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Home My WebLink About1995-08-31 - Agendas - Final• AGENDA FIREMEN'S PENSION AND RELIEF BOARD August 31, 1995 11:00 a.m. City Hall Room 326 1. Approval of the minutes of July 27, 1995. 2. Approval of Pension List for September, 1995 3 Old Business 4 New Business A. Investment Report, Merrill Lynch 5. Adjournment • • MINUTES OF A FIRE PENSION RELIEF BOARD MEETING A meeting of the Fire Pension Relief Board was held on Thursday, July 11, 1985 at 4:30 P.M. in Room 313 of City Hall, 113 W. Mountain Street, Fayetteville, Arkansas. PRESENT: Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary Suzanne Kennedy, Fire Chief Paul Logue, Firemen Judy, Reagan and Springston ABSENT: Fireman Dill CALL TO ORDER . The meeting was called to order by Chairman Grimes. MINUTES The minutes of the June, 1985 meeting were approved as submitted. PENSION LIST It was moved by Reagan, seconded by Judy, and unanimous, to approve the Pension List for July. OLD BUSINESS Linebaugh reported that a C.D. held at First Federal of Arkansas in the amount of $571,000, at the rate of 9.1%, matured on June 19th. He explained that a Treasury Bill was purchased through First National Bank for a term of 182 days, with a 7.16% interest rate (the highest rate which was bid of the three banks which submitted bids). Linebaugh noted that the market is going to stay low for awhile. It was moved by Springston, seconded by Reagan, and unanimous, approve the investment made per the Board's instructions. Linebaugh reported that a $120,000 C.D. held at First Federal of Arkansas is due to mature on July 24 and can be invested along with $30,000 in savings. Linebaugh reported on current available rates: to • Fire Pension Relief Board Minutes July 11, 1985 Page 2 Term 90 days 180 days 1 year 2 years T -BILLS 2 years 5 years Interest Rate 7.35% 7.5% 7.85% 8.00% 8.65% 9.50% Linebaugh recommended going out for bids for to determine the best rates on both types recommended a short-term investment, such as After discussion, and with Logue suggesting agreed to take quotes for 120 days. C.D's and Treasury Bills, of investments; he also 90 days. a longer term, the Board NEW BUSINESS Linebaugh distributed copies of a June 5 memo from LOPFI (Arkansas Local Police & Fire Retirment System and Pension Review Board) which addresses Act 6 of 1985 -- the provisions do not require the Board to expand its investment portfolio but, should they decide to do so, requires them to hire a professional investment advisor. Linebaugh recommended the Board improve its portfolio by investing in "zero coupons", by purchasing them through an investment firm at some time in the future (since rates are too low right now). Linebaugh explained that the coupons are government securities which earn higher interest rates. Linebaugh asked the Board to decide whether to continue to put off the many investment firms which contact the city staff -- or whether to schedule presentations by all the firms which have been contacting the staff. Springston stated he had met with Merrill -Lynch who said they would prefer to make a presentation to the Fire Department. Linebaugh noted that, because the Board had agreed to hold off on inviting the investment firms to give presentations, he has been turning down requests from all the firms which have been making requests. Grimes remarked that he would be opposed to allowing firms to meet with the—Fir-e—Departmentbef-ore_meeting. with_the_FirePension Board._. Grimes stated also that he was still in support of the Board's present conservative approach to investments. Springston stated he would like to have the Board hear a presentation from Merrill -Lynch. Reagan commented that he would like to hear presentations from both Merrill -Lynch and other firms. Linebaugh, with Chief Logue concurring, suggested ri t Fire Pension Relief Board Minutes July 11, 1985 Page 3 the Board review all the firms and than narrow them down to one or two firms which could .then make a presentation to the department. It was agreed that Linebaugh would schedule presentations by three or four firms. Reagan reported that, pursuant to Act 927 of 1985, Section 2 provides that the Fire Pension Board's membership shall include: Chief Executive Officer of the Municipality City Clerk Fire Chief 3 active members of the Fire Department 1 retiree Reagan added that the Act provides for the retiree to be chosen in May of every even numbered year. Reagan commented that he thought there should be some stipulation regarding how many meetings can be missed before being dropped from the Board. He suggested a notice be sent out in pension checks, asking the retirees to express any interest in being nominated to the Board. He noted that the term of membership would be for two years. It was decided that some ground rules would be set on how the retiree member would be chosen, before contacting the retirees. ADJOURNMENT With no further business, it was moved by Reagan, seconded by Judy and unanimously approved to adjourn the meeting at 5:07 P.M. s yy�� h2Llln CHAIRMAN MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, July 27, 1995, at 11:00 a.m. in room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Marion Doss, Pete Reagan, Ron Wood (arrived late), Darrell Judy, Mayor Fred Hanna, and City Clerk/Treasurer Traci Paul. ABSENT: Howard Boudrey CALL TO ORDER Mayor Hanna called the meeting to order and explained that he would need to leave the meeting at 11:30 a.m. in order to attend another meeting. MINUTES Reagan, the May seconded by Judy, made a motion to approve the minutes of 25, regular meeting. The motion passed unanimously. PENSION LIST In answer to a question from Mayor no changes in the pension list. In answer to a question from Doss raises, Paul stated there were no she was not sure of the status of Hanna, Paul stated there were regarding the volunteer's changes in the pension list and the raises. In answer to a question from Doss, Reagan stated the State Law went into effect today. Mayor Hanna stated the changes should show up on the pension list for September. Doss stated that seven people would be effected by the increase. Total increases would amount to $55.00. In answer to a question from Mayor Hanna, Reagan stated the State Law did not affect any of the full paid retirees. They are all already receiving more than the minimum. Doss listed the following retired volunteers and widows that are eligible for an increase to $50.00 per month: Elizabeth Barnes, Floyd Carl Jr., Arnold Christie, Hope Lane, Wilkie Morris, Grace Polly. Each person is currently receiving $45.00 per. month. Reagan asked that a letter of explanation be sent to each person. • July 27, 1995 Judy, seconded by Reagan, made a motion to approve the pension list with the noted changes. The motion passed unanimously. OLD BUSINESS PENSION BOARD MEMBER ELECTION Reagan stated the Board needs to vote on Ron Wood's position. Doss stated letters were mailed out requesting nominations. Ron Wood's name was submitted. Doss, seconded by Reagan, made a motion to accept the nomination of Ron Wood to serve on the Board for another two year term. The motion passed unanimously. NEW BUSINESS INVESTMENT REPORT Curtis Williams, Merrill Lynch, distributed a packet of information to each Board member. In reviewing the portfolio performance from December 31, 1994 to June 30, 1995, Richard Yada stated on December 31, 1994, New Mexico Capital was at $4.2 million and the Income Account was at $3.2 million. At the end of June, the New Mexico Account was at $4,708,090 and the Income Account was at $3,590,612. There were some withdrawals in March and April to cover some benefits. The stock market is up 20%. The Long Term Treasury Bond is up 18% and the High Grade Corporate is up 14%. The New Mexico Capital Account is up 11.30%. The Income Account is up 11.42%. Yada stated the year, so far, has been good. In reviewing the asset allocation as of June 30, 1995, Yada stated the fixed income is right about where it needs to be. Cash is a little high because of the drop in interest rates during the first part of June. The opportunity was there so profits were captured on some bonds. In answer to a question from .a Board member regarding the Other section of the asset allocation chart, Yada stated Other is the MLE and the Sector Strategy Fund. Williams explained that the MLE fund is winding down. They are in the liquidation phase of that partnership. In answer to a question from Reagan, Williams stated we know what we have made up to this point. We've gotten all of our money back plus some. • July 27, 1995 Yada stated the asset allocation makes up about 93% of the return on the portfolio. Yada explained that it is a good time to take money out of New Mexico and put it with another growth manager. Williams stated, referring to asset allocation, we are trying to keep all of the money diversified in a way that all of the assets will not be moving in the same way at the same time. The market cannot be controlled so there should be varied asset classes that will perform differently in a given market cycle. Mayor Hanna left the meeting. Portfolio managers want to see 100% negative correlation, two investments going in the opposite direction at the same time so the target level is always being reached. Growth and value, two different investment stocks, do tend to have a negative correlation. When we came out of Roxbury, it was believed that growth was going to underperform. Now, it is time to get growth back in the portfolio. Asset allocation will remain the same. Rom Wood arrived. Yada recommended that the Board take the money given to NM Capital in 1993 and shift it back to a growth manager. Williams stated that there have been indications that growth is going to come back and be the dominant investment theme. Yada introduced Keystone as the recommended growth manager. Yada explained that Keystone has a great record. In the last 20 years, they have outperformed inflation by an average of 9%. Last year, a good year for value managers, was their only down year. Williams stated in the future, we may want to cut back down to value again. In answer to a question from Reagan, Williams stated Merrill Lynch has given their stamp of approval to Keystone. In answer to a question from Reagan, Yada stated he recommends that $1 million out of the $4.7 million in the NM Capital account should be moved to the equity manager. In answer to a question from Reagan, Yada stated we are going 80% into equities. Williams stated the bonds that Keystone will hold will do the same things that the bonds that NW Capital will hold. Williams stated when New Mexico raises the million, they will raise some of that from bonds. Our bonds position will be cut slightly and our equity position will be increased. July 27, 1995 We are slightly out of allocation. This will get us back in line and achieve some diversification. Yada and Williams discussed .possible market projections. Yada stated the Pension Review Board changed rule #4. Yada reviewed the actuary report for 1993. Yada explained that an additional five years are allotted to pay off any unfunded liability. Starting in the year 1998, we can have 5% of our unfunded liability still uncovered and still be considered actuarily sound. Yada stated that switching some money from NM Capital to Keystone will help profits. The profits will reduce the unfunded liability. Yada discussed projected benefit payments and stated that being a little ahead in projections would benefit the actuary. In answer to a question from Reagan regarding the actuary, Yada stated there are some drafts being taken out of the checking account. The City Accounting Division said they were some kind of City investment. Paul stated she was unsure of the reason for the drafts. Yada suggested the members of the Board discuss the drafts with Emma Badgley in the City Accounting Division. In answer to a question from Reagan, Paul stated the pension payments are processed through the Accounting Division after the pension list is signed and forwarded to them. Reagan, seconded by Wood, made a motion to move $1 million over to Keystone. The motion passed unanimously. OTHER BUSINESS DROP PLAN REPORT In answer to a question from Doss regarding the work being done by the attorney hired by the Board, Reagan stated Greg Jones has been in contact with a Little Rock law firm. The request could have gone to the Oklahoma City Office of the IRS. ADJOURNMENT The meeting adjourned at 11:55 a.m. FIREMEN'S RELIEF AND PENSION FUND SEPTEMBER 1995 TRACI PAUL TREASURER •THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF SEPTEMBER 1995. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. • EMP# NAME 43 BAIRD, RICHARD H. 1 BARNES, ELIZABETH 2 BLACKARD, PAUL 63 BOLAIN, ANN 44 BOUDREY, BETTY MRS. 45 BOUDREY, HOWARD 49 BOUDREY, JACK 4 CARL, FLOYD JR 5 CASELMAN, ARTHUR 57 CATE, ROY 6 CHRISTIE, ARNOLD 7 COLE, EVERETT 8 COUNTS, WAYNE 61 DAVIS, BEULAH F. 10 DEARING, EMMA MRS. 11 FARRAR, ALONZO 38 FRALEY JOSEPH G. 33 HARRIS, BILL C. 34 HARRIS, JAMES E. 64 JORDAN, CHARLIE 47 JUDY, DARRELL 37 KING, ARNOLD D. 54 KING, ARVIL 12 LANE, HOPE MRS 13 LAYER, MERLIN 14 LEE, HAROLD 51 LEWIS, CHARLES 60 LEWIS, MARVIE 55 LEWIS, ROGER 40 LOGUE, PAUL D 50 MASON, LARRY 39 MC ARTHUR, RONALD A. 35 MC CHRISTIAN, DWAYNE 15 MC WHORTER, CHARLES 29 MILLER, DONALD 42 MOORE, JAMES H. 17 MORRIS, WILKIE MRS. 16 MORRIS, WILLIAM H. 62 MORRISON, ELIENE 48 MULLENS, DENNIS W. 58 OSBURN, EDWARD 46 OSBURN, TROY 53 POAGE, LARRY 20 POLLY GRACE A. MRS. 22 REED, JOE 30 SCHADER, EARVEL 41 SCHADER, TROY 23 SKELTON, BURL L. 24 SKELTON, LEE 56 SKELTON, ROY 36 SPRINGSTON, CARL 25 STOUT, ORVILLE GROSS FED. TAX ST. TAX NET 916.20 100.00 45.00 55.00 55.00 1,266.21 66.21 1,066.66 837.68 287.68 45.00 75.00 909.50 45.00 375.00 32.50 55.00 377 50 50.00 707.84 953.38 100.00 55 00 55.00 1,192.17 837.68 828.42 100.00 1,131.00 130.00 45.00 417.50 55.00 837.68 439.16 4.39.17 1,469.38 175.00 829 35 29.35 891.62 100.00 55.00 30.00 885.14 50.00 863.01 125.00 55 00 45.00 60.00 70,00 1,114.11 1,284.63 160.00 965.81 65.81 1,201.98 200.00 45.00 55.00 915.78 783.74 20.00 692.50 42.50 390.00 1,626.02 126.02 609.88 590.36 50.00 816.20 45.00 55.00 55.00 1,200.00 1,066.66 50.00 500.00 45.00 75.00 909.50 45.00 342.50 55.00 377.50 50.00 707.84 10.00 843.38 55.00 55.00 1,192.17 837 68 10.00 718.42 1,001.00 45.00 41750 55.00 837.68 439.16 439.17 20.00 1,274.38 800.00 791.62 25.00 835 14 738.01 55.00 45.00 60.00 70.00 1,114.11 1,124.63 900.00 30.00 971 98 45.00 55.00 915.78 763.74 650.00 390.00 50.00 1,450.00 609.88 540 36 27 TUNE, MILDRED MRS. 26 TUNE, BILLIE SUE 28 WATTS, DONALD 59 WATTS, WAYNE 52 WRIGHT, RANDALL 70.00 70.00 400.00 921.17 877.68 96.17 150.00 70.00 70.00 400.00 825.00 727.68 32,004.91 2,236.24 170.00 29,598.67 WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES. SECRETARY CHAIRM AIVD PRE DENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS • SWORN TO AND SUBSCRIBED BEFORE ME THIS027/ADAY OF Se fol , 1995. • N ARY PUBLIC MY COMMISSION EXPIRES: 3/i/aocS- �otiu unny,� • i° kp•• SOTAR ` E* ie.e Y •c, jt :°UeL1C '• y= .• � • FAYETTEVILLE 3500 NORTH COLLEGE 11 NORTH COLLEGE CBCITIZENS BANK OF NORTHWEST ARKANSAS P.O. BOX 1407 FAYETTEVILLE, AR 72702-1407 501-521-8000 CITY OF FAYETTEVILLE FIRE PENSI1N FUND HOLD SEND TO BR BANK CD#38 727'1 ROGERS 2000 WEST WALNUT BOOKKEEPING 621-8000 PAGE 1 DATE 1-31-95 ACCGUNT# 11634-1 START THE NEW YEAR 8Y SAVING FOR YOUR RETIREMENT dITH AN IRA AT CITIZENS BANK! CALL 521-8 TODAY FOR PATE I';F1RMATION. Ii.=NTIFIC4TION" 716-"1-8452 • * * SUPER NOW PUBLIC FUNDS PREVIOUS EALANCE 12-3i-94 + DEPOSITS/CREDITS 4 - CHECKS/DEBITS 62 - SERVICE CHARGE + INTEREST PAID CURRENT BALANCE INT=RES" INTEREST DATE 1-11 1-12 1-13 1-25 1-26 PAID THIS YEAR W ITHHHELD THIS YEAR DESCRIPTIVE TRANSACTIONS TRACER DESCRIPTION 8 CUSTOMER OEPOSIT 4 HIRE TRANSFER CREDIT 11 CUSTOMER DEPOSIT 25 CUSTOMER DEPOSIT 1 NIRS TRANSFER DEBIT OTHER ACTIVITY CEBIT INTEREST SUMMARY 11278.6, 3",635.65 36,957.74 37.85 4,794.39 DEBIT DATE 12-31 1-1_ -13 1-16 1-23 1_-26 * BALANCE 11_.,78.6^ 9433.61 35_43.88 1-993.26 6343.64 48'1.54 * AMOUNT 9733.9^ 15000.00 * 1,L41.38 DEPOSIT 37.85IP DAILY BALANCE SUMMARY DATE BALANCE 1-.:3 11^. 8.6t. 1-11 19172.5. 1-4.E 35441.46 1-19 98b".25 1-24 6"1.1.14 1-27 4756.54 NO. DATE 2359 1-18 2485* 1-1^ 2497* 1-1n 2525* 1-43 2522* 1-13 2526 1-17 2529 1-23 253: 1-17 2532 1-17 2534 1-1B 2536 1-18 2538 1-18 254, 1-2C 2542 1-16 2545 1-18 2547 1-27 AMOUNT 5^ 825."1. 65".^: 25.^„ 17^.'1. 541.36 971.96 75•^b 417.5. 718.42 8L^.% 835.14 71.1, 17166.66 1th1.2.J 45.10 45.ru CHECKS PAID DAT: 1-31 DATE 1- 9 1-12 1_17 1-2, 1-25 1-31 BALANCE 1^953.6- 34172.5- 242B5.214 6857.8_ 1'811.54 4794.39 NO. DATE 2477* 1-17 2489* i -•a3 25''_* 1-u9 2512* 1-1^ 2523 1-.6 2525 1-17 2527 1-18 2529 1-24 2531 i-.3 2533 1-16 2535 1-18 2537 1-i7 2539 1-25 2541. 1-18 2544* 1-18 2546 1-2'1 2548 1-18 AMOUNT 5^.^J 45•^'1 55.^' 45.'\, 837.68 45.?u 342.5; 55.^La 763.74 5^.% 6D.^u 55.^u 1114.11 39').% 45."u 915.78 * • • • 3500 NORTH COLLEGE VI 1 ILCIVJ DMPII 2000 WEST WALNUT 11 NORTH COLLEGE OF NORTHWEST BOOKKEEPING 6218000 ARKANSAS P.O. BOX 1407 FAYETTEVILLE' AR 72702-1407 501-521-8000 CITY JF FAYETTEVILLE FIRE PENSION FUND HOLD SENO TU BR BANK CD#38 72701 PAGE 1 DATE 2-28-95 ACCOUNT# 1063401 START THE NEW YEAR BY SAVING FOR YOUR RETIREMENT WITH AN IRA AT CITIZENS BANK! CALL 521-8000 TODAY FOR RATE INFORMATION. IUFNTIFICATIONr 716-01-8462 PREVIOUS BALANCE + DEPOSITS/CREDITS - CHECKS/DEBITS - SERVICE CHARGE + INTEREST PAID CURRENT BALANCE * * * INTEREST INTEREST INTEREST P AID THIS YEAR W ITHHELD THIS YEAR DATE 2-08 2-09 2-10 2-23 TRACER 8 4 4 7 SUPER NOW PUBLIC FUNDS 1-31-95 4 59 SUMMARY 4,794.39 34,077.14 31,612.74 .00 31.94 7,290.73 DESCRIPTIVE TRANSACTIONS D ESCRIPTION CUSTOMER DEPOSIT WIRE TRANSFER CREDIT W IRE TRANSFER CREDIT CUSTOMER DEPOSIT DEBIT DATE 1-31 2-06 2-09 2-15 2-21 2-27 BALANCE 4794.39 4554.39 27944.52 25079.53 7653.98 7253.79 OTHER ACTIVITY DEBIT DAILY DATE 2-02 2-07 2-10 2-16 2-22 2-28 NO. DATE 2543 2-22 2558* 2-07 2563 .2-06 2581 2-15 2583 2-17 2585 2-16 2587 2-17 2589 2-15 2591 2-14 2594* 2-16 2596 2-21 2598 2-22 2600 2-17 2602 2-16 2605 2-17 2607 2-17 2609 2-15 2611 2-16 AMOUNT 825.00 55.00 25.00 837.68 900.00 45.00 342.50 55.00 763.74 835.14 70.00 1066.66 1001.00 390.00 45.00 55.00 1124.63 1200.00 69.79 .00 AMOUNT * * 19359.38 5000.00 DEPOSIT 31.941P BALANCE SUMMARY BALANCE 4749.39 4499.39 32944.52 13738.99 3435.89 7290.73 CHECKS PAID Pv41,n1hrse rrnr DATE 2-28 DATE 2-03 2-08 2-14 2-17 7-23 BALANCE 4579.39 8585.14 29944.54 9905.99 7303.79 NO. DATE 2555* 2-08 2562* 2-02 2580* 2-03 2582 2-15 2584 2-15 2586 2-16 2588 2-16 2590 2-22 2592 2-21 2595 2-15 2597 2-21 2599 2-23 2601 2-22 2604* 2-16 2606 2-16 2608 2-16 2610 2-16 2612 2-16 AMOUNT 650.00 45.00 170.00 540.36 971.98 75.00 417.50 718.42 800.00 60.00 55.00 1114.11 825.00 45.00 915.78 1274.3d 400.00 55.00 4 * • FAYETTEVILLE 3500 NORTH COLLEGE 11 NORTH COLLEGE alCITIZENS BANK OF NORTHWEST ARKANSAS P.O BOX 1407 FAYETTEVILLE, AR 72702-1407 501-5214000 CITY OF FAYETTEVILLE FIRE PENSIfN FUND HOLD SEND TO BR BANK CD#38 72701 START THE NEW YEAR AN IRA AT CITIZENS INFORMATION. IDE;.TIFICATIONf 716-01-8462 ROGERS 2000 WEST WALNUT BOOKKEEPING 621-6000 DATE ACCOUNTS BY SAVING FOR YOUR RETIREMENT WITH SANK! CALL 521-8000 TODAY FOR RATE PREVIOUS BALANCE +DEPOSITS/CREDITS -CHECKS/DEBITS -SERVICE CHARGE +INTEREST PAID CURRENT BALANCE SUPER NOW PUBLIC FUNDS 2-28-95 6 60 7,290.73 35,031.52 37,042.74 .00 32.69 5,312.20 * INTEREST SUMMARY INTEREST WITHHELD THIS YEAR DESCRIPTIVE TRANSACTIONS INTEREST PAID THIS YEAR PAGE 1 3-31-95 1063401 • DATE TRACER DESCRIPTION 3-06 22 CUSTOMER DEPOSIT 3-08 9 CUSTOMER DEPOSIT 3-09 4 WIRE TRANSFER CREDIT 3-10 4 WIRE TRANSFER CREDIT 5Cer..t 1A 3-15 6 CUSTOMER DEPOSIT 3-22 7 CUSTOMER DEPOSIT 3-23. 13 WIRE TRANSFER DEBIT 102.48 .00 • * * DEBIT DATE 2-28 3-08 3-13 3-17 3-22 3-27 BALANCE 7290.73 8257.68 32212.47 11622.08 9291.18 5324.51 OTHER ACTIVITY DEBIT * AMOUNT 917.28 4754.61 4004•79"-"± - 20000.00 641.11 3.6 3000.00 DEPOSIT 32.69IP DAILY BALANCE SUMMARY DATE BALANCE 3-02 3290.73 3-09 12262.47 3-15 28503.97 3-20 8501.56 3-23 5827.01 3-31 5312.20 CHECKS PAIO N0. DATE 2593 3-13 2616* 3-06 2640* 3-16 2642 3-16 2644 3-17 2646 3-27 2648 3-16 2650 3-15 2653* 3-20 2655 3-20 2657 3-21 2659 3-16 2662 3-22 2664 3-24 2666 3-17 AMOUNT 50.00 55.00 837.68 900.00 45.00 342.50 55.00 763.74 835.14 70.00 1066.66 1001.00 45.00 45.00 55.00 DATE 3-31 DATE 3-06 3-10 3-16 3-21 3-24 BALANCE 4153.01 32262.47 20425.50 4677.51 5712.01 1I0. DATE 2613* 3-08 2638* 3-15 2641 3-17 2643 3-16 2645 3-17 2647 3-16 2649 3-17 2651 3-17 2654 3-16 2656 3-20 2658 3-16 2661* 3-17 2663 _ 3-20 2665 3-17 2667 3-17 AMOUNT 650.00 170.00 540.36 971.98 75.00 417.50 718.42 800,00 60.00 55.00 1114.11 390.00 45.00 915.78 1274.38 * * FAYETTEVILLE 3500 NORTH COLLEGE 11 NORTH COLLEGE a3 CITIZENS BANK OF NORTHWEST ARKANSAS P.O. BOX 1407 FAYETTVILLE, AR 72702-1407 501-521-8000 CITY OF FAYETTEVILLE FIRE PENSION FUND HOLD SEND TO BR BANK C0#38 72701 ROGERS 2000 WEST WALNUT BOOKKEEPING 621.8000 PAGE 1 DATE 4-30-95 ACCOUNT# 1063401 START THE NEW YEAR BY SAVING FOR YOUR RETIREMENT WITH AN IRA AT CITIZENS BANK! CALL 521-8000 TODAY FOR RATE INFORMATION. IDENTIFICATION/ 716-01-8462 . • SUPER NOW PUBLIC FUNDS PREVIOUS BALANCE 3-31-95 +DEPOSITS/CREDITS 4 - CHECKS/DEBITS 56 - SERVICE CHARGE +INTEREST PAID CURRENT BALANCE 5►312.20 52►570.51 48►840.61 .00 52.84 9►094.94 • INTEREST SUMMARY INTEREST PAID THIS YEAR INTEREST WITHHELD THIS YEAR * DESCRIPTIVE TRANSACTIONS DATE TRACER DESCRIPTION 4-05 31 CUSTOMER DEPOSIT 4-11 14 WIRE TRANSFER CREDIT fg04t/L- 4-13 12 CUSTOMER DEPOSIT 4-19 28 CUSTOMER DEPOSIT 4-20 6 WIRE TRANSFER DEBIT 4-27 3 WIRE TRANSFER DEBIT t • • DEBIT . DATE 3-31 4-10 4-14 4-19 4-25 4-30 BALANCE 5312.20 9561.56 50553.97 31798.78 15619.28 9094.94 OTHER ACTIVITY DEBIT DAILY DATE 4-05 4-11 4-17 4-20 4-26 NO. DATE 2652 4-10 2697• 4-13 2699 4-17 2701 4-18 2703 4-18 2706 4-17 2708 4-14 2711* 4-17 2713 4-18 2715 4-18 2717 4-17 2720 4-19 2722 4-21 2724 4-20 2727• 4-17 2729 4-17 155.32 .00 AMOUNT 4949.36 25000.00 17763.83 32 • 15000. 5000.00 - • DEPOSIT 52.84IP BALANCE SUMMARY BALANCE 10261.56 34561.56 44533.31 16643.78 14780.11 CHECKS AMOUNT 50.00 170.00 540.36 971.98 75.00 55.00 763.74 835.14 70.00 1066.66 1001.00 45.00 45.00 55.00 400.00 55.00 PAID DATE 4-30 DATE 4-06 4-13 4-18 4-21 4-27 BALANCE 9611.56 52155.39 30261.79 15689.28 9042.10 s NO. DATE 2672* 4-06 2698 4-14 2700 4-18 2702 4-18 2705• 4-18 2707 4-18. 2709 4-18 2712 4-18 2714 4-19 2716 4-19 2719* 4-18 2721 4-18 2723 4-18 2725 4-18 2728 4-17 2731• 4-18 AMOUNT 650.00 837.68 900.00 45.00 417.50 718.42 800.00 60.00 55.00 1114.11 390.00 45.00 915.78 1274.38 1200.00 727.68 • R • 3500 NORTH COLLEGE 11 NORTH COLLEGE CITY OF FAYETTEVILLE FIRE PENSION FUNO HOLO -SENO TO BR 401 FB0 CO #38 72701 Lr111LG110 dHIVt1 OF NORTHWEST ARKANSAS P.O. BOX 1407 FAYETTEVILLE, AR 72702-1407 501-5214000 410.-0\0111-“J 2000 WEST WALNUT BOOKKEEPING 621-8000 PAGE 1 GATE 5-31-95 ACCOUNT# 1063401 START THE NEW YEAR BY SAVING FOR YOUR RETIREMENT WITH AN IRA AT CITIZENS BANK! CALL 521-8000 TODAY FOR RATE INFORMATION. IDENTIFICATION# 716-01-8462 SUPER PREVIOUS BALANCE 4-30-95 +DEPOSITS/CREDITS 5 - CHECKS/DEBITS 64 - SERVICE CHARGE + INTEREST PAID CURRENT BALANCE • INTEREST INTEREST INTEREST SUMMARY PAID THIS YEAR W ITHHELD THIS YEAR * DESCRIPTIVE TRANSACTIONS DATE TRACER DESCRIPTION 5-03 11 CUSTOMER DEPOSIT • 5-04 5 WIRE TRANSFER DEBIT 5-10 10 CUSTOMER DEPOSIT 5-12 1 WIRE TRANSFER CREDIT <-- 5-17 6 CUSTOMER DEPOSIT 5-31 8 CUSTOMER DEPOSIT NOW PUBLIC FUNDS 9,094.94 47,493.79 45,298.52 .00 34.79 11,325.00 • * DATE 4-30 5-04 5-11 5-16 5-19 5-26 DEBIT BALANCE 9094.94 6074.15 28359.15 25285.12 8038.25 6671.07 OTHER ACTIVITY 190.11 .00 AMOUNT 4619.14 DEBIT DEPOSIT 34.79IP BALANCE SUMMARY BALANCE 7283.83 5319.15 36709.15 14827.75 7484.08 11325.00 DAILY OATS 5-02 5-08 5-12. 5-17 5-22 5-31 NO. OATE 2660 5-12 2710* 5-08 2726* 5-16 2733* 5-08 2755* 5-11 2757 5-17 2759 5-16 2761 5-23 2764 5-17 2766 5-15 2769* 5-17 2771 5-22 2773 5-17 2775 5-15 2778 5-16 2780 5-19 CHECKS PAID AMOUNT 825.00 50.00 1124.63 55.00 170.00 540.36 971.98 75.00 55.00 763.74 835.14 70.00 1066.66 1001.00 45.00 45.00 Member FDIC DATE 5- 31 DATE 5-03 5-10 5-15 5-18 5-23 BALANCE 12074.15 28529.15 34051.73 8628.25 7409.08 NO. DATE 2704* 5-02 2718* 5-12 2730* 5-08 2738* 5-02 2756 5-15 2758 5-16 2760 5-17 2763* 5-17 2765 5-16 2767 5-17 2770 5-16 2772 5-18 2774 5-17 2771* 5-16 2779 5-17 2781 5-17 AMOUNT 342.50 825.00 650.00 25.00 837.68 900.00 45.00 417.50 718.42 800.00 60.00 55.00 1114.11 390.00 45.00 915.78 * * FAYETTEVILLE 3500 NORTH COLLEGE 11 NORTH COLLEGE c 3 CITIZENS BANK OF NORTHWEST ARKANSAS P.O. BOX 1407 FAYETTEVILLE, AR 72702-1407 601-521-6000 CITY OF FAYETTEVILLE FIRE PENSION FUND HULD-SEN') TU BR 401 FBU CO 438 72701 ROGERS 2000 WEST WALNUT BOOKKEEPING 621-8000 RECEIV to JUL 03 1995 FINANCE DEPJATE ACCOUNT# START THE NEW YEAR BY SAVING FOR YOUR RETIREMENT WITH AM IRA AT CITIZENS BANK! CALL 521-8000 TODAY FUR RATE ["FORMATION. IDENTIFICATIIIN" 716-01-8462 s SUPER NOW PUBLIC FUNDS P REVIOUS BALANCE 5-31-95 + DEPOSITS/CREDITS 3 - ChcCKS/DEEITS 35 - SERVICE CHARGE + INTEREST PAID CURRENT BALANCE INTEREST INTEREST • DATE 6-01 6-08 6-13 6-14 • * * INTLREST SUMMARY 11,325.00 38,178.73 27,076.51 .00 29.68 22,456.90 PAGE 1 6-18-95 1063401 P AID THIS YEAR W ITHHELD THIS YEAR DESCRIPTIVE TRANSACTIONS TRACER `DESCRIPTION 4 WIRE TRANSFER DEBIT 4 WIRE TRANSFER CREDIT 13 CUSTOMER DEPOSIT 6 CUSTOMER DEPOSIT OTHER ACTIVITY DE8/T rEBIT DATE 5-31 6-06 6-09 6-15 BALANCE 11325.00 5927.50 29752:87 38213.76 219.79 .00 * 05000.00- 25000.00 8376.35 4652.38 DEPOSIT 29.68IP DAILY BALANCE SUMMARY DATE BALANCE 6-01 6325.00 6-07 4802.87 6-13 37629.22 6-16 22427.22 N0. DATE 2762 6-06 27844 6-07 2791* 6-05 2816* 6-16 2821* 6-1.6 2823 6-15 2630* 6-16 2832 6-16 2837* 6-16 2839 6-l6. 2846* 6-16 2848 6-15 2851* 6-16 2054* 6-.6 2860* 6-16 2865* 6-16 2872* 6-16 CHECKS AMOUNT 342.50 1124.63 55.00 45.00 439.16 540.36 718.42 800.00 1066.66 1001.00 1274.38 400.00 727.68 738.01 1450.00 45.00 1192.17 PA 10 DATE 6-18 DATE 6-05 6-08 6-14 6-18 BALANCE 6270.00 29802.87 41517.86 22456.90 NO. DATE 2768• 6-09 2788* 6-13 2814* 6-16 2618* 6-16 2322 6-16 2825* 6-16 2831 6-14 2835* 6-16 2838 6-15 2844* 6-16 2847 6-15 2849 6-15 2852 6-16 2856* 6-16 2662* 6-16 2867* 6-15 2873 6-16 AMOUNT 50.00 650.00 170.00 915.78 837.68 971.98 763.74 70.00 1114.11 45.00 1124.63 55.00 55.00 609.88 377.50 70.00 2236.24 * * • ARKANSAS FIRE & POLICE PENSION REVIEW BOARD Memorandum To: All Boards of Trusts Local Police Pension and Relief Funds Local Fire Pension and Relief Funds P.O. onAwp, 3416* LITTLE ROCK, ARKANsAs 72203 Tm-erwone 1807) 824-9495 FAIL• (501) 324-9497 From: Arkansas Fire and Police Pension Review Board Re: Police and Fire Pension Funds Eligible for Act 1197 Benefits Date: May 5, 1995 Act 1197 of 1993 increased minimum benefits for local .pension plans covering per, paid firefighters, and volunteer firefighters. The Act increased minimum benefits in three categories. The minimum police and paid firefighter benefit was increased from $250 per month to $350 per month. The volunteer firefighter minimum benefit was increased from $30 per month to $50 per month. The last section of the Act states that to be eligible for these increased minimum benpFits, the pension plan must be actuarially sound after the inclusion of the new minimum benefit. The Attorney General has opined that once a plan is considered eligible for Act 1197 benefits, those benefits cannot betaken away. • The exhibits attached here show that all 16 police plans that are actuarially sound would be eligible for Act 1197 benefits. There are no full paid firefighter pians that are actuarially sound and therefore none are eligible for Act 1197 benefits. There are 18 mixed service (paid and voluntnnr firefighter) plans that are eligible. There are 68 volunteer plans that are eligible. The Arkansas Fire and Police Pension Review Board met May 3, and after reviewing the report of the actuary regarding Act 1197 eligible plans, voted to notify all pension plans about the results of this study. The Pension Review Board asks all local pension plans which are shown as being eligible for Act 1197 benefit- (see far right hand column of Exhibits 1, 3, and 4) to immediately institute, as of May 1, 1995, the new $350/monthminimum benefit for paid rethants and $50/month benefit for volunteer retirants. The Pension Review Board also asks that each local pension plan which is Act 1197 eligible submit a letter indicating the date these new benefits were adopted, or send a copy of the minutes of the pension board meeting at which the increase was adopted. Please write to the Board at: P. 0. Drawer 34164 Tittle Rock, AR 72203 Thank you for your assistance in this matter. 10 'd Le:v( al s6 -17z -nod • • • FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/94 TO 07/31/95 12/31/94 07/31/95 NM CAPITAL MANAGEMENT 34,240,646 34,901,580 INCOME ACCOUNT 3,260,081 3,570,754 12/31/94 3 - MONTHS';xTREASURY PILLS + 4. 19 DJIA W/D.IVREINVESTED + 4.99 S & P 500 W/DIV REINVEST + 1.30 LONG TERM TREASURY BONDS - 7.70 H IGH GRADE CORP BONDS - 5.08 CPI (MAY) + 2.75 NM CAPITAL (time wtd) + 1.27 INCOME ACCT(tirne wtd) - 2.44 W ITHDRAWALS: 03/10/95 $ 20,000. 04/11/95 25,000. 07/14/95 8,000."1 TO PA4 J3chiEFIT5 07/31/95 + 3.52 +24.69 +24.27 + 16.29 + 14.40 + 1.87 + 15.87 + 11.05 e. 29' 45 41, a89, dzl 3,447143/ FAYETTEVI LLE THE CRY OF FAYETTEVILLE. ARKANSAS • DEPARTMENTAL CORRESPONDENCE • • To: Mayor Fred Hanna and Fire Pension Board members From: Ben Mayes, Administrative Services DirectoreO\N% Subject: State Insurance Turnback Date: August 31, 1995 The City received $137,227.02 in State Insurance Turnback funds on August 28, 1995. A cash flow projection indicates a balance of approximately $120,000.00, after allowing for pension expenditures, will be available for investment. We request your instructions for handling these funds. • New Guarantee Fund Provides Financial Assistance To Firefighter and Police Pension Funds The 1995 Arkansas General Assem- bly passed a bill that created a "Guaran- tee Fund" for local firefighter and police pension funds. Act 1266 of 1995 was a result of the Governor's Task Force on Fire and Police Pensions that met. during 1993 and 1994. This Task Force was made up of representatives of the Mu- nicipal League, firefighter, and police officers from around the state. This co- operative effort resulted in the creation of a Guarantee Fund for the purpose of helping underfunded firefighter and police pension funds. The Guarantee Fund is funded each year after a recommendation from the Arkansas Fire and Police Pension Re- view Board. The funding for 1995 has already been decided and the Guarantee Fund will be given $3,000,000 to assist underfunded pension funds this year. The Guarantee Fund was estab- lished to support the local "old" plans. These plans cover firefighters and po- By: Jody Carrell o, Associate Actuary Osborn, Car..eiro & Associates "icemen who were hired before 1.983. The Guarantee Fund floes not supply any assistance for the LOPFI plan. There arc certain conditions that must be metto receive assistance from the Guarantee Fund. These qualifica- tions are outlined in the law. A summary of those conditions is as follows: ✓ The local pension fund must ap- ply in writing. The Pension Review Boa rd mailed application forams to all cities with plans that were not actuarially sound aboutthe first. of August. This applica- tion should be completed and returned to the Pension Review Board by Septem- ber 11, 1995 to receive assistance this year. ✓ The local pension fund must have completed other required reporting. These annual financial and census re- ports should have been completed and returned to the Pension Review Board by the end of May. ✓ The local pension fund must re- ceive a dedicated millage of one mil. V Benefits paid can not exceed the minimum required benefits by law. The condition that is going to be the most difficult for most cities is the dedi- cated millage. According to Pension Re- view Board records over half of the funds that are underfunded do not have dedi- cated millages. If your city has an underfunded pension fund, you have an extra incentive to try to pass a dedicated millage to help the firefighter and police pension funds. They will not only re- ceive that millage, but they wg11 also be eligible in future years to receive Guar- antee Fund money. It is importantto complete your ap- plications before September 11. 1995 so thatyou pension funds can receive, this additional support. Ifyou have questions about the application or about the Guar- antee Fund, call the Pension Review Board at 1-501-682-1745. THE RIGHT MACHINE FOR THE JOB... HYDRAULIC EXCAVATORS SPECIFICATIONS SE130LC-2 SE210LC-2 SE2B0LC-2 SE350LC-2 SE450LC-2 Operating Weight 30.040 lbs. 49,550 lbs. 66,020 lbs. 81,330 lbs. 100.200 lbs. Bucket Capacity .85 cu. yd. 1.58 cu. yd. 222 cu. yd. 2.51 cu. yd. 3.20 cu. yd. Engine / Horsepower Cummins 99 hp Cummins 136 hp Cummins 178 hp Cummins 247 hp Cummins 296 hp Maximum Digging Depth 18' 1' 22' 4' 24' T 24' 11' 25' 5' Maximum Digging Reach 27' 4' 32' 10' 35' 4' 36' 9' 39' 6' WHEEL LOADERS SPECIFICATIONS SL120 SL150 SL180 SL250 Operating Weight 22,530 lbs. 29,920 lbs. 36,130 lbs. 45,480 lbs. 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