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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: