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Home My WebLink About1995-09-28 - Agendas - FinalAGENDA FIREMEN'S PENSION AND RELIEF BOARD September 28, 1995 11:00 a.m. City Hall Room 326 1. Approval of the minutes of August 31, 1995. 2. Approval of Pension List for September and October 1995. 3 Old Business 4 New Business • A. Investment Report, Merrill Lynch 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, August 31, 1995, at 11:00 a.m. in room 326 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: ABSENT: Marion Doss, Howard Boudrey, Ron Wood, Darrell Judy, Mayor Fred Hanna, and City Clerk/Treasurer Traci Paul. Pete Reagan CALL TO ORDER Mayor Hanna called the meeting to order. MINUTES Doss stated he wanted to make one correction on the minutes of the July 27 meeting. Doss stated only 6 people would be affected by the benefit increase and the total increases would amount to $30.00 per month. Boudrey, seconded by Wood, made a motion to approve the minutes of the July 27 meeting. The motion passed unanimously. PENSION LIST In answer to a question from Mayor Hanna, Paul stated there are no changes in the pension list. Paul explained that the benefit increases have not been added to the list because the Accounting Division does not know if July is to be included. Doss distributed a copy of a letter from the Pension Review Board which listed May 1, 1995 as the beginning date of the benefit increases. Doss, seconded by Boudrey, made a motion to grant benefit increases required by Act 1197 and make payment retroactive to May 1, 1995. The motion passed unanimously. Mayor Hanna suggested that a letter explaining the increases be mailed with benefit checks. Judy, seconded by Boudrey, made a motion to approve the September pension list. The motion passed unanimously. • • OLD BUSINESS BANK DRAFTS Doss explained that at the July 27 meeting the Board discussed drafts being taken out of the checking account. Richard Yada distributed copies of the checking account statement from the Citizens Bank of Northwest Arkansas. Yada listed the drafts which have not been accounted for. Yada explained that Emma Badgley in the City Accounting Division stated money has been transferred into a money market account to earn some interest. The Board needs an accounting of the transactions. Mayor Hanna stated he would request that Accounting prepare a statement for the year to date. NEW BUSINESS INVESTMENT REPORT Richard Yada, Merrill Lynch, distributed a summary of the portfolio performance as of July 31, 1995. Yada stated as $4,901,580 and August 29, the Income account of July 31, the New Mexico account was at the Income account was at $3,570,754. As of New Mexico account was at $4,889,821 and the was at $3,616,631. Through July, the New Mexico account was up 15.87% and the Income account was up 11.05%. The Dow Jones and the 5 & P 500 were up a little over 24%. The bond market was up about 15% on average. The accounts are doing well this year. In July, $8,000 was withdrawn to pay benefits. The insurance turnback should be coming back soon. Yada stated there will be a report on the new manager, Keystone, at the next meeting. New Mexico liquidated $1 million in stocks. There were profits that will help the actuary report at the end of the year. On the fixed income side, there were some profits earlier in the year. STATE INSURANCE TURNBACK FUNDS Mayor Hanna stated the State Insurance Turnback funds came in on August 28. The City received $137,227.02 in State Turnback funds. According to Ben Mayes, Administrative Services Director, a balance of approximately $120,000 will be available for investment after pension expenditures. Yada stated any funds that come in have been transferred to the Income account. • • Wood, seconded by Judy, made a motion to place the State Insurance Turnback funds of $120,000 into the Income account. The motion passed unanimously. OTHER BUSINESS ACT 1266 Doss distributed an article entitled New Guarantee Fund Provides Financial Assistance To Firefighter and Police Pension Funds. ADJOURNMENT The meeting adjourned at 11:35 a.m. FIREMEN'S RELIEF AND PENSION FUND OCTOBER 1995 TRACI PAUL TREASURER aTHE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF OCTOBER 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 50.00 55.00 55.00 1,266.21 66.21 1,066.66 837.68 287.68 50.00 75.00 909.50 50.00 375.00 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 50.00 417.50 55.00 837.68 439.16 439.17 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 50.00 60.00 70.00 1,114.11 1,284.63 160.00 965.81 65.81 1,20198 200.00 50.00 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 50.00 55.00 55.00 1,200.00 1,066.66 50.00 500 00 50.00 75.00 909.50 50.00 342.50 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 50.00 417.50 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 50.00 60.00 70.00 1,114.11 1,124.63 900.00 30.00 971.98 50.00 55.00 915.78 763.74 650 00 390.00 50.00 1,450.00 609 88 540.36 4 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 32,034.91 2,236.24 170.00 29,628.67 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 CHAIRMAN ND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS • SWORN TO AND SUBSCRIBED BEFORE ME THIS A DAY OF nc74o,6e4 1995. • NO PUBLI MY COMMISSION EXPIRES: .3-/ -ants' FIREMEN'S RELIEF AND PENSION FUND SEPTEMBER 1995 TRACI PAUL TREASURER R� •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 1 BARNES, ELIZABETH 2 BLACKARD, PAUL 63 BOLAIN, ANN 44 BOUDREY, BETTY MRS. 45 BOUDREY, HOWARD 49 BOUDREY, JACK 4 CARL, FLOYD JR 4 CARL, FLOYD JR 5 CASELMAN, ARTHUR 57 CATE, ROY 6 CHRISTIE, ARNOLD 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 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. 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. 20 POLLY, GRACE A. MRS. 22 REED, JOE 30 SCHADER, EARVEL GROSS FED. TAX 916.20 100 00 50.00 20.00 55.00 55.00 1,266.21 66.21 1,066.66 837.68 287.68 50.00 20.00 75.00 909.50 50.00 20,00 375.00 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 50.00 20.00 417.50 55.00 837.68 439.16 439.17 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 50.00 20.00 60.00 70.00 1,114.11 1,284.63 160.00 965.81 65.81 1,201.98 200.00 50.00 20.00 55.00 915.78 ST. TAX NET 816.20 50 00 20.00 55.00 55.00 1,200.00 1,066.66 50.00 500.00 50.00 20.00 75.00 909 50 50.00 20.00 342.50 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 50.00 20.00 417.50 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 50.00 20.00 60.00 70.00 1,114.11 1,124.63 900.00 30.00 971.98 50.00 20.00 55.00 915.78 • • 41 SCHADER, TROY 23 SKELTON, BURL L. 24 SKELTON, LEE 56 SKELTON, ROY 36 SPRINGSTON, CARL 25 STOUT, ORVILLE 27 TUNE, MILDRED MRS. 26 TUNE, BILLIE SUE 28 WATTS, DONALD 59 WATTS, WAYNE 52 WRIGHT, RANDALL 783.74 692.50 390.00 1,626.02 609.88 590.36 70.00 70.00 400.00 921.17 877.68 20.00 763.74 42.50 650.00 390.00 126.02 50.00 1,450.00 609.88 50.00 540.36 70.00 70.00 400.00 96.17 825.00 150.00 727 68 32,154.91 2,236.24 170.00 29,748.67 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. At SECRETARY CHAIRMAN D PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS SWORN TO AND SUBSCRIBED BEFORE ME THIS (. DAY OF OG7 , 1995 !� C 1j4_e7-'C- ARY PU IC MY COMMISSION EXPIRES: 3- j ``0%ii1antintii ''P,. ```` 1•ot L Hi• rt • SOTARy * «e • •ent '1.•:pb9LIC ri FAYETTEVI LLE OTHE CITY OF FAYETFEVILLE, ARKANSAS TRACI PAUL, CITY CLERK • T0: Fire Pension Recipients FROM: Traci Paul, City Clerk Tr DATE: September 13, 1995 SUBJECT: PENSION INCREASE The City of Fayetteville has recently been notified that the Fire Pension Plan is eligible for increased benefits as stated in Act 1197 of 1993. Act 1197 increased minimum benefits for local pension plans coveringpolice, paid firefighters, and volunteer firefighters. The volunteer firefighter minimum benefit was increased from $30 per month to $50•per month. Our records indicate that you are now receiving $45 per month. Starting in September, you should be receiving $50 per month. This increase went into effect on May 1, 1995. Please find enclosed, in addition to your regular monthly check, a check for $20 which covers the $5 increase you did not receive in May, June, July & August. Should you have any questions, please call me at 575- 8323. 113 WEST MOUNTAIN 72701 501 575-8323 �• 0 KEYSTONE Investment Management Corporation September 14, 1995 Ms. Traci Paul City Clerk of Fayetteville 113 W Mountain Street Fayetteville, AK 72701 Dear Ms. Paul: MICROFILMED For your files, please find a co-signed1nvestment;pManagementrAgreement;7Desigeatioe ofi Blroker Form and +ScheduleofjFees5Form7 for the Keystone managed account of Fayetteville Firemen's Pension & Profit Plan. If I can be of any .further assistance, please do not hesitate to call me at (800) 633-4200 x3619. Sincerely, Kerry A. Sheams Portfolio Assistant /kas cc: Curtis Williams Richard Tada. .Y t 200 Berkeley Street, Boston, Massachusetts 02116-5034 Phone (617) 338-3600 • INVESTMENT MANAGEMENT AGREEMENT • Keystone Investment Management Company Date: 8/31/4 S 200 Berkeley Street. Boston, Massachusetts 02116 1. The undersigned hereby retains you as investment counsel to manage and supervise the undersigned's investment account (the "account ). The undersigned hereby authorizes you from time to time to direct, manage and change the investment and reinvestment of the assets in the account, the proceeds thereof, and any additions thereto, and to take other action with respect to such assets, all in your discretion and as freely as the undersigned might do. You will become responsible for the arrangement of assets hereunder only upon your written acceptance hereof. • - 2: 'For -your services, the undersigned will pay you a fee in abcordance with the Schedule of Fees - attached hereto. The percentage fee will be prorated for any period of less than a quarter year, but one fourth of the minimum fee shall be due for each such quarter during any part of which you are managing the account. 3. It is understood that you and your affiliates act for other clients, including investment companies, and that you may give advice and take action with respect to any of your other clients which may differ from the timing or nature of action taken with respect to the undersigned's account. The undersigned further understands that you will not have any obligation to purchase or sell for the undersigned's account any security which you, or your affiliates or employees may purchase or sell for any other client, for yourself or themselves if in your opinion such transaction appears inadvisable for the account. 4. The -undersigned authorizes you to vote and give proxies for the securities held in the account and to deal with reorganizations, exchange offers and creditors rights with respect to such securities in such manner as you deem advisable in your discretion. You shall have no responsibility to inform the undersigned of any such matter or of the manner in which you dealt with it. • 5. It is further understood that you shall not, in the absence of willful misfeasance, bad faith or gross negligence on your part or reckless disregard of your obligations and duties hereunder, be subject to liability for any act or omission in the course of, or connected with, rendering services hereunder but nothing herein shall in any way constitute a waiver or limitation of any rights which the undersigned may have under any federal or state securities law or the Employee Retirement Income Security Act of 1974 _.�_._ ('ERISA"), -if applicable. -All actions taken by you haat-Maar either"before orafter tfie death or incapacity= of the undersigned, but before receipt by you of information of such death or incapacity, shall be binding upon the undersigned and the undersigned's legal representatives who shall hold you harmless hereunder from all liability arising from such action so taken. No assignment of this contract shall be made without the consent of the undersigned. 6. It is understood that you are a registered investment advisor under the Investment Advisers Act of 1940 and will be a fiduciary with respect to the undersigned, 11 it is an employeetenefit plan, to the extent required by ERISA. 7. This agreement may be terminated by either party upon five days written notice to the other and without penalty if termination occurs within five days of the agreement's inception. future Client By: 8. The undersigned acknowledges that he (she) has read the foregoing and has kept a copy for reference and has received and read a copy of your disclosure brochure. Name (if other than individual)jr247.-tt �' $ Ph4.:w 1 ait (Signature) (Signature) Statti (Signer's Title) Accepted: Keystone Inve/stm• Management Company �,uaai:v/..vr /P Date: /6/5Y w x 6/95 • • • • KEYSTONE INVESTMENT MANAGEMENT COMPANY Schedule of Fees - Core Equity and Balanced Accounts An annual amount equal to the percentages set forth below of the market value of the account. 1.0% of the first 0.65% of the next 0.60% of the next 0.50% of the next 0.40% of the next J the balance is negotiable $ 3,000,000 $ 7,000,000 $15,000,000 $25,000,000 _ ' $50,000,000 The annual minimum fee is $7,500, but if there are one or more related accounts listed below, one will be subject to a $7,500 minimum fee, a second will be subject to a $6,000 minimum fee and the other accounts will each be subject to a $5,000 minimum fee. Until receipt of written instructions from the client, Keystone Investment Management Company will select the accounts to which the foregoing minimum fees will be charged. RELATED ACCOUNTS Name Client Name By: At �- By: �a O gi544. Account Number (if known) Keyston Inve ment Management Company �«� /4 1) 6/95 • KEYSTONE INVESTMENT MANAGEMENT CORPORATION BROKER INFORMATION If you intend to designate a broker below, please consider the following: 1. Keystone Investment Management Corporation ("KIMCO") will execute purchases and sales of securities other than bonds for your account through the broker you designate at the commissicn rates agreed upon by you and the broker. KIMCO does not attempt to negotiate lower rates with your broker, either for individual transactions for your account or for simultaneous purchase or sales of a given security for your account and the accounts of other clients who have designated the same broker as you have. However. if you are an employee benefit plan subject to ERISA, KIMCO will try to obtain a discount of at least 35% from your broker's usual retail commission rates. 2. Use of your designated broker in the foregoing manner may result in higher brokerage costs than if the broker's commissions were negotiated at lower rates or if some other broker were utilized. 3. KIMCO currently compensates your broker for referring your• investment account ?o•KIMCO;by executing securities transactions for your account through your broker. 4. At any time, you may (a) negotiate commission rates for securities transactions in your KIMCO account directly with your broker or (b) direct that securities transactions for your account be placed through other brokers you may select or KIMCO may select. DESIGNATION OF BROKER Keystone Investment Management Corporation 200 Berkeley Street Boston, MA 02116 Gentlemen: Until the undersigned otherwise instruct, the undersigned direct that all purchases and sales of securities other than bonds for investment management accounts with Keystone Investment Management Corporation ("KIMCO") (a) in the undersigneds' names or (b) for which the undersigned have the right to designate the broker shall be placed through the following: Name o vm 7 flo, Address Am - The undersigned also acknowledge that they have read the Broker Information above and have kept a copy hereof for future reference. Name (if other than an individual): By: Date: rAys.7t£U 11a rr"rtIy-(EAa eaq FG (Signature) 4 i 4.. By: By: (Si (Signer's Lt',e 1/00 LO. fribu3EK— Nei