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Home My WebLink About2001-05-31 - Agendas - Final• FIRE PENSION AND RELIEF FUND BOARD AGENDA MAY 31, 2001 •• A meeting of the Fayetteville Fire Pension and Relief Fund Board will be held at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain, Fayetteville, Arkansas. 1. Approval of the minutes 2. Approval of the pension list 3. Election Results 4. Amendment 59 Settlement 5. Investment Report 6. Other Business MINUTES OF A MEETING OF THE FIRE PENSION AND RELIEF FUND BOARD • APRIL 26, 2001 A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on April 26, 2001 at 11:00 a m in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Ronnie Wood, Marion Doss,Danny Farrar, Pete Reagan, and City Clerk Heather Woodruff. ABSENT: Mayor Coody and John Dill. MINUTES Mr. Reagan moved to approve the minutes. Mr. Wood seconded the motion. The motion carried unanimously. PENSION LIST • Ms. Woodruff stated the two Skelton girls had been added and Kathy Skelton had been removed from the list. • Mr. Reagan moved to approve the pension list. Mr. Farrar seconded the motion. The motion carried unanimously. INVESTMENT REPORT Mr. Yada stated the first quarter had not been kind to them. The Dow Jones was down 8%. The S&P 500 was down 11% and the NASDQ was down 25%. The Private Portfolio Group was down 11%. The Mercury Group, which was the growth portfolio was down 12.96% for through March. The Income Account was up. The biggest part of their money was making money. Ashland was down 14%. Since the end of yesterday, the Dow Jones was only down 1.5%. He thought that they had a positive increase in the portfolio since yesterday. Mr. Reagan noted Ashland was down this year and had been down last year Did he have any concerns? Mr. Yada replied he did not. They were still maintaining their position. They had reduced their technology holdings in the fourth quarter of last year. They had made the fund a lot of money in the past. The growth style of management was in favor in 1997, 1998, and 1999. Value was in favor in 2000. They had not changed their style. He was watching them to make sure that they did not change their style. • Fire Pension Minutes April 26, 2001 Page 2 PENSION BOARD NOMINEES Mr. Doss stated that they had one nomination, Ron Wood, for his current position and two nominations for the position John Dill was vacating. Mr. Reagan moved to reappoint Mr. Wood to his position. Mr. Farrar seconded. The motion carried unanimously. Mr. Reagan asked for ballots to be sent to the members. Ms. Woodruff stated it would be best to mail the ballots directly to the members, rather than with their pension checks. She noted a number of the members had their checks mailed directly to their banks. Mr. Reagan stated they needed to set a cut off date for the return of the ballots. The Board members agreed May 25, 2001 would be the cut off date. • SKELTON Ms. Woodruff stated Kathy Skelton had hired Jim McCord to file suite against the Pension Board for her benefits. It was her understanding it would be filed on Friday. BENEFIT INCREASE • Ms. Woodruff stated the Pension Review Board should be receiving their check next week. As soon as they received their check they could start processing their request. There were approximately nine other people ahead of them. She thought it was going to be about three months before the Board received the results. Mr. Reagan moved to send a letter to Ms. Henshaw requesting to expedite their request, since it had been turned in the year 2000. The 1999 audit should have been sufficient and that their name should be placed at the top of the list. Mr. Wood seconded. The motion carried unanimously. The meeting adjourned at 11:25 a.m. • • • JOINT SPECIAL MEETING OF THE FIRE AND POLICE PENSION BOARDS MAY 17, 2001 A special joint meeting of the Fayetteville Fire and Police Pension Boards was held on May 17, 2001 at 11:00 a m in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Ron Wood, Danny Farrar, Marion Doss, Gene Warford, Eldon Roberts, Hollis Spencer, John Maguire and Steve Davis. Mr. Williams stated the judge had made his rulings that the attorney fees were 25% of the total amount. The total amount which was determined to illegally exacted. It had been determined that $213,469.50 had been paid to both the Pension Board, more than what the constitution allowed. The judge had made the determination that the attorneys for the plaintiffs were entitled to their 25% and they were entitled to it within fourteen days of the judges order. The judges order was entered on May 11, 2001. It was filed on May 14, 2001. He did not know exactly what they means. He stated if they were to be more careful they needed to assume the fourteen days stated on the 11`h. The total amount of the attorney's fees was $53,367.38. When they had the funds and the checks were cut, he would write out a release so that they will be totally clear from the attorney. When they receive the money, they had to sign the release. They could not come back again. In the future, there would be the remainder of the money that they would have to pay. If they did not pay within the fourteen days, then the attorney could start charging interest. • Mr. Roberts asked if their boards had to act on this. They did not have a quorum here. Mr. Williams stated he would feel safer with a quorum. They might alert their investment people that they would have to do this. He thought it would be better to officially do this. They did not have an option, because the judge had ordered this. They could garnish this if they wanted to. He asked that they get a quorum as quickly as they could to go ahead and authorize this action. Mr. Roberts asked if they were going to be required to pay all of this back, aside from attorney fees or was it a portion of what was actually returned. Mr. Williams stated it was his understanding that there was a set amount that they agreed to pay. He was not involved in this case. He knew that not even half of the money was retumed. The 25% had been based on the entire amount, not what had been returned. He thought that once they paid the attorney fees, then it would only be the amount that the tax payers actually asked for back. They had already rolled back the millage at the County. He thought that in order to get back to a higher millage, that the City Council could not just go back to the higher millage, but they would need a vote of the people to go back to the original millage. He knew that the various other entities were facing terrible problems with this and had voted to go back to the millage, • • Fire and Police Special Meeting May 17, 2001 Page 2 even though, it had been rolled back temporary by this suit. He thought they could go back to the citizens and have it reinstated. Mr. Davis stated the $213,000 that the court system had declared illegally exacted. That was the total. That included the legal fees and the refund amount. The only payments which had to come out of the money was the legal fees at $53,000 and our portion of what the taxpayers actually claimed. The County was going to send out the first checks on the refund on June 30. Special meetings were set for Monday, May 21, 2001 at 1:30p.m. and 2:00 p.m. for Police and Fire Pension Boards • • • MINUTES OF A SPECIAL MEETING OF THE FIRE PENSION AND RELIEF FUND BOARD MAY 21, 2001 A special meeting of the Fayetteville Fire Pension and Relief Fund Board was held on May 21, 2001. at 2:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Mayor Coody, Marion Doss, Danny Farrar, Pete Reagan, City Clerk Heather Woodruff, Steve Davis, John Maguire, City Attorney Kit Williams, and Press. ABSENT: John Dill AMENDMENT 59 Mr. Williams stated the Judge had made his decision. Both the Police and Fire Pension Board needed to pay their half of the attorney's fees. Their half was $26,683.69. They had also received a bill from the County. The bill was for one half of the actual refund claims. This was the amount where the tax payers who did choose to get a refund The City's half of the refund was $37,700. Their half was $18,870.77. That would be half this year and the same amount next year. In reality, it was almost as much in attorney fees as it was for the actual refund. The County was wanting their check by May 25. There should be a motion to that affect to pay the half of the refund claims. The only other amount that would be due would be the administrative cost. The attorney fees were 4.5 million dollars. Their share had been $26,000. The most the administrative cost could be was $300,000. Their share would be very low. Mr. Reagan moved to pay the attorney fees in the amount of $26,683.69. Mr. Wood seconded. The motion was approved unanimously. Mr. Reagan moved to pay the County $18,870.76 to refund the taxpayers. Mr. Farrar seconded. The motion was approved unanimously. KATHY SKELTON Mr. Williams stated he had filed an interpleader with the courts and asked that the children of Roy Skelton be brought into the case because they were who the Board believed should receive the money. Rather than paying them the money directly he felt the money should be paid to the court. Let the judge decide who gets the money. This prevents any possibility of them paying the kids and the judge rules that they should have been paying her. And they end up having to pay twice. He thought it would be hard to get the money from the kids once they had paid it to them. He asked them to authorize the payee of the check the Circuit Clerk of Washington County so the money could be paid into the court pending the courts decision on who should receive it. Mr. Reagan asked about the legality of them paying someone that was not a dependent of the fund. • • Fire Pension Minutes May 21, 2001 Page 2 Mr. Williams replied the court was only the conduit. Mr. Doss moved to pay the Circuit Clerk of Washington County the pension benefits due to the children of Roy Skelton. Mr. Wood seconded. The motion carried unanimously. Meeting adjourned at 2:10 p.m. Washington County, Arkansas Comptroller's Office 280 N College, Suite 100 Fayetteville, AR 72701 BILL TO City of Fayetteville Attn: Heather Woodruff 113 W Mountain Fayetteville, AR 72701 Invoice DATE INVOICE # 5/21/101 2000-95 P.O. NO. TERMS PROJECT QUANTITY DESCRIPTION RATE AMOUNT Administrative Costs on Amendment 59 Settllement 2,514.04 C C 2,514.04 ECEJVED AY 2 0 2001 OF FAYETTEVILLE CLERK'S OFFICE Total $2,514.04 zm no mi 0m(�mr*n5m,, ai R,7S-CDz at -RA) 5 m3m '^=m N000>>yom'- r„ -. y�m-u od0(g�m'd< a:wco0o. .cooF%om T_1 11 C Qr N (n ztv 0 m p (wcon 71. c cn g g 0 S =. O < p paj oo$g'"mr-_4mpoo rro S0_ o0 4,0 BOO �. (n co — n N 0 N N �. N n cri .n.4- <A fA EA 4/1 fA A EA fAa a ER 603 --• A A W 69 P N N N N CD CD W W fA EA a Ut N Otl1O N W 00(00 0 co co FO W 0 0 -I O CD ED 0] -• V1 A -I OD co W 74 •-• A A � O -1 V A N W OA 0' W <O p(N(l ACA O O N V O CO OD CO O 43. op in O(O O A(O0 • SIe1o1 pueJs N R a a MAY -31-2021 10:41 s 9• 1 EA v, v) wVI b 49 69 0.42 W 14 N r 6; e Wr MAY -31-2001 10:39 } + + + • WC, • J • N 00 * K K N _ O W °` =r a 000 a cr. N vt%) U J + oo w w 1,75 O N W ch U O b N ▪ + N WN W A . W 'r CT 241 w + + + N W000 H Isa u Ls b N N N 4. fa + • C N 00 oo U + I+ w t b - V wa b N 411 O 00 • p trir Oo -• W- A A O .-a r bo b p C ill CO •-• U 0' N b X w$ EA a 00 co "' N Vies (141 r Nfah O J A ta 42 H y W A J. P.01/01 v d N' b oor N': t.bN W .;W st W Q N a TOTAL P.01 P.01 • FAYETTKVILLE •, THE CITY OF FAYETTEVILLE, ARKANSAS • May 2, 2001 Cathym E Hinshaw Executive Director LOPFUPRB P.O. Box 34164 Little Rock, AR 72203 Re: Actuarial Services for Fayetteville Fire Pension and Relief Fund Board Dear Ms. Hinshaw: I would like to thank you for taking the time to keep me informed on the status of our benefit increase proposal. Enclosed you will find a check in the amount of $1,975.00 for actuarial services. It is my understanding the process can not begin until you have received our check. It is also my understanding there are eight or nine other pension funds requesting the same service. Since our Board voted at the end of last year to pursue a benefit increase, our members have been eagerly awaiting the results. Any assistance you could provide to help expedite our request would be greatly appreciated. Thank you once again for your continued efforts. I will look forward to hearing from you in the near future. Sincerely, LYnde Heather Woodruff City Clerk 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575.8257 AYETTEVILLE, ARKANSAS CHECK NO. 1001 666 TE INVOICE NO. DESCRIPTION AMOUNT .4/26/2001 6 • 0000008872 For Actuarial. Services 1,975.00 CHECK AMOUNT $1,975.00 1 DETACH HERE FOR YOUR RECORDS WARNING -THIS CHECK IS PROTECTED BY SPECIAL SECURITY GUARD PROGRAMTM FEATURES SECURE FEATURES INCLUDE INVISIBLE FIBERS • MICROPRINTING • VOID FEATURE PANTOGRAPH • ENDORSEMENT BACKER • BRO W NSTAIN CHEMICAL REACTANT 11.100166611• •:0829013921: 000 106 340 Le • RELEASE Defendant City of Fayetteville on behalf of the Fayetteville Police Pension Board and Fayetteville Fire Pension Board hereby tenders the attached checks: #1001728 the amount of $26,683.60 (Fire Pension Board) and #1001492 in the amount of $26,683.69 (Police Pension Board); to the Evans Law Firm, PA and the Hirsch Law Firm PA pursuant to the . Washington County Circuit Court's Order For Award of Attorney's Fees, paragraph 64, and the Stipulation of Settlement Subject To Court Approval of CITY OF FAYE 11'EVILLE, ARKANSAS, approved by the Fayetteville City Council on August 1, 2000, and the Order Approving Settlement FOR THE CITY OF FAYE 11EVILLE filed March 26, 2001 in the Washington County Circuit Court Attorneys M. Dale Evans, representing the Evans Law Firm, P.A , and E Kent Hirsch, representing the Hirsch Law Firm P.A., acknowledge that the total amount herein tendered ($53,367.38) satisfies the decision of Circuit Judge Paul Danielson in his Order for Award of Attorney's Fees entered on May 11, 2001 and filed for record on May 14, 2001, and the • Stipulation of Settlement previously filed, so that this $53,367.38 fully pays all attorney's fees awarded against the City of Fayetteville and its Fire and Police Pension Boards;, pal -in -A- s 4-kA-Otiter (The City of Fayetteville will not appeal, but if the Intervenors appeal and the appellant court reduces the percentage allowed for attorney's fees, the City of Fayetteville on behalf of the Pension Boards or the Pension Boards individually will seek a refund of that portion of this payment of attorney's fees to be in compliance and agreement with the final award of attorney's fees.) NS LAW FIRM, PA M. DALE EVANS HIRSCH LAW FIRM, PA il of FAYETTEVILLE, ARKANSAS . CHECK NO. 1001728 LTY DATE INVOICE NO. DESCRIPTION AMOUNT ji II 1 5/17/2001 I . 0000009371 Legal Fees in Hicks, et. al. v. City 26,683.69 CHECK AMOUNT $26,683.69 WARNING -THIS CHECK IS PROTECTED BY SPECIAL SECURITY GUARD PROGRAM*'•1 FEATURES • 42.. / .. fi;�_..t�/ t3tia�+.✓j /l .`� i i% ... e is p�,..h 3 �. ..✓��ary .i"•-+; SECURE FEATURES INCLUDE INVISIBLE FIBERS • MICROPRINTING • VOID FEATURE PANTOGRAPH • ENDORSEMENT BACKER • BRO W NSTAIN CHEMICAL REACTANT IP/00i7280 1:08 290 139 21: 0001063'.O " (Please return bottom portion only) Eugene Warford Robert Johnson 05-21-01A09:32 RCVD 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575-8257 • • tease reaurn uoeiotn a ieuu uuty) Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 • FAX 501 575-8257 05-23-01P01:50 P (reeddse return pullout pot tum Eugene Warfor� Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 FAX501 575-8257 • • 05-08-01A10:1O RCVD -Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575-8257 05-10-01AO8:32 RCVD " (reeuse rezuln bbtione porion oniS)- - -- Y Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 • FAX 501 575-8257 05-11-O1A10:0O RCV• l - V Eugene Warford Robert Johnson 113 WEST MOUNTAIN72701 501 521-7700 • FAX 501 575-8257 <etasie r uuin uuuuYR wi OutOtt..)./ • Fl EMEN's PE1iS7 o,J 05-09-O1A09:2O RCVD • (Please retziril botto'rn portion only) --- _ Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 • FAX 501 575-8257 05-09-01A09:20 RCVD • (Please return bottom portion only) Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 • _ FAX 501 575-8257 FAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS • Re: Election of Firemen's Pension Board Members The Firemen's Pension and Relief Fund Board received three nominees this year, Ronnie Wood, Eugene Warford, and Robert Johnson. OnApril ,26, 2001, the Board met and voted unanimously to reappoint Ronnie Wood to his Er - current position. Retired members and Drop participants are asked vote for the nominee they feel will best represent their interest. Please mark and return the attached ballot by May 25, 2001 to the City Clerk's office at 113 West Mountain Street, Fayetteville, Arkansas. (Please return bottom portion only). X— Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575-8257 - FAYETTEVILLE • THE CITY OF FAYETTEVILLE, ARKANSAS • Re: Election of Firemen's Pension Board Members • The Firemen's Pension and Relief Fund Board received three nominees this year, Ronnie Wood, Eugene Warford, and Robert Johnson. �,On April 26, 2001, the Board met and voted unanimously to reappoint Ronnie Wood to his current position. Retired members and Drop participants are asked vote for the nominee they feel will best represent their interest. Please mark and return the attached ballot by May 25, 2001 to the City Clerk's office at 113 West Mountain Street, Fayetteville, Arkansas. (Please return bottom portion only) Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575-8257 • FAYETTEVILLE THE CITY OF FAYETTEVILLE, ARKANSAS • Re: Election of Firemen's Pension Board Members The Firemen's Pension and Relief Fund Board received three nominees this year, Ronnie Wood, Eugene Warford, and Robert Johnson. _ • On April 26, 2001, the Board met and voted unanimously to reappoint Ronnie Wood to his current position. Retired members and Drop participants are asked vote for the nominee they feel will best represent their interest. Please mark and return the attached ballot by May 25, 2001 to the City Clerk's office at 113 West Mountain Street, Fayetteville, Arkansas. (Please return bottom portion only) Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 FAX 501 575-8257 (lease-7'etui`i'L-beitoInpoi'tio Uiiiy) Eugene Warford Robert Johnson 113 WEST MOUNTAIN 72701 501 521-7700 • • FAX 501 575-8257 05-07-O1A09:46 RCVD •