HomeMy WebLinkAbout2003-12-18 - Agendas - Final•
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Firemen's Pension And Relief Fund
Meeting Agenda
December 18, 2003
A Special meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at
10:30 a.m. on December 18, 2003 in Room 111 of the City Administration Building.
1. Approval of the Minutes:
• November 20, 2003
2. Approval of the Pension List:
• January 2004 Pension List Approval
3. Old Business:
• Resolution to Approve a 10 Year DROP
• Resolution to Approve Working After DROP
• Resolution to Approve a Temporary 3% COLA
• Ashland Management
4. New Business:
• Dennis Ledbetter Retirement
• Earvel Schader Death Certificate
• The Monitor
• Budget Reports
• Osborn, Carreiro & Associates Report
• Arkansas Fire and Police Pension Review Board — 2003 Legislative Changes
5. Investment Report:
• Longer Investments
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Fireman's Pension and Relief Fund Board Meeting
November 20, 2003
Page 1of3
MINUTES OF A MEETING
OF THE
FIREMAN'S PENSION AND RELIEF FUND BOARD
November 20, 2003
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 a.m. on
November 20, 2003 in Room 326 of the City Admmistration Building.
Present: Danny Farrar, Pete Reagan, Robert Johnson, Marion Doss, Ronnie Wood,
Marsha Farthing, and Amber Wood.
The meeting was called to order by Marion Doss.
Approval of the minutes:
Pete Reagan motioned to approve the minutes. Danny Farrar seconded. The motion
passed unanimously.
Approval of the Pension List:
Marion Doss: Did Sondra say whether there were any changes on the list or not?
Amber Wood: She did not say, however she might possibly be here by 11:30.
Pete Reagan motioned to approve the Pension List. Danny Farrar seconded. The motion
passed unanimously.
Investment Report:
They reviewed the report given by Longer Investments.
Old Business:
Ashland Management:
Pete Reagan: We have not heard back from Ashland on this, Kit sent them a letter.
New Business:
• NCPERS Legislative Alert:
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Firemen's Pension Meeting
November 20, 2003
Page 2of3
They each reviewed the email sent regarding NCPERS Legislative Alert.
Budget Reports:
Marion Doss: This is something sent down from Finance.
Pete Reagan: Marsha prepared them all herself and does an excellent job of it.
Marion Doss: If anyone has any questions about that, we're fortunate to have Marsha here to
answer any questions about the Financial Report.
Ronnie Wood: Thank you Marsha.
Pete Reagan: Next I would like to discuss this Actuary Report from Osborn, Carreiro, &
Associates, on the effects of a DROP, Act 1369 (DROP) and Act 1372 (Working After DROP)
and a temporary 3%, 3 year COLA
Pete Reagan motioned to adopt a resolution and get it to the City Clerk so that she can then
get it going to City Council as soon as possible for benefit increases as proposed in Act 1369
and 1372. Danny Farrar seconded. The motion passed unanimously.
Marion Doss: You will set the resolution up for the board to approve the 3% COLAS
Pete Reagan: Yes, all we have to do is send that to the Pension Review Board and they meet on
December 17`h
Danny Farrar: So we have to split them up?
Ronnie Wood: So we don't actually have to have the board's blessing on a 3% COLA
Pete Reagan: At this point we have to send it before the City Council.
Danny Farrar motioned to proceed with the temporary 3 year, 3% COLA as recommended
by Osborn, Carreiro & Associates. Ron Wood Seconded. The motion passed unanimously.
Pete Reagan: I motion to adjourn
Amber Wood: One thing before we adjourn, the next meeting is scheduled for December the
26th which is the day after Christmas. Would you be interested in moving it to the 18th which is
the Thursday prior to that week?
Marion Doss: That is an excellent idea.
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Firemen's Pension Mating
November 20, 2003
Page 3 of 3
The Fire Pension and Relief Fund Board of Trustees meeting scheduled for December 26,
2003 was rescheduled for December 18, 2003.
Danny Farrar: On this temporary 3 year COLA, does that go into effect in 2004 or next
month?
Pete Reagan: It will actually start once it's approved here. They will actually back pay because
it actually has not been approved by the Pension Review Board but they will meet in December.
Marion Doss: Normally when the Pension Review Board approves it they back date it. Last
time we did a benefit increase it was retroactive, we asked for it and then it took six months to
approve it
Pete Reagan: Who made the last motion?
Danny Farrar: Me.
Pete Reagan: Okay, you need to make it for a full paid retirees.
Danny Farrar: Personally, I'm for doing it for everybody, but if we can't, we can't.
Pete Reagan: Not with the actuary the way it is. Normally we have taken care of them.
Ronnie Wood: We can always look at that again three years down the road when we get
another actuary and review the 3%, we can always look at that then.
Danny Farrar motioned to amend his motion and include full paid retirees. Pete Reagan
seconded. The motion passed unanimously.
Pete Reagan motioned to adjourn. Robert Johnson seconded. The motion passed
unanimously.
Meeting Adjourned at 11:30 AM.
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FIREMEN'S RELIEF AND PENSION
January 2004
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
TH OF JANUARY 2004. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
ES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
DATE OF REGULAR Year To Date
MO BENEFIT REG BENEFIT FED. TAX ST. TAX
EMP# RETIREMENT NAME
•
•
79 11/99
74 3/86
2 3/75
63 5/72
68 7/99
44 9/86
45 9/86
49 7/88
4 6/67
5 5/72
57 5/90
6 4/68
8 10/76
78 11/99
11 2/76
38 5/84
170 5/03
92 03/02
34 6/79
70 11/99
93 06/02
86 07/01
64 4/95
76 5/88
37 3/84
54 5/89
12 3/60
13 10/67
14 7/74
51 10/88
40 9/85
50 9/88
39 4/85
35 2/82
15 4/77
29 8/81
73 2/00
42 2186
16 4/64
62 10/68
48 7/88
46 .5/88
81 02/01
53 2/89
22 4/73
30 3/81
12/03
41 9/85
82 03/01
83 03/01
66 8/98
36 5/76
90 03/02
165 12102
ARMSTRONG (DILL), PAMELA 1,658.91
BAIRD, JULIA 1,649.16
BLACKARD, PAUL 100.00
BOLAIN, ANN 100.00
BONADUCE, MICHAEL 2 73514
BOUDREY, BETTY MRS. 2,267.18
BOUDREY, HOWARD 1,911.99
BOUDREY, JACK 1,507.82
CARL, FLOYD JR 100.00
CASELMAN, ARTHUR 120.00
CATE, ROY 1,637.10
CHRISTIE ARNOLD 100.00
COUNTS, WAYNE 100.00
DILL,GARY JOHN 1,658.92
FARRAR,ALONZO 914.10
FRALEY, JOSEPH G. 1,618.08
FREEDLE, LARRY 3,492.86
GAGE,TOMMY 2,376.34
HARRIS, JAMES E. 100.00
HARRIS, MARY RUTH 100.00
JENKINS, JOHN 3,273:93
JOHNSON,ROBERT 2,812.66
JORDAN, CHARLIE 2,081.90
JUDY, JAN 1 507 82
KING, ARNOLD D. 1,393.18
KING, ARVIL 1,566.00
LANE, HOPE MRS 100.00
LAYER, MERLIN 417.50
LEE, HAROLD 100.00
LEWIS, CHARLES 1,507.82
LOGUE, PAUL D. 2,624.88
MASON, LARRY 1,492.83
MC ARTHUR, RONALD A. 1,604.92
MC CHRISTIAN, DWAYNE 100.00
MC WHORTER, CHARLES 1 221 26
MILLER, DONALD 1,193.41
MILLER,KENNETH 2,910.17
MOORE, JAMES H. 100.00
MORRIS, WILLIAM H. 115.00
MORRISON, ELIENE 125.00
MULLENS, DENNIS W. 2,005.35
OSBURN, TROY 1 738 46
PHILLIPS,LARRY 2,530.45
POAGE LARRY 2 147 56
REED, JOE 100.00
SCHADER EARVEL (DECEASED)
SCHADER MADGE
SCHADER TROY •
SKELTON,KELLY
SKELTON, KIMBERLY
SKELTON, PAULINE
SPRINGSTON, CARL
STOUT, IMOGENE W.
TATE, RALPH
0.00 300.00
0.00 350.00
0.00
0.00
0.00 475.38
0.00 300.00
0.00
0.00 287 68
0.00
0.00
0.00
0.00
0.00
0.00 • 100.00
0.00 75.00
0.00 200.00
0.00 500.00
0.00 226.00
0.00
0.00
0.00 700.00
0.00 500.00
0.00
0.00 200.00
0.00 240.00
0.00 130.00
0.00
0.00
0.00
0.00 75.00
0.00 325.00
0.00 78.16
0.00 150.00
0.00
0.00 150.00
0.00 125.00
0.00 325.00
0.00
0.00
0.00
0.00
0.00 200.00
0.00
0.00 300.00
0.00
1,268.40
1,395.58 0.00
1,114.17 0.00
1,114.17 0.00
390.00 0.00
737.78 0.00
702.65 0.00
3,356.83 0.00
57.00
125.00
125.00
70.00
300.00
NET
100.00 1,258.91
145.00 1,154.16
100.00
100.00
2,259.76
50.00 1,917.18
1,911.99
50.00 1,170.14
100.00
120.00
1,637.10
100.00
100.00
1,558.92
839.10
15.00 1,403.08
100.00 2,892.86
50.00 2,100.34
100.00
100.00
200.00 2,373.93
100.00 2,212.66
2,081.90
50.00 1,257.82
100.00 1,053.18
1,436.00
100.00
41750
100.00
25.00 1 407 82
75.00 2,224.88
1,414.67
50.00 1,404.92
100.00
1 071 26
25.00 1,043.41
75.00 2,510.17
100.00
115.00
125.00
2,005.35
38.00 1,500.46
2,530.45
100.00 1 747 56
100.00
0.00
1,268.40
1,338.58
25.00 964.17
25.00 964.17
390.00
17.00 650.78
702.65
100.00 2,956.83
DATE OF
EMP# RETIREMENT NAME
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27
71
28
88
52
3/66
3/71
1/00
7/68
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
WOOD,RONNIE D
WRIGHT, RANDALL
DROP EMPLOYEES
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
125.00
125.00
2,290.35
400.00
2,816.02
1 547 82
76,401.47
NET
0.00 125.00
0.00 125.00
0.00 300.00 1,990.35
0.00 400.00
0.00 800.00 200.00 1,816.02
0.00 200.00 25.00 1,322.82
0.00 8,289.22 1,740.00 66,372.25
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
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SECRETARY
ACKNOWLEDGEMENT
CHAIRMAN AND PRESIDENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2003.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
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6810-9810-5335-00
YTD
846,010.87
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Fayetteville Firemen's Pension and Relief Fund
City of Fayetteville Arkansas
Resolution Number
A Resolution to allow the Fayetteville Firemen's Pension and Relief Fund to enact the Act
1369 of 2003 instituting a 10 year DROP.
Whereas; The Fayetteville Firemen's Pension and Relief Fund met on December 18th, 2003
and passed a resolution to enact Act 1369 of 2003, for it's members. And,
Whereas; The Actuarial Firm of Osborn, Carreiro and Associates, have reported that these
increases m benefits, would be considered actuarially sound under the rules of the Arkansas Fire
and Police Pension Review Board. And,
(See page 2, 1st paragraph of actuarial report dated November 20th)
Whereas; Act 1369 of 2003 requires the Pension Board to pass a resolution, as well as City
Council.
Therefore be it resolved; That the Fayetteville Firemen's Pension and Relief Fund,
City of Fayetteville Arkansas, pass this resolution, increasing the five year DROP plan to a ten
year DROP plan A copy of this resolution has been forwarded to the City Clerk, Fayetteville
Arkansas, and The Arkansas Fire and Police Pension Review Board office in Little Rock
Arkansas.
PASSED and APPROVED this 18th day of December, 2003.
Approved by:
1.
3.
2.
4.
5. 6.
7.
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• Fayetteville Firemen's Pension and Relief Fund
City of Fayetteville Arkansas
Resolution Number
A Resolution to allow the Fayetteville Firemen's Pension and Relief Fund to enact the Act
1372 of 2003 working after DROP.
Whereas; The Fayetteville Firemen's Pension and Relief Fund met on December 181i, 2003
and passed a resolution to enact Act 1372 of 2003, for it's members. And,
Whereas; The Actuanal Firm of Osborn, Carreiro and Associates, have reported that these
increases in benefits, would be considered actuarially sound under the rules of the Arkansas Fire
and Police Pension Review Board. And,
(See page 2, 1 st paragraph of actuarial report dated November 201i)
• Whereas; Act 1372 of 2003 requires the Pension Board to pass a resolution, as well as City
Council.
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Therefore be it resolved; That the Fayetteville Firemen's Pension and Relief Fund,
City of Fayetteville Arkansas, pass this resolution, working after DROP. A copy of this
resolution has been forwarded to the City Clerk, Fayetteville Arkansas, and The Arkansas Fire
and Police Pension Review Board office in Little Rock Arkansas.
PASSED and APPROVED this 18th day of December, 2003.
Approved by:
1. 2.
3. 4.
5. 6.
7.
• Fayetteville Firemen's Pension and Relief Fund
City of Fayetteville Arkansas
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Resolution Number
To allow the Fayetteville Firemen's Pension and Relief Fund to institute a
temporary 3% COLA for all pensioners.
Whereas; The Fayetteville Firemen's Pension and Relief Fund met on December
181i, 2003 and unanimously passed a resolution to institute a temporary 3% COLA for
all pensioners And,
Whereas; The Actuarial Firm of Osborn, Carreiro and Associates, have reported that
this increases in benefits, would be considered actuarially sound under the rules of the
Arkansas Fire and Police Pension Review Board.
(See page 2, 2nd paragraph of actuanal report dated November 201i)
Therefore be it resolved; That the Fayetteville Firemen's Pension and Relief
Fund Board of Trustees, City of Fayetteville Arkansas, pass this resolution, enacting a
temporary 3% COLA for three (3) years for all pensioners, and a copy of this resolution
has been forwarded to the City Clerk, Fayetteville Arkansas, and
The Arkansas Fire and Police Pension Review Board office in Little Rock Arkansas.
PASSED and APPROVED this 18th day of December, 2003.
Approved by:
1.
2.
3. 4.
5. 6.
7.
Employee A
Estimated payout w/5 year DROP $374,555.76
Estimated payout w/10 year DROP .$656,475.08
Employee B
Estimated payout w/5 year DROP
Estimated payout w/10 year DROP
Employee C
Estimated payout w/5 year DROP
Estimated payout w/10 year DROP
$209,385.40
$393,618.12
$255,279.95
$446,064.12
** 5 year DROP is calculated at 90% of salary and assumes 6% interest.
• '"" 10 year DROP assumes 75% of salary and 1.5% interest.
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Monthly benefit Months Yearly Ext. Drop pd Gross Contr y6-10 Difference
Employee A 4,920.63 12 59,047.56 5 295,237.80''1281,919.32 13,318.48
Employee B 3,235.68 12 38,828.16 5 194,140.80 184,232.72 9,908.08
Employee C 3,337.69 12 40,052.28 5 200,261.40 190,784.17 9,477.g3
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Employee
Veteran
New Hire - Step A
New Hire - Trainee
Hours/pay period Rate
Gross
125.85 15.351
125.85 9.405
125.85 8.936
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1,931.92
1,183.62
1,124.60
Differences in ER match:
Veteran & Step A 93,26/pay pd 2,580.76/yr•
Veteran & Trainee 105.88/pay pd _2,752.88/yr
ER match
231.83-
132.57
125,95
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FAYET" I'EVILLE
THE CITY Of FAYETTEVILL ARKANSA
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KIT WILLIAMS, CITY ATTORNEY
DAVID WHITAKER, ASST. CITY ATTORNEY
DEPARTMENTAL CORRESPONDENCE
LEGAL DEPARTMENT
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TO: Fire Pension Board
FROM: Kit Williams, City Attorney
DATE. December 11, 2003
RE: Fees owed to Ashland Management, Inc.
1
I wrote to Ashland Management, Inc. and refused to
consider payment until it provided a contract evidencing
their right to the fee charged. Today I received the attached
letter and contract by Federal Express. As you see, the Fire
Pension Board appears to have signed this contract so we
are bound by its terms.
In paragraph 4, the contract states:
"In the event of termination, the advisory fee will be
pro -rated based on the numbers of days this Agreement is
m effect during the quarter."
Paragraph 12 states: "The term of this .agreement ...
shall continue until terminated at any time by either party
upon not less than thirty (30) days prior written notice to
the other party " Thus they charged not only $1,361.37 for
the July 1 to August 8 period, but an additional $1,101 25
for the 30 days after notice. So it seems like their 'Final
Billing" (attached) is correct. That would mean that you
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owe them $2,462.62.
However, I did not just rely upon their calculations,
but carefully read the whole contract Their fee is based on
'an annual rate of the greater of eight -tenths of one (1)
percent of the average quarterly net assets in the portfolio,
of $10,000.00 ...." (emphasis added)
Keep in mind that Longer Investments sent a letter to
Ashland Management, Inc. that was received on August 7,
2002 This letter closed the account and instructed Ashland
to transfer all funds to the Northern Trust Company. Very
soon thereafter, Ashland must have transferred those funds
so the assets in the portfolio would be zero. That would
drastically reduce the amount of average quarterly net
assets in the portfolio.
Therefore, I believe Ashland has miscalculated their
final bill since they computed their 30 days after notice on
$1,651,872.72 of assets that were no longer in the portfolio.
In addition, the calculation used for July was based upon
that months' average ($1.607,591.09) rather than the
quarterly average which would be about 40% of that figure
(since for the last about 8 weeks of the quarter the balance
would be zero)
With your permission, I will write to Ashland to
inform them that they need to readjust their bill. You will
probably end up having to pay not on the percent of the
average quarterly assets, but the $10,000.00 annual fee. You
would owe slightly more than 70% of the quarterly
payment of $2,500.00 ($1,750.00) by my estimation.
or
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ASHLAND MANAGEMENT
INCORPORATED
NEW YORK TELEPHONE: (212) 400-3500
NEW YORK FACSIMILE: (212) 425-6026
December 8, 2003
Via Federal Express
Kit Williams
Fayetteville City Attorney
The City of Fayetteville, Arkansas
113 W. Mountain, Suite 302
Fayetteville, AR 72701-6083
475 Pa venue South, 32"e (Floor, New 2'ork10016
Re: Fayetteville Fire Pension & Relief Fund
Dear Attorney Williams:
Pursuant to your request dated October 30, 2003, attached please find a copy of the
agreement executed April 3, 1998 on behalf of the above referenced account.
I apologize for the delay, but we have moved our offices and this filed was stored off site.
Thank you for your attention to this matter and should you have any further questions,
please do not hesitate to call.
Sincerely,
Kirsten Kavanaugh
Office Manager
/kk
• enclosures
INVESTMENT ADVISORY AGREEMENT
between
FAYETTEVILLE FIRE PENSION AND RELIEF FUND
and
ASHLAND MANAGEMENT INCORPORATED
Ashland Management Incorporated
26 Broadway
New York, NY 10004
Gentlemen:
Please establish an Investment Advisory Account (the "Account") in the name of
Fayetteville Fire Pension and Relief Fund
(the "Client"). The account is to be governed by the following agreement (the "Agreement"):
1. Ashland Management Incorporated (the "Adviser") will give advice, based on Ashland's
investment strategy, of which the Client is aware, on a continuing basis, with respect to the investment
and reinvestment of all cash, securities and other property in the Account, taking into consideration the
specific investment needs and objectives of the Client as the Client communicates them to the Adviser.
In addition to the continuing supervision of the portfolio of the Account by the Adviser, the Client will
receive the benefit of the Adviser's quarterly valuation of the Account, including a valuation of the
Account at current market prices or upon such other method of valuation as the Client shall reasonably
request. Representatives of the Adviser will also be made available to meet the Client periodically and
to review with the Client the Account and its performance.
2. The Account shall consist of such cash, securities and other property, listed on the attached
Schedule A, which has been or will be delivered to the following: (1) a custody account, in the case of
a bank or trust company or (2) a brokerage account, in the case of a member firm of the New York
Stock Exchange Inc.:
It is understood that the Adviser will have trading authorization during the term of the retention
hereunder. The Client may add or withdraw cash and/or securities from the Account from time to time,
upon giving the Adviser five (5) days notice as to such changes.
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3. The Adviser is hereby granted complete, unlimited and unrestricted authority by the Client with
respect to the investment of the Account. Such authority shall include, without limitation, the
authority, at the Client's expense: (i) to invest and reinvest the assets in the Account at such time and in
such manner as the Adviser in the complete and unlimited exercise of its discretion shall determine or
elect; (ii) to purchase and sell securities and/or other investments including option contracts in the
Client's name, for the Client's account at the Client's sole risk; (iii) to arrange for the delivery of and
payment for any such investments, including securities, bought and sold for the Client's Account; and
(iv) in effecting any such investments, reinvestments, purchases and sales, and unless the Client
designates in writing a particular firm or firms, to use and obtain the assistance and services of such
brokers, dealers, investment bankers, underwriters and other firms, enterprises and services as the
Adviser in the complete and unlimited exercise of the Adviser's discretion shall designate or select.
The Client hereby grants to and confirms that the Adviser has the authority to act as the Client's
attorney under a power of attorney for the purposes of effecting or accomplishing in the name of and
on behalf of the Client any of the foregoing matters or any matters which are the subject matter of this
Agreement.
°� / e. shall receive as compensation for its services a fee at an annual rate of the greater
G one (1) percent f the average quarterly net assets in the portfolio, or $10,000, payable quarterly in
arrears. ie initial fee shall be pro -rated to the last day of March, June, September or December
which shall occur after the retention is commenced. In the event of termination, the advisory fee will
be pro -rated based on the number of days this Agreement is in effect during the quarter. Unless
otherwise directed by the Client in writing, the Adviser is authorized to charge the amount of the
quarterly fee payment by a deduction from the Account and to send to the Client a statement indicating
the amount of the fee charged.
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5. The Adviser shall use its best efforts in the performance of the investment advisory services.
All recommendations and instructions made by the Advisor, will be based upon information from
sources which it believes to be reliable, but whose accuracy is not and cannot be guaranteed. Such
information may or may not have been independently verified by the Adviser. The Adviser shall not
be liable for any loss arising from any action, omission, information or recommendation in connection
with the Client's investments or this Agreement unless such loss is caused by gross negligence, willful
misconduct or violation of law on the part of the Adviser.
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6. The Adviser will keep in strict confidence all information about the financial affairs of the
Account. The Client agrees to use the Adviser's information and advice only in connection with the
operation of the Account which the Adviser is managing.
7. The Client agrees and understands that unless the Client designates a brokerage firm through
which securities transactions for the Account of the Client will be effected as contemplated by the
• 9/96
immediately succeeding paragraph, the Adviser has the right to select the broker to execute orders to
buy and sell securities for the Account, and that the Adviser shall use its best efforts to select a
brokerage firm whose commission charges are reasonable in relation to the value of the brokerage and
other services as the Adviser determines in good faith.
The Client has designated /tI&C/2ILL LfXd,4 as the brokerage firm through which
securities transaction for the Account will be effected. The Client agrees that the negotiation of the
brokerage commissions and other fees to such brokerage firm shall be the sole responsibility of the
Client and that the Adviser shall have no liability or obligation with respect to such brokerage firm or
to commissions or fees payable to such firm.
The Client further agrees and understands that any such commission charges, whether to a
brokerage firm designated by the Client or selected by the Adviser, shall be in addition to any advisory
fee it pays to the Adviser, and shall not be used to offset any such advisory fee.
8. The Adviser represents that it is registered as an Investment Adviser under the Investment
Advisers Act of 1940.
9. The Client understands that differing investment objectives, tax and other factors affect the
desirability and timing of particular transactions, and the Clients of the Adviser, as well as the Adviser
itself, its officers and employees and members of their families and affiliates, may hold and have
transactions in securities which are purchased or sold for the Account or with respect to which
investment advice is given hereunder. The Client consents to such transactions, if not in violation of
applicable law, provided that the investment advice hereunder is at all times given in good faith.
The Client has been furnished information regarding the Adviser's strategy of investing and
represents that he or she understands and is aware of the Adviser's method of operation of such
strategy. However, nothing contained herein shall require the Adviser to adhere to any strategy if, in
good faith, it determines that a change is warranted.
10. As required under the Investment Advisers Act of 1940, it is understood that the Adviser will
not make any assignment of this Agreement without the Client's consent. However, the Client hereby
consents to transactions in the shares of Ashland Management Incorporated between the two founding
principals of the Adviser, Charles C. Hickox and Parry v. S. Jones.
11. The Client has set forth on Schedule B of this Agreement: (a) any specific investment
objectives or any funding requirements of the Client which are applicable to this Agreement, (b) any
restrictions imposed by law or by any constituent document of the Client on the types of investments
which may be made by or for the Account of the Client.
9/96 _3_
•
•
•
12. The term of this Agreement shall commence on the date hereof and shall continue until
terminated at any time by either party upon not less than thirty (30) days prior written notice to the
other party.
13. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York.
14. If any provision of this Agreement is found to be illegal or void, all other provisions to this
Agreement will remain in full force and effect. Nothing contained in this Agreement shall in any way
constitute a waiver or limitation of any rights which either the Client or the Adviser may have under
any applicable federal or state securities laws or regulations.
{rAY�Tf£t1 cLE_ ; z�.
(Print Name)'r�zNS«ia 4 K£L f. F Fttnii)
Address
Agreed to:
Ashland Management Incorporated
Very truly yours,
• 9/96
ASHLAND MANAGEMENT INCORPORATED
. CLIENT STATEMENT
FINAL BILLING
Account'. Fayetteville Fire Pension and Relief Fund
Account #56305G88
Investment Advisory Fee:
Asset value at July 31, 2002 $ 1,607,591.09
(July 1, 2002 to July 31, 2002)
Fee:
(.0080 x 1,607,591.09 x 1/12) $ 1,071.73
Asset value at August 8, 2002 $ 1,651,872/2
(August 1, 2002 to August 8, 2002)
Fee:
(.0080 x 1,651,872.72 x 8/365) $ 289.69
Advisory agreement terminates 30 days with written notice
dated August 8, 2002. Pro -rated fees through September 7, 2002.
(.0080 x 1,651,872.72 x 1/12)
Total Due:
$ 1,101 25
$ 2,962.62
•
•
•
•
State of Arkansas
County of Washington
I, t4 -0v 5
FIREMEN'S PENSION & RELIEF FUND AFFIDAVIT
)ss:
)
ILtdi>€-Live
, do solemnly swear that:
I am a former firefighter for the City of Fayetteville, Arkansas, Fire Department.
I am the spouse/former spouse/widow of a former firefighter for the City of Fayetteville, Arkansas,
Fire Department, and that I have not remarried since becoming eligible for benefits.
I am an eligible dependent of a former firefighter for the City of Fayetteville, Arkansas, Fire
Department and submit the attached school affidavit as verification of my school attendance.
2. I presently receive benefits from the Fayetteville Firemen's Pension and Relief Fund and I am eligible to
continue receiving the pension fund benefits as governed under state law.
3. My personal information is as follows:
Address: /&O `t", ,C%Mr. £Lw( /9694te%
Frtem /ny7en kgr; 3,9.671 rr30
Telephone: _(q7'/) A67 -5a 7
Social Security No.: '/ 30 - rl i - .244
Birth date: 74C-51
PLEASE LIST ALL BENEFICIARIES BELOW: (complete only if you are the retiree)
NAME SOCIAL SECURITY No. BIRTH DATE RELATIONSMP
(Lim/xi-4 Lee/Ga 930-37-,2605 3-/1--4 z wire-
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AFFIANT (signature)
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me, a Notary Public, this AIL day of
CRIBED AND SWORN TO before
fission Expires:
(This affidavit is required annually by the Firemen's Pension and Relief Fund Board of Trustees and must be properly executed and
returned to the Fayetteville City Clerk, 113 West Mountain, Fayetteville, Arkansas, 72701 by January 31n of each year.)
Notary Public
(Revised 11/03)
ARKANSAS DEPARTMENT OF HEALTH
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EMBOSSED SEAL OF THE ARKANSAS. DEPARTMENT OF HEALTH IS PRESENT. IT IS ILLEGALJO
ALTER OR COUNTERTEIT THIS DOCUMENT
Social Security Bill Causes Concerns
HR 743, as proposed by the Senate
Finance Committee, has caused great
concern among public pension
organizations. As repotted by NCPERS
in the October, 2003 Monitor, the bill
opens the door to mandatory Social
Security coverage and potentially causes
pension plans administrative nightmares.
NCPERS sent a letter to the Chairman of
the Senate Finance Committee, Sen.
Grassley (R -IA) and ranking Democrat,
Seri. Baucus (D -MT), spelling out our
concerns about HR 743. A similar letter
was scnt to the Chairman (Rep. Shaw, R-
FL) and ranking Democrat (Rep. Matui,
D -CA) of the House Social Security
Subcommittee.
In the letter, NCPERS stated, "The
National Conference on Public Employee
Retirement Systems (NCPERS) . is
writing to urge your reconsideration of
two provisions of HR 743, The Social
Security Program Protection Act of
2003, as passed by the Senate Finance
Committee.
NCPERS is opposed to the inclusion of
Section 416 of the Senate version of HR
743. This provision would extend to all
states the authority to operate a divided
retirement system for Social Security
coverage. Under this system, a
referendum could 'be held whereby
existing employees may individually
choose whether they want Social Security
coverage, provided that all' newly hired
employees are required to participate in
Social Security.
Under current law, 21 states are allowed
to operate a divided retirement system.
The House version of HR 743 extends
this authority only to the state of
Kentucky, which has repeatedly
requested the option to operate a divided
retirement system. Stales and localities
have routinely expressed opposition to
mandatory Social Security coverage and.
are concemed That the extension of this
authority to all states could have a
destabilizing effect on state and local
pension systems. We urge you to
remove the language from the Senate
version of the bill and allow the House
language to prevail in conference so
that the state of Kentucky can move
forward with its efforts to harmonize
Ls retirement systems.
Additionally, Section 210 of the Senate
version of HR 743 is extremely
problematic and raises substantial
concerns for State and local governments,
their retirement systems and millions of
retirees. This provision .would require
State and local government pension
paying entities to indicate on a modified
form 1099-R whether a retiree's pension
is based in whole or in part on earnings
not covered by Social Security. This
federal payroll tax -related data is not
pertinent to -state or local retirement
benefits and is not currently collected by
these pension systems.
Such reporting would likely do too little,
too late to assist the Social Security
Administration in better estimating
potential . offsets to Social Security
benefits of governmental employees and
would only exacerbate the current
problem of the Social Security
Administration providing inaccurate
benefit statements to employees and
informing retirees after -the -fact that they
arc subject to such offsets. We,
therefore, strongly urge the removal of
Section 210 from the legislation."
A special NCPERS Legislative Alert
was posted on our website
(www.NCPERS ore) and emailed to all
remembers. NCPERS members were
asked to contact their Senators
immediately and ask them to stop
consideration of NR 743 by the Senate
until these provisions can be
reconsidered.
As we go to press, consideration of HR
743 by the full Senate has been delayed
because of the objections from two
Senators, Sens. Voinovich (OH) and
Hutchison (TX). However, it is
important to continue contacting your
Senators to ensure they understand our
concems about this legislation.
NCPERS Launches New
Website
NCPERS has launched a new, improved
website for public pension trustees,
administrators, state and local officials,
and investment advisors. Our easy to
navigate new desigois-greatly expanded
and provides more information. The
address remains the same:
www.NCPERS org
The website is a great place to check the
status of over 250 bills before Congress
that impact pension funds. Get
NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS
information on NCPERS issues and
arguments to make to your
representatives. Health care issues are
featured as well as legal issues, member
benefits and the latest information about
our conferences. A comprehensive
pension resource center will be added,
allowing you to search for articles,
publications, websites and specialized
pension resources available in one
location. Access to this pension
resource center will be limited to
NCPERS members - using your email
address..
We urge you to visit the new website.
Also, please provide NCPERS with your
email address so we can send you
legislative updates and ALERTS.
Events happen so fast in the Nation's
Capitol that the NCPERS .website and
email alert are the best ways to convey
this information in a timely fashion. If
we don't have your email address, please
send it to info@NCPERS.org..
Medicare Prescription Drug
Bill Stalled .
Speaker of the House Dennis Hastert
and Senate Majority Leader Bill Frist
(TN) will meet on Nov. 12 to try to
move the stalled Medicare Prescription
Dmg•Bill that has been in conference
since July. While both chambers moved
swiftly to pass the bill earlier this
summer, the legislation has languished
in conference due to partisan and bi-
caramel politics.
Congressional staffs have been
instructed to prepare a draft bill that
would include all the agreements thus
far. However, the document will have
lots of "blanks" where conferees have
yet to find consensus.
• Topping the long list of unresolved
issues is a conservative -House backed
proposal that places traditional Medicare
in direct competition with private health
plans. This. provision, known as
"premium support" would make the fee-
for-service Medicare (Parts A & B)
compete on price with private health
insurance. Conservative House Members
have said that premium support is
necessary to keep the price tag of this bill
within $400 billion. They have
threatened to withhold their support ,of
HR 1 if premium support is not included
in the final bill.
Senate Democrats have drawn a line in
the sand saying the Medicare Prescription
Drug Bill is DOA if it comes to the
Senate with the premium • support
provision: The Senate Democrats are
united. in opposition to premium support
because they fear it would privatize
Medicare and undermine one of the most
popular and successful federal programs.
A panel of the National Academy of
Social Insurance agrees with the Senate
Democrats, warning in its recent report,
The Role of Private Health Plans in
Medicare" that pitting Medicare against
private plans could result in - premiums
' increasing to the point that traditional
Medicare would become too expensive
for most beneficiaries.
Another high profile issue conferees must
decide is whether to allow the re-
importation of drugs from foreign
countries.
2004 Pension Plan
Limitations Announced
The Internal Revenue Service announced
the pension plans limitations. for 2004.
Some limitations were affected by the
cost -of -living adjustment, while others • •
increased because of the Economic
Growth and Tax Relief Reconciliation
Act of 2001 (EGTRRA).
• • Elective deferrals •to a deferred
compensation plan [403(6), 457, or
401(k)] increase to $13,000;
• Catch-up provisions (those 50 'and
above) for the above deferred
compensation plans increase to $3,000;
• Contributions to. an IRA remain at
$3,000;
• Catch-up contributions' (those age 50
and above) to an IRA remain it $500; . ,
• Contributions to a SIMPLE IRA
increase to $9,000 and catch-up
contributions (those .50 and above)
increase to $1,500; -
• Defined benefit dollar limits increase
to $165,000;
• Defined contribution plan contribution
limits increase to $41,000; •
• Annual qualified plan compensation
limits increase to $205,000.
Social Security Increases
The Social Security Administration
announced increases in Social Security
based on the cost -of -living increases.
The annual COLA for retirees will be 2.1
percent, payable beginning on January 1,
2004 The taxable wage base for Social'
Security will increase to $87,900 in 2004,
up from 587,000 in 2003. This increase
is the 6.20 percent paid into the Old Age
.Survivors and Disability. The.Medicare
portion, 1.45 percent, applies to all
earnings.
Seniors covered by Medicare will also
face higher rates in 2004. These
increases will affect premiums and
deductibles. Premiums for physician
services will jump 13.5 percent to $66.60
per month in 2004; deductibles for
hospital inpatient services will rise 4.3
percent to 5876. ,
Health care premiums for seniors are
estimated to increase by 12 percent for
2004.
Buying Drugs in Canada
Could -Save Millions
.,
Illinois Governor Rod Blagojevich plans
to save the state of Illinois over 591
million by importing drugs from Canada
for state government workers and
retirees. Gov. Blagojevich is taking on
NCPERS, The Voice for Public Pensions November 2003
the Bush Administration and the Food
and Drug Administration that opposes
importation of drugs and is responsible
for enforcing regulations that currently
prohibit importatipn of drugs from other
countries.
The argument by Illinois is that the state
can save millions of dollars by
purchasing these drugs from Canada --
the exact same drugs that sell for much
higher prices in the United States. Maine
Senator Olympia Snow (R) stated that if
Congress. does not allow seniors to
import drugs from Canada, "it is missing
an .opportunity to allow the American
people to have access to lower cost
prescription drugs."
The House of Representatives voted in
July to allow the importation of drugs
from 25 industrialized nations. The vote,
243-186, sent a message to the members
working on the Medicare prescription
bill that they wanted this provision
included in the final Medicare bill, which
is stalled at this time.
Other states; such as lowa and
Minnesota, are looking at similar plans to
import drugs to save on their spiraling
medical costs.
NCPERS Health Care Task
Force Meets
NCPERS Task Force on Health Care
Benefits will convene its second meeting
on November 13-16 in Washington, DC.
Since the Task Force last met, our
nation's health care system has worsened.
The number of uninsured Americans has
increased from 41 million to • 43.6
•
million. We're coming out ohird
straight year of double digiti s in
health care costs. And t ranee
premiums, co -pays, and deductibles are
eating up more of retirees' pensions.
At this year's meeting, the Task Fora
will consider the benefits of joinini
health care coalitions to further NCPER.
goal of maintaining affordable health can
for retirees, options for pre -funding
health care, the, role of collective
bargaining in health care, and proposal:
for an NCPERS health care bill to b.
introduced in the next session o
Congress.
New Task Force recommendations wil
be issued in December.
NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS November 20
. State Pensions Take Action
on Troubled Mutual Funds
Citing lack of confidence, major public
sector pension funds have terminated
business with . certainmutual funds
accused of illegal practices.'
Massachusetts, Pennsylvania, Texas,
' Rhode Island, Nevada, and Vermont slate.
retirement systems, and New York and
Vemtont Teachers' pension plans have
either fired Putnam Investments or
suspended business with the firm.'
CalPERS and pension funds in.Florida,
Connecticut, Washington, and Oregon are
• evaluating the situation and may also
• pulled their money.
In related developments, the Colorado
Public Employees' Retirement
Association has voted to remove the
Denver-based Janus Fund, • citing
allegations of improper. trading at the
mutual fund. In Wisconsin, the state has
hired a law firm to conduct an
independent audit-of:the- states'college--
savings .plan managed by Strong
Financial Corporation. Richard Strong,
founder of Strong Financial, is accused of
improper trading.
Wisconsin
Wisconsin is joining the growing ranks of
states exploring whether to import drugs
from Canada. State officials met with
representatives of Canadian pharmacies
about importing. prescription drugs, even
though the practice is illegal. Drugs are
up to 50% cheaper in Canada than in the ,
US because of government price controls.
Wisconsin spends approximately $730
million annually on prescription drugs.
•
- Oregon
Jim Voytko, the state's PERS Director,
resigned on October., 30. Citing
differences with the Public Employees
Retirement . System's new five -person
board, Voytko quit the state pension fund
that be lead for 3'f. years. He was put off
•
by the much more hands on approach of
the board. Voytko had been a veteran
money manager when he became
executive director in March ' 2000.
However, coming in at the top of stock
market bubble meant a long ride down for
Voytko and PERS aslhe fund faced a $16
billion long-term shortfall in 2003.
Ohio
Milliman USA, one of the largest
actuarial consulting firms in the United
States •has -k recommend - to :the -Ohio
Retirement Study Council that benefits
should be trimmed and eligibility
requirements tightened to improve the
financial outlook for the State Teachers
Retirement Systems, Ohio Police and
Fire Pension Fund, and the School
Employees Retirement ` Systems.
Specifically, Milliman -recommended
rolling back several benefit
improvements made.in recent years, such
as an automatic 3% COLA adjustment for.
retirees, and requiring public employees
to work longer for full pension benefits.
The firm also recommended that the
pension funds also redirect money they
currently spend to subsidize retirees'
health care insurance back to the
retirement funds. Milliman made these
recommendations to the agency that
reviews legislations affecting Ohio
pension systems after concluding that
these funds had unfunded liabilities
beyond the industry standard.
•
Ohio's public pension funds would face
forced' investments with "home grown
firms" if pending legislation. is. enacted.
HB 227, a bill designed to increase
oversight of Ohio's five pension systems,
would also require that:
• • 50% of the money invested externally
must be placed with a firm that has its
headquarters in Ohio or has at least three
offices employing 15 or more people in
the state.
• 70% of stock or bond trades would
need to be made with firms that are either
' based in Ohio or have officers in the state.
• Another 10% above the above
designations must be placed with
minority firms that also meet the
foregoing Ohio -centric criteria.
Currently, just four of the top 100 US
• money managers are headquartered in
Ohio, while only fifteen or so of the top
100 money management fines would
meet the criteria of having three separate
offices in Ohio employing a total of
fifteen persons. Neil Toth, Director of
Investments for the $56 billion. Ohio
Public Employees Retirement System,
testified before the Banking, Pensions and
Securities Committee that limiting the
choice of managers "would potentially
have very serious impacts on returns and
asset -management fees." Preliminary
estimates on the •cost to Ohio pension
plans. to comply with the investment
provisions of HB 227 could exceed 5150
million a year.
1
NCPERS, The Voice for Public Pensions November 2003
Jack Germond Rocks!
Jack Gennond, syndicated columnist and well-known political commentator, will keynote the 2004
NCPERS Legislative Conference on February 9-11.
Jack Germond will give you a unique perspective on today's political climate. Germond has wri
several informative and amusing books on the peculiarities of national politics. He is also a political
analyst for CNN and Washington correspondent for the Baltimore Evening Sun.
He will share his years of political reporting and observations about Capitol Hill and the White
House and what he sees happening in 2004 that will impact you.
NCPERS, The Voice for Public Pensions November 2003
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