1981-08-18 General MeetingAugust 18, 1981
3:30 P.M.
Retirement System, Board oI Trustees Meeting.
The meeting was called to order by L.C. Fortner, Jr.
Trustees present were: General; L.C. Fortner, Jr. & Ralph Horak;
Police; Dr. Edward Douglas, Jerry O'Bannon, Larry Mobley,
Phillip Purvis & Dexel. Brock.
Fire; 1)r. Edward Douglas, Allen Harden, Keith Tomey, E. Reutebuch
& Ronald Suit.
Also present was Richard Fellows.
Minutes of the meeting of April 14, 1981 was read and approved.
The ordinances for the retirement systems require that at least
four (4) trustees from each group be present in the meeting
before business can be transacted. The General Employees did
not have the required four (4) trustees in the meeting, there-
fore a meeting must be held at a later date to transact any
business.
After some discussion of co- mingling all funds to obtain a
higher interest rate Larry Mobley made the motion to co-mingle
all Retirement System Funds in order to obtain a higher rate
of interest. Motion was seconded by Phillip Purvis. Motion
carried for Police Department Trustees.
Keith Tomey made the motion to co- mingle all Retirement
System Funds in order to obtain a higher rate of interest.
Motion was seconded by E. Reutebuch. Motion carried for Fire
Department Trustees.
A discussion was held as to the rate of interest to add to the
members own contributions. After the discussion Keith Tomey
made the motion to add 514 o interest to the average annual
balance of the members own contributions. Motion was seconded
by Larry Mobley. Motion was carried by Police and Fire Trustees.
Keith Tomey made a motion to :r;flke the addition of interest to
members contributions retroactive to January 1, 1980. Motion
was seconded by Phillip Furvis. Motion carried by Police and
Fire Trustees.
Larry Mobley requested a clarification on section 8, paragraph
2, which deals with the interest that is to be added to member
contributions. Should interest be added to a members contributions
when the member is employed less than one year and then leaves
the employment of the City?
Phillip Purvis requested a clarification on Section 6, paragraph
2, which deals with the refund of accumulated contributions
after 10 years of service. If a member leaves the City after 10
years of service does the member receive any of the contributions
that are put into the system by the State or the City?
Meeting adjourned at 4:15 P.M.