HomeMy WebLinkAbout2000-02-24 Minutes•
MINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND
FEBRUARY 24, 2000
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on February 24, 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, Pete Reagan, Marion Doss, Darrell Judy, Ron Wood, City Clerk
Heather Woodruff, and Administrative Services Director John Maguire.
ABSENT: John Dill.
MINUTES
Mr. Pete Reagan moved to approve the minutes. Mr. Ron Wood seconded the motion. Upon roll
call the motion carried unanimously.
PENSION LIST
Mr. Reagan moved to approve the pension list. Mr. Judy seconded the motion. Upon roll call
the motion carried unanimously.
INVESTMENT REPORT
Mr. Yada, Merrill Lynch, stated they were looking at moving Private Portfolio Group to a
growth manager. Currently, the investment portfolio allowed 50% in growth Stocks. If they
wanted to increase that amount the board would need to change the investment policy. He
recommended moving half of the private portfolio to Mercury Management. He thought this
would diversify the account more. He presented a chart illustrating the difference between Value
Stock and Growth Stock. He did not recommend pulling out of Ashland, but recommended
shifting some of the money from the private portfolio to Mercury for greater growth potential.
In response to questions from Mr. Maguire, Mr. Yada stated they would move half of Ashland
account to Mercury. It would be 100% stock transaction with a fee of 1%. He explained it
would be a cash transfer and would not cost the fund because it was a wrap account.
Mr. Reagan moved to go with Mr. Yada's recommendation and to move half of the money from
the private portfolio group to Mercury Management. Mr. Wood seconded the motion. Upon
roll call the motion carried unanimously.
LONNIE NAPIER
•
Mr. Reagan moved to approve Lonnie Napier's application for Drop. Mr. Wood seconded the
motion. Upon roll call the motion carried unanimously.
Meeting adjourned at 11:40 a.m.