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HomeMy WebLinkAbout1993-11-18 - Agendas - Final• • AGENDA FIREMEN'S PENSION AND RELIEF BOARD November 18, 1993 11:00 a.m. City Hall Room 326 1. Approval of the minutes of the October 28, 1993 meeting 2. Approval of the Pension List for December, 1993 3. Old Business 1. Drop Plan 4. New Business 5. Adjournment • • • MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, October 28, 1993, at 11:00 a.m. in Room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: ABSENT: Pete Reagan, Retirees Darrell Judy and Richard Baird, Mayor Fred Hanna, and City Clerk Sherry Thomas Marion Doss, Ron Wood, and Treasurer Glyndon Bunton CALL TO ORDER Mayor Hanna called the meeting MINUTES to order. Reagan, seconded by Judy, made a motion to approve the minutes of the September 30, 1993 meeting. The motion was approved unanimously PENSION LIST Reagan, seconded by Judy, made a motion to approve the pension list for November. There were no changes in the pension list. The motion was approved unanimously. OLD BUSINESS DROP PLAN Reagan, seconded by Judy, made a motion to table this discussion to the next meeting when all pension board members could be present. The motion passed unanimously. NEW BUSINESS NOVEMBER MEETING Baird stated the November meeting was scheduled for Thanksgiving. It was decided to move the meeting one week forward to Thursday, November 18, 1993. ADJOURNMENT The meeting adjourned at 11:12 a.m. • • MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, November 18, 1993, at 11:10 a.m. in Room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Marion Doss, Retirees Darrell Judy and Richard Baird, Mayor Fred Hanna, City Clerk Sherry Thomas, and Treasurer Glyndon Bunton ABSENT: Ron Wood and Pete Reagan CALL TO ORDER Mayor Hanna called the meeting to order. MINUTES Judy, seconded the October 28, PENSION LIST by Baird, made a motion to approve the minutes of 1993 meeting. The motion was approved unanimously. Judy, seconded by Doss, made a motion to approve the pension list for December. There were no changes in the pension list. The motion was approved unanimously. OLD BUSINESS DROP PLAN Bunton stated he supports the Drop Plan, but he feels the Board needs to wait until all members are present to act on this plan. Doss, seconded by Judy, made a motion to table this discussion to the next meeting when all pension board members could be present. The motion passed unanimously. NEW BUSINESS INVESTMENTS Bunton stated a $245,000 treasury bill matured on November 11, 1993. He asked what was to be done with this money. Mayor Hanna sated would like to have one of the investment advisors here to tell the Pension Board what investment options are available and what they think would be best. He stated the T-bill that matures was earning 8.75%. He stated Ben Mayes always invests any available money, but he is sure it is not earning nearly as much interest. • November 18, 1993 Doss stated he would like to see what another treasury coupon would earn. Mayor Hanna stated the Board could ask that both Richard Yada and Ben Mayes are at the next meeting and have checked the current rates. Ben Mayes joined the meeting. He stated the money is currently earning about 3%. He does not know what treasury strips are earning at this time. He stated he would contact banks and let them bid on the money. He stated he would bid the money for a 5 year period and have it for the next meeting. Doss stated he feels that might be the best way to reinvest these funds. Mayor Hanna stated treasury strip interest is paid all along the life of the investment. Mayes stated the Pension Board has hired Richard Yada as their investment manager, but the City can sure re -invest the funds, and he will have the current figures at the next meeting. ADJOURNMENT The meeting adjourned at 11:27 a.m. • INVOICE NM CAPITAL MANAGEMENT, INC. 7510 MONTGOMERY., NE SUITE 201 ALBUQUERQUE, NM 87109 October 22, 1993 Merrill Lynch 425 W. Capitol, Suite 200 Little Rock, AR 72201 TM ffrilt )g A_ =:.f3 STATEMENT OF MANAGEMENT FEES: For the period from July 01, 1993 through September 30, 1993 CITY OF FAYETTEVILLE FIRE PENSION AND RELIEF FUND Portfolio Valuation as of 09-30-93 * $ 3,099,535.21 • $ 3,099,535.21 @ 0.1375% 4 4,261.86 Quarterly Management Fee 4,261.86 TOTAL DUE AND PAYABLE $ 4,261.86 ALL INVOICES ARE DUE UPON RECEIPT. TO INSURE PROPER CREDIT. PLEASE INDICATE ACCOUNT NAME ON CHECK. *Portfolio Valuation used for fee computation has been reduced by accruals amounting to $41,592.85.