HomeMy WebLinkAbout1995-08-31 MinutesMINUTES 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: Marion Doss, Howard Boudrey, Ron Wood, Darrell Judy,
Mayor Fred Hanna, and City Clerk/Treasurer Traci Paul.
ABSENT: 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.
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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
$4,9011580 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 S & 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.
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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.