HomeMy WebLinkAbout1987-07-15 MinutesMINUTES OF A FIRE PENSION BOARD MEETING
A regular meeting of the Fire Pension and Relief Fund Board of
Trustees was held on Wednesday, July 15 at 3:00 p.m. in Room 313
of City Hall.
PRESENT: Acting Chairman Scott Linebaugh, Secretary Suzanne
MCWethy, Fire Chief Mickey Jackson, Firemen Pete
Reagan, John Dill and Mike Bonaduce, and retiree
Carl Springston
CALL TO ORDER
The meeting was called to order by Acting Chairman Scott
Linebaugh.
MINUTES
It was moved by Reagan, seconded by Dill, and unanimous to
approve the Minutes of May 4 and June 11.
PENSION LIST
Linebaugh told the Board that, because of the change in meeting
date, fire pension lists will have to be approved a month in
advance. He explained that at this meeting the July pension list
and August pension list should both be approved.
It was moved by Jackson, seconded by Springston, and unanimous to
approve the July and August pension lists.
OLD BUSINESS
Linebaugh reported First National Bank was awarded the bid for
investment of $354,814.98 in a Treasury Bill. He said there was
only one C.D. quote. Linebaugh reported the next investment for
the Board to consider will not mature until September.
It was moved by Reagan, seconded by Jackson and unanimous to
approve the investment.
PRUDENTIAL-BACHE
Linebaugh asked the Board to decide whether they wished to hear a
presentation from Prudential-Bache which has asked to be heard by
the Board. He said the Police Pension Board decided to hear
investment presentations all at one time. Chief Jackson asked
whether the Board wanted to hear a presentation from the Walton
group.
Reagan suggested the Board hear from other investment advisors
all at one time, once a year. This was the consensus of the
Board. The City Clerk was instructed to prepare a letter to this
effect.
Fire Pension Meeting
July 15, 1987
Page Two
NEW BUSINESS
ROY SKELTON
Chief Jackson said retiree Roy Skelton had negotiated with the
City to repay some salary he was overpaid, which has now been
completely repaid. Jackson said 6% of the overpaid salary was
held out for pension purposes, and Skelton has asked to have that
pension money returned to him. Jackson said Skelton had
emphasized that the City should be reimbursed by the Fire Pension
Fund for matching funds which were contributed at the same time.
It was moved by Bonaduce, seconded by Dill and unanimous to
return the money to Roy Skelton.
Linebaugh said he would take responsibility for seeing that a
check is prepared for the amount due Roy Skelton.
Reagan asked that a letter be prepared for Skelton to sign
stating he has received the funds due him.
DANNY FERRAR
The Board was told that Danny Ferrar, who is presently under the
LOPFI plan, wants to go back under the old plan. It was
explained that Ferrar was under the old plan, left the fire
department and came back under the LOPFI plan. Bonaduce said he
spoke to Cathryn Hinshaw (State LOPFI office) who claims Ferrar
is eligible to go back under the old plan, and count his time if
he deposts money with interest. John Dill said he thought all
new hirees had to be under LOPFI. The Fire Chief said he thought
if a fireman left and took out his pension funds it was like "you
were never there". Linebaugh said he would check with the City
Attorney about the legality of the matter so that Ferrar can be
notified.
MERRILL-LYNCH REPORT
Richard Yada presented the Board with a progress report on the
funds invested with Merrill -Lynch.
Yada reported the Equity Account was opened with $507,000 and, as
of yesterday, was worth $580,997, an increase of $73,340. Yada
explained the account began with a contribution of $312,000 on
June 20, 1986 and a contribution of $195,000 in October of 1986.
He said this account was up 14.465% since inception.
Fire Pension Meeting
July 15, 1987
Page Three
Yada reported a yield of 7.2% on the Income Account on interest
and dividends received off the portfolio. He said this account
started with $1 million in December of 1985 with $647,000 added
to it in April, the account presently being worth $1,945,000.
Yada said this was up 30.19%, annualized at 18.93%. He said the
account had increased by about $298,000.
ADJOURNMENT
The meeting was adjourned at 3:45 p.m.