HomeMy WebLinkAbout1981-04-06 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
April 6, 1981, at 4:30 p.m. in the City Manager's Office City Administration
Building, Fayetteville, Arkansas.
PRESENT: Treasurer Scott Linebaugh, Members Paul Logue, Troy Osburn, Gene
Warford, Ralph Tate, Larry Freedle; City Manager Grimes, and Secretary Vivian
Koettel.
ABSENT: None
MINUTES
The minutes of the March 2, 1981 meeting were approved as submitted.
PENSION LIST
There were no additions to the pension list for the month of April,
and a motion was made and seconded to approve the pension list for April.
The motion passed unanimously.
INVESTMENTS
Treasurer Linebaugh reported that two certificates due'Iast mohtb had been
re -deposited. One was for $100,000 and was deposited at Heritage Federal
at 15.51%interest, and the other was for $188,000 and was deposited at
Northwest National at 14.60%.
Treasurer Linebaugh reported that three certificates would be due in
April, one on the 8th, 19th, and 26th. Certificate #17359 for $100,000
is currently earning 12.75%, #2308 for $211,000 is earning 17.61%, and
certificate #2324 is earning 17.75%.
Mr. Linebaugh recommended reinvesting the $100,000 certificate due
on the 8th for 180 days, and reinvesting the other two certificates, one
for $211,000 and $112,000, for 90 days.
Mr. Linebaugh stated that interest rates were expected to continue
to drop some, but toucameback .up.... He stated _they;might .fall . and then come
back to the 14% range, but that he did -not expect to see 17% again in the
near future.
After some di;'cussion, motion. was made and seconded to reinvest the
$1.00,000 certificate for 180 days, and'the certificates for $211,000 and
$112,000 for 90 days, at the highest rate of interest possible. The motion
passed unanimously.
OTHER BUSINESS
Mr. Grimes distributed copies of senate bill #258 concerning pension
plans, and discussion was held. (copy of bill attached)
ADJOURNMENT
There being PO further discussion, the meeting adjourned at 4:55 p.m.
ATTEST: APPROVED':
State of Arkansas
73rd General Assembly
Regular Session, 1981
By: Senator Benham
A Bill
As engrossed 2-23-81
SENATE BILL a Si
For An Act To Be Entitled
1 "AN ACT TO AMEND SECTION 1 OF ACT 82 OF 1951, AS AMENDED [ARK.
2 STAT. 19-2221.1], TO INCREASE THE CONTRIBUTIONS FIREMEN PAY TO
3 THE FIREMEN'S RELIEF AND PENSION FUNDS AND REQUIRING THE MUNI -
4 CIPALITIES TO MATCH SUCH CONTRIBUTIONS; TO AMEND SECTION 2 OF
5 ACT 250 OF 1937, AS AMENDED [ARK. STAT. 19-1802], TO INCREASE
6 THE AMOUNT OF FINES, FORFEITURES AND REWARDS DISTRIBUTED TO
7 POLICEMEN'S PENSION AND RELIEF FUNDS; TO INCREASE THE NUMBER
8 OF VACATION DAYS EARNED BY POLICE OFFICERS; TO INCREASE THE
9 MONTHLY CONTRIBUTIONS BY POLICE OFFICERS TO POLICEMEN'S PENSION
10 AND RELIEF FUNDS AND TO REQUIRE CITIES TO MATCH SUCH CONTRI-
11 BUTIONS; AND FOR OTHER PURPOSES." -
12
13 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
14
15 SECTION 1. Section 1 of Act 82 of 1951, as amended, the same being
16 Arkansas Statute 19-2221.1, is hereby amended to read as follows:
17 "Section 1. Within sixty (60) days from the effective date (July 8,
18 1975) of this Act, each full paid fireman and each part paid fireman whose
19 salary or compensation is fifty dollars ($50.00) or more per month, each part
20 paid fireman whose salary or compensation is less than fifty dollars ($50.00)
21 per month, and each active volunteer fireman, employed in the fire department
22 by any city or town in this State, who desires that he and his beneficiaries
participate in the Firemen's Relief and Pension Fund of such city or to
24 created under Act 491 of 1921 of the Arkansas Legislature, shall file with
25 the secretary of the Board of Trustees of the Firemen's Relief and Pension
26 Fund of such city or town, a statement in writing under oath, that he desired
27 that he and his beneficiaries participate in the benefits from such fund.
28 [Such statement shall include the name and age of those persons immediately _,
29 dependent upon him, and shall authorize the governing body of the city to
deduct from his salary or compensation such percentage, not less than six
31 I percent (6%) thereof, as may be approved for deduction by the local Firemen
32 1 Pension Board. The statement of an active volunteer fireman shall include
1
2
3
4
5
6
7
8
9
10
11
12
• 13
14
• . 15
16
17
. • • 18
19
20
21
22
• 23
24
rte.
25
'' 27
V 28
1 29
30
31
kris, 32
)4 34
35
N,4 36
•
3
s. 3. 2S9
As engrossed 2-23-81
a promise and an obligation to pay to said Board of Trustees not less than
twelve dollars ($12.00) per year or such other amount as may be approved
by the Board. Any municipality or fire protection district in which a
Firemen's Pension and Relief Fund is established shall contribute to the
Firemen's Pension and Relief Fund an amount computed as follows:
(a) Beginning January 1, 1982, not less than three percent (30) of the
fireman's salary;
(b) Beginning January 1, 1983, not less than four percent
fireman's salary;
(c) Beginning January 1, 1984, not less than five percent
fireman's salary; and
(d) Beginning January 1, 1985 and thereafter, not
(6%) of the fireman's salary.
(4%) of the
(5%) of the
less than six percent
SECTION 2. Section 2 of Act 250 of 1937, as amended, the same being
Arkansas Statute 19-1802, is hereby amended to read as follows:
"Section 2. There shall be added to such funds the following monies:
all forfeitures and fines imposed from time to time upon any member of the
police department by way of discipline; all money given or donated to such
fund; all money deducted from the salary of any member of the police depart-
ment on account of absence or loss of time; all rewards paid for any purpose;
ten percent (10%) of all fines and forfeitures collected by the police
department of such city for violation of city ordinances or state law; and
six percent (6%) of the monthly salary -of each member of the department, to
be deductedeach month by the city and immediately paid to the Board of
Trustees of the Policemen's Pension and Relief Fund, provided that sum,
monthly deduction shall be four percent (4%) for policemen contributin
the Social Security System unless increased, but not to exceed six perce
(6%), by the majority vote of the contributing members of a police departm
covered by Social Security. All cities and towns in which a Policemen's
Pension and Relief Fund is established shall contribute to such Fund an
amount computed as follows:
(a) Beginning January 1, 1982, not less than three percent
policeman's salary;
(b) Beginning 7anuary 1, 1983, not less than four percent (4%)
policeman's salary;
(3%) of aB,
of the
al
I
DI
As engrossed 2-23-81 S.B. 258
1 (c) Beginning January 1, 1984, not less than five percent (5%) of the
2 policeman's salary; and
3 (d) Beginning January 1, 1985 and thereafter, not less than six percent
4 (6%) of the policeman's salary.
5 Provided, that in the event of resignation or discharge from the police
6 department, of any member thereof, all monies deducted from his salary shall
7 be immediately returned to him without interest, and the head or chief of
8 such police departmnet shall so arrange that each employee shall be granted
9 an annual vacation of not less than fifteen (15) working days with full pay.
10 Provided further, that notwithstanding the above schedule of contributions
11 by cities and towns, in no case shall the contributions by such cities and
12 towns exceed the amount contributed by the policemen." -
13
14 SECTION 3. All laws and parts of laws in conflict with this Act are
15 hereby repealed.
•
• 16
17 SECTION 4. This Act shall become effective on January 1, 1982.
18
19
20
21
22
23
24 ..
25
/s/ Paul B. Benham, Jr.
27 PROVED BY
28 eP/ • GOVERNOR
29
30
31
32
rr<33
34
` 35
36
a c.•
Cagoi
0