HomeMy WebLinkAbout1986-10-30 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Fire Pension Relief Fund Board was held
on Thursday, October 30, 1986.
PRESENT: Chairman Grimes, Treasurer Linebaugh, Fire Chief
Jackson, Firemen Dill, Judy and Reagan, Retiree
Springston
ABSENT: Secretary Kennedy
CALL TO ORDER
Chairman Grimes called the meeting to order at 3:00 p.m.
MINUTES
The minutes of the October 13 meeting were deferred until the next
meeting.
PENSION LIST
With Linebaugh reporting the Pension List for November to be the same
as last month, it was moved by Reagan, seconded by Judy, and passed
unanimously, to approve the Pension List for November if there are no
changes.
MERRILL-LYNCH REPORT
Richard Yada, representing the Merrill -Lynch investment firm, addressed
the Board. Yada reported to the Board on its Fixed Income Account
which was started up in December of 1985 with $1 million. He said that
the account is currently worth $1,188,785.50.
Yada reported on the Equity portfolio which was begun in June and in
which a total of $507,657 has been invested. He reported it to be down
9.1%, or $22,071, a comeback from September when it was down $32,000.
NEW BUSINESS
Holiday Pay
Scott-L1-nebaugh, reported there have been requests from beneficiaries
'concerning whether holiday pay should be added into their retirement,
in light.of the recent holiday pay settlements for the Fire and Police
Departments. Linebaugh said there is a question whether the City
should contribute 6% of the settlement to the pension funds, should the
:beneficiaries pay 6% of their contributions to the pension funds, and
Fire Pension Board Minutes
October 30, 1986
Page Two
should the pension boards pay extra benefits to the beneficiaries who
retired during the applicable time periods. Linebaugh distributed an
Opinion from the City Attorney regarding the holiday pay lawsuit, in
which he states the settlement was a lump sum payment and should not be
considered holiday pay. Linebaugh said that LOPFI Executive Director
Cathyrn Hinshaw recommended each pension board review this issue and
make its own decision. Linebaugh said those beneficiaries involved
would be Arnold King, Joe Fraley, Paul Logue, and Ronald McArthur.
Linebaugh told the Board there was a possibility that a lawsuit could
be filed against the Pension Board. After discussion, it was decided
the Board would hold off on any action in regards to this matter.
ADJOURN
With no further business, the meeting was adjourned.
HAIRMAN