HomeMy WebLinkAbout1980-05-05 MinutesA meeting
1980 at 4:
Fayettevil
PRESENT:
MINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
of the Firemen's Pension and Relief Board was held on Monday, May 5,
30 P.M. in the City Manager's Office, City Administration Building,
le, Arkansas.
Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary Bonnie
Goering, Members Paul Logue, Gene Warford, Larry Freedle, and
Ralph Tate.
ABSENT: Troy Osburn
CALL TO ORDER
The Chairman called the meeting to order at 4:30 P.M.
MINUTES
The minutes of the April 7, 1980 meeting were approved as submitted.
PENSION LIST
The Chairman noted that there were no changes or additions to the pension
list for the month of May. Chairman Grimes moved to approve the pension list
as submitted. Larry Freedle seconded the motion, which passed unanimously.
INVESTMENTS
Treasurer Linebaugh said that the $30,000 in the savings account was
invested in a 6 -month money market certificate at 14.804 percent and was given
to Heritage Federal.
Linebaugh pointed out that the market has dropped over 2 percent in the
last two weeks and within six months it will probably be down to 12 percent.
RETIREMENT
Paul Logue submitted an application for retirement from volunteer fireman
Bill C. Harris whose service was from April 21, 1960 to April 21, 1980.
Logue moved to approve the retirement application as submitted effective
May 5 , 1980 at the rate of $45 per month. Ralph Tate seconded the motion,
which passed unanimously.
OTHER BUSINESS
Paul Logue pointed out that volunteer firemen in cities over 20,000 population
are eligible for an additional $25 per month (over the present $30 per month for
20 years service plus $5 per month for each additional year for 5 more years) if
there is sufficient money in the fund (ACT 64 of 1971 amended AS 19-2227).
Linebaugh reminded the Board that a newly passed law is going to require the
department to have an actuarial study performed every 18 months and a financial
audit every 12 months, and that it will be done between now and December. He said
we should wait on increasing the rates in order to do it correctly, and noted that
the Municipal League has retained an actuary to do members' actuarial studies and
suggested we go that way. He said that although the cost of the study is not
available at this time, final approval will be given for the costs of the study
at the next meeting.
Grimes said he is in favor of increasing the rates if we can afford it, but
that we should wait and get the actuarial study done. He suggested having Bob
Hall work on this after the revisions to the employee's pension plan are approved
at the Board of Director's meeting this Tuesday night.
ADJOURNMENT MiCROF(LMED
There being no further business, the meeting adjourned at 4:45 P.M. DATE JUL ? WI
ATTEST: _ APPROVED: REEL
Secretary
ha1rman