HomeMy WebLinkAbout2002-07-25 MinutesMINUTES OF A MEETING
OF THE
FIREMEN'S PENSION AND RELIEF FUND BOARD
JULY 25, 2002
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board was held on July
25, 2002 at 9:30 a.m. in Room 326 of the City Administration Building located at 113
West Mountain Street, Fayetteville, Arkansas.
PRESENT: Pete Reagan, Ronnie Wood, Danny Farrar, Robert Johnson, City Clerk
Heather Woodruff.
ABSENT: Mayor Coody and Marion Doss.
MINUTES
Mr. Johnson moved to approve the minutes. Mr. Johnson seconded. The motion carried
unanimously.
PENSION LIST
Mr. Wood moved to approve the pension list. Mr. Johnson seconded. The motion
carried unanimously.
OTHER BUSINESS
Mr. Reagan stated there was a letter from Jody Carrero to Kathryn Henshaw asking them
to replace a page in their actuary.
OLD BUSINESS
Mr. Reagan stated at their last meeting they had discussed getting a new investment
advisor.
Mr. Farrar moved to interview all the applicants for money manager on August 2, 2002
beginning at 8:30 a.m. and allowing one hour for lunch. Each interviewee would be
allowed thirty minutes. Ms. Woodruff is to contact the applicants and arrange interview
times. Mr Johnson seconded. The motion carried unanimously.
INVESTMENT REPORT
Mr. Reagan stated they had started the meeting early in order to allow Mr Johnson time
to get to Little Rock for a Doctor's appointment. The board went into recess until Mr.
Weisbecker arrived.
Mr. Weisbecker stated the market was trying to achieve a bottom. The second quarter
earning numbers have been above expectations. They were in a recovering economy.
They had third and fourth quarter ahead. They expected to recovery to continue. Due to
the asset allocation of the plan, even in the light of the bear market, year to date as a
whole the plan was only down 4%. Through June, the Income Account helped to soften
the downward numbers of their three outside managers. The S&P 500 was down
13.16%. The Dow was down 12%. He presented an article regarding long term
investing, especially in a bear market.
Mr. Reagan stated MLAM showed that they had 2000 shares of Worldcom.
Mr. Wiesbecker stated he did not know if they had been eliminated in the month of June
or not.
Mr. Reagan stated the statement showed they had been liquidated on April 29 for a loss
of $69,000.
Meeting adjourned at 10:30 a.m.