HomeMy WebLinkAbout2001-02-22 MinutesMINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD
FEBRUARY 22,2001
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on February 22, 2001
at 11:00 a m in Room 313 of the City Administration Building.
PRESENT: Marion Doss, Ron Wood, Danny Farrar, Pete Reagan, Heather Woodruff,
ABSENT: Mayor Coody and John Dill.
APPROVAL OF THE MINUTES
Mr. Wood moved to approve the minutes. Mr. Reagan seconded the motion. The motion carried
unanimously.
APPROVAL OF THE PENSION LIST
Ms. Woodruff stated they needed to amend their pension list. Larry Phillips needed to be added
to the pension list. His retirement should be affective March 1, 2001.
• Mr. Reagan moved to approve the pension list with the addition of Larry Phillips. Mr. Wood
seconded the motion. The motion carried unanimously.
•
Ms. Woodruff stated Mr. Phillips' monthly benefit would be $1,827.55.
INVESTMENT REPORT
Mr. Yada stated the Dow Jones was up 1%. The S&P 500 was up 3.5%. Treasuries were down
and High Grade Corporate was up. They believed there would be more deceases in interest rates.
By the end of the year they should be looking at interest going back up because of inflation. The
month of January, the Private Portfolio Group was up 9/10 of 1%. Mercury Group was up
2.79%. The Income Account was 2.1%. Ashland was down %i of 1%. This year would be
another challenging year He did not expect any big moves like they had in 1999. Their asset
allocation was serving them well now.
In response to questions from Mr. Reagn, Mr. Yada explained that Mercury and Ashland were
growth accounts.
Mr. Maguire stated the Private Portfolio Group had a trading account, were they charging
transaction fees on trades?
Mr. Yada replied they were not supposed to charge transaction fees and to call him if he received
any.
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OTHER BUSINESS -
Mr. Reagan asked if letters regarding the member election had been sent out.
Ms. Woodruff replied they had not,but she would send them out next week. She added the
report needed for their benefit increase should be complete the first week in March
Mr. Reagan asked when they sent out affidavits?
Ms. Woodruff replied they had been sent out in January. She had received most of them back.
There were approximately, six to seven people who she needed to go to their homes to notarize
their affidavit. They were house bound and could not get out.
Meeting adjourned.
•