HomeMy WebLinkAbout1985-03-04 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, March
4, 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, Judy,
Reagan and Springston
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes.
MINUTES
The Minutes of the February 4, 1985 meeting were approved, with the
following correction:
Page 1, under Old Business, change "Dill" to "Reagan"
OLD BUSINESS
Investments
Treasurer Linebaugh reported on following C.D.'s which came due on
February 18th:
CD#
24899
297414
Bank/Assoc. Amount Rate
Mcllroy $260,000 12%
1st Federal $300,000 8.47%
Linebaugh reported that these two C.D.'s, with the addition of $11,000,
totaled $571,000 which was invested at First Federal of Arkansas which
quoted a rate of 9.10%, to mature on June 19, 1985.
Linebaugh reported that CD #12174, held at First National Bank, in
the amount of $496,000, at the rate of 8.36%, matured today and was
invested at Northwest National Bank which quoted a rate of 9.085%
for 91 days, to mature on June 3, 1985.
Fire Pension Relief Board
March 4, 1985
Page 2
Linebaugh asked the Board to consider the following investment which
matures tomorrow, March 5, 1985:
CD#25018 Mcllroy $491,794.44 12.175%
Linebaugh noted that (per the Board's actions at the last meeting)
quotes would be obtained on the $491,794.44 with the addition of $25,000,
for an investment of 90 days, to mature on June 3, 1985.
It was moved by Judy, seconded by Springston, and passed unanimously,
to approve the investments.
Benefit Increase Limits
Linebaugh read the following clause from Arkansas law, Section 33-1.39:
"...such increase in benefits, except benefits of surviving
children of deceased firemen shall not exceed 50% of current
benefits provided by law..."
Linebaugh noted that information regarding cost -of -living would be
presented at the next meeting.
PENSION LIST
Linebaugh reported that lump sum checks had gone out which included
the retroactive benefit increases. With a gross total of $9,946.31,
it was moved by Springston, seconded by Judy, and passed unanimously,
to approve the pension list for March.
With a question being raised on the amount of Arnold King's pension
benefit after the rate increase, it was decided to leave the amount
as is for now but that Treasurer Linebaugh would check into the matter
of whether the amount is above the 50% level.
NEW BUSINESS
Linebaugh asked the Board to consider the following investment which
matures on March 25, 1985:
C.D. # 24052 $100,000 Mcllroy Bank 10.81%
Linebaugh commented that rates have gone up since last month and reported
the following quotes:
Fire Pension Relief Board
March 4, 1985
Page 3
Term Bate T -Bill T -Note Zero Coupon
90 days 8.85%
180 days 9.55%
1 year 9.75% 9.7%%
2 years 10.0% 10.6%
5 years 11.80%
Linebaugh commented that the Board might wish to consider long-term,
government -backed investments such as zero coupons for the future.
Linebaugh recommended the Board invest for a term of 120 days, commenting
that there were too many investments maturing in June.
It was the consensus of the Board that quotes should be obtained for
120 days.
OTHER BUSINESS
Pension Contribution from Volunteer Firefighter
Fire Chief Logue reported that volunteer firefighter, Jim Moore, had
paid 6%, or $25.00, to the pension fund.
ADJOURNMENT
There being no further business, it was moved by Logue, seconded by
Reagan, and passed unanimously, to adjourn the meeting at 4:53 P.M.
0 ALD L. GRIMES, CHAIRMAN