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HomeMy WebLinkAbout1999-10-28 - Agendas - FinalFAYETTEVILLE •, THE CITY OF FAYETTEVILLE, ARKANSAS FAYETTEVILLE FIRE PENSION AGENDA OCTOBER 28, 1999 A meeting of the Fayetteville Fire Pension and Relief Fund will be held on October 28, 1999 at 11:00 a.m. in Room 326 of the City Administration Building. 1. Approval of the minutes 2. Approval of the pension list - 3. - Investment report 4. Other business 5. 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575.8257 • • • MINUTES OF A MEETING OF THE FAYETTEVILLE FIRE PENSION AND RELIEF FUND SEPTEMBER 30, 1999 A meeting of the Fayetteville Fire Pension and Relief Fund was held on September 30, 1999 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. APPROVAL OF THE MINUTES Mr. Reagan moved to approve the minutes of the last pension meeting. Mr. Doss seconded the motion. Upon roll call the motion carried unanimously. PENSION LIST Mr. Reagan asked for the Finance Department to provide Mr. Bachman and Mr. Wood with an account balance and the amount of money going into their account each month. He thought it was probably a typo, but for their benefit he would like to do that. Mr. Doss noted on the revised list Mike Bonaduce name was not on it. He needed to be put on the October 1999 pension list Mr. Reagan moved to approve the pension list with the revisions Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. INVESTMENT REPORT Mr. Yada gave a report as of August 31, 1999. As interest rates moved up the value of their bonds had come down. The stock market had corrected from its peak in June. The S & P 500 had corrected more than ten percent. In the month of August, Ashland had made money from the month before even though the market had been down. He thought there would be a choppy market throughout the year. They had discussed it with Ashland and Private Portfolio Group, they were going to try and take some profits before the end of the year This was their actuary year. The other thing they had to look at was the percentage of return that the Drop people were getting. Mr. William had talked with them before about raising the percentage in equities in their bond portfolio. Interest rates had come down over the years. He thought the cycle was turning. The thirty year treasury is up to 6%. He thought they might continue to get 6 to 7%. The market was looking good for the next several years Mr. Yada announced that Mr. Curtis Williams no longer worked for them. OTHER BUSINESS Mr. Doss stated he had attached minutes from the state pension board. Mr. Reagan stated there had been an amendment to the rule 11. on "smoothing". Which the allowing of use of realized gains in calculating actuary. It could affect benefit increases. He thought it was important for them to have a representative at the state meetings. The next meeting was scheduled for December 14, 1999 at 10:00 a.m. in Little Rock It was noted that the millage for the pension funds was no the agenda for the next City Council meeting. The meeting adjourned at 11:50 a.m.