HomeMy WebLinkAbout1983-03-07 MinutesMINUTES OF FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
March 7, 1983, at 4:30 p.m., in the City Manager's Office, Interim City Hall,
Fayetteville, Arkansas.
PRESENT: City Manager Grimes, Treasurer Scott Linebaugh, Firemen Springston,
Dill, Johnson and Boudrey; and Secretary Kelly.
ABSENT: Chief Logue.
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
Fireman Johnson, seconded by Fireman Dill, made a motion to approve the minutes
of the February 7, 1983 meeting of the Board. Upon roll call, the motion passed
unanimously.
PENSION LIST
There being no changes to the Pension List for March, 1983, Fireman Dill,
seconded by Fireman Johnson, made a motion to approve the Pension List as sub-
mitted. Upon roll call, the motion passed unanimously.
OLD BUSINESS
Treasurer Linebaugh stated that a CD had matured on February 22, 1983, in
the amount of $207,000, earning 8.50%. This CD had been combined with $63,000
from the savings account for a total of $270,000, for 90 days term, at Mcllroy
Bank, earning 8.22%.
Fireman Johnson, seconded by Fireman Dill, made a motion to approve this
investment. Upon roll call, the motion passed unanimously.
Treasurer Linebaugh stated that he had directed a memorandum to all bene-
ficiaries of the Firemen's Pension & Relief Fund regarding increasing benefits.
This memorandum was prompted by the questions raised at the meeting of
February 7, 1983, by Mr. Clarence Tune and Mr. Bill Morris. Mr. Linebaugh stated
that he had received some telephone inquiries concerning this matter. He added
that former Fire Chief McWhorter had requested copies of financial statements
for the Pension Board over the past seven years and they have been furnished.
In a related matter, Fireman Dill asked when the second request would be
made for an acturarial report from the State Auditor's Office, and Treasurer
Linebaugh indicated that this would be done upon completion of the Accountant's
Report on the Pension Board. (This is in the process of being completed). If
the Pension Board requests another pay increase, this will be done free of charge,
but will require the adoption of another resolution by the Pension Board. Mr.
Linebaugh stated that the form of this resolution would be discussed at the
upcoming meeting of the Pension Board.
Page Two
NEW BUSINESS
Treasurer Linebaugh stated that one CD is due March 28, 1983, #21437,
Mcllroy Bank, in the amount of $165,000, earning 10.26%. He stated that the
current rates are: 30 days -7.95%; 90 days -8.0%; 180 days -8.125%; and 1 year -
8.25%. He added that the yearly rate is dropping very fast. Treasurer Linebaugh
recommended investing for the short term, 90 days, in order to be ready when
the economy turns around, which is expected, according to experts, around June
or July, 1983.
Fireman Dill asked what interest would be lost, if they went with 30 days
investment, and Mr. Linebaugh stated that the investment would lose .17%, or
almost $20.00.
Fireman Springston, seconded by Fireman Boudrey, made a motion to invest
this CD for a 30 -day term. Upon roll call, the motion passed unanimously.
Treasurer Linebaugh stated that in April there are three CD's due. They
are $275,000 on April 19; $125,000 on April 20; and $220,000 on April 26. That
amounts to $820,000 due in April.
ADJOURNMENT
There being no further business, the meeting was adjourned at 4:40 p.m.
Seai
OLIVIA A. KELLY, SECRETARY
NALD L. GRIMES, CHAIRMAN