HomeMy WebLinkAbout2000-06-29 - Agendas - Final•
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FIRE PENSION AND RELIEF FUND BOARD
AGENDA
JUNE 29, 2000
A regular meeting of the Fire Pension and Relief Fund Board will be held on June 29, 2000 at
11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
1. Election results
2. Approval of the minutes from the May 25, 2000 meeting
3. Approval of the Pension List
4. Investment report
5. Other business
1. Pete Reagan Drop Application
•
MINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD
MAY 25, 2000
A regular meeting of the Fayetteville Fire Pension and Relief Fund Board was held on May 25,
2000 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
PRESENT: Mayor Hanna, Darrell Judy, Ron Wood, Pete Reagan, Marion Doss, John Maguire,
Richard Yada, and City Clerk Heather Woodruff.
ABSENT: John Dill.
APPROVAL OF THE MINUTES
Mr. Pete Reagan moved to approve the minutes. Mr. Darrell Judy seconded the motion. Upon
roll call the motion carried unanimously.
PENSION LIST
• Mr. Reagan moved to approve the pension list. Mr. Ronnie Wood seconded the motion. Upon
roll call the motion carried unanimously.
•
INVESTMENT REPORT
Mr. Richard Yada, Merrill Lynch, presented the investment report. He stated April had not been
a good month. NASDAQ down 33% from its high for the year. Dow Jones was down 6% for
April. S&P 500 was down 1% for the month. The Private Portfolio Group was up 4.52%. Some
of the bonds in the portfolio have come up in value even though interest rates have moved up.
When interest rates move up bonds were supposed to move down. Right now, the longer term
interest rates are lower than short term interest rates. Their long term bonds have come up in
value. Short terms have stayed flat. The bonds have helped them in the income portion of the
portfolio. Income Account was up 1.5%. Ashland was down 5.84%. Interest rates would
probably be raised one more time in June by the Federal Reserve. He expected the stock market
to be up and down. The last two years the market had been down going into the summer and did
not make a move to the up side until September or October.
The total portfolio of more than twelve million dollars, the management fees and transactions'
fees were a little less than three-quarters of 1 %. The fees were less than what they could get in a
no-load index fund. Ashland was their major expense, because they had a lot of transactions.
There had been an excess of a 30% rate of return over the last three years.
• OTHER BUSINESS
Mayor Hanna stated Mr. Rose, City Attorney, had written a letter regarding death benefits and
asked if there were any questions.
Mr. Reagan stated he had asked Mr. Rose for an opinion because a member of the fund had
asked him. The term "spouse" was not at the time of retirement, but at the time of "death" when
dealing with the widow benefit.
Mr. Reagan added they had asked Mr. Rose to look at the attendance policy of board members,
regarding Mr. Dill's position. He had spoken with Mr. Dill. It had been his opinion that because
of his employment situation that he was not on the board. Mr. Reagan stated he had informed
Mr. Dill that he was representing the retirees and he was still on the board. Mr. Dill stated he
would serve. Mr. Rose stated there was nothing in the statute and nothing he could find in board
policy that limited this. They could have a board policy on attendance, but as far as statutes or
city ordinances there was nothing that regulated attendance:
Mayor Hanna thought the board should have a policy.
In response to questions from Mr. Reagan, Ms. Woodruff stated they should have the election
results in by the next meeting.
• Meeting adjourned at 11:15 a.m.
•
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RECEIVED
JUN 2 0 2000
CITY FAYETTEVILLE FIREMEN'S PENSION AND RELIEF FUND orri C ERK'SFAYEOFFICE E
N CLERK'S OFFICE
DEFERRED RETIREMENT OPTION PLAN (DROP)
MEMBER ELECTION FORM (Beneficiary Designation)
are? A,aa�rcl
1
Member SSN
/-0- 5b
DOB
€e0 Av. /9(9,9 fierredra fir. 77%
Address City State Zip
4'2.4 /,et �<�o Sri 95, -- ‘s78 9--• Ai —a
Spouse SSN DOB
9 -Se -74
al
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: •
g/%Pfl eR�N-Ai
Name Relationship
c5 -2;9—c2000
Signature of Member 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
•
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•
FAYETTEVILLE FIREMEN'S PENSION AND RELIEF FUND
DEFERRED RETIREMENT OPTION PLAN (DROP)
MEMBER FT POTION 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 $ 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 Today r �aridC' . DROP will
end at the earlier of when I resign or a vte- 3/ n- ADDS , (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 exce
be
these rules: Age 60 bonuses (for members with over 25 years of service when they go on to DROP)
r still on DROP or not; raises given to retirees are also given to DROP participants.
Me
pouse Signature
Date
r S°--on-and
Date
Plan Representative Date
•
Date: 5/25/00
Name: Pete Reagan
Emp No. 81 -
DOH. 4/30/79
Yrs Service: 21=
Hourly Rate:
Hours Base:
General Fire Pension
13.201
3247.92
Annual Salary
65.00% Annual Salary
1/12 Monthly Benefit
Rounded to nearest cent
Add Yrs Beyond: 1
5 Max at $20.00 -
Drop Amount
42,875.7919 -
27,869.2647 -
2,322.4387
2,322.44 -
20.00 --
2,342.44 2,342.44
RECEIVED
JUN 0 2 2000
ACCTG.
Approved by
(Drop Applicant)
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Activity Summary
Apr 00 Jan 00 To Date
Beginning Value 5,195,350 5,087,957
Net Deps/Wthdrwls -16,849 -59,087
Div/Int Income 23,787 108,603
Chg in Market Value -91,192 -26,377
Ending Value 5,111,095 5,111,095
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•
MERRILL LYNCH STATEMENT.
DUPLICATE
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Activity Summary
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Year -to -Date
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Year -to -Date
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275,980.47DR
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•
I. For its sponsorship, Merrill will receive an exclusive sponsorship in
the brokerage/investment industry category.
J. Merrill will have the opportunity to receive one appearance from
Nolan Richardson. Nolan Richardson will make a one-hour (1)
appearance at any of the following types of executive -level functions-
formal business meeting, a breakfast, lunch, dinner or cocktail
party/reception, sporting event such as a corporate golf outing or other
appropriate outdoors event. Merrill will be responsible for all
transportation, lodging, meals and reasonable incidental expenses
associated with the appearance Best efforts will be made to schedule
appearances that are mutually convenient to Merrill and Nolan
Richardson. Appearances must be scheduled at least one (1) month m
advance.
K. Merrill will have a statewide press release distributed prior to the start
of the season announcing its sponsorship of the Show
L. Memll will be featured with other Show sponsors in a full page
advertisement in the Razorback Basketball GameDay Arena programs
sold at all home games.
IN WITNESS WHEREOF, each party to this agreement has given and received
consideration for the covenants set forth within, and now signs their names as hereinafter
set forth:
Date
•
ON : HALF OF THE NOLAN RICHARDSON/RAZORBACK BASKETBALL
SHO
Mr glsse Branch
6/21/54
Date
3
FAYETTEV EdE
THE CITY OF FAYETTEVILLE, ARKANSAS
•
DEPARTMENTAL CORRESPONDENCE
•
TO: Firemen
FROM: Heather Woodruff, City Clerk
DATE: May 24, 2000
SUBJECT: FIRE PENSION BOARD ELECTION
The Firemen's Pension and Relief Fund Board of Trustees is now accepting nominations for one
active member's position. This position has a two-year term beginning in May of 2000 and
ending in May of 2002. The position is currently held by Pete Reagan, who is willing to serve
again.
Nominations must be submitted in writing and remitted to:
Marion Doss
Central Fire Station
Or sent by fax to 501-575-8257.
ALL NOMINATIONS MUST BE RECEIVED BY MAY 31, 2000 AT 5:00 P.M.
If you have questions, please call Heather Woodruff at 50]-575-8323.
Those eligible to vote and serve listed below.
Danny Farrar
t John Jenkins Marshall Mahan Y/"' 424AP
r,
Ted O'Neal VVv"
Larry Phillips
• Joey Pierce
Pete Reagan
Glen .Shackelfford
•
Feb 26 00 12:31p
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•
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PAGE 01
FAYlTTEVILLE FIRS.
PREVENTION
.MALL OFFICE
4201 N. SRILOH
FIRE MARSHAL'S SUBSTATION
PH: 575-8271
FAX: 575-8272
1
Da: 5'Zs/-'00
Te: �/f71 !p
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Firm:
Fart
Monet
From:
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�m�r�e 11 • • liner
05/24/2000 12:07 50157133047 PAGE 02
tiPt 00%24/0013:03 FAX 001 9730053 T APFF P REAGAN 111001
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5/23/2000
I , Danny Farrar, would place the Name of Peter Reagan, in nomination for
Trustee of the Fayetteville Fireman's Pension. and Relief Fund.
DannyFeZrfr, Asst. Fire Marshall
Fayeneville Fire Department