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HomeMy WebLinkAbout2000-10-26 Minutes• • • MINUTES OF A MEETING OF THE FIRE PENSION AND RELIEF FUND BOARD OCTOBER 26, 2000 A meeting of the Fire Pension and Relief Fund Board was held on October 26, 2000 at 11:00 a.m. in Room 313 of the City Administration Building. PRESENT: Marion Doss, Ron Wood, Pete Reagan, Mr. Richard Yada, Deputy City Clerk Gina Roberts, and Administrative Services Director John Maguire. ABSENT: Mayor Fred Hanna, City Clerk Heather Woodruff, and John Dill. INVESTMENT REPORT Mr. Richard Yada gave the investment report. The Merrill Lynch Private Portfolio group was a domestic account. It was at $2,750,000. It was up 2.91% for the year Dow Jones was down 6.31%. The -S&P 500 Index was down 1:41%. Even though the Merrill Lynch account was not up a lot it was still out preforming the others. The Private Portfolio, global, was at $2,242,000 was down one tenth of one percent. They were also still out preforming the Dow Jones and the S&P 500. The Income Account was at $5,290,341. The interest rates had quit raising and come down some.—The Bond Portfolio has moved up. The Long Term Treasunes and High Grade Corporate Bonds, the thirty year treasuries were up 12.51%. They had very few long term treasuries, most of theirs were short tern. They were not at the 12.51%, but they were up 6.73%. Compared to high grade corporate bonds were preforming about average. Ashland was at $2,521,631 were down 5.01% for the year So far this year, they had sent back to the checking account $242,000. Their monthly payout was near $45,000 per month. Mr. Yada reviewed the actuarial valuation for 1999. The account was actuarially sound. In response to questions regarding the donations, Mr. Maguire stated $600 came from Mrs. Stout. $1,092 came from Prior Class Action Litigation settlement. Mr. Reagan asked Mr. Yada for his opinion on Ashland, Mr. Yada stated they had some excellent returns over the last three years. Three down quarters was not a cause for concern. They were still maintaining their investment discipline. If they were changing things, he would be concerned. They were 30% Technology. MINUTES Mr. Reagan moved to approve the minutes with typo corrections. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. • PENSION LIST Mr. Reagan moved to approve the pension list. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. "BOARD VACANCY Mr. Doss stated Danny Farrar had been nominated to replace Pete Reagan as an active member on the board. (Pete Regan was pointed to Darrell Judy's retired position at the last meeting). Mr. Reagan moved to accept the nomination of Mr. Danny Farrar as an active member representative. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. • OTHER BUSINESS Mr. Doss asked to get an opinion Mr. Rose, City Attorney, if he signed up for Drop if he could still serve on the Board as the highest ranking member of the department Meeting adjourned at 11:55 a.m.