Min Ute S of the Board of Pension Commissioners
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MIN UTE S OF THE BOARD OF PENSION COMMISSIONERS MEETING OF JANUARY 21, 1982 The Board of Pension Commissioners of the City of Los Angeles met in Room 155, City Hall South, on Thursday, January 21, 1982. COMMISSIONERS: Bert Cohen, President Arthur Burdorf, Vice-President Ronald S. W. Lew Olga Marcus Garo Minassian Karl L. Moody DEPARTMENT OF PENSIONS: James J. McGuigan, Acting Manager-Secretary Wm. S. Hutchison, Assistant Manager-Benefits Jerry Bardwell, Investment Officer CITY ATTORNEY: Siegfried O. Hillmer, Assistant City Attorney President Pro Tern Burdorf called the meeting to order at 9:13 a.m. and referred to Item No. 5 on the agenda. DISCONTINUE PENSION - ARTICLE XVII - 1 Dorothy H. Hagerty Police Widow Retired 08-29-69 Died 12-18-81 Approved. Motion by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. DISCONTINUE PENSIONS - ARTICLE XVIII - 2 Norman H. Moore Police Service Retired 10-13-67 Died 12-09-81 John B. Jeffers Police Disab. Retired 08-04-79 Died 06-30-80 Approved. Motion by Commissioner Moody, seconded by Commissioner Lew and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. ELIGIBLE SURVIVING SPOUSE'S PENSION - ARTICLE XVIII - 2 Member's Normal Rate Effective Monthly Name Class Pen. Base % Date Amount Rebecca A. Jeffers Police $2,077.56 50% 07-01-80 $1,038.78 (John B. Jeffers) Disab. Mary E. Moore Police $ 940.00 40% 12-10-81 $ 376.00 (Norman H. Moore) Service Member's CIL $ 466.63 Total $ 842.63 Approved. Motion by Commissioner Lew, seconded by Commissioner Marcus and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. DISCONTINUE MINOR'S PENSION - ARTICLE XVIII - 1 Zelma Jackson, Guardian of the Estate of David McGregor Winchester, minor child of George Winchester, late member of the Fire Department. Discontinue pension effective at the close of January 30, 1982, on account of minor child David McGregor Winchester will attain age eighteen years on January 31, 1982. Approved. Motion by Commissioner Marcus, seconded by CommiSSioner Moody and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. 815 DECREASE WIDOW'S PENSION - ARTICLE XVII - 1 Rosella F. Sawyer, Police Widow from $1,418.45 to $1,266.53, effective at the close of January 25, 1982, on account of Brian E. Sawyer will attain age eighteen years on January 26, 1982. There is one remaining minor child. Approved. Motion by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. DECREASE ELIGIBLE SURVIVING SPOUSE'S PENSION - ARTICLE XVIII - 2 Gloria Jeannine Willett, Fire Widow from $1,208.54 to $966.82, effective at the close of November 7, 1981, on account of minor child, Brian Kirk Willett, attained age eighteen on November 8, 1981. There are no remaining children. Sharon Lawler, Police Widow from $1,411.96 to $1,260.75, effective at the close of January 26, 1982, on account of minor child, Timothy J. Lawler, will attain age eighteen years on January 27, 1982. There is one remaining minor child. Approved. Motion by Commissioner Lew, seconded by Commissioner Marcus and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. PARTIAL PAYMENT OF PENSION - ARTICLE XVIII - 1 In accordance with the City Attorney's advice, 21.8971% of the pension payable to Allan C. Tietjen, Police Service Pensioner, to be paid to his former wife, Sylvia Tietjen, effective January 10, 1982. She is also to receive cost of living adjustments. Approved. Motion by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. SERVICE PENSION - ARTICLE XVIII - 1 (CORRECTION) The Board Action of December 3, 1981 which stated: Detective III Appt'd: 10-01-56 25 Years, 3 Days 55.0000% B. F. Van Deavender Eff: 10-04-81 NPB: $3,352.94 $1,844.12 was in error due to clerical error and should be amended as follows: Detective III Appt'd: 10-01-56 25 Years, 3 Days 55.0247% B. F. Van Deavender Eff: 10-04-81 NPB: $3,352.94 $1,844.95 Approved. Motion by Commissioner Moody, seconded by Commissioner Lew and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. FINDINGS OF FACT - ARTICLE XVIII - 13 FIRE A. Dale A. Henderscheid B. William G. Stover C. Arthur G. Zahn POLICE A. Phillip A. Calamia B. Michael A. Caldwell C. Richard Corriveau D. Richard E. Goodenough E. William C. Harper F. Carol A. Harrison G. Donald W. Perkins H. Richard D. Stage I. William D. Tamblyn J. John G. Varinaitis Approved. Motion by Commissioner Lew, seconded by Commissioner Marcus and adopted by the following vote: ayes, Commissioners Lew, Marcus, Moody and President Pro Tern Burdorf - 4; noes, none. ~ 816 At this point in the proceedings, President Cohen entered the Board room, and drew the attention of the Board members to Item No. 1 on the agenda. INVESTMENTS Mr. Jack Wood, of Wright Investors' Service, carne forward, and asked the Board to approve their stock purchase list. STOCK PURCHASE RESOLUTION NO. 82122 2525 NEW SYSTEM GENERAL PENSION FUND After discussion by the Board it was moved by Commissioner Moody that upon the advice of investment counsel, the Manager-Secretary and/or Wright Investors' Service be authorized to purchase up to $3,500,000 of capital stock in each of the following companies at the market price, plus commission and charges: ARA Services Colgate-Palmolive Abbott Laboratories Colt Industries Alco Standard Columbia Gas American Brands Combustion Engines American Broadcasting Cone Mills American Cyanamid Consolidated Foods American Home Products Consolidated Freightways American Hospital Supply Continental Group American Standard Continental Illinois Corporation American Telephone & Telegraph Cooper Industries Ametek Incorporated Dana Corporation AMP, Incorporated Dayton Hudson Armsted Industries Deere & Company Archer Daniels Delta Airlines Arkansas-Louisiana Gas Deluxe Check Printers ARKLA Dennison Manufacturing Atlantic Richfield Dexter Corporation Auto Data Processing Disney Products Avnet Incorporated DL Pepper Avon Products Donnelley & Sons Baker International Dover Corporation Bandag Incorporated Dresser Industries Bank of New York Dun & Bradstreet Bank of America E. G. & G. Incorporated Bard (C.R.) Incorporated Eastman Kodak Baxter Trav. Laboratories Eaton Corporation Bausch & Lomb Eckerd (Jack) Beatrice Foods Edison Brothers Stores Beckman Instruments Emerson Electric Belco Petroleum Emery Air Freight Bendix Corporation Becton Dickinson Big Three Industries Emhart Corporation Black & Decker Enserch Corporation Blue Bell Incorporated Equitable Gas Borden Incorporated Ethyl Corporation Briggs & Stratton Ex-Cell-O Bristol-Myers Exxon Corporation Bucyrus-Erie FMC Corporation Burndy Fed. Dept. Stores CBS Incorporated First City Bank of Texas CPC International Florida Power & Light Campbell Soup Florida Power Corporation Campbell Taggart Fort Howard Paper Capital Cities Comm. Foxboro Company Carlisle Corporation Gannett Company Carnation Company General Electric Carpenter Technology General Foods Caterpillar Tract General Instrument Central & Southwest General Mills Central Telephone & Utilities General Signal Cessna Aircraft Genuine Parts Chesebrough-Pond's Gerber Products Cleveland-Cliffs Grainger (W.W.) Clorox Company Great Northern Nekoosa Coca-Cola Company Halliburton Company Harsco Corporation Heinz (H.J.) Company Helmerich & Payne 817 Heublein Incorporated Proctor & Gamble Hewlett-Packard Public Service of Indiana Hoover Universal Quaker Oats Houston National Gas Ralston Purina Hughes Tool Company Raytheon Company Illinois Tool Works Republic of Texas Corporation Ingersoll-Rand Revco D.S. Incorporated Interco Incorporated Revlon Incorporated International Business Machines Reynolds (R.J.) Industries Interfirst Rite Aid Corporation International Flav. & Fragrances Rochester Tel Internorth, Incorporated Rollins Incorporated Johnson & Johnson Rorer Group Jostens Incorporated Rubbermaid Joy Manufacturing Schering-Plough K Mart Corporation Schlumberger Limited Kellogg Company Scott & Fetzer Kennametal Incorporated Signode Corporation Kerr-McGee Corporation Smith International Keystone International SmithKline Corporation Kimberly-Clark Snap-On Tools Knight-Ridder Sonat Incorporated Koopers Company Lenox Incorporated Sonat Lilly (Eli) & Company Southern Union Loctite Corporation South Western Public Services Long Drug Stores Sperry Corporation Lubrizol Corporation Square D Company Lucky Stores Squibb Corporation MCA Corporation Standard Brands Paint Macy (R.H.) Company Standard Oil of California Malone & Hyde Standard Oil of Indiana Manufacturing Hanover Stanley Works Masco Corporation Stauffer Chemical May tag Company Sterling Drug McGraw-Hill Stone & Webster Melville Corporation Sundstrand Corporation Mercantile Texas Corporation Super Value Stores Merck & Company TRW Incorporated Midcon Corporation Texas Commerce Midland-Ross Texas Gas Trans Milton Bradley Texas Instruments Minnesota Mining Texas Oil & Gas Mobil Corporation Texas Utilities Morgan (J.P.) Company Textron Incorporated Motorola Thiokol Corporation NBD Bancorp