HomeMy WebLinkAbout1994-12-01 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, December 1, 1994, at 11:00 a.m. in Room 326
of the City Administration Building, 113 W. Mountain, Fayetteville,
Arkansas.
PRESENT: Marion Doss, Pete Reagan, Retiree Darrell Judy (arrived
late), Ron Wood, Mayor Fred Hanna, City Clerk Traci Paul,
and Treasurer Glyndon Bunton.
ABSENT: Howard Boudrey
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Reagan, seconded by Wood, made a motion to approve the minutes of
the October 27, 1994. The motion was approved unanimously.
PENSION LIST
Paul stated there were no changes in the pension list. Reagan,
seconded by Doss, made a motion to approve the pension list for
December, 1994. The motion was approved unanimously.
NEW BUSINESS
INVESTMENT REPORT
Richard Yada, Merrill Lynch, distributed a summary of the portfolio
performance as of October 31, 1994.
He stated, in comparison to last year, New Mexico Capital portfolio
was down in the month of October but they are still in the positive
range for the year. The Fixed Income portfolio is heavily affected
by interest rate fluctuations.
Darrell Judy arrived.
For the total portfolio, the New Mexico fund is up 6.51% and the
Income Account is up 5.16%. The minuses come from unrealized gains
or losses. We are up as far as the actuary is concerned; but, the
way the state calculates it, on paper we are down for the year.
In the Fixed Income portfolio, we are almost at 10% on the cash
side, 42% in bonds, 45% in stocks, and 2% in other categories.
Money markets are paying about 4.5%.
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December 1, 1994
In November some cash was put into a two month CD and a three month
CD and a six month CD. Interest rates are expected to go up in the
near term. We will be as defensive as possible in anticipation of
that. Overall we are defensive.
Yada stated he would try to get a portfolio manager to a meeting in
January or February, 1995. Yada also stated that he would be
devising a questionnaire for board members.
DECEMBER FIREMEN'S PENSION BOARD MEETING
Reagan stated that the next scheduled meeting is December 22. He
suggested the Board not meet until January 26, 1995.
Reagan, seconded by Judy, made a motion to approve the pension list
for January, 1995. The motion was approved unanimously.
ADJOURNMENT
The meeting adjourned at 11:15 a.m.