HomeMy WebLinkAbout1986-03-03 MinutesMINUTES OF A FIREMEN'S PENSION & RELIEF FUND BOARD MEETING
A regular meeting of the Firemen's Pension and Relief Fund Board was
held on Monday, March 3, 1986 at 4:30 p.m. in Room 318 of City Hall.
PRESENT: Acting City Manager Murphy, Administrative Services
Director Linebaugh, City Clerk Kennedy, Fire Chief
Jackson, Firemen Dill, Judy, Reagan and Springston
CALL TO ORDER
The meeting was called to order by Murphy.
MINUTES
It was moved by Jackson, seconded by Reagan and unanimous to approve
the Minutes of the last meeting.
PENSION LIST
With the addition of Richard H. Baird to the Pension list, effective
March 10, 1986, it was moved by Reagan, seconded by Dill and unanimous
to approve the Pension List for March.
NEW BUSINESS
INTEREST RATES
Linebaugh reported that, although no investments are due to be made
this month, he had conducted a poll of banks regarding available rates.
The poll was distributed to the Board members, showing the following:
$100,000 C.D. $300,000 C.D.
No pledging Pledging over $100,000
1 YR 2 YR 3 YR 1 YR 2 YR 3YR
First Nat'l 7.32 7.67 7.32 7.67
Mcllroy 6.25 6.5 6.25 6.5
N.W. Nat'l 8.10 8.75 8.10 8.75
1st Fed'l Ar. 7.9 8.45 7.9 8.45
1st Fed'l Fay. 7.25 7.50 7.25 7.50
Fire Pension Board Minutes
March 3, 1986
Page 2
$100,000 C.D. $300,000 C.D.
No pledging Pledging over $100,000
1 YR 2 YR 3 YR 1 YR 2 YR 3YR
A.G. Edwards No quotes
Merrill Lynch 8.25 8.45
secondary 8.05 8.35
Little Rock
Union Nat'l 7.75 ---
Commercial 7.80 8.75
Worthen 7.70 8.40
Treasury
20 8.30
30 8.60
8.45
Sears
INSURANCE
7.70
7.85 8.45
8.25 8.45
7.25
7.30
7.40
8.25
7.95
Regarding FDIC insurance, Linebaugh reported that Merrill Lynch has
changed their earlier report and feels that we are currently stuck
with the $100,000 per fund. He said we were in hopes of finding
that FDIC insured $100,000 per person that paid into the plan. Linebaugh
said that if only retirement benefits are paid by the Pension Fund,
then you can go by the per person amount. Arkansas State law allows
hospital care to be granted. Linebaugh said the only hope we have
is to get the law changed to knock out $25 per week.
RETIREMENT BENEFITS FOR JAMES MOORE
Regarding James Moore's retirement benefits, Linebaugh explained that
the law states volunteer fire department retirees cannot be paid less
than $30 per month in benefits. Linebaugh noted that minutes of past
meetings show a range of monthly benefit amounts being granted to
volunteer fire department retirees -- from $45 to $55 per month.
After some discussion, Springston noted that since the last case when
$45 per month was granted, there has been a benefit increase.
It was moved by Dill, seconded by Reagan, and unanimous, to grant
$55 per month in retirement benefits to James Moore.
Fire Pension Board Minutes
March 3, 1986
Page 3
ELECTION OF RETIRED BOARD MEMBER
It was decided that Fire Chief Jackson would prepare a letter to be
sent out with checks to the retirees regarding the election of a retired
member to the Pension Board.
ADJOURNMENT
It was moved by Reagan, seconded by Jackson, and unanimous, to adjourn
the meeting at 4:57 p.m.
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