HomeMy WebLinkAbout1999-06-24 - Agendas - Final•
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FIRE PENSION AND RELIEF FUND
JUNE 24, 1999
AGENDA
A regular meeting of the Fayetteville Fire Pension and Relief Fund will be held on June 24, 1999
at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
1. Approval of the minutes.
2. Approval of the pension list
3. Investment report
Old business
a. Payment of Drop Accounts
5. New business.
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MINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND
MAY 27, 1999
A regular meeting of the Fayetteville Fire Pension and Relief Fund was held on May 27, 1999 in
Room 326 of the City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
PRESENT: Mayor Fred Hanna, Marion Doss, Ron Wood, John Dill, Pete Reagan, and City
Clerk Heather Woodruff.
ELECTION RESULTS AND APPOINTMENT OF NEW BOARD MEMBERS
Mr. Reagan stated there had been an election for new Board members. There had been two
people nominated to fill the two positions. John Dill would be the new representative for the
retirees. Ron Wood was reelected as a representative for retirees. No vote was needed because
both of the candidates had been unopposed.
APPROVAL OF THE MINUTES
Mr. Reagan moved to approve the minutes with typo corrections. Mr. Wood seconded the
motion. Upon roll call the motion carried unanimously.
APPROVAL OF THE PENSION LIST
Ms Woodruff noted there were two names which needed to be added to the list. The pension list
would need to be amended to include Ronnie Wood at $2,033.79 per month and Eddie Bachman
at $1,736.25 per month.
Mr. Reagan moved to approve the pension list with the mentioned revisions. Mr. Dill seconded
the motion. Upon roll call the motion carried unanimously.
OLD BUSINESS
PAYMENT OF DROP ACCOUNTS
Mr. Reagan stated there was nothing new that had not been brought up at the last meeting. He
thought they needed to make a decision on how they were going to proceed with the payment of
drop accounts. Mr. Bonaduce was waiting for a decision.
• Mayor Hanna stated he had spoken with the City Attorney on the matter. It had been Mr. Rose's
opinion that there was no reason why they could not roll the money over.
T
100. t in?" D.
Mr. Doss stated he had talked with Pension Review Board and Irene at M....;H Lynch. Little
Rock was paying the retirees out. PRB also rolled them into other accounts without withholding
taxes. /F' fyy iNOirip 1,497 k7/hhLD 7.4xe5 /f fl,&JQ1ZO 70 2't4
o�
armeentivi Accor rhtlf .4o7 AO/ *AD 7.4165.
NEW BUSINESS
Mr. Yada reviewed the investment report. He explained that every time the interest rates went up
the value of their bonds would come down, even though they continued to receive the interest.
Meeting adjourned at 11:15 a.m.
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Fayetteville Fire Dept. and Relief Fund
Portfolio Performance 12/31/98 - 6/30/99
12/31/97
12/31/98
MLAM Private Portfolio Grou
6/30/99
p 4,647,115 4,565,099 4,823,953 !
(started 12/1/98)
ilncome Account
Ashland Asset Mgmt.
4,897,115
5,339,191
1,561,424 1- 27085,712
11,106,027 11,990,002
12/31/97
i3 Month Tsy. Bills + 5.33
DJIA w/ Dividend Reinvest + 24.87
S&P 500 Index w/ Dividend Reinvest + 33.36
+ 15.38
Long Term Tsy. Bonds
5,323,199
2,283,217
12,430,369
12/31/98 6/30/99
5.23 +2.24
+ 18.12 +20.42
+12.43
+ 13.78 -6.88
High Grade Corp. Bonds + 13.42
C.P.I. (April) + 1.7
MLAM PrivatePortfolio Group + 16.97
Income Account + 6.38
`Ashland AssetMgmt. , +30.8
Orig. Investment
1May -96 DOW $75,000
�1Sep -96 DOW $75,000
10.47 -6.22
�.- .• + 1.55 +1.40
_ 2.16 +5.68 _3
_ +.0i +.08 _.
+ 34.78 +10.04
12/31/98
$109,600 R
$112,942
6/30/99
$115,632
$128,298`.
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MERRILL LYNCH
Acct — #05G88
Acct — #96345
Acct — #96346
TOTAL MERRILL LYNCH
CITY HELD INVESTMENTS
TOTAL FUND
PERCENT OF TOTAL
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\BEN\FIRINV
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MERRILL LYNCH
Acct — #05G88
Acct — #96345
Acct — #96346
TOTAL MERRILL LYNCH
CITY HELD INVESTMENTS
TOTAL FUND
PERCENT OF TOTAL
JUN 24'99 09:24 FR MERR[LL LYNCH
501 229 7431 TO 15015758257 P.02/02
• Fayetteville Fire Dept. and Relief Fund
Purlfolin Pr.rformance 12/31/% - 5/30/9`1
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12/31/97 12/31/98 5/30/99
b(LAM Private Puitfblio C1mup 1.647,115
4,565.099 4,746,698
(gaited 12/1/98) 5,345,677.
incomeA.c_uunt 4,897,115 5,331,19E
Ashland Assct Mgral.
3 Month Tsy. Bills
Di1A w; 1)ividond K.einvest
S&P 500 Index w, Dividend Reinvest
Long,Tcrm'l'sy. Bonds
Hie" C'nadc Corp. Bonds
C.P.I. (April)
MI.AP1 Vrivate Portfolio OwHHp
Income Ao-ount
Ashland Asi.et Mgmi.
May -96 DOW
Sep -96 DOW
1.561 24 2.005.712
11,106,027 11.990,002
12131/97
+ 23
+ 14.8'e
+ 33.36
1 15:58
1 13.42
+ 1.7
+1697
+ 6.36
+ 30.8
12/31/98
5.23
15.12
+ 28.39
+ )3.78
+ 10.47
+ 1;5
-1.16
I .ill
34.78
2,117,301
12,209,671
S/3U'99
+1.76
+15.76
+6.13
5.84
-4.99
+(.40
+3.98
+.:
+9.02;
Orig. lnve%iment 12f3179s 5130/99
975,000 $109,600 5;111.276
975,00(1 S112,942 U27,202
** TOTAL PRGE.002 **
• LICWFI
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ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
June 15, 1999
Marion Doss, Assistant Fire Chief
City of Fayetteville
303 West Center Street
Fayetteville, AR, 72701
Dear Asst. Chief Doss:
Union National Plaza
124 W. Capitol, Suite 940
Little Rock, Arkansas 72201
P.O. Box 34164
Little Rock, Arkansas 72203
Telephone (501) 682-1745
Fax: (501) 682-1751
Email: info@lopfi-prb.com
Web Site: www.lopfi-prb.com
RECEIVED
JUN 21 1999
ILLE
CITY TY OF
FFICE
You have asked for additional information on a local plan police/fire employee who
participates in the Deferred Retirement Option Plan(DROP) and once he retires, how we handle
the distribution. I am enclosing a copy of our legal counsel advice, which we follow, on the
distribution being rolled over or paid directly to the participant, the form we use and a sample of
the letter I submit to each member.
The procedure we follow is: if the participant rolls his DROP account over to another
Qualified Plan or an IRA, we do not withhold the 20% federal withholding. If the
participant wants to receive the DROP account, we do withhold the 20% and remit to the
Internal Revenue Service.
Currently, we administer the following Local Plans that have the DROP: El Dorado Police,
El Dorado Fire, Forrest City Police, Fort Smith Police, Fort Smith Fire, Hot Springs Police, Hot
Springs Fire, Jonesboro Fire, Mountain Home Fire, Searcy Fire and Van Buren Fire. We are in
the process of taking over the administration of Searcy Police which also has the DROP. If you
have any questions, please don't hesitate to contact me.
Sincerely yours,
efi,,,o_teeb4A,
Candy E. Campbell
Chief Financial Officer
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WASHINGTON, O. C.
MEMPHIS, TENNESSEE
GALLAS, TEXAS
ARNOLD, GROBMYER & HALEY
A PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
UNION NATIONAL PLAZA
124 WEST CAPITOL AVENUE, SUITE 875
LITTLE ROCK, ARKANSAS 72201
501-376-1171
FAX 501-375-3548
I
October 18, 1994
Cathyrn E. Hinshaw
Executive Director
LOPFI
124 W. Capitol Avenue, Suite 940
Little Rock, Arkansas 72201
Re: DROP Plan
MAILING ADDRESS:
POST OFFICE BOX 70
LITTLE ROCK, AR 72203-0070
Dear Cathyrn:
This is in response to your letter of October 17, 1994
concerning the Deferred Retirement Option Plan ("DROP"). You
have asked whether this program would be deemed a Defined
Contribution Plan or a Defined Benefit Plan.
Your question is not susceptible to a precise answer. We
have generally agreed that the DROP is one of several benefits
which are available under the overall LOPFI defined benefit
plan. The benefit which will be received, however, is directly
dependent upon the contribution made by the participant.
Therefore, using your definitions it is a little of both and not
exclusively either.
In your letter you asked two specific questions as follows:
1) Do we need to withhold federal taxes from the DROP
payment? We plan to pay the accumulated DROP amount in lump
sum.
2) If the participant elects to transfer a portion of
his DROP account to an annuity provider, what forms of
annuities can a participant legally transfer these monies to?
You only need to withhold taxes from DROP payments which are
made directly to the participant. If all or a portion of the
•
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Cathyrn E. Hinshaw
October 18, 1994
Page Two
DROP amount is paid directly to John Doe, Participant, you must
withhold the required 20%.
In response to question no. 2, if a participant elects to
transfer a portion of the DROP account to an annuity provider,
you may make the payment directly to the annuity provider so
long as it is a qualified deferred contribution plan. Such
plans would include an individual IRA, 401(k), or any other type
of program where individual contribution accounts are
maintained. You may not, however, make a payment directly to a
deferred benefit plan such as a company -operated pension plan.
Presumably, there are annuity policies available from annuity or
life insurance companies which would qualify for direct
transfer. It is impossible to generalize the forms in which
they may take. This determination will have to be made on a
case by case basis.
If you have further questions concerning this, do not
hesitate to contact me.
RRR:sw
Yours truly,
ARNQLD, GROBMYER & HALEY
Robert R. Ross
OCT 19 lye►
LLirrI
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D
Dl
D)
Union National Plaza
124 W. Capitol, Suite 940
Little Rock, Arkansas 72201
P.O. Box 34164
Little Rock, Arkansas 72203
Telephone (501) 682-1745
Fax: (501) 682-1751
Email: info@lopfi-prb.com
Web Site: www.lopfi-prb.com
ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
June 7, 1999
MIS
Dear Mr.
You have been enrolled on the Deferred Retirement Option Program(DROP)
since February 1, 1998. As of June 22, 1999, you requested to retire.
Enclosed please find the Deferred Retirement Option Plan Distribution form.
Please complete the form as to how you prefer to receive these monies. Your
DROP account balance is $45,429.50. Theses monies include your benefits
through June 1, 1999 and contributions through April 30, 1999.
We will be required to withhold 20t of the distribution if these monies
are not rolled over to an IRA or another qualified plan. We will remit the
20t to the Internal Revenue Service for federal withholding. You will receive
the remaining 80t of the distribution. If you rollover these monies, you need
to complete either option "B" or "C" and the financial institution or plan
needs to complete the bottom portion.
Effective July 1, 1999 your monthly benefit will bee, Enclosed
you will find a W -4P. Please complete the form whether you choose to have
taxes withheld or not. If you wish to have your benefit electronically
transferred to your bank, please complete the enclosed Authorization Agreement
for Direct Deposit and have your bank complete the bottom portion of the form.
In order to process your benefit on July 1, 1999, we will need the
enclosed forms remitted back to us by June 22, 1999. You do not have to have
the DROP Distribution form completed by then. But, I will need it before I
can release those monies. I will need the W -4P by June 22, 1999.
If you have any questions or need any assistance, please don't hesitate
to contact me. You may reach me at 1-800-482-5850 and ask for extension
21745.
Sincerely yours,
Candy E. Campbell
Chief Financial Officer
ENCLS
ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM
DEFERRED RETIREMENT OPTION PLAN DISTRIBUTION ELECTION FORM
(DROP)
•fo be completed by Employee with regard to the distribution of DROP to be received.
Please Select Option A, B, or C Below:
Meme Name (ileac pnnt)
A. The LOPFI System is directed to make full payment to me, the member, less 20% federal withholding
tax.
Signature of Member Date
B. The LOPFI System is directed to mail my distribution to (Name
of Annuity Provider) for deposit
Signature of Member Date
C The LOPFI System is directed to mail $ (fill in the amount) of my distribution
to (Name of Annuity Provider) for deposit. The
remainder will be paid directly to me, the member.
Signature of Member Date
•
Complete Agreement of Annuity Provider Below if Option B or C is Selected
To be completed by the Annuity Provider.
AGREEMENT OF ANNUITY PROVIDER
In accordance with the above authorization of the depositor, we agree to deposit the forthcoming
distribution amount from the LOPFI System in the following account.
Type of Account (fill in the blank)
Annuity Provider Authorized Signature
Mailing Address Date
City State Zip Telephone Number
Setum To: LOPFI
P.O. DRAWER 34164
LITTLE ROCK, AR 72203
LOPFI copy - white Member copy - yellow
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