ROGERS — A member of the Firemen Pension and Relief Board resigned before walking out of an executive session to pick a new finance firm Wednesday.
Floyd Phillips' resignation was accepted by the board when they returned from executive session.
The board also approved contracting Stephens Capital Investment to oversee one of its pension funds.
The board accepted a $27,535 settlement from its current investment firm Stifel, Nicolaus & Company on July 14. The settlement included about $25,000 an employee invested at a higher rate of commission than was responsible, Kenneth Williams, vice president of the company, previously said.
Andrew Hardie, the employee, has disputed Williams' claims. He said the higher rate of commission was required to invest the money appropriately.