HomeMy WebLinkAbout1997-04-24 Minutes•
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MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, April 24, 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, Howard Boudrey, 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 March
27, 1997 meeting. The motion passed unanimously.
PENSION LIST
Paul reported there were no changes in the pension
Paul explained that at the last meeting Doss had a
some of the figures on the printout dated March 11.
errors have been verified and the corrections will
next pension list.
list.
question about
She stated the
be made on the
In answer to a question from Doss, Paul stated she would
letter of explanation to those affected.
send a
Reagan, seconded by Doss, made a motion to approve the May pension
list.
INVESTMENT REPORT
Curtis Williams, Merrill Lynch, distributed and reviewed the
Portfolio Performance Report dated December 31, 1996 through March
31, 1997.
Williams stated the markets have been a little turbulent the last
four months. Interest rates have been rising. He explained things
will probably get worse before they get better. He explained rates
will probably go up again in May and possibly again before the end
of the year.
Williams stated by the end of the year, we should start to see the
slowing of the economy and rates should fall back in line fairly
quickly. We could end the year with a positive return in the
income account.
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April 24, 1997
Williams reviewed some market possibilities and stated we will set
this out and see what happens. He added there is an excellent
chance that the foreign investments will perform better this year
than the domestic investments.
Reagan asked if the Portfolio Performance Report could include a
track of the foreign investments.
Williams explained that he would see to it that that is done.
OLD BUSINESS
Roger and Marvie Lewis
Reagan explained he checked with City Attorney Jerry Rose per the
Board's instructions at the last meeting. Rose recommended obeying
a court order over a State Law. Reagan explained that in response
to the issue about what the decree actually states, Rose explained
the Board started doing it and should not change.
Reagan stated he did not know if Roger Lewis and his attorney had
come to any conclusions yet.
There being no further business, the meeting adjourned at 11:20
a.m.