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Home My WebLink About1997-12-03 - Agendas - FinalFAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK TO: Firemen's Pension Board Members FROM: Traci Paul, City Clerk/Treasurer T� DATE: December 3, 1997 SUBJECT: Firemen's Pension-Board.Meeting The next Firemen's Pension Board meeting is Thursday, December 11, 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 October 30 meeting, and the pension list for December, 1997. Attachments 113 WEST MOUNTAIN 72701 501 575-5323 AGENDA FIREMEN'S PENSION AND RELIEF BOARD December 11, 1997 11:00 a.m. City Hall Room 326 1. Approval of the minutes of October 30, 1997. 2. Approval of Pension List for December, 1997. ANt' JANUAt2Y, 1118 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, October 30, 1997, at 11:00 a.m., in room 326, of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Mayor Fred Hanna, Pete Reagan, Marion Doss, Ron Wood, Darrell Judy, Bill Morris and City Clerk/Treasurer Traci Paul CALL TO ORDER Mayor Hanna called the meeting to order. MINUTES Reagan, seconded by Doss, moved to approve the minutes of the September 25, 1997 meeting. The motion passed unanimously. PENSION LIST Paul reported there were no changes in the pension list. Reagan, seconded by Doss, made a motion to approve the pension list for November, 1997. The motion passed unanimously. INVESTMENT REPORT Richard Yada, Merrill Lynch, distributed and reviewed the Portfolio Performance Report dated December 31, 1996 through October 28, 1997. Yada explained there is a hickup in the plans to change from Keystone Management to Merrill Lynch Asset Management Group. Curtis Williams stated Merrill Lynch is looking at Act 6 and the various amendments there to. Merrill is concerned that the term "discretionary management" is not in the Act. Merrill Lynch wants to be sure that they have the authority to manage the funds on a discretionary basis. Yada explained that the wording in the statute says the financial advisor has the authority to sell, buy, sign, and trade securities in an account. Yada stated this means they have discretion on it but the Legal Division of Merrill Lynch Asset Management wants all those terms to be one word, discretionary. The Legal Division of Merrill Lynch says it is o.k. 1 • • October 30, 1997 Williams stated we are waiting for the opinion from the Legal Division of Merrill Lynch Asset Management on whether or not they think they can legitimately manage the account. Williams stated if MLAM decides they cannot manage the account legitimately, suitable alternatives are being researched. In answer to a question from Mayor Hanna, Yada explained the Keystone is still managing the funds. In response to a question from Doss, Yada and Williams discussed Japan's performance. OLD BUSINESS State Insurance Tumback Funds Mayor Hanna stated there was some discussion at the last meeting about the Tumback Funds and the amount available to invest. Reagan stated he received a call from Ben Mayes who explained they were going to keep $14,000 in the checking account for pay -outs. Reagan stated $140,000 was wired to Merrill Lynch on November 3. NEW BUSINESS Reschedule November & December Meetings Paul stated the Fire Pension meeting for November is scheduled for Thanksgiving and the Fire Pension meeting for December is scheduled for Christmas. The Board decided to hold a combined meeting for November and December on December 11, 1997. There being no further business, the meeting adjourned at 11:20 a.m. 2 t r AMEN'S RELIEF AND PENSION FUND DECEMBER 1997 TRACI PAUL, TREASURER THE FOL bWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF DECEMBER 1997. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. • EMP# NAME 43 BAIRD, RICHARD H. 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 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 GROSS FED. TAX ST. TAX NET 1,191 06 100.00 55.00 55 00 1,641.57 180.00 1,383.66 1,088.98 287.68 55.00 75.00 1,182.35 55.00 55.00 377.50 55.00 707.84 1,171.39 100.00 55.00 55.00 1,525.81 1,088.98 1,008.97 100.00 1,131.00 130.00 55.00 417.50 55.00 1,088.98 570.91 570.92 50.00 1,902.69 175.00 1,078.16 29.35 1,159.11 100.00 55.00 30.00 886.19 80.00 863.01 125.00 55.00 55.00 70.00 80.00 1,448.31 1,646.01 160.00 1,255.55 65.81 1,556.57 20000 55.00 55.00 923.01 1,007 92 20.00 692.50 42.50 390.00 1,626.02 126.02 609.88 50.00 590.36 50.00 80.00 80.00 1,091.06 55.00 55.00 1,461.57 1,383.66 50.00 751 30 55.00 75.00 1,182.35 55.00 55.00 377.50 55.00 707.84 10.00 1,061.39 55.00 55.00 1,525.81 1,088.98 10.00 898.97 1,001.00 55.00 417.50 55.00 1,088.98 570.91 10.00 510.92 20.00 1,707.69 1,048.81 1,059.11 25.00 806.19 738.01 55.00 55.00 70.00 80.00 1,448.31 1,486.01 1,189.74 30.00 1,326.57 55.00 55.00 923.01 987.92 650.00 390.00 50.00 1,450.00 9 88 550.00 540.36 80.00 80 00 • 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 21447 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 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. CHAIRMAN SIDENT ACKNOWLEDGEMENT • STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS SWORN TO AND SUBSCRIBED BEFORE ME THIS QM/, DAY OF.nciar/1997• N ARY PUBLIC MY COMMISSION EXPIRES' 3-1 -a? co co- - t L ., c11) .' 0W'M. E'•y `4 • r1OTARy *e. 77 � • 0•C • fn7 '°(18LIC •_ `1,61/•. -.'74 1.Dei • Qom: �`?ra p�C0 u. `jr````````�. FIREMEN'S RELIEF AND PENSION FUND JANUARY 1998 TRACI PAUL TREASURER • THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF JANUARY 1998. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. • EMP# NAME 43 BAIRD, RICHARD H. 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 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 GROSS FED. TAX ST. TAX NET 1,191.06 55.00 55.00 1,641.57 1,383.66 1,088.98 55.00 75.00 1,182.35 55.00 55.00 377.50 55.00 707.84 1,171.39 55.00 55.00 1,525.81 1,088.98 1,008.97 1,131.00 55.00 417.50 55.00 1,088.98 570.91 570.92 1,902.69 1,078.16 1,159.11 55.00 886.19 863.01 55.00 55.00 70.00 80.00 1,448.31 1,646.01 1,255.55 1,556.57 55.00 55.00 923.01 1,007.92 692.50 390.00 1,626.02 609 88 590.36 80.00 80.00 100.00 1,091.06 55.00 55.00 180.00 1,461.57 1,383.66 287.68 50.00 751.30 55.00 75.00 1,182.35 55.00 55.00 377.50 55.00 707.84 100.00 10.00 1,061.39 55.00 55.00 1,525.81 1,088.98 100.00 10.00 898.97 130.00 1,001.00 55.00 417.50 55,00 1,088.98 570.91 50.00 10.00 510.92 175.00 20.00 1,707.69 29.35 1,048.81 100 00 1,059.11 30.00 25.00 80.00 806.19 125.00 738.01 55.00 55.00 70.00 80.00 • 1,448.31 160.00 1,486.01 65.81 1,189.74 200.00 30.00 1,326.57 55.00 55.00 923.01 20.00 987.92 42.50 650.00 390.00 126.02 50.00 1,450.00 50.00 9.88 550.00 50.00 ' 540.36 80.00 80.00 • • 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 37,713.20 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 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 SER CES OR SUPPLIES. S RETARY CHAIRMAN AN ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS SWORN TO AND SUBSCRIBED BEFORE ME THIS 9t4 DAY OF 14zuseiy1998. aryt_cf hie -4? RY PUBLI MY COMMISSION EXPIRES: 3 -/ '07OOJ to urrr rrrr��' 1�..r'rtM.• 2. it, /cok•, NOTARY ` ®!O n IP ¢_ CP'• PU BLIG •`s * , •."1,,, C0UtllV%% iIb • • DEC 04 '97 09:27RM MERRILL LYNCH L R P.2 FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/96 TO 11/30/97 tz. 17 • NM CAPITAL MANAGEMENT INCOME ACCOUNT KEYSTONE ASSET MGNT 3 -MONTHS TREASURY BILLS DJIA W/DIV REINVESTED S & P 500 W/DIV REINVEST LONG TERM TREASURY BONDS HIGH GRADE CORP BONDS CPI {oct} NM CAPITAL {time wtd} INCOME ACCOUNT KEYSTONE ASSET MGNT JANUARY 1996 Dow United Kingdom Japan Hong Kong MAY 1996 Dow United Kingdom Japan Hong Kong SEPT 1996 Dow United Kingdom Japan Hong Kong 12/31/96 $3,987,776 4,518,042 1,201,845 original inv. $75,000 75,000 75,000 75,000 $75,000 75,000 75,000 75,000 $75,000 75,000 75,000 75,000 12/31/95 + 5.46 +35.53 +34.94 +27.63 +23.51 + 2.67 +15.68 +15.61 $4,764,450 4,926,959 1,545,726 12/31/96 + 5.31 +29.49 +22.98 - 1.21 + 1.61 + 3.32 +11.37 + 4.25 +17.91 9/30/97 $ 111,862 84,602 40,475 74,695 $ 100,916 100,597 38,480 77,957 $ 99,710 92,380 42,535 78,876 11/30/97 + 4.88 +21.32 +28.05 +13.40 +11.59 + 1.89 +19.44 + 6.61 +26.66 12/03/97 $ 111,269 87,346 35,690 61,500 102,425 103,060 32,255 60,415 102,762 95,124 35,056 60,415 _ c13 • MINUTES OF A MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Rebef Board was held on Thursday, December 11, 1997, at 11:00 a.m., in room 326, of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Pete Reagan, Marion Doss, Ron Wood, Darrell Judy, Bill Morris and City Clerk/Treasurer Traci Paul ABSENT: Mayor Fred Hanna CALL TO ORDER Pete Reagan called the meeting to order. MINUTES Morris, seconded by Doss, moved to approve the minutes of the October 30, 1997 meeting. The motion passed unanimously. PENSION LIST Paul reported there were no changes in the pension list. Morris, seconded by Doss, made a motion to approve the pension list for December, 1997 and January, 1998. The motion passed unanimously. INVESTMENT REPORT Reagan briefly reviewed the Portfolio Performance Report dated December 3, 1997. NEW BUSINESS Retired Volunteers Morris reported that Springdale pays their retired volunteers $100.00 per month for 20 years of service. He stated Gravette pays $95.00 and Farmington pays $90.00. Moths expressed his concern that Fayetteville does not pay as much as other cities in Northwest Arkansas. After some discussion, the Board decided to get a list of what other cities in Arkansas pay their retired volunteers and their full paid retirees. 1 Morris question why the volunteers did not receive an increase with the last approved benefit increase. Reagan stated retired volunteers have received pay increases with legislative bills. Reagan stated he would get the information from the Pension Review Board. Attomey General's Opinion - DROP Reagan explained there has been an attorney General's opinion that stated that people on the DROP are considered retirees. He explained there is still some question about the opinion and the issue will probably be coming up in the future. There being no further business, the meeting adjourned at 11:20 a.m. 2 •