HomeMy WebLinkAbout1995-05-25 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, May 25, 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, Darrell Judy,
Howard Boudrey, Mayor Fred Hanna, and Jane Heth.
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Doss, seconded by Wood, made a motion to approve the minutes of
the April 27, regular meeting and the May 5, special meeting.
The motion passed unanimously.
PENSION LIST
In answer to a question
Charlie Jordan had been
Doss, seconded by Wood,
for June 1995, with the
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passed unanimously.
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OLD BUSINESS
from Mayor Hanna, Heth stated that
added to the pension list.
made a motion to approve the pension list
addition of Charlie Jordan. The motion
RETIRED MEMBER NOMINATION
Mayor Hanna stated Randall Wright nominated Howard
serve another term on the board.
Doss seconded by Wood, made a motion to accept the
Howard Boudrey. The motion passed unanimously.
Boudrey to
nomination of
ROGER LEWIS' PENSION BENEFITS
Pete Reagan and Darrell Judy arrived.
The Board reviewed and discussed a memo from City Attorney Jerry
Rose.
Wood asked if Jerry Rose had a copy of the divorce decree.
Mayor Hanna stated Roger Lewis needs to decide if he is being
treated unfairly.
Doss suggested that, in the future, the City should not write
separate pension checks to divorced couples. Payment should be
between the two people.
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May 25, 1995
Judy stated that the Lewis' split payment issue was presented to
the Pension Board.
In answer to a question from Reagan, Heth stated the Board does
have a copy of the divorce decree and it was forwarded to Jerry
Rose.
Discussion ensued regarding the City Attorney's memo and the
Board came to the conclusion that Roger Lewis should review his
divorce decree and discuss any changes with his attorney.
NEW BUSINESS
INVESTMENT REPORT
Richard Yada, Merrill Lynch, distributed a summary of the
portfolio performance as of April 30, 1995.
Yada reported that New Mexico Capital is up since the beginning
of the year. The Income Account is up to $3,442,417 with $45,000
being withdrawn to supplement the benefits. Using time weighted
averages, the New Mexico account is up 7.67% for the year and the
Income Account is up 7.10% for the year. Even though the are up
7%, they have under performed compared to the market indexes.
In answer to a question from Mayor Hanna, Yada explained the
difference between a value manager and a growth manager. They
invest differently. When value managers are up, growth managers
are down
As of yesterday, it appears the interest rate is going to stay
the same or possibly go lower. If interest rates continue to
come down, it will help the Bond Portfolio.
Things are going well. The portfolio is well over $8 million
dollars and climbing.
Yada asked that the Board plan to review some original targets at
the July meeting.
OTHER BUSINESS
CERTIFICATES
Doss reported that Larry Freedle, Robert Johnson, Dennis
Ledbetter and Charlie Jordan are each eligible to receive a
certificate for twenty years of service and asked that the Board
members sign each certificate.
ADJOURNMENT
The meeting adjourned at 11:25 a.m.