The URL can be used to link to this page

Home My WebLink About1998-01-20 - Agendas - FinalFAYETTEVI LLE THE CITY OF FAYETTEVILLE, ARKANSAS • TO: Firemen's Pension Board Members FROM: Traci Smith, City Clerk/Treasurer T5 DATE: January 20, 1998 SUBJECT: Firemen's Pension Board Meeting The next Firemen's Pension Board meeting is Thursday, January 29, 1998, 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 December 11 meeting, and the pension list for February 1998. Attachments 117 WEST MOUNTAIN 72701 501-521-7700 FAX 501-575-8257 • AGENDA FIREMEN'S PENSION AND RELIEF BOARD January 29, 1998 11:00 a.m. City Hall Room 326 1. Approval of the minutes of December 11, 1997. 2. Approval of Pension List for February, 1998. 3. Investment Report, Merrill Lynch 4. Old Business 5. New Business 6. Adjournment MINUTES OFA MEETING OF THE FIRE PENSION BOARD A meeting of the Fayetteville Firemen's Pension and Relief 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. Morns 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. • Monis 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 theinformation from the Pension Review Board. Attorney 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 FIREMEN'S RELIEF AND PENSION FUND FEBRUARY 1998 1111 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND MONTH OF FEBRUARY 1998. YOU ARE HEREBY INSTRUCTED TO ISSUE CH 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 kevised cou ptcyrne feV jou r po.Ses Per FED. TAX ST. TAX 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 78.16 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 6581 1,556.57 210.00 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 NET 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 1,000.00 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 60.00 1,286.57 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 37,713.20 2,506.34 219.88 34,986.98 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. '0 / eGGrLG fi RETARY CHAIRMAN A D PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS SWORN TO AND SUBSCRIBED BEFORE ME THIS ' p DAY OFR24.0.01pry 998. 40g000nngae0 -44A2' 0 TA yAQ NOTARY PUBLIC Coaamis lBk ' DIES: r% Olo6d El 1 s 4 '•y;NGTON Gc;•'> FIREMEN'S RELIEF AND PENSION FUND FEBRUARY 1998 TRACI PAUL TREASURER • THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH OF FEBUARY 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 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 1,556.57 200.00 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 ST. TAX NET 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 1 en • 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 SERVICES OR SUPPLIES. /ante TARY CHAIRMAN PRESI ENT ACKNOWLEDGEMENT • STATE OF ARKANSAS ) COUNTY OF WASHINGTON) )SS ,10.50 /� ,.p6liFr: SWORN TO AND SUBSCRIBED BEFORE ME THIS,3JDDAY OF RbrcLRRv 199?: _ NOTARY PUBLIS o°o44* ••• cooeOP°� C Q\ , np its V L� MY COMMISSION EXPIRES: maty Ol clie01:5 • e Osborn, Carreiro & Associates, Inc. ACTUARIES • CONSULTANTS • ANALYSTS October 3, 1997 Mrs. Cathyrn Hiinshaw, Executive Director Arkansas Fire and Police Pension Review Board One Union National Plaza, Suite 940 124 West Capitol Avenue Little Rock, AR 72201 RE: 1996 DROP Interest Rate Certification Fayetteville Firefighters Pension Fund One Union National Plara.sulte 1690 124 West Capitol Avenue Little Bods, Arkansas 72201 (501)376-8043 Dear Cathym: The Deferred Retirement Option Plan (DROP) was established by Act 757 and Act 1004 of 1993. These acts state that the interest rate credited to the DROP accounts would be certified by the actuary for the pension funds. This letter will certify the interest rate as described in the law to be credited for the year 1996. Pension Fund Fayetteville Firefighters Net Investment Income Rate 9.4 % 0 2. Less 2.0% 3. Preliminary DROP Rate 4. Actuarial Valuation Rate 7.4% 6.0% 5. Certified DROP Interest Rate 7.4 % Greater of (3) or (4) The above rate is certified to be the rate to be credited to DROP accounts in 1996. The Net Investment Income Rate was based on the financial reports provided by the Arkansas Fire and Police Pension Review Board These reports were not audited, but were reviewed for reasonableness and completeness If you have any questions or comments, please let me know. Sincerely, ody Carreiro, A.S.A., M.A.A.A. Associate Actuary 0 0 U 0 1, H 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/96 TO 12/31/97 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 9, 707,663 12/31/95 + 5.46 +35.53 +34.94 +27.63 +23.51 + 2.67 +15.68 + 15.61 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 12/31/97 $4,647,115 4,897,448 1.561.424 11,106,027 12/31/96 12/31/97 + 5.31 +29.49 +22.98 - 1.21 + 1.61 + 3.32 +11.37 + 4.25 +17.91 + 5.33 +24.87 +33.36 +15.38 +13.42 + 2.00 +16.97 + 6.38 +30.80 12/31/97 $ 108,390 87,345 32,568 56,565 $ 100,492 103,979 29,426 58,463 $ 101,995 95, 124 29,447 56,972 1 1 1 1 1 1 b 1 1 1 1 1 1 1 t 1 Fayetteville Fire Department Asset Allocation as of 12/31/97 Fixed Income 47% Fixed Income 45% Current Other Cash ]% 6% Target Other Cash 3% 5% Stocks 46% Stocks 47% Stocks $5,150,759 Bonds & Cds > lyr $5,198,499 Cash & Cds > 1 yr $639,408 Other $130,860 izo 44-1 cid les cki t 0 co a a cLeA i• w as ad ct w It -- CT CT rl M N 11 tom 0 z el O ea0 0 4° t 0 AEI