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Home My WebLink About2004-04-29 - Agendas - Final• • Firemen's Pension and Relief Fund Meeting Agenda April 29, 2004 A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11:00 a.m. on April 29, 2004 in Room 326 of the City Administration Building. 1. Approval of the Minutes: • March 25, 2004 2. Approval of the Pension List: • May 2004 Pension List 3. Longer Investments: • Report 4. Old Business: • Decrease of Benefits for Volunteer Firefighter's Widows • Act 1370 5. New Business: • Election of Officers • Kelly Skelton — Enrollment at NW Technical Institute, Springdale in the LPN program. • Budget • The Monitor • Persist t' Fayetteville Fireman's Pension and Relief Fund�eting of • 0 0 N 3 O F c O O 2 a m O O 2 0 c 0 O N co 0. \\ 0 m c c N W 9 c O 0 0 V 0 A3 w F c 0 0 2 0 0 2 0 c 0 0 0 d w .4 Mayor Coody Marion Doss Danny Farrar Robert Johnson Pete Reagan Ronnie Wood Sondra Smith 0 0 a N F c O O 2 c O O 2 13 0 m c 0 0 0 CA Mayor Coody Marion Doss Danny Farrar Robert Johnson Pete Reagan Ronnie Wood Sondra Smith 4 0 0 N Motion To: m c 0 0 2 d c c 0 0 (0 1 Mayor Coody Marion Doss W R LL a c c R 0 Robert Johnson 0 0 0d c c 0 Sondra Smith • • Firemen's Pension and Relief Fund Meeting Minutes March 25, 2004 Page l of 5 Firemen's Pension and Relief Fund Meeting Minutes March 25, 2004 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 11:00 a.m. on March 25, 2004 in Room 326 of the City Administration Building. Present: Pete Reagan, Robert Johnson, Marion Doss, Ronnie Wood, Danny Farrar, Mayor Dan Coody, City Clerk Sondra Smith, City Attorney Kit Williams. Mayor Coody arrived at 11:30 AM The meeting was called to order by Marion Doss. Approval of the Minutes: Pete Reagan moved to approve the minutes. Danny Farrar seconded the motion. The motion passed 6-0. Mayor Coody was absent. Approval of the Penswn List: Sondra Smith: I received a note from Denise Grizzle this morning stating that when Act 1370 went into effect, Denise spoke to Kathryn Hinshaw and Kathryn said that Act 1370 applied to the retired widows. Denise sent a schedule to Little Rock that they requested and they sent it back stating that Act 1370 did not apply to the widows. Denise is in the process of typing a letter to let the widows know that from this point forward they are going back to the old amount. Kit Williams: Why did it not apply, do we know? Sondra Smith: I have not heard yet why, I just found out about this today. Denise said if you wanted her to come up and explain this to you that we could call her and she would come to our meeting. Pete Reagan: The reason for this is that this has to pass through PRB. Act 1370 only dealt with volunteer fire fighters on the old plan. For our next meeting can we get a copy of Act 1370? A discussion followed on Act 1370. Marion Doss: I would like to see something from PRB in black and white Pete Reagan: Sondra, maybe a letter from you to the PRB Board asking for clarification on Act 1370. Robert Johnson: Will the letters to the widows from Denise go out right away or will she wait until we get the clarification from PRB Firemen's Pension and Relief Fund Meeting Minutes March 25, 2004 Page 2 of 5 Kit Williams: The letters probably need to go with the checks explaining why the checks are less. Danny Farrar: How much money are we talking about? Sondra Smith: Around $45.00 per month. Marion Doss: How many months did we do that for? Pete Reagan: 1 think we started the increase in July or August of last year. Danny Farrar: Are we going to have to go back and deduct that from them? Sondra Smith: No. we are not going to go back and deduct any funds; their benefits are going to be reduced back down to where they were before the increase. Robert Johnson: Can we get a copy of the letter Denise sent out by the next meeting. Sondra Smith: 1 will get you a copy of what she sent out. Pete Reagan: Please send that electronically to the Board. Ronnie Wood: Can we send a copy of the letter we are requesting from PRB to the widows also. Sondra Smith: Just to the widows this affected right. Pete Reagan: Right. Robert Johnson moved to approve the April 2004 Pension List. Pete Reagan seconded the motion. The motion passed 6-0. Mayor Coody was absent. Loner Investments: Pete Reagan: The fund is up 3.4% for the year. We will have the quarterly report at the next meeting. We look forward to her continuing investing for our fund. Sondra Smith: Has everyone signed the Northern Trust Option Account Application? Board Members: Yes. Pete Reagan: They changed the company that they clear our securities trade through. Kit Williams: This has some of the same provisions that would have kept us from being able to sue Merrill Lynch. The arbitration agreement that they all have and if you want them to do it you have to agree to it. 1t is not something I like to agree to. 1 do not like the city to agree to required arbitration but in this case you really don't have a chose. • • Firemen's Pcnsion and Relief Fund Meeting Minutes March 25, 2004 Page 3 of 5 • Pete Reagan: I think this is an mdustry standard. Marion Doss: On the advice of Kit we need to sign this. Kit Williams: You have to have somebody keep your securities. A discussion followed on the Northem Trust Option Account Application. UBS/PaineWebber: Sondra Smith: UBS/Paine Webber called about the Board changing investment advisors. They also faxed the information that I handed out. I told them I thought you were very happy with the current investment company and that I did not think you wanted to change your investment company but that I would present this information to you. Kit Williams: You have to go through the selection process again. You can not just select whoever you want. You would have to go through the selection process if you want to do that. Sondra Smith: He will be calling me back to see what your response was to the information. He also wanted to know if you wanted him to come up and do a presentation in person. • Pete Reagan: Tell him thank you very much for his concem. My personal opinion is that I am happy with who we are with. Thank him for the invite. Old Business: Resolution Number 02-03, Enacting a 10 Year DROP and Resolution Number 04-03, Working after DROP. Sondra Smith: I enclosed all the information that went before the City Council on the resolutions. Theonly item that you may not have seen is the memo from the Mayor stating why he was not supporting the resolutions. Do we need to let PRB know that our City Council did not pass these two resolutions? Marion Doss: I think we should. Pete Reagan: I would like to thank the Board and Marion for making the presentation to the City Council on our behalf. New Business: Eddie Bachman Retirement: Marion Doss: We have Eddie Bachman's retirement, he is moving from DROP to retired status. Firemen's Pension and Relief Fund Meeting Minutes March 25, 2004 Pagc4of5 Pete Reagan moved to approve Eddie Baughman moving from DROP to retired status effective May 1, 2004. Ronnie Wood seconded the motion. Upon roll call the motion passed unanimously. Danny Farrar 20 Years of Service: Marion Doss: Danny Farrar has obtained 20 years of service as of February 27, 2004. Dennis Mullens Letter from Dr. Mark F. Olsen: Marion Doss: We received a letter from Dennis Mullens; he has made it clear that he is not looking for anything from the Pension Board or the City. Mayor Coody: 1 received a copy of that letter; it is not on letterhead and does not look official. What is this about he has been retired for a while. Marion Doss: Dennis has recently had a stroke. This is a step in maybe getting an income tax break for disability. Mayor Coody: So this does not affect us one way or the other. Marion Doss: Not a bit. He does not want anything from the City or the Pension Board. He said it might help him a little on his taxes. Kit Williams: Is there anything that the Board needs to do? Pete Reagan: I think we need to make a note of the letter, we only hold out taxes because they request us to. 1 think we just need to have it on record that he is now disabled and requesting that status. We also need to record what his doctor, Mark F. Olsen of Northwest Family Care - Fayetteville states in his letter, Mr. Mullens has chronic obstructive pulmonary disease secondary to inhalant exposure from being a fireman for 20 years. Marion Doss: On some disability retirements the person gets a tax break. I don't know if it is federal or state. All Dennis is wanting is to qualify for tax exemption for tax purposes. I don't know what this Board can do because the federal government does not care what our local Pension Board says. Pete Reagan: This is Just making us aware that he is requesting this. Budget Information: Marion Doss: This is just the information that we get from Accounting every month. • • • • NCPERS 2004 Annual Conference: • Firemen's Pension and Relief Fund Meeting Minutes March 25, 2004 Page 5 of 5 Sondra Smith: If someone on the Board wants to attend this conference we need to get them registered. A discussion followed on the conference. If someone wants to go they will let Sondra know by tomorrow. A discussion followed on the reduction in the widows benefits. Meeting Adjourned at 11:40 AM 1 FIREMEN'S RELIEF AND PENSION May 2004 TI-LLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE M OF MAY, YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. DATE OF REGULAR Year To Date EMP# RETIREMENT NAME MO BENEFIT REG BENEFIT 79 11/99 ARMSTRONG (DILL), PAMELA 4/04 BACHMAN, EDDIE 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 8 10/76 COUNTS, WAYNE ' 77 11/99 DILL,GARY JOHN 11 2/76 FARRAR ALONZO 38 5/84 FRALEY, JOSEPH G. 170 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 4/95 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 173 12/19 LEDBETTER, DENNIS 14 7/74 LEE, HAROLD 51. 10/88 LEWIS, CHARLES 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. 176 4/04 MORRIS, DIXIE E. 16 4/64 MORRIS, WILLIAM H. (DECEASED) 62 10/68 MORRISON, ELIENE 48 + 7/88 MULLENS, DENNIS W. 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 (DECEASED) 172 12/03 SCHADER, MADGE 1,306.45 41 9/85 SCHADER, TROY 1,437.45 83 03/01 SKELTON, KIMBERLY 1,147.60 66 - 8/98 SKELTON, PAULINE 401.70 82 03/01 SKELTON,KELLY 1 147 60 1,708.68 2,396.34 1,698.63 103.00 56.65 2,81719 2,335.20 1,969.35 1,553.05 103.00 123.60 1,686.21 103.00 103.00 1,708.69 941.52 1,666.62 3,597.65 2,447.63 103.00 56.65 3,372.15 2,897.04 2,144.36 1,553.05 1,434.98 1,612.98 56.65 430.03 3,559.06 103.00 1,553.05 2,703.63 1,537.61 1,653.07 103.00 1,257.90 1,229.21 2,997.48 103.00 72.10 82.40 2,065.51 1,790.61 2,606.36 2,211.99 103.00 FED. TAX 6,834.72 300.00 479.27 350.00 6,794.52 412.00 365.65 11,268.76 9,340.80 7,877.40 6,212.20 412.00 494.40 6,744.84 412.00 412.00 6,834.76 3,766.08 6,666.48 14,390.60 9,790.52 412.00 365.65 13,488.60 11,588.16 8,577.44 6,212.20 5,739.92 6,451 92 365.65 1,720.12 14,236.24 412.00 6 212 20 10,814.52 6,150.44 6,612.28 412.00 5 031 60 4,916.84 11,989.92 412.00 72.10 355.35 468.65 8,262.04 7,162.44 10,425.44 8 847 96 412.00 5,225.80 5,749.80 4,590.40 1,606.80 4,590.40 475.38 300.00 287 68 100.00 200.00 500.00 226.00 700.00 500.00 200.00 240.00 130.00 575.00 75.00 325.00 137.61 150.00 150.00 125.00 325.00 200.00 300.00 57.00 125.00 125.00 ST. TAX NET 100.00 119.82 145.00 50.00 50.00 15.00 100.00 50.00 200.00 100.00 50.00 100.00 50.00 173.00 25.00 75.00 25.00 50.00 25.00 75.00 38.00 100.00 25.00 25.00 1,308.68 1,797.25 1,203.63 103.00 56.65 2,341.81 1,985.20 1,969.35 1,215.37 103.00 123.60 1,686.21 103.00 103.00 1,608.69 941.52 1,451.62 2 997 65 2 171 63 103.00 56.65 2,472.15 2,297.04 2 144 36 1,303.05 1,094.98 1,432.98 56.65 430.03 2,811.06 103.00 1,453.05 2,303.63 1,375.00 1,453.07 103.00 1,107.90 1,079 21 2,597.48 103.00 72.10 0.00 82.40 2,065.51 1,552.61 2,606.36 1,811.99 103.00 0.00 1,306.45 1,380.45 997.60 251 70 1,147.60 DATE OF EMP# RETIREMENT NAME 36 5/76 90 03/02 165 12/02 65 3/66 27 3/71 71 1/00 28 7/68 88 01/02 52 9/88 DROP DATE 05/01/99 04/01/00 07/01/00 01/01/01 03/01/03 03/01/03 03/01/03 04/01/03 SPRINGSTON, CARL STOUT, IMOGENE W. TATE, RALPH TUNE, BILLIE SUE TUNE, MILDRED MRS. WARFORD,THOMAS WATTS, DONALD WOOD,RONNIE D WRIGHT, RANDALL DROP EMPLOYEES 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 759.91 3,039.64 723.73 2,894.92 3,457.53 13,830.12 82.40 468.65 82.40 468.65 2,359.06 9,436.24 412.00 1,648.00 2,900.50 11,602.00 1,594.25 6,377.00 84324.46 328685.83 NET 70.00 17.00 672I0• 723 300.00 100.00 3,057 82 82 300.00 2,059 412 800.00 200.00 1,900 200.00 25.00 1,369 9,327.94 2,107.82 72,888 NEW BENEFITS 2,468.23 3,316.32 3,332:75 5,068.25 3,843.23 3,437.82 3,437.82 3,884.43 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 SECRETARY 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 : 6810-9810-5335-00 YTD Column Difference YTD 328,685.83 328,685.83 0.00 • • r • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund UM DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount COMMON STOCK Aluminum Co. of America 02-05-03 02-25-03 04-30-03 05-25-03 08-06-03 08-25-03 11-05-03 11-25-03 300.00 582.00 582.00 450.00 1,914.00 Amer International Group 09-03-03 09-19-03 113.75 American Power Conversion 08-21-03 09-15-03 11-24-03 12-17-03 B.P. Amoco PLC A.D.S. 02-26-03 03-24-03 06-09-03 06-09-03 08-13-03 09-08-03 11-12-03 12-08-03 440.00 320.00 760.00 625.00 833.33 866.66 866.66 3,191.65 Barrick Gold Corp. 05-28-03 06-16-03 220.00 Biomet, Inc. 07-09-03 07-18-03 487.50 Bristol Myers Squibb 04-02-03 05-01-03 07-01-03 08-01-03 10-01-03 11-03-03 12-30-03 02-02-04 Burlington Northern Santa Fe 06-06-03 07-01-03 09-08-03 10-01-03 12-10-03 01-02-04 Cardinal Health Inc 910.00 910.00 1,050.00 1,050.00 3,920.00 360.00 600.00 525.00 1,485.00 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 09-29-03 10-15-03 12-29-03 01-15-04 ChevronTexaco Corp. 02-12-03 03-10-03 05-15-03 06-10-03 08-15-03 09-10-03 11-14-03 12-10-03 Citigroup 01-30-03 02-28-03 05-01-03 05-23-03 07-31-03 08-22-03 10-30-03 11-26-03 Coca-Cola 06-11-03 07-01-03 11-26-03 12-15-03 Devon Energy Corp 09-12-03 09-30-03 12-12-03 12-31-03 54.75 69.75 124.50 1,008.00 1,008.00 730.00 1,277.50 4,023.50 470.00 530.00 1,050.00 1,050.00 3,100.00 330.00 583.00 913.00 100.00 100.00 200.00 Diamonds Trust Series I 09-19-03 10-13-03 588.96 Dover Corp. 08-27-03 09-12-03 11-25-03 12-12-03 Emerson Electric 02-12-03 03-10-03 05-14-03 06-10-03 08-13-03 09-10-03 11-12-03 12-10-03 2 420.00 420.00 840.00 834.06 834.06 834.06 850.00 3,352.18 • • • LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount Estee Lauder 12-12-03 01-06-04 855.00 ExxonMobil 02-06-03 03-10-03 05-09-03 06-10-03 08-11-03 09-10-03 11-07-03 12-10-03 690.00 750.00 675.00 625.00 2,740.00 Federal National Mortgage Assn. 01-29-03 02-25-03 526.50 General Dynamics 01-15-03 02-07-03 04-09-03 05-09-03 General Electric 02-26-03 04-25-03 06-26-03 07-25-03 09-25-03 10-27-03 12-29-03 01-26-04 Genuine Parts 03-05-03 04-01-03 06-04-03 07-01-03 09-03-03 10-01-03 12-03-03 01-02-04 Harley Davidson 06-06-03 06-20-03 Honeywell (New) 11-18-03 12-10-03 Illinois Tool Works 06-26-03 07-21-03 09-26-03 10-20-03 12-29-03 01-26-04 3 hI 453.00 579.20 1,032.20 522.50 712.50 950.00 1,000.00 3,185.00 590.00 921.88 921.88 921.88 3,355.64 63.00 750.00 379.50 396.00 396.00 1,171.50 LONGER INVESTMENTS INCORPORATED A Registered Investmrnt Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Intl Business Machines 05-07-03 06-10-03 08-06-03 09-10-03 11-06-03 12-10-03 Intel Corp 02-05-03 05-05-03 08-05-03 11-05-03 03-01-03 06-01-03 09-01-03 12-01-03 International Paper Co. 08-19-03 09-15-03 11-19-03 12-15-03 Johnson & Johnson 02-13-03 03-11-03 Kennametal, Inc. 11-06-03 11-25-03 Kraft Foods Inc. 03-12-03 04-04-03 Limited 12-03-03 12-16-03 Lincoln National Corporation 01-08-03 02-01-03 MBNA Corp. 03-12-03 04-01-03 Medtronic, Inc. 04-02-03 04-25-03 07-01-03 07-25-03 10-01-03 10-24-03 12-30-03 01-23-04 Merck 4 Amount 128.00 224.00 224.00 576.00 70.00 82.00 77.00 77.00 306.00 712.50 500.00 1 212 50 102.50 425.00 300.00 600.00 502.50 336.00 138.44 160.59 160.59 192.13 651.75 • • • LONGER INVESTMENTS INCORPORATED A Rrgislrrrd Invrslmenl Advisor • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 03-05-03 04-01-03 369.00 Microsoft Corp. 02-19-03 03-07-03 10-15-03 11-07-03 Minnesota Mining & Mfg. 08-20-03 0912-03 11-19-03 12-12-03 Newell Co Inc 02-18-03 03-10-03 05-19-03 06-11-03 Northem Trust Corp. 06-06-03 07-01-03 09-08-03 10-01-03 12-08-03 01-02-04 PepsiCo. Inc. 03-12-03 03-31-03 06-11-03 06-30-03 288.00 720.00 1,008.00 561.00 330.00 891.00 630.00 630.00 1,260.00 340.00 428.40 478.80 1,247.20 146.25 156.00 302.25 Pfizer 01-15-03 02-14-03 300.00 05-14-03 06-05-03 547.50 08-13-03 09-04-03 547.50 11-12-03 12-04-03 397.50 1,792.50 Procter & Gamble 01-22-03 02-14-03 Qualcomm Incorporated 11-25-03 12-26-03 Royal Dutch Petroleum 04-24-03 05-12-03 5 444.85 192.50 1,652.25 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security • Ex -Date Pay -Date Amount 07-25-03 09-17-03 1,271.18 2,923.43 S&P Midcap 400 Depository Receipt 06-20-03 07-31-03 297.69 Schlumberger, LTD 06-02-03 07-03-03 08-29-03 10-03-03 12-15-03 01-09-04 281.25 403.13 403.13 1,087.51 Schwab Corporation 11-05-03 11-21-03 80.57 Standard & Poors Depository Receipts 03-21-03 04-30-03 1,063.14 SunTrust Banks Inc. 05-28-03 06-13-03 08-27-03 09-15-03 11-26-03 12-15-03 • 585.00 776.25 45.00 1,406.25 Union Pacific Corp. 12-08-03 01-02-04 472.50 Walgreen Company 11-13-03 12-12-03 107.80 Walmart Stores 03-19-03 04-07-03 06-18-03 07-07-03 10-02-03 10-14-03 12-17-03 01-05-04 135.00 63.00 135.00 202.50 535.50 Washington Mutual Inc. 07-29-03 08-15-03 800.00 Werner Enterprises 01-09-03 01-28-03 04-16-03 05-06-03 6 60.00 73.60 LONGER INVESTMENTS INCORPORATED A Registered Investment Adnsor • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 07-02-03 07-22-03 110.40 244.00 COMMON STOCK Total 60,450.82 REAL ESTATE INVESTMENT TRUSTS Colonial Properties 01-29-03 02-07-03 05-01-03 05-13-03 07-31-03 08-11-03 10-30-03 11-10-03 Equity Office Properties Trust 06-26-03 07-15-03 09-26-03 10-14-03 12-11-03 12-31-03 Pan Pacific Retail 01-10-03 02-14-03 05-21-03 06-13-03 08-27-03 09-15-03 11-25-03 12-15-03 Sun Communities, Inc. 01-09-03 01-24-03 04-09-03 04-24-03 07-09-03 07-24-03 10-08-03 10-23-03 591.75 578.55 578.55 578.55 2,327.40 1,155.15 1,140.00 1,140.00 3,435.15 980.62 1,160.25 994.50 994.50 4,129.87 556.15 576.45 576.45 576.45 2,285.50 REAL ESTATE INVESTMENT Total 12,177.92 PREFERRED STOCK GenAm Inv Tax Cum Pfd AAA(C9-23-03@25) 03-04-03 03-24-03 06-04-03 06-23-03 09-04-03 09-23-03 7 900.00 900.00 900.00 2,700.00 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount NAB Exchble PFD TR Al/A (C 9-30-03@25) 03-12-03 03-31-03 06-11-03 06-30-03 09-11-03 09-30-03 12-11-03 12-31-03 1,000.00 1,000.00 1,000.00 1,000.00 4,000.00 PREFERRED STOCK Total 6,700.00 PREFERRED DEBT SECURITIES G.E. Preferred 6.10%AAA/AAA (C 11-15-07) 02-12-03 02-18-03 05-12-03 05-15-03 08-12-03 08-15-03 11-12-03 11-17-03 G.E. Preferred 6.625% AAA/AAA (C 6-28-07) 03-25-03 03-28-03 06-25-03 06-30-03 09-24-03 09-29-03 12-23-03 I2-29-03 Roch G&E 6.65% AAA/AAA (C 6-20-07) AMBAC 02-26-03 03-17-03 05-28-03 06-16-03 08-27-03 09-15-03 11-25-03 12-15-03 1,906.25 1,906.25 1,906.25 1,906.25 7,625.00 2,484.36 2,484.36 2,484.36 2,484.36 9,937.44 1,246.86 1,246.86 1,246.86 1,246.86 4,987.44 PREFERRED DEBT SECURIT Total 22,549.88 MUTUAL FUNDS -EQUITY Artisan International Fund 11-13-03 11-13-03 1,100.19 Japan Webs 12-22-03 01-02-04 24.15 8 • • • LONGER INVESTMENTS INCORPORATED A Regislrred Invesimmf Advisor • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount iShares MSCI Hong Kong Index Fund 12-22-03 01-02-04 1,508.70 MUTUAL FUNDS -EQUITY Total 2,633.04 MUTUAL FUNDS -FIXED American Strategic Income Portfolio III 02-03-03 02-26-03 262.50 03-03-03 03-26-03 262.50 04-01-03 04-23-03 262.50 05-01-03 05-28-03 262.50 06-02-03 06-25-03 262.50 07-01-03 07-23-03 262.50 08-01-03 08-27-03 262.50 09-02-03 09-24-03 262.50 10-01-03 10-29-03 262.50 11-03-03 11-19-03 262.50 12-01-03 12-17-03 262.50 12-26-03 01-09-04 480.00 iShares Lehman 20+ Year T -Bond Fund 09-02-03 09-11-03 10-01-03 10-10-03 11-03-03 11-12-03 12-10-03 12-10-03 3,367.50 1,487.96 550.32 521.94 626.72 3,186.94 MUTUAL FUNDS -FIXED Total 6,554.44 CORPORATE BONDS Aegon NV Subordinated Note A3/A 8.000% Due 08-15-06 (NC) 02-15-03 02-15-03 08-15-03 08-15-03 Aetna Inc. Debentures AA3/A+ (NC) 6.750% Due 09-15-13 03-15-03 03-15-03 09-15-03 09-15-03 3,000.00 3,000.00 6,000.00 2,025.00 2,025.00 4,050.00 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ea -Date Pay -Date Amount Associates Corp. NA Notes 6.375% Due 11-15-05 Aal/AA- (NC) 05-15-03 05-15-03 11-15-03 11-15-03 Bank America Corp AA3/A Monthly 6.250% Due 02-15-17 Pay (C 2-15-05 @100, monthly thereafter) 01-15-03 01-15-03 02-15-03 02-15-03 03-15-03 03-15-03 04-15-03 05-15-03 06-15-03 07-15-03 08-15-03 09-15-03 10-15-03 11-15-03 12-15-03 04-15-03 05-15-03 06-15-03 07-15-03 08-15-03 09-15-03 10-15-03 11-15-03 12-15-03 Bank of New York Al/A Monthly 6.500% Due 09-19-16 Pay (C 9-19-04 @ 100) 01-19-03 01-19-03 02-19-03 02-19-03 03-19-03 03-19-03 04-19-03 05-19-03 06-19-03 07-19-03 08-19-03 09-19-03 10-19-03 11-19-03 12-19-03 04-19-03 05-19-03 06-19-03 07-19-03 08-19-03 09-19-03 10-19-03 11-19-03 12-19-03 Bank of New York A 1/A Monthly 7.125% Due 09-08-14 Pay (C 9-8-03 @100, annually thereafter) 01-08-03 01-08-03 10 796.88 796.88 1,593.76 260.42 260.42 260.42 260.42 260.42 260.42 260.42 260.42 260.42 260.42 260.42 260.42 3,125.04 216.66 216.67 216.67 216.67 216.67 216.67 216.67 216.67 216.67 216.67 216.67 216.67 2,600.03 237.50 • • • LONGER INVESTMENTS INCORPORATED A Rrgislrrrd Invrstrnenl Advisor • • • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date 02-08-03 03-08-03 04-08-03 05-08-03 06-08-03 07-08-03 08-08-03 09-08-03 02-08-03 03-08-03 04-08-03 05-08-03 06-08-03 07-08-03 08-08-03 09-08-03 Bankers Trust NY Corp 6.000% Due 10-15-08 Subordinated Notes A2/A (NC) 04-15-03 04-15-03 10-15-03 10-15-03 Boeing Capital Crp A3/A (NC) 6.040% Due 11-15-05 03-15-03 03-15-03 09-15-03 09-15-03 Dell Computer Corp. Debentures 7.100% Due 04-15-28 A3/A- (Subject to make whole call) 04-15-03 04-15-03 10-15-03 10-15-03 Exxon Capital Corp. Notes 6.000% Due 07-01-05 Aaa/AAA (NC) 01-01-03 01-01-03 07-01-03 07-01-03 First Union Corp. Subordinated 6.000% Due 10-30-08 Debentures Al/A- (NC) 04-30-03 04-30-03 10-30-03 10-30-03 General Motors Acceptance Corp. 6.125% Due 01-18-05 Monthly Pay A2/BBB (NC) 01-18-03 01-18-03 02-18-03 02-18-03 11 Amount 237.50 237.50 237.50 237.50 237.50 237.50 237.50 237.50 2,137.50 1,500.00 1,500.00 3,000.00 1,510.00 1,510.00 3,020.00 1,775.00 1,775.00 3,550.00 900.00 900.00 1,800.00 750.00 750.00 1,500.00 255.21 255.21 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 03-05-03 03-10-03 212.67 723.09 General Motors Acceptance Corp. 6.625% Due 10-15-05 Notes A2/BBB (NC) 03-05-03 03-10-03 Gillette Company Notes Aa3/AA- 5.750% Due 10-15-05 (NC) 04-15-03 04-15-03 10-15-03 10-15-03 Hershey Foods Corp. Notes Al/A+ 6.950% Due 08-15-12 (NC) 02-15-03 02-15-03 08-15-03 08-15-03 IBM Corp. Debentures Al/A+ 7.000% Due 10-30-25 (Subject to make whole call) 04-30-03 04-30-03 10-30-03 10-30-03 J.P. Morgan Chase Bank Al /A+ 6.700% Due 08-15-08 (NC) 02-15-03 02-15-03 08-15-03 08-15-03 Merrill Lynch & Co. Inc. Global 6.500% Due 07-15-18 Bonds AA3/A+ (NC) 01-15-03 01-15-03 07-15-03 07-15-03 National City Corp. Sub. Notes 6.875% Due 05-15-19 A2/A- (NC) 05-15-03 05-15-03 11-15-03 11-15-03 12 1,067.36 431.25 431.25 862.50 1,737.50 1,737.50 3,475.00 1,750.00 1,750.00 3,500.00 2,177.50 2,177.50 4,355.00 2,437.50 2,437.50 4,875.00 1,718.75 1,718.75 3,437.50 • • • LONGER INVESTMENTS INCORPORATED A Rcgisslacd Investrnml Advisor • • • Longer Investrnents Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount NationsBank Corp. Subordinated 6.375% Due 02-15-08 Notes AA3/A (NC) 02-15-03 02-15-03 08-15-03 08-15-03 Paribas New York Branch 6.950% Due 07-22-13 Subordinated Notes AA3/A+ (NC) 01-22-03 01-22-03 07-22-03 07-22-03 Pepsico Incorporated Medium Term 5.700% Due 11-01-08 Note Al/A+ (NC) 05-01-03 05-01-03 11-01-03 11-01-03 Wal-Mart Stores Inc. AA2/AA (NC) 5.875% Due 10-15-05 04-15-03 04-15-03 10-15-03 10-15-03 1,593.75 1,593.75 3,187.50 1,737.50 1,737.50 3,475.00 712.50 712.50 1,425.00 2,203.13 2,203.13 4,406.26 CORPORATE BONDS Total 67,165.54 RESTRICTED FIXED INCOME Enron Corp Senior Notes CA/D 0.000% Due 02-07-21 12-31-03 12-31-03 GOVERNMENT BONDS U. S. Treasury Bond 6.000% Due 02-15-26 02-15-03 02-15-03 03-05-03 03-06-03 U. S. Treasury Bond 5.500% Due 08-15-28 02-15-03 02-15-03 08-15-03 08-15-03 13 791.61 1,500.00 157.46 1,657.46 1,375.00 1,375.00 2,750.00 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through )2-31-03 Security Ex -Date Pay -Date Amount U. S. Treasury Bond 5.250% Due 11-15-28 05-15-03 05-15-03 11-15-03 11-15-03 U. S. Treasury Bond 5.250% Due 02-15-29 01-21-03 01-22-03 01-24-03 01-27-03 02-15-03 02-15-03 03-11-03 03-12-03 07-07-03 07-09-03 08-15-03 08-15-03 09-26-03 09-29-03 U. S. Treasury Note 3.250% Due 08-15-07 02-15-03 02-15-03 08-15-03 08-15-03 1,312.50 1,312.50 2,625.00 4,565.22 1,176.97 6,562.50 181.28 -3,132.60 9,I87.50 962.98 19,503.85 4,062.50 4,062.50 8,125.00 GOVERNMENT BONDS Total 34,661.31 GOVERNMENT AGENCY Federal Farm Credit Banks (C 5.000% Due 10-15-12 10-15-04 @ 100, continuously thereafter) 04-15-03 04-15-03 10-15-03 10-15-03 Federal Home Loan Bank (C 6.000% Due 09-26-17 03-26-04 @100, continuously thereafter) 03-26-03 03-26-03 09-26-03 09-26-03 Federal Home Loan Bank (C 5.080% Due 10-03-12 04-15-04 @ 100, continuously thereafter) 04-03-03 04-03-03 14 3,750.00 3,750.00 7,500.00 4,500.00 4,500.00 9,000.00 5,080.00 • • • LONGER INVESTMENTS INCORPORATED A Rrgairred Ircvrstment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 10-03-03 10-03-03 5,080.00 Federal Home Loan Bank (C 4.200% Due 05-20-10 05-20-04 @100, continuously thereafter) 11-20-03 11-20-03 Federal Home Loan Bank (C 3.000% Due 10-07-05 10-7-03 @ 100, continuously thereafter) 04-07-03 04-07-03 08-28-03 08-29-03 10-07-03 10-07-03 Federal Home Loan Bank (C 3.500% Due 03-11-08 3-25-04 @ 100, continuously thereafter) 09-11-03 09-11-03 Federal Home Loan Bank (C 4.000% Due 04-01-10 4-15-04 @ 100, continuously thereafter) 10-01-03 10-01-03 Federal Home Loan Bank (Call 3.600% Due 03-11-08 3-23-04 @ 100, continuously thereafter) 09-11-03 09-11-03 10,160.00 4,200.00 3,000.00 1,183.33 1,500.00 5,683.33 1,750.00 4,500.00 2,700.00 Federal Horne Loan Bank (NC) 2.050% Due 06-16-06 08-28-03 08-29-03 831.39 Federal Home Loan Mortgage Corp 6.250% Due 08-15-13 (C 8-15-03 @100, CC) 02-15-03 02-15-03 08-15-03 08-15-03 Federal Home Loan Mortgage Corp 7.110% Due 09-23-14 Monthly Pay(C 9-23-03 @100, CC) 01-23-03 01-23-03 02-23-03 02-23-03 15 1,562.50 1,562.50 3,125.00 296.25 296.25 LONGER INVESTMENTS INCORPORATED A Registered hrvcstment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through /2-31-03 Security Ex -Date Pay -Date 03-23-03 04-23-03 05-23-03 06-23-03 07-23-03 08-23-03 09-23-03 03-23-03 04-23-03 05-23-03 06-23-03 07-23-03 08-23-03 09-23-03 Federal Home Loan Mortgage Corp. 4.210% Due 09-13-07 (C IX9-13-04) 03-13-03 03-13-03 09-13-03 09-13-03 Federal Home Loan Mortgage Corp. 2.875% Due 09-26-05 (C 1X 9-26-03 @100) 03-26-03 03-26-03 08-08-03 08-11-03 Federal National Mortgage 6.000% Due 01-23-15 Association (C 1-23-03 @100, CC) 01-23-03 01-23-03 Federal National Mortgage 5.500% Due 10-11-12 Association (continuously callable) 02-28-03 02-28-03 Federal National Mortgage 5.500% Due 02-23-11 Association Monthly Pay (C 2-23-04 @100) 01-23-03 01-23-03 02-23-03 02-23-03 03-23-03 03-23-03 04-23-03 04-23-03 05-23-03 05-23-03 06-23-03 06-23-03 07-23-03 07-23-03 08-23-03 08-23-03 09-23-03 09-23-03 10-23-03 10-23-03 11-23-03 11-23-03 16 Amount 296.25 296.25 296.25 296.25 296.25 296.25 296.25 2,666.25 3,157.50 3,157.50 6,315.00 3,593.75 2,695.31 6,289.06 1,200.00 1,046.53 229.17 229.17 229.17 229.17 229.17 229.17 229.17 229.17 229.17 229.17 229.17 • • • LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor • • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund UM DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 12-23-03 12-23-03 Student Loan Mortgage Associaton 2.000% Due 04-26-04 (NC) 04-25-03 04-25-03 Tennessee Valley Authority (NC) 5.625% Due 01-18-11 01-18-03 01-18-03 07-18-03 07-18-03 GOVERNMENT AGENCY Total GNMA GNMA 5 AE 05-15-03 06-20-03 07-21-03 08-20-03 09-22-03 10-16-03 11-05-03 11-20-03 12-22-03 12-31-03 GNMA 5 UK 03-12-03 04-16-03 05-16-03 06-16-03 07-16-03 08-18-03 09-16-03 10-16-03 11-17-03 12-16-03 .0% Pool# GNR 2003-40 5.000% Due 05-20-33 05-30-03 06-20-03 07-21-03 08-20-03 09-22-03 10-16-03 11-10-03 11-20-03 12-22-03 12-31-03 .5% Pool# GNR 2003-20 5.500% Due 03-16-33 03-28-03 04-16-03 05-16-03 06-16-03 07-16-03 08-18-03 09-16-03 10-16-03 11-17-03 12-16-03 17 229.17 2,750.04 5,000.00 1,406 25 1,406.25 2,812.50 77,529.10 -805.56 833.33 833.33 833.33 833.33 833.33 125.00 833.33 416.67 18.16 4,754.25 -1,237.50 1,374.99 1,374.99 1,375.00 1,375.00 1,375.00 1,375.00 1,375.00. 1,375.00 1,375.00 AALONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fere Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date Amount 12-29-03 12-31-03 687.50 11,824.98 GNMA Total CASH AND EQUIVALENTS Money Market 02-03-03 02-03-03 03-03-03 03-03-03 03-03-03 03-03-03 03-31-03 05-01-03 06-02-03 06-30-03 08-01-03 09-02-03 09-30-03 11-03-03 12-01-03 12-31-03 03-31-03 05-01-03 06-02-03 06-30-03 08-01-03 09-02-03 09-30-03 11-03-03 12-01-03 12-31-03 CERTIFICATE OF DEPOSIT American National Bank & Trust 7.050% Due 08-02-05 Chicago, IL AA2/NR (NC) FDIC -Insured 02-02-03 02-02-03 08-02-03 08-02-03 Capital One Bank FSB Falls Church, 4.900% Due 02-20-07 VA BAA1/NR (NC) FDIC -Insured 02-20-03 02-20-03 08-20-03 08-20-03 First USA Bank Wilmington, DE 7.350% Due 06-02-03 AA2/NR (NC) FDIC -Insured 06-02-03 06-02-03 18 16,579.23 387.08 587.10 294.28 1,334.56 826.27 793.24 385.37 148.70 136.00 136.44 290.85 256.71 195.90 5,772.50 1,776.99 1,748.01 3,525.00 988.05 971.94 1,959.99 1,852.60 • • • LONGER INVESTMENTS INCORPORATED A Regrslered Inveslrncnl Advisor • • Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security • Ex -Date Pay -Date MBNA America Bank Newark, DE 6.550% Due 12-20-05 A3/NR (NC) FDIC -Insured 06-20-03 06-20-03 12-20-03 12-20-03 CERTIFICATE OF DEPOSIT Total CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) Merrill Lynch Bank & Trust 7.000% Due 07-01-19 Plnsboro, NJ NR (C 7-1-03) FDIC -Insured 01-01-03 01-01-03 02-01-03 02-01-03 03-01-03 03-01-03 04-01-03 04-01-03 05-01-03 05-01-03 06-01-03 06-01-03 07-01-03 07-01-03 EXPENSE ACCOUNTS Automated Cash Mgmt. 02-03-03 02-03-03 03-03-03 03-03-03 03-31-03 03-31-03 05-01-03 06-02-03 06-30-03 08-01-03 09-02-03 09-30-03 11-03-03 12-01-03 12-31-03 05-01-03 06-02-03 06-30-03 08-01-03 09-02-03 09-30-03 11-03-03 12-01-03 12-31-03 Foreign Tax on Dividends 02-26-03 03-24-03 • 05-12-03 05-12-03 06-09-03 06-09-03 19 Ai Amount 1,633.01 1,641.99 3,275.00 10,612.59 297.26 297.26 268.49 297.26 287.67 297.26 287.67 2,032.87 64.13 104.35 248.73 146.01 142.09 73.97 33.59 32.10 32.84 70.80 67.76 50.90 1,067.27 62.50 247.84 83.33 LONGER INVESTMENTS INCORPORATED A Registered Investment Advisor Longer Investments Inc. INCOME AND EXPENSES Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86 From 01-01-03 Through 12-31-03 Security Ex -Date Pay -Date 06-16-03 09-08-03 09-17-03 12-08-03 06-16-03 09-08-03 09-17-03 12-08-03 Northem Trust Fee 03-31-03 03-31-03 06-30-03 06-30-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 09-30-03 12-31-03 12-31-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 07-23-03 09-30-03 12-31-03 12-31-03 EXPENSE ACCOUNTS Total AFTER FEE PERFORMANCE EXPENSE ACCOUNTS Management Fee 01-14-03 01-14-03 04-07-03 04-07-03 07-07-03 07-07-03 10-06-03 10-06-03 NET INCOME 20 Amount 33.00 86.67 190.68 86.67 790.69 3,181.20 2,979.52 -1,384.80 534.34 -2,699.73 2,250.56 -3,181.20 2,057.80 -2,979.52 1,774.88 1,680.91 2,713.22 -I,015.72 5,911.46 7,769.42 19,094.91 18,565.33 18,959.57 19,586.04 76,205.85 242,235.58 • • • LONGER INVESTMENTS INCORPORATED A Registered Inrestmrni Advisor • • • March 25, 2004 Arkansas Fire and Police Pension Review Board PO Drawer 34164 Little Rock, AR 72203 Re: Act 1370 of 2003 Dear Denise: I am in receipt of your fax stating that Act 1370 of 2003 did not apply to the widows. As I told you in our phone conversation earlier today, I gave that benefit increase to the widows per my conversations with Cathyrn Hinshaw, former Executive Director, last summer. I understand from you that the legislation was not intended to apply to the widows, only the retired volunteer firefighters. As such, beginning with our benefit checks in April 2004 we will reduce the widow benefits down to their previous amounts of $55.00 and $80.00, in addition to the 3% COLA that was approved by the pension board If you have any additional questions please let me know. Thank you for your assistance. Sincerely, Denise Grizzle Accounting Coordinator