HomeMy WebLinkAbout1983-07-11 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION RELIEF BOARD
A meeting of the Firemen's Pension and Relief Board was held on
Monday, July 11, 1983, at 4:30 p.m. in the City Manager's office, Interim
City Hall, Fayetteville, Arkansas.
PRESENT: Treasurer Linebaugh, Fire Chief Logue, Firemen Springston
and Dill, and Secretary Griffin.
ABSENT: City Manager Grimes, Assistant Chief Boudery and Fireman Judy.
CALL TO ORDER
The meeting was called to order by Treasurer Linebaugh.
MINUTES
Fire Chief Logue, seconded by Fireman Springston, made a motion
to approve the minutes of the meeting of the Pension Board of June 6, 1983.
Upon roll call, the motion passed unanimously.
PENSION LIST
There being no changes to the Pension List of July, 1983, Fireman
Dill, seconded by Fireman Springston, made a motion to approve the Pension
List as submitted. Upon roll call, the motion passed unanimously.
OLD BUSINESS
Fireman Springston inquired if the request by former Firefighter
Danny M. Farrar to withdraw his contributions from the Pension Fund had
been submitted. Treasurer Linebaugh affirmed that this had been done.
Mr. Linebaugh stated as there were no investments made in the month
of June, there were no transactions to report.
Fireman Dill asked if there had been any response from the State
Auditor regarding the request for an increase in benefits. Treasurer
Linebaugh responded that there had been no reply to -date. He discussed
a conversation with Cathryn Hinshaw in which Treasurer Linebaugh requested
our Actuary Study be moved ahead of other routine study because of the
benefit increase issue. Ms. Hinshaw assured him that it would.
NEW BUSINESS
Treasurer Linebaugh stated that the following investments will
mature during the month of July:
Firemen's Pension & Relief Board
July 11, 1983
Page - 2 -
July 18, CD#25171, First National Bank
July 19, CD#11753, Northwest National,
July 25, CD#11709, Northwest National,
July 26, CD#01261, First Federal, $195
Aug. 1, CD#11759, Northwest National,
, $275,405, at 8.45%;
$125,800 at 8.47%;
$220,000, at 8.29%;
,000 at 8.25%;
$312,000 at 8.23%.
Treasurer Linebaugh noted that interest rates are increasing by a
small amount as experts are putting more confidence in the market. Interest
rates for the month of July on 30 -day certificates will be 9.1%; on 90 day
certificates, 9.25%; 180 day certificates, 9.40%, and certificates maturing
in one year will pay 9.25%.
Fireman Dill inquired as to the longest period of time a CD was
normally invested, to which Treasurer Linebaugh replied that one year was
usually the maximum. He noted, however, that the Fire Pension Fund had
some three year investments.
Fireman Springston, seconded by Dill, made the motion to stay with
90 day investments at this time. The motion passed unanimously.
Fireman Springston inquired as to when State turnback checks were due.
Mr. Linebaugh replied that it was usually about this time of the year, but
that he would check on this matter.
Mr. Linebaugh reported that he had requested the Insurance Commission
and the State Pension Commission look into the possibility of the Fayetteville
Fire Pension Fund getting the proceeds from outside fire contracts, including
Greenland, but he had nothing to report on this matter at this time.
ADJOURNMENT
There being no further business before the Board, the meeting adjourned
at 4:50 p.m.
Donald L. Grimes, Chairman