HomeMy WebLinkAbout2002-01-17 MinutesMINUTES OF A MEETING
OF THE
POLICE PENSION AND RELIEF FUND BOARD
JANUARY 17, 2002
A meeting of the Fayetteville Police Pension and Relief Fund Board was held on January 17,
2002 at 1:30 p.m. in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
PRESENT: Eldon Roberts, Jerry Friend, Dr. Mashburn, City Clerk Heather Woodruff, City
Attorney Kit Williams, Budget Manager Steve Davis.
MINUTES
Mr. Mashburn moved to approve the minutes. Mr. Friend seconded. The motion carried
unanimously.
PENSION LIST
Pension list was presented to the board.
STATE BENEFIT SUPPLEMENT
Mr. Davis stated the city had been receiving and paying out a State Supplement benefit. The
Board needed to ratify a budget adjustment in the amount for $16,610.00 to cover the
Supplement's increase from $25.00 per month to $50.00 per month.
Mr. Friend moved to approve the supplemental increase from $25.00 to $50.00 per month. Dr.
Mashburn seconded. The motion carried unanimously.
Mr. Friend moved to approve the budget adjustment for the 2001 expenditure of the
Supplemental Benefit. Dr. Mashburn seconded. The motion carried unanimously.
INVESTMENT REPORT
Ms. Elaine Longer and Kim Cooper with Longer Investment presented the investment report
through December 31, 2001. There has not been much change since their last report. Net
realized gains for the year was flat. They were closing the quarter near where they had began at
the first of the year. They were facing this coming year defensively.
Combined Portfolio was at 10.8 million with 4.2% yield in income. Stock Account was
at 5.2 million with a total yield of 2%. They had 1.1 million in reserves to add to the Stock
Account. Largest Holdings are Pfizer, Citigroup, ExxonMobil, Microsoft, and Emerson.
Realized Gains and Losses were $2,569.63. Net Income was $371,412.32. Bonds were 59.5%
of the total portfolio. Fixed income securities maturing in three years or less: 17.8% of total
portfolio. Weighted Average Maturity of Bonds 5.5 years. Weighted Average Yield -to -Maturity
6.20%. Weighted Average Duration 4.20. Performance Summary: Average Annual Return,
Equities 8.9%, Fixed Income 7.1%. Total Average Annual Return since account inception
7.6%.2001 Expense Summary: Management Fees .74%, Custody Fees .06%, Commission .32%.
Total expenses for account 1.12%. They were currently in compliance with their investment
policy. She added she had received a letter from Jody Carreiro regarding their cash flow
projections stating that their study had included current spouses in their projections and that the
board may go ahead and increase this group of recipients without futher study or filing with the
Pension Review Board.
Meeting adjourned at 2:45 p.m.