HomeMy WebLinkAbout1985-01-07 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, January
7, 1985 at 4:30 P.M. in Room 313 of City Hall.
PRESENT: Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary
Suzanne Kennedy, Fire Chief Logue, Firemen Dill and
Reagan
ABSENT: Firemen Judy and Springston
CALL TO ORDER
The meeting was called to order by Chairman Grimes.
MINUTES
The Minutes of the December 3, 1984 meeting were approved as submitted.
PENSION LIST
With the pension list being the same as last month, Fire Chief Logue,
seconded by Dill, made a motion to approve the Pension List for January.
The motion passed unanimously.
OLD BUSINESS
Treasurer Linebaugh reported that CD #01419 which came due on December
19, 1984, in the amount of $300,000, was won by First Federal of Arkansas
for 61 days at an interest rate of 8.47%, to mature on February 18,
1985.
Linebaugh reported that CD#11848 which came due on January 2, 1985
($440,000) with the addition of $56,000 of new money, totaled $496,000
and this was awarded to First National Bank for 61 days at the rate
of 8.36%, and will mature on March 4, 1985.
With Chairman Grimes noting these investments were handled in accordance
with the Board's instructions, Fireman Dill, seconded by Reagan, made
a motion to approve the investments. The motion passed unanimously.
NEW BUSINESS
Actuarial Studies
Fireman Dill raised the question of actuarial studies being done locally.
Linebaugh commented that there were local firms which do conduct actuarial
studies. Grimes noted that, should the Board decide to have a local
firm conduct an actuarial study, his recommendation would be to hire
one of the "big eight" firms. Linebaugh stated he would contact some
local firms for information.
Consumer Price Index
Chairman Grimes suggested that it be determined how much the Consumer
Price Index has risen, based on what the retirees were making when
they retired. Grimes commented that this would be the fairest way
to keep the retirees' benefits up to the cost of living.
Comments From Linebaugh
Treasurer Linebaugh reported there presently are about $3 million
in C.D.'s, almost $1,300,000 in savings and loan associations and
almost $1,700,000 in local banks. Linebaugh asked whether or not
the Board would be wanting to put a limit on savings and loan associ-
ations. Linebaugh noted also that there would be no investments coming
due until February 18.
Donation
Chief Logue reported a contribution of $100 from Kathryn Stout.
Resignation
Chief Logue reported the resignation of Fireman Gary Chaudoin as of
January 21st, along with his request for his share of pension funds.
Chairman Grimes noted that Chaudoin would be sent a check and that
the Board members would be notified of the amount of reimbursement.
ADJOURNMENT
With no further business before the Board, the meeting was adjourned
at about 4:53 P.M.
iL. GRIMES,
CHAIRMAN
C. KENNED , .ECRETAR/r-