HomeMy WebLinkAbout1986-10-13 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Fire Pension and Relief Fund Board was
held on Monday, October 13, 1986 at 4:00 p.m. in Room 313 of City Hall,
113 West Mountain Street, Fayetteville, Arkansas.
PRESENT: Chairman Grimes, Treasurer Linebaugh, Secretary Kennedy,
Fire Chief Jackson, Firemen Judy and Reagan
ABSENT: Retiree Springston
CALL TO ORDER
Chairman Don Grimes called the meeting to order at about 4:15 p.m.
MINUTES
The minutes of the September meeting were approved as submitted.
PENSION LIST
The October pension list was considered. The Chairman noted the only
change was the addition of full -month pension benefits for Bill and
Howard Boudrey. It was moved by Dill, seconded by Reagan and passed,
6-0, to approve the October pension list.
OLD BUSINESS
The Chairman introduced discussion of the proposed benefit increases.
Treasurer Linebaugh distributed a list showing how the proposed $50.00
increase would affect pension benefits for each member of the Fund.
According to the calculations shown on the list, it was determined that
the following persons would be earning more than current employees at
the same rank, if they were to receive the $50 increase:
Arnold D. King
Donald Miller
Ronald McArthur
Troy Schader
Richard Baird
Grimes asked if the Board would
increase, or an amount up to $50
break -off point for their rank.
the break -off point should be at
be in favor of granting either a $50
which would place an individual at a
There was discussion regarding whether
the top -out amount of the grade.
Fireman Reagan stated those he had talked with on this would like to
stick to the original motion made by the Board, and to make it
retroactive to that time. Linebaugh stated the motion was made at the
Fire Pension Board Minutes
October 13, 1986
Page Two
May meeting to exclude six people instead of five people, the
difference being Paul Logue. Reagan said he thought the original
intent was to make it retroactive to April or May of 1986.
After discussion, it was moved by Reagan, seconded by Judy, and
approved, 6-0, to request a $50 increase for the 13 persons specified
in the original motion, retroactive to May 1, 1986, and to exclude the
following persons:
Arnold D. King
Ronald McArthur
Troy Schader
Richard Baird
Paul Logue
Howard Boudrey
Bill Boudrey
Mrs. Carmen Poore
INVESTMENTS
Linebaugh reported that $638,000 in investments were due to mature on
October 23. Linebaugh reported on available interest rates:
Certificates of Deposit Treasuries
90 days 5.07%
180 days 5.27%
360 days 5.47%
Zero Coupon 5 years 7.10%
CAT 7.36%
Maturing 1/87
Maturing 1/88
5 years
5.01%
5.89%
7.08%
After discussion, it was moved by Dill, seconded by Judy, and passed,
6-0, to invest $638,000 for 180 days, split into two investments, and
to exclude First South from bidding.
It was decided to have the November meeting on October 30, since
Merrill -Lynch will also meet with the Police Pension Board on that day.
ADJOURNMENT
With no further business, the meeting adjourned at about 4:50 p.m.
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CHAIRMAN