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Home My WebLink About1999-04-15 Minutesi MINUTES OF A MEETING OF THE FAYETTEVILLE POLICE PENSION BOARD APRIL 15, 1999 A meeting of the Fayetteville Police Pension and Relief Board was held on Thursday, April 15, 1999 at 1:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Mayor Fred Hanna, City Clerk Heather Woodruff, Randy Bradley, Jerry Friend, Eldon Roberts, Dr. James Mashburn, Hollis Spencer. ABSENT: None. APPROVAL OF THE MINUTES Mr. Roberts moved to approve the minutes of the last meeting. Mr. Bradley seconded the motion. Upon roll call the motion carried unanimously. APPROVAL OF THE PENSION LIST • Dr. Mashburn moved to approve the pension list. Mr. Roberts seconded the motion. Upon roll call the motion carried unanimously. • KENNETH MARTIN APPLICATION FOR PENSION Mayor Hanna stated Mr. Martin was retiring. Mr. Bradley stated he did not see any problem with the figures. Mr. Roberts noted you could buy two years military time up to a maximum of $100 per month. This was a voluntary retirement. Mr. Friend moved to approve the application. Mr. Roberts seconded the motion. Dr. Mashburn questioned the buying of military time. He noted if people bought military time they usually bought it at the end of the time when they retired. Mr. Roberts explained they usually went back to the first time you were employed. One of the stipulations was that he had to participate up to twenty years in a police pension program before they could purchase time. Upon roll call the motion carried unanimously. • • Police Pension Minutes April 15, 1999 Page 2 OLD BUSINESS Mr. Roberts stated he had called Ms. Henshaw. She had assured them that the city had done what they needed to do; everything was complete and had been forwarded to the actuaries. INVESTMENT REPORT Ms. Longer presented the investment report. She stated they had sold all of their StaffMark stock, and reinvested in a small trucking company. Their largest investments were in AT&T, Tyson, Dupont, Emerson. She thought they were well diversified. OTHER BUSINESS Mr. Roberts stated there was a bill on the governor's desk which would raise everyone's pension to a minium of $400. This would be at the state's expense and would not cost the pension plan any money. The other business was that his term and Dr. Mashburn's term was up. Meeting adjourned.