HomeMy WebLinkAbout1979-03-05 MinutesMINUTES OF A FIREMEN'S PENSION
AND RELIEF BOARD
A meeting of the Firemen's Pension and Relief Board was held on
Monday, March 5, 1979, at 4:30 P.M. in the City Manager's Office, City
Administration Building, Fayetteville, Arkansas.
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Angie
Medlock, Fire Chief Paul Logue, Roy Cate, Larry Freedle, and
Dennis Ledbetter.
ABSENT: Troy Schader.
The Chairman called the meeting to order.
MINUTES
The minutes of the February 5 meeting were approved as submitted.
INVESTMENTS
Treasurer Tobin explained that at the last meeting of the Board he had
told the members that there was a cash balance of approximately $35,000 for
which he would solicit quotes for a $25,000 investment. Tobin said in checking,
it was found that a $35,000 investment had not been posted, thus the actual
balance was approximately $3,000.
Treasurer Tobin stated that there are two investments coming due,
a $20,000 investment at Bank of Elkins which will mature on March 10 and
a $14,000 investment at Northwest National Bank which will mature on
March 14. The concensus. of the Board was that the treasurer should hold
the $20,000 investment to combine it with the $14,000 and solicit quotes
for the entire amount. Tobin said he would solicit bids for $34,000 -and
contact the board members to confirm the investment.
PENSION LIST
After determining that there were no changes in the pension list for
the month of March, Roy Cate moved the list be approved as submitted.
Larry Freedle seconded the motion which passed unanimously.
OTHER BUSINESS
Paul Logue said he had been to the legislature and there was a group
of retired firemen who had asked that their pensions be brought up to the
current rate for the rank at which they retired. Logue said they would
have liked to have given them some kind of cost of living raise, but still
protect the fund. He explained however, that the retired firemen would
not agree to this, so they did not raise their pensions.
FINANCIAL STATEMENTS
Treasurer Tobin presented the financial statements as of the pension
fund as of December 31, 1978. He noted that the firemen had contributed
approximately $13,000 more in 1978 than in 1977. There was also discussion
concerning whether another actuarial study should be done. Paul Logue
noted that at a recent conference, someone proposed a resolution which would
MICROFILMED
DATE JUL 7 1980
REEL__
not require the actuarial study to be done. The Board seemed to agree,
however, that an actuarial study is needed.
REQUEST FOR RETIREMENT FUNDS
The chairman acknowledged a request from Clayton Dale Frederick
for the Board to refund contributions he had paid into the firemen's
pension fund since he is no longer a member of the City of Fayetteville
fire department, as of January 15, 1979.
Larry Freedle moved that $2,853.62, the amount which Frederick had
paid in, be refunded to Mr. Frederick. Roy Cate seconded the motion
which passed unanimously.
20 -YEAR CERTIFICATE - Paul Logue
Chairman Grimes acknowledged that Paul Logue as of March 5, 1979
has accumulated 20 years with the Fayetteville fire department and now
has a vested right and is entitled to a pension.
Roy Cate moved to confirm that Paul Logue has completed 20 years
service with the fire department and approve the board members signing
his certificate of service. Dennis Ledbetter seconded the motion which
passed unanimously.
There was also discussion concerning increasing the percentage paid
into the pension fund by the firemen. Dennis Ledbetter noted that the
Fayetteville firemen presently pay in 3% and if the pension fund needs
additional money, they could consider increasing the percentage paid in.
Following a short discussion, Chairman Grimes suggested they wait to see
if the legislature establishes anything which will help pension funds in
the state.
There being no further business, Roy Cate, seconded by Larry Freedle
moved to adjourn at 5:00 P.M.
APPROVED: