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Home My WebLink About1997-08-28 - Agendas - FinalFAYETTEVI LLE THE CITY OF FAYETTEVILLE, ARKANSAS - TRACI PAUL, CITY CLERK TO: Firemen's Pension Board Members FROM: Traci Paul, City Clerk/Treasurer TP DATE: August 27, 1997 SUBJECT: Firemen's Pension Board Meeting The next Firemen's Pension Board meeting is Thursday, August 28, 1997, at 11:00 a.m., in room 326 of City Hall. Attached, please find a copy of the agenda for the upcoming meeting, the minutes from the July 31 meeting, and the pension list for September, 1997. Attachments 113 WEST MOUNTAIN 72701 501 575-8323 • AGENDA FIREMEN'S PENSION AND RELIEF BOARD August 28, 1997 11:00 a.m. City Hall Room 326 1. Approval of the minutes of IC;;;Ast a81 199 7-31-y7 2. Approval of Pension Lists for September, 1997. 3. Investment Report, Merrill Lynch 4. Old Business 5. New Business.' 6 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, July 31, 1997, at 11:00 a.m., in room 326, of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Pete Reagan, Ron Wood, Darrell Judy, Howard Boudrey and City Clerk/Treasurer Traci Paul ABSENT: Mayor Fred Hanna and Marion Doss CALL TO ORDER Pete Reagan called the meeting to order. CITY ATTORNEY'S OPINION - INTEREST ON INSURANCE TURNBACK City Attorney Rose reported that Tom Gay from the Office of the Attorney General has given an opinion to the Pension Review Board regarding the Fire Pension Board's request that interest be paid on the delayed monies that were given to the Fund. Rose stated Gay's opinion is that the Fund is not entitled to the interest. The Fund had no legal right to the funds until after the December actuarial report and accordingly, there should be no interest paid. It is Gay's opinion that even if the fund was entitled to the interest, it would only be for about half of the 89 days. Payments to others were made in August, not back in. July. Rose stated the only way the Board can pursue this is through the Arkansas State Claims Commission. The Commission is a panel of judges who you would appear before to present your case. The Attorney General's Office would present the Pension Review Board's case. It is a two step process before the State Claims Commission. The first step is to win your case before them. The second step is to go to the Arkansas Legislature and the Legislature has to approve the amount of money requested. Rose explained he did not recommend pursuing the issue but would do it if the Board wanted him to. He stated the point has been made that the Pension Review Board messed up. The chances of winning the case are not great. The Arkansas State Claims Commission will take the advice of the Attorney General's office a majority of the time. After further discussion, the Board decided not to pursue the claiming of the loss of interest on the last insurance turnback check. 1 • July 31, 1997 Reagan suggested the Board send a letter to the Pension Review Board informing them of their decision to no longer pursue the matter. Reagan stressed the importance of Fayetteville receiving their money in a timely manner in the future. Paul stated she would send a letter. MINUTES Boudrey, seconded by Wood, moved to approve the minutes of the June 26, 1997 meeting. The motion passed unanimously. PENSION LIST Paul reported there were no changes in the pension list. Boudrey, seconded by Wood, made a motion to approve the pension lists for August, 1997. The motion passed unanimously. INVESTMENT REPORT Richard Yada, Merrill Lynch, distributed and reviewed the Portfolio Performance Report dated December 31, 1996 through July 29, 1997. Yada stated the Board should keep in mind that the Actuary is going to be affected the DROP program. We are actuarially sound but we will probably go under on the next report. OLD BUSINESS Retired Member Election Paul stated ballots were mailed to all retirees so they could vote for Howard Boudrey or Bill Morris to fill the Retired Member position on the Board. Howard Boudrey received 11 votes. Bill Morris received 15 votes. Reagan thanked Boudrey for the time he has served on the Pension Board. There being no further business, the meeting adjourned at 11:25 a.m. 2 FIREMEN'S RELIEF AND PENSION FUND SEPTEMBER 1997 TRACI PAUL, TREASURER • THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF SEPTEMBER 1997. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. EMP# NAME GROSS FED. TAX ST. TAX NET 43 BAIRD, RICHARD H. 2BLACKARD,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 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 27 TUNE, MILDRED MRS. 26 TUNE, BILLIE SUE 1,191.06 100.00 1,091.06 55.00 55.00 55,00 55.00 1,641.57 180 00 1,461.57 1,383.66 1,383.66 1,088.98 287.68 50.00 751.30 55.00 55.00 75.00 75.00 1,182.35 1,182.35 55.00 55.00 55.00 55.00 377 50 377.50 55.00 55.00 707.84 707.84 1,171.39 100.00 10.00 1,061.39 55 00 55.00 55.00 55.00 1,525.81 1,525.81 1,088.98 1,088.98 1,008.97 . 100.00 10.00 898.97 1,131.00 130.00 1,001.00 55.00 55.00 417.50 41750 55.00 55.00 1,088.98 1,088.98 570.91 570.91 570.92 50.00 10.00 510.92 1,902.69 175.00 20.00 1,707.69 1,078.16 29.35 1,048.81 1,159.11 100.00 1,059.11 55.00 30.00 25.00 886.19 80.00 806.19 863.01 125.00 738.01 55.00 55.00 55.00 55.00 70.00 70.00 80.00 80.00 1,448.31 1,448.31 11646.01 160.00 11486.01 1,255.55 65.81 1,189.74 1,556.57 200.00 30.00 1,326.57 55.00 55 00 55.00 55.00 923.01 923.01 1,007.92 20.00 987.92 692.50 42.50 650.00 390.00 390.00 1,626.02 126.02 50.00 1,450.00 609.88 50.00 9 88 550.00 590.36 50.00 540.36 80.00 80.00 80.00 80.00 f'• • 28 WATTS, DONALD 59 WATTS, WAYNE 52 WRIGHT, RANDALL DROP EMPLOYEES JOHNSON, ROBERT MILLER, KENNETH WARFORD, THOMAS BONADUCE, MICHAEL 400.00 1,191.51 1,128.98 • 96.17 150.00 400.00 1,095.34 978 98 37713.20 2,447.53 189.88 35,075.79 2,042.47 2,129.57 1,659.70 1,975.38 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 REUEF 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 SEVICES OR SUPPLIES. e CRETARY CHAIRMAN'AND PRESIDENT ACKNOWLEDGEMENT • STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS SWORN TO AND SUBSCRIBED BEFORE ME THIS d, 9 DAY OF a4(9 t E , 1997. MY COMMISSION EXPIRES: 3 - /,70tar- • • 0 AUGIs 20 '9? 00:26AM MERRILL LYNCH L R P.1 • Merrell Lynch• 2200 RodneyParham . Suite 300 Link Rock, AR 72212 6l Merrill Lynch Fax Cover Sheet Date: i/2ert `l To: ljefi1 r-R,u� From: Re: , d¢�r �ae C.- . _ ,.ei,•r!�uw Number of pages including cover sheet: Message: Utero N. Yalta Assistant Vice Pran:lent Sema fMnclal Corwin ant Private Client Croup ?too Rodney Parham LAIk Ruck Arkansas 72212 Sat 312 a6 !0091: 0647 Time: 9:,n,—f. Phone: Fat;: _ ,moo / - .79,544,1?S% Phone: .7)/- •3/z- 7z15(0 Fax: u/�v✓ _ ,free, ..t �iJ. ,�/'a /•'�.,_.t�,�C-•ems, (c--ras' /�G/h, �•6�. u�... UO- -a-?- T- P d ..a,.. uV•+.- C<incw ".•70/,,a, 1 i/i7 / ?, 1 AUG 28 '97 08:26AM MERRILL LYNCH L R E"'i+YECT"I-fdvlL..L.E EIRE. DEPT PENSION AND REL/EF FUND PORTFOLIO PERF'0RMAl'dt.. 12/31/96 TO 07/31/97 NM CAPITAL MANAGEMENT INCOME ACCOUNT KEYSTONE ASSET MGNT 3 -- MONTHS TREASURY eiLLS D,J.IA L!/DIV REINVESTED S S• P 500 W/DIV REINVEST LONE: TERM TREASURY FONDS H IGH GRADE CORP BONDS CPI •CAPR> NM C(PITAL. (time wtd) INCOME ACCOUNT KEYSTONE ASSET MONT 12/31/96 $3,987,778 4,515,042 152015845 12/31/9:5 .} Vii. 46 +35.`3 +.34194 +27. 63 • 31 + 2.67 + 1'5,68 + 15. 61 January 1998 or•igina+7. inv. Dow ... ti7, 000 United Kingdom... 75,000 J apan..., 755 000 Hong Korey., . (3/97) 75,000 MAY 1996 DOW.,.„.. ...... ,, s75,000 United 1<ingClorn.., 75.000+ Japan , , 75,000 SEPT 1996 Dow,.. ......... United Kingdom... Japan Hang Kong., $755000 755000 75,000 755000 07/31/37 $4115'705 255 4, 791, 057 1, 4'j01 26.3 7D F P.2 f/z 7 /`' 7 51,43F, 3LY 4,44f,113 4q37,137 lo,igy, 33s' 12/31/96 07/31/97 06/30/77 W 1034035 35 79, 314 53, 798 73, 497 95,835 91,534 57,154 84,703 94,212 64,05.1 59,205 825025 + 2.70 +27.63 +2.7.80 •+• 2.30 .,., 2.95 •t• 1.30 +14.89 +• 6.67 + 24.29 07/31/!'•• 109,235 7'3, 814 47,648 81.698 4. 99,688 92, 44 0 46,968 86,952 99, 285 87,124 535561 87,124 FAYETTEVI L J1i'/ le THE CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK August 27, 1997 • Arkansas Fire & Police Pension Review Board P.O. Drawer 34164 Little Rock, AR 72203 Dear PRB: This is to inform you that the Fayetteville Firemen's Pension & Relief Fund Board of Trustees decided at their July 31, 1997 meeting not to pursue the claiming of the loss of interest on the delayed payment of tumback funds. Please find enclosed, a copy of the minutes from the July 31 Fire Pension Board meeting. a M Sincerely, Traci Paul City Clerk/Treasurer Enclosure 113 WEST MOUNTAIN 72701 501 575-8323 FAYETTEVI LLE THE CITY OF FAYETTEVILLE, ARKANSAS • DEPARTMENTAL CORRESPONDENCE • • To: Mayor Fred Hanna and Fire Pension Board members From: Ben Mayes, Administrative Services Director Subject: State Insurance Turnback Date: August 27, 1997 The City received $257,467.74 in State Insurance Turnback funds on August 25, 1997. The funds were divided between the Firemen's Pension and Relief Fund and LOPFI as follows: Plan participants: Active Retired Total Firemen's Pension and Relief Fund 21 55 76 LOPFI 51 51 Total participants 127 Funds received $257,467.74 divided by 127 = $2,027.305 Firemen's Pension and Relief Fund $2,027.305 x 76=$154,075.19 LOPFI $2,027.305 x 51=$103,392.55 Total $257,467.74 The Firemen's Pension and Relief Fund portion of the funds are currently in the regular checking account. A cash flow projection indicates a balance of approximately $140,000.00 will be available for transfer to the money manager at the Pension Board's direction. .,.Td wrdiscuss this at the August 28, 1997 Pension Board meeting.