HomeMy WebLinkAbout2001-04-26 MinutesMINUTES 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.