HomeMy WebLinkAbout1980-06-02 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday, June 2,
1980, at 4:30 P.M. in the City Manager's Office, City Administration Building,
Fayetteville, Arkansas.
PRESENT: Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary Bonnie Goering,
Members Paul Logue, Gene Warford, Troy Osburn, Ralph Tate, and Larry
Freedle:
ABSENT: None
CALL TO ORDER
The Chairman called the meeting to order at 4:30 P.M.
MINUTES
The minutes of the May 5, 1980 meeting were approved as submitted.
PENSION LIST
The Chairman noted that Bill C. Harris has been added to the pension list
beginning with the month of June. Larry Freedle, seconded by Gene Warford, moved
to approve the pension list as submitted. The motion passed unanimously.
FINANCIAL AUDIT & ACTUARIAL STUDY
Treasurer Linebaugh handed out an accounting report completed by Jack Frost
and Company on both the Firemen's and Police Pension and Relief Fund. The report
included schedules of revenues and expenditures, plan reserve assets, accumulated
employee contributions, and investment results. Linebaugh explained that this
accounting report is in compliance with the new law which requires a financial
audit every 12 months and an actuarial study every 18 months. He said the financial
audit is to be filed with the State by June 30 each year and has already been sent.
He said the information for the report was taken from the Fire Pension records.
With regard to the actuarial study Linebaugh said that although the Municipal
League has retained an actuary to do members' actuarial studies, that Dr. Bob Hall
can do the study at a lower cost, with the exact cost to be determined later and
that it would be approximately $1.50 per fireman. He said that each fireman will
receive a certificate showing how much they have, etc., and that the study will
probably be done by the end of July.
Paul Logue moved to have Dr. Bob Hall do the actuarial evaluation required by
statute instead of the Municipal League. Larry Freedle seconded the motion which
passed unanimously.
OTHER BUSINESS
Chairman Grimes said that with regard to a study on the percentage of police
and fire personnel hired who actually stay until retirement or disability eligibility,
the range for the Fire Department is between 25 and 45 percent.
Grimes said that everyone should feel free to come in and ask questions about
the pension plan anytime.
INVESTMENTS
Treasurer Linebaugh noted there are no new investments. He said the rate keeps
going down --that it has gone from 17 to 9 percent and will probably go even further.
In response to Logue, Linebaugh said they expect interest rates to drop to 8 or 7
percent for jumbo certificates and to go back up again the second quarter next year.
He said some feel it may stay around the 8 percent level.
In response to Gene Warford, Linebaugh said he would provide an updated list
of investments --that the last one was February 1980. He said they would also be
receiving a financial statement as of March 1980.
ADJOURNMENT
There being no further business, the meeting adjourned at 4:57 P.M.
ATTEST:
APPROVED:
Bonnie Goering, Secretary
D
nald L. Grimes, Chairman