HomeMy WebLinkAbout1985-02-04 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, February
4, 1985 at 4:45 P.M. in Room 313 of City Hall.
PRESENT: Treasurer Scott Linebaugh, Secretary Suzanne Kennedy,
Chief Paul Logue, Firemen Reagan and Springston
ABSENT: Chairman Don Grimes, Firemen Dill and Judy
CALL TO ORDER
In the absence of Chairman Grimes, the meeting was called to order
by Treasurer Linebaugh.
MINUTES
It was moved by Logue, seconded by Springston, and passed unanimously,
to approve the Minutes of the January 7th meeting.
PENSION LIST
With there being no changes to the Pension List for February, it was
moved by Reagan, seconded by Logue, and passed unanimously, to approve
the Pension List.
OLD BUSINESS
In answer to a question from Reagan, Linebaugh promised to notify
Board members of the amount of reimbursement made to Gary Chaudoin
due to his resignation.
NEW BUSINESS
Investments
Linebaugh reported on Certificates of Deposit which will mature in
February and March:
CD 1l Amount Earning Bank Matures
1. 24899 $260,000 12% Mcllroy February 18
2. 297414 $300,000 8.47% 1st Federal February 18
3. 12174 $496,000 8.36% 1st National March 4
4. 79444 $491,000 12.175% Mcllroy March 5
Fire Pension Relief Board
February 4, 1985
Page Two
Linebaugh reported the current rates quoted in the area:
C.D. 's
90 days
180 days
1 year
2 years
T -Bills
1 year
T -Notes
2 years
Interest Rate
8.5%
8.75%
9% to 9.25%
9.75% to 10.0%
9.20%
9.5% to 9.6%
Linebaugh recommended the Board consider a term of 90 days after which
he estimated rates should go up. Springston suggested two investments
be made for 90 days and two for 120 days. Linebaugh recommended combining
the two February investments, commenting that with a larger amount,
First Federal may submit a bid with a better interest rate. Linebaugh
recommended the combination investment be made for 120 days and the
other two investments for 90 days.
It was moved by Springston, seconded by Reagan, and passed unanimously,
to combine the two February C.D.'s for 120 days, and to bid the March
investments separately for 90 days.
Actuarial Study
Linebaugh reported he had checked to find out if local actuarial firms
could do the actuarial study for a lower rate and he discovered that
no one locally could do the work for as good a rate which was paid
to the State the last time a study was done - $374.00.
Benefit Increase Approved
Linebaugh reported that he had received a letter from Cathyrn Hinshaw,
Executive Director of LOPFI, notifying us that the benefit increase
request (to grant all present full -paid retirants a $50 per month
increase) was granted. Linebaugh asked the Board to decide whether
the raise should be given retroactively to the date of the Board reso-
lution, which was 2/13/84, or whether it should begin now.
Fireman Springston stated it was the consensus of everyone he had
talked to that the raise should be retroacive. It was moved by Springston,
seconded by Reagan, and passed unanimously, that the raises be applied
retroactively.
ADJOURNMENT
It was moved by Reagan, seconded by Logue, and passed unanimously,
to adjourn the meeting at 5:00 P.M.
DONALD L. GRIMES, CHAIRMAN
E C. KENNEDY ECRf