1989-10-09 General MeetingPENSION BOARD MEETING MINUTES
OCTOBER 9, 1989
Trustees present:
General Trustees - Charles Elders, Rick Jordon, Roger Jones, L.C.
Fortner, Jr.
Fire Trustees - Rick Holt, Keith Tomey, Bill Douglas, Clayton
Williams
Police Trustees - Larry Coonfare, L.C. Fortner, Jr.
Others present - Janna Woods, Harry Strunk of Shearson Lehman
Meeting called to order at 4:15 PM
The minutes of the July 27, 1989 Trustee Board Meeting was reviewed
with a motion by Keith Tomey and seconded by Rick Holt to approve
the minutes as written motion carried.
The proposals submitted by the prospective money managers that were
previously passed out to each trustee were discussed by those
present at the meeting.
After discussion of the proposals submitted, the trustees agreed
on the following 4 firms: The Investment Council Co.; Investco
Capitol Management; Wall, Patterson, Hamilton and Allen, Inc.;
Davis and Hamilton Assoc.
The next scheduled meeting of the trustees will be November 13,
1989 at 6:30 PM. This meeting is scheduled to interview the above
money managers with each presentation lasting no more than 30
minutes. This meeting will be advertised as required by State Law.
The monies of the pension plans are currently in Cd's and will
mature near the end of October, 1989. A discussion was held
concerning the investment of the funds until the trustees could
determine which money manager would be selected.
Motion by Keith Tomey and seconded by Bill Douglas to transfer the
Firemens Funds to a Money Market when the Cd's mature at the end
of October. Motion carried.
Motion by Rick Jordon seconded by Charles Elders to transfer the
General Employees Fund to a Money Market when the Cd's mature at
the end of October. Motion carried.
The trustees present discussed the agreement between the City and
Shearson Lehman for the purpose of consultation services. The full
agreement was read aloud by Larry Coonfare.
Motion by Clayton Williams and seconded by Keith Tomey to approve
the Agreement between the City and Shearson Lehman. Motion carried.
Motion by Charles Elders and seconded by Rick Jordon to approve the
Agreement between the City and Shearson Lehman. Motion carried.
Those Trustees present discussed an Agreement between the Citys
pension plans and Hill, Barth & King, Certified Public Accountants.
The agreement is to provide an annual audit with a fee not to
exceed $1,000.00.
Motion by Keith Tomey seconded by Clayton Williams to approve the
Agreement between the City and Hill, Barth & King. Motion carried.
Motion by Charles Elders seconded by Rick Jordon to approve the
Agreement between the City and Hill, Barth & King. Motion carried.
Those Trustees present discussed the new employees, terminated
employees and expenses of the General Employees and Fire Employees.
Motion by Keith Tomey and seconded by Clayton Williams to approve
the following:
New Employees - Jeffery Varri, Ricky Bryant.
Terminated Employees - Ricky Haggard, Wilbur Hodges - Total Refund
$1 ,259.86.
Expenses - $356.05 Actuarial Motion Carried
Motion by Chuck Elders and seconded by Rick Jordon to approve the
following:
New Employees - Freddie Garcia, Stephanie Earnest
Terminated Employees - Bruce Chesser, Lonnie Williams, Loretta
Mammana, Shirley Palmer, Chris Moore - Total Refund $8,182.39.
Expenses - $1,815.87 Actuarial Motion Carried
Meeting adjourned at 5:30 PM
These minutes approved and adopted
General Fund Chairman �(f L
L.C. Fortner, J
General Fund Secretary C���� � - r
Charles Jord n
Police Fund Chairman --
-'L rr obley
Police Fund Secretary
LX. Fotrtner.eZ/J.V.
Fire Fund Chairman
Rick Ho
Fire Fund Secretary
William n6uglas