HomeMy WebLinkAbout2000-01-27 MinutesMINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND
JANUARY 27, 2000
A meeting of the Fayetteville Fire Pension and Relief Board was held on January 27, 2000 at
11:00 a.m. in Room 313 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
PRESENT: Mayor Hanna, John Maguire, Pete Reagan, Marion Doss, Darrell Judy, Ronnie
Wood, and City Clerk Heather Woodruff.
ABSENT: John Dill.
APPROVAL OF THE PENSION LIST
Ms. Woodruff stated the pension list would have to be amended if the board approved Kenneth
Miller's and Thomas Warford's application for pension.
Mr. Doss stated Mr. Richard Baird had passed away. The list needed to be amended, by
removing his name and replacing it with his wife's name.
Mr. Reagan moved to amend the pension list to include Thomas Warford and Kenneth Miller and
in addition to change Richard Baird to his wife's name. Mr. Doss seconded the motion. Upon
roll call the motion carried unanimously.
Mr. Reagan questioned Mr. Miller's application not being completed.
Ms. Woodruff stated they could go ahead and approve the application even though the
application was not complete, because the benefit was going to be the amount listed on the
pension list, $2,129.57.
Mr. Doss thought Mr. Miller would get a slight benefit because he had over thirty years of
service and was over a certain age.
Mr. Reagan asked a copy be sent to all the board members of Mr. Millers completed pension
form.
APPROVAL OF THE MINUTES
Ms. Woodruff stated they needed to amend the motion Mr. Reagan had made on transferring
money to Merrill Lynch. After reviewing the tape, she did not feel confident that everyone was
on the same page on the amount to be transferred. She stated they could transfer the amount of
the turnback money only or there was $180,000 in the account which was available for transfer.
She stated she wanted to clarify the exact amount they wanted to transfer.
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Fire Pension Minutes
January 27, 2000
Page 2
Mr. Reagan stated that according to Mr. Maguire he thought there was enough money to meet
payroll for three to four months even with the transfer of the $180,000.
Mr. Doss stated $180,000 was the figure he had in mind.
Mayor Hanna stated they would amend the minutes to show that Mr. Reagan's motion was to
transfer $180,000 to Merrill Lynch as per the memo from Mr Maguire. The amendment passed
unanimously.
INVESTMENT REPORT
Mr. Reagan stated Merrill Lynch had overnighted the report to him. He had not had a chance to
review the packet
Mr. Maguire reviewed the packet and stated in general it looked like the fund had been well
managed to him. The asset allocation of 50% into income was about standard. 47% equity and
46% fixed cash. He did not have any complaints. The Ashland Management Fund had an
excellent year He would ask for more detail later.
• Mr. Reagan stated he had asked Mr. Yada to provide year end figures for consulting fees and
commissions. He hoped Mr. Yada would be at the next meeting.
Mr. Maguire stated the asset allocation was what interested him.
Mr. Reagan stated for Mr. Maguire's information, they had just hired Merrill Lynch Private
Portfolio Group last year They had another company that was not preforming. It was a
balanced account. This account was out of New York.
Mr. Reagan stated they had discussed a couple of months ago the amount of money they had in
the income account.
Mr. Maguire stated what was happening was that the interest rates were moving up, which often
bought those things to hold unto maturity. Often the fixed income account would show less
return, but what they were doing was investing it for the coupon rate They would hold those
until they matured. It was one of the disadvantages of fixed income. They were not trading
those things. They were the safety net. He expected short term rates to up again in February.
APPROVAL OF RETIREMENT APPLICATIONS
Mr. Reagan moved to approve Mr. Warford and Mr. Miller's applications.
Mayor Hanna questioned the date of employment on Mr. Warford's application. Mr. Reagan
Fire Pension Minutes
January 27, 2000
Page 3
clarified his beginning date at 1975 and not 1995.
Mr. Doss seconded the motion. Upon roll call the motion carried unanimously.
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