1976-11-10 General MeetingNovember 10, 1976
Minutes
Retirement Trustee Meeting
The meeting was called to order with the following persons
present: Mr. Rick Roberts, Norman Clark, Larry Mobley, Olin
Godwin, Ed Reutebuch, John Bennett, Sandra Bennett, E.H.
Hunt, L.C. Fortner Jr.
Mr. Rick Roberts started the meeting with a discussion
regarding turning all Pension Trust Funds over to Mass-
achusetts Mutual Insurance Co. so the funds could earn
approximately 91% interest instead of the 74% interest that
is being earned in the local banks.
This additional interest and money saved by changing the life
insurance policies to term insurance could increase the
benefits from 1% per service year to 14% per service year.
There would be no guarantee that the money would earn the 92%
but they would pay according to the present market.
The trustees that were present felt that they would like to
think about this awhile and meet again when all the trustees
could be present and make a decision concerning the change.
Meeting Adjourned.