HomeMy WebLinkAbout2006-06-29 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
June 29, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM
on June 29, 2006 in Room 326 of the City Administration Building
1. Approval of the Minutes:
• May 25, 2006 Meeting Minutes
2. Approval of the Pension List:
• June, 2006 Revised Pension List
• July, 2006 Pension List
3. Old Business:
• Elections — Pete Reagan and Marion Doss were elected.
4. Longer Investments:
• Monthly Report
FIREIkN'S RELIEF AND PENSION
June 2006 REVISED
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF AUGUST. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
Act 1373
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit ` Supplement Fed Tax St Tax Net
Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 0.00 300.00 100.00 1,41234
R 177 4/04 BACHMAN, EDDIE 2,618.55 0.00 479.27 119.82 '2,019.46
S 74 3/86 BAIRD, JULIA 1,802.08 0.00 350.00 145.00 1,307.08
V 2 3175 BLACKARD, PAUL 109.27 0.00 109.27
V 63 5/72 BOLAIN, ANN 109.27 0.00 109.27
R 68 7/99 BONADUCE, MICHAEL 2,988.76 0.00 475.38 2,513.38
S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 0.00 300.00 50.00 2,127.42
R 45 9/86 BOUDREY, HOWARD 2,089.28 0.00 2,088 28
R 49 7/88 BOUDREY, JACK 1,647.63 0.00 287.68 50.00 1,309.95
V 5 5172 CASELMAN, ARTHUR 131.13 0.00 131.13
R 57 5/90 CATS, ROY 1,788.90 0.00 1,788.90
V 6 4/68 CHRISTIE, ARNOLD 109.27 0.00 109.27
V 8 10/76 COUNTS, WAYNE 109.27 0.00 109.27
R 77 11/99 DILL,GARY JOHN 1,812.75 0.00 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 0.00 800.00 320.00 4,256.91
R 11 2176 FARRAR,ALONZO 998.86 0.00 998.86
R 192 4/06 FARRAR, DANNY 4,155.36 8,310.72 207.00 207.00 3,741.36
R 38 5/84 FRALEY, JOSEPH G. 1,768.12 0.00 200.00 15.00 1,553.12
R 170 5/03 FREEDLE, LARRY 3,816.75 0.00 500.00 100.00 3,216.75
R 92 03/02 GAGETOMMY 2,596.69 0.00 226.00 50.00 2,320.69
V 34 6179 HARRIS, JAMES E. 109.27 0.00 109.27
V 70 11/99 HARRIS, MARY RUTH 109.27 0.00 109.27
Q 182 10/04 JENKINS, EILEEN 1,788.75 0.00 150.00 75.00 1,563.75
R 93 06/02 JENKINS, JOHN 1,788.76 0.00 350.00 100.00 1,338.76
R 86 07/01 JOHNSON,ROBERT 3,073.47 0.00 500.00 100.00 2,473.47
R 64 4/95 JORDAN, CHARLIE 2,274.95 0.00 150.00 50.00 2,074.95
S 76 5/88 JUDY, JAN 1,647.63 0.00 200.00 50.00 1,397.63
R 37 3/84 KING,ARNOLD D. 1,522.37 0.00 300.00 47.00 1,175.37
R 54 5/89 KING,ARVIL 1,711.21 0.00 130.00 50.00 1,531.21
V 12 3/60 LANE, HOPE MRS 109.27 0.00 109.27
R 13 10/67 LAYER, MERLIN 456.22- 0.00 456.22
R 173 12/03 LEDBETTER, DENNIS 3,775.80 0.00 650.00 200.00 2,925.80
V 181 10/04 LEE, VIOLA LOUISE 109.27 0.00 109.27
R 51 10/88 LEWIS, CHARLES 1,647.63 0.00 75.00 25.00 1,547.63
R 40 9/85 LOGUE, PAUL D. 2,868.28 0.00 325.00 75.00 2,468,28
R 50 9/88 MASON, LARRY 1,631.25 0.00 137.61 25.00 1,468.64
R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 0.00 150.00 50.00 1,553.74
V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 000 109.27
R 15 4/77 MC WHORTER, CHARLES 1,334.51 0.00 150.00 1,184.51
R 29 8/81 MILLER, DONALD 1,304.07 0.00 125.00 25.00 1,154.07
R 73 2/00 MILLER,KENNETH 3,180.02 0.00 325.00 75.00 2,780.02
V 42 2/86 MOORE, JAMES H. 109.27 0.00 109.27
V 176 4/04 MORRIS, DIXIE E. 125.66 0.00 125.66
V 62 10/68 MORRISON, ELIENE 136.59 0.00 136.59
R 48 7/88 MULLENS, DENNIS W. 2,191.30 0.00 2,191.30
R 184 3/05 NAPIER, LONNIE 3,518.28 0.00 110.00 88.00 3,320.28
R 46 5/88 OSBURN, TROY 1,899.66 0.00 200.00 38.00 1,661.66
R 81 02/01 PHILLIPS,LARRY 2,765.09 0.00 2,765.09
R 53 2/89 POAGE, LARRY 2,346.70 0.00 300.00 100.00 1,946.70
R 186 06/05 REAGAN, PETE 3,535.71 0.00 3,535.71
V 22 4173 REED, JOE 109.27 0.00 109.27
S 172 12103 SCHADER, MADGE 1,386.01 0.00 1,386.01
R 41 9/85 SCHADER, TROY 1,524.99 0.00 57.00 25.00 1,442.99
R 190 04/06 SHACKELFORD, GLEN 3,647.18 7,294.36 400.00 200.00 3,047.18
S 83 03101 SKELTON, KIMBERLY 2,434.98 0.00 250.00 50.00 2,134.98
S 66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
R 36 5176 SPRINGSTON, CARL 806.19 0.00 70.00 17.00 719.19
S 90 03/02 STOUT, IMOGENE W_ 767.80 0.00 767.80
R 165 12102 TATE, RALPH 3,668.10 0.00 300.00 100.00 3,268.10
V 65 3/66 TUNE, BILLIE SUE 136.59 0.00 136.59
V 27 3171 TUNE, MILDRED MRS. 136.59 0.00 136.59
R 71 1/00 WARFORD,THOMAS 2,502.72 0.00 300.00 2,202.72
R 28 7/68 WATTS, DONALD 437.09 0.00 437.09
R 88 01/02 WOOD,RONNIE D 3,077.15 0.00 800.00 200.00 2,077.15
R 52 9/88 WRIGHT, RANDALL 1,691.34 0.00 2_00.00 _ 25._00 1,466.34
109,578.28 15.605.08 0.00 10 929.94 21946.82 95 701 52
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DATE OF Regular Mo Year To Date Future 'V
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01/03 MAHAN, MARSHALL 4;077.28
03/01/03 PIERCE, JOEY 3,647.18
04/01/03 O'NEAL, TEDDY 4,120.99
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 12005.
NOTARY PUBLIC
MY COMMISSION EXPIRES
YTD
6810-9810-5335-00 406,864.42 15605.08 391279.34
6810-9810533506 0.00 #REF! #REF!
Drop Payout/Intrest Checks to Drop Retirees 355,912.59
YTD Column 762,797.01
Difference 0.00 "(should be off Supplemental amount for DROP part)
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FIREMEN'S RELIEF AND PENSION
July 2006 7
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF AUGUST. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
Act 1373
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 12,689.18 300.00 100.00 1,412.74
R 177 4/04 BACHMAN, EDDIE 2,618.55 18,329.85 479.27 119.82 2,019.46
S 74 3/86 BAIRD, JULIA 1,802.08 12,614.56 350.00 145.00 1,307.08
V 2 3175 BLACKARD, PAUL 109.27 764.89 ' 109.27
V 63 5/72 BOLAIN,ANN 109.27 ' 764.89 109.27
R 68 7/99 BONADUCE, MICHAEL 2,988.76 20,921.32 475.38 2,513.38
S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 17,341.94 300.00 50.00 2,127.42
R 45 9/86 BOUDREY, HOWARD 2,089.28 14,624.96 2,089.28
R 49 7/88 BOUDREY, JACK 1,647.63 11,533.41 287.68 50.00 1,309.95
V 5 5172 CASELMAN, ARTHUR 131.13 917.91 .131.13
R 57 5/90 CATE, ROY 1,788.90 12,522.30 1,788.90
V 6 4/68 CHRISTIE, ARNOLD 109.27 764.89 109.27
V 8 10/76 COUNTS, WAYNE 109.27 764.89 109.27
R 77 11/99 DILL,GARY JOHN 1,812.75 12,689.25 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 37,638.37 800.00 320.00 4,256.91
R 11 2176 FARRAR,ALONZO 998.86 6,992.02 998.86
R 192 4/06 FARRAR, DANNY 4,155.36 12,466.08 207.00 207.00" 3,741.36
R 38 5/84 FRALEY, JOSEPH G. 1,768.12 12,376.84 200.00 15.00 1,553.12
R 170 5/03 FREEDLE, LARRY 3,816.75 26,717.25 500.00 100.00 3,216.75
R 92 03/02 GAGE,TOMMY 2,596.69 18,176.83 226.00 50.00 2,320.69
V 34 6179 HARRIS, JAMES E. 109.27 764.89 109.27
V 70 11/99 HARRIS, MARY RUTH 109.27 764.89 109.27
Q 182 10/04 JENKINS, EILEEN 1,788.75 12,521.25 150.00 75.00 1,563.75
R 93 06/02 JENKINS, JOHN 1,788.76 12,521.32 350.00 100.00 1,338.76
R 86 07/01 JOHNSON,ROBERT 3,073.47 21,514.29 500.00 100.00 2,473.47
R 64 4/95 JORDAN, CHARLIE 2,274.95 15,924.65 150.00 50.00 2,074.95
S 76 5/88 JUDY, JAN 1,647.63 11,533.41 200.00 50.00 1,397.63
R 37 3/84 KING,ARNOLD D. 1,522.37 10,656.59 300.00 47.00 1,175.37
R 54 5/89 KING, ARAL 1,711.21 11,978.47 130.00 50.00 1,531.21
V 12 3/60 LANE, HOPE MRS 109.27 764.89 109.27
R 13 10/67 LAYER, MERLIN 456.22. 3,193.54 456.22
R 173 12/03 LEDBETTER, DENNIS 3,775.80 26,430.60 650.00 200.00 2,925.80
V 181 10/04 LEE, VIOLA LOUISE 109.27. 764.89 109.27
R 51 10/88 LEWIS, CHARLES 1,647.63 11,533.41 75.00 25.00 1,547.63
R 40 9/85 LOGUE, PAUL D. 2,868.28 20,077.96 325.00 75.00 2,468.28
R 50 9/88 MASON, LARRY 1,631.25 11,418.75 137.61 25.00 1,468.64
R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 12,276.18 150.00 50.00 1,553.74
V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 764.89 10927
R 15 4/77 MC WHORTER, CHARLES 1,334.51 9,341.57 150.00 1,184.51
R 29 8/81 MILLER, DONALD 1,304.07 9,128.49 125.00 25.00 1,154.07
R 73 2100 MILLER,KENNETH 3,180.02 22,260.14 325.00 75.00 2,780.02
V 42 2/86 MOORE, JAMES H. 109.27 764.89 109.27
V 176 4/04 MORRIS, DIXIE E. 125.66 879.62 125.66
V 62 10/68 MORRISON, ELIENE 136.59 956.13 136.59
R 48 7/88 MULLENS, DENNIS W. 2,191.30 15,339.10 2,191.30
R 184 3/05 NAPIER, LONNIE 3,518.28 24,627.96 110.00 88.00 3,320.28
R 46 5/88 OSBURN, TROY 1,899.66 13,297.62 200.00 38.00 1,661.66
R 81 02/01 PHILLIPS,LARRY 2,765.09 19,355.63 2,765.09
R 53 2/89 POAGE, LARRY 2,346.70 16,426.90 300.00 100.00 1,946.70
R 186 06/05 REAGAN, PETE 3,535.71 24,749.97 3,535.71
V 22 4173 REED, JOE 109.27 764.89 109,27
S 172 12/03 SCHADER, MADGE 1,386.01 9,702.07 1,386,01
R 41 9/85 SCHADER, TROY 1,524.99 10,674.93 57.00 25.00 1,442.99
R 190 04/06 SHACKELFORD, GLEN 3,647.18 10,941.54 400.00 200.00 3,047.18
S 83 03/01 SKELTON, KIMBERLY 2,434.98 17,044.86 250.00 50.00 2,134.98
S 66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
R 36 5/76 SPRINGSTON, CARL 806.19 5,643.33 70.00 17.00 719.19
S 90 03102 STOUT, IMOGENE W_ 767.80 5,374.60 767.80
R 165 12/02 TATE, RALPH 3,668.10 25,676.70 300.00 100.00 3,268.10
V 65 3/66 TUNE, BILLIE SUE 136.59 956.13 136.59
V 27 3/71 TUNE, MILDRED MRS. 136.59 956.13 136.59
R 71 1/00 WARFORD,THOMAS 2,502.72 17,519.04 300.00 2,202.72
R 28 7/68 WATTS, DONALD 437.09 3,059.63 437.09
R 88 01/02 WOOD,RONNIE D 3,077.15 21,540.05 800.00 200.00 2,077.15
R 52 9/88 WRIGHT, RANDALL 1,691.34 11,839.38 200.00 25.00 1,466.34
1091578.28 735,837.80 0.00 10,929.94 2,946.82 95 701.52
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01103 MAHAN, MARSHALL 4,077.28
03/01/03 PIERCE, JOEY 3,647.18
04/01/03 O'NEAL, TEDDY 4,120.99
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND;THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS ) .
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 12005.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6810-98105335-M 626,259.52 735837.80 -109578.28
6810-9810-5335-06 0.00 0.00 0.00
Drop Payout/Intrest Checks to Drop Retirees 605,196.04
YTD Column 1,231,455.56
ilifferonce 0.00 "(should be off Supplemental amount for DROP part)
'I
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
May 25,2006
Firemen's Pension and Relief Fund Page 1 of 5
Meeting Minutes
May 25, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11 :00 AM on May
25, 2006 in Room 326 of the City Administration Building
Pete Reagan called the meeting to order
Present: Mayor Coody, Marion Doss, Dennis•Ledbetter, Pete Reagan, Ronnie Woods, City
Clerk Sondra Smith, City Attorney Kit Williams, Trish Leach, Accounting.
Absent: Teddy O'Neal
Approval of the April 27, 2006 Meeting Minutes:
Marion Doss moved to approve the April 27, 2006 meeting minutes. Ronnie Wood
seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and Teddy
O'Neal were absent.
Approval of the June, 2006 Pension List:
Sondra Smith: The difference between the May pension list and the June pension list is
Dwayne McChristian's pension amount. The May list paid him the two checks that he did not
receive due to no affidavit and this time his pension amount it has gone back down to the normal
$109.27. So, this pension,list is just a little bit less than last months.
Ronnie Wood moved to approve the June, 2006 pension list. Marion Doss seconded the
motion. Upon roll call the motion passed 5-0. Mayor Coody and Teddy O'Neal were
absent.
Old Business:
Act 2094 - Disclosure of Gifts Affidavit Form
Pete Reagan: I encourage you to keep track of that and turn it in at the end of the year.
Elections — May 31, 2006 Final Date to Return-Ballots
Pete Reagan: Sondra can you give us an update on the election process?
u
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Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
May 25,2006
Page 2 of 5
Sondra Smith: Kit decided that we probably needed to send ballots out so I sent ballots to
everyone and included a write in vote. We put a deadline to either receive or have them
postmarked by May 31, 2006. The ballots are coming back in and so far we have not received
any write in votes. So as it stands right now it is still Pete Reagan and Marion Doss.
Pete Reagan: The cut off date is May 31st
Sondra Smith: May 31, 2006 to either be received or postmarked.
Kit Williams: The Police Pension Board is not actually doing the nominations. They are just
doing an election because it would have already been over if you just said who you want on your
board and not who do you want to nominate and then have an election. They are just having an
election. For next year I don't know if you want to maintain this policy that you currently have
or if you want to just say that when the election goes through anybody can vote for anybody
rather than do nominations. It's just something for you to think about in the future.
Pete Reagan: I personally like it like it is. It maintains harmony on the board and there are
positions now to run for if somebody wants to run against me or anyone-sitting on the board they
have that opportunity to. I really don't see why we had to have an election.
Kit Williams: When you're supposed to be elected a nomination is not enough. You've got to
actually have an election. You might not have to do nominations but the election is the part you
can't do without. The nomination you can do it different ways but I would be uncomfortable
without an actual vote.
Dennis Ledbetter: Can we make a motion after the 31'` if there is no write in votes that these
would be accepted.
Sondra Smith: You've already done that. You did that at the last meeting.
Dennis Ledbetter: Okay. Alright.
Sondra Smith: To accept them if there were no others.
Dennis Ledbetter: Okay.
Kit Williams: Besides that you don't really have a choice to accept them or not they are elected
if they get the votes that's it.
Sondra Smith: I do have a question on the elections that I would like for us to put in writing. I
would like to know who you want the ballots and nomination forms sent to. If you want
everyone that is drawing a pension or if you just want the actual retired firemen to receive it.
Pete Reagan: The policy in the past has been just the retired fire fighters.
Sondra Smith: Then you need to have something in writing regarding that.
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
May 25,2006
Kit Williams: Or at least a motion something officially that will go on the minutes. Page 3 of 5
Sondra Smith: Right.
Marion Doss: I think that the way the state statute reads it says the members of the fund. For
years we've accepted that the members of the fund meant the fire fighters are the members or the
ones that pay into it and draw. The families are beneficiaries so I've always thought that it should
be the membership that's elected.
Kit Williams: That's what the Police Pension did. I think that's the right way to do it and
probably the proper interpretation but you can clarify that is your intent by this motion.
Marion Doss: Okay. I thought that you would probably clarify that.
Kit Williams: I think that's the way it should be.
Sondra Smith: I'm putting retired members only, no widows or anybody else.
Marion Doss: We should stay in accordance with state statutes because I think that's what the
state statute says. That way someone doesn't think we are trying to keep someone from voting.
Dennis Ledbetter made a motion that retired members only can vote during election.
Marion Doss seconded the motion. Upon roll call the motion passed 5-0. Mayor Coody and
Ted O'Neal were absent.
Pete Reagan NCPRES Travel Reconciliation Report
A copy of the report was given to the board
NCPRES Conference Report -r Pete Reagan
Pete Reagan: The opening speaker stated that in the United States we have 2,659 Public
Retirement Systems of those the unfunded liabilities are $350 billion and as of August, 2005 the
average fund was 88% funded. The other key note that he said was that American home owners
owe $8.8 trillion in mortgages. He compared that to the unfunded liabilities in the pension funds
which I thought was astounding. The average American doesn't actually own there own home
the mortgage companies own it.
NCPRES is the first pension group to put a book together titled "Public Pensions and You" going
up to the trustee level. They also included a glossary of investment terms and acronyms which is
very helpful. They also have an online test that you can goonline to NCPRES:com and take a
test to get certified as a trustee for a pensionfund. I would encourage you all to do that. I have
not personally done this yet but I do plan on doing it.
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Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
May 25,2006
Page 4 of 5
Mayor Coody: How did they say that the short fall of the $300 billion could be made up, the
shortfall?
Pete Reagan: They didn't, they just noted that that was the number. Everybody is scared of it
because it's a big number but it's out there in the universe. How many of us look at how. much
we own on our house we know that we make a $500.00, $1000.00, or a $1500.00 a month house
payment and know your going to pay it off in 30 years. That's basically what they were
comparing this to.
Marion Doss: What did you say the mortgage rate was?
Pete Reagan: $8.8 trillion. That's what is owed on American homes.
Dennis Ledbetter: I think that is going to change because on TV they're advertising a 50 year
loan now.
Kit Williams: If you pay on a 20 year loan you hardly ever pay any principal.
Pete Reagan: The other thing he mentioned was that 70% of the home mortgage loans mi
California since August 2005 have been interest only loans.
Kit Williams: You're just betting on the economy? If the price doesn't go up for houses your
stuck.
Mayor Coody: There will be a lot of losers out there.
Kit Williams: Including some of the lenders. If you'll remember we had a crisis in the savings
and loan 10, 15 years ago that cost the tax payers billions of dollars to pay off these debts
because the savings and loan people gambled with the money of there investors and lost it.
Mayor Coody: Privatize profits socialize losses.
Kit Williams: That's the way that one certainly worked.
Pate Reagan: That's part of that trickle down economy. That was under the Reagan
administration if I remember correctly.
Longer Investments:
Equity overage of 4% - Equity Allocation is at 54"/0
Marion Doss moved to approve the equity overage of 4%. Ronnie Wood seconded the
motion. Upon roll call the motion passed 6-0. Teddy O'Neal was absent.
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
May 25,2006
Page 5 of 5
Email Regarding Prow Vote
Pete Reagan: We also have an email from Elaine Longer regarding the Proxy Vote for the Wal-
Mart shares that the fund owns. They voted for the shareholder proposal related to greater
disclosure and board oversight of political contributions that we requested.
Monthly Report
A copy of the Longer Investment first quarter report was given to the board.
Meeting Adjourned at 11:20 AM
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
May 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
COMMON STOCK
3,750 AT&T 26.15 98,075.00 26.06 97,725.00 1.1 1.330 4,987.50 5.1
1,500 Amgen Inc. 68.98 103,469.70 67.59 101,385.00 1.1 0.000 0.00 0.0
2,000 Anadarko Petroleum 29.53 59,054.15 49.67 99,340.00 1.1 0.360 720.00 1.2
Corp.
2,600 Applied Materials Inc. 18.99 49,369.58 16.91 43,966.00 0.5 0.200 520.00 1.1
1,500 Archer-Daniels-Midland 30.07 45,102.75 41.57 62,355.00 0.7 0.400 600.00 1.3
Co.
2,000 B.P. Amoco PLC A.D.S. 39.64 79,285.00 70.70 141,400.00 1.6 2.196 4,392.00 5.5
2,570 Bank of America Corp. 46.98 120,743.23 48.40 124,388.00 1.4 2.000 5,140.00 4.3
3,185 Barclays PLC 40.25 128,201.86 46.35 147,624.75 1.7 1.891 6,023.79 4.7
1,550 Caterpillar Inc. 43.94 68,112.19 72.95 113,072.50 1.3 1.000 1,550.00 2.3
2,500 Chevron Corp. 40.13 100,313.14 59.79 149,475.00 1.7 2.080 5,200.00 5.2
3,500 Citigroup 41.09 143,827.09 49.30 172,550.00 1.9 1.960 6,860.00 4.8
3,175 Coca-Cola 41.90 133,044.52 44.03 139,795.25 1.6 1.240 3,937.00 3.0
1,250 Deere &Co. 74.97 93,712.62 85.60 107,000.00 1.2 1.240 1,550.00 1.7
4,850 Disney Company 24.98 121,132.28 30.50 147,925.00 1.7 0.270 1,309.50 1.1
3,120 E.I. DuPont de Nemours 43.88 136,918.13 42.53 132,693.60 1.5 1.480 4,617.60 3.4
& Co.
1,500 Emerson Electric 47.97 71,955.00 82.52 123,780.00 1.4 1.780 2,670.00 3.7
1,750 ExxonMobil 32.23 56,409.51 60.91 106,592.50 1.2 1.280 2,240.00 4.0
2,000 General Electric 14.37 28,734.85 34.26 68,520.00 0.8 1.000 2,000.00 7.0
905 Goldman Sachs Group 127.90 115,745.52 150.95 136,609.75 1.5 1.400 1,267.00 1.1
Inc.
3,500 Hain Celestial Group, 19.98 69,927.83 25.67 89,845.00 1.0 0.000 0.00 0.0
Inc.
7,325 Health Care Select 32.47 237,810.18 30.34 222,240.50 2.5 0.426 3,121.62 1.3
Sector SPDR Fund
2,320 Home Depot 41.47 96,212.75 38.12 88,438.40 1.0 0.600 1,392.00 1.4
3,675 Ingersoll-Rand 38.03 139,774.32 43.61 160,266.75 1.8 0.640 2,352.00 1.7
1,575 Johnson &Johnson 59.12 93,121.09 60.22 94,846.50 1.1 1.500 2,362.50 2.5
2,250 Morgan Stanley 53.66 120,734.36 59.62 134,145.00 1.5 1.080 2,430.00 2.0
4,285 Newell Rubbermaid Inc. 25.21 108,023.80 26.46 113,381.10 1.3 0.840 3,599.40 3.3
6,280 Powershares Dynamic 16.76 105,250.00 16.70 104,876.00 1.2 0.072 451.66 0.4
Insurance
4,750 Powershares Dynamic 16.97 80,607.50 15.83 75,192.50 0.8 0.000 0.00 0.0
Networking
3,850 Powershares Lux 17.98 69,223.00 18.04 69,454.00 0.8 0.000 0.00 0.0
Nanotech
5,050 Powershares Water 17.60 88,891.35 17.17 86,708.50 1.0 0.000 0.00 0.0
Resource
2,400 Sigma-Aldrich 58.26 139,827.18 69.42 166,608.00 1.9 0.840 2,016.00 1.4
5,000 The Technology Select 21.81 109,037.68 20.43 102,150.00 1.1 0.592 2,962.00 2.7
Sec SPDR Fund
3,000 Walmart Stores 45.66 136,975.50 48.45 145,350.00 1.6 0.670 2,010.00 1.5
3,348,622.66 3,869,699.60 43.3 78,281.57 2.5
PREFERRED DEBT SECURITIES
4,250 G.E. Preferred 6.625% 25.89 110,012.50 25.09 106,632.50 1.2 1.656 7,039.06 6.4
AAA/AAA (C 6-28-07)
110,012.50 106,632.50 1.2 7,039.06 6.4
MUTUAL FUNDS-EQUITY
20,000.0000 iShares MSCI Japan 10.69 213,850.00 14.00 280,000.00 3.1 0.043 860.00 0.4
Index Fund
1
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
May 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
3,000.0000 iShares S&P Europe 82.03 246,094.10 90.70 272,100.00 3.0 0.000 0.00 0.0
3501ndex
459,944.10 552,100.00 6.2 860.00 0.2
CORPORATE BONDS
50,000 NationsBank Corp. 99.79 49,894.00 . 101.40 50,699.85 0.6 6.375 3,187.50 6.4
Subordinated Notes
AA3/A+ (NC)
6.375% Due 02-15-08
65,000 J.P. Morgan Chase 102.60 66,687.00 102.43 66,578.52 0.7 6.700 4,355.00 6.5
Bank AA3/A+ (NC)
6.700% Due 08-15-08
50,000 Bankers Trust NY Corp 99.26 49,630.00 101.03 50,517.35 0.6 6.000 3,000.00 6.0
Subordinated Notes
A2/A (NC)
6.000% Due 10-15-08
25,000 First Union Corp. 93.78 23,446.00 101.23 25,307.90 0.3 6.000 1,500.00 6.4
Subordinated
Debentures Al/A (NC)
6.000% Due 10-30-08
25,000 Pepsico Incorporated 97.49 24,373.00 100.40 25,100.33 0.3 5.700 1,425.00 5.8
Medium Term Note
Al/A+ (NC)
5.700% Due 11-01-08
50,000 Hershey Foods Corp. 97.63 48,816.00 107.16 53,577.65 0.6 6.950 3,475.00 7.1
Notes Al/A+ (NC)
6.950% Due 08-15-12
50,000 Paribas New York 96.03 48,014.00 106.99 53,494.85 0.6 6.950 3,475.00 7.2
Branch Subordinated
Notes AA3/AA- (NC)
6.950% Due 07-22-13
75,000 Merrill Lynch &Co. 99.26 74,442.00 103.93 77,948.02 0.9 6.500 4,875.00 6.5
Inc. Global Bonds
AA3/A+ (NC)
6.500% Due 07-15-18
50,000 National City Corp. 96.65 48,326.00 106.80 53,401.75 0.6 6.875 3,437.50 7.1
Sub. Notes A2/A- (NC)
6.875% Due 05-15-19
50,000 IBM Corp. Debentures 100.01 50,004.00 108.47 54,237.05 0.6 7.000 3,500.00 7.0
Al/A+ (Subject to make
whole call)
7.000% Due 10-30-25
50,000 Dell Computer Corp. 95.46 47,731.00 108.66 54,331.80 0.6 7.100 3,550.00 7.4
Debentures A2/A
(Subject to make whole
call)
7.100% Due 04-15-28
Accrued Interest 7,856.06 0.1
531,363.00 573,051.13 6.4 35,780.00 6.8
GOVERNMENT BONDS
325,000 U. S. Treasury Note 99.98 324,941.41 100.00 325,000.00 3.6 5.000 16,250.00 5.0
5.000% Due 08-15-11
50,000 U. S. Treasury Bond 100.01 50,004.00 102.19 51,093.75 0.6 5.500 2,750.00 5.5
5.500% Due 08-15-28
2
LONGER INVESTMENTS INCORPORATED
A Registered blvestment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
May 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 U. S. Treasury Bond 98.95 49,474.00 98.97 49,484.37 0.6 5.250 2,625.00 5.3
5.250% Due 11-15-28
Accrued Interest 5,625.18 0.1
424,419.41 431,203.31 4.8 21,625.00 5.1
GOVERNMENT AGENCY
100,000 Federal Home Loan 100.00 100,000.00 99.62 99,625.00 1.1 4.550 4,550.00 4.5
Bank (C 05-29-06 @
100, IX)
4.550% Due 11-22-06
250,000 Fed Nat'l Mortgage 100.00 250,000.00 98.72 246,796.87 2.8 4.150 10,375.00 4.1
Assoc (C 7-13-06 @
100, 1X)
4.150% Due 07-13-07
75,000 Federal Home Loan 100.00 75,000.00 98.44 73,828.12 0.8 4.010 3,007.50 4.0
Bank (C 5-24-06, 1X)
4.010% Due 08-24-07
450,000 Federal Home Loan 100.00 450,000.00 99.56 448,031.25 5.0 5.020 22,590.00 5.0
Bank(C 9-14-06 @
100, IX)
5.020% Due 09-14-07
185,000 Federal Home Loan 100.00 185,000.00 98.31 181,878.12 2.0 4.000 7,400.00 4.0
Bank (C 6-28-06 @
100, 1X)
4.000% Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 98.78 98,781.25 1.1 4.400 4,400.00 4.4
Bank (C 9-28-06 @
100, IX)
4.400% Due 09-28-07
200,000 Federal Home Loan 100.00 200,000.00 99.46 198,918.61 2.2 5.100 10,200.00 5.1
Mortgage Corp. (C
3-17-07 @ 100, 1X)
5.100% Due 03-14-08
100,000 Federal Home Loan 100.00 100,000.00 99.06 99,062.50 1.1 5.000 5,000.00 5.0
Bank (C 12-22-06 @
100, IX)
5.000% Due 12-22-08
75,000 Federal Farm Credit 100.00 75,000.00 96.81 72,609.37 0.8 4.000 3,000.00 4.0
Bank(C 7-24-06,
continuously thereafter)
4.000% Due 12-29-08
100,000 Federal Farm Credit 100.00 100,000.00 98.94 98,937.50 1.1 5.020 5,020.00 5.0
Bank (C 11-22-06 @
100, 1X)
5.020% Due 05-22-09
125,000 Federal Farm Credit 100.00 125,000.00 97.34 121,679.69 1.4 4.350 5,437.50 4.3
Bank (NC)
4.350% Due 06-01-09
225,000 Federal Home Loan 100.00 225,000.00 95.25 214,312.50 2.4 4.000 9,000.00 4.0
Bank(C 7-24-06,
continuously thereafter)
4.000% Due 04-01-10
200,000 Federal Home Loan 100.00 200,000.00 95.72 191,437.50 2.1 4.200 8,400.00 4.2
Bank (C 7-24-06,
continuously thereafter)
4.200% Due 05-20-10
3
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
May 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 Tennessee Valley 98.95 49,474.00 101.02 50,508.10 0.6 5.625 2,812.50 5.7
Authority(NC)
5.625% Due 01-18-11
150,000 Federal Farm Credit 100.00 150,000.00 94.53 141,796.87 1.6 4.150 6,225.00 4.1
Bank(C 7-24-06,
continuously thereafter)
4.150% Due 04-07-11
70,000 Federal Home Loan 100.00 70,000.00 98.09 68,665.62 0.8 5.300 3,710.00 5.3
Bank(C 12-28-07 @
100, quarterly)
5.300% Due 12-28-11
55,556 Federal Home Loan 100.00 55,555.56 96.84 53,802.09 0.6 5.080 2,822.22 5.1
Bank (C 7-24-06,
continuously thereafter)
5.080% Due 10-03-12
250,000 Federal Home Loan 100.00 250,000.00 95.97 239,921.87 2.7 5.000 12,500.00 5.0
Bank(C 10-5-07 @
100, continuously
thereafter)
5.000% Due 10-05-12
100,000 Federal Home Loan 100.00 100,000.00 98.06 98,062.50 1.1 5.250 5,250.00 5.2
Bank (C 11-14-08 @
100, IX)
5.250% Due 11-14-12
75,000 Federal Home Loan 100.00 75,000.00 97.37 73,031.25 0.8 5.375 4,031.25 5.4
Bank(C 7-24-06,
continuously thereafter)
5.375% Due 11-07-13
125,000 Federal Farm Credit 100.00 125,000.00 96.37 120,468.75 1.3 5.300 6,625.00 5.3
Bank (C 6-22-07 @
100, continuously
thereafter)
5.300% Due 06-22-15
Accrued Interest 32,545.05 0.4
3,060,029.56 3,024,700.41 33.9 142,355.97 4.7
CASH AND EQUIVALENTS
Dividends Accrued 9,754.38 9,754.38 0.1 0.000 0.00 0.0
Money Market 320,261.07 320,261.07 3.6 4.370 13,995.41 4.4
330,015.45 330,015.45 3.7 13,995.41 4.2
CERTIFICATE OF DEPOSIT
40,000 Capital One Bank FSB 100.00 40,000.00 99.73 39,890.52 0.4 4.900 1,960.00 4.9
Falls Church, VA
BAAUNR(NC)
FDIC-Insured
4.900% Due 02-20-07
Accrued Interest 549.89 0.0
40,000.00 40,440.41 0.5 1,960.00 4.9
TOTAL PORTFOLIO8,304,406.68 8,927,842.81 100.0 301,897.01 3.6
4
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
CASH CONTRIBUTIONS/WITHDRAWALS
City of Fayetteville Fire Pension and Relief Fund
08-15-02 to 5-31-06
CONTRIBUTIONS
09-10-03 Money Market $350,000.00
08-04-04 Money Market $127,000.00
09-01-05 Money Market $145,000.00
$622,000.00
WITHDRAWALS
10-09-02 Money Market $40,000.00
12-12-02 Money Market $9,000.00
12-18-02 Money Market $150,000.00
01-08-03 Money Market $73X0.00
02-15-03 Money Market $51,000.00
03-04-03 Money Market $66X0.00
04-01-03 Money Market $60,000.00
05-01-03 Money Market $66X0.00
06-03-03 Money Market $245,000.00
07-01-03 Money Market $30,000.00
08-01-03 Money Market $65,000.00
10-01-03 Money Market $7500.00
11-03-03 Money Market $20,000.00
01-06-04 Money Market $24,000.00
01-22-04 Money Market $216,000.00
02-09-04 Money Market $76,000.00
03-01-04 Money Market $66,000.00
04-01-04 Money Market $75,000.00
05-03-04 Money Market $60000.00
05-19-04 Money Market $88,000.00
06-02-04 Money Market $80,000.00
07-01-04 Money Market $70,000.00
07-29-04 Money Market $15)000.00
08-11-04 Money Market $15,000.00
09-08-04 Money Market $80,000.00
10-04-04 Money Market $60000.00
12-08-04 Money Market $10,000.00
01-03-05 Money Market $65,000.00
02-01-05 Money Market $74000.00
03-01-05 Money Market $80000 .00
04-01-05 Money Market $90000.00
04-14-05 Money Market $2175000.00
05-01-05 Money Market $55,000.00
06-09-05 Money Market $35,000.00
07-06-05 Money Market $280,000.00
08-01-05 Money Market $95,000.00
10-01-05 Money Market $75)000.00
11-01-05 Money Market $40000.00
01-03-06 Money Market $394,000.00
02-01-06 Money Market $100,000.00
03-01-06 Money Market $90)000.00
04-01-06 Money Market $82000.00
04-27-06 Money Market $145,000.00
05-01-06 Money Market $10,000.00
05-05-06 Money Market $1002000.00
$3,912,000.00
5 LONGER INVESTMENTS INCORPORATED
A Registered Investinent Advisor