HomeMy WebLinkAbout2004-05-27 MinutesFiremen's Pension Meeting Minutes
May 27, 2004
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Firemen's Pension and Relief Fund
Meeting Minutes
May 27, 2004
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
11:00 a.m. on May 27, 2004 in Room 326 of the City Administration Building.
Present: Pete Reagan, Robert Johnson, Ronnie Wood, Danny Farrar, City Clerk Sondra
Smith, City Attorney Kit Williams, Alderman Lucas, Marsha Farthing and Denise Grizzle.
Absent: Mayor Coody and Marion Doss
The meeting was called to order by Pete Reagan.
Approval of the April 29, 2004 Meeting Minutes:
Ronnie Wood moved to approve the April 29, 2004 minutes. Danny Farrar seconded the
motion. Upon roll call the motion passed 5-0. Mayor Coody and Marion Doss were absent.
Approval of the Pension List for June. 2004:
Pete Reagan: Danny, are you on the June report?
Denise Grizzle: I apologize; I will get him added to the June Pension List and send a revised list
to Sondra this afternoon.
Pete Reagan: Danny Farrar will be added to the DROP list in the amount of $3,916.83 per
month. Is that the only addition or correction?
Robert Johnson moved to approve the June pension list with Danny Farrar added to the
DROP. Ronnie Wood seconded the motion. Upon roll call the motion passed 5-0. Mayor
Coody and Marion Doss were absent.
Longer Investments:
Pete Reagan: Longer Investments sent a copy of the investment report. On page 5 our total
portfolio is up 3.3% as of April 30, 2004.
Firemen's Pension Meeting Minutes
May 27, 2004
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Old Business:
Decrease of Benefits for Volunteer Firefiehter's Widows:
Pete Reagan: At the last meeting we requested information on the decrease in benefits on
the volunteer firefighter's widows for the pension fund. A copy of the letter that was sent by
Sondra to PRB and the response to that letter is enclosed.
Sondra Smith: You will notice that PRB did not really say anything in their letter; they just
referred us back to the Act 1370.
Pete Reagan: I would have thought that we would have gotten something from them stating
because the widow is not mentioned in Act 1370 that is the reason the increase is for the
firefighter only.
Sondra Smith: I stated in my letter that this board wanted them to respond in writing as to
why Act 1370 does not apply to the widows.
Denise Grizzle: The only reason they gave me was that the widow is not specifically
mentioned in Act 1370, therefore it did not apply to them and we should have never been told
to include the widows.
Kit Williams: They probably don't want to put it in writing.
Denise Grizzle: Steve Davis did ask me to ask David Carreiro of Osborn and Carreiro to
write a letter after the actuarial study of 2003 stating that the impact of giving the widows
that benefit was immaterial to the fund. The actuarial has not been completed and therefore I
have not completed the letter.
Pete Reagan: I think this is something that we need to pursue in the 2005 legislative
session.
New Business:
Danny Farrar added to the DROP plan effective May 1, 2004:
Pete Reagan: Any question on adding Danny to the DROP?
Sondra Smith: We probably need to vote on adding him to the DROP plan so that it will be
in the minutes.
Robert Johnson moved to add Danny Farrar to the DROP plan effective May 1, 2004.
Sondra Smith seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody
and Marion Doss were absent.
Firemen's Pension Meeting Minutes
May 27, 2004
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Budget Report for 03/31/04:
A copy of the budget report was presented to the Board.
Other Business:
Marsha Farthing: Denise and I want to talk to you about changing your bank account. We
can do the direct deposit without changing the bank account, but it would make it a lot easier
if we could change the account. You will probably see some bank service charges if we
move the account to Arvest.
Kit Williams: Why would they want to move it to Arvest then?
Marsha Farthing: To make the direct deposit process a lot easier. We want to go to direct
deposit and the Board said that was okay.
Kit Williams: How much would it cost?
Marsha Farthing: The Police account is about $200 for the year.
Pete Reagan: That is an Arvest Bank service charge?
Marsha Farthing: Yes, yours would probably receive a similar charge each year. We don't
know why Bank of Arkansas doesn't charge us anything. The account has been there a long
time and it was set up that way, I am surprised they have let it go this long without charging
us. It could be when we ask them to implement the direct deposit that they would start
charging us also.
Kit Williams: Is it easier for the city to transfer the money to Arvest as opposed to Bank of
Arkansas?
Marsha Farthing: It would just be better, we have all of our accounts there, the only
accounts we have left at Bank of Arkansas is the Fire Pension and a return check account.
The only reason we have to have the return check account is because we have the Fire
Pension account there. The city has a contract with Arvest for the majority of our accounts;
they were selected when we went out with an RFP to select a bank. We didn't move the Fire
Pension at the time because you have to move your account.
Pete Reagan: I have no problem with it, if it makes it easier for you.
Ronnie Wood moved to move the checking account to Arvest Bank. Danny Farrar
seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and Marion
Doss were absent.
Denise Grizzle: Would you like for us to send the pensioners a letter about the direct
deposit or would you like Arvest to come to a meeting to answer any questions?
Firemen's Pension Meeting Minutes
May 27, 2004
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Pete Reagan: I don't have any questions on direct deposit I am setup with it on payroll. I
think a letter to the pensioners advising them that they now have this available would cover
it.
Kit Williams: Add a form with the letter to make it easier for them to sign up.
Meeting Adjourned at 11:15 am.