HomeMy WebLinkAbout1995-02-23 Minutes•
•
•
MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, February 23, 1995, at 11:00 a.m. in Room
326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas.
PRESENT: Marion Doss (arrived late), Pete Reagan, Ron Wood,
Retirees Darrell Judy and Howard Boudrey, Mayor Fred
Hanna, City Clerk/Treasurer Traci Paul, and Personnel
Director Don Bailey.
CALL TO ORDER
Mayor Hanna called
MINUTES
Reagan,
January
the meeting
to order.
seconded by Judy, made a motion to approve the minutes of
26, 1995. The motion was approved unanimously.
PENSION LIST
Paul stated there were no changes in the pension list. Reagan,
seconded by Boudrey, made a motion to approve the pension list
for March, 1995. The motion was approved unanimously.
OLD BUSINESS
DROP PLAN
Reagan stated Greg Jones is reviewing the Plan. The results may
be presented at the next meeting.
Marion Doss arrived.
NEW BUSINESS
INVESTMENT REPORT
Chuck Dulmer, New Mexico Capitol, distributed a year end report
and explained that New Mexico started managing this account in
January of 1990.
The return in the total portfolio for 1994 is 1.3%. The three
components of the account are cash and equivalents, equities, and
government/corp bonds. The make up of the account is 71% in
stock, 25% in bonds, and 3.3% in cash and equivalents. The
returns from last year were 3.2% in the stocks, 4.1% in cash,
and -3.1 % in bonds. In comparison, the balanced index last year
did eight tenths of 1%. The stock market, including dividends,
•
•
•
February 23, 1995
last year returned 1.3%. The account did the same as the market,
but only with 71% in stocks. The total return since January of
1990 is just under 66%. Stocks are up 79.8% since January of
1990 and in that same period the stock market is up 58.2%. You
are doing better than the market has done in the same period of
time. The net increase in the value of the account has been
$1,396,874.11.
Last year was the worst year in bond market history. Even
conservative stocks were down last year. So far this year, the
account is up almost 3%.
In reviewing the portfolio, Dulmer stated the bonds have a short
maturity and are the equivalent of a AAA rating. This is a very
short term bond portfolio. On the stocks, some are up and some
are down. Dynatech and Precision Castparts have doubled from
what they were purchased at. They will be sold. Rockwell will
also be sold. Dulmer briefly reviewed the status of some of the
other stocks listed in the portfolio.
In answer to a question
will probably be better
optimistic.
from Reagan, Dulmer stated the market
in 1995. There are many reasons to be
Dulmer stated he would be available to
anytime.
PENSION AFFIDAVITS
report to the Board
In answer to a question from Reagan, Paul stated
affidavits had been mailed out to the retirees.
ADJOURNMENT
The meeting adjourned at 11:30 a.m.
the pension