1985-09-13 General MeetingSeptember 13, 1985
Employee Pension Trust Trustee Meeting 3:00 PM
Meeting was called to order by L.C. Fortner. Trustees present
Oakland Chapman, Larry Mobley, Phillip Purvis, Andy Rubin,
Roger Jones, Charles Elders, Johnny Bennett, L.C. Fortner, Jr.,
Ron Suit, Randy Boyer, Jerry O'Bannon.
General Employee Trustees voted to approve lump sum payment
in the amount of $17,920.27 to Bill Pokusa, who is retiring
September 19, 1985. He chose lump sum payment over monthly
benefits.
Mr. Fortner gave brief information concerning balance in each
pension fund also location of CD's and interest received.
Mr. Fortner brought to the attention of the Trustees that at
present our ordinance only provided that if an employee
died before retirement age and after vesting, the employee's
beneficiary can only receive the employee's contribution
plus interest. All trustees expressed concern and felt that
the beneficiary was intitled to more. The trustee's instructed
Mr. Fortner to get with actuary about amending the present
ordinance upon Council's approval to include if an employee
dies after vesting and before retirement date, his beneficiary
receive his contributions plus City's contribution in monthly
benefits or a lump sum in the manner the Ordinance provides.
There was discussion on investing pension monies. Fortner
informed Trustees that pension monies were invested in CD's
at local banks. There was a question about investing pension
funds in different investment companys for a possible higher
yield. The overall feeling of the trustees was to continue
investing in CD's at local banks covered by proper insurance
with less liability of loss of funds.
Meeting adjourned.