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Home My WebLink About2002-01-31 MinutesMINUTES OF A MEETING OF THE FIRE PENSION AND RELIEF FUND JANUARY 31, 2002 A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on January 31, 2002 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain, Fayetteville, Arkansas. PRESENT: Marion Doss, Ronnie Wood, Pete Reagan, Danny Farrar, Mayor Coody, City Clerk Heather Woodruff, City Attorney Kit Williams. MINUTES Mr. Reagan moved to approve the minutes. Mr. Doss seconded. The motion carried unanimously. PENSION LIST Ms. Woodruff stated Ronnie Wood had been added to the pension list. Mr. Doss moved to approve the pension list. Mr. Reagan seconded. The motion carried unanimously. TOMMY GAGE Mr. Doss stated Mr. Gage had been on Drop. He was wanting to retire on March 1, 2002. Mr. Reagan moved to remove Tommy Gage from the Drop list and add him to the pension list Mr. Farrar second. The motion carried unanimously. BUDGET ADJUSTMENT Ms. Denise Grizzle, Accounting, explained every year LOPI sent them the interest rate they were to pay on the money in the Drop Account. The $26,000 was for the interest for the people who were in Drop made on their money that was in that account for the year 2001. The interest rate had been 6%. INVESTMENT REPORT Mr. Yada stated at the end of the year the Private Portfolio Group was at $2,236,000, which was down 13.65%. The Mercury Group was at $1,638,000, which was down 19.11%. The Income Account $5,486,000 was up 5.48%. During the year they had sent $522,000 to the checking account to meet payroll and people retiring. The Income Account had held their own for the year. Ashland was down 14.08%. Half of their money was in the Income Account. The other half was in equities. During the course of this year, they still see a choppy market coming. Fixed Income would probably not do as well as they did last year. They were going to keep Fixed Income short term, eight years or less. Equities, they were looking at Mercury Group. They had under performed this year. Meeting adjourned at 11:15 a.m.