HomeMy WebLinkAbout2007-08-30 MinutesBoard Members
Mayor Coody
Chairman
Sondra E. Smith
Secretary
Marion Doss
Position 1/Retired
Pete Reagan
Position 2/Retired
Gene Warford
Position 3/Retired
Ron Wood
Position 4/Rctired
Marshall E. Mahan
Position 5/Highest
Ranking
17a*ye evl e
ARKANSAS
Firemen's Pension and Relief Fund
Meeting Minutes
August 30, 2007
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
August 30, 2007
Page l of 5
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 AM on
August 30, 2007 in Room 326 of the City Administration Building
Mayor Coody called the meeting to order.
Present: Mayor Coody, Pete Reagan, Marshall E. Mahan, Marion Doss, Trish Leach &
Wendy Moore, Accounting, Deputy City Clerk Amber Wood, City Attorney Kit Williams.
Absent: Gene Warford, Ronnie Wood and City Clerk Sondra Smith.
Approval of the Minutes:
Approval of the July 26, 2007 Meeting Minutes
Pete Reagan moved to approve the July 26, 2007 Meeting Minutes. Marshall E. Mahan
seconded the motion. Upon roll call the motion passed 4-0. Gene Warford, Ronnie Wood,
and City Clerk Sondra Smith were absent.
Approval of the Pension List:
Approval of the September, 2007 Pension List
Mayor Coody: Are there changes.
Amber Wood: There are no changes.
Pete Reagan moved to approve the September, 2007 Pension List. Marion Doss seconded
the motion. Upon roll call the motion passed 4-0. Gene Warford, Ronnie Wood, and City
Clerk Sondra Smith were absent.
Old Business:
Dennis Mullens retirement classification (Tabled from the July 26, 2007 meeting.)
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
August 30, 2007
Page 2 of 5
Pete Reagan: Mr. Chairman, I just got off the phone with him and his accountant is out of town
again. I asked him to provide us with some kind of documentation from his accountant or from
the State of Arkansas for the next meeting and he promised that he would.
Mayor Coady: So it stays tabled.
Pete Reagan moved to table Dennis Mullens Retirement Classification to the September
meeting. Marshall E. Mahan seconded the motion. Upon roll call the motion passed 4-0.
Gene Warford, Ronnie Wood, and City Clerk Sondra Smith were absent.
Pension Protection Act (Tabled from the July 26, 2007 meetin2)
Kit Williams: Was this the fun thing I got to read? I have a copy of this bill from Arkansas if
you would like to see it.
Pete Reagan: We got a copy of it Kit.
Kit Williams: Did I give you a copy of that.
Pete Reagan: Yes. 1484.
Kit Williams: It said nothing that we needed to hear Mayor. It was about other technical
changes to the Arkansas Income Tax Act. It talked about health savings accounts but not
premium payments and how they would be done.
Mayor Coody: It doesn't have any bearing on this issue.
Kit Williams: Not on this issue.
Pete Reagan: This is what the Arkansas Municipal League, Don Zimmerman, put out that is
affecting us.
Kit Williams: I couldn't figure out how it could.
Pete Reagan: Unless we had a health savings account then it would.
Kit Williams: I don't know if even the health savings account would.
Pete Reagan: No, it doesn't affect us.
Kit Williams: It might affect active duty.
Mayor Coody: What kind of response did you get to the email you sent out to everybody?
Pete Reagan: I have received very few responses. I have two people including myself that are
interested in it. The email has been out for about three weeks. I think we should let it go for
awhile and see if anything else comes in. Letters were sent out by Pat Boudrey, who is our
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
August 30, 2007
Page 3 of 5
secretary for the retirees, to those folks that don't have email addresses. I think we should put
that on the agenda for the next meeting.
Mayor Coody: So table this?
Kit Williams: I looked at Section 33 of that act. Basically it was adopting federal rules saying
that you can deduct health savings accounts not only for Federal income tax purposes but also for
State income purposes.
Pete Reagan moved to table Pension Protection Act to the September meeting. Marshall E.
Mahan seconded the motion. Upon roll call the motion passed 4-0. Gene Warford, Ronnie
Wood, and City Clerk Sondra Smith were absent.
New Business:
Stephens Inc. — Informational
Amber Wood: Sondra provided a copy of a memo from Stephens, Inc in your packet. It is just
an informational item.
Pete Reagan: This is from Larry Middleton who is the advisor for LOPFI. He is an investment
advisor for all the investors for LOPFI. I read this and basically what he is doing is giving us the
status of new legislation that was passed dealing with old pension funds.
Kit Williams: Is there anything in there that we need to look at?
Pete Reagan: No, other than it sounds like to me that he would like to come up and give us his
sales pitch.
Kit Williams: I don't think we can unless you're going to open it up and do an RFQ for
everybody to come back again.
Kim Skelton, Enrollment Letter — Informational
2007 Future Supplement Benefit Memo — Informational
Pete Reagan: That was sent out with the checks.
Drop Interest Checks - Informational
Longer Investments:
Monthly Report
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
August 30, 2007
Page 4 of 5
A copy of the Longer Investments monthly report was given to the board.
Longer Investments Informational Letter
A copy of the Longer Investments Informational Letter was given to the Board
Informational
Marshall E. Mahan: I will not be able to be here for next months Pension Board meeting.
Kit Williams: When is that scheduled?
Marshall E. Mahan: The 27th
Mayor Coody: The Police meet quarterly.
Pete Reagan: We can't it is state statue.
Kit Williams: I won't be here for that one either because that is during a four day jury trial.
Pete Reagan: I will be out of town as well on the 27th and I will also be out on the 20th.
Marshall E. Mahan: Could we move it to Tuesday or another day that week?
Amber Wood: Thursday, September 20th is available.
Marshall E. Mahan: Pete is out of town on the 20th.
Amber Wood: Tuesday the 25th the room is available at the same time.
Kit Williams: I think that is when my trial starts.
Mayor Coody: I'm not sure what my schedule looks like. I plan on being here.
Pete Reagan: Can we set that as tentative if the Mayor and Sondra can make it.
Amber Wood: On the 25tH
Mayor Coody: Sure.
Amber Wood: We can do that.
Marion Doss: If we are going to change the date we need to make sure that a letter gets to
Dennis Mullens about the date change.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
August 30, 2007
Page 5 of 5
Pete Reagan: I'll take care of that. What was the date again?
Amber Wood: Tuesday, September 25th at 11:00 AM.
Meeting Adjourned at 11:09 AM