HomeMy WebLinkAbout1999-02-04 Minutes•
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POLICE PENSION AND RELIEF FUND
MINUTES .
FEBRUARY 4, 1999
A special Police Pension and Relief Fund Board meeting was held at 1:00 p.m. on February 4,
1999, in the City Administration Building located at 113 West Mountain Street, Fayetteville,
Arkansas.
PRESENT: Mayor Hanna, Eldon Roberts, Hollis Spencer, Dr. Mashburn, Randy Bradley, and
Heather Woodruff.
ABSENT: Jerry Friend
Mayor Hanna called the meeting to order. He stated the only business on the agenda was a
resolution authorizing the expenditure of $1,825.00 to the Arkansas Local Police and Fire
Pension Fund for a Cash Flow Projection Evaluation to be conducted on the Police Pension
Fund.
Mr. Eldon Roberts stated the board had authorized to send a benefit increase proposal to Little
Rock. He suggested the board apply for a benefit increase, using the cash flow projection
evaluation method. He had been assured that the actuary would use year end numbers for 1998
to use in this calculation. He explained using this method, the Pension Board would not decide
what the increase would be. In this study the review board would tell the board what the pension
plan could withstand. The board would then have the option to grant less than the recommended
amount. He reiterated the benefit increase would be non -spousal and would exclude any
members receiving more than 100% of salary.
Mayor Hanna read the resolution.
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Mr. Spencer moved to approve the resolution. Dr. Mashburn seconded the motion. Upon roll +
call the motion carried unanimously.
Meeting adjourned at 1:20 p.m.
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