1981-08-27 General Fund Special MeetingAugust 27, •981
Retirement System, Board of Trustees Meet
3:30 f.M.
The meeting of the General Employees Retirement System was called to order
by L. C. Fortner, ,Jr. Trustees preseht were: 1 C. Fortner, Jr., Ralph
hornk, Johnny Bennett and C:hnel.:
Mr. Fortner explained t members 4..!Ja.. a meet held on Auust 18, 198,i,
of all Trdstees of the Retirement .:.ystem. There not rodr (4) menfbers
present frOM the General Employees Retirement System,
been called for the pnrpoe or conducting bwilhes.
1r. Fortner opened the floor for discussion on the co-mingling of funds with
the Police and Fire Retirement Systems in order to achieve a higher rate of
interest on Molloy Market Certificates. The Fire and Police Trustees voted
at the August 18, 1981, meeting to continue this method.
After discussion of this process by members, Chuck Eiders moved to co-mingle
funds from the General Employees Retirement System with the Police and Fire
Retirement. Systems in order to achieve a hiher rate of interest. Seconded. by
Johnny Bennett. Motion carried.
Mr. Fortner also advised the members that the Fire and Police Trustees had
voted at the August 18, 1981, meeting to pay persons leaving the employment of
the City with at leas tone (1) year service interest al the pate of
After discussion by the members, iohnny Bennett moved to pay persons in the
General Retirement System leaving the employment of the City with at least
one (1) year of service interest at the rate t 5',L.%, retroactive le perJons
leaving since Junudry 1 193C). Seconded by Chuek Eldors. Metion ourricd.
There he ho further hi.: moo :-:leetin adjourned at 3:50 F.M.