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fund, Firefighter Danny Farrar must pay back the amount withdrawn plus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.