HomeMy WebLinkAbout1985-10-07 MinutesMINUTES OF A FIREMEN'S RELIEF & PENSION FUND BOARD MEETING
A meeting of the Firemen's Pension Relief
7, 1985, in Room 326 of City Hall.
PRESENT: Treasurer Scott Linebaugh,
Fire Chief Boudrey; Fire
Springston
ABSENT: Chairman Grimes
Board was held on Monday, October
Secretary Suzanne Kennedy, Acting
Fighters Dill, Judy, Reagan and
CALL TO ORDER
The meeting was called to order at 4:30 P.M. by Treasurer Linebaugh, in
the absence of the Chairman.
MINUTES
It was moved by Reagan, seconded by Springston, and unanimous, to approve
the minutes of the September 9 meeting.
PENSION LIST
It was noted that there was a correction to the amount of former Fire
Chief Logue's pension, which was incorrectly reflected on the October
Pension List. Linebaugh explained that the amount was corrected to reflect
Logue's amount of service beyond twenty years.
It was moved by Dill, seconded by Boudrey, and unanimous, to approve the
Pension List for October.
OLD BUSINESS
Money Manager
Linebaugh reported that Don Grimes had requested the Board table making
a decision regarding a money manager until he can be present to discuss
this matter with the Board.
Springston stated he thought the feelings of the Fire Department employees
were that they wanted to use some of the funds coming due in December
for investment through a money manager, and that they wished to employ
Merrill -Lynch, with RNC.
Firemen's Relief and Pension Fund Board
October 7, 1985
Page 2
Linebaugh noted that, as of September 30, there would be about $3,315,000,
including turnback, to be invested.
Reagan stated the employees discussed the idea of "trusteeing" the funds
to be invested through the money manager at a local bank.
Linebaugh suggested that, rather than taking action at this meeting, the
Board invite RNC to attend the next meeting.
It was moved by Springston, seconded by Reagan, and unanimous, to invite
Jacques Devote of RNC to attend the next meeting. After some discussion,
Board members requested Linebaugh schedule a meeting to be held prior
to the next regularly scheduled meeting. It was agreed to schedule the
meeting for October 28.
NEW BUSINESS
Investments
Linebaugh reported that a Certificate of Deposit was due to mature on
October 21 and another on October 28, both for $250,000. Current rates
as reported by Linebaugh were:
C.D. s
90 days 7%
180 days 7.25%
360 days 7.5%
2 years 8.5%
Treasury's
6 months 7.59%
1 year 7.92%
2 years 8.89%
Linebaugh noted that he had recommended to the Police Pension Fund Board
that they consider investing in "Ginnie Mae pools", or unit investment
trusts. Linebaugh explained these were government -backed securities earning
11%, but include a withdrawal penalty for the first five years.
Springston commented that he would like the Board to have some guidelines
as far as how much of the Fund should be invested over a short term, and
how much over a long term. Linebaugh agreed. Linebaugh pointed out that
Merrill -Lynch may not want to make any short-term investments. Springston
suggested the Board might adopt a guideline such as that 1/3 of the fund
would be invested over a long term, 1/3 with Merrill -Lynch, and 1/3 over
a short term.
Firemen's Relief and Pension Fund Board
October 7, 1985
Page 3
It was moved, seconded and unanimously approved to invest the C.D.'s under
discussion in Treasury Bills for six months at the rate of 7.59%.
Actuarial Study
Linebaugh reported that the actuarial study had been received and shows
the Fund is in good shape.
ADJOURNMENT
With no further business, the meeting was adjourned at about 5:15 P.M.