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HomeMy WebLinkAbout2002-05-23 MinutesMINUTES OF A MEETING OF THE FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD MAY 23, 2002 A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on May 23, 2002, at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Mayor Coody, Pete Reagan, Robert Johnson, Danny Farrar, Marion Doss, City Clerk Heather Woodruff, City Attorney Kit Williams, Peggy Vice, Marsha Farthing and Ted Webber. MINUTES Mr. Doss moved to approve the minutes. Mr. Johnson seconded. The motion carried unanimously. PENSION LIST Mr. Reagan moved to approve the pension list. Mr. Doss seconded. The motion carried unanimously. INVESTMENT ADVISOR Mr. Reagan stated Mr. Yada had moved from Merrill Lynch to Smith Barney. It was Mr. Webbers opinion that they should send out RFP. Mr. Webber stated there was some concerns about who they have a contract with, whether it was with Merrill Lynch or Richard Yada. Ms. Woodruff stated she had looked for a contract but had not found one. She had asked Irene, Richard's secretary, for their contract; but she was unaware of one. There would be papers when they started their contract, but no contract. Ms. Vice stated if they did not have a contract, what they needed to do was an RFP. They did not have to if they stayed with the same company, but they did need a signed contract. Mr. Webber stated if they decided to stay with Merrill Lynch, then they needed a contract. If they decided to go to another provider then they needed to get an RFP. Ms. Vice stated if they did not have a current contract and they were entering into a new contract, they would still have to put out an RFP. Mr. Reagan asked if they had to follow Fire Pension guidelines or the city's guidelines. Mr. Williams stated he would guess that they would have to follow the same basic guidelines regardless. He asked if they were all aware if Merrill Lynch had been sued successfully by the state attorney. They were also about to be sued by some of their clients. Mr. Webber presented a chart comparing Fire, Police and City investments, the actual sale and not paper lost. Mr. Reagan asked on the $736,000, was it a combination of Merrill Lynch Private Portfolio Group, Income Account, and Ashland? Mr. Webber stated it was all of them. In response to questions regarding the original contract with Merrill Lynch, Ms. Woodruff stated they had found an original contract, but it did not have any signatures on it. Ms. Vice stated they could still select Merrill Lynch if they wanted to. Mr. Reagan stated he thought they should be doing something quick. Ms. Vice stated businesses were use to responding to RFP. They should be able to do it within three weeks. Mr. Reagan moved to send out RFP and to expedite the process as soon as possible. Mr. Farrar seconded. The motion carried unanimously. AMENDMENT 59 SETTLEMENT Mr. Williams stated last year they only paid half of the amount owed to the taxpayers. They had paid all of the attorney fees and administrative fees. Mr. Reagan moved to pay the second half of the money owed to the taxpayers for the Amendment 59 lawsuit. Mr. Farrar seconded. The motion carried unanimously. Meeting adjourned at 11:30 a.m.