F Manning

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F Manning - Overmeyer To HeaclPensiotts At East Alton EAST...
Overmeyer To HeaclPensiotts At East Alton EAST ALTON. — The East Aton Police Pension Board had its organizational meeting at the •illage hall Tuesday evening, electing officers and discussing tfans for investing its funds. The five-man board consists of hree members elected by the police department 'and two ap- jointed by the mayor. The board of trustees was established, according to statutes, for the pur- lose of controlling the police >ension fund. Appointed by the mayor were Virgil (Stubby) Overmeyer, who was elected president of the board, arid ftobeft Gfeefte, elected secretary. The two appointees drew, lots for a one- and two-year term with Green drawing the two. Other members of the board elected by the police arc Charles Cope, vice president; Francis Lippert, assistant secretary, and Kbert Grimes. Mrs. Margaret Pruitt, village treasurer, will also take care of the pension fund and the village attorney, Francis Manning, will be its attorney. Since establishment of the fund in May, 1954, to July 15, 1955, more than $3,800 has been collected. The mumbers voted to invest this amount in building and loan stock with half going to t.he Citizens Building & Loan and half to the East Alton Savings & Loan. Under the new law the fund is financed through a 5 per cent de duction from the employes* ffcl- ary each month, 10 pi* <seftfc o! all village fiftes, fees &M trtisi- ness license fees, and 15 &sf c*nt of all dog license and a special iax levy which provides approximately $3,500 a year. Since May, 1354, to July 15 the village had contributed $848.64 from business license fees, $282.35 from dog license and $448.50 from fines for ordinance violations. To date employes have contributed $598.26 and $1,587.50 tax money hsfs been submitted— current taxes are not in to date. At the present time the 1 >cat department has ho retired or deceased employes. The board will meet quarterly unless urgent business necessi- <at s a special called meeting. About half the best one-fourth of high school graduates do not go to college, says the U.S. Office of Education.

Clipped from
  1. Alton Evening Telegraph,
  2. 20 Jul 1955, Wed,
  3. Page 13

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