HomeMy WebLinkAbout2003-04-24 - Agendas - FinalFIREMEN'S PENSION AND RELIEF FUND
AGENDA
APRIL 24, 2003
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11:00
a.m. on April 24, 2003 in Room 326 of the City Administration Building.
1. Approval of the minutes:
• March27, 2003
2. Approval of the pension fist:
• May, 2003 Pension List
3. Investment Report:
• Longer Investments
4. Old Business:
• Election of officers
5. New Business:
• Burl Skelton (Deceased)
• Kelly Skelton Schooling
• Larry Freedle from DROP to retired
• Budget Reports
Fireman's Pension and Relief Fund Board Meeting
March 27, 2003
Page 1 of 4
MINUTES OF A MEETING
OF THE
FIREMAN'S PENSION AND RELIEF FUND BOARD
MARCH 27, 2003
A meeting of the Fayetteville Fireman's Pension and Relief Fund Board was held on March 27,
2003 at 11:00 ani in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
Present:
Mayor Coody, Rome Wood, Pete Reagan, Danny Farrar, Robert Johnson, Sondra
Smith, and Kit Williams
Absent:
Marion Doss
Mayor Coody presided over the meeting.
Mayor Coody called the meeting to order.
Minutes:
Mr. Reagan moved to approve the February 27, 2003 minutes. Mr. Farrar seconded
Motion carried unanimously.
Pension List:
The pension list was reviewed for the month of April 2003.
Mr. Reagan asked if there were any new ones on the pension list.
Ms. Smith said Teddy O'Neal has been added to the April Pension List.
Mr. Farrar moved to approve the Pension List. Mr. Reagan seconded. Motion carried
unanimously.
Investment Report:
Mr. Williams said Longer Investments would not be here every month.
Ms. Smith said there is a copy of the report for the Board to review. She asked if they
would like to review it before the meeting continued. The report was reviewed.
Mayor Coody asked if there were any comments on the investment. report.
Mr. Reagan said no comments except it has been reviewed and we are in the positive.
Mr. Reagan moved to approve the Investment Report. Mr. Wood seconded Motion
carried unanimously.
Fireman's Pension and Relief Fund Board Meeting
March 27, 2003
Page 2 of 4
Old Business:
Resolution 03-01:
Mayor Coody asked what this Resolution was for..
Ms. Smith said this Resolution was to hire the attorney's for the lawsuit against Merrill
Lynch. This is the signed copy for the Board to have for their records.
Return check — Wilkie Morris
Mayor Coody asked what this was.
Ms: Smith said there was a comment at the last meeting as to if benefits were paid to Ms.
Morns in February because she deceased in January. We did pay her benefits for
February; this is a copy of the check bemg returned for the February benefits.
New Business:
Nomination Form:
Mayor asked are you guys wanting to nominate some people for something?
Mr. Reagan said no we Just changed the form.
Ms. Snaith said you need to review the form and make sure it is okay as revised. We
need to get them in the mail and returned to us by Apnl 15, 2003 so we can get the
nominations in and then send out ballots for selection.
Ms. Smith asked if the current Board members are willing to serve again.
They replied yes.
Mr. Reagan asked if it would be proper to put on the form that all current Board members
are willing to serve another term.
Ms. Smith said she wanted to ask the Board if they were willing to serve another term
before she put that on the form. She will revise the form before it is mailed.
Mr. Williams said you do not want to make it look like they do not have a choice.
Ms. Smith said she does not give them any names to select from on the form, she just lets
them know who is currently serving, when the terms expire, and that the current members
Fireman's Pension and Relief Fund Board Meeting
March 27, 2003
Page 3 of 4
are willing to serve again. She also stated she put a tear off area on the bottom of the
form for folks to nominate whoever they choose and return it. She said this has not been
done m the past and wanted to know if the Board thought having the tear off sheet would
be okay. They could either send the entire form back or tear off the bottom and send it
back. -
Mr. Reagan asked does the nomination have to be done m writing?
Ms. Smith said yes. She said after the nominations have been received we will send a list
of the nominated folks back to the pensioners for them to make their selection from the
nominees, this is what she understands. She asked is this correct?
The Board said yes.
Mr. Reagan said that the form looks good.
Ms. Smith said if they would like to take the form home and look at it that would be
okay, but she would like to get the letters out no later than Monday, March 31, 2003.
Mr. Reagan said if you add that all current Board membersare willing to serve another
term then the form can be sent out.
Lucile Morton Day — Death Certificate:
Mr. Reagan said this is just for our records.
Mayor Coody asked if there is any action on this item
. Mr. Reagan said no.
Other Business:
Mayor Coody asked if there was any other business that anyone needs to bring up.
Mr. Reagan said have we got dates set for elections, are the nominating forms going out
with the checks.
•
Ms. Smith said they will not go out with the checks; they will be mailed out separately.
Ms. Smith said because of some checks that may be direct deposited in the future,
mailings of this nature will be sent separately.
Mr. Reagan said okay.
Ms. Smith said she will get the nomination form in the mail no later than Monday,. March
31, 2003 with a return date to the City Clerk's office no later than April 15, 2003. We
Fireman's Pension and Relief Fund Board Meeting
March 27, 2003
Page 4 of 4
will then have to send back to the pensioners the nominations for them to make their
selection from the nominees.
Mr. Reagan asked by what date will we ask them to return their selection.
Ms. Smith said she will give them until Mayl, 2003. The terms end April 30.
Mr. Reagan asked when is our next meeting.
Ms. Smith said the last Thursday. in April. She did not have her calendar, around Apnl
26.
Mr. Reagan said April 24, 2003 is our next meeting.
Ms. Smith asked do you want them back by April 24th? She said she thought that was
cutting it too close.
Mr. Reagan said that's only eight days, so May.1, 2003 will be fine.
Ms. Smith she will let everyone know who was selected. She will send an email out on
May 1, 2003 to the Board on the selections.
Mr. Reagan said we need to align them for the 2004 and 2005 and make sure they vote on
all the terms open.
Ms. Snuth said in the nomination letter she has stated theterm end dates and who is
filling those positions at the present time.
Mr. Reagan asked Mr. Williams, Danny is the only current one on active, so if he does
not vote for himself what do we do.
Mr. Williams said I think you are already elected by acclamation. It is just like Marion
and the Mayor; I don't think you have a choice and the Clerk. There are certain people
that must serve.
Mayor Coody asked is there anything else?
Meeting Adjourned at 11:15 AM.
FIREMEN'S RELIEF AND PENSION
May 2003
`T 5OLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
it
OF MAY 2003. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
ES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
i
DATE OF REGULAR Year To Date
EMP# RETIREMENT NAME
MO, BENEFIT REG BENEFIT FED. TAX ST. TAX NET
79 11/99 ARMSTRONG (DILL), PAMELA
74 3/86 BAIRD, JULIA
2 3/75 BLACKARD, PAUL
63 5/72 BOLAIN, ANN
68 7/99 BONADUCE, MICHAEL
44 9/86 BOUDREY, BETTY MRS.
45 9/86 BOUDREY, HOWARD
49 7/88 BOUDREY, JACK
4 6/67 CARL, FLOYD JR
5 5/72 CASELMAN, ARTHUR
57 5/90 CATE, ROY
6 4/68 CHRISTIE ARNOLD
84 03/01 CIRCT CLRK WA CO
85 03/01 CIRCT CLRK WA CO
8 10/76 COUNTS, WAYNE
61 6/66 DAVIS, BEULAH F.
78 11/99 DILL,GARY JOHN
11 . •2/76 FARRAR,ALONZO
38 5/84 FRALEY, JOSEPH G.
5/03 FREEDLE, LARRY
92 03/02 GAGE,TOMMY
34 6/79 HARRIS, JAMES E.
70 11/99 HARRIS, MARY RUTH
93 06/02 JENKINS, JOHN
86 07/01 JOHNSON,ROBERT
64 4195 JORDAN, CHARLIE
76 5/88 JUDY, JAN
37 3/84 KING, ARNOLD D.
54 5/89 KING, ARVIL
12 3/60 LANE, HOPE MRS
13 10/67 LAYER, MERLIN
14 7/74 LEE, HAROLD
51 10/88 LEWIS, CHARLES
55 12/89 LEWIS, ROGER (DECEASED)
40 9/85 LOGUE, PAUL D.
50 9/88 MASON, LARRY
39 4/85 MC ARTHUR, RONALD A
35 2/82 MC CHRISTIAN, DWAYNE
15 4/77 MC WHORTER, CHARLES
29 8/81 MILLER, DONALD
73 2/00 MILLER,KENNETH
42 2/86 MOORE, JAMES H.
17 2/66 MORRIS, WILKIE MRS. (DECEASED)
16 4/64 MORRIS, WILLIAM H.
62 10/68 MORRISON, ELIENE
48 7/88 MULLENS, DENNIS W.
58 9/90 OSBURN, EDWARD
46 5/88 OSBURN, TROY
81 02/01 PHILLIPS,LARRY
53 2/89 POAGE, LARRY
22 4/73 REED, JOE
30 3/81 SCHADER, EARVEL
41 9/85 SCHADER, TROY
82 03/01 SKELTON,KELLY
83 03/01 SKELTON, KIMBERLY
23 4/71 SKELTON, LAWRENCE BURL (DECEASED)
66 8/98 SKELTON, PAULINE
36 5/76 .SPRINGSTON, CARL
90 03/02 STOUT, IMOGENE W.
25 2/75 STOUT, ORVILLE (DECEASED)
165 12/02 TATE, RALPH
1,658.91 6,635.64
1,649.16 6,596.64
55.00 220.00
55.00 220.00
2,735.14 10 940 56
2,267.18 9,068.72
1,911.99 7,647.96
1,507.82 6,031.28
55.00 220.00
75.00 300.00
1,637.10 6,548.40
55.00 220.00
0.00
0.00
55.00 220.00
377.50 1,510.00
1,658.92 . 6,635.68
914.10 3,656.40
1,618.08 6,472.32
3,492.86
2,376.34 9,505.36
55.00 220.00
55.00 220.00
3,273.93 13,095.72
2,812.66 11,250.64
2,081.90 8,327.60
1,507.82 6,031.28
1,393.18 5,572.72
1,566.00 6,264.00
55.00 220.00
417.50 1,670.00
55.00 220.00
1,507.82 6,031.28
0.00
2,624.88 10,499.52
1,492.83 5 971 32
1,604.92 6 41968
55.00 220.00
1 221 26 4,885.04
1,193.41 4,773.64
2,910.17 11,640.68
55.00. 220.00
55.00
70.00 280.00
80.00 320.00
2,005.35 8,021.40
2,248.33 8,993.32
1,738.46 6,953.84
2,530.45 10,121.80
2,147.56 8,590.24
55.00 220.00
1268.40 5,073.60
1,395.58 5,582.32
1,114.17 4,456.68
1,114.17 4,456.68
3,482.00
390.00 1,560.00
737.78 2,951.12
702.65 2,810.60
3,356.83 13,427.32
300.00 100.00 1,258.91
350.00 145.00 1,154.16
55.00
55.00
475.38 2,259.76
300.00 50.00 1,917.18
1,911.99
287.68 50.00 1,170.14
55.00
75.00
1,637.10
55.00
• 0.00
0.00
55.00
377 50
100.00 1,558.92
75.00 ' 839.10
200.00 15.00 1,403.08
500.00. 100.00 2,892.86
226.00 50.00 2,100.34
55.00
55.00
700.00 • 200.00. 2,373.93
• 500.00 100.00 2,212.66
2,081.90
200.00 50.00 1,257.82
240.00 100.00 1,053.18
130.00 1,436.00
55.00
417.50
55.00
75.00 25.00 1,407.82
0.00
325.00 75.00 2 224.88
78.16 1,414.67
150.00 50.00 1,404.92
55.00
150.00 1,071.26
125.00 25.00 1,043.41
325.00 75.00 2,510.17
55.00
0.00
70.00
80.00
2,005.35
160.00 2,088.33
200.00 38.00 1,500.46
• 2,530.45
300.00 100.00 1,747.56
55100
1,268.40
57.00 1,338.58
125.00 25.00 964.17
125.00 25.00 964.17
0.00
390.00
70.00 17 00 650.78'
702.65
0.00
300.00 100.00 2,956.83
DATE OF
EMP#RETIREMENT NAME
•
26
27
71
28
59
88
52
3/66
3/71
1/00 •
7/68
5/91
01/02
9/88
DROP DATE
02/01/99
05/01/99
04/01/00
07/01/00
01/01/01
03/01/03
03/01/03
03/01/03
04/01/03
TUNE, BILLIE SUE
TUNE, MILDRED MRS.
WARFORD,THOMAS
WATTS, DONALD
WATTS, WAYNE (DECEASED)
WOOD,RONNIE D
WRIGHT, RANDALL
DROP EMPLOYEE$
LEDBETTER, DENNIS
BACHMAN, EDDIE.
NAPIER,LONNIE
REAGAN,PETE
DOSS,MARION
MAHAN, MARSHALL
PIERCE, JOEY
SHACKLEFORD, GLEN
O'NEAL TEDDY
REGULAR Year To Date
MO BENEFIT REG BENEFIT FED. TAX ST. TAX
80.00
80.00
2,290.35
400.00
2,816.02
1,547.82
78,262.30
320.00
320.00
9,161.40
1,600.00
11,264.08
6,191.28
302,614.76
NET
80.00
80.00
300.00 1,990.35
400.00
0.00,
2,816.02
200.00 25.00 1,322.82
7,649.22 1,540.00 69,073798
NEW BENEFITS
3,455.40
2,396.34
3,219.73
3,235.68
4,920.63
3,731.29
3,337.69
3 337 69
3,771.29
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
RETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2003.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
•
YTD
6610-9610-5335-09 . 302,614.76
•
•
•
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
April 5, 2003
City of Fayetteville
Fire Pension and Relief Fund
Attn: Ms. Sondra Smith
113 W. Mountain
Fayetteville, Arkansas 72701
Dear Sondra:
Enclosed you will find the 2003 first quarter reports for the Fayetteville Fire Pension and Relief Fund
U/A dtd 6-18-86 account. These reports include a portfolio appraisal, a report of realized gains/losses,
and an income and expense report. As instructed, Northern Trust will be billed for the management
fee.
Also enclosed is a copy of our newsletter, The Longer View. It contains a review of the recent
economic activity and the market outlook.
Since September 11, 2001, there has been much discussion about disaster recovery, contingency
planning, and internal controls in the financial services world. During the past several months, our
staff has set up a contingency plan so that we will be prepared to fulfill our obligations to our clients,
even in the event of an unforeseen disaster. As part of this process, we want to make sure that you can
reach us if the phone lines into our office are not working. You may contact us through our cellular
phones. at (479) 236-2128 (Elaine) or (479) 841-7901 (Kim). We will also monitor our voicemail box
if our office phones are down. You may leave a message at (479) 575-1825 and we will return your
call. In an emergency, we will post updated information on our Web site: www.longerinv.com.
We appreciate the opportunity to be involved in the management of the City of Fayetteville Fire
Pension Fund's assets. Please do not hesitate to call if you have any questions or comments, or if we
can be of further service.
Sincerely,
Elaine M. Longer,
President
EML:tac
Enclosure
P.O. Box 1269
Fayetteville, Arkansas 72702
Telephone: 501-443-5851
Toll fire: 800-827-7710
Fax: 501-443-7129
Web site: www.longerinv.com
•
COMMENTSLangerView
AND OUTLOOKS FROM LONGER INVESTMENTS
The first quarter of 2003 can be character-
ized as a quarter during which the markets
were preoccupied with the war in Iraq. On a
daily basis, the markets (stock, bond and
currency) responded to every news release,
press conference, and troop movement. All
economic numbers and corporate press
releases were secondary to war news.
In our year-end newsletter, we stated:
"we expect a trading -range envi-
ronment with a lot of volatility;
rallies compressed into short time
periods, followed by backing and
filling; and doldrums for weeks or
months at a time."
In fact, this is what we have experienced in the
first part of the year.
In the first eight trading days of the year,
the Dow Jones Industrial Average (DJIA)
advanced from its Dec. 31, 2002, close of
8,341 to a high of 8,869 by Jan. 13, 2003.
This was a sharp 6.3% gain. From this point,
the market started a two-month decline to
7,416 on March 12. This was a decline of
16% from January's high and 11% from the
year-end close. The rally sparked by the
beginning of the Iraq war on March 20 took
the market to 8,522 before it pulled back The
week inwhich the war rally occurred was the
strongest week m more than 20 years. How-
ever, the quarter -end close was 7,992; the
first-quarter return was -4 2% In other
words, the market produced a lot a volatility
and impressiveralhescompressedinto short
periods, but no net gain to speak of. See
Table Afor the performance ofvarious indices
year-to-date.
Table A
INCORPORATED
April 4, 2003
Performance of Indices
Index First -Quarter Return
S&P 500 (cash basis) -3.60%
NASDAQ over-the-counter index 0.42%
DJIA (cash basis) -4.19%
Dow Jones Utility Index -2.32%
Dow Jones World Stock Index -5.31%
Salomon Brothers Treasury Index 0 97%
The Federal Reserve kept short-term
interest rates at 1.25% at its meeting m March.
However, interest rates in the five-year to
30 -year maturity spectnrm have increased
since last year. See Table 13 for a yield curve
comparison.
Table B
U.S. Treasury Yield Curve
Maturity
Two -Year
Five -Year
10 -Year
30 -Year
March 2003
1.51%
2.73%
3.81%
4.83%
Dec. 2002
1.57%
2.69%
3.78%
4.74%
Outlook
It was not only the markets that were
focused on the war, so were corporate leaders
and consumers. We emerged from the fourth
quarter of 2002 with real GDP (gross domestic
product) growth running at a sluggish 1.4%.
Since the first of February we have seen a
deterioration in economic indicators. They
point to sluggish growth in the first quarter of
•
Boards and Committees
April 10, 2003
Page 15 of 55
Firemen's Pension And Relief Fund Board Of Trustees
DESCRIPTION: The Firemen's Board of Trustees was established pursuant to the provisions of
Sub Chapter 8 of Arkansas State Code. The Board was created to provide for the disbursement
of the Firemen's Relief and Pension Fund and shall designate its beneficiaries as directed in this
act. The Board shall have the power to make all rules and regulations needful of its guidance to
implement the provisions regarding Board composition.
TERMS: Two-year terms, ending April 30.
MEMBERS: The Board shall be composed of the following:
• The chief executive, who shall serve as chairman of the board;
• The city or district clerk or recorder, who shall serve as secretary of the board;
• The fire chief, or if the fire chief is not a member of the fund, the highest ranking
member of the fire department who is a member of the fund and who is willing to serve;
Four active or retired members of the pension fund
APPOINTMENT: The Fire Department shall elect the active member or members by secret
written ballot in May of each year, with members to be chosen in alternate years by a method to
be determined by the Board. The number of active members or retired members to serve on the
Board shall be determined by the proportionate number of active members to retired members;
when the number of active members equals seventy-five percent of the total of retired members
and active members, the Board shall be comprised of three active members and one retired
member. When the number of active members equals fifty percent of the total of retired
members and active members, the Board shall be comprised of two active member and two
retired members. When the number of retired members equals seventy-five percent of the total
of retired members and active members, the Board shall be comprised of one active member and
three retired members.
CONTACT: Sondra Smith, City Clerk, 575-8323.
PUBLIC NOTIFICATION: Meetings are published by the City Clerk on the weekly meetings
list which is distributed to the media representatives with press boxes in the City Clerk's office
and released via the Internet on the City's web site at: http://www.accessfayetteville.org
MEETING TIMES: Regular meetings are held the last Thursday of each 'month at 11:00 a.m.
at the City Administration Building.
15
•
Firemen's Pension And Relief Fund Board Of Trustees
ReRe
--
Robert Johnsonm
�- .rte •
11114 E: Township
Fayettevrlle`; Ak;72703
442-9962— Home
ReplacedT Dhl
04t30/01;to 04%30/03
rmongo69@aol.com
Retired
Pete .Reag n
P O;;Box '1922
Fayett 1e AR 72.70. 2
521 7542rHome
7184622 Worfk
841 -0320 -Cell
--
Replaced�Darrell Judy
05/.11/93o 04130702
apfffay@aol.com
Retired
Ran •Wo l
173-15 -Lake Sequoyah Road
Fayettifii11 AR 72'101
I42-59257°Hom J
4441699 Work
P i 1
466;2817—Eel'
.2 .
ti"444-2700,Pager
76-•2p7127/95,to: 04%30703
rwood@co.washington.ar.us
Active
Da"nny Farrar,
2805'Brookshrre
hC r.
Spru►gdale, AR•727b2
927=0336 tit flome'
_
4444448/3449. --:Work
60111253'—Cell
Replaced•Pete Reagan
11/30/00:004%19%03
dfarrar@ci fayetteville.ar.us
farrar family@aol.com
16
Boards and Committees
April 10, 2003
Page 16 of 55
Asst. Fire Chief Marion Doss
1125 Cato Springs Road
Fayetteville, AR 72701
521-8898 — Home
575-8366 — Work
587-5011 — Pager
Mickey Jackson
05/31/91 to Indef.
mdoss@ci.fayetteville.ar.us
City Clerk Sondra Smith
P.O. Box 9211
Fayetteville, AR 72703
442-7838 — Home
575-8323 — Work
Replaced Heather Woodruff
02/03/03 to Indef.
ssmith@ci.fayetteville.ar.us
Mayor Dan Coody
1418 E. Rodgers Drive
Fayetteville, AR 72701
443 6758 — Home
575-8330 — Work
Replaced Fred Hanna
01/01/01 to Indef.
dcoody@ci.fayetteville.ar.us
•
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