HomeMy WebLinkAbout2000-04-27 Minutes•
MINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD
APRIL 27, 2000
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on April 27, 2000 at
11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
PRESENT: Mayor Fred 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. Ron Wood seconded the motion. Upon roll
call motion carried unanimously.
PENSION LIST
• Ms. Woodruff stated Lonnie Napier has been added to the Drop List.
•
Mr. Pete Reagan moved to approve the pension list. Mr. Marion Doss seconded the motion.
Upon roll call the motion carried unanimously.
INVESTMENT REPORT
•
Mr. Richard Yada, Merrill Lynch, presented the investment report thru March. The Dow Jones
was up for the month by 7%. The Merrill Lynch Private Portfolio Group for the year was just
short of five million. They were up 3.4% thru the end of March. The Income Account was up
2.92%. Those two reflect the increase in the bond prices. Long Term Treasuries thru the end of
March was 8.64%. High Grade Corporate had gone up 2.34%. Their bond portfolio has done
well. Ashland Account, being purely stock, was down 1.62%. He expected to see a choppy
market for the rest of the year.
Mr. Reagan asked when they were going to start. Mercury.
Mr. Yada replied they had gotten everything through legal. They had contacted Private Portfolio
Group to see when they wanted to transfer the money out. They were taking half of the Private
Portfolio Group over to Mercury. He noted the technology sector had been hit really hard. He
thought Mercury had a little bit more technology exposure. He thought there would be another
correction coming.
Fire Pension Minutes
April 27, 2000
Page 2
OTHER BUSINESS
Mr John Maguire, Administrative Services Director, asked the Pension Board for their
permission to update and rewrite their investment policy. He felt they were in a good position to
consider different investment options.
The board agreed to let Mr. Maguire draft a new proposal for their review.
ELECTION OF OFFICERS
Mr. Reagan stated his term and Darrell Judy's term was up. They needed to send out forms to
retirees.
Mr. Doss stated' the retirees' representative could be a retired person or anyone on the Drop Plan.
Mayor Hanna asked if there was an attendance policy for members of the board. He asked if
they needed to replace Mr. Dill.
Mr. Reagan asked if Mr. Rose, City Attorney, could look at their required meeting dates.
Meeting adjourned at 11:40 a.m.