HomeMy WebLinkAbout1987-06-11 MinutesPRESENT:
ABSENT:
MINUTES OF FIRE PENSION MEETING
June 11, 1987
Mickey Jackson, Pete Reagan, John Dill, Mike Bonaduce,
Scott Linebaugh and Kay Nash
Suzanne Kennedy, Carl Springston
CALL TO ORDER
Linebaugh called the meeting to order.
INTRODUCTION OF NEW MEMBER
It was noted that the election for a new member to the Fire
Pension Board was held the first of May and Mike Bonaduce was
elected to the Board to fill Darrell Judy's term which expired.
(John Dill was re-elected for another term.)
PENSION LIST
The only change on the pension list was a $50 increase. Linebaugh
said he had been asked why the increase was not on the regular pay
checks. He said a check for $600 (at $50 per month) to account
for one year's time had been sent out separately to each elegible
beneficiary since the increase had been approved retroactively.
Dill made a motion to approve the pension list as submitted.
Reagan seconded. The motion passed unanimously.
OLD BUSINESS
Linebaugh stated that a check for $600 for one year's back pay for
benefit increase (at $50.00 per month) had been sent to the
employees and noted that this increase will be on their regular
checks starting in June.
Linebaugh said the pension increase was approved unanimously at
the State Board meeting.
Jackson stated that Prudential-Bache wants to talk to the Pension
Board again. Reagan asked if they could be refused. Linebaugh
answered negatively.
NEW BUSINESS
Linebaugh noted that there is a T-bill due on June 18th of
$354,318. He stated that it costs $20,000/month to pay benefits
to the retirees and Merrill Lynch suggested the money be invested
Fire Pension
June 11, 1987
Page two
in short term T-bills. He explained that it would be cheaper for
the City to invest the money than to pay Merrill Lynch to do it
and that Merrill Lynch could probably not get a better bid than
the bank could. Bonaduce questioned whether it would go in a
separate account. Linebaugh suggested a money market fund which
earns interest. Dill suggested a 90 day fund. Jackson questioned
whether 90 days would be long enough. Dill said he thought it
would. Reagan questioned whether there would be much change in
the interest rate in 90 days. Linebaugh answered there would
probably be no notable change in that period of time.
Reagan made a motion to invest in a 90 day T-bill or C.D.,
whichever pays higher interest. Bonaduce seconded. The motion
passed unanimously.
CHANGE OF MEETING DATE
Reagan suggested that the usual meeting date be changed because
Monday is always such a busy day. The meeting date was changed to
the last Thursday of the month at 1:30 p.m.
ADJOURNMENT
Jackson made a motion to adjourn. Bonaduce seconded and the
motion passed unanimously.
CHAIRMAN