HomeMy WebLinkAbout1995-12-29 - Agendas - Finali
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AGENDA
FIREMEN'S PENSION AND RELIEF BOARD
December 28, 1995
11:00 a.m.
City Hall Room 326
1. Approval of the minutes of November 30, 1995.
2. Approval of Pension List for January 1996.
3. Old Business
A. DROP plan report
4. New Business
A. Investment Report, Merrill Lynch
5 Adjournment
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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 30, 1995, at 11:00 a.m. in room
326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas.
PRESENT: Mayor Fred Hanna, Marion Doss, Ron Wood, Darrell Judy,
Pete Reagan, Hec.rd B udrcy, and City Clerk/Treasurer
Traci Paul.
AeSeNr • NOWA 12 13OUb12E`/
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Reagan, seconded by Doss, made a motion to approve the minutes of
the October 26, regular meeting. The motion passed unanimously.
PENSION LIST
In answer to a question from Mayor Hanna, Paul stated there were
no changes in the pension list.
Wood asked how often the pension list is checked for the status
of each retiree. Wood explained he had been questioned about
Barnes and Lain.
Mayor Hanna stated there is not a current position responsible
for keeping up with the retirees. Mayor Hanna suggested it is
the responsibility of the Fire Pension Board to stay informed.
Reagan reminded the Board that affidavits are mailed each year to
each pension beneficiary. The affidavits must be signed and
notarized.
Doss stated he had not heard anything about Barnes or Lain. Doss
stated he would check on their status.
Mayor Hanna stated the Board could appoint a committee to keep up
with the status of the retirees.
Doss stated the word usually gets around when someone passes
away.
Reagan, seconded by Doss, made a motion to approve the December
pension list. The motion passed unanimously.
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OLD BUSINESS
November 30, 1995
SCHEDULE OF TRANSACTIONS - REPORT
Administrative Services Director Ben Mayes stated the schedule of
transactions was prepared at the request of the Board.
Mayes explained that the schedule shows the cash receipts in and
the disbursements out. Mayes pointed out that the Board was also
given an attachment of all the bank statements through 1995.
Mayes stated some transfers go to Merrill Lynch and some come
from Merrill Lynch. Every week the City takes competitive bids
from various banks in town and then invests money in T-bills. By
making the investments, the City is trying to keep the
investments earning more than what they earn in an interest
baring checking account.
Sometimes there is a very short period of time to invest money.
A wire transfer out means that money was wired to the bank for
bid and then when it comes back in it is cashed out to the extent
that it was required for pension payments. Once a year, the
Accounting Division wires the State Insurance Turnback money to
Merrill Lynch. Each month, the Accounting Division does a cash
flow to determine the amount of money needed for pension checks
and the amount of money that is expected to come in.
Mayes stated Emma Badgley in the Accounting Division has
explained the procedure for the wire transfers to Richard Yada.
If money is wired to Merrill Lynch and they wire it back, they
charge $20.00. Emma has made the smaller investments to keep
from wiring to Merrill Lynch every time. We try not to do
unnecessary wiring. We try to only wire larger amounts.
In answer to a question from Mayor Hanna regarding the flow of
funds, Mayes stated they all go to the pension fund only.
In answer to another question from Mayor Hanna regarding the
investment rates for pension funds as compared to rates for other
city investments, Mayes stated they are invested at the same
rate. The last investment was at 5.3% - 5.6%, depending on the
number of days. Most of the terms for the pension funds are very
short.
In answer to a question from Mayor Hanna regarding investments
rates through Merrill Lynch, Mayes explained he did not know
Merrill Lynch's current rates. Mayes stated Merrill Lynch does a
better job, longer term. Rates for shorter term investments
handled by the City are just about as good as what Merrill Lynch
could do and there is no wire charge. Mayes stated there is
usually only one or two months pension payments on hand at a
time.
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November 30, 1995
Discussion ensued regarding the reasons for the questions from
Richard Yada.
In answer to a question from Reagan, Mayes stated the City does
pool investments to get a better rate. The funds are marked
separately and specifically tracked. Pooling investments gives
greater flexibility.
Reagan stated at one time there were some problems with
comingling funds. There seemed to be a resolution against
comingling passed by the Fire Pension Board.
Mayes stated investments are tracked separately and insurance is
separate on them all. Three or four years ago a new investment
policy was created.
PENSION INCREASE - LETTER OF EXPLANATION
Paul stated, as requested by the Board, a letter was mailed to
each person on the pension list explaining the increase that some
of the volunteers received.
In answer to a question from Doss, Paul stated letters were
mailed on November 21.
DROP PLAN
Reagan requested the DROP plan be placed on the next agenda. He
explained he and City Attorney Jerry Rose plan to meet during the
next week.
NEW BUSINESS
INVESTMENT REPORT
Mayor Hanna asked if the report faxed from Merrill Lynch had
arrived.
Paul stated she had not received the fax yet.
In answer to a question from Reagan, Mayor Hanna stated he was
not getting copies of the transactions. Mayor Hanna stated it
may be going to the accountants.
OTHER BUSINESS
U OF A VISITORS
Mayor Hanna recognized a group of visitors in the audience.
• Paul explained the visitors are from a journalism class from the
University.
November 30, 1995
DECEMBER MEETING
Reagan asked if the next meeting is scheduled for December 28.
Paul stated it was the last Thursday in December and agreed that
it was December 28.
Mayor Hanna asked the Board if they wanted to meet on that day.
The Board agreed to meet as scheduled.
Mayor Hanna stated he may not be present due to the holidays.
The meeting adjourned at 11:40 a.m.
NOTE:
The City Clerk received a faxed summary of the portfolio
performance as of November 29, 1995 from Merrill Lynch shortly
after the meeting adjourned. The Board reviewed and briefly
discussed the information.
11
FIREMEN'S RELIEF AND PENSION FUND
JANUARY 1996
TRACI PAUL, TREASURER
•THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF JANUARY 1996. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
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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, EUENE
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
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
1,201 98 200.00
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
ST. TAX NET
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
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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 ' PRE ' 'ENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON) )SS
• SWORN TO AND SUBSCRIBED BEFORE ME THIS.22aPAY OF,Tancioty ,
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MY COMMISSION EXPIRES: 3 - / -o?oo.S
DEC 28
95 11 11RM MERRILL LYNCH LR •
P.2
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pi1YETTEVILLE FIRE. DEPT PENSION AND RELIEF FUND
PORTFOLIO PERFORMANCE 12/31/94 TO 11/30/95
NM CAP AL MANAGEMENT
TSFR;! 1,000,000 9/1/95
INCOME CCOUNT
DEAD! 7s 9/1/95
K&YSTON ASSET MGMT
RCVD
1,000,000 9/1/95
3 — MSItHS TREASURY BILLS
DJIA WfIV REINVESTED
S & P $�W/DIV REINVEST
LONG pile()
TREASURY BONDS
H IGH GRADE CORP BONDS
CPI (cict)
NM CAP;AL (time wtd)
INCOME ACCT(tirno wtd)
KEYSTONE ASSET MGMT
W ITHDSAt]JALS:
03/10/95
04/11/y`
c7/14/,
S 20,000.
25,000.
8, 000.
12/31/94 11/30/95
64,240,646
3,260,081
120,000
12/31/94,
+ 4.19
+ 4.99
+ 1.30
— 7.70
— 5.08
+ 2.75
+ 1.27
— 2.44
$3,891,670
3,848,643
1,018,776
11/30/95
+ 5.46
+35.53
+34.94
+27, 63
+23.51
+ 2.67
+ 15.60
+ 15.61
+ 1.88
E‘#.42 Atrat UA•al AWS -4.41
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