HomeMy WebLinkAbout1997-10-30 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,
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, 1.997
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. Men -ill 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.
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October 30, 1997
Williams stated we are waiting for the opinion from the Legal Division of Merril 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 Turnback 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.
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