HomeMy WebLinkAbout2000-06-29 Minutes•
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MINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD
JUNE 29, 2000
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on June 29, 2000 at
11:00 a.m. in Room 313 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
PRESENT: Marion Doss, Pete Reagan, Ronnie Wood, Darrell Judy, John Dill and City Clerk
Heather Woodruff.
ABSENT: Mayor Hanna.
ELECTION RESULTS
Ms. Woodruff stated there had been only two nominations Darrell Judy and Pete Reagan.
Mr. Wood moved to appoint Mr. Judy and Mr. Reagan to the Board. Mr. Dill seconded the
motion. Upon roll call the motion carried unanimously.
MINUTES
Mr.'Reagan moved to approve the minutes. Mr. Wood seconded the motion. Upon roll call the
motion carried unanimously.
PENSION LIST
Mr. Doss noted Reagan had been added to the drop list. Mr. Reagan moved to approve the
pension list. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously.
INVESTMENT REPORT
Mr. Richard Yada, Merrill Lynch, stated through the end of May the Private Portfolio Group was
at 2.8 million . They were up 4.64% for the year The Dow Jones Industrial average was down
7.93%, the S&P 500 Index was down 2.86%, Long Term Treasures were down less than 1%. He
felt they were doing pretty well in this market. The Mercury Group just took over the first part
of May. They were up 2.95% for the month. They were out preforming the market index. The
Income Account was up 1.04%. Most of theirs were corporate bonds, some treasuries. The
Ashland Account was at $2,401,000. They were down 9.89% for the year, coming off of three
good years. The Income Account was $5,121,000. Mercury was $2,373,000. and the Private
Portfolio Group was at $2,881,000. The Feds did raise interest rates yesterday. They may raise
them again in August.
In response from questions from Mr. Reagan, Mr. Yada stated the Mercury Account was a
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growth fund and that they were more aggressive than Merrill Lynch Asset Management. They
did have some International exposure that they did not have with Merrill Lynch. He thought they
had good diversification.
Mr. Maguire, Administrative Services Director, asked if there was enough fixed assets in the
Private Portfolio Group to meet their fifty percent requirement for long term?
Mr. Yada replied yes. They were at about 54%.
OTHER BUSINESS
Mr. Doss stated they had a drop application for Pete Reagan.
Mr. Dill moved to accept Mr. Reagan's drop application. Mr. Wood seconded the motion. Upon
roll call the motion carried unanimously.
Mr. Reagan asked that they start putting the drop date on the pension list.
Meeting Adjoumed at 11:25 a.m.
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