HomeMy WebLinkAbout1998-08-27 Minutes•
MINUTES OF
FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, August
27, 1998 at 11.00 A. M. in room 326 of the City Administration Building, 113 W. Mountain,
Fayetteville, Arkansas.
PRESENT: Mayor Hanna, Marion Doss, Darrel Judy, Bill Morris, Pete Reagan, Ron Wood, City
Clerk/Treasurer Heather Woodruff
Richard Yada and Curtis Williams of Merrill Lynch.
CALL TO ORDER
Mayor Hanna called the meeting to order.
APPROVAL OF THE MINUTES
Mr. Reagan moved to approve the minutes. Mr. Doss seconded the motion. The motion carred
unanimously.
PENSION LIST
Mr. Morris moved to approve the minutes. Mr. Reagan moved to second the motion. The
motion passed unanimously.
INVESTMENT REPORT
Mr. Yada reported the market was down for the months of July and August. This drop had
caused a Toss of $213,000 in the Fire Pension Fund. The Capitol is up 1.77% from July. The
income account is up 3.34. New Mexico Capitol is still down and will investigate further.
Ashland is out performing the market.
Mr. Williams stated the average stock is down as much as 30% from its high. He explained most
of the world's countries are in recession. Latin American countries were having problems with
their currency and it would affect the United States because of the large trade circle with Mexico.
The United States economy was still sound. He stated the Federal Reserve needed to lower
interest rates at the end of this year. Over all the market was still sound.
OLD BUSINESS
Mayor Hanna asked Ms Woodruff if she had received an answer from Ms. Hinshaw. Ms.
Woodruff replied no answer has been received yet.
Mr. Reagan asked Ms. Woodruff to request information on what other cities paid their full time
retirees.
Mr. Yada stated he was supposed to get in contact with Steve Osburn and had attempted to reach
him several times but had not made contact.
Mr. Reagan made the motion to grant Ashland Management permission to print Fayetteville Fire
Pension's name in their brochure. Mr. Judy seconds the motion. The motion carried
unanimously.
The meeting adjourned at 12:05 P. M.