HomeMy WebLinkAbout2003-07-09 - Agendas - Final•
Firemen's Pension And Relief Fund
Special Meeting Agenda
July 9, 2003
A Special meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at
11:00 a m. on July 9, 2003 in Room 326 of the City Administration Building.
Report from Attorneys
Memo from Marsha Farthing
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FAYETTEVI LLE
THE CITY OF FAYETTEVIIIE, ARKANSAS
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DEPARTMENTAL CORRESPONDENCE
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To: Policemen's and Firemen's Pension and Relief Board
Thru: Steve Davis, Finance and Internal Services Directer�
• From: Marsha Farthing, Accounting Manager 1/15/----
Subject:
/6 Subject: Consolidation study
Date: July 8, 2003
Cathryn Hinshaw of the Arkansas Local Police and Fire Retirement System requested
that the City give her permission to conduct a consolidation study on each of the old
pension plans to determine the contribution rates the City would have if the old
retirement plans were combined with the LOPFI plan. She asked permission to proceed
immediately so the reports would be completed before the July 17th meeting. The studies
would be required for the consolidation process and can be used for one year. The Mayor
and the Finance and Internal Services Director gave their approval to proceed with the
studies.
I am requesting the Boards' approval to obtain these studies at a cost of $1,500. to each
pension plan.
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RETAINER AGREEMENT FOR PENSION FUND MONITORING
AND LEGAL REPRESENTATION
THIS AGREEMENT ( Agreement") is entered into effective the / day of
July, 2003, between the City of Fayetteville Firefighters' Pension Fund ("Client") and
Cauley Geller Bowman & Rudman, LLP, a law firm concentrating their practice in the
representation of investors in securities litigation, Martin & Kieklak Law Firm and the Law
Firm of Charles L Stutte (collectively. referred to as the "Law Firms").
WHEREAS, Client has a fiduciary duty to preserve and protect the value of its
investment portfolios; and
WHEREAS, Law Firms and Client desire to enter into an agreement whereby Client
engages Law Firms for the purpose of providing legal advice to Client with regards to
Client's investment portfolio. This agreement does not exclude either party from engaging
in a similar arrangement with any other entity. To this end, Client will share present and
historical investment portfolios with Law Firms to enable Law Firms to advise Client with
respect to pending and potential claims; and
WHEREAS, in conjunction with the review described in the preceding paragraph,
Law Firms will be provided with confidential and proprietary information regarding the
Client and its investments, and the parties desire to protect the confidential and proprietary
nature of such information by this Agreement to the highest degree; and
WHEREAS, the confidential and propnetary documents and information, written or
oral, furnished by Client or its agents to Law Firms or its representatives, agents or
employees, whether furnished before or after the date hereof, and regardless of the
manner or the format in which they are furnished, together with analyses, compilations,
forecasts, studies or other documents prepared by Law Firms, its agents, representatives
(including, without limitation, attorneys, accountants and financial advisors) or employees,
from such information or data, which contain or otherwise reflect such documents or
information or the other party's review are hereinafter collectively referred to as the
"Restncted Information"; provided that the term"Restncted.Information" shall exclude such
documents and information which (a) were or become generally available to the public
other than as a result of disclosure by the other party, its agents, representatives or
employees, (b) were disclosed to the other party by a third party who or which is not
required to maintain its confidentiality, (c) were previously known by such party without
obligations of confidentiality, or (d) which that party independently develops.
NOW THEREFORE, in consideration of each party furnishing the other party with
the Restricted Information, the parties hereto agree as follows
SCOPE OF DUTIES OF LAW FIRMS.
1.1
TERM
Law Firms agrees to provide legal services of an advisory or consultative
nature to Client related to present and historical investments, including
without limitation, the identification and notice of pending and potential
litigation of which Law Firms is aware, evaluation of the merits thereof, and
the advantages and disadvantages of the Client' participation therein.
2.1 This Agreement shall commence on the date executed by the parties, and
shall continue in effect for an initial term of one (1) year. The term of this
Agreement shall extend for successive one (1) year terms until terminated
as otherwise provided herein. Either party may terminate this Agreement at
any time by delivenng written notice of such termination to the other party
fifteen (15) days prior to the effective date of such termination.
3. CONFIDENTIALITY
3.1 Client shall supply Law Firms with the Restricted Information for present and
historical investments of Client by submitting a monthly position or holding
statement to Law Firms, or by authorizing Law Firms to have access to
Client's custodial account. With respect to historical positions, Client will
provide such information only upon the request of Law Firms. The
Restricted Information, and any of the terms, conditions or other facts with
respect to the this Agreement, will be kept confidential by Law Firms and
shall not, without the prior written consent of Client, be disclosed by Law
Firms, or by its agents, representatives or employees, in any manner
whatsoever, in whole or in part, to any person or entity, its legal counsel,
other agents, representatives or employees of the respective parties, and
shall not be used by either party, its agents, representatives or employees,
other than in connection with the contemplated Transaction. Moreover, Law
Firms agree to reveal the Restricted Information only to its agents,
representatives and employees who require access to the Restricted
Information for the purpose of conducting the monitoring function, who are
informed by such party of the confidential nature of the Restricted
Information, and .who agree to act in accordance with the terms and
conditions of the Agreement.
3.2 In the event this Agreement is terminated, the onginals and all copies of the
Restricted Information shall remain the sole property of Client and will be
retumed thereto or destroyed immediately upon its request Following the
delivery of the Restricted Information to Law Firms, the contents thereof, and
any oral Restricted Information will continue to be subject to the tens of this
PAGE 2 OF 4
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Agreement.
3.3 Each party acknowledges that neither the other party nor any of its affiliates,
agents, representatives or employees makes any express or
implied representation or warranty as to the accuracy or
completeness of the Restricted Information, and neither party, nor its
respective affiliates, agents, representatives or employees, shall have any
liability to the other party or any of its agents, representatives or employees
resulting from the use of the Restncted Information by such party -
or its agents, representatives or employees.
3.4 Each party agrees that it will not use, permit or allow the use of the
Restricted Information or any part thereof for any purpose whatsoever in
contravention of this Agreement, including but not limited to use in any
manner to compete with the business or potential business of the other party
without the prior written consent of the other party.
4. COMPENSATION
4.1 Law Firms agrees to represent Client in the manner described herein at no
cost or charge to Client, with the understanding that should Client engage
in securities litigation relating to an investment, on which Law Firms has
provided legal advice, that Law Firms will be retained to represent Client in
said litigation Law Firms acknowledges that this Agreement does not
authorize the initiation of any litigation on behalf of Client. Any litigation
initiated will be subject to a separate retainer agreement between Client and
Law Firms
5. GENERAL PROVISIONS
5.1 .No failure or delay by either party or its representatives, agents or
employees, in, exercising any rights, powers or pnvileges hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any right,
power or privilege hereunder.
5.2 By execution of this Agreement, the parties agree to cooperate in good faith
with each other to provide all information reasonably deemed necessary to
fulfill the obligations hereunder
5.3 This Agreement is the final agreement between the parties with respect to
the subject matter hereof and merges and incorporates all pnor agreements
PAGE 3 OF 4
and discussions, if any, with respect to such subject matter. This Agreement
may not be amended other than by.written•instrument signed by the parties
hereto. The provisions. of this Agreement shall survive any subsequent
agreement between the parties, notwithstanding any merger, incorporation
or similar provision therein, unless this Agreement is specifically mentioned
and abrogated or modified.
COMMUNICATION
6.1 The primary contacts for Law Firms shall be, Darrin Williams of Cauley
Geller Bowman & Rudman, 11001 Executive Dnve, Suite 200, Little Rock,
Arkansas 72211-5438; Phone: (501) 312-8500; Fax: (501) 312-8505) and
Mark Martin
of Martin & Kieklak Law Firm, 2059 Greenacres Road, Fayetteville, Arkansas'
72703 Phone: (479) 442-2244; Fax (479-442-0134) The contact for Client
be
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AGREED TO AND ACCEPTED THE DATE SET FORTH ABOVE:
City of Fayetteville Firefighters' Pension Fund
By : > (-)0:0.05--) Date: 7-9 -05-
Cauley G er/� , LLP .�/
By: Date: �/ fAJ
Martin & Kieklak Law Finn
By: NNS\CC
Date: %/c70
PAGE 4 OF 4
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FAYETTEVILLE
•.
THE CITY OF FAYETTEVILLE, ARKANSAS
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June 27, 2003
Dear Sir or Madam,
The Fayetteville Firemen's Pension and Relief Fund Board of Trustee's will hold a special
meeting for all current and retiree members on:
Special Firemen's Pension Meeting
LOPTI Presentation
Thursday, July 17, 2003
City Administration Building, 113 West Mountain Street, Fayetteville, AR
Room 219
10:00 AM
This will be an mformational meeting to gather input on the City of Fayetteville's proposal to
move the Fayetteville Fire Department Pension Fund from the current management to the
management of LOPFI in Little Rock. LOPFI was formed in 1983 as the statewide Fire and
Police Pension Plan.
The Fayetteville Policemen's Pension Fund is also involved in the same process.
Please make plans to attend this very important meeting.
Sincerely,
Pete Reagan
Marion Doss
Ron Wood
Robert Johnson
Danny Farrar
Fayetteville Firemen Pension and Relief Fund Trustee's
113 WEST MOUNTAIN 72701 479521-7700
FAX 4795758257
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