mayor Hanna asked if the increase of 55% was actuary sound or was 60% actuary sound.
Mr. Roberts stated Merrill Lynch said 60% would not be actuary sound but a 55% increase would
be actuary sound. He explained with the 55% increase the fund would pay out a total of $38,994
yearly.
Mayor Hanna asked if anyone was opposed to the raise.
Mr. Roberts made the motion to approve the increase. Dr. Mashburn seconded the motion.
Upon roll the motion carried unopposed.
NEW BUSINESS
Mr. Roberts read the letter on the research of the increase from Ms. Kathryn Henshaw. He
reiterated the increase missed the 60% mark by 4%. He wondered if Ben or Marilyn Cramer
could give the Board a dollar figure for the October, 29, 1998 meeting. He handed out copies of
the DROP Plan(the plan the Firemen's Pension Board adopted) to everyone and explained it. He
asked everyone to review the material for discussion on the October, 29th meeting.
Dr. Mashburn commented he was very happy to see the benefit increase and cautioned the others
to watch the economy.
The meeting adjourned at 10:15 a. m.