HomeMy WebLinkAbout1987-04-06 MinutesMINUTES OF A FIRE PENSION & RELIEF FUND BOARD MEETING
A regular meeting of the Fayetteville Fire Pension and Relief Fund Board of
Trustees was held on Monday, April 6, 1987 at 1:30 p.m. in Room 313 of City
Hall, 113 West Mountain Street, Fayetteville, Arkansas.
PRESENT: Chairman Grimes, Secretary Kennedy, Fire Chief Mickey
Jackson, Firemen Pete Reagan and John Dill, Public Safety
Director Marty Coates, Administrative Services Director Scott
Linebaugh
ABSENT: Fireman Darrell Judy
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes.
MINUTES
It wa moved by Reagan, seconded by Dill and unanimous to approve the minutes
of the last meeting.
PENSION LIST
It was moved by Dill, seconded by Jackson, and unanimous, to approve the
Pension List for April.
OLD BUSINESS
It was decided that Pete Reagan would contact Cathyrn Hinshaw to be placed
on the agenda for the next State Review Board meeting, for approval of
our request for a benefit increase.
NEW BUSINESS
Linebaugh reported two investments made in October of 1986 would mature on
April 23, presently earning 5.522%. Linebaugh added that $30,000 of savings
can be combined with these investments. Linebaugh reported on current C.D.
rates:
90 days 5.0%
180 days 5.14%
1 year 5.55%
2 years 6.30%
Fire Pension Minutes
April 6, 1987
Page Two
Linebaugh reported T -Bill rates were a little better than C.D. rates.
Linebaugh reported the next investment would mature in June.
It was moved by Jackson, seconded by Dill, and unanimous, to combine all the
money together and invest the amount in a 90 day T -Bill.
Reagan remarked that $1 million of the fund is held by Merrill -Lynch in a
"fixed income account" which earned 25% last year.
After discussion, it was moved by Jackson, seconded by Grimes, and
unanimous, to rescind the motion.
Jackson then moved to invest the maturing T -Bills only into the Merrill -
Lynch fixed income account, and to keep the savings account as is. That
motion was seconded by Reagan and passed unanimously.
ADJOURNMENT
There being no further business, the meeting adjourned at 2:00 p.m.
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