HomeMy WebLinkAbout1999-09-30 Minutes•
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.
•
•