HomeMy WebLinkAbout2001-09-27 MinutesMINUTES OF A MEETING
OF THE
FIRE PENSION AND RELIEF FUND BOARD
SEPTEMBER 27, 2001
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on September 27, 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, City Clerk Heather Woodruff, City Attorney
Kit Williams, and Richard Yada.
MINUTES
Mr. Farrar moved to approve the minutes. Mr. Wood seconded. The motion carried unanimously.
PENSION LIST
Mr. Farrar moved to approve the pension list. Mr. Wood seconded. The motion carried
unanimously.
INVESTMENT REPORT •
Mr. Yada stated the market had been going down a little in August, but they were still staying within
range. They were at $11,376,000 at the end of August. After $448,000 being sent back to the
checking account. They knew markets were going to go up and down. They could see the
performances the portfolio mangers had in 1997, 1998 and 1999. They had been struggling this year
and last year. That was the growth manager. Their fixed income was the only thing that was up.
It was up over 9.5%the others were down an average of 15-16%. Half of their assets were in income
accounts. Half of it was up and the other half was down. They had planned it that way. The Private
Portfolio Group at 2.2 million was down 14%. Mercury Group at 1.6 million was down 18%.
Ashland at 2 million was down 17%. The Income Account at 5.4 million was up 9.5%. That was
compared to Dow Jones, which was down 6%. The S&P Index was down 13.5%. Nasdq was down
26%. The S&P Index was a broader market performance. They look at the S&P being the guide,
they were down 13%. Their stock guys were down 16%. They were under preforming in that group.
The Feds had dropped interest rates. The economy was going to have to pick up. He did not expect
the market to do anything. In their Fixed Income Account as interest rates dropped, their value would
go up.
INCREASE IN VOLUNTEER PAY
Mr. Doss suggested since they were short a few members that they postpone this discussion.
Mr. Wood asked if there was any way they could poll the people on the pension list. He had talked
with a lot of volunteers who wanted their increase too. But he had also talked with a a lot of full -
paid people that did not want to do that.
•
Mr. Williams stated there was a possibility that there was going to be another millage rollback. He
did not believe it would affect them, but there was some chance. He did not believe there would be
a reduction, but he could not totally rule it out.
Mr. Doss added there had also been concern that three or four full -paid people did not receive an
increase. They may also want to look at those people sometime.
Meeting adjourned at 11:30 a.m.