06-29-1994 41/
GENERAL EMPLOYEES PENSION BOARD
MEETING
June 29, 1994
CALL TO ORDER
The General Employees Pension Board meeting was called to order
by Mayor Jack Hayman, in the City Hall Conference Room,
Wednesday, June 29, 1994 at 3:00 p.m.
ROLL CALL
Mayor Jack Hayman Present
City Clerk Susan Wadsworth Excused
Rev. Harvey Hardin Present
Janet Morris Present
Tyna Hilton Present
Gerry Proctor Present
Also present was Jack Ascherl, Consulting Agent of Record and
Deborah Sigler, Personnel Administrator.
OLD BUSINESS
Mr. Ascherl reviewed the Pension Plan Analysis Report which was
distributed to the members. He answered questions posed by the
board members.
He discussed the question regarding the Lump Sum Death Benefit.
The current policy requires the spouses signature to name anyone
else as beneficiary. He explained this could be changed by the
board, however, there will be a cost for the amendment.
Mr. Ascherl went over the Investment Results and the 1st Quarter
Briefly, page by page. He explained the City's investment
philosophy and the results of the past investments.
Mayor Hayman asked the members to look closely at the investment
results of the Small Company Stock and the International Stock.
It was his recommendation that we reinvest in those areas more
than we have currently.
Mr. Ascherl suggested the members discuss this and direct him
accordingly through a motion.
After much discussion, Tyna Hilton moved to reinvest all new
deposits and roll over monies from the General Account to go 500
into Small Money Accounts and 50a into International Stock
Accounts. The motion CARRIED 5 -0.
The meeting adjourned 4:25 p.m. to reconvene in ninety (90) days
at which time we need to discuss an annual general employees
meeting.
Minutes submitted by:
Debby Sigler