HomeMy WebLinkAbout1979-08-06 MinutesMINUTES OF A FIREMEN'S PENSION & RELIEF BOARD
A meeting of the Firemen's Pension and Relief Board was held on Monday,
August 6, 1979, at 4:20 P.M. in the City Controller's Office, City Administra-
tion Building, Fayetteville, Arkansas.
PRESENT: Acting Treasurer Ede Hogue, Secretary Angie Medlock, Members Paul
Logue, Troy Osburn, Larry Freedle, and Dennis Ledbetter.
ABSENT: Chairman Don Grimes, Member Roy Cate.
CALL TO ORDER
In the absence of Chairman Don Grimes, Secretary Angie Medlock called
the meeting to order.
MINUTES
There being no additions or corrections necessary, the minutes of the
July 2, 1979 meeting were approved as submitted.
OLD BUSINESS
Acting Treasurer Ede Hogue explained that the $164,000 combined invest-
ment discussed at the previous meeting had been invested in a one-year certificate
of deposit at Mcllroy Bank at an interest rate of 9.77%. She said the CD would
then mature on July 17, 1980. Hogue said she had confirmed the action with Fire
Chief Paul Logue and one member of the Board.
Larry Freedle moved to approve said action. Dennis Ledbetter seconded the
motion which passed unanimously.
The secretary stated that she had included a current fire pension investment
fund list with the minutes of the previous board meeting, as requested by the
chairman. During discussion, the acting treasurer pointed out that the "C" beside
the investment indicates that the investment is combined with money from another
fund.
The board was very concerned in that they had asked that their money not be
combined with any other funds and had assumed this request had been followed.
It was pointed out that nearly all of the fire pension investments had, in fact,
been combined with other monies.
Hogue explained that with combining the money with other funds, they were
able to receive a higher interest rate on the money. Inresponse to the secretary,
she said they have not had any problems in combining funds toget a larger invest-
ment. Hogue said the fund has been audited regularly and invited members of the
pension board to examine the records at any time.
The board agreed to discuss whether they would want to leave the monies
combined as they are now, or at the time of maturity, separate the money from
the otherffunds. They agreed to talk to their committee about this and hopefully
decide at the next meeting whether they would want to continue combining funds.
Ede Hogue said unless otherwise indicated, she would separate the funds when
they mature.
NEW BUSINESS
Hogue noted that there is a $65,000 investment maturing September 1.
The Board agreed to postpone action on this investment until the September 3
meeting, as the September 1 date is on a Saturday. The fire chief said he
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would let the treasurer know before the next meeting whether they will want
to combine the money with another fund so she will know what amount to solicit
bids on for the investment.
PENSION LIST
The secretary stated that there was only one addition to the Pension List
for the month of August --the part -paid fireman discussed at the previous meeting,
James E. Harris, had retired at the rate of $45.00 per month.
Dennis Ledbetter moved the pensionlist for the month of August be approved.
Larry Freedle seconded the motion, which passed unanimously.
There being no further business for the Board's consideration, the secretary
declared the meeting adjourned at 4:55 P.M.
,0 IAPPROVED:
Donald L. Grimes, Chairman
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