HomeMy WebLinkAbout2008-10-16 MinutesBoard Members
Mayor Coody
Chairman
Sondra E. Smith
Treasurer
Eldon Roberts
Secretary/Retired Positior
Jerry Friend
Retired Position 2
Tim Helder
Retired Position 3
Melvin Stanley
Retired Position 4
Frank Johnson
Retired Position 5
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Policemen's Pension and Relief Fund
Meeting Minutes
October 16, 2008
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 16, 2008
Page t of 3
A meeting of the Fayetteville Policemen's Pension and Relief Fund was held at 1:30 PM on
October 16, 2008 in Room 326 of the City Administration Building
Eldon Roberts called the meeting to order.
Present: Frank Johnson, Melvin Stanley, Eldon Roberts, Tim Helder, Jerry Friend,
Sondra Smith, City Clerk, Kit Williams, City Attorney, Trish Leach, Accounting, Elaine
Longer and Kim Cooper of Longer Investments.
Absent: Mayor Coody
Approval of the Minutes:
Approval of the July 17, 2008 Meeting Minutes
Tim Helder moved to approve the minutes. Melvin Stanley seconded the motion. Upon
roll call the motion carried 6-0. Mayor Coody was absent.
Approval of the Pension List:
November and December 2008 Pension Lists
January 2009 Pension List
Jerry Friend moved to approve the November and December 2008 Pension List and the
January 2009 Pension List. Frank Johnson seconded the motion. Upon roll call the motion
carried 6-0. Mayor Coody was absent.
Old Business: None
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 16, 2008
Page 2 of 3
New Business:
Actuarial Report
A copy of the Actuarial report was given to the Board.
Longer Investments:
Elaine Longer: It is an absolute mess out there in our world right now. This is just historic.
Last week we did the biggest percentage decline. We are setting records that are knocking all
records off the map. We came in Monday and had our biggest point gain ever and then Tuesday
we started stabilizing, then yesterday we went down 733 points, which was one of the largest
point losses ever. There are a lot of reasons for it.
Elaine Longer gave a brief summary of the quarterly report. A copy of the report is attached.
Jerry Friend moved to approve the equity overage. Melvin Stanley seconded the motion.
Upon roll call the motion passed 6-0. Mayor Coody was absent.
Elaine Longer Letter:
A copy of the letter Elaine Longer sent regarding market events was given to the Board.
Ouarterly Report:
A copy of the quarterly report was given to the Board.
Discussion Items
Eldon Roberts — Year end report showing total income for the year and where the income
came from.
Eldon asked if a year end report showing the total income for the year and where the income
came from could be prepared.
Assist the Firemen's Pension with expenses to bring Jody Carreiro, Actuary to Fayetteville
to discuss the Actuarial Report.
Jerry Friend made a motion to pay half of Jody's expense to come to Fayetteville not to
exceed $400.00. Melvin Stanley seconded the motion. Upon roll call the motion passed 6-0.
Mayor Coody was absent.
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 16, 2008
Page 3 of 3
Police Pension minutes and agendas added to the City's website
A discussion followed on the minutes and agendas being added to the website through the
document management system.
Meeting Adjourned at 2:50 PM