HomeMy WebLinkAbout1979-01-02 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF
FUND BOARD
January 2, 1979
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Angie Medlock,
Fire Chief Paul Logue, and Board Members Larry Freedle, Dennis
Ledbetter, Roy Cate, and Troy Schader.
ABSENT: None.
The Firemen's Pension and Relief Fund Board met January 2, 1979, at 4:35 P.M.,
in the City Manager's Office. The meeting was called to order by the chairman.
MINUTES
Troy Shader moved the minutes of the December 4, 1978
as submitted. Dennis Ledbetter seconded the motion, which
PENSION LIST
The secretary noted that one change
Roy Cole had passed away and his pension
Gladys Cole.
Troy Schader moved the pension list
Larry Freedle seconded the motion, which
OTHER BUSINESS
Fire Ehief Logue acknowledged a Christmas card and $25 received from
Mrs. Bob Stout. He said she would like the $25 to be deposited into the
Firemen's Pension fund, and Treasurer Tobin accepted the money for the fund.
meeting be approved
passed unanimously.
had been made in the pension list --
was changed over to his wife's name,
for the month of January be approved.
passed unanimously.
INVESTMENTS
Treasurer Tobin noted that the fund presently has $28,000 cash plus
approximately $15,000 worth of interest., that should be coming in. He said
this would be a total of approximately $43,000 and suggested making an
investment deposit of.$25,000 and leaving the remainder to meet obligations.
He said he would solicit bids on the investment deposit and call members of
the Board for final approval.
Chief Logue moved that Pat Tobin be authorized to secure quotations for
$25,000 and confirm the bids with the members of the pension board. Roy Cate
seconded the motion which passed unanimously.
Treasurer Tobin noted that the fire pension had paid out $53,313.64 in 1978
and interest received for the year was approximately $73,000. He noted that
the interest for the past year had paid all pension costs for that year.
The City Manager noted that under police and fire pension regulations there
is no vesting until a person has been there for 20 years. He said the City
Attorney seems to feel if the Board wanted to, they could possibly make
it so that if someone would be willing to leave their money in the fund,
they would be eligible to draw on a smaller amount, depending on how many
years they were in the fund. Grimes further noted that at the present time,
if someone drops out of the pension fund, he can. draw his money out but:the
city's portion would remain in the fund.
There being no further business, the meeting adjourned at 4:55 P.M.
MICROFILMED
DATE JUL 7
REEL
1960
APPROVED:
onald-L. Grimes, Chairman
ATTEST:
cL
Angie dlock, .$ecretary