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HomeMy WebLinkAbout1999-01-28 - Agendas - Final• • • AGENDA FIREMEN'S PENSION AND RELIEF FUND A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held Thursday, January 28, 1999 at 11:00 a.m. in room 326 of the City Administration Building, 113 W Mountain, Fayetteville, Arkansas. 'The following items will be discussed. 1. Approval of the minutes from the December 3, 1998 meeting 2. Approval of the Pension List for February 1999 3 Investment Report 4. Old Business 5. New Business a. Drop Plan, Dennis Ledbetter b. Drop Plan, Ralph Tate c. Ashland Management letter 6. Other Business a. Donation from Ms. Kathy Stout, $400.00 • • • • • MINUTES OF FIREMEN'S PENSION AND RELIEF FUND A meeting of the Firemen's Pension and Relief Fund was held on December 3, 1998 at 11:00 a.m. in Room 326 of the City Administration Building at 113 W. Mountain. PRESENT: Mayor Hanna, Ron Wood, Bill Moore, Pete Reagan, Darrell Judy, and Heather Woodruff ABSENT: Marion Doss. MINUTES Mr. Bill Moore moved to approve the minutes from the last meeting. Mr. Pete Reagan seconded the motion. Upon roll call the motion carried unanimously. PENSION LIST Mr. Pete Reagan moved to approve the pension lists for December and January. Mr. Ron Wood seconded the motion. Upon roll call the motion carried unanimously. BUSINESS In the absence of City Attorney Jerry Rose, Mr. Reagan moved to table the discussion on using Pension Funds to send a representative to conventions. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. There was no financial report. Meeting adjourned. • • • • • General Fire Pension Name: Dennis Ledbetter Emp No. 42 DOH. 01/21/74 Yrs Service: 25 - Hourly Rate: Hours Base: EMT Pay Annual Salary 21.509 2080 $20.00 0 0.0000 44,738.7200 65.000%Annual Salary 29,080.1680 1/12 Monthly Benefit 2,423.3473 Rounded to nearest cent 2,423.35 Additional Yrs Beyond: 5 5 Max at: $20.00 100.00 DROP Amount 2,523.35 Date: 12/03/98 Prep red by (Accounting and Audit Division) Ate /!k -Z t#, •�- . reviewed by (Fire Department) • Approved by (Drop Applicant) • • • • FAYETTEVILLE FIREMEN'S PENSION AND RELIEF FUND DEFERRED RETIREMENT OPTION PLAN (DROP) MEMBER ELECTION FORM I hereby elect the DROP as my retirement benefit option from the pension plan in place of normal retirement benefit. I understand that in electing DROP, I have agreed to the following statements: 1. The amount of the DROP payments will be $ 9 5,13.35per month. This amount includes all service and age 60 bonuses that I have earned to this date. This amount is the same as if I retired today. 2. I understand that the monthly benefit that I will receive at the end of the DROP period is the exact same amount stated in Item 1, regardless of any pay raises I receive or extra years of service I may work. 3. I understand that at the end•of the DROP penod I will have the option to receive the DROP account as a lump sum or convert the DROP account to a monthly annuity account or any other method of payment as provided for in the current Rules and Regulations of DROP. • 4. I understand that the DROP account will remain m the pension fund until withdrawn in accordance with the Rules and Regulations of the DROP plan. I do not have the ability to withdraw from the DROP account until the time of my departure. —e/ - meq 5. I have elected to begin the DROP on -f-Fir . DROP will end at the earlier of when I resign or /-ZI - ,1U05 , (5 years from the above date, unless authorizations to participate in DROP shall be specifically extended by the Arkansas Statutes). 6. I understand that neither the pension fund nor the Department has given any tax advice concerning the way the DROP account is taxed. I have, or will consult, my own tax advisor for this information. 7. I have read the Rules and Regulations pertaining to DROP. *Two exceptions to these rules: Age 60 bonuses (for members with over 25 years of service when they go on to DROP) begin e 60 whether I o, 9RO . op not; raises given to retirees are also given to DROP participants. /I- 3-7cf Member Signature Date aisof Spout Signature Date r an • epresentative Date a7M • • FAYETTEVII LE FIREMEN'S PENSION AND RELIEF FUND DEFERRED RETIREMENT OPTION PLAN (DROP) MEMBER ELECTION FORM (Beneficiary Designation) al1WL 41 .1/4 ( i 7-75C-57 Member SSN DOB ;gig Latici /4.4 fitted( -1P#JA aks47 7270/ Address Citfi State Zip SOouse SSN DOB A5 1 -at -7q Years of Service Date of Employment Witnes i Date DESIGNATION OF BENEFICIARY I hereby designate the following beneficiary to receive any benefits from the DROP plan if I die prior to my termination of employment. • 7) FA; 7i:a oc i'A /.eD3erlir w; FE Name Relationship Signature of ember /z -3-71 Date Please select one of the following (if spouse is not selected as beneficiary): I certify that to the best of my knowledge, the above-named member is single or that his spouse cannot be located. Signature of Plan Representative/Notary Date I certify that I have agreed with my spouse on the selection of the above-named beneficiary or beneficiaries. I understand that if I am not named beneficiary, I will not be entitled to benefits under the Plan. Signature of Spouse Date I certify that I have witnessed the above spouse's signature. Signature of Plan Representattve/Notary Date • • General Fire Pension • Date: 12/03/98 Name: Ralph Tate Emp No. DOH: 08/07/78 ' Yrs Service: 78 • • 20 Hourly Rate: Hours Base: EMT Pay Annual Salary 13.62 3248 $20.00 26 520.0000 44,237.7600 65.000%Annual Salary 29,092.5440 ' 1/12 Monthly Benefit 2,424.3787 Rounded to nearest cent 2,424.38 Additional Yrs Beyond: 0 5 Max at $20.00 0.00 DROP Amount Z,424.38 i Prepared by (Accounting and Audit Division) by apartment) a Approved by (Drop Applicant) , • • • FAYETTEVILLE FIREMEN'S PENSION AND RELIEF FUND DEFERRED ItETIREMENT OPTION PLAN (DROP) MEMBER ELECTION FORM I hereby elect the DROP as my retirement benefit option from the pension plan in place of normal retirement benefit.. I understand that in electing DROP, I have agreed to the following statements: 1. The amount of the DROP payments will be $ 7 An a a per month. This amount includes all service and age 60 bonuses that I have earned to this date. This amount is the same as if I retired today. " 2. I understand that the monthly benefit that I will receive at the end of the DROP period is the exact same amount stated in Item 1, regardless of any pay raises I receive or extra years of service I may work. 3. I understand that at the end of the DROP period I will have the option to receive the DROP account as a lump sum or convert the DROP account to a monthly annuity account or any other method of payment as provided for in the current Rules and Regulations of DROP. 4. I understand that the DROP account will remain in the pension fund until withdrawn in accordance with the Rules and Regulations of the DROP plan. I do not have the ability to withdraw from the DROP account until the time of my departure. 5. I have elected to begin the DROP on end at the earlier of when I resign or the above date, unless authonzations to extended by the Arkansas Statutes). FEBRUARY 1, 1999 . DROP will FEBRUARY 1, 2004 , (5 years from participate in DROP shall be specifically 6. I understand that neither the pension fund nor the Department has given any tax advice concerning the way the DROP account is taxed. I have, or will consult, my own tax advisor for this information. 7. I have read the Rules and Regulations pertaining to DROP. Two exceptions to these res: l Age 60 bonuses (for members with over 25 years of service when they go on to DROP) begin Page 60 whether still on DROP or not; raises given to retirees are also given to DROP participants. M mber"Signature Spouse an Representative Date Date Date 2/49 • • i • • FAYETTEVILLE FIREMEN'S PENSION AND RELIFF FUND DEFERRED RETIREMENT OPTION PLAN (DROP) MEMBER ELECTION FORM (Beneficiary Designation) RALPH A. TATE Member • 5/17/49 SSN : DOB 1149 LAKE SEQUOYAH DR. FAYETTEVILLE ARKANSAS 72701 Address PEGGY GAYLE TATE Spouse City State Zip 432-04-0395 9/11/50 SSN DOB TWENTY YEARS 8/07/78 Years of Service Date of Employment Witness Date DESIGNATION OF BENEFICIARY I hereby designate the following beneficiary to receive any benefits from the DROP plan if I die prior to my termination of employment. . PEGGY GAYLE TATE (wife) Name Signatufe of Membei Relationship 9? Date Please select one of the following (if spouse is not selected as beneficiary): I certify that to the best of my knowledge, the above-named member is single or that his spouse cannot be located. Signature of Plan Representative/Notary Date I certify that I have agreed with my spouse on the selection of the above-named beneficiary or beneficianes. I understand that if I am not named beneficiary, I will not be entitled to benefits under the Plan. Signature of Spouse Date I certify that I have witnessed the above spouse's signature. Signature of Plan Representative/Notary Date FAYETTE-V I LLE PENSION PD RTFD LI O JANUARY REVIEW MERRILL RICHARD YADA/CURTIS WI LLIAMS SENIOR FINANCIAL CONSULTANTS Soo -937- 602 • FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND PORTFOLIO PERFORMANCE 12/31/97 TO 12/31/98 NM CAPITAL MANAGEMENT INCOME ACCOUNT ASHLAND ASSET MGNT 3 -MONTHS TREASURY BILLS MIA W/DIV REINVESTED S & P 500 W/DIV REINVEST LONG TERM TREASURY BONDS HIGH GRADE CORP BONDS CPI {dee) NM CAPITAL {time wtd} INCOME ACCOUNT ASHLAND ASSET MGNT MAY 1996 Dow SEPT 1996 Dow 12/31/97 8/31/98 12/31/98 4,647,115 4,229,153 4,565,099 4,897,44 1,561.424 11,106,027 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 • 4,943,199. 1.537.677 10,710,029 12/31/96 + 5.31 +29.49 +22.98 - 1.21 + 1.61 + 3.32 +1137 + 4.25 +17.91 9/30/98 • 101,328 104,575 5,339,191 2,085,712 11,990,002 12/31/97 12/31/98 + 533 +24.87 +33.36 +15.38 +13.42 + 1.70 +16.97 + 6.38 +30.80 + 5.23 +18.12 +28.59 +13.78 +10.47 + 1.55 - 2.16 + 6.01 +34.78 12/31/98 109,600 112,942 Poo 411 t 74"1.1 ' cki •. 1 O 9 a ANS G3 1 1 000 M 1 tow •P.4/4,e;O v P. 400 wiS O �O O T o U M z • • • • Income Account fl •Fayetteville Fire Department Asset Allocation as of 12/31/98 1 -1 1 Bonds 43.7% 1 1 1 r 1 1 1 1 1 f • • Bonds 45% Current Other 1.0% Cash 14.5% Target Cash Other 5% 3% Stocks 40.8% Stocks 47% Stock $ 4,896,532 Bonds & Cds >lyr $5,234,918 Cash & Cds >lyr $1,735,712 Other $ 122,840 0. 0 0 0 J 0 LL f co 0 a W F a a. a 0 00 NN - 'r 00 O N 01 01 A O .1- ‘.0 1D h 00 • O M te) Lo 14 0o v O . 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Pin !O "s Slu y'.i�v iO 0-1 -�. \ fail lh-• :rx [OA .v r... �V [V `u iC 'O 1.-1 rrO V f3 I- n ° 1C CG. 6u rro CO rCgi, !O iL ▪ IP u : u 0 °1 .� - LL7 � I,.,. u .v 1 r u5.0 1jL c v r X' 3 .0 .avid 3 ;o ,°Fv,t C U IC Ic i• ry ° „- 9p ILL--• IC) 'u Ly ld 9G ti gg3 r• a jj �3 I� 3 `1 Ikti ro Lai ti r�ld LU ?u ro ro z a.,_ 10L loo i0 ° G. 3i7 �P �Q v; C C IT .Lpj zs G tai re (rO co, [In i0 __ 7'V L ly QN S rt EEZ .Lp u ^inji 3 C J IU \▪ U E C lE O ▪ V it C e. u �xr 'a {C ,R_ �p fC V4-1 t0 - R 'O ICO W i- •ia r -,l .7z. v. :13 u Ira >. aro ` k'' • I(4u 9 = }c (` ,y" fin, :67: '".''.', •I° iu u L r r FE : O ^ro (a, •lvi rss :sic:it' {en' 'kV, ov lv; r;G, IE 9io iG IJg U 1-1 R p � " t fc C I• c IE ▪ O • u 0 -c10 IL CIrrtja u - C . 3-c • 3u 3 "l' CHANGE IN SHARES F c Etc Net Change in Shares t o M N ov H.O rn .N M v M rn N New Issuance N ‘,O r• -•a \o — --i N N ,--' -- 70.6 Gross Corporate Purchases • co h N N-' M a\ --i M h N (304.3) 7 G1 G1 N in 0.1 G1 rl \ D 01 G1 H N 0.1 01 H 00 01 1-1 In LE; • > v. 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'v y 0 O 4-•,v, u 0 0 0 O r' O Z w - u • u C s = W v F C X v UV V 0 C_ n' i `4 N U u 4- _ pq 0 ti 0% - ct r U co> 04 La J Ti C tt 0 U N C C c0:PI u a N rr U E °u a E u a N = id,I u z C v v N O v r C 0 n O ..EE m '3>-t.;--0 > v j O c c -c C. O m y - N Y= v=uu cLo3 -OO uN M ON Y N 1,v uO V `- y y.4a0 ti C.u. a N _ E LI cf, C o C. Ct Y r., _ C O uo u— v .. Ou v c i Q O U N- `� U '.J u v O .= v t O b co i 4. w lC y >OoO vU 0 CU C t..0r _Ntz _ U U O W C N N r, o c 4 E ao Lo E,' •E `t v Z O'� j v E a >v. N Cr‘ a, N m v 6 ;i) U v.= vv o.0 cc `.E x 2, >, N N E L 0 v >.'E E o E Y = c v v v _ .u. O > 43 � E �in '-u v INTERNATIONAL COMMENTARY C ^ [. C u O Ou. o v j- N v E ..^ E u - ti " v uC C to ce c = `v v — ^ v E cc 4• = U t !I Cra n i= N • v O _• O 0 it I vla c v IA Z u c 0 y U O 2 L v v T c m 5 X- w e W _ c r crzi Lcu 1 IredY R w V V z W C O 1y R C U C. cr- CO ',.' 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I, R -.0 L • C E e ry >. 10 aS. 13 C 100 I> ,tiv L .G .0 R ;O .F I I.0 C IE E V) S L 'a r-. F 3 J to 4 Iv -4. L. 13 ro 13 'v [c va fa a? > cF ;F 1 (6 JL5 #E' �1' fo a �u ro SE l> fC rr i , v '`L Iln #> • .t IC ry Q IC` 4.0 'lJ --- $ 41 'rh 100 . R t '` A CL 3 Al 7. '..551"e.1 3;51.5 1 0 m 3 �,: a- 0 ;c 160 m F la) " c ti .F. L ICC•, o'0 E v Es IE •1:337 V 3° 5_.0 E u 'c R J Eli, c c u > i� t• ° L IN m 1 "' o c • id ro rS L1 . v 3.N N V u 4J u C u O E IO 11;:"-e„ .R u V C k ° 12 lu 13 'E >( c (a tt F 1 .L ti u [0‘, .Iv 1-1 C 0 u SS v ir r IC dN rc R ] .v 47. 50 C= 4 C O C `i T vCi c c 13 u :c I> v rY. c C `..PK 101. F L_ iF r� v = }v ;J 13 3 lE �LC �-d [-J -C "u _ u F_ rr R. w 'p 10 :E 't0 V Itl y •F [1[N L N tm `IC C L iv iL ca r Iv i:_ to.X ▪ IL tE r u 1N 1.1.> p N k> C 3v 117N.F [F c . Iu u N u5 HI -L C F C : v C y c,d 0. S ▪ v F .. -X r 2N N 9 Cm 3'7 C.L. v ['120 yuwnC LL.[50 C C 1C ,:v L 1- E 0 C • O 5 r0 R 6 3 Lti '2--- v(v N 0 I .74 .=• y aav tE u'uf> °ea lv ▪ F ,O r x F iX W 40- N a% 4 b d a.s C 7‘..): �E 3 l lCC TE," ry fu FN L 10 rC i c v 1171 ▪ T v N " C CD -o 1iv •E -C - ` F a ❑ Tv J r N 7F L r <U Cc715 IC Pa tO 110 r c • N = o T .N u F rE in 'v 4 F v E T 1 N •,V 'v E N c F v t.e3 E o a N " a C -.- y rC e U - F V -'177-re 4. E :? n ir61.o ' ¢ c �n •.G, ro v v.:- .� F h u I d to C C [r • 3 IC I�pd.:. p 'a - I�� F . 9 C U 1,111 1-1;.,- iN • V 'F Lr- D.1� C 5g>.R I� • E2 O 'LEE: cl .N. is V • Q - ry '•F _ [` r K • a aL la - IE IE J C� N 3 o kV V r ry r/ m > S R .v, S F - CC = C .L. C 4 TJ r IC j 41 t3/41 w u N .:y F 13 -:C F 0 N E u lm w ' u o is J c IE J lc R 1 Iv ( v - 'N 4.445L 'u 11/40 'a 13 .9a h `I1 is -1E'153 IT l , 11 (c - r0 it I a Im O. C IC "_ �C <u (c Dc 1 'C fC (o lc N c v <u E v 0 ru .0 `N IC cf ▪ a !-Cr ,-.- U N 6- NC1 -.II- F 4-60rC R Y 6, c - v *--.1 .Z ••._ .Ar5 • .s -- R : E s > 3 c _c c = Ih _ v R Ck. C :v E v u u w C C sC C _ C - C ,� . 5 c Vs 1I u • yC lC C 1....0 O t` , u raj X G.• [: -a. ., 0 c t ti' T Icv u 0 fC R O 0..- O N iv. Iv - ,N E Y L C LN _O L L 43 43 C u c - rC O z OD (F vL t •,C CC I1 C C I'1'4 n to v X ;a ‘.1.e F 34. 7 R a c 00 ' - u U 0 C, u E • " .co) (((C r fF 'D O R c 4E1 •I'LE c v c E L u F 'JQ U1 U .70 C A C 7 C z Y E 67642 I -B 22-'- ‘1-15 y '7 KINC u . 3• Iv N 'C r O or.> o vc0 " T • E r l_ r0 r;Po'tv , C '0 C v C • n E. L N u < rn c � S v U OC w L -- i._ Nv r.. Rtv3N• S N0_R'V • -LT v :C. v • .p C ,c . e•CL • '3 0 u s c C' - .;.:7..{.) V fF L rY I,. X \C 'v jC 10 -ICC 5 fE u � ju l. "s fE fR 13 I• o v, ++ OJ >, t O 7 A v i — v w = 3 14 -p C O' O0 V A v 7 b 7 • O A j R 0 0 0 Q 7: `o. A 0 We believe that the financial reforms occurrences. o u a a 0, p u Vc\ C 1.. 1+ O, N(1 v .r.. v y W OOJ v Oo A A 0 Y C t U v v 0 U an et 3 E E 0v 0 C O 0 0 0' C y d 0 y 7 G .N y U O C N U v x 'w v1 E" d Y U EA 01 ¢ 0 y °, C I- O vE A c a W O A E 0 O W T C 2 y O 1.0 L 0 C U T. V fo0 co V a.E-v CIN