HomeMy WebLinkAbout1986-05-05 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fire Pension and Relief Fund Board was held on Monday,
May 5, 1986 at 4:30 p.m. in Room 111 of City Hall, 113 West Mountain
Street, Fayetteville, Arkansas.
PRESENT: Acting City Manager Murphy, Treasurer Linebaugh, Secretary
Kennedy; Fire Chief Jackson, Firemen Dill, Reagan and
Springston
ABSENT: Fireman Judy
The meeting was called to order by Jim Murphy.
Minutes
It was moved by Reagan, seconded by Dill and unanimous to approve
the minutes of the last meeting.
Pension List
It was moved by Springston, seconded by Reagan, and unanimous, to
approve the Pension List for May.
Investments
Murphy reported that investments, as approved at the last meeting,
were awarded as follows:
CD #288951, $188,000, to Superior Federal bidding 6.87%
CD #288951, $100,000, to First South bidding 7.55%
CD #288951, $100,000, to Superior Federal bidding 6.87%
CD 1101441, $150,000, to Superior Federal bidding 6.94%
CD #01441, $100,000, to Superior Federal bidding 6.94%
Murphy reported on bids received by Little Rock banks on fire pension
investments:
Term Amount 1st Commercial Union National Worthen
185 days $100,000
185 days $100,000
185 days $188,000
178 days $100,000
178 days $150,000
6.50%
6.50%
6.35%*
6.45%
6.25%
6.25%
6.25%
6.25%
6.375%
6.375%*
6.55%*
6.55%
6.15%
6.50%*
6.10%
Fire Pension Minutes
May 5, 1986
Page 2
It was moved by Reagan, seconded by Dill, and unanimous, to accept
the investments as made by Linebaugh.
It was noted that the next investment to mature on June 17 would be
discussed at the next meeting.
New Business
Gary Springston asked if there was a law which would allow retirees
to draw more in benefits that the amount of salary earned by a current
fire department employee. Springston noted that some retirees ' half -salary
amounts to more than what some current employees are earning. Springston
said he wanted to propose getting a pay raise in the works for some
of the retired people but the proposal would be to request a benefit
increase which would exclude five persons who are earning more than
current fire department employees. Springston said there had been
discussion regarding a request for a $50 across-the-board benefit
increase for the following 13 persons:
Cole Ferrar
Davis McWhorter
Layer B. Skelton
Watts Miller
L. Skelton m Schader
Stout Fraley
Springston
It was so moved by Springston, seconded by Dill, and unanimous to
request the benefit increase as proposed by Springston.
Linebaugh arrived at this point in the meeting and, after being apprised
of the motion, pointed out to the Board that an actuarial valuation
must still be approved.
Linebaugh promised to check into the earlier question which was posed
regarding the law concerning the maximum amount of benefits which
can be earned.
Old Business
Fire Chief Jackson reported that six nominees will compete for the
two positions to be filled on the Board and that the election will
take place at the next department meeting. Jackson noted that Gary
Springston's and Pete Reagan's positions are due to expire.
Fire Pension Minutes
May 5, 1986
Page 3
Adjournment
It was moved by Reagan, seconded by Springston and unanimous to adjourn
the meeting.
CHAIRMAN
SECRETARY