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HomeMy WebLinkAboutRetirement Committee - Minutes - 02/13/1975F-1 LJ MINUTES CITY OF FORT COLLINS EMPLOYEES RETIRIIviENT BOARD A meeting of the Employees Retirement Board was called to order by the Chairman, Mr. John D. Hartman, on Thursday, February 13, 1975, at 10:00 a. m. Members Attending: John D. Hartman, Warren Dalke, Phillip A Shade, Charlie Cain Members Absent: Jack Williams Others Attending: Dr. J. W. N. Fead, Mayor, Jim Harding The minutes of the November 19, 1974, meeting were read and approved as read. The following applications were submitted for approval: HERMAN UHRICH - Early Retirement Benefit. $211.16 per month, payable throughout his life, ceasing with the monthly payment prior to his death. First monthly payment is due April 1, 1975. LUTHER S. FUZE - Final figures were not available at this date from the actuary. Mr. Cain advised that there might be • a problem due to the fact that Mr. Mize had named a very young beneficiary and that a rough estimate of the normal retirement benefit would be $88. A motion was made by Warren Dalke that Herman Uhrich's application be approved and that the selection made by Luther Mize be approved at this time. It was seconded by Charlie Cain. Tha motion carried. The proposed resolution (dated January 20, 1975) submitted by Art March, Jr. was discussed and the letter from Mr. Williams stating that he felt specific banks should not be named in paragraphs 1 and 2E (copy attatched) was submitted to the committee. The committee agreed with Mr. Williams' opinion and felt that it would be a good idea to forward this to Art March, Jr. The committee felt that there may be a need for two resolutions - one for the City Operating Funds and one for Retirement Funds. The committee would riot necessarily recommend liberalization of City Operating Funds and do not want to impose their thoughts about retirement finds on operating funds. The committee favored liberalization of the Retirement Funds, but may not invest this way. The proposed ordinance stated the funds should be in the name of the Director of Finance. The committee feel it should be in the name of the City of Fort Collins. This will also be submitted to Art March, Jr. 0 ;rY:cplcyees F.etiremer&ard - NLinutes • Pace Febr:aaiy .13, 1975 It was noted that the city's own bonds should be named as an investment available. The Ars,ual Report - January 1, 1974 to December 31, 1974 - was presented. to the corn attee. Mr. Cain provided the ocrmittee with the letter (copy attatched) he had received from F.D.I.C. regarding the amount of deposit insurance. It was decided to get Art March, Jr.'s opinion on the matter. Thci cmmittee discussed the State Statue and generally liked the language provided by it. A discussion followed about the definitions of long term and short term. It was generally felt that at this time, the criteria for investments should be maxunum yield. Authorization was granted to Charlie Cain to purchase a $100,000 C.D. in one of the savings and loan institutions for 6 months or longer but not to exceed 4 years. 1% difference in yield will be the guideline for the longer investments. It was decided that Mr Cain would contact the members by telephone for their vote on the investments as they came -due. Meeting adjourned. a Charlie D. Cain