1982-05-11 General MeetingMinutes
May 11, 1982
Time: 3:30 PM
Retirement Systems, Joint meeting of Boards of Trustees.
The meeting was called to order by Landon C. Fortner, Jr.
Trustees present: General Fund, Landon C. Fortner, Jr.
Police, Phillip Purvis, Dexel Brock, Jerry O'Bannon,
Dr. Edward Douglas.
Fire, Dr. Edward Douglas, Allen Harden, Keith Tomey,
Edmond Reutebuch, Ronald Suit.
Also present was Richard Fellows
There was discussion concerning the Actuarial Valuation as prepared
by Kruse, O'Conner & Ling and dated October 1, 1981.
1. Why is 10 years of service required before a person is 100% vested?
We will ask the firm of Kruse, O'Conner and Ling.
2. Why is the $14,296.85 transfered from Police Funds to General
Employees Fund? Logston has been listed with the Police Officers
and because she is a dispatcher and not a Police Officer her
contribution was transfered to the General Employess Fund.
3. How much money is received from the State for the Police and
Fire Funds and how is the amount calculated? The amount received
for last year is listed in your actuarial report. We will ask
the State how the amount is calculated.
4. Can the retirement age be reduced for the retirement systems?
It has been reduced once for the police and fire and can be
reduced again when the actuarial firm recommends it based on
the excess monies in the fund.
5. How will the proposed fire merger affect the retirement plan?
We will ask the firm of Kruse, O'Conner and Ling.
There being no other discussion the meeting was adjourned at 4:00
PM.