1975-01-15 General MeetingJanuary 15, 1975
Minutes
Joint Meeting of Retirement Trustees
The meeting was called to order with the following persons present:
Edmond Reutebuch, John Bennett, Bobby Dean, Ray Ston, Dewitt Statts,
Olin Godwin, Frank Bennett, Sandra Bennett, L. C. Fortner, Rick Roberts,
Phil Berger, Tommy Gaughan, Ernest '-aunt.
Mr. Rick Roberts of New York Life Insurance Company explained that each
pension trust fund had enough money that some of it could be taken out and
put on deposit with New York Life with a guaranteed interest rate of 72%.
The current rate of interest is 51%. After some discussion the Trustees
voted as follows:
Police Dept. Trustee Dewitt Statts made a motion to deposit the surplus
funds of the Police Pension Plan in a local Bank or Savings account where
the highest interest rate could be obtained. Motion was seconded by
Ray Stone and carried.
Fire Dept. Trustee Tommy Gaughan made a motion to deposit the surplus
funds of the Fire Pension Plan in a local bank or savings account where the
highest interest rate could be obtained. Motion was seconded by Edmond
Reutebuch and carried.
Municipal Employee Pension Trustee Frank Bennett made a motion to deposit
the surplus funds of the Municipal Employee Pension Plan in a local bank or
savings account where the highest interest rate could be obtained. Motion
was seconded by John Bennett and carried.
The following Trustees were appointed to see that the funds of all three
Pension Plans were deposited in a local account where the highest interest
rate would be paid; Phil Berger, Tommy Gaughan, L. C. Fortner and Dewitt
Statts. Transfer of funds to be made as soon as possible.
The following Trustees terms have expired:
Police - Tommy Gaughan
Audley Dunham
Larry Mobley
Ray Stone
Fire - Tommy Gaughan
Audley Dunham
Bobby Dean
Municipal - Phil Berger
Employee Russell Domer
Frank Bennett
The Trustees made a recommendation that the City Council reappoint all of the
above trustees for another two years if they would accept the reappointment.
The following stated they would accept: Tommy Gaughan, Phil Berger, Bobby Dean
Frank Bennett.
January 15, 1975
Minutes
Page 2
Rick Roberts stated a letter of acceptance must be signed by each trustee
and a copy sent to his office.
Rick Roberts explained that the Police Dept. has a surplus of funds in their
Pension Plan because of the money coming from the State on insurance sales.
Mr. Roberts stated that the surplus is large enough to allow the benefit to
be increased from 1% per year of service to 2% per year of service for the
Police Dept. employees.
Chief Statts made a motion that the benefits be increased from 1% to 2%
subject to City Council approval. Seconded by Ray Stone and carried.
Meeting adjourned.