HomeMy WebLinkAbout2005-02-24 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
February 24, 2005
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 a.m.
on February 24, 2005 in Room 111 of the City Administration Building
1. Approval of the Minutes:
• January 27, 2005 meeting minutes
2. Approval of the Pension List:
• March 2005 Pension List
3. Longer Investments:
• Report
4. Old Business:
• Investment Policy Change
• Benefits to widows of firefighters if married after retirement
• NCPRES Conference
• Kelly Skelton — College Enrollment
• Kelly Skelton Eligibility for benefits
• Kim Skelton — College Enrollment
5. New Business:
• DROP amounts due this year
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 1 of 7
Firemen's Pension and Relief Fund
Meeting Minutes
January 27, 2005
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 a.m.
On January 27, 2005 in Room 326 of the City Administration Building
Pete Reagan called the meeting to order
Present: Pete Reagan, Ronnie Wood, Robert Johnson and City Clerk Sondra Smith, City
Attorney Kit Williams, Trish Leach, Accounting, Elaine Longer and Kim Cooper with
Longer Investments.
Absent: Mayor Coody, Marion Doss and Danny Farrar.
Approval of the December 30, 2004 Meeting Minutes:
Pete Reagan moved to approve the minutes. Ronnie Wood seconded the motion. Upon roll
call the motion passed 4-0.
Approval of the Revised January 2005 Pension List and the February 2005 Pension List:
Sondra Smith: Trish sent a revised Pension List for the month of January that shows the 3%
COLA for the DROP pensioners. I will have the Mayor sign the revised copy.
Pete Reagan moved to approve the pension list for January and February. Robert Johnson
seconded the motion. Upon roll call the motion passed 4-0.
Longer Investments:
Elaine Longer: The amendment to the policy that we made at the Police Pension meeting we
would also like to make it on the Fire Pension policy as well.
Kit Williams: I recommend that you give your financial advisor a little lead way in her targets.
She will keep the same targets about how much should be invested but with a plus or minus 5%
and if she varies from that then she will report back to you at your next meeting and you will say
that it is fine or no go back to the range that we had agreed upon. That prevents her from having
to sell if the stocks go up in value above the 50%. I think it makes since to give her that lead
way.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 2 of 7
Elaine Longer: That keeps us from having to sell when you are at 52 V2%. I think it would be
better if we put that in the policy, plus or minus 5%.
This report is dated as of December 31, 2004.
Page 1 shows the common stock part of the portfolio is about 52% when you include the
Japanese mutual fund your equities are really 53.6%. We are pretty much at the same place we
were the last time. We are hovering a little bit above your 50% range. At this point in time I
would hate to have to raise 3.5% of your portfolio which would be about $300,000 out of the
stock side because I sure don't want to go buy a 10-year treasury at 4%. That was the whole
reason behind putting that amendment in your investment policy if you are not opposed to that.
On Page 5 the year end market value on the portfolio was $10.4 million and the income yield is
3.4%. That is close to the 5-year treasury yield which is a 3.7%. You have a 53% growth
component but on your overall portfolio the income that comes in regardless of what the stock
market does is still about the same as a 5-year treasury.
The next page summarizes your realized gains and your income for the year. Total realized
gains were $390,000. Those are the stocks that we sold that we took gains on. It is not your total
return it is just the ones that we harvested the gains on. Your net income which is just dividends
and interest was $241,000.
The next page shows your bonds. All of your corporates are A rated or better. General Motors
which we sold is now down to a BBB-.
On page 10 your weighted average yield to maturity on your bonds is about 4.8% and the
average maturity 7.6 years. To give you a comparison the 10-year is at a 4.10%. So you have a
higher yield and a lower maturity. You have about 26% of the bond portfolio that matures
within a three year time period that is our flexibility in the portfolio if interest rates increase this
year. They increased last year in the short end but the 10-year maturities on out did not increase.
This year if economic growth continues to come through fairly strong and in fact continues to
tighten we can see an opportunity to purchase in the longer maturities we would be polling from
those bonds that mature within the next three years to extend maturities and be able to increase
the interest rates.
On Page 11 are your largest holdings. We monitor those to keep you within policy constraints.
Nothing is supposed to exceed 5% of the portfolio.
The next report is your industry sector allocation. Basically last year we were overweight in
energy, capital goods and underweight in consumer, technology and financial. We have shifted a
little bit as we came into this year. We have taken some profits on some of the capital goods
companies and we have bought more in the defensive consumer stocks like Clorox, Colgate
Palmolive, Kraft and Sara Lee. We have taken some and put it in the more defensive category
this year.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 3 of 7
The 4t' Quarter rally that we had really didn't start until November 1, 2004. If you look at the
performance of the stock markets through October 31, 2004 every market average was down
either 1% on the DOW or 4% on the NASDAQ. It wasn't really until we got through the
election that the market took off. The entire year's return was taking place in two months. We
kind of borrowed from this year's first quarter in that December rally. Month to date in January
the S&P is down about 3% the NASDAQ is off about 7% so we are giving back some of what
we got post election.
The contributions and distributions are on page 17. Your distributions exceeded contributions by
about $1.4 million since inception.
Page 18 shows your performance report. Last year your equity return for the year was 7.6% and
that compares to the S&P of about 8.9%. The DOW was about 5.3% so we were kind of in
between. Total return for the year was 6.6%. The annualized return from inception to date, your
equities have annualized 12.2%; your fixed income component has annualized 4.6%, REITs
24.8% and the total has annualized 7.8%. By comparison the S&P 500 has done 11.8% and
13.8% with compounded dividends. The DOW is at about 11.1% and the Salomon Brother
Treasury Index has done about 4%. You have out performed the indices in both the equity
markets and the fixed income net of all of your expenses. Given the turmoil that we went
through to get you going, the turn over and everything like that, that adds increased cost I am just
glad to report that you really didn't miss anything while we were restructuring. You really came
through just fine. On the bottom of the page it shows the beginning value of $9.9 million and
then the deposits and withdraws so your net withdraw has been about $1.2 million and your net
investment return is $1.77 million so your are still keeping up with the distributions inception to
date.
Last year was a harder year than 2003. 7.6% is not as much fun as 29.5% but it was a year that
you had to fight for every percentage point that you got. I think this year is going to be the same
way. There is still a lot of uncertainty out there and in a rising interest rate environment that
kind of puts the wind at your face instead of the wind at your back. I look for the returns to
pretty much track earnings growth this year which we estimate will be 7% to 9%. I would not be
surprised to see the same kind of year as last year where ultimately stocks should out perform
bonds. It will be modest returns versus the bond returns.
In your investment policy we need to address that asset allocation which is listed on page 3.
Equities at 25% to 50%. Basically all that will change on that is 25% to 50% plus or minus 5%
at the margin to be addressed at each meeting if we have an overage either way. That would just
give us a little bit more flexibility in between meetings.
Pete Reagan: Are you proposing language or under number 3 equities 25% to 50% just adding
plus or minus 5%?
Kim Cooper: Kit was going to write some language for the Police Pension and we could use the
same language.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 4 of 7
Pete Reagan: I never did like having to sell and take money away from money managers
because they have made too much money which requires them to sell at a time when they really
didn't need to sell because they could have left money in the market and made more.
Elaine Longer: Yes, to rebalance.
Pete Reagan: Should we put language in section three that allows our money manager to go
over the recommended percentage only for the cases where you would be forced to sell to stay
within those boundaries?
Elaine Longer: I think that is pretty much how it will be drafted. Then at each meeting we
always review what the asset allocation is and so if we are over we will have the option to say
that you would rather us get back to the 50%. We will not go over the 55% we are still targeting
50% but if you are at 50% and we have a 5% rally in the market in a month you are at 52.5%. If
I think it is going to go up more then I have to sell to get back to 50%. We are still going to
target 50% but know that we can go to 55%.
Pete Reagan: I have no problem with you going to 55% I would just hate to see you come to a
meeting and it was at 55% and you were forced to sell the one company that's booming or the
sector that is booming we are going to have to get out of it just to stay within these guidelines.
Elaine Longer: The investment policy is really incorporating your goals for the long term
which is the growth plus the income and the stabilization of the portfolio in a down market. I
think that is were the range comes from. That gives you a good combination of the growth plus
the income and some defensive characteristic in the event of a bear market. I think probably the
range is set for that reason in the policy.
Pete Reagan: I understand that. I am trying to help you out if we get into a bull market where
you wouldn't have to be forced to sell if it got to 56%.
Sondra Smith: You feel 5% is enough variance don't you?
Elaine Longer: I do.
Pete Reagan: Okay.
Elaine Longer: In the bear market we dropped under in the other account by over 10% on the
low end, if it got to a point where we really felt compelled we would bring that up at a meeting.
Policies are just on paper, we abide by them but they can be changed at a meeting.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 5 of 7
Pete Reagan moved to change the policy in the Equity Portion to read the Manager can
operate outside the Equity guidelines by not more that S% with a report on the variance to the
Board at their next monthly meeting. The Board will then authorize or reject the variance for
the next month. Ronnie Wood seconded the motion. Upon roll call the motion passed 4-0.
Pete Reagan: What were our management fees for 2004?
Elaine Longer: That is on page 6. The total management fees are $79,000 and Northern Trust
fees are about $6,800. Your total expense ratio is about $85,000 which comes to about 80 basis
points or .8% on your total value.
Old Business:
John and Eileen Jenkins Qualified Domestic Relations Order: A copy of the order was
attached for the Board to review.
Pete Reagan: It says we have to give her one half of his monthly benefit.
Kit Williams: I generally recommend that you obey the Judge.
Pete Reagan: We had a question about that Kit in the past. The Judge had ordered us to pay the
divorced wife but State statue says we can only write a check to the actual pensioner. Jerry
Rose told us it would be advisable to do whatever the Judge said.
Kit Williams: I think we have to follow this as you are aware if the pensioner dies she losses
her check. She does not get 50% of the fund she only gets what the Judge tells us what she is to
get from his pension when he dies she is not a surviving spouse any more because she divorced
him.
Sondra Smith: Unless he has a surviving spouse and has had that surviving spouse for a length
of time.
Kit Williams: If he remarries the Board would be entitled to grant that person that normally
would not be a surviving spouse that has been married, I think five years after they got retired,
they could become a surviving spouse but that is only with Board action. That would be
considered a benefit increase because you would be entitling someone that was not entitled to get
anything. That is a recent change in the law.
Ronnie Wood: That would be up to this Board to make that decision?
Kit Williams: That is right. Right now if they are not married both at the time of the retirement
and the time of death, they are not the surviving spouse.
Pete Reagan: Right.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 6 of 7
New Business:
Kelly Skelton — College Enrollment:
Sondra Smith: I have not received Proof of Enrollment therefore I have sent a letter requesting
a copy. Kelly will cease receiving a check this year due to her age.
Kim Skelton — College Enrollment:
Sondra Smith: I have not received Proof of Enrollment therefore I have sent a letter requesting
a copy.
Trish Leach: Do we need to hold their check until you contact us?
Sondra Smith: Kit says we can not hold their check.
Kit Williams: We can if they don't have proof. Don't send a check out until you check with
Sondra or me. If they do not provide proof no money goes out if one of them provides proof she
gets all the money.
Sondra Smith: If they enroll in Northwest Arkansas Community College they will not give a
proof of enrollment until after the first of February due to classes that might be dropped.
Pete Reagan: Once their benefits stop they can't reapply for it?
Kit Williams: I don't know. I will check that out.
Other:
Pete Reagan: I did some checking on the cost of the NCPRES conference that we talked about
at the last meeting. The trustee seminar, the pre-conference registration fee is $395. The regular
conference registration is $595. The estimated airfare that I was quoted yesterday was $398.
The conference is headquartered at Mandalay Bay Hotel in Las Vegas, Nevada and the room rate
is $189 per night for one or two. I got the cost of some hotels in Las Vegas through a travel
agent. The Luxor would cost $815 for seven days and Mandalay Bay Hotel would be $1,523.
The cost for using the Luxor, hotel, convention registration and airfare is $2,205 estimated cost
and using Mandalay Bay the cost would be approximately $2,913. To send two people there
would be an additional cost of around $1,400. If we are going to go I would strongly
recommend the pre-conference seminar.
Sondra Smith: This cost does not include meals. I asked for $4,000 to be added to the budget.
When is the conference?
Pete Reagan: May 6 through May 12. I would like to go. I would suggest we go ahead and
book the rooms.
Firemen's Pension and Relief Fund
Board of Trustees
January 27,2005
Page 7 of 7
Sondra Smith: That sounds expensive for airfare to Las Vegas because usually you can get
those package deals.
Pete Reagan: I asked the travel agent to check on a package deal. Right now is the busy time
for Las Vegas.
Ronnie Wood: I would book it. You can always cancel it.
Pete Reagan: Let's just decide at the next meeting.
Sondra Smith: I don't think the City would reimburse any fees if you cancelled.
Pete Reagan: The City is not going to reimburse anything it is the pension fund.
Sondra Smith: But it is through the City's travel and training policy. Is it not?
Pete Reagan: That was brought up the last time. Our money here is not intertwined with any
City money.
Sondra Smith: Right.
Pete Reagan: I think we could just bring the receipts back and pay it. I don't think our travel
and training through the City would apply.
Trish Leach: You would think if the Board voted to cover it and you cancelled then it would be
up to the Board to decide to cover the cost of cancellation. I personally would recommend that
all the receipts be turned in. We are very strict on the travel and training forms.
Sondra Smith: That is because of the auditors.
Trish Leach: It's just to protect you.
Pete Reagan: The Stars and Stripes conference is $1,695. We will just wait until the next
meeting.
Meeting Adjourned at 11:55 AM.
FIREMEN'S RELIEF AND PENSION
March 2005
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF MARCH. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tax St Tax Net
79 11/99 ARMSTRONG (DILL), PAMELA 1,759.94 5,279.82 300.00 100.00 1,359.94
177 4/04 BACHMAN, EDDIE 2,542.28 7,626.84 479.27 119.82 1,943.19
74 3/86 BAIRD, JULIA 1,749.59 5,248.77 350.00 145.00 1,254.59
2 3/75 BLACKARD, PAUL 106.09 318.27 106.09
63 5/72 BOLAIN, ANN 106.09 318.27 106.09
68 7/99 BONADUCE, MICHAEL 2,901.71 8,705.13 475.38 2,426.33
44 9/86 BOUDREY, BETTY MRS. 2,405.26 7,215.78 300.00 50.00 2,055.26
45 9/86 BOUDREY, HOWARD 2,028.43 6,085.29 2,028.43
49 7/88 BOUDREY, JACK 1,599.64 4,798.92 287.68 50.00 1,261.96
4 6/67 CARL, FLOYD JR 106.09 318.27 106.09
5 5/72 CASELMAN, ARTHUR 127.31 381.93 127.31
57 5/90 CATS, ROY 1,736.80 5,210.40 1,736.80
6 4/68 CHRISTIE, ARNOLD 106.09 318.27 106.09
8 10/76 COUNTS, WAYNE 106.09 318.27 106.09
77 11/99 DILL,GARY JOHN 1,759.95 5,279.85 100.00 1,659.95
11 2/76 FARRAR,ALONZO 969.77 2,909.31 969.77
38 5/84 FRALEY, JOSEPH G. 1,716.62 5,149.86 200.00 15.00 1,501.62
170 5/03 FREEDLE, LARRY 3,705.58 11,116.74 500.00 100.00 3,105.58
92 03/02 GAGE,TOMMY 2,521.06 7,563.18 226.00 50.00 2,245.06
34 6/79 HARRIS, JAMES E. 106.09 318.27 106.09
70 11/99 HARRIS, MARY RUTH 106.09 318.27 106.09
182 10/04 JENKINS, EILEEN 1,736.65 5,209.95 350.00 100.00 1,286.65
93 06/02 JENKINS, JOHN 1,736.66 5,209.98 350.00 100.00 1,286.66
86 07/01 JOHNSON,ROBERT 2,983.95 8,951.85 500.00 100.00 2,383.95
64 4/95 JORDAN, CHARLIE 2,208.69 6,626.07 2,208.69
76 5/88 JUDY, JAN 1,599.64 4,798.92 200.00 50.00 1,349.64
37 3/84 KING, ARNOLD D. 1,478.03 4,434.09 265.00 35.00 1,178.03
54 5/89 KING, ARVIL 1,661.37 4,984.11 130.00 50.00 1,481.37
12 3/60 LANE, HOPE MRS 106.09 318.27 106.09
13 10/67 LAYER, MERLIN 442.93 1,328.79 442.93
173 12/03 LEDBETTER, DENNIS 3,665.83 10,997.49 575.00 173.00 2,917.83
181 10/04 LEE, VIOLA LOUISE 106.09 318.27 106.09
51 10/88 LEWIS, CHARLES 1,599.64 4,798.92 75.00 25.00 1,499.64
40 9/85 LOGUE, PAUL D. 2,784.74 8,354.22 325.00 75.00 2,384.74
50 9/88 MASON, LARRY 1,583.74 4,751.22 137.61 25.00 1,421.13
39 4/85 MC ARTHUR, RONALD A. 1,702.66 5,107.98 150.00 50.00 1,502.66
35 2/82 MC CHRISTIAN, DWAYNE 106.09 318.27 106.09
15 4/77 MC WHORTER, CHARLES 1,295.64 3,886.92 150.00 1,145.64
29 8/81 MILLER, DONALD 1,266.09 3,798.27 125.00 25.00 1,116.09
73 2/00 MILLER,KENNETH 3,087.40 9,262.20 325.00 75.00 2,687.40
42 2/86 MOORE, JAMES H. 106.09 318.27 106.09
176 4/04 MORRIS, DIXIE E. 122.00 366.00 122.00
62 10/68 MORRISON, ELIENE 132.61 397.83 132.61
48 7/88 MULLENS, DENNIS W. 2,127.48 6,382.44 2,127.48
46 5/88 OSBURN, TROY 1,844.33 5,532.99 200.00 38.00 1,606.33
81 02/01 PHILLIPS,LARRY 2,684.55 8,053.65 2,684.55
53 2/89 POAGE, LARRY 2,278.35 6,835.05 300.00 100.00 1,878.35
22 4/73 REED, JOE 106.09 318.27 106.09
172 12/03 SCHADER, MADGE 1,345.64 4,036.92 1,345.64
41 9/85SCHADER, TROY 1,480.57 4,441.71 57.00 1,423.57
83 03/01 SKELTON, KIMBERLY 1,182.03 3,546.09 125.00 25.00 1,032.03
66 8/98 SKELTON, PAULINE 413.75 1,241.25 413.75
82 03/01 SKELTON,KELLY 1,182.03 3,546.09 125.00 25.00 1,032.03
36 5/76 SPRINGSTON, CARL 782.71 2,348.13 70.00 17.00 695.71
90 03/02 STOUT, IMOGENE W. 745.44 2,236.32 745.44
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tax St Tax Net
165 12/02 TATE, RALPH 3,561.26 10,683.78 300.00 100.00 3,161.26
65 3/66 TUNE, BILLIE SUE 132.61 397.83 132.61
27 3/71 TUNE, MILDRED MRS. 132.61 397.83 132.61
71 1/00 WARFORD,THOMAS 2,429.83 7,289.49 300.00 2,129.83
28 7/68 WATTS, DONALD 424.36 1,273.08 424.36
88 01/02 WOOD,RONNIE D 2,987.52 8,962.56 800.00 200.00 1,987.52
52 9/88 WRIGHT, RANDALL 1,642.08 4,926.24 200.00 25.00 1,417.08
87,262.44 261,787.32 9,352.94 2,042.82 75,866.68
DROP DATE DROP EMPLOYEES NEW BENEFITS
04/01/00 NAPIER,LONNIE 3,415.81
07/01/00 REAGAN,PETE 3,432.73
01/01/01 DOSS,MARION 5,220.30
03/01/03 MAHAN, MARSHALL 3,958.53
03/01/03 PIERCE, JOEY 3,540.95
03/01/03 SHACKLEFORD, GLEN 3,540.95
04/01/03 O'NEAL, TEDDY 4,000.96
05/01/04 FARRAR, DANNY 4,034.33
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 2005.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6810-9810-5335-00
6810-9810-5335-06
YTD Column
Difference 0.00
CITY OF FAYETTEVILLE, ARKANSAS
FIREMEN'S PENSION AND RELIEF FUND
INVESTMENT POLICY
PURPOSE: The purpose of this policy is to define the guidelines for the Firemen's
Pension and Relief Fund Board in selecting assets for the Firemen's Pension and Relief
Fund.
I. Investment Objectives
A. To protect the Fund's assets while insuring systematic and adequate
funding of plan distributions and benefits to participants and their
beneficiaries.
B. To earn the highest possible total (capital appreciation plus current return),
consistent with prudent levels of risk.
C. The long-term goal is to realize an average annual rate of return of 6% on
the Fund's total portfolio to satisfy the actuarial projections. The Board
expects the total fund, as well as each component, (i.e., equity fund, fixed
income fund, balanced fund) to:
1. Perform in the top one-third of an evaluation services universe
using a Standard and Poor's Index;
2. Achieve a net return equal to the S&P rate of return for equities;
3. Achieve a net return (inclusive of fees) equal to the
Shearson/Lehman Government/Corporate Bond Index for fixed
income; and
4. Achieve a net return (inclusive of fees) at least equal to the equal
combination of the S&P 500 and Shearson/Lehman
Government/Corporate Bond Index for balanced funds.
The performance will be measured over a 3-year time frame. Short run
results will also be monitored and are expected to be within the top one-
third of an evaluation services universe. Non-performance with regard to
these requirements may cause the Board to evaluate continuation of the
contract.
Performance will take into consideration the risk the money manager is
incurring to achieve the rate of return. Money managers incurring undue
risk according to the evaluation services universe will be considered as no
properly performing.
1
II. Volatility and Liquidity
A. Consistent with the desire for adequate diversification, this investment
policy is based upon the assumption that the volatility of the portfolio will
be similar to that of the overall market. Consequently, it is expected that
the volatility of the total portfolio, in aggregate, will be reasonably close to
that of a weighted composite of market indexes (e.g. Standard & Poor's
500 Index for stocks and Shearson/Lehman Government/Corporate Bond
Index for bonds).
B. While there is no immediate requirement for the investment managers to
maintain liquid reserves for payment of pension benefits, the Board of
Trustees will monitor the liquidity needs of the plan with the managers on
at least an annual basis. Current annual benefit payments are
approximately $907,000. This amount will be offset by contributions to
the plan from employees, employer match, state insurance premium tax
turnback, and local millage. Contributions to the plan totaled $401,207 in
2001.
III. Asset Allocation/Diversification
A. The maximum allocation of investment categories shall be 50% for
equities and the balance in fixed income (including cash equivalents) and
other investments.
B. A specific asset allocation shall be approved by the Board and shall be
segregated as a percentage for equities, fixed income, cash equivalents,
and other investments. The specific asset allocation shall be reviewed at
least semi-annually with the investment counsel. Any changes shall be
transmitted to the investment counsel in writing. The allocation shall be
within the following guidelines:
1. Cash and Cash Equivalents: 5%-25%
Short-term investments shall consist of obligations of the U.S.
government, U.S. agencies, and corporate issues of one- to three-
year maturity or less, repurchase agreements, certificates of
deposit, and the highest two grades of commercial paper.
Additionally, U. S. government money market funds may be
utilized.
2. Fixed Income: 15%-75%
The quality of fixed income securities shall not be rated less than
investment grade by Moody's or Standard and Poor's. Excluding
direct obligations of the U.S. government and U.S. government
agencies, maximum of any one corporate issue shall not exceed
2
5% of the total portfolio at cost. Whenever possible, call
protection shall be integrated into the portfolio to stabilize the
current income and marketability of the portfolio.
3. Equities: 25%-50%
Managers shall have no restrictions as to the percentage of their
diversification except as follows: Equity investments in any single
issue shall not exceed 2.5% of the cost value of the total assets.
The Manager can operate outside the Equity guidelines by not
more that 5% with a report on the variance to the Board at
their next monthly meeting. The Board will then authorize or
reject the variance for the next month.
4. Other Investments: 0%-10%
C. The Board of Trustees recognizes the need for diversification of the plan
assets in order to minimize the risk of large losses. Consequently, the total
portfolio will be structured to maintain diversification, consistent with
prudent investment practices and with the Board's desire to stress the
principle of preservation of capital.
IV. Investment Guidelines
A. Adherence to all applicable Arkansas Statutes is required, particularly Act
364 of Arkansas Publics of 1981as amended.
B. Investments and reinvestment shall be made in accordance with the
prudent investor rule as interpreted and defined by the Federal Employees
Retirement Income Security Act (ERISA) of 1974. This rule states that in
making investments, the fiduciary shall exercise the same judgment and
care which an institutional investor of ordinary prudence, discretion, and
intelligence exercises in the management of large investments entrusted to
it, considering probably safety of capital as well as probable income.
C. If professional money manager is employed to execute transactions, the
following is required:
1. Money manager may be comprised of more than one professional
firm in order to segregate various duties and powers.
2. Money manager shall be registered with the State of Arkansas
and/or the Securities and Exchange Commission (SEC). Proof of
current registration shall be made annually to the Board.
3
3. Money manager shall be retained under contract awarded on the
basis of competitive bid. Award of the contract will not be
required to be solely on lowest bid. All contracts shall include a
30-day cancellation provision.
4. Investment management of the portfolio will be implemented on a
fully discretionary basis, once investment policy is approved by the
client. Transactions conducted in accordance with the investment
policy will take place without prior notification provided to the
client upon the execution of individual trades. Monthly
statements issued by the custodian will include a summary of all
transactions. The money manager shall have full power to hold,
purchase, sell, assign, transfer or dispose of any of the moneys or
investments of the Fund so long as such activities are in
accordance with the following guidelines:
a. No more than 2.5% of the fund's total assets valued at cost
may be invested in the equities of any one company or
affiliated group of companies. (Each telephone company
issuer shall be considered a separate and distinct issuer.)
Rated equities purchased for the account will carry a
minimum Standard & Poor's rating of`B". Non-rated
stocks will be assigned a rating less than B- for calculation
of the weighted average equity portfolio rating. The
weighted average rating of the equity portfolio must be
equivalent to a Standard & Poor's rating of`B+" or better.
b. Excluding direct obligations of the U.S. government and
U.S. government agencies, maximum of any one corporate
issue shall not exceed 5% of the total portfolio at cost.
C. Any fixed income securities shall carry an investment
rating of investment grade or better by Moody's and
Standard & Poor's.
d. Short-term investments shall consist of direct U.S.
government obligations such as U.S. Treasury bills,
repurchase agreements fully collateralized by U.S. Treasury
issues, certificates of deposit not to exceed $100,000 at any
national bank or federal savings and loan association, and
corporate issues of one-year maturity or less. Funds may
be held in U.S. government money market funds during
periods of purchasing securities.
e. Investments in international securities will be limited to
10% of the equity portfolio at cost.
f. Options may be used for hedging purposes only.
4
g. In accordance with Arkansas Statute 12-3307.15, no funds
shall be invested in companies engaged in business in or
with the Republic of South Africa which have not adopted
the "Statement of Principles of U.S. Firms with Affiliates
in the Republic of South Africa" Sullivan principals.
5. Investments and reinvestment shall only be made in accordance
with the prudent investor rule, as interpreted by the Federal ERISA
of 1974.
6. The money manager shall provide the Board a written investment
policy and promptly provide the Board with subsequent change in
policy in writing. The policy shall adhere to guidelines as set forth
in this document.
7. Money manager shall file with the Board a written report setting
forth for the period since the last report, which shall include:
a. All investments purchased and sold, all receipts and
disbursements and any other transactions concerning the
Fund's moneys on a monthly basis.
b. Cost and market value of all investment categories on a
monthly basis.
C. Current yield at market on a monthly basis.
d. Total investment return of the total Fund as well as
investment return by asset category for the most recent
quarter. Also, this quarterly information should include
year-to-date and previous year return figures.
e. Average maturities of applicable securities on an annual
basis.
f. Comparison of actual asset allocation to established asset
allocation guidelines on a quarterly basis.
g. Short- and long-term forecasts of economic conditions
which have an impact on investment margins at least
quarterly.
h. Projected earnings for the fund for the next annual period at
least quarterly.
5
L A list of all transaction fees as cents per share and percent
of trade value. Also including a total amount for
transaction fees on a monthly basis year-to-date.
8. If the Board chooses to direct a specific investment activity, the
money manager shall be so notified in writing. The Board must
approve such action during a regularly scheduled meeting.
9. The money manager shall select brokers to handle transactions on
a competitive basis, at least quarterly, with emphasis on getting
consideration of the level of service rendered and performance of
execution. A report of these bids and awards shall be submitted to
the Board quarterly.
V. Monitoring the Performance of the Investment Process
A. At least annually, the Board shall review its investment methodology,
including the investment policy.
B. A three (3) year time frame shall be used to evaluate real investment
return.
C. If a money manager is employed, the manager's performance shall be
measured over a three (3) year time frame. Consideration shall be given
for investment market conditions during the period and adherence to the
Board's investment policy guidelines. If the Board so chooses, a review
of the money manager's performance over the cycle shall be made by an
independent third party.
D. The Board of Trustees may opt to employ a professional service to
perform regular investment performance analysis on the portfolio.
E. The Board of Trustees will meet at a minimum semi-annually with its
money managers. At that time they will review:
1. The manager's adherence to the policy guidelines;
2. Comparison of the manager's results against funds using similar
policies (in terms of the stock/bond ratio, diversification, volatility,
and style);
3. The opportunities available in both the equity and bond markets;
and
4. Material changes in the manager's organization; such as
philosophical and personnel changes.
6
VI. Communication and Review
Ongoing communication by phone, letter, or meeting will be accomplished as
deemed necessary by either the money manager and/or the Board of Trustees.
Review of the Fund's overall performance will be scheduled to occur quarterly;
and that review will be done in person. A copy of all trades will be forwarded to
the Board for information purposes only. The Board will look forward to specific
investment ideas and how they should affect the portfolio's performance.
Additionally, any communications concerning the outlook of the economy,
business environment, and other related matters would be information well
received by the Board.
ACCEPTED:
City of Fayetteville Firemen's Pension and Relief Board of Trustees
Dan Coody, Mayor Date Marion Doss Date
Danny Farrar Date Robert E. Johnson Date
Pete Reagan Date Ron Wood Date
Sondra Smith Date
Longer Investments Inc.
Elaine M. Longer, President Date
7
Sondra Smith - Widow'Benefits Page 1
From: Sondra Smith
To: Firemen's Board Only; Williams, Kit
Date: 2/1/05 4:37PM
Subject: Widow Benefits
At the January 27, 2005 Firemen's Pension meeting we discussed if the spouse of a pensioner would be
allowed to draw benefits if they had married after the pensioner retired. Please let us know what the law
states on this subject at our next pension meeting. The February meeting will be on February 24, 2005.
Thanks for your help!
Sondra Smith
City Clerk
City of Fayetteville
113 West Mountain
Fayetteville, AR 72701
479-575-8323
ssmith@ci.fayedeville.ar.us
.FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
KIT WILLIAMS,CITY ATTORNEY
DAVID WHITAKER, ASST. CITY ATTORNEY
DEPARTMENTAL CORRESPONDENCE LEGAL DEPARTMENT
TO: Firefighter Pension Board of Trustees
FROM: Kit Williams, City Attorney
DATE: February 8, 2005
RE: Benefits to widow of firefighter if married after retirement
A.C.A. § 24-11-820 (b)(5) provides authority (in limited
circumstances) for benefits to be paid to a surviving spouse who marries a
retired firefighter. First, the marriage must have lasted 5 years before the
firefighter's death. Second, the Pension Board must decide to extend this
benefit. Finally, the "pension fund must be actuarially sound . . . after this
benefit increase . . . ." (emphasis added)
Subsection (d) requires "Any payment of benefits above the minimum
amounts stated in this section shall not be made except upon determination
that the fund will remain actuarially sound." (emphasis added)
Previous benefit increases to your members have been made even
though the pension fund was not "actuarially sound" as long as it could meet
the "actuarially feasible" (cash flow) test of A.C.A. §24-11-102 (b)(2)(A).
Because these new potential benefit increases require the fund to be
"actuarially sound . . . after the benefit increase", it is questionable that our
fund could meet this test.
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G ;u VERIFICATION' OF ENROLLMENT
NorthWest Arkansas Community College
One College Drive Bentonville,AR 72712 (501)636-9222
Office of the Registrar
To Whom It May Conce
This is to verify that St, 4a0 —55 —1?m
Name Social Security Number
is enrolled at NorthWest Arkansas Community College, Bentonville
❑ was enrolled at NorthWest Arkansas Community College, Bentonville
❑ has early-registered at NorthWest Arkansas Community College, Bentonville
o reFord of enrollment at NorthWest Arkansas Comm ty College, Bentonville
for th U term, extending fro / CGU$" to ADD _
for _ / semester hours cr t.
This is full-time half-time
SEAL c ot'the Registrar Date
Valid only If embossed with the official seal of the Registrar
ARSAM" xDEPARTMENT OF REALM
ENT DEC 0 E 1962 Division of Vital Records 03 - ;; 02 995 9
CERTIFICATE OF LIVE BIRTH
E CMILOw-ISAAIE •FIRST N(MOLE LAST
SER DATE 00 NRTNINIw•DRT.r•A MOPE
Kelly Diane Skelton ,. F ,, October 25,1982 „12 :37AM
.HOSMTAL-NAME 111 NN .EMSMAIAwOwwNRI11
('ITT,--m OR LOCATION OF BIRTH �T,,,D„n�
N 4�asfi.i.ngt egion 1 Medical Center _ �F etteviI le_._
i, rt. w Y T1pN [MINING THIS MILD IS T VETO T I_. � � ••I•� fii'n _
• I OMIwR�ci •. it.'! w^..- r.�_ SIWIRPINIy#P.r.r/.) :i.• NI -RT7UKOi1�T/IOF ATI'F _"b'.Aiiri*=y"x IFgT11ER FNAM •.
�: •t R ANO •/MIO 9. '. :,:..:•. : �+. .. - . ..
AAAIAODIIRSf IS/TM�R.i•0.NA CATH TINIL sl,) .
,� UMG,.. 207 E• Dickson, Fay►ettevi l l e,' AR 72701
Mi. . areaECErvl�DeraEGlsTualw,•n.E.r,vri .
ft MON2 910
AMOOLE LAST IMAIOl/1 MAMA
wGEIMMNH_ STATED,MRTIIINMIRIN Y.&N-aw"AANA'T
' Kathy Diane Eads W ' . . Arkansas .
RRSN ATE iO111TTr
[Fayetteville
rr.reN N.aeLOCArIDN
Ar nsas .Washin ton STREETwNDINUMSRMIORRESIDENCE IM100T •t324 S Buchanan . « es
ISFNCRp
�{ A1LIL'IRpARON�SS-MRSwRtrRY11�R/MRiyiMRMq
. f►MIISNIORIO ,ORDRCRNt IMD1MRRi
• rR. 72701 I•�IIOILE.AIlIw a�]FIMRTONICAN LOEMITRALOR
S.QAIERICAN LOCUSAII AMRRKYI
FAT FIRSTAMpDL= LAST * WOTMEROR YM•
IM/MN STATE OF
of MOTH INIM INY•S.A,drnyyMMIrF
• .a
Ray Allen � Skelton ;"''�f'
.i IaIMINAM,.,..,w,N.NNIM✓MI'...,....NMIb«.MNW.»aN.rsO M»MM.M.F. NN. Arkans As
MRM1IIf
ROOM"" RELATIONTOCHILD S,wNISNOMIIGIMOMI ONCRNT.IFATIIERN
IM,!•IiFRM waNI R' Skelton 1.ONws,.+RSM 7.owRRTORIMN :Se uNTRAL eR '
Father I-amea1CN( LOcusom AMERICAN
Ila. •�. Dr11RRR,uR
dift
THIS IS A CERTIFIEJ •COpY Or AN ORIGINAL, DOCUMENT '
This tc# certify, that the +above is an exact reproduction- of the original
-eertif Bate which 4 --on--file -- in - this office .and of which I .ar .Iega1. cus-
tbdi'An 4. . rh t$stioa4y wh*reo'€,. 'witness my hand. -and 'seajl of office at
Latt le zRock e Aoo .ansae.. : (Do not •accept if rephotographed; or i f seal -
cannot 'be . felt «' . Tho.: reproduction - of this document is prohibited by law,
Arkansats , Statute . 62-6523) .
pY 1
7; 1983 ,
DATE STA REGISTRAR
i
-.-YWYYW W W WIY
9�
•�pMMNR.B
Office of the Registrar 146 Silas H. Hunt Hall
School Code: 001108 Fayetteville, AR 72701
(479)575-5451
Enrollment Verification as of 1/27/2005
Kimberly Skelton ID Nbr : 004933941
5505 Bryant P1
Springdale, AR 727642591
United States
Current Program of Study
Level Major
Undergraduate Walton College of Business
Major Degree Declare Dt Concentration
Undeclared Undergraduate (WCOB) 08/25/2003
Pre-Business (Undeclared) 08/25/2003
Enrollment History
Term Level Begin Date End Date Units Status
Spring 2005 UGRD 01/18/2005 05/13/2005 8 . 00 Half-Time
Seal Office of the Registrar
This certificate is valid only when signed by an authorized ofcal of the Office of the
Registrar and the certificate is embossed with the seal of the Registrar.
Page 1 of 1
Gu VERIFICATION`OF ENROLLMENT
NorthWest Arkansas Community College
One College Drive Bentonville,AR 72712 (501)636-9222
Office of the Registrar
To Whom It May Concern:
This is to verify that T, X1'1 �J n �1 � �� -91L*
Name Social Security Number
❑ is enrolled at NorthWest Arkansas Community College, Bentonville
was enrolled at NorthWest Arkansas Community College, Bentonville
has early-registered at NorthWest Arkansas Community College, Bentonville
I no record of enrollment at NorthWest Arkansas Community College, Bentonyille
for the ad term, extending fromQ a'�Lb°�' to
for semester hours credit.
This is full-time half-timek
4t L
Pfi -a t
c f the Registrar Date
SEAL
Valid only If embossed with the official seal of the Re�r
Anticipated Estimated Anticipated Additional
Retirement Rollover Payout Date Monthly
Date of DROP Expense
3/31/2005 Lonnie Napier $ 216,948.36 April $ 3,415.81
6/30/2005 Pete Reagan $ 219,727.01 July $ 3,432.73
12/31/2005 Marion Doss $ 340,480.76 6-Jan $ 5,220.30
Balance as of 01/31/05
Lonnie Pete Marion
Napier Reagan Doss
Sub Project Project # Project # Project#
62069 62079 62080
1 Retirement Benefit $ 180,150.16 $ 173,964.85 $243,181.98
2 Employer Match $ 12,778.00 $ 12,407.11 $ 17,441.60
3Interest $ 16,487.88 $ 14,767.25 $ 17,603.95
4 Future Supplement $ 218.40 $ 218.40 $ 218.40
Subtotal $209,634.44 $201,357.61 $ 278,445.93
Feb $ 3,656.96 $ 3,673.88 $ 5,639.53
Mar $ 3,656.96 $ 3,673.88 $ 5,639.53
Apr $ 3,673.88 $ 5,639.53
May $ 3,673.88 $ 5,639.53
Jun $ 3,673.88 $ 5,639.53
Jul $ 5,639.53
Aug $ 5,639.53
Sep $ 5,639.53
Oct $ 5,639.53
Nov $ 5,639.53
Dec $ 5,639.53
Estimated Payout $ 216,948.36 $ 219,727.01 $ 340,480.76