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HomeMy WebLinkAbout1995-04-20 - Agendas - Final FAYETTEVI LLE "*ITIE CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK TO : Policemen ' s Pension Board Members FROM : Traci Paul , City Clerk DATE : April 13 , 1995 SUBJECT : Police Pension Board Meeting ' The next Police Pension Board Meeting is Thursday , April 20 , 1995 , at 2 : 30 p . m . , in room 326 of City Hall . Attached , please find a copy of the agenda for the upcoming meeting , the minutes from the January 19 , 1995 , meeting , and the pension list for April , 1995 . Attachment c : Mayor Fred Hanna Eldon Roberts Dr , James Mashburn ��(r Jerry Friend Hollis Spencer O� 3e 113 WEST MOUNTAIN 72701 501 575.6323 AGENDA POLICEMEN ' S PENSION AND RELIEF BOARD April 20 , 1994 2 : 30 p . m . City Hall Room 326 1 . Approval of the minutes of the January 19 , 1995 meeting 2 . Old Business 3 . New Business • A . Longer Investments (Blaine will not be present but there will be reports distributed ) B . Mike Kirkland , Dean Witter 4 . Adjournment MINUTES OF A POLICE PENSION BOARD MEETING A meeting of the Police Pension Board was held on January 19 , 1995 , at 2 : 30 p . m . in Room 326 of the City Administration Building , 113 W . Mountain , Fayetteville , Arkansas , PRESENT : Jerry Friend , Hollis Spencer , Dr . James Mashburn , City Clerk/Treasurer Traci Paul , and Administrative Services Director Ben Mayes . ABSENT : Mayor Fred Hanna and Eldon Roberts CALL TO ORDER The meeting was called to order by Hollis Spencer , MINUTES Mashburn , seconded by Paul , made a motion to approve the minutes of the October 27 , 1994 meeting . The motion passed unanimously . NEW BUSINESS • LONGER INVESTMENTS REPORT Elaine Longer , Longer Investments , distributed and reviewed various portfolio documents summarizing 1994 . Longer stated in the Combined Account at the close of 1994 , stocks , as a total percent of the total portfolio , were about 36% . Bonds made up most of the balance . Cash closed the year at 5 . 2 $ . All through the year there has been an increase in the income yield on the portfolio . The annual income has increased which represents 5 . 4 % income yield . In answer to a question from Mashburn , Longer explained that the income yield numbers where for the part of the portfolio that she has . Mashburn asked if it was costing around $400 , 000 a year to fund the retirees . Mayes stated yes . In answer to a question from Mayes regarding the base for annual income on stocks , Longer stated it was their annual dividend . In answer to a question from Mashburn , Longer explained the positives and negatives of the portfolio for 1994 . • January 19 , 1995 • Longer stated that during the year taking advantage of rising rates and continuing to build the income on the portfolio has allowed the start of 1995 to be much better structured . The cash flow is the highest that it has been in terms of yield on market value on the total portfolio . If the stock market gets cheap relative to where bond interest rates are , the stock side of the portfolio can be increased . At this time stocks cannot go anywhere higher on a sustainable basis without interest rates declining . If interest rates come down , we will earn a 7 . 5 % coupon plus some price appreciation . Longer stated many people are expecting the Fed to increase interest rates again the first part of February . That is finally already discounted in the market . In the Longer Investments newsletter there is a copy of the yield curve . The yield curve is the interest rate available on various maturity securities . In the past year , every time the Federal Reserve increased the short term rates , the intermediate term rates and the long term rates would go up . The increase in November gave a significant flattening in the yield curve . Since November , the ten year and thirty year interest rates have declined . When the yield curve starts to flatten and actually invert there will be slower economic growth . Also since • November , there has been a sustainable rally of the dollar . That means inflation expectations are starting to come down . The combination of the dollar strength and what is happening in the yield curve means the ten to thirty year rates probably peeked in the fourth quarter . Last year , bonds had their most negative year since 1927 . This year on the bond part of the portfolio , we should at least earn the coupon and have potential for additional return above that . In 1994 , the maximum heat has been taken as far as the bond market is concerned . The interest rate pressure should subside . There is still good economic growth so earnings are still strong . 1995 starts out with better valuation and a better interest rate outlook . It should be a better year . The structure of the total account at this time is 5 . 5 % dividend yield with about one third of it invested in stocks . There are a number of maturities . In the total return on the portfolio , the average annual return on the equity side is 9 % . Fixed income was -5 . 6 % . The bond side of the portfolio has delivered a 7 . 7 % return . The total average annual return has been 7 . 1% . That is net of all fees and expenses . The S & P , on a price basis , has returned an • annualized 5 . 9 % . The S & P , compounding dividends , has returned 9 . 2 $ . The Wilshire 5000 has delivered an average annual return January 19 , 1995 • of 6 . 8 % . The total portfolio is off about 5 . 5 % for the year . In reviewing the portfolio parameters , Longer explained that nothing much had changed . One thing that has changed is the price earnings multiple . The realized gains for 1994 were about $77 , 000 . 00 . Longer reviewed and explained the individual stock worksheet . In comparing 1994 to 1993 , Longer stated in December of 1993 the total portfolio income was $ 119 , 746 . That represents a 3 . 7 % yield on market value . The total portfolio income closed in 1994 at $ 172 , 408 which is about a 5 . 4 % yield on market value . In answer to a question from Mayes , Longer stated the numbers are based on current holdings at the end of the year . The weighted average maturity on the bonds is still about five years , the weighted average yield to maturity is 7 . 87 % , and the weighted average duration is 3 . 90 . Fixed income securities maturing in three years or less represent 20 . 7 % of the stock portfolio and 58 . 1% if the bond portfolio . With 58 % of the bond portfolio maturing within three years we have the flexibility to go ahead and extend maturities to five or six years on some of • the bonds . Longer briefly reviewed a list of interest , dividends , and expenses for 1994 . In reviewing the 1994 expense summary , Longer stated the total package of all expenses on the entire portfolio is about a 1 . 5 % expense ratio . There has been a big improvement in terms of the valuation of the market in the past year . We start 1995 at a much more moderate valuation than we have been in since before the Gulf War crisis . There is a better outlook as far as valuation and interest rates than last year . In answer to a question from Mashburn , Longer stated the income plus the realized gains last year . came to about 177 , 000 . This year we start with income alone at 172 , 000 . Mashburn commended Longer for her work . DEAN WITTER INVESTMENT REPORT Mike Kirkland , Dean Witter , distributed the year end statements . • January 19 , 1995 (• Kirkland stated he had purchased CD ' s maturing in June , September , December of 1995 and June of 1996 with yields ranging from 5 . 95% on six month to 7 % on 18 months . In mid 1996 , $ 200 , 000 will be maturing . There is still about $ 24 , 000 in the money market fund and $ 252 , 000 in certificates of deposit . In the Balanced Account , TCW ' s first year was not good . Because of the Mexican economy , they are going to zero out the positions in Mexico . TCW made two mistakes in 1994 . There was too much in Mexico and there was a situation that did not work out with MCI . The rest of the portfolio has a price to earnings ratio of about 11 and the market is selling at 16 price to earnings ratio . For the first full year , the portfolio was down about 5 . 4 % . There were two mistakes and TCW will try to move forward . This has been the third worst bond market in the last 70 years . Kirkland stated he would get back in contact with TCW and discuss the situation further . In reviewing the Madison Report , Kirkland stated Madison went to a defensive strategy about one year ago . They have outperformed as far as comparing with other indices . They look forward to a better 1995 . .' At the end of the year , the Madison Account was at $ 1 , 446 , 982 . 88 . It has recovered $ 14 , 000 in the last two weeks . The TCW account is up about $ 5 , 000 since the end of 1995 . In answer to a question from Mayes , Kirkland stated the Madison Account was flat for the year . Mashburn expressed concern that the demand on the pension fund is greater now than in the past . Friend asked for clarification on Kirkland ' s reports . CLINT HUTCHENS REPLACEMENT Mashburn asked the status on replacing Clint Hutchens . Spencer stated the retired members have a replacement in mind . The members will be contacted regarding this replacement and a letter will be forwarded to the Board . The Board will vote on the replacement at the next meeting . January 19 , 1995 MAYES - COST BASIS SUMMARY Mayes distributed a cost basis summary . Dean Witter has $ 3 . 4 million and Longer has $ 3 . 82 million . The CD ' s that the City holds are just to meet the cash flow . That amount is $ 6 , 669 , 808 . 00 . Cash and investments are 12 % , fixed income is 57% , and equities are 31% . OLD BUSINESS JERRY SURLES & CLINT HUTCHES - ADDITIONAL BENEFITS In answer to a question from Friend regarding Jerry Surles ' case , Mayes stated Surles is not qualified for additional benefits . City Attorney Jerry Rose concludes that there will not be any additional time for Surles ' computation . Spencer made a motion that the Board accept the written opinions of Jerry Rose and ask the City Clerk to forward the opinions to the involved parties . Mayes suggested someone verbally contact the involved parties in addition to a letter . • Spencer stated he would contact Ms . Hutchens . Friend stated he would contact Jerry Surles . Mashburn requested that the letters be sent certified . In answer to a question regarding the amount Ms . Hutchens would be drawing , Spencer stated she would draw the same amount . ADJOURNMENT The meeting adjourned at 3 : 40 p . m . POLICE PENSION FUND APRIL 1995 EMP# NAME GROSS FED. TAX ST. TAX NET 131 ARNOLD, R D 838.00 838.00 130 BAYLES, DON 760.73 760.73 107 BLACK, JOE P 539.44 539.44 120 BOWEN , J R 342.33 10.00 332.33 139 BRADLEY, RANDALL 1 ,388.45 11388.45 101 BROOKS, BILL 728.22 728.22 109 COOPER, ADRIAN 310.95 310.95 111 DAY, LUCILLE 250.00 250.00 108 DENNIS, WARREN 666.51 666.51 125 FLOWERS, HAROLD 413.39 413.39 140 FOSTER, BILLIE D. 11563.71 100.00 20.00 1 ,443.71 145 HANNA, MARK 11311 .73 120.00 35.00 1 , 156.73 124 HASKINS, RONALD 374.85 374.85 146 HUTCHENS, BERNICE 874.85 130.00 744.85 143 JOHNSON, CHARLES 1 , 176.74 36.70 1 , 140.04 103 JOHNSON, WENDELL 375.30 375.30 118 JONES, BOB 11581 .67 1 ,581 .67 144 KILGORE, DONALD 980.73 19.72 961 .01 129 LAWSON, FORREST. 751 .38 50.00 701 .38 114 LITTLE, LOYD F 250.00 250.00 119 LORCH, EARL 315.00 315.00 128 MCCAWLEY, LARRY 812. 19 70.00 742. 19 116 MCCHRISTIAN, MARIE 250.00 250.00 126 MCWHORTER, KAREN 485.02 485.02 • 136 MITCHELL, MICHAEL 1 , 104.75 150.00 954.75 141 MUELLER, ROSEMARY 989. 10 989. 10 112 MURPHY, JAKE 250.00 250.00 137 PERDUE, LARRY 1 , 113.09 100.00 1 ,013.09 132 PHILLIPS, HOMER GENE 843.00 300.00 543.00 105 PRESTON, GEORGE DAVID 767.43 67.43 700.00 135 RICKMAN , LOREN 19069. 19 169.00 20.00 880. 19 104 RIGGINS, RAYMOND C 806.67 100.00 706.67 115 RITCHIE, LIZZIE 250.00 250.00 122 SKELTON, FRANK 398.70 398.70 123 SPENCER, HOLLIS 659.25 50.00 609.25 121 STOUT, WAYNE 415.25 415.25 133 SURLES, JERRY 11304. 17 138.00 1 , 166. 17 142 TAYLOR, DENNIS 989. 10 60.00 15.00 914. 10 106 UPTON, FRANKLIN 506.58 10.00 496.58 110 WATTS, BEULAH 250.00 250.00 138 WILLIAMS, BOBBY 1 ,217.07 217.07 19000.00 134 WITT, DON 846.72 64.00 782.72 127 WOOD, PAUL J 757.62 757.62 ------------------ ---------- $31 ,578.88 $1 ,905.50 $146.42 $29,826.96 FAYETTE`'ILLE *E CITY OF FAVETTEVILLE, ARKANSAS TRACT PAUL, CITY CLERK April 17 , 1995 Ms . Venita ( Bernice ) Hutchens 10180 Webb Way Fayetteville , AR 72701 Dear Ms , Hutchens : Please find enclosed a copy of a letter from City Attorney Jerry Rose regarding a question about Mr . Hutchens retirement computation and a copy of the minutes of the Police Pension Board meeting of January 19 , 1995 . As explained in his letter , Mr . Rose ' s opinion is that sick leave • and vacation days may not be added to years of service for police retirement purposes . The Police Pension Board decided at their meeting to accept the written opinion of the City Attorney ' s Office . If you have any questions , please feel free to call me at 575 - 8323 . Sincerely , Traci Paul Enclosures PS Form 3800, June 1990 .8 P 00 aD D% 4yN 8 O y ` I.y x L f , Q SR. a �' p� < o a VM O p N in0 o n g" �m < < � Ln .Z - 0 m m m , f _ m o`m d• I ru 3 LU S ... ? .0 i n M ru q e. 113 WEST MOUNTAIN 72701 501 575-8323 r� SENDER: " d • Complete Items 1 and/or 2 for additional services. I also wish to receive the • Complete Items 3, and 4a 6 b. following services (for an extra u y • Print your name and address on the reverse of this form so that we can fee): m return this card to you. m m • Attach this form to the front of the mallpiece, or on the back if space 1 . ❑ Addressee's Address H 2 does not permit. L • Write "Retum Receipt Requested" on the mailpiece below the article number. 2 ❑ Restricted Delivery • The Return Receipt will show to whom the article was delivered and the date C delivered. Consult postmaster for fee. m 0 3 .Article Addressed to: 4a. Article Number cz VENI'TA ( BERNICE ) HUTCHENS 4b. Service Type fi 17 10180 WEBB WAY ❑ Registered El Insured Certified ❑ COD FAYETTEV,ILLE AR '72701 q ❑ Express Mail E] Return Receipt for Merchandise C 7. Da f Delivery p w 14 0 T K Signature (Addressee) S. Addressee's Address (Only if requested p - and fee is paid) as 6. Signature Agent) O PS Form 3811 ;wDecember 1991 C Us.d:P.0. : 1992-307-530 DOMESTIC RETURN RECEIPT t ;r RECEIVED jr A W $ T T $ V 1 L L 3$ I _ I $ _ q5 LEGAL DEPARTMENT CITY CLERK'S OFFICE CITY ATTORNEY DIVISION Jerry E . Rose LaGayle D . McCarty 575-8313 D3�,PARTM3$!V2'AL C®1@1@�SP�ND�N�`� TO : Traci Paul , City Clerk FROM : Jerry E . Rose , City Attorney GI DATE : January 17 , 1995 . RE : POLICE RETIREMENT COMPUTATION - CLINT HUTCHENS , Thank yoU;. Cfor " your questions regarding t1W 1retirement of policeman ClinlpK utchens on behalf: of the Fayettev`_� lle Policeman ' s Pension and RdlAf Board . The itsue ( s ) to bg d''4termined is as follows : 1 . Mdy sick lave and vacation days be added N` o 'years of ",,service 'for police, retirement. , purposes? • Thi facts upon which I based ; my opinion are as follaWs : O Clint Hutchens'„ was h�'Lred ' by the Police "...... ... .....Department . .of....Fayetteville dn:: May= 1.5,- 1:957:;:: ,,: ,:...::,:...... 2 : . His request for retirement was considered at' .. . - " the..... ....January 28 , 19 $ 1 meeting ..... . ..of.. ... . ..the Policeman ' s Pension rand• Relief Board . Mr . Hutchens requested his beiief.its begin on March 1 , 1981 . ..... .... .... .................. . ..... ................. .. ..: ... 3 . Mr . Hutchens began"receiving"'benefits and was officially retired on March 1 , 1981 accumulating 23 years and 10 months of service . 4 . As of March 1 , 1981 , Mr . Hutchens had over two months accumulated and unused sick leave and vacation days . 5 . The Pension and Relief Board ' s clear and stated intent was to utilize Mr . Hutchens accumulated and unused sick leave and vacation days , combine those days with his accumulated retirement , and approve Mr . Hutchens for 24 ., years of service beginning March 1 , 1981 . r Page 2 • Memo : Traci Paul , City Clerk January 17 , 1995 6 , It appears that in the past others have received credit for sick leave and vacations days towards their retirement , 7 , Mr , Hutchens ' retirement pay has been computed based on 23 years 10 months of service , Benefits for voluntary retirement are set forth at A . C . A . § 24 - 11 - 422 . A . C . A . § 24 - 11 -422 provides in pertinent part : 11 ( b ) ( 1 ) Any police officer who has more than 20 years of service at the time of retirement shall be entitled to receive the sum of $ 20 . 00 per month in addition to his regular retirement pay for each full year worked over and above 20 years . " Specific statutory provisions allow certain credit for service in the military , service as a firefighter , and previous employment with the same police department . See A . C . A . § 24- 11- 418 , § 24 - 11- 420 and § 24 - 11 - 421 , There is no statutory provision which allows • credit towards retirement of sick leave or vacation time . Act 842 of 1983 ( A , C . A , § 14 -53 - 107 , § 14 -53 -108 ) contained language that led some to think that accumulated sick leave should be included as service credit when computing years of service . The Attorney, General of Arkansas however in Opinion 91 - 217 and Opinion 93 - 188 found that inclusion of unused accumulated sick leave is not authorized as service credit when computing the years of service of a police officer for retirement purposes , There appears to be no different logic or statute which would distinguish unused and accumulated vacation time , Under these circumstances I have little choice but to be of the opinion that sick leave and vacation days may not be added to years of service for police retirement purposes , I find, this extremely difficult in light of the fact that all Mr , Hutchens would have had to do to reach 24 years was to take a two months vacation or sick leave ( or a combination of the two ) and then retire afterward . That , unfortunately , was notF what happened . What the board attempted to do in 1981 , even though with apparent best intentions , was not authorized under the law , If we have done this in the past , I am of the opinion we should not in the future . JER/cbp 5Xr, 5c)+ EL-Pct.I H L_ I tJ T NuTrF► ENS 12 : 11 $1 501 575 8257 Clty of Faye R 002 z MINUTES OF A POLICEMEN ' S PENSION AND RELIEF BOARD MEETING i A meeting of the Policemen ' s Pension and Relief Board was held on Wednesday , January 28 , 1981 , at 1 : 00 P . M . in the office of Scott Linebaugh , City Administration Building , Fayetteville , Arkansas , PRESENT : Chairman Ernest Lancaster , Treasurer Scott Linebaugh , Secretary Vivian Koettel , Assistant Police Chief Clint Hutchens , Dr . James Mashburn , and Dan Epperly ABSENT : None 4 MINUTES M4 ' minutes were approved as submitted for the August 26 , 1980 meeting. NEW BUSINESS Treasurer Linebaugh distributed copies of the Police Pension Balance Sheet for the period ending September 30 , 1980 and the most current investment run ( attached ) . Dr . Mashburn asked Treasurer Linebaugh what the current rate of interest was on certificates of deposit . Mr . Linebaugh stated that today ' s rate for a 90 day certificate was 17 . 27 % . PENSION APPLICATIONS Chairman ancaster stated that the Board had two applications for pension purposes to consider . Bill Brooks has been employed by the Police Department of Fayetteville since May 1 , 1962 . Mr . Brooks requested benefits to begin on March 1 , 1981 . He has 20 years of service including service with Washington County Sheriff ' s Office , Treasurer Linebaugh stated that he had an opinion from previous City Attorney David Malone that the service for Washington County Sheriff ' s Office could be included in total length of service , and that Mr . Brooks would be eligible For retirement . (Ciintirll"vtchensshas been empdoyedlbyXthee .70 e De=partment n ,TFayett` e"�" 1-e7 ince Mail`5;I19577UNpUrretquestedl enefits L eg7n on MarchTl!'�1"98_1?��1r9 R g23 Ears a dj10 month of service . ' ,r�frnca3-te�r3stated�tra-t=rrtt _ sickllea . an �a'c�Ci _nal dlhaxe �year of rvi c mq e �t7ta�tittrerpe? riTs e24. years o sEr�v,� ce�a ttl at hlpension of�B lil Brooks ems" s of service , I t71�Lhavin9 beginning dates=o-fl, tarch�IV.981F Mr .nded the motion The motion passed unanimously with Mr . Hutchens abstaining because of personal interest . OTHER BUSINESS Clint Hutchens told the Board that Mr : Pearl Watts had requested him to see if the Board could increase his amount of retirement from $ 249 . 10 per month . After a brief discussion it was decided that nothing could be done on this matter because in order to increase the amount the Board would have to that the Pension Plan has been sound for the last thirty years . Clint Hutchens presented copies of a Bill and a letter from the • Arkansas Municipal Police Association ( copy attached ) . He explained that this ► is going before. the legislature , but that the governor has stated he will veto the bill if passed because it would result in state revenues being turned over . 5 ADbin0 �Al- E�C�I MO;\1TN FO2 EAC1l �EAl2 OvcF\,-� 20 . 32 : 11 '01 501 575 8257 City of Faye 0 005 • Dan Epperly stated that the City of Fayetteville was losing a lot of experience and knowledge with the retirement of Bill Brooks and Clint Hutchens , He said there should be a way of keeping persons such as these at a competitive rate , Mr . Epperly asked if the Board ever sold the stock it had in a utility , Treasurer l. inebaugh reported that the Board had not sold the stock because there had not been a financially feasible time . Mr . Linebaugh stated that City Attorney McCord had stated that it was illegal for the Board to have this stock , but that it could wait and sell it at an opportune time but should not purchase any more . Dan Epperly stated that at the present time the Pension Fund is in good sound shape . However , he pointed out that if very many more persons take retirement the possibility could increase that expenses would be more than income , He suggested that this be watched closely , Mr . Epperly asked hew much of a policemen ' s salary is put into the fund . Mr . Hutchens answered that it is 4% 0 and that the City does not contribute , Mr . Hutchens pointed out to the Board that Denny Halfacre and Jim Acker had withdrawn from the plan for a total of about $4 , 000 . ADJOURNMENT There being no further business , the metting adjourned at 1 : 30 p . m . f ATTEST : APPROVED : bt Secretary Chairman t x f x ! i X .a.. '++... r+s n.«•...o-+.�..� ',. � -.. r,«yc', n. -%; ,.r : 'fir k, ` a '` ✓, .;.. sltl f HUTCHENS , Clint Police ftmd Dab Daft of blrlA 12 32 5- 16-57 (Jan . 1 Anniv . date) ....._ ....._.................. Data employed ....:.......:.......................................... .................... (month) (day) (year) age .hen employed (years) (months) a. ltduital dame: ❑ Married ❑ Divorced ' ❑ Single 0 � ;�. Widowed D"e»deah Claimed •—•- --- Record o! Vacation and Sick Leave R k♦ Attendance i vacation Sick Leave Record Days Days - Bal- Days Days Bal- Days , Daps - Youth d Teen Earned Taken enoe Earned Taken nate Absent Tardy } Days I firs. Days firs. Days I fin. Bal. Brought Fwd. ••• ••• 34. S I January A s 36 001 February i /. S a � n March - �' ' lay a June 3� July . / Aogosi o? NY . ,. September October November Y^ December Totals: . : Comments _ .......... ......... .... . ............................................................. r I L!'`d4 lid Sly 2...? .e.fLn. 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N F+ In W 'T A 0 W u-. N e- b r p V O: �! r +I (! m N •� n: N _ IR n C l n W 'J.M- ,[: _' r (D r n • • • • • • • • • + • • • • • • • • • • • • + • • • • • • • • • • i � • • ' • • r o �O' w7 r k-• r nJ C .0 W V r I.f. r 4: P W r C N V. W J P N Vt r V• N V W .A C r•. V, R _ b V+ r •O N �I C LJ N W V _ C W R' 2 [i r P ?• •-• r Iv) •.INC 7 N W to N b .C. tT 4') r 1 I I 1 i I 1 _ t FAYETTE« LLE `HE CITY OF FAYETTEVILLE, ARKANSAS TRACI PAUL, CITY CLERK April 17 , 1995 Mr , Jerry Surles 3038 Sandra Fayetteville , AR 72704 Dear Mr , Surles : Please find enclosed a copy of a letter from Assistant City Attorney LaGayle McCarty regarding possible additional benefits and a copy of the minutes of the Police Pension Board meeting of January 19 , 1995 . As explained in her letter , Ms . McCarty ' s opinion is that you are not entitled to additional benefits . The Police Pension Board decided at their meeting to accept the written opinion of the City Attorney ' s Office . If you have any questions , please feel free to call me at 575- 8323 . Sincerely , Traci Paul PS Form 3800, June 1990 Enclosures 0 mm = A 3 ° § 13 - o- � o ' P m � N myz v mood 0' T 0 _ p o N m J Ni ms � a ' w RO 3 n Er M V C) 113 WEST MOUNTAIN 72701 601 575.8323 f i m SENDER: Complete items 1 and/or 2 for additional services. I also wish to receive the % • Complete items 3, and as & b. following services (for an extra it; ym • Print your name and address an the reverse of this form so that we can V feel: re return this card to you. > • Attach this form to the front of the m mailpiece, or on the back if space 1 . El Addressee's Address to does not permit. m a Write "Return Receipt Requested" on the mailpiece below the article number, ❑ y 2. Restricted Delivery a The Return Receipt will show to whom the article was delivered and the date .� C delivered. V o Consult postmaster for fee. m 3. Article Addressed to: 4a. Article Number ¢ lip Co85 JERRY SURLES [E ] Service Type 30,38 SANDRA Registered El insured cc EAY,.ETTEV,IL'LE AR 72704 Certified ❑ COD c Express Mail ❑ Return Receipt for on Merchandise 1. 7. Date of Delivery 0 5. Signature (Addres"see) >' 9 B. Addressee's Address (Only if requested x O w and fee is paid) m 4 6. i nature 4 (Age 1' t ; ; > , m PS Form 3811 , Dedember 1991 fr U.S.O.P.O. : 1992-30]-530 DOMESTIC RETURN RECEIPT j .� _ RECEIVER LEGAL DEPARTMENT i . 19 . 9 J,5 CITY ATTORNEY DIVISION CITY CLERK'S OFFICE Jerry E . Rose LaGayle D : McCarty 575-8313 A�PA12'l'!�l3�NTAL COIi14S.^s1�Na.SNG3$ TO : Board of Trustees Police Pension & Relief Fund M FROM : LaGayle D . McCarty., <. Aast,:; .City Attorneyl' DATE : January 17 , 1995 RE : Jerry Surles / Additiio l Benefits ...... ..........:..... ... ... ......... ..:.. ..:......... ........................ ... OP At your rot I have reve.W, A . C . A . § 24 418 and § 24 - 11- 422 along wddt the letter submitted to the B�a- of Trustees , Police Pensio &�elief Fund , by Mr . Jerry Sur es , ated October 140 1994 . T e foll ing provides my analysis f th situation as presented . 8 r r. Fact Jerry Surles tired from the /ayettoville Po e '• Depart nt on January 29 �1986 , wth 20�years participati in the p sion system ( 18 yeArs and 7 mon s actual service w th the Faye eville Police Depart*ent , and 1 , . :ear...and...5...months...of... ........................I............. credited deputy sheriff ' s serviice ; time,) . - Mr .. Surles appears to have ; military .,time which. artSy be eligible for th6' purchase of credited service iuride"r " A . C . A . § 24- 11-418 . :..........:.... Mr . Surles has requested a determination that purchased military service gttalifies::.him:'.for:::addi:fional.':benefits under A . C . A . § 24- 11-422 . Issue : whether military time purchased can be used to change Mr . Surles ' retirement date . Analysis : Mr . Surles appears to have military time which may qualify under A . C . A . § 24-11-418 . However , retirement benefits may not • be received under the system until the date on which he of she has twenty ( 20 ) years of actual service under the system or t' :1rl ���sl • ,; . . . _ • _ • Page 2 Surles • would have had twenty ( 20 ) years of actual service under the system if the member had continued his or her employment . Therefore , the question is presented : does the fact that benefits may be delayed under § 24-11 -418 serve to alter the date of retirement and thus meet the requirements under A . C . A . § 24-11- 422 ( b ) to qualify for additional benefits? A . C . A . § 24 -11-422 ( b ) ( 1 ) provides for increased benefits for more than 20 years of service at the time of retirement ( emphasis added ) . §24- 11-422 `:'64bsgction ( b) ( 2 ) limits this benefit to those police offlcerswhb petire on or after January 11 1987 . Retire, as defined� in % Black ' s Law Dictionary , is to terminate employment or servicepon reaching retirement age . Ji I found no -,authority-which duId a3ioW t'he .alteration of a retirement date : ,' . - ,It-is.. what... it is . • The . code. .,$ 'tidns themselves seem to show t their intent . ..kasito allow an icer to receive credit for ceraUl other employment , and for t t1time to be counted towar selvice time in th@ benefits cooput tion upon retirement . Opini o a Mr . urles ' retir ent date is Janua y 29 , 1986 . \Mit A . • § 24-i1- 8 ( b ) ( 2 ) does t proud@ for t purchase ofary time a a means of changing an actual r irement date . us , whilea purchase of military time may provide Mr . Surles�with addi onal time upon which. service ti&e.. may be .computed.,. .h� is not qualified for the benefits set forth under A . C . A . § 24 - 11-422 because his retirement date is prior to January 1 , 1987 . , ' ............... . .. . ..... ...... ..... ... ...... ... ........... ... ...... .......... ........ ......:.... c.. ... ... ... .. ......... .. ... .. . .. .... .. ... ... ...... ...... . .. . .. ... . ..... .. ... ... . .. .... • RECEIVED OR 2 0 1995 GITY CLERK'S OFFICE, City of Fayetteville, Arkansas \BEN\POLINV Policemen's Pension & Relief Fund Asset Allocation — Cost Basis March 31 , 1995 Cash & Fixed Percent Equivalent Income Equities Total Of (10-25%) (15 -75%) (20-40%) Total DEAN WITTER Dean Witter — #18786 $276,666 $0 $0 $276,666 ; 4% Madison Invest. — #15178 101 ,794 11444,266 0 1 ,546,060 23% TCW — #18922 69,149 559,014 908,477 1 536,640.{ 23% 76% 5195 43% TOTAL DEAN WITTER 4475609 21003,280 908947-7 . 3,359,366 24% 48% 57% LONGER INVESTMENTS, INC. 140,393 1 ,871 ,325 11205891 3217,609 _ 49% 0% 09'0 0% CITY HELD INVESTMENTS (A) 21442 179801 0 200* 0%t TOTAL FUND $590,4441,: $3,892,406 $2;114368 ;:$6,597,2.16 ; 1000/0 PERCENT OF TOTAL 9°10: 59% 32°l0'{ 100% • JJI !V� 1 LONGER INVESTMENTS INCORPORATED City of Fayetteville Police Pension Board Meeting April 20, 1995 Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account March 31 , 1995 Unit Total Market Market Pct . Unit Annual Cur. \. Quantity Security Cost Cost Price Value Assets Income Income Yield __ _ _ _ _ _ _ __ _ _ _ . . .. . . . . . . . . . _ _ _ _ . . . _ _ __ ___ _ _ _ _ _ _ _ - - - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ . .. . . . _ _ _.... _ _ _ _ _ COMMON STOCK 1 ,000 A T 8 T 54 .25 54,250.00 51 .75 51 , 750.00 1 .6 1 .320 18320.00 2.6 1 ,000 AMP 35.69 35,691 .25 36.00 36,000.00 1 . 1 1 .680 18680.00 4.7 500 Air Products and 46.32 238160.00 52. 12 264062.50 0.8 0.860 430.00 1 .6 Chemicals 500 Amoco 52.25 26, 125 .00 63.62 31 ,812.50 1 .0 2.400 1 , 200.00 3.8 500 Arrow Electronics 43. 12 21 ,562.50 42. 12 21 ,062.50 0.6 0.000 0.00 0.0 1 ,000 Barrick Gold Corp. 12. 16 12, 165 .00 24.87 24,875 .00 0.7 0. 120 120.00 0.5 600 Briggs 8 Stratton 32.44 198466.80 36.75 22,050.00 0.7 0.920 552.00 2.5 1 ,000 Bristol Myers Squibb 57.56 570562.50 62.87 62,875 .00 1 .9 2.960 2,960.00 4.7 10000 CML Group, Inc. 10.00 10,000.00 8.87 8,875 .00 0.3 0.080 80.00 0.9 30400 Catellus Development 7.57 25,738.00 5.75 190550.00 0.6 0.000 0.00 0.0 500 Chrysler Corp. 49.75 24,875.00 41 .75 20,875 .00 0.6 1 .000 500.00 2.4 725 Diebold, Ine. 30.51 22, 122.75 35.62 25,828. 12 0.8 0.960 696.00 2. 7 10000 Elan Corp. 37.30 37,300.00 37.25 37,250.00 1 . 1 0.000 0.00 0.0 950 Emerson Electric 47.41 45,037.62 66.50 63, 175 .00 1 .9 1 .560 1 ,482.00 2.3 1 ,775 General Electric 46.95 83,338.83 54.00 95,850.00 2 .9 1 .640 21911 .00 3.0 900 Genuine Parts 33.72 30,350.41 39.87 35,887.50 1 . 1 1 .260 1 , 134.00 3.2 14500 Hecla Mining Co. 9.94 14,917.50 11 .50 178250.00 0 .5 0.000 0.00 0.0 1 ,000 IVAX Corp. 24. 12 24, 125.00 25.00 25,000.00 0 .8 0. 060 60.00 0.2 400 Illinois Tool Works 37. 18 141871..44 48.87. 19,550.00 0 .6 0.600 240. 00 1 .2 800 Inco, Ltd. 27..37 21 ,900.00 27.87 22,300.00 0 . 7 0.400 320.00 1 .4 800 International 22.87 18, 300.00 24.00 19.,200.00 0 .6 0 .000 0.00 0.0 i Rectifier ` 500 JLG Industries 40.92 20,460.00 39.62 198812 .50 0 .6 0. 120 60.00 0.3 1 ,000 Mercury Finance 16.25 16,250.00 16.00 16,000.00 0 .5 0.320 320.00 2.0 1 ,400 Minnesota Mining & 54. 05 75,672.50 58. 12 81 ,375 .00 2 .4 1 .880 21632.00 3.2 Mfg. 500 Mobil Corp. 87.33 43,665:00 92.62 460312.50 1 .4 3.400 11700.00 3.7 625 Malex Inc 23. 15 14,467.59 35.75 22,343 .75 0 .7 0.040 25.00 0. 1 500 Motorola, Inc . 49.97 240986. 11 54.62 27,312.50 0 .8 0.280 140.00 0.5 1 ,300 Mueller Industries 33.43 43,461 .50 33.37 430387.50 1 .3 0.000 0.00 0.0 500 Nestle 35. 06 17,582.50 49. 17 24,5B7.50 0 .7 1 .450 725.00 2.9 1 ,000 Newell Co Inc 18.67 18,675.00 25.50 250500.00 0.8 0.400 400.00 1 .6 900 NovaCare 12.70 11 ,427. 11 7.87 7,087.50 0.2 0.000 0.00 0.0 1 , 000 Novell Inc . 19.58 190580.00 19.00 191000.00 0.6 0.000 0.00 0.0 18500 Philip Morris 54.03 81 ,038.50 65.37 988062.50 2.9 3.300 4,950.00 5.0 1 ,000 Placer Dome, Inc . 20.07 20,070 .00 24.37 248375 .00 0.7 0.300 300.00 1 .2 700 Rollins, Inc. 23.50 16,450.00 27.50 190250.00 0.6 0. 560 392.00 2.0 18000 Southwestern Energy 12.74 12,.745 .00 15 .00 15;000 .00 0.5 0. 240 240.00 1 .6 200 Strattec Security 12.51 2,502.20 11 .25 2,250.00 0. 1 0. 000 0.00 0.0 Corp. 1 7 ^ Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund _ Combined Account \ Xiireh 31 , 1995 Unit Total Market Market Pct . Unit Annual Cur. - Quantity Security Cost Cost Price Value Assets Income Income Yield .... . ..... . . . . . . . . . "'--- - - - - - - - - - - - - - - - . ........... . .. . . . . . . . . . . . . . . . . . . . . . . ' . . . _ . . . . . . . . .. . . . . ..... . . . - - 600 Superior Industry 38. 54 238126.25 25 .50 15,300.00 0.5 0 . 180 108.00 0. 7 International 1 ,000 Tyson Foods 20.39 208387. 18 24. 12 24, 125 .00 0. 7 0. 080 80.00 0.3 10100 USN-U. S . Steel 34.86 388351 .50 33.75 37, 125.00 1 . 1 1 . 000 11100.00 3.0 Group 700 Varian Associates 37.29 268101 .25 43.00 300100.00 0.9 0.280 196.00 0.7 10000 Werner Enterprises 21 . 13 210130.00 20.00 201000.00 0.6 0. 100 100.00 0.5 800 Weyerhaeuser 40.00 328000.00 38.87 314100.00 0.9 1 .200 960.00 3. 1 . . . . . . . . . . . . . . . . . . . . . . . . . .. ... "' . . - - - - - - - - - - - - - - - - - - 18222,988.80 103364484 .37 40. 1 30, 113.00 2.3 CONVERTIBLE PREFERRED 6 Comptronix Ser . A 0.00 0.00 1 .75 10.50 0.0 0.000 0.00 0.0 Conv. Pfd. - - - - - - - - - - - - - - - . . . . . . . . . . . . . . . ... . . - - - - - - - - - - - - - - - - - - 0.00 10 .50 0.0 0.00 0.0 CALLS -7 Diebold April 35 2.32 - 1 ,622.61 1 . 25 -875 .00 0.0 Calls - 11622.61 -875 .00 0 .0 RPORATE BONDS _ _ _ _ _ _ - - _ - - - 100,000 Philip Morris 100.54 1008543 .50 104 . 12 104, 125 .00 3 . 1 9.250 90250.00 8.9 (Non-callable) Rated A2/A 9.250% Due 12-01 -97 55,000 Pepsico 99.31 54,618.30 97. 12 531418.75 1 .6 6. 125 3,368.75 6.3 (Non-callable) Rated A/A1 6. 125% Due 01 . 15-98 140,000 Wal -Mart Stores 101.83 142,565.75 93.03 130,243 .75 3 .9 6.500 91100.00 7.0 (Non-callable) Rated AA1/AA 6.500% Due 06-01 -03 75,000 J .P. Morgan 99.90 740925.75 81 . 12 600843.75 1 .8 5 . 750 40312.50 7. 1 (Non-callable) Rated AA2/AA* 5 .750% Due 10- 15.08 Accrued Interest 8,816.39 0.3 - - - - - - - - - - - - - - - . . . . . . . . . . . . . . . 372,653.30 357,447.64 10 . 7 26, 031 .25 7.5 2 • ! F A Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund 4 - Combined Account Mereh 31 , 1995 Unit Total Market Market Pct. Unit Annual Cur. � - Quant lly Security Cost Cost Price Value Assets Income Income Yield . . . . . . . . . .... . . . . . . . . . . .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GOVERNMENT BONDS . . .. . . . . . ... . . . . 200,000 U. S. Treasury Note 99.94 1990864.00 99.31 1988625 .00 6.0 6. 125 120250.00 6.2 6. 125% Due 07-31 -96 100,000 U. S. Treasury Note 99.96 99,958.00 100.72 1000718,75 3 .0 7.250 70250.00 7.2 7.250% Due 11 -30-96 350,000 U. S. Treasury Note 99.89 349,605.50 101 .22 354,265 .62 10.6 7.500 26,250.00 7.4 7.500% Due 12-31 -96 150,000 U. S. Treasury Note 99.94 1490910.50 101 .09 1510640.62 4 .6 7.375 11 ,062.50 7.3 7.375% Due 11 - 15-97 100,000 U. S. Treasury Note 99.36 99,359.37 97.78 97,781 .25 2 .9 6.000 6,000.00 6. 1 6.000% Due 11 -30-97 100,000 U. S. Treasury Note 99.00 99,000.00 104 .22 104,218.75 3. 1 8. 000 81000.00 7. 7 8.000% Due 05- 15-01 1000000 U. S. Treasury Note 101 ,50 101 ,500.00 95 .31 95 ,312 .50 2.9 6.375 6,375 .00 6.7 6.375% Due 08- 15.02 155,000 U. S. Treasury Note 98.34 1520425 .98 100. 03 1550048.44 4 . 7 7. 250 11 , 237.50 7. 2 7.250% Due 05. 15-04 508000 U. S. Treasury Note 99.97 49,984.38 104.34 52, 171 .87 1 .6 7.875 3,937.50 7. 5 7.875% Due 11 . 15-04 100,000 U. S. Treasury Note 99.83 99,828. 13 85.28 850281 .25 2.6 6.250 6, 250.00 7.3 6.250% Due 08- 15-23 Accrued Interest 27,422.36 0.8 ® . . . . . . . . . . . . " . . . . .. ... . . . . . . . . ' - ' - - " . . . . . . - - - - - 11401 ,455 .86 184228486.42 42.7 98,612 .50 7. 1 i GOVERNMENT AGENCY 100,000 Fed Hone Loan Mortg 100.00 1000000.00 101 .00 1010000.00 3 .0 9. 150 90150.00 9. 1 Corp Call 8-8.95 0 100 9. 150% Due 08-08-00 Accrued Interest 1 ,347.08 0.0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - . . . . . --- - - - - - - - - - - .... . 1008000.00 102,347.08 3 . 1 90150.00 9. 1 CASH AND EQUIVALENTS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Dividends Accrued 3,489. 00 3,489.00 0. 1 0 .000 0.00 0.0 Money Market 8,862.00 8,862 .00 0.3 4 .940 437. 78 4 .9 . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - " ' . .. . . 12,351 .00 12,351 .00 0 .4 437.78 3.5 3 • �. � Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account March 31 , 1995 44 9 Unit TotaL Market Market Pct. Unit Annuat Cur. ` _ ,Quantity Security Cost Cost Price Value Assets Income Income Yield . . . _ _ _ ___-- - - - - - _ _ _ _ --------- _.____- ---------- -- _ _ _ _ _ _ - _ _ _ - . . . . . . _ . . . . . . . . . . . CERTIFICATE OF DEPOSIT (MONTHLY PYMT . ) - - - - - - - - - - - - - - - - - - -------- - - - - - - - - - - - - 100,000 First USA Bank 100.00 1006000.00 101 . 73 101 ,735.00 3. 1 8.300 81300.00 8.2 Wilmington, DE 8.3% - 1 -2-96 8.300% Due 01 -02-96 Accrued Interest 668.61 0.0 . . . . . . . . . . . . . . . . . . . . .. ....... . . . . . . . . . . . . . . . . . . . . 100,000 .00 1020403.61 3. 1 81300.00 8.2 - - - - - - - - - -- - - - - . . . . .. . ...... . . . . . . . - - - _ . _ _ . . . . . . . . . . _ TOTAL PORTFOLIO 30207,826.35 383328655 .63 100.0 1720644 .53 5 .2 i 4