HomeMy WebLinkAbout1978-09-05 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND
RELIEF FUND BOARD
September 5, 1978
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Angie Medlock,
Board Members Roy Cate, Troy Schader, Dennis Ledbetter, and Fire
Chief Paul Logue.
ABSENT: Larry Freedle.
The regular monthly meeting of the Firemen's Pension and Relief Fund Board
was called to order by the Chairman at 4:10 P.M., September 5, 1978, in the
City Manager's Office.
There being no amendments necessary to the August 7, 1978 minutes, the
Chairman declared them approved as submitted.
Dennis Ledbetter, seconded by Troy Schader, moved approval of the August
pension list. The motion passed unanimously.
Treasurer Tobin passed out a memo giving the results of an acutarial valuation
conducted'by Gabriel, Roeder, Smith and Company which reflected the unfunded
accrued liabilities of the Firemen's Pension and Relief Fund in the amount
of $716,588 for the year 1976. Mr. Tobin explained that the unfunded
liabilities is higher in Fayetteville because Fayetteville is one of the
bigger funds in the state: Mr. Tobin said Fire Chief Paul Logue has
already started some process of trying to get the State to kick in additional
money through the insurance companies.
Treasurer Tobin pointed out that the deficit for 1976 was $17,030:,.,
Chairman Grimes questioned if the City should pay the additional $17,030
shown as deficiency and Mr. Tobin said they are not paying it yet. He
noted that the $86,759 is based upon the insurance payment, officer's
contributions, interest, and millage. He said the study is saying that
the City should have brought in $103,789 rather than the $86,759. If
they had contributed the $103,789, there would be•no unfunded liability.
Treasurer Tobin said the State has said they will be looking at revenue
sources for both the fire and the police departments.
Dennis Ledbetter said he did not feel Gabriel, Roeder, Smith and Company
could have done a full-scale report of what they paid in.
Dennis Ledbetter said if the deficiency for 1977 is greater than the one
for 1976, they will need to try to do something about it. Treasurer
Tobin said the City does not have trouble meeting the pension funds at
this time, but they are looking ahead to the next 20 years or so.
Chairman Grimes questioned if they have projected ahead to determine
at what point the City could':not meet the pension payment and Treasurer
Tobin said "no".
MICROFILMED
DATE JUL 7 1980
REEL
Firemen's Pension
9/5/78
Page 2
Treasurer Tobin recommended that the Board invest $114,000
in First Federal Savings and' Loan* for one .year at the rate of 8.75%.
A motion was made..by Mr. Ledbetter and seconded by Paul Logue to put the
funds. in First Federal Savings and Loan for one year. The motion passed
unanimously.
There being no further business, Dennis Ledbetter madea.motion to adjourn.
The motion was seconded by Roy Cate and the Chairman declared the meeting
adjourned.
ATTEST
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* Quotes RecM ved
Bank of Elkins 8.00%
N.W. Savings & Loan 8.50%
Mcllroy Bank 8.50%
Superior Savings & Loan 8.55%
N.W. National Bank 8.55%
First Federal. 8.75%
APPROVED:
MICROFI N f 7
DATE_
REEL
1980