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HomeMy WebLinkAbout2004-07-15 - Agendas - Final • Police Pension and Relief Fund Board of Trustees Agenda July 15, 2004 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board will be held on July 15, 2004 at 1 :30 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. 1 . Approval of the Minutes of the April 29, 2004 Meeting 2. Approval of Pension List for May, June and July 2004 3. Supplemental Benefits Letter . 4. Chief Rick Hoyt Retirement • 5; Investment Report 6. Frank Skelton Death Certificate — Benefits now go to spouse Frieda Skelton 7. Election Results: Jerry Friend and Jerry Surles 8. Police Pension Fund Deposited at the City — Email from Patricia Leach, Accounting. 9. Revised description of Policemen's Pension Board 10. Northern Trust Option Account — Signed Copy • o M0 I � Moe « do Vo S v ° m 342, a E d c o a v °o m F- m m V m .` 0 O r 7 C c L LL m N d c c c L 0 N LL m A ^ O O O O 'O 2 A 9 ^ O O O O 9 2 A 9 o o ® R A m E d o o o d A m E g L c fA N a' H D N fA C d d C 7 LL N � a to l0 C CD a 12 N c 0 a m c m c $ o A c L m o o m o AmA dm SL .0m mai Nc o d c O c U. Ya y c LL c mro t0 O OC E oO O E«0r0 LL F 0 N N AK D i N Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 Page I of 5 Policemen ' s Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board was held on April 29, 2004 at 1 :30 p.m. in Room 111 . of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Randy Bradley, Jerry Friend, Tim Helder, Dr. James Mashburn, Jerry Surles, City Clerk Sondra Smith, City Attorney Kit Williams, Eldon Roberts, Marsha Farthing, Elaine Longer and Kim Cooper. ABSENT: Mayor Coody Dr. Mashburn was absent until the Investment Report was given. Randy Bradley called the meeting to order. • • Approval of the Minutes of the January 15, 2004 Meeting: Tim Helder moved to approve the minutes. Jerry Friend seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and Dr. Mashburn were absent. • Approval of Pension List for March 2004 and April 2004 : Jerry Friend moved to approve the pension list. Jerry Surles seconded the motion. Upon roll call the motion passed 570. Mayor Coody and Dr. Mashburn were absent. • Northern Trust Option Account Application : Randy Bradley: Northern Trust has changed the company through which they clear security trades and have requested that we provide an updated Option Account Application. Sondra Smith : Longer Investments filled out the application they just need the Board to sign the application form. Randy Bradley: It is just business as usual but with a different company. Policemen s Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 Page 2 of 5 • • Longer Investment Report: Randy Bradley: Would you address the Northern Trust form that we received? Kim Cooper, Longer Investments : Northern Trust Brokerage has switched clearing firms. In order to do options in your account we are required to do those through Northern Trust Securities. In order to do those they need a new Option Agreement signed. You signed one for the other company back in 1991 when the account was opened. This is just a formality. Randy Bradley: Nothing new just somebody new doing it. Kim Cooper : It is just anew clearing firm. I think it would be best if everyone signed it. It is just a standard form that all brokerage firms ask their clients to sign if they are using options. Elaine Longer, Longer Investments : Page 1 has the combined portfolio appraisal as of March 31 , 2004 . Your Investment Policy calls for the account to be 35% to 50% invested in equity. As of March 31 you were about 41 % invested in common stocks and then you had another 3 .5 % in international stocks, so you are at approximately 45% equity exposure. The total market value as of March 31 is listed on page 5 and is approximately $ 10.7 million. You were showing $559,000 in cash at that point in time and your cash balance is now down • to about $ 150,000. On page 6 you have a copy of the stock portfolio. You have a 6.8% income yield on the Real Estate Investment Trust and they have returned a very strong return in growth as well as income. The cash balances on the stock side are what have been reinvested; we have very little cash at this point in time on stocks. We did some maneuvering by selling some of our more cyclical stocks and we bought more in the drugs, energy, chemicals and some of the medical technology stocks. So we shifted from the more cyclical stocks into some of the defensive stocks. Page 9 has your larger stock holdings, Pfizer, Genuine Parts, General Electric, Sungard Data Systems and Johnson & Johnson. You can see that as a percent of equity the largest is about 2 .3% as a percent of total portfolio 1 .4%. You are very well diversified. The next report breaks down the stocks that you see on the first report in alphabetical order; it breaks it into economic sector and the industry weightings as we look at them. Basically the way that we are weighted right now is we are under weighted in the consumer area, under weighted in technology and over weighted in energy and some of the cyclical companies and health care. We can review that if you are interested in it at your leisure, we use this report a lot because it helps us to prove exactly how your economics are structured and your industries are structured. In the energy area we have about twice the weighting as the S & P and that has been a real good place to be this year, a lot of the earning estimates on the energy companies are based on $28 .00 a barrel of oil . Energy prices have stayed higher for longer than most people • anticipated and that is getting us a lot of positive prices in the energy area. The earnings There are coming through very well. r Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 Page 3 of 5 Page 15 starts the bond report. We came into the year posturing defensively anticipating a rising interest rate environment this year. Most of the investments and reinvestments that we have done this year, we have invested in shorter maturities, giving up some current income to protect against price decline as interest rates rise. When interest rates go up bond prices go down. The longer of the maturity of the bonds the more price risk you have for a changing interest rate. The bonds that we have purchased since the end of the year are four year or three year agencies with one year call features. We are only able to get 3 .2% to 3 .5% interest so we are steering away from the price volatility that comes when rates go up. That is the way that we have been structuring as we come into this year. Today, bonds are down another full point, interest rates are going higher, I think we will get a 5% on the ten year and that compares to 3 .77% before that economic number came out. Page 18 of this report summarizes all the bonds that you hold in your portfolio. Your weighted average yield to maturity on the bonds is 5 .6%. Your average maturity has moved down to 6 years. We have been averaging closer to 8 to 8.5 and we have not experienced much of a decline in interest as interest rates drop because we had that longer maturity. The bonds that you have that mature within three years are now about 23% of your total bond holdings. Anything that matures within three years as far as we are concerned is as good as cash. The main thing is that you can't get hung out there with long maturities when interest rates go up. • Page 19 summarizes the realized gains year to date and the net income. The net income is just interest and dividends from your bonds and stock dividends; the total net income on the portfolio is $362,000 in a year, which is a 3 .7% yield. Net income was $85,000 and we have realized some gains on some stocks positions so we have $91 ,000 in realized gains through March 31 . Page 20 summarizes the withdraws year to date which has been about $260,000. Page 21 is our performance broken out by equities, fixed income and total. You can see that in 2000, 2001 , 2002, we had three years back to back of negative stock market performance; your account was down only about a total of 5%. Last year was a recovery year where we had a good return in stocks, almost 28% and you can see that bonds took a backseat to stocks because interest rates actually rose on the longer maturity bonds. You did get the 6% coupons, but there were some price declines that came with that so the total for the year was IL 1 . This year to date through March 31 stocks were up about 0.4%, bonds were up 1 .7% for a total of 1 .5%. We have also included a copy of your investment policy. The other elements of the policy we monitor on a regular basis in our office. Eldon Roberts: The contributions are zero, what are we talking about there. Elaine Longer: Those are the amounts that we see transferred from the city into the portfolio. Eldon Roberts: Where is the money going that is taken out of my check? Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 Page 4 of 5 Elaine Longer: You probably have an account at the city and when the balance gets to a certain level then they transfer it over to the portfolio. Jerry Friend: We voted on the level at one time. Sondra Smith: I will check with Denise to see what the level is and if we are earning any interest on that. Kit Williams : It might be with fewer people paying into it now that you might want to lower the level . A discussion followed on the level that is kept at the city before transferring to Longer Investments. A discussion followed on state tum back funds and the possibility of the state police wanting part of the funds in the future. • Election : Randy Bradley: Who is up for election? • Sondra Smith: Jerry Friend and Jerry Surles. Randy Bradley: Jerry Surles was just elected last year wasn't he? Sondra Smith: He was replacing the unexpired term of Hollis Spencer. That is the reason that he has to go through election this year. The state statues state the elections are not until May, therefore the expiration date on the terms should not be April 30 if you are not having your elections until May. The expiration date should be May 31 . It may not make a difference but we can have the elections completed before the terms expire. I wanted to bring this up and let the Board decide if they want to change the expiration dates. Tim Helder: What are the length of the terms? Sondra Smith : They are two year staggered terms. Randy Bradley: We will call the pensioners and have them vote and then give the information back to Sondra. Both Jerry Surles and Jerry Friend are willing to serve another term. A discussion followed on the description of the Policemen's Pension Board and how the S elections need to take place. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 29, 2004 • Page 5 of 5 • Letter from Osborn, Carreiro & Associates regarding GUST: Randy Brady: Did we get a letter regarding GUST? Sondra Smith: I did send a letter to David Clark of the Arkansas Fire and Pension Review Board. He sent me the letter that he received from Osborn, Carreiro & Associates stating the three questions that we had on GUST and the answers to those questions. Randy Bradley: Is everything in good shape? Sondra Smith : He . states there isn't anything that we as a Board have to do. The actuaries track this and the requirements with GUST. They say we are okay, I would trust them. Marsha Farthing, Accounting: We are getting ready to offer direct deposit for the pensioners; do you want to have a special meeting sometime within the next month for your pensioners to discuss direct deposit and sign up? It will be optional for them to use the direct deposit. Jerry Friend: Why don't you just mail them the form and let them know direct deposit is now available. If they want to sign up they will need to return the form. • Jerry Friend moved to have accounting mail Direct Deposit Notification information to the Pensioners. Jerry Surles seconded the motion. Upon roll call the motion carried 6- 0. Mayor Coody was absent. Meeting adjourned at 2 :25 P.M. POLICE PENSION FUND May 2004 48449800 4400.9400 5335-00 5335-05 EMP# NAME GROSS YTD Wages Suppl. YTD Suppl. Fed Tax ST. TAX NET •154 ALLEN, CHARLES 2,296.42 11,482.10 50.00 250.00 220.00 66.89 2,059.53 152 ARNOLD, WILLADEAN 863.14 4,315.70 50.00 250.00 913.14 130 BAYLES, DON 1,410.39 7,051.95 50.00 250.00 1,460.39 107 BLACK, JOE P 1,000.12 5,000.60 50.00 250.00 100.00 20.00 930.12 120 BOWEN, J R 616.14 3,080.70 50.00 250.00 10.00 656.14 147 BRADLEY, GERALD 4,282.59 21 ,412.95 50.00 250.00 940.53 217.32 3,174.74 139 BRADLEY, RANDALL 2,541.22 12,706.10 50.00 250.00 382.00 10D.00 2,109.22 167 BROWN, JOHN 3,875.58 19,377.90 - 50.00 250.00 600.00 200.00 3,125.58 157 CARROLL,RONALD L 1 ,871.19 9,355.95 50.00 250.00 250.00 105.00 1,566.19 151 COLE, RUSTON 2,723.87 13,619.35 50.00 250.00 600.00 200.00 1,973.87 109 COOPER, ADRIAN 567.23 2,836.15 50.00 250.00 61723 108 DENNIS, WARREN 1,223.34 6,116.70 50.00 250.00 0.00 1 ,273.34 160 DUGGER,GARY 2,810.94 14,054.70 50.00 250.00 300.00 120.00 2,440.94 125 FLOWERS, HAROLD 766.42 3,832.10 50.00 250.00 816.42 140 FOSTER, BILLIE D. 2,849.68 14,248.40 ^ 50.00 250.00 300.00 120.00 2,479.68 148 FRIEND, JERRY 2,601.12 14,005.60 50.00 250.00 725.00 150.00 1,976.12 161 HANNA, JANICE 1 ,739.21 8,696.05 175.00 50.00 1 ,514.21 - 145 HANNA, MARK 692.74 3,463.70 50.00 250.00 742.74 162 HASKINS, IRENE 386.10 1,930.50 50.00 250.00 436.10 169 HELDER, TIM 5,187.10 25,935.50 50.00 250.00 750.00 250.00 4,237.10 146 HUTCHENS, BERNICE 901.10 4,505.50 50.00 250.00 130.00 821 .10' 143 JOHNSON, CHARLES 2,181 .68 10,908.40 50.00 250.00 42.67 2,189.01 103 JOHNSON, WENDELL 695.82 3,479.10 50.00 250.00 745.82 118 JONES, BOB 2,932.41 14,662.05 50.00 250.00 0.00 2,982.41 144 KILGORE, DONALD 1,818.27 9,091 .35 50.00 250.00 19.72 1 ,848.55 129 LAWSON, FORREST 093.05 6,965.25 50.00 250.00 350.00 1 ,093.05 150 LITTLE, PATSY R 360.50 1,802.50 50.00 250.00 410.50 053 LORCH, DONNA G 360.50 1,802.50 50.00 250.00 410.50 56 MARTIN, KENNETH 3,281 .05 16,405.25 50.00 250.00 500.00 140.00 2,691.05 128 MCCAWLEY, LARRY 1,505.80 7,529.00 50.00 250.00 180.00 40.00 1 ,335.80 116 MCCHRISTIAN, MARIE 360.50 1,802.50 50.00 250.00 410.50 126 MCWHORTER, KAREN 499.57 2,497.85 50.00 250.00 549.57 136 MITCHELL, MICHAEL 2,048.22 10,241.10 50.00 250.00 150.00 1,948.22 141 MUELLER, ROSEMARY 1 ,833.79 9,168.95 50.00 - 250.00 1,883.79 158 MUNSON,ANGELA 3,730.00 18,650.00 50.00 250.00 500.00 183.00 3,097.00 112 MURPHY, JAKE 360.50 1 ,802.50 50.00 250.00 0.00 410.50 137 PERDUE, LARRY 2,063.66 10,318.30 50.00 250.00 200.00 . 25.00 1 ,888.66 164 PERSHALL, ROBIN 1 ,355.00 6,775.00 190.00 67.00 1,098.00 132 PHILLIPS, HOMER GENE 1 ,558.80 7,794.00 50.00 250.00 300.00 1,308.80 105 PRESTON, GEORGE DAVID 1 ,422.81 71114.05 50.00 - 250.00 100.00 100.00 1,272.81 135 RICKMAN, LOREN 1,982.28 9,911 .40 50.00 250.00 230.00 65.00 1 ,737.28 10CRIGGINS, RAYMOND C 1 ,483.21 7,416.05 50.00 250.00 125.00 25.00 1 ,383.21 159 SCHUSTER,JOHN H. 2,769.74 13,848.70 50.00 250.00 340.00 110.00 2,369.74 122 SKELTON, FRANK (DECEASEDp 2,940.32 200.00 0.00 178 SKELTON, FRIEDA T. 367.54 367.54 50.00 50.00 417.54 168 STANLEY, MELVIN 4,335.87 21 ,679.35 50.00 250.00 1 ,100.00 300.00 2,985.87 155 STOUT, BETTY 427.71 2,138.55 50.00 250.00 0.00 477.71 133 SURLES, JERRY 2,417.93 12,089.65 50.00 250.00 450.00 150.00 1 ,867.93 142 TAYLOR, DENNIS 1,833.79 9,168.95 50.00 250.00 105.00 40.00 1,738.79 106 UPTON, FRANKLIN 93920 4,696.00 50.00 250.00 10.00 979.20 - 163 WATSON, RICHARD 7,015.33 35,076.65 50.00 250.00 1,950.00 400.00 4,715.33 149 WILLIAMS, JOYCE 1,253.58 6,267.90 50.00 250.00 217.07 1 ,086.51 134 WITT, DON 1,569.81 7,849.05 50.00 250.00 115.00 64.00 1 ,440.81 127 WOOD, PAUL J 1,404.63 7,023.15 50.00 250.00 0.00 11454.63 • 98,968.19 496,311.11 2,550.00 12,750.00 12,594.60 3,370.60 85,552.99 '5244 deeM EaciTs paid b May 48009800 4800.9800 5335-00 5335-05 Ta Year to Date 496,511.11 12,750.00 509,261.11 POLICE PENSION FUND June, 2004 680098W 680098DO , 5335-00 53354)5 EMP# NAME GROSS YTD Wages Suppl. YTD Suppl. Fed Tax ST. TAX NET 154 ALLEN, CHARLES 2,296.42 11 ,482.10 50.00 250.00 220.00 66.89 2,059.53 • 152 ARNOLD, WILLADEAN 863.14 4,315.70 50.00 250.00 913.14 130 BAYLES, DON 1 ,410.39 7,051 .95 50.00 250.00 1,460.39 107 BLACK, JOE P 1 ,000.12 5,000.60 50.00 250.00 100.00 20.00 930.12 120 BOWEN, J R 616. 14 3,080.70 50.00 250.00 10.00 656.14 147 BRADLEY, GERALD 4,282.59 21 ,412.95 50.00 250.00 940.53 217.32 3,174.74 139 BRADLEY, RANDALL 2,541.22 12,706.10 50.00 250.00 382.00 100.00 2,109.22 167 BROWN, JOHN 3,875.58 19,377.90 50.00 250.00 600.00 200.00 3,125.58 157 CARROLL,RONALD L 1 ,871.19 9,355.95 50.00 250.00 250.00 105.00 1,566.19 151 COLE, RUSTON 2,723.87 13,619.35 50.00 250.00 600.00 200.00 1,973.87 109 COOPER, ADRIAN 56723 2,836.15 50.00 250.00 617.23 108 DENNIS, WARREN 1 ,223.34 6,116.70 50.00 250.00 0.00 1,273.34 160 DUGGER,GARY 2,810.94 14,054.70 50.00 250.00 300.00 120.00 2,440.94 125 FLOWERS, HAROLD 766.42 3,832. 10 50.00 250.0 816.42 140 FOSTER, BILLIE D. 2,849.68 14,248.40 50.00 250.00 300.00 120.00 2,479.68 148 FRIEND, JERRY 2,801.12 14,005.60 50.00 250.00 725.00 150.00 1,976.12 161 HANNA, JANICE 1 ,739.21 8,696.05 175.00 50.00 1 ,514.21 145 HANNA, MARK 692.74 3,463.70 50.00 250.00 742.74 162 HASKINS, IRENE 386.10 1,930.50 50.00 250.00 436.10 169 HELDER, TIM 5,187.10 25,935.50 50.00 250.00 750.00 250.00 4,237.10 146 HUTCHENS, BERNICE 901 .10 4,505.50 50.00 250.00 130.00 821 .10 143 JOHNSON, CHARLES 2,181 .68 10,900.40 50.00 250.00 42.67 2,189.01 103 JOHNSON, WENDELL 695.82 3,479.10 50.00 250.00 745.82 118 JONES, BOB 2,932.41 14,662.05 50.00 250.00 0.00 2,982.41 144 KILGORE. DONALD 1 ,818.27 9,091.35 50.00 250.00 19.72 1 ,848.55 129 LAWSON, FORREST 1 ,393.05 6,965.25 50.00 250.00 350.00 1 ,093.05 150 LITTLE, PATSY R 360.50 1 ,802.50 50.00 250.00 410.50 153 LORCH, DONNA G 360.50 1 ,802.50 50.00 250.00 410.50 • 156 MARTIN, KENNETH 3,281.05 16,405.25 50.00 250.00 500.00 140.00 2,691.05 128 MCCAWLEY, LARRY 1,505.80 7,529.00 50.00 250.00 180.00 40.00 1,335.80 116 MCCHRISTIAN, MARIE 360.50 1,802.50 50:00 250.00 410.50 126 MCWHORTER, KAREN 499.57 2,497.85 50.00 250.00 549.57 136 MITCHELL, MICHAEL 2,048.22 10,241.10 50.00 250.00 150.00 1 ,948.22 141 MUELLER, ROSEMARY 1,833.79 9,168.95 50.00 250.00 1 ,883.79 158 MUNSON,ANGELA 3,730.00 18,650.00 50.00 250.00 500.00 183.00 3,097.00 112 MURPHY, JAKE 360.50 1 ,802.50 50.00 250.00 0.00 410.50 137 PERDUE, LARRY 2,063.66 10,318.30 50.00 250.00 200.00 25.00 1 ,888.66 164 PERSHALL, ROBIN 1 ,355.00 6,775.00 190.00 67.00 1 ,098.00 132 PHILLIPS, HOMER GENE 1,558.80 7,794.00 50.00 250.00 300.00 1 ,308.80 105 PRESTON, GEORGE DAVID 1 ,422.81 7,114.05 50.00 250.00 100.00 100.00 1,272.81 135 RICKMAN, LOREN 1,98228 9,911.40 50.00 250.00 230.00 65.00 1 ,73728 104 RIGGINS, RAYMOND C 1,483.21 71416.05 50.00 250.00 125.00 25.00 1 ,383.21 159 SCHUSTER,JOHN H. 2,769.74 13,848.70 50.00 250.00 340.00 110.00 2,369.74 122 SKELTON, FRANK (DECEASED)* 2,940.32 200.00 0.00 178 SKELTON, FRIEDA T. 367.54 367.54 50,00 50.00 417.54 168 STANLEY, MELVIN 4,335.87 21 ,679.35 50.00 250.00 1 ,100.00 300.00 2,985.87 155 STOUT, BETTY 427.71 2,138.55 50.00 250.00 0.00 477.71 133 SURLES, JERRY 2,417.93 12,089.65 50.00 250.00 450.00 150.00 1 ,867.93 142 TAYLOR, DENNIS 1 ,833.79 9,168.95 50.00 250.00 105.00 40.00 1,738.79 106 UPTON, FRANKLIN 939.20 4,696.00 50.00 250.00 10.00 979.20 163 WATSON, RICHARD 7,015.33 35,076.65 50.00 250.00 1,950.00 400.00 4,715.33 149 WILLIAMS, JOYCE 1,253.58 6,267.90 50.00 250.00 217.07 1 ,086.51 134 WITT, DON 1 ,569.81 7,849.05 50.00 250.00 115.00 64.00 1,440.81 127 WOOD, PAUL J 1,404.63 7,023.15 50.00 250.00 O.DO 1,454.63 98,968.19 496,311 .11 2,550.00 12,750.00 12,594.60 3,370.60 85,552.99 • •52DD des&Eeaerda paid m May saoaDeoo swa-oaoo 5.335-0D 5335-05 Talar Year to Date 496,511.11 12,750.00 509,261 .11 POLICE PENSION FUND July 2004 68DD-9800 6800980D 5335 OD 533505 EMP# NAME GROSS YTD Wages Suppl. YTD Suppl. Fed Tax ST. TAX NET 1054 ALLEN, CHARLES 2,296.42 13,778.52 0.00 300.00 220.00 66.89 2,009.53 52 ARNOLD, WILLADEAN 863.14 5,178.84 0.00 300.00 863.14 130 BAYLES, DON 11410.39 8,462.34 0.00 300.00 1,410.39 107 BLACK, JOE P 1,000.12 6,000.72 0.00 3DO.OD 100.00 20.00 880.12 120 BOWEN, J R 616.14 3,696.84 0.00 300.00 10.00 - 6M.14 . 147 BRADLEY, GERALD 4,282.59 25,695.54 0.00 300.00 940.53 217.32 3,124.74 139 BRADLEY, RANDALL 2,541.22 15,247.32 0.00 300.00 382.00 100.00 2,059.22 167 BROWN, JOHN 3,875.58 23,253.48 0.00 300.00 600.00 200.00 3,075.58 157 CARROLL,RONALD L 1,871.19 11 ,227.14 0.00 300.00 250.00 105.00 1 ,516.19 151 COLE, RUSTON 2,723.87 16,343.22 0.00 300.00 600.00 200.00 1 ,923.87 109 COOPER, ADRIAN 567.23 - 3,403.38 0.00 300.00 56723 108 DENNIS, WARREN 1 ,223.34 7,340.04 0.00 300.00 0.00 1,223.34 160 DUGGER,GARY 21810.94 16,865.64 0.00 300.00 300.0 120.00 2,390.94 125 FLOWERS, HAROLD 766.42 4,598.52 0.00 300.00 766.42 140 FOSTER, BILLIE D. 2,849.68 17,098.08 0.00- 300.00 300.00 120.00 2,429.68 148 FRIEND, JERRY 2,801.12 16,806.72 0.00 300.00 725.00 150.00 1,926.12 161 HANNA, JANICE 1,739.21 10,435.26 175.00 50.00 1 ,514.21 145 HANNA, MARK . 692.74 4,156.44 0.00 300.00 692.74 162 HASKINS, IRENE 386.10 2,316.60 0.00 300.00 386.10 169 HELDER, TIM 5,187.10 31 ,122.60 0.00 300.00 750.00 250.00 4,187.10 146 HUTCHENS, BERNICE - 901 .10 5,406.60 0.00 300.00 130.00 771.10 143 JOHNSON, CHARLES 2,181 .68 13,090.08 0.00 300.00 42.67 2,139.01 103 JOHNSON, WENDELL 695.82 4,174.92 0.00 300.00 695.82 118 JONES, BOB 2,932.41 17,594.46 0.00 300.00 0.00 2,932.41 144 KILGORE. DONALD 1 ,81827 10,909.62 O.DO 300.00 19.72 1,798.55 129 LAWSON, FORREST 1 ,393.05 8,358.30 0.00 300.00 350.00 1 ,043.05 .150 LITTLE, PATSY R 360.50 2,163.00 0.00 300.00 360.50 �53 LORCH, DONNA 360.50 2,163.00 0.00 300.00 360.50 56 MARTIN, KENNETH 3,281.05 19,686.30 0.00 300.00 500.00 140.00 2,641.05 128 MCCAWLEY, LARRY 1 ,505.80 9,034.80 0.00 300.00 180.00 40.00 1 ,285.80 116 MCCHRISTIAN, MARIE 360.50 2,163.00 0.00 300.00 360.50 126 MCWHORTER, KAREN 499.57 2,997.42 0.00 300.00 499.57 136 MITCHELL, MICHAEL 2,04822 12,289.32 0.00 300.00 150.00 1 ,898.22 141 MUELLER, ROSEMARY 1 ,833.79 11 ,002.74 0.00 300.00 1,833.79 158 MUNSONANGELA 3,730.00 22,380.00 0.00 300.00 500.00 183.00 3,D47.00 112 MURPHY, JAKE 360.50 2,163.00 0.D0 300.00 0.00 360.50 137 PERDUE, LARRY 2,063.66 12,381.96 0.00 300.00 200.00 25.00 1 ,838.66 164 PERSHALL, ROBIN 1,355.00 8,130.00 100.00 67.00 1 ,098.00 132 PHILLIPS, HOMER GENE 1 ,558.80 9,352.80 0.00 300.00 300.00 1,258.80 105 PRESTON, GEORGE DAVID 1,422.81 8,536.86 0.00 300.00 100.00 100.00 1 ,222.81 135 RICKMAN, LOREN 1 ,982.28 11,893.68 0.00 300.00 230.00 65.00 1,68728 104 RIGGINS, RAYMOND C - 1 ,483.21 8,899.26 0.00 300.00 125.00 25.00 1,333.21 159 SCHUSTER,JOHN H. 2,769.74 16,618.44 0.00 300.0b 340.00 110.00 2,319.74 122 SKELTON, FRANK (DECEASED)' 2,940.32 200.00 0.00 - 178 SKELTON, FRIEDA T. 367.54 735.08 0.00 100.00 367.54 168 STANLEY, MELVIN 4,335.87 26,015.22 0.00 300.00 1,100.00 300.00 2,935.87 155 STOUT, BETTY 427.71 2,566.26 0.00 300.00 0.00 427.71 133 SURLES, JERRY 2,417.93 14,507.58 0.00 300.00 450.00 150.00 1 ,817.93 142 TAYLOR, DENNIS 1,833.79 11,002.74 0.00 300.00 105.00 40.00 1,688.79 106 UPTON, FRANKLIN 939.20 5,635.20 0.00 300.00 10.00 929.20 163 WATSON, RICHARD 7,015.33 42,091.96 0.00 300.00 1,950.00 400.00 .4;665.33 149 WILLIAMS, JOYCE 1 ,253.58 7,521 .48 0.00 300.00 217.07 1 ,036.51 134 WITT, DON 1,569.81 9,418.86 0.00 300.00 115.00 64.00 1,390.81 127 WOOD, PAUL 1 ,404.63 8,427.78 0.00 300.00 0.00 1,404.63 • 98,968.19 595,279.30 0.00 15,300.00 12,594.60 3,370.60 83,002.99 -5200 death bwmfb paid M May 6800-9800 6e00-9= ' 533500 533595 Total Year to Date 595,479.30 15,300.00 610,779.30 APPLICATION FOR PENSION PURPOSES • DATE 20AY Board of Trustees Police Pension and Relief Fund Fayetteville, Arkansas 72701 Gentlemen: I, /cidoar/ L . y T J?e have been employed by the Police Department of the City of Fayetteville, Arkansas, from 11-u - 76 to 7 3/- B I hereby request all benefits due me from the Police Pension and Relief Fund as of $-1 _ o g . My beneficiary is BRENDA RUM h OYE My reasons.-for,retirement are V OC" A2 TiAENT - Fwwis 01 1D Signature z T Rdyom o before me this day of 20�. • ,. Notary Public A" 9 43 amps; :r c0��` I `^ City Treasurer's Office The annual salary of the above applicant for pension purposes is: $ 872041 . 76 Computation of Retirement Benefits Ninety per cent (90%) of applicant's annual salary --------------------- $ 78 . 337 . 58 Additional annual benefits per AR Code Anno, 24- 11-422 ---------- $ 1 , 200 . 00 *Additional annual benefits per AR Code Anno, 24- 11 -432 ---------— $ *(Payable only at age 60 with 26 or more years of service) Total annual retirement benefits ----------------------------------------- . $ 79 , 537 . 58 T� �4pNor efits (1/12 of total annual retirement benefits) =------ $ 6 , 628 . 13 • ' F a~: NOTARy _ City Treasurer • W1 scr# ad. A 131 to before me this 3 day of Jw 20 00 . you 1%- Notary Public r_ •flg _ `Yhsln �Q , My comrsion expires: o GENERAL POLICE PENSION Prepared : 6/24/2004 • Name: Rick Hoyt Date of Retirement: 07/31 /04 Emp # 56 SS# 431 -88-6400 DOH : 4/26/1976 Yrs Srv: 28 Hourly Rate: 41 .847 Hours Base: 21080 .00 Annual Salary 87,041 .76 Annual Benefit (at 90% of salary) 789337.58 1 .25% for each year over 25 (payable at age 60) Total Annual Benefit 78,337.58 • 1 \12 of Annual Benefit 61528. 13 Additional yrs beyond 20 : (max. 5 yrs) 5 $20.00 100 .00 Monthly benefit 6,628 . 13 Daily benefit 217 ,91 • To: Police Pension Recipients From: Sondra Smith, City .Clerk Date: July 09, 2004 Re: 2004 Supplemental Benefit In September 1999 you began receiving a supplemental benefit from the State of Arkansas. The benefit was originally granted for two years and extended in 2001 and 2003 for another two year period. We have not received the funding necessary for you to receive the supplemental benefit for this year. • Please accept my apologies for the inconvenience caused in the shortage on this month's check. Upon receiving the funds from the state for the supplemental benefits you will again receive those benefits. If you have any questions, please feel free to contact me at 575-8323 . 6 tea ,. _ -qty - - ♦ , ♦ I ♦ ♦ 1 V rrWEimlrrt 11 *s ti rYo je 4' " >' „ -i. f$ re y.' , a °r.E+h MrN its f _�Arp' 7 '�` h d R « Islddat V fa? Rees A r y�" +F - , tE,{ § Z,xaS u 333ttttyt fi q r DucMEW '" s�/ ra :! a + y i " CERT1�iCAt� OF�EATH ' sroo' E s F ! r $ A�SN jS S` ,Rws vis? rnxus 1 oEcgDErnto s'AnME n- MNR>t&,) e Q-`s°� ' top ' >�`f,$! F rt YIF'Y ',>SOW :' 3� at�}s r %rMuxfi� aadyFeadF.lsto JJ++ sEE yoeoox/ c ..x.>• l•�.F FRpF]�Ci JOHI §kkkLTZ1N MSl `f fiA � .. ? SECIINI Y NUMD fl 5e. 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V� Lir rL THcIS15TO CERT)FYTHATTH ABOVE ISAIRUEAND UORR�OTCOPYOF'17?2 CERTIFIGATB ONB I{ ,ls ,� zwto I ' , ;9-ort x r rgr E IN JHE AKANSAS bEPARTMEIJT OF lil _ALTFS' {(v�" ` i ^` Me < r ti} 1 I'fit.q '1' 17 ') < *[ Y L ' y, £rr +,zy ..axar .n r t..A2 'Q 'rFr S. 4 i` 1' rF '4' s xl.k jrs EipL4 .ykf, .-r IaK ( PI'E � 3 i( / / sdto i ' 1,P ZYni YiT Qil i V' r el . d' 4i rI ? f f r Lxje x I J r 2 to- :: S v w �qpV .told < .ef i t F f N iT 3'a c r P ,rj' +bd a w I � /Stath7?eglsirar �y, =`*�, � �\ rr Al'„✓:"' '� °• li.x ' � , r? 9' 'f gra.' i` �A � �`.,� 4�".�I ry�� ,3��:F 1` ,�'��,� �((',33 ; . � '�i �,� r TQ'�� � !t �;G= ✓d i:_-N ."$ ,;`psi'! Fes�,ky a + _w 1 x �1,,`Sf'x'� w �s�'Q � L C�; ) (ts � Ly�,L`�,,1/�� N '�.. ! t eA�,TiERRObUOT10N OF THIS DOCUMEIJI RCr,DEgRS 7(f��V.O1Dr iNYALID, bO NOT ACCE i5117LE v 'e 'i y - I Y Nyiir'`o- t� y� WAIRNINGs EMBOSSED SEAL OF THE APKANSAS'�E�A�`fM�NT OFI�TH S�F���NT �I1r�lAS ILLEG�t T9"�t� y ) �c�� V .... _ S rotor s , Sondra Smith - Re Fwd: Police Pension Funds Pages • From: Patricia Leach To: Turberville, Shelly Date: 6/30/04 10:09AM Subject: Re: Fwd: Police Pension Funds Sondra, Contributions from current employees are deposited in the Police Pension Fund account at Arvest Normally we keep a minimum amount of money in this bank account —our "standard" procedure is to transfer $2000.00 to Pooled Investments (at Gamer) when the balance reaches $4000.00 (we maintain a minimum balance of $2000.00). Of course, Arvest pays interest on the checking account—which is very low at this time. Transferring even small amounts of money to Pooled_ Investments increases the return on the money. We normally pull money from the Police Pooled Investments to fund the monthly pension checks. However, we monitor the Pool Investment Account and if it exceeds $100,000.00 then money is transferred to Longer. However, if the Police Pension received a substantial amount of money and that money is not need for current month pension checks, the money goes straight to Longer. So, in short, they earn interest on all of their money—let me know if you have any further questions. Trish Patricia Leach Fixed Assets/Investments Coordinator • Accounting Division City of Fayetteville 113 W. Mountain Fayetteville, AR 72701 (479) 575-8286 (ofc) . (479) 575-8273 (fax) pleach@ci.fayeffeville.ar.us >>> Denise Grizzle 06/30/04 08:59AM >>> Sondra sent this to me, but one of you will be the one to answer her. Thanks! Denise >>> Sondra Smith 06/29/04 11 :32AM >>> Hi Denise! The Police Pension Board asked me to find out what the amount is in funds that we hold here from contributions from the current employees on the old plan before transferring to Longer Investments, and if we draw interest on the funds before they are transferred to Longer. I may have already asked you this, but will you email me back so 1 can have something to present to them at their meeting in July. Thank you very much! Sondra Smith City Clerk City of Fayetteville • 113 West Mountain Fayetteville, AR 72701 479-575-8323 • Policemen's Pension And Relief Board Of Trustees DESCRIPTION: The Policemen's Board of Trustees was established pursuant to the Arkansas State Code. The Board was created to provide for the disbursement of the Policemen's Pension Fund and shall designate its beneficiaries as directed in this act. The Board shall have the power to make all rules and regulations needful of its guidance to implement the provision regarding Board composition. TERMS: Two-year terms, ending April 30. MEMBERS: The Board shall be composed of seven members as follows: ■ The chief executive, who shall serve as chairman of the board ■ The city treasurer, who shall be the treasurer of the fund; ■ Four active or retired members of the pension fund; a One physician. APPOINTMENT: The active pension fund members shall elect the active members by secret written ballot in May of each year, with the members to be chosen in alternating years; A.C.A. § 24-11 -405 (3) (A) (ii) (a). The retired member or members shall be chosen in May of each year by a method to be • determined by the board, with the member or members to be chosen in alternating terms; A.C.A. § 24-11-405 (3) (A) (ii) (b). All member trustees shall serve two-year terms; A.C.A. § 24-11 - 405 (3) (A) (ii) (c) CONTACT: Sondra Smith, City Clerk, 575-8323. PUBLIC NOTIFICATION: Meetings are published by the City Clerk on the weekly meetings list which is distributed to the media representatives with press boxes in the City Clerk's office and released via the Internet on the City's web site at: http://www.accessfayetteviUe.org MEETING TIMES: Regular meetings are held the third Thursday of each quarter at 1 :30 p.m. at the City Administration Building. i • 38 Northern Trust Option Account Application ' Northern Trust Securities, Inc. Please complete the information and sign where indicated 0235 CUSTOMER1 . • ' • NT9000043 City Of Fayetteville First Name Middle Name Last Nam Police Pension Fund Attn Accounting Dept 113 W Mountain St Age Marital Status No. of Dependents Fayetteville AR 72701 -6069 Joint Tenant Name Age Marital Status Have you granted trading authorization to another party? )(Yes O No If so: 1) Your agent must also complete an Options Account Agreement; 2) Please attach the trading authorization unless you have previously provided it to us. n 1 Please indicate the relationship between you and your agent (Investment advisor, family member, trustee, etn.) ,a.fWYs`PN�k" EMPLOYMENT2. • ' • Employer •Type of Business Occupation Position Business Address i City State Zip Code If you are retired or NOT currently employed, please provide the source of your income here: INCOME3. ANNUAL All this information must be provided in accordance with the requirements oftbe National Association of Semrities Dealers, Inc. and the Options Exchange. Approximate Annual Income from All Sources: (Fos joint account check your combined income.) _Q 0 Under $25,000 O $25,000-$50,000 0 $50,0004100,000 Over $100,000 Please state amounts 3`i`1t758. Estimated Net Worth: (exclusive ofhome and farm) O Under $50,000 0 $50,0004100,000 O $ 100,0004500,000 '14 Over $500,000 Please state amount $ 101 Investable Assets: (including cash and securities) 0 Under $50,000 0 $50,0004100,000 O $ 100,000-$500,000 XOver $500,000 Please state amount $ 10 $11% ON Tax Bracket.- 0 15% 028% - 031 % 0.36% . 039.6% Personal Information: Marital Status: O.Single ❑ Married Number of Dependents - •Dale of Binh _ Age For assistance, please comact the Investor Services Center at (800) 621-4482. Please mail your form to: Northern Trust Securities, Inc., 801 South Canal C4S, Chicago, 11. 60607. 3. ANNUAL INCOME (continued) Bank Reference: ❑❑ ❑ ❑ ❑❑❑❑ ❑ ❑❑� Name of Bank Account Number Branch / City State Lp Code 4. TRADING PLANS Equity Options Index Options Trading Experience Level I Covered Call Writing Not applicable O None ❑ Moderate Extensive Level 2 ❑ Covered Call Writing, Purchases O None ❑ Moderate ❑ Extensive Purchases, Straddles and Combinations (Purchase Only) Level 3 O "Covered Call Writing, Purchases O None O Moderate ❑ Extensive Purchases, Straddles and Combinations Straddles and Combinations (Purchase Only) (Purchase Only), Spreads Level 4 O 'Coveted Writing, Purchases ❑ None O Moderate ❑ Extensive Purchases, Straddles and Combinations Straddles and Combinations, (Purchase Only) Spreads, Uncovered Writing Level 5 ❑ 'Covered Writing, Purchases O None -❑ Moderate O Extensive • Purchases, Straddles and Combinations Spreads, Straddles and Combinations, Spreads, Uncovered Writing Uncovered Writing i 'Margin account required OBJECTIVES5. INVESTNIENT 741"reservation of Capital (01) Income (02) Capital Appreciation (03) ❑ Speculation (04) ❑ Trading Profits (05) O Other (06) (Please specify) Optional Information Risk Tolerance: O Conservative O Moderate O Aggressive O Combination General Investment Knowledge: ❑ Extensive O Good ❑ Limited Specific Investment Knowledge: O Stocks O Bonds ❑ Mutual Funds ❑ Options O Variable Contracts O Limited Pattnerships Time Horizon: O Short (0-5) O Intermediate (6- 10) ❑ Long (over 10 years) ❑ Combination 6. INVESTMENT EXPERIENCE Investment knowledge: ❑ Limited ❑ Good q Extensive Number of years trading: ) 6 Stocks 110 Bonds Commodities ) (o Equity Options ) to Index Options Frequency of option transactions ?) 6 9� Size of transactions: $ t"l SC� O ($ I ,000, $5,000, $10,000, etc) Current option accounts with other brokerage firms: • Neme of Flrm Current Por; ons — 2 — 7. OPTION ACCOUNT AGREENIENT I agree with and represent to Northern Tmst Securities, Inc. ("NISI") as follows: • 1 . 1 understand that my account is carried by National Financial Services ILC ("NFS") and that all terms of this Agreement also apply between me and NFS. 2. All transactions shall be subject to the constitutions, rules, regulations, customs and usages of The Options Clearing Corporation and any exchange or other market- place where executed. In addition, I am aware of, and agree to be bound by, the rules of the National Association of Securities Dealers, Inc. (NASD) and the New York Stock Exchange, Inc (NYSE) applicable to option contracts. I . 3. Any securities and funds held by you in any of my accounts may be held and used by you as security for the performance of my obligations to you under this agree- ment. 4. In case of my insolvency, death or the attachment of my property, you may, with respect to any open options contract position, take such steps as you may consider necessary or appropriate to protect yourself against loss. 5. 1 will not enter any order for options until I have received, read and understood the appropriate Options Disclosure Document(e) of The Options Clearing Corporation. l specifically affirm the following disclosures as set forth in said Doc rment(s): , A. That both the purchase and the writing of options contracts involve a high degree of risk, are not suitable for many investors and, accordingly, should be entered into only by Investors who understand the nature and extent of their rights and obligations and are fully aware of the inherent risk involved, especially during extreme market volatility of trading volumes. B. That I should not purchase any option unless I am able to sustain a total loss of the premium and transaction costs and (i) that I should not write a call option unless 1 either own the underlying security (or a security convertible, exchangeable or exercisable into such underlying security) or am able to sustain substantial financial lasses and (ii) that 1 should not write a put option unless I am able to sustain the loss resulting from purchasing the underlying security at the exercise price. C. That the price of an options contract is affected by various factors such as the relationship between the exercise price and the market price of the underlying secu- rity, the expiration date of the option and the price Fluctuations or other characteristics of the underlying stock D. That the exchanges or other regulatory bodies may restrict transactions in particular options or the exercise of options contracts in their discretion from time to time. E. That all index option exercises are settled by cash payment and not by the delivery of securitics; and that all index option exercises are based on the dosing index value and that any "in the money" index options exercised prior to the availability of the closing index value face the risk of closing out of the money due to a sub- sequent adverse change in the index value. - - . I. 6. 1 have noted particularly those sections of The Options Clearing Corporation Disclosure Documem(s) which summarize the risk factors involved in options trading and I have determined that, in view of my financial situation and investment objectives, options trading is suitable for me. I 'shall advise you of any changes in my . investment objectives, financial situation and needs insofar as such changes are material to my options transactions. The financial and other information listed on the reverse side is accurate. 7. 1 am aware of your requirements and time limitations for accepting an exercise notice. In the event that I Gil to instruct you not to exercise an option "in the money" by 3/4 of a point or more by 2:30 p.m. (Eastern time) on the business day immediately preceding the expiration date of the option, I understand that you will use your best efforts to exercise such option and liquidate the underlying securities for my account and at my sole risk for which 1 shall be charged two commissions. I agree to .. • pay the full aggregate exercise price for the underlying securities covered by the option contract. I understand that I will be charged at least one commission in connec- tion with the exercising of any option. I further understand that you rase ve the right to exercise any option which would not be profitable to me, for your own amount. IFI fail to instruct you not to exercise an option "in the money" by 3f4 of a point or more by the time stated above and you, for whatever reason; do not exercise an option on my behalf, I hereby agree to waive any and all claims for damage or loss which I might have at the time or any time thereafter against you arising out of the fact that the option was not exemised. 8. I understand that before writing any option I must have in my account a minimum equity or appropriate position in such amounts as you may specify from time to time, and that no withdrawals of cash or securities will be permitted from the account which would reduce either the equity or position below your requirements. 1 Im- ther understand That any orders to sell any securities held in my account pursuant to such minimum maintenance requirements may be refused by you at your sole dis-- cr ion; and I shall not hold you liable for any loss that 1 may sustain due to your refusal to permit the sale of said securities during such period. 9. Regarding any margin transactions 1 may make and supplementing the terms and conditions of my Margin Account Agreement, in the event I do not meet your mar- gin calls promptly, you are authorized in your sole discretion, and without notification to me, to take any and all steps necessary to protect yourself in connection with put or call transactions made for my account, including without limitation the right to buy or sell short, or short exempt, for my account and risk any part or all of the shares represented by options endorsed by you for my account, or to buy, sell or exercise any put or call options as you may deem necessary to fully protect yourself Any and all losses and expenses, including attorneys fees, incurred by you in this connection will be reimbursed by me. 10. 1 shall have the sole responsibility to exercise, in a proper and timely manner, any right, privilege or obligation of my put option, call option or other option which you may purchase, handle, endorse or carry for my account(s). You shall not be liable in connection with the execution, handling, selling, purchasing, or endorsing of options for my account. 11 . 1, alone or in concert with others, will not violate the position limits or the exercise limits of the options exchanges and the NASD or NYSE as set forth in The Options Clearing Corporation Disclosure Document(s). 12. 1 understand and acknowledge that, when transactions on my behalf are to be executed in options traded in more than one marketplace, in the absence of my specif- ic instructions, you may use your discretion in selecting the market in which to enter my orders. 13. Securities in accounts carried by National Financial Services LLC ("NFS"), a Fidelity Investments company, are protected by the Securities Investor protection Corporation ("SIPC") up to $500,000 (including cash claims limited to $100,000). NFS has artanged for additional unlimited insurance protection for cash and mcuri- tin to supplement its SIPC coverage. Neither coverage protects against a decline in the market value of securities. 14. This Agreement and its enforcement shall be governed by The laws of the Commonwealth of Massachusetts, its provisions shall inure to the benefit of your present corporation and its summons, and shall inure to the benefit of and be binding upon my estate, execution, administrators, successors and assigns. 15. Exmpt to the extent to which they conflict with this Agreement, the provisions of my Margin Account Agreement are incorporated herein by reference. In the event of a conflict, the provisions of this Agreement shall control. 16. With reference to the allocation of exercise notices assigned, I understand that you will use the random selection method of allocation. This method randomly selec s from all customers' shout option positions, including positions established on the day of assignment, those option contracts which are subject to exercise. 1 further under- stand that all short option positions arc liable for assignment at any time. A detailed description of this method is available upon written request. • — 3 — 7 . OPTION ACCOUNT NOTICE TO CUSTOMER: Payment for Order Flow: NM or NFS transmits customer orders for execution to various exchanges or market centers based on a number of factors. These include size of order, trading chzmcteristics of the security favorable execution prices (including the opportunity for price improvement), access to reliable market data, avails ity of efficient automated transaction processing and reduced necmion costs through puce concessions from the market :enters. Certain of the marker centers may exe- cute orders at prices superior to the publicly quoted market in accordance with their mics or practices. While a customer may specify, that an order be directed to a par- ticular market center for necution,' the order-routing policies, taking into consideration all of the factors listed above, are designed to result in favorable tranmction processing for customers. ' please note. Orders placed through any telephone, eleamnic, or on-line trading systems cannot specify a particular market center for execution. NISI andlor NFS receives remuneration, compensation or other consideration for di¢aing customer orders for equity securities to particular brokerldealers or market centers for execution. Such consideration, if any, takes the form of financial credits, monetary payments or reciprocal business. New York Stock Exchange Rule 382 requires that NTS] and NFS allocate between them certain functions regarding the administration of your brokerage account. The following is a Summary of the allocation services performed by NTSI and NFS. A more complete description is available upon request. NISI is responsible for (1) obtaining and verifying brokerage account information and documentation, (2) opening, approving and monitoring your brokerage account, (3) transmitting timely and accurate instructions to NFS with respect to your brokerage account, (4) determining the suitability of investment recommenda- tions and advice, (5) operating and supervising your brokerage account and its own activities in compliance with applicable laws and regulations, including compliance with margin rules pertaining to your margin account lif applicable), and 16) maintaining the required books and records for the services it performs. NFS shall perform the following tasks at the direction of NISI: (1) execute, clear and settle transactions processed through NFS by NTSI, (2) prepare and send transaction confirmations and periodic statements of your brokerage account, (unless NTSI has undertaken to do so). Certain pricing and other information may be provided by NTS] or obtained from third parties, which has not been verified by NFS, (3) act as custodian for funds and securities received by NFS on your behalf, (4) Follow the instructions of NTSI with respect to transactions and the receipt and delivery of funds and securities for your brokerage account, and (5) extend margin credit for purchasing or carrying securities on margin. NTSI is responsible for ensuring that your brokerage account is in compliance with federal, industry and NFS margin rules, and for advising you of margin requirements. NFS shall maintain the required books and records for the services It performs. 8. PLEASE READ THE OPTION ACCOUNT . SIGN BELOW I REPRESENT THAT I HAVE READ THE TERMS AND CONDITIONS GOVERNING THIS ACCOUNT INCLUDING THE SPECIAL STATEMENT FOR UNCOVERED OPTION WRITERS AND AGREE TO BE BOUND BY SUCH TERMS AND CONDITIONS AS CURRENTLY IN EFFECT AND AS MAY BE AMENDED FROM TIME TO TIME. THIS ACCOUNT IS GOVERNED BYA PRE-DISPUTE ARBITRATION AGREEMENT WHICH APPEARS BELOW I ACKNOWLEDGE RECEIPT OF THE PRE-DISPUTE ARBITRATION AGREEMENT. In consideration of your accepting one or more accounts, I (we) hereby acknowledge that 1 (we) have read, understand and agree to the Terms set forth in the Option Account Agreement above. C er's Sig.9 Date �� � - ❑ 1111❑❑ Joint Ten Sgnatura-fit any) Date lk 1111 1111 1111❑❑ Joi/rtl A co 1 tlers Try) IF Date V 1111 1111 1111 ❑❑ Dint Acmunl HoldersJT-Any) Date In the case of joint account, all tenants must sign. For Internal Use Only ' 111-1 11❑ 11111111 Approval to level Approval ROP Date 11111111 - 11111111 Options Disclosure Document sem Date 1111111111111111 investment Consultant Date — q _ PLEASE KEEP THIS DOCUMENT FOR YOUR RECORDS. ear Customer(s), accordance with the rules of the New York Stock Exchange and the National Association of Securities Dealers, following is a SPECIAL STATEMENT FOR UNCOVERED OPTION WRITERS. After reading the STATEMENT, please sign on page 4, tear at the perforation, and return the signature portion to us in the enclosed envelope. Thank you. , There are special risks associated with uncovered option writing which expose the investor to potentially significattt loss. Therefore, this type of strate- gy may not be suitable for all customers approved for options transactions. 1 . The potential loss of uncovered call writing is unlimited. The writer 4. For combination writing, where the .investor writes both a put and of an uncovered call is in an extremely risky position, and may incur a call on the same underlying instrument, the potential risk is - U ' large losses if the value of the underlying instrument increases above unlimited. n the exercise price. - n 5. If a secondary market in options were to become unavailable, D2. As with writing uncovered calls, the risk of writing uncovered put investors could not engage in dosing transactions, and an option options is substantial. The writer of an uncovered put option bears writer would remain obligated until expiration or assignment. n a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is a G. The writer of an American-style option is subjecttobeing assigned C exercise at any time after he has written the o ption decline in the value of the underlying instrument. an ep �on until the option expires. By contras[, the writer of a European-style option is 3. Uncovered option writing is thus suitable only for the knowledge- subject to exercise assignment only during the exercise period. p able investor who understands the risks, has the financial capacity iand willingness to incur potentially substantial losses, and has suf- > ficient liquid assets to meet applicable margin requirements. In this i • regard„if the value of the underlying instrument moves against an uncovered writer's options position, the investor's broker may request significant additional margin payments. If an investor does not make such margin payments, the broker may liquidate stock or options positions in the 7 investor's account, with little or no prior % t notice in accordance with the investor's margin agreement. 1 7 1 1 7 1 1 NOTE: It is expected that you will read the booklet entitled "Characteristics and Risks of Standardized Options” available from NT51. In particular, t your attention is directed to the chapter entitled "Risks of Buying and Writing Options." This statement is not intended to enumerate all of the risks entailed in writing uncovered options. i j — 5 _ 1 AM AWARE OF THE FOLLOWING: (A) ARBITRATION IS FINAL AND BINDING ON THE PARTIES. (B) THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL. (C) PRE-ARBITRATION DISCOVERY 1S GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDINGS. (D) THE ARBITRATORS' AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY PARTY'S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED. (E) THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITHTHESECURITIES INDUSTRY. I AGREE THAT ALL CONTROVERSIES THAT MAY ARISE BETWEEN US CONCERNING ANY ORDER OR TRANSACTION, OR THE CONTINUATION, PERFORMANCE OR BREACH OF THIS OR ANY OTHER AGREEMENT BETWEEN US, WHETHER ENTERED INTO BEFORE, ON, OR AFTER THE DATE THIS ACCOUNT IS OPENED, SHALL BE DETERMINED BY ARBITRATION BEFORE A PANEL OF INDEPENDENT ARBITRATORS SET UP BY EITHER THE NEW' YORK STOCK EXCHANGE, INC., OR NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC., AS 1 MAY DESIGNATE. IF I DO NOT NOTIFY YOU IN WRITING WITHIN FIVE (5) DAYS AFTER I RECEIVE FROM YOU A WRITTEN DEMAND FOR ARBITRATION, THEN I AUTHORIZE YOU TO MAKE SUCH A DESIGNATION ON MY BEHALF. I UNDERSTAND THAT JUDGMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED IN ANY COURT OF COMPETENT JURISDICTION. No person shall bring a putative or certified class action to arbitration, not seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall nor constitute a waiver of any rights under this agreement except to the extent st herein. • Northern Trust Securiiim, Inc., member NASD, SIPC clearing through National Financial Services LLC, Member NYSE, SIPC (11100) 114335 P6-017-939 1.747211 .100 [01/041 — G —