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HomeMy WebLinkAbout1987-12-30 MinutesMINUTES OF A FIRE PENSION BOARD MEETING A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on Wednesday, December 30, 1987 at 1:30 p.m. in Room 313 of City Hall. PRESENT: Chairman Pennington, Secretary McWethy, Fire Chief Jackson, Fireman Reagan, and Retiree Carl Springston (also present was Accounting Supervisor Zelda Parson) ABSENT: Firemen Bonaduce and Dill (also absent was Administrative Services Director Linebaugh) Call to Order The meeting was called to order by the Chairman. Minutes It was moved by Reagan, seconded by Springston, and unanimous, to approve the minutes of the last meeting. Pension List It was moved by Springston, seconded by Jackson, and unanimous, to approve the Pension List for January. Investment Parson distributed information to the Board, and advised them that $78,000 was contained in the checking account. She asked the Board to decide whether to keep the funds in the account or whether to invest them over a short term. Reagan commented that the Board ought to invest the funds if theyacould earn at any rate better than 4.7%. It was moved by Jackson, seconded by Reagan, and unanimous to invest the funds over a short term. Reagan suggested the Bank of Fayetteville be included in the list of banks which are invited to bid on investments. It was moved by Springston, seconded and unanimous, to include the Bank of Fayetteville on the list. Danny Farrar Parson told the Board that, in order to switch back to the general pension fund, Firefighter Danny Farrar must pay back the amount withdrawn plus interest accrued at the average investment rate of return, but no less than 6%. She said compounding interest monthly on the $1,056.44 he withdrew in May of 1983 to the present date would mean a total payback of $1,585.39. Fire Pension Board Minutes December 30, 1987 Page Two Reagan asked if the Board could grant Farrar a reasonable period of time in which to make the payback. Pennington suggested Parson research that question to determine if it is permissable and to bring that information back to the next meeting. Jackson commented that, if it is possible to do so, it seemed to him that it would be alright to give Farrar a year to make the payback. Liability Insurance Reagan said he would check with Cathyrn Hinshaw to find out if any other pension boards have liability insurance. Portfolio Report Reagan said he called Merrill -Lynch to get an update on the portfolio. He reported that the balance of the Income Account, as of December 22, was $1,775,000, and the balance of the Equity Account was $460,860. He noted the Equity Account was still down by $35,000. Adjournment It was moved by Reagan, seconded by Springston and unanimous, to adjourn the meeting. It was announced that the next meeting would be held on Thursday, January 28 at 1:30 p.m. Jackson announced that Katherine Stout had donated $150 to the Fund. The meeting was adjourned at 2:00 p.m.