HomeMy WebLinkAbout2009-12-31 - Agendas - FinalFayetteville Fireman's Pension and Relief Fund
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ARKANSAS
Firemen's Pension and Relief Fund
Board of Trustees Meeting Agenda
December 31, 2009
Pete Reagan
Gene Watford
Ron Wood
Position 2/Retired
Position 3/Retred
Position 4/Retired
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be
held at 3:00 PM on December 31, 2009 in Room 326 of the City Administration Building.
Approval of the Minutes:
• November 19, 2009 meeting minutes
Approval of the Pension List:
• January, 2010 pension list
Old Business:
• Osbom, Carreiro & Associates, Inc. actuarial study invoice
New Business:
• Mayor Jordan's letter to David Clark at PRB regarding ability to decrease benefits
• David Clark's response to Mayor's letter regarding ability to reduce benefits
• City Attorney memo regarding State statutes 24-11-213 thru 215, 24-11-301 and
24-11-809
• NCPERS membership fee invoice
Longer Investments:
• Longer Investment — investment report
Informational:
• 2010 Parking Permits
• 2010 Meeting Schedule
Board Members
Mayor Jordan
Sondra E. Smith
Marion Doss
Pete Reagan
Gene Warford
Ron Wood
Chairman
Secretary
Position 1/Retired
Position 2/Retired
Position 3/Retired
Position 4/Retired
aye
ARKANSAS
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Page 1 of 10
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
3:00 PM on November 19, 2009 in Room 326 of the City Administration Building.
Mayor Jordan called the meeting to order.
Present: Mayor Jordan, Marion Doss, Ronnie Wood, Sondra Smith, City Attorney Kit
Williams, Paul Becker Finance Director, Trish Leach, Audience and Press.
Absent: Gene Warford and Pete Reagan.
Approval of the Minutes:
October 29, 2009 Meeting Minutes
Marion Doss moved to approve the October 29, 2009 Firemen's Pension and Relief Fund
Board of Trustees meeting minutes. Ronnie Wood seconded the motion. Upon roll call the
motion passed 4-0. Gene Warford and Pete Reagan were absent.
Approval of the Pension List:
December, 2009 Pension List
Sondra Smith: There are no changes to the list that I am aware of.
Marion Doss: Except for Donald Miller or was that on the last one.
Sondra Smith: That was on the last one.
Marion Doss moved to approve the December, 2009 Pension List. Ronnie Wood seconded
the motion. Upon roll call the motion passed 4-0. Gene Warford and Pete Reagan were
absent.
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Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Page 2 of 10
Old Business:
Osborn, Carreiro & Associates, Inc. Actuarial Study
Mayor Jordan: I've been scrambling around trying to read this so I might not be quit as versed
on this as I probably need to be. I do apologize for that but we just got it today. Has anybody
had a chance to look it over?
Kit Williams: Why don't you give everybody a chance to read over it for a few minutes?
Mayor Jordan: Does anybody need the actuarial report? Doesn't look much different from
what I have seen before.
Marion Doss: The first time he said 23% reduction and this time he said 22%.
Mayor Jordan: Then he goes on to say, I believe toward the end, due to the market increase it
might not be 22%.
Paul Becker: Let's talk about that. He talks about what the market value was at the end of
2008. The market value now is less than it was in 2008 so that doesn't apply. Remember we
have to pull money out of your invested assets to pay pension benefits. That part doesn't apply
so you don't take a reduction there.
On the worksheet Trish did for us you can see that the total market value of assets in 2008 was
$5.8 million and they are currently $5.5 million. He is making an assumption here that the value
of the investment portfolio would be larger than it was last year. That's not the case and if you
really analyze it that's because we have had to pull money out of that to pay pension benefits.
Marion Doss: Why would he not use current figures since we asked him to do this about a
month or two ago?
Paul Becker: And run it back through the scenario?
Marion Doss: When did we make a request for this?
Sondra Smith: It was early in the year. A copy of the letter is in the packet. The request was
made April 29th.
Kit Williams: He used $5.8 million and the market value of total reserves assets now are
$5,576,000. It's within a couple hundred thousand less than what he said but it is still pretty
close.
Paul Becker: The thrust of the memo said that he was making an assumption that it would be
up.
Kit Williams: He missed that by about a million.
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Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Page 3 of 10
Paul Becker: He is making the assumption that it would be up because of the activity of the
stock market. As we know in our situation we're pulling from those assets because the current
income doesn't keep up with pensioners benefits.
Kit Williams: Back in 2006 the market had been up very substantially and when I saw that our
reserves were still down that's what made me concerned enough that I started writing you saying
something has to be done because we're heading to liquidation. That was before the crash. That
was after she had done a wonderful job in getting tremendous gains in the pension plan.
Marion Doss: We received the answer to the questions we asked. I'm really not in favor of
reducing widow's benefits. Scenario one is to leave this pretty much the way they are. That's
my opinion. I would prefer to keep widows benefits the same as they currently are. I wouldn't
like the idea of reducing future ones and have two different amounts there.
Kit Williams: I would be concerned about that, if we tried to treat widows that are already
receiving now one way and then new widows receiving less. I don't know if we could actually
do that.
Mayor Jordan: It doesn't seem right.
Kit Williams: It might be an equal protection of the laws argument, that it would not be
something that could be done. I haven't researched that but it does make me concerned.
Marion Doss: That's one of the things that the family asks when a firefighter passes away.
That's one thing they are concerned about with their mother or someone is if she is going to have
a lot less to live on. I felt good with the fact that it stays the same. That's something they don't
have to worry about. I would rather take more of a cut myself and leave widows benefits the
same as they are.
Kit Williams: Ronnie you are the only other pensioner here do you have any comments on that?
Ronnie Wood: I would agree with Marion on that. I don't want to cut widows benefits. To me
through the years that's been a big part of our pension.
Mayor Jordan: Do you all want to wait until your other pensioners are here at the next
meeting.
Marion Doss: There is nothing we can do about it right now anyway.
Mayor Jordan: We just got it today and I don't think you want to make a decision on this
today.
Kit Williams: I think you should look at what he's saying when he thought the fund would be
going up and it says for every one million dollars in change then the benefits will change by 7%
so if it's going down I would assume you will have to have a bigger decrease for every million it
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Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Page 4 of 10
goes down you are going to lose another 7%. Instead of a 22% decrease it would be a 29%
decrease and that is what has concerned the Mayor, City Clerk, and me for a long time is that the
longer something like this is allowed to go on the bigger the cut would have to be.
Marion Doss: We are very concerned about it too. We trusted the people at Pension Review
Board and we made the request when we did the actuarial studies to see if we could do a benefit
increase and so that is where that's at.
Mayor Jordan: I know it has to be frustrating.
New Business:
Attorney General Opinion No. 2009-102 dated November 4, 2009
Kit Williams: I sent you a memo that I hope you got. I certainly agree with the Attorney
General that the law in this area is not entirely clear. He couldn't give an absolutely definitively
answer just like I can't. The thrust of his opinion was that there were certain things that made
them concerned about whether or not you could legally reduce benefits. The statute doesn't
expressly give you rights to reduce benefits except for one particular statute that the Attorney
General and I disagreed on how it should be interrupted. The one that says benefits can be
reduced pro rata to prevent the fund from running out of money. They say that because in
another part of that same code section they talked about running out of money in a fiscal year,
paying it all, and then paying nothing until the next money comes in. They interpreted that to
mean that it affected that particular subsection also and therefore it was only at the last year,
when you were about to run out of money, that you could reduce the benefits so you wouldn't
run out of money. To me that does not make logical sense. It seems like if you can reduce
benefits so that the fund will not run out of money you should be able to do it early enough so
you don't have to cut the benefits so much. But, nobody will have an answer to this until the
courts have spoken. It's going to be difficult to get this issue before the court.
There are two ways to get it before the court, one is to do nothing and run the fund into the
ground where you won't have money to pay all the benefits. Then maybe a disgruntled
beneficiary will sue you and say that you didn't fulfill your fiduciary duties of protecting the
fund and making sure it would remain viable, that you should have reduced benefits and you
didn't do it. At that point they could sue and we will see what the courts would say. You
certainly will have the Attorney General's opinions to rely on, that you followed what you
believed the Attorney General's advice was in not reducing benefits and you didn't see a specific
way to do it. You very well could win but if you lost the problem with that scenario is that there
is no money in the funds to pay this beneficiary who has just won and claims he or she should be
getting at least 50% of their ending pay. The only persons that could possibly pay that would be
the board members, which you're not going to be an in position at that point, because you won't
be getting benefits either.
The other scenario is if you decided to attempt to reduce benefits then any pensioner out there
that disagreed with that position could file a suit and say you are not allowed to do that and you
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Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
November 19, 2009
Page 5 of 10
have taken money away from me. They could sue the board for making that decision because it
would be a board decision and then we would get into court. At that point I could defend the
board's decision and their attorney would say that we breached a contract or something whatever
their theory is. We could get into court at that point in time because there would be what's called
an actual case in controversy. The judges won't just give you an advisory opinion. We can't just
send this up to the judge and say tell us what to do. There has to be a case in controversy and
there would be if you lowered benefits and somebody sued you. The down side on that is let's
assume I'm wrong and that the court would say, kind of like what the Attorney General has said,
that you can't reduce benefits, that you have to drive the pension plan right into the dirt. At that
point in time the remedy would be or what the person would win is two things. He would win all
the benefits he should have received if you hadn't reduced benefits so whatever that would be, a
fairly small percentage, but he and all the other beneficiaries and probably you too would all get
an extra check from the pension fund. The same amount as if you had never reduced benefits.
The benefit of that is at that point in time at least there will be money in the fund to pay. In fact
you will be basically in the same position you would have been if you would have never reduced
benefits. Everybody would just get paid their benefits. The down side is you would probably
owe attorney fees to the attorney representing that pensioner. I don't know how much that
would be. It probably would not be a whole bunch, but if they waited a long time to sue so a lot
of unpaid benefits accumulated, then it would be more. If they filed suit quickly and we got into
court quickly then I don't think the attorney fees would be that much. That would be the one
thing that would be in addition to you all getting benefits. The benefit of that is that at least there
will be money in the pension fund to pay if you lose and you all would not be individually liable
which you might very well be if this pension fund gets driven right into the dirt.
I have written a lot of memos on this and the Attorney General has written opinions, I'm
probably going to stop. I've tried to explain my position as carefully as I can. I know it's
confusing. I've tried not to be as confusing but we are just in this situation where it's not crystal
clear. I can't give you the right answer definitely either way so really the ball is going to be in
your court to decide which course you want to take and either way you could get sued.
Mayor Jordan: Which one do you like?
Marion Doss: Personally I think the prudent thing to do is to reduce benefits to try to save the
fund. I've said in the past that I think we should be attempting consolidation with LOPFI too.
Kit Williams: I think those would go hand and hand although you could possibly reduce
benefits just to save the fund, but you could also do it in order to try to convince the City Council
to go ahead and consolidate you with LOPFI.
Marion Doss: That's what I think would be the safest thing in the long run. That's what I
would prefer. Another thing I was wondering about, the thought occurred to me, we had to write
a letter to the Pension Review Board to have a study done to get an okay for the increase, and
can we write a letter to them and see if we can do a decrease to save the fund. At least get
something from them on that, they are the ones that let us do this.
Ronnie Wood: Send that to PRB?
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November 19, 2009
Page 6 of 10
Marion Doss: Yes, the Pension Review Board.
Kit Williams: You're right. In order to get any increase, which you have gotten several in the
past you have always had to send it down and get an actuarial study and usually a cash flow
study, because that's the law. It's very clear in the statutes how you get increases. There's no
procedure set for decreases except for that one section I talked about reducing everything pro
rata which is really what would be your preferred way anyway. I don't know if they would feel
like they had the right to do anything if we sent them down a letter requesting that, because there
is nothing in the statutes that says they are supposed to do anything on that. The other thing
would be to see if the legislature is going to change anything and make it clear but that means
that you wait another couple years and the fund gets that much worse while we are waiting to see
if the legislature is going to tell you how to do it. That's certainly a problem though, because if
you just use that one section that I'm talking about that says reduce it pro rata, the court might
say that's the wrong section, you should have sent a letter even though there is nothing in there.
That's true this is uncharted area. I wish I had the perfect answer I certainly do not.
Marion Doss: I would like to question them about that. I'm sure we can't be the only
department in the state that has come up with this problem.
Kit Williams: No, there are many pension plans that are in real problem areas right now and I
don't know what the resolution of that is going to be for them. I don't know if anybody has done
anything. Do you know anything about that Paul?
Paul Becker: I go down to the Pension Review meetings and they haven't really addressed it
per say but as Kit said probably the majority of the funds have been judged actuarially unsound
as has yours. Certainly it isn't a unique problem to Fayetteville.
Kit Williams: I think some funds are in worse shape.
Paul Becker: I think Kit is right. I would assume the position they would take is there is nothing
that statutorily allows them to do that but they could pass that on to their attorney. They do have
an attorney that represents the Pension Review Board.
Marion Doss: I would like to have that question asked of them.
Kit Williams: You are the board. You decide what is done.
Paul Becker: You could draft a letter and send it to David Clark who is the Executive Director
of LOPFI and the Pension Review Board and ask him to pose that question to the Pension
Review Board.
Kit Williams: If you weren't going to reduce your benefits that would give you at least another
person that you contacted in authority that would be telling you no. I think from some of his
comments that he indicated that he didn't think there was an authority. I think you know what
his answer is going to be.
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November 19, 2009
Page 7 of 10
Marion Doss: I remember what he said. He said it had never been done before. He may be
one of those that said if you do that I would recommend someone file a friendly suit to see if it is
legal. He may have said it but I would still like to hear something from PRB.
Kit Williams: Something in writing.
Marion Doss: I think it is real important to save this fund. There is a bunch of people that rely
on this. I don't know what else we can do.
Ronnie Wood: Who would that letter need to come from?
Kit Williams: It would need to come from the board.
Sondra Smith: If you authorize it then I will draft it for the Mayor to sign it as chairman of the
board.
Marion Doss: I would appreciate it if you all would write that.
Kit Williams: Are you asking that the Mayor write a letter that would request from them an
opinion whether or not the pension benefits can be reduced and what would be the proper
procedure for doing that?
Marion Doss: I think and explain the background. Carreiro said in this report 22% and when he
was up here a few weeks ago he said 23%. We are looking at about the same thing and just see
what they say on that. They may say there is no way you can do that. There might be more
background. What do you think about that? I would just like to get their opinion.
Mayor Jordan: I will draft up a letter and I will send it to the Pension Review Board.
Marion Doss: Okay.
Paul Becker: Would it be appropriate for the Mayor to draft that Kit or would you be the proper
one.
Kit Williams: No, I think it should come from the Mayor as Chairman. I think it is too late to
do a consolidation this year anyway.
Paul Becker: Consolidation would have to be completed by October.
Kit Williams: By next October this fund will probably be lower unless we have a giant run up
in the market.
Marion Doss: We don't expect that but if we could reduce and get down to that sustainable
level, and I believe you were the one that said if we get it to a sustainable level it should be able
to consolidate without any cost of the city. Is that right?
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November 19, 2009
Page 8 of 10
Paul Becker: What we said was if we got it to a point that actuarially we could send it down at
no cost to the city we would take it to the Council for consideration because they are the ones
who would have to approve it.
Mayor Jordan: Just so everybody knows that will probably take a decrease in benefits.
Marion Doss: We know that.
Kit Williams: They are looking at 22% now and if next year it goes down further, if its 7% for
every million, it could be less or more of a reduction and less benefits to you.
Sondra Smith: My only concern with drafting a letter is we said when we hear back from the
Attorney Generals' opinion and when we get the Carreiro report. We've gotten both of those
back and it seems like we keep delaying it and the longer we delay it the chance of you having to
take a larger decease is likely. If we send this letter down and they come back and say we don't
know if you can do that are we going to take some action or we just going to continue putting off
taking action. My concern is for the people that are out there that don't have a nest egg. Some
people may get upset with me for saying this but the people who received the DROP have a nest
egg. They have money set aside or should have money set aside because they received a DROP.
Not all pensioners received that DROP. I'm worried about all of them but the people that did not
receive that big lump sum DROP payment are the ones that I am really concerned about. It's
their future too and I think we need to look at what it could do to those people. It could be
totally devastating to some of those people.
Marion Doss: You're right and of course the thing about the Attorney General's opinion if I've
got the jest of this right it says we can.
Kit Williams: It was not crystal clear he did not specifically opine that but I think he was much
more negative in saying you have a right to do it. There were certainly a lot of dangers out there.
Sondra Smith: That's not what it says on page three. I didn't see the word you can't in the
Attorney General's opinion.
Kit Williams: No, but he was being more negative there's no question about it. He didn't make
a definite opinion that you could not do that but he did point out the various problems and issues
that he thought it might raise. He did not say we could either.
Sondra Smith: On page three it says "I did not opine definitively that the Board cannot reduce
benefits, the statutes are not entirely clear and no court has addressed the matter." That tells me
they are not saying we can and they are not saying we can't. It's going to take court action to
make that decision.
Mayor Jordan: For that to occur somebody is going to have to make a decision. We can beat
this around for a hundred years but somewhere along the line as a board we are going to have to
make a call here.
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November 19, 2009
Page 9 of 10
Marion Doss: I wish the full board was here.
Mayor Jordan: I don't disagree with you on that.
Marion Doss: I think that's right. I think we are going to have to do something.
Sondra Smith: We have had several meetings recently where the full board hasn't been here.
That's another thing that I'm concerned about, waiting on the full board to be here. I arrange my
vacations and everything around our pension meetings because I'm a voting member. I try to
attend all of them.
Kit Williams: I have to apologize because I have a Planning Commission Agenda meeting I'm
suppose to be at.
Marion Doss: Kit I appreciate you being here and giving your insight and I hope you will
continue to do that.
Kit Williams: Thanks.
Paul Becker: The next Pension Review Board meeting is December 8, 2009. They meet
quarterly so the next meeting after that would be March.
Mayor Jordan: I'm sure you all will want to look over the letter that we draw up.
Marion Doss: You can just email that to us. I would really appreciate you doing that. I would
like to know. I think that kind of puts the onerous on them a little bit. I really think we are going
to have to do something. I don't see what else we can do but reduce these benefits. When is our
next meeting?
Sondra Smith: The last Thursday in December. I think it is December 30. We also handed
out next years calendar so everyone can start planning their schedule around our meetings.
Marion Doss: Good idea.
Sondra Smith: Unless the board wants to vote to change the meetings again. We changed them
from quarterly to monthly.
Marion Doss: I think we need to keep them monthly so we can stay aware of what's going on.
Mayor Jordan: I think you do.
Marion Doss: Is city hall open December 31st?
Mayor Jordan: I was thinking we were off that day.
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November 19, 2009
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Paul Becker: We're here the 31s`
Marion Doss: Okay.
Sondra Smith: I think it is Friday the 1st that we are off this year. The 3ls` is not a holiday for
the city. We have a meeting scheduled for 3:00 p.m. in Room 326.
Longer Investments:
Longer Investment — Investment Report
A copy of the report was given to the Board.
Meeting Adjourned at 3:35 PM
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FIREMEN'S RELIEF AND PENSION
January 1 1
2010 1 1
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN ,
AND FOR THE PURPOSE SO STATED.
DATE OF
EMP# RETIREMENT NAME
Regular Mo Year To Date
Benefit Reg Benefit
Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 1,812.74
R 177 4/04 BACHMAN, EDDIE 2,618.55 2,618.55
S 74 3/86 BAIRD, JULIA 1,802.08 1,802.08
✓ 63 5/72 BOLAIN, ANN 109.27 109.27
R 68 7/99 BONADUCE, MICHAEL 2,988.76 2,988.76
S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 2,477.42
R 45 9/86 BOUDREY, HOWARD 2,089.28 2,089.28
R 49 7/88 BOUDREY, JACK 1,647.63 1,647.63
✓ 5 5/72 CASELMAN, ARTHUR 131.13 131.13
R 57 5/90 CATE, ROY 1,788.90 1,788.90
✓ 6 4/68 CHRISTIE, ARNOLD 109.27 109.27
✓ 8 10/76 COUNTS, WAYNE 109.27 109.27
R 77 11/99 DILL,GARYJOHN 1,812.75 1,812.75
R 188 12/05 DOSS, MARION H 5,376.91 5,376.91
R 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 731.61
R 11 2/76 FARRAR,ALONZO 998.86 998.86
R 192 4/06 FARRAR, DANNY 4,155.36 4,155.36
R 38 5/84 FRALEY, JOSEPH G. 1,768.12 1,768.12
R 170 5/03 FREEDLE, LARRY 3,816.75 3,816.75
R 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 141.37
R 92 03/02 GAGE,TOMMY 2,596.69 2,596.69
✓ 34 6/79 HARRIS, JAMES E. 109.27 109.27
✓ 70 11/99 HARRIS, MARY RUTH 109.27 109.27
Q 182 10/04 JENKINS, EILEEN 1,788.75 1,788.75
R 93 06/02 JENKINS, JOHN 1,788.76 1,788.76
R 86 07/01 JOHNSON,ROBERT 3,073.47 3,073.47
R 64 4/95 JORDAN, CHARLIE 2,274.95 2,274.95
5 76 5/88 JUDY, JAN 1,647.63 1,647.63
R 37 3/84 KING, ARNOLD D. 1,522.37 1,522.37
R 54 5/89 KING, ARVIL 1,711.21 1,71121
R 13 10/67 LAYER, MERLIN 456.22 456.22
R 173 12/03 LEDBETTER, DENNIS 3,775.80 3,775.80
✓ 181 10/04 LEE, VIOLA LOUISE 109.27 109.27
R 51 10/88 LEWIS, CHARLES 1,647.63 1,647.63
R 40 9/85 LOGUE, PAUL D. 2,868.28 2,868.28
R 202 02/08 MAHAN, MARSHALL 4,077.28 4,077.28
R 50 9/88 MASON, LARRY 1,631.25 1,631.25
R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 1,753.74
✓ 35 2/82 MC CHRISTIAN, DWAYNE 109.27 109.27
R 15 4/77 MC WHORTER, CHARLES 1,334.51 1,334.51
209 00 -Jan MILLER, ALICE GAYLE 1,304.07 1,304.07
R 29 8/81 MILLER, DONALD deceased 10/23/09 0.00 0.00
R 73 2/00 MILLER,KENNETH 3,180.02 3,180.02
R 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 170.60
✓ 42 2/86 MOORE, JAMES H. 109.27 109.27
✓ 176 4/04 MORRIS, DIXIE E. 125.66 125.66
R 48 7/88 MULLENS, DENNIS W. 2,191.30 2,191.30
R 184 3/05 NAPIER, LONNIE 3,518.28 3,518.28
R 196 01/02 ONEAL, TEDDY 4,120.99 4,120.99
R 46 5/88 OSBURN, TROY 1,899.66 1,899.66
12/30/2009 K:1Fire Pension\Pension List\Pension List 2010\FP 010110.E is WM
DATE OF Regular Mo Year To Date
EMP# RETIREMENT NAME
R 81 02/01
R 203 02/08
R 53 2/89
R 186 06/05
✓ 201 A02/08
S 172 12/03
R 41 9/85
R 190 04/06
R 36 5/76
S 90 03/02
R 165 12/02
✓ 65 3/66
R 71 1/00
R 28 7/68
207 7/68
R 88 01/02
208 9/88
R 52 9/88
PHILLIPS,LARRY
PIERCE, JOEY
POAGE, LARRY
REAGAN, PETE
REED, JUNE
SCHADER, MADGE
SCHADER, TROY
SHACKELFORD, GLEN
SPRINGSTON, CARL
STOUT, IMOGENE W.
TATE, RALPH
TUNE, BILLIE SUE
WARFORD,THOMAS
WATTS, DONALD deceased 3/3/09
WATTS, MAGGIE
WOOD,RONNIE D
WRIGHT, Barbara
WRIGHT, RANDALL deceased 3/11/09
Benefit Reg Benefit
2,765.09
3,647.18
2,346.70
3,535.71
109.27
1,386.01
1,524.99
3,647.18
806.19
767.80
3,668.10
136.59
2,502.72
0.00
437.09
3,077.15
1,691.34
0.00
2,765.09
3,647.18
2,346.70
3,535.71
109.27
1,386.01
1,524.99
3,647.18
806.19
767.80
3,668.10
136.59
2,502.72
0.00
437.09
3,077.15
1,691.34
0.00
119,540.61 119,540.61
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
NOTARY PUBLIC
MY COMMISSION EXPIRES :
12/30/2009 K:\Fire PensionlPension List\Pension List 2010\FP 010110ads WM
Osborn, Carreiro & Associates, Inc.
ACTUARIES • CONSULTANTS • ANALYSTS
December 28, 2009
Fayetteville Fire Pension and Relief Fund
c/o Ms. Sondra Smith, City Clerk
113 West Mountain
Fayetteville, AR 72701
RE: Fayetteville Firefighters Pension Fund
Dear Sondra:
One Union National Plaza, Suite 1690
124 West Capitol Avenue
Little Rock, Arkansas 72201
(501) 376-8043
FAX (501) 376-7847
RECEIVED
DEC 3 0 2009
CITY OF FAYETTEVILLE
CITY CLERK'S OFFICE
Enclosed is our invoice for the actuarial work performed for the above referenced plan. Work
completed includes the completion of a cash flow study with simulation of investment results as
of January 1, 2009. The report also included estimation of LOPFI consolidation costs and a
projection of the future city out of pocket cost under various scenarios. A separate letter
answered specific questions about certain other scenarios. The report was dated and presented
personally on August 27, 2009. The follow up on certain scenarios was in a report dated
November 19, 2009.
Please let me know if you have any questions or comments.
Sincerely,
o.' B. Carreiro, A.S.A.
Actuary
Enclosures
Osborn, Carreiro & Associates, Inc.
ACTUARIES • CONSULTANTS ANALYSTS
STATEMENT
December 28, 2009
Fayetteville Fire Pension and Relief Fund
c/o Ms. Sondra Smith, City Clerk
113 West Mountain
Fayetteville, AR 72701
RE: Fayetteville Firefighters Pension Fund
Invoice for actuarial work recently completed for the above referenced pension fund. Work
completed includes the following:
A cash flow study with investment result simulations as of January 1, 2009.
Estimation of LOPFI consolidation costs.
Current and future city out-of-pocket costs under different scenarios.
Review of four specific scenarios.
Presentation of report to pension board on August 27, 2009
TOTAL DUE $ 2,900.00
Return payment to:
Osborn, Carreiro & Associates, Inc. (Tax ID# 71-0631123)
124 West Capitol, Suite 1690
Little Rock, AR 72201
Invoice #0903110. Keep this copy for your records.
Thank you!
THE CITY OF FAYETTEVILLE, ARKANSAS
November 20, 2009
David Clark
Arkansas Fire & Police Pension Review Board
620 W 3`d Street Suite 200
Little Rock, AR 72201
RE: Firemen's Pension and Relief Fund
Board of Trustees
Request for Information
Dear Mr. Clark:
This letter is to request information regarding the ability of the Fayetteville Firemen's Pension
and Relief Fund Board of Trustees to decrease benefits.
The Board of Trustees received a report from Osborn, Carreiro & Associates, Inc. on November
19, 2009, stating that for the fund to stay solvent as it currently exists, it will be necessary for
additional across the board reductions to be implemented. Attached is a copy of that letter
report.
As such, I respectfully request an opinion as to whether the rules would allow for a benefit
decrease or what option you would propose the Board take to keep the fund solvent.
If you have questions, please feel free to contact me at 479-575-8303.
Sincerely,
1,
Lioneld Jordan
Chair,
Firemen's Pension and Relief Fund
Board of Trustees
Enclosure
113 WEST MOUNTAIN 72701 479-575-0330
FAX 479-57542.67
PRB
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
December 10, 2009
Chairman Lioneld Jordan
Fayetteville Fire Pension Fund
113 West Mountain
Fayetteville, AR 72701
Dear Chairman Jordan:
RECEIVED
DEC 14.2009
CITY OF FAYETTEVILLE
MAYOR'S OFFICE
620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2223
Telephone: (501) 682-1745
Toll -Free: (866) 859-1745
Fax: (501) 682-1751
email: info@lopti-prb.com
website: www.lopti-prb.com
This letter is a response to the Fayetteville Fire Pension Board's November 20'x' request
of the ability to reduce benefits. Specifically, the board's concern is to allow the fund to remain
in its present solvent condition. At their December 8th meeting, the PRB unanimously agreed
that current law does not permit a reduction in benefits. The PRB's decision is consistent with
AG opinions that have been issued on this topic.
In addition to the above request, the PRB reviewed information regarding the level of
funding for each of the closed local fire and police pension funds in the state. It was determined
that your pension fund is projected to deplete its assets within a ten (10) year period. This places
the pension fund in an underfunded status that is referred to as a "projected insolvent" fund in
ACA 24-11-208.
Arkansas Code Annotated 24-11-208 and 209 allows the PRB to perform a valuation
which includes details beyond the normal valuation in order to inform the fund of the available
options to protect the benefits for each participant of the fund. To complete the valuation it is
necessary that the fund promptly complete its December 31, 2009 annual financial report. The
reporting form will be mailed to the fund within the next two weeks. It is essential that the fund
properly complete all areas of the financial report and return it to the PRB as soon as possible.
The completed financial report will assist the actuaries in conducting the referenced valuation,
which will be reviewed by the PRB at their June 2010 meeting. The PRB will then provide a
follow up letter informing the fund of the actions needed to safeguard the benefits.
If you have questions, please contact either David Clark or Denise Reed at one of the
above numbers.
Respectfully,
David B. Clark
Executive Director
Cc: PRB Members
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
KIT WILLIAMS, CITY ATTORNEY
DAVID WHITAKER, ASST. CITY ATTORNEY
DEPARTMENTAL CORRESPONDENCE
LEGAL DEPARTMENT
TO: Lioneld Jordan, Mayor
Fire Pension Board
Police Pension Board
CC: Paul Becker, Finance Director
FROM: Kit Williams, City Attorney /l( Ahhl
DATE: December 9, 2009
RE: A.C.A. §§24-11-213 thru 215, 24-11-301 and 24-11-809
Deciphering the complex intricacies of six pages of the statutes which describe allocation
of insurance premium taxes: apportionment, division among localities and special provisions,
seems virtually impossible. I have seen no other statutes so complex, confusing, intertwined and
unclear.
However, A.C.A. §24-11-301 and 809 seem relatively clear. A.C.A. §24-11-301
allocates two-thirds of premium taxes paid by alien and foreign car insurance companies for:
"(A) Use and benefit of all duly qualified police officers' pension
and relief funds;
"(B) Administrative and actuarial expenses of the Arkansas Fire and
Police Pension Review Board;
"(C) Arkansas Fire and Police Pension Guarantee Fund; and
"(D) Arkansas Policemen's Pension Supplement Program."
A.C.A. §24-11-809 Apportionment of insurance premium tax generally is also fairly
straight forward.
"There is apportioned and set aside for the use and benefit
of duly constituted firemen's relief and pension funds and
for the administrative and actuarial expenses of the .Arkansas
Fire and Police Pension Review Board and the .Arkansas
Fire and Police Pension Guarantee Fund the annual taxes of
two and one-half percent (2.5%) on all foreign and alien
premiums collected by all property and casualty insurance
companies." (emphasis added)
The premium tax on domestic fire insurers "shall be apportioned and remitted to the
Firemen's and Police Officers' Pension and Relief Fund." Id.
Funds apportioned to the Arkansas Fire and Police Pension Guaranty Fund do not help us
since only funds receiving one mill and paying 50% of ending salary qualify for help. Ours
receive .4 mill and pay 90% of ending pay. The administrative and actuarial expenses of the
Arkansas Fire and Police Pension Review Board will also siphon off some funds as well as the
Policemen's Pension Supplement Program. However, there should be quite a lot left to be
distributed as set forth in A.C.A. §24-11-213, 214 and 215.
124-11-213. Allocation of insurance premium tax—Apportionment
"(a)(D)(A) The premium taxes collected under §24-11-301 shall be placed
in a fund combined with the premium taxes collected pursuant to §24-11-809.
''
(B) The combined fund shall be entitled the `Firemen's and Police
Officers' Pension and Relief Fund'.
(C) The Firemen's and Police Officers' Pension and Relief Fund shall
consist of a 'fire portion' and a `police portion'.
"(2) The remaining revenues collected under §§23-60-102, 24-11-301,
24-11-809, 26-57-601 — 26-57-605 and 26-57-607 shall be distributed to the
Firemen's and Police Officers' Pension and Relief Fund and to the State of
Arkansas as general revenues."
Thus, it appears that the funds designated by A.C.A. §24-11-809 (Fire Insurance
premium taxes) and two-thirds of the funds from A.C.A. §24-11-301 (foreign care insurance
premium taxes) should stay within the pension system and not be subject to transfer to the State's
General Fund.
begins.
Then the real fun of distributing these funds among the many local police and fire funds
124-11-214. Allocation of insurance premium tax — Division among
localities
"(a) An actuary certified by the Society of Actuaries shall evaluate the
information submitted under §§24-11-213 — 24-11-215 to determine the
amount of the premium tax revenues to be directed to each city, town or
fire protection district.
"(b)(1) It is the intent of the General Assembly that the allocation of revenues
to the Firemen's and Police Officers' Pension and Relief Fund by directed to
a city, town or fire protection district based on the actuarial cost of their
retirement programs."
2
.. •
"(d)(1) In general, the revenues shall be allocated in each calendar year to
each city, town, or fire protection district so that each city, town or fire
protection district receives the same percentage of its total cost as it received
in 2002 by not more than one hundred percent (100%) of its cost."
There must be local police and fire pension plans who are receiving 100% of their
actuarial costs each year while others like Harrison, Little Rock and Fayetteville receive much
less. Part of this problem may be related to the increased benefits granted by our local pension
boards while other pension boards might have been more conservative.
There is some reference to dividing the insurance taxes based upon the population of the
city served by the pensioners of the police/fire pension funds.
"(c)(1) Except as provided under subsection (b) of this section, the
portion distributed to the Firemen's and police Officers' Pension and Relief
Fund shall be based on the ratio percentage of the total population of the
cities, towns, or fire protection districts qualified to participate in the
Firemen's and Police Officers' Pension and Relief Fund in comparison to
the total population of the State of Arkansas." A.C.A. §24-11-213
Subsection (b) states that revenues will first be divided as done in 1999 to the pension
funds and general state revenue. Only if more revenues are received would they then be
distributed by population.
All of these distributions of taxes and the analysis of these statutes are supposed to be
done by an actuary working for the Arkansas Fire and Police Pension Review Board. A.C.A.
§24-11-214(a). The board then certifies to the Department of Finance and Administration "the
exact amount of tax revenues each city ... is entitled to receive for the calendar year ...." A.C.A.
§24-11-214 (g)(2)
I assume the actuary and Board have been properly fulfilling their statutory duties. I do
not have the necessary figures nor the proper credentials, training or expertise to question the
Arkansas Fire and Police Pension Review Board's determinations.
CONCLUSION
I see no help for the local pension boards' financial problems in a legal challenge to the
distribution of insurance taxes to local funds. An actuarial analysis with a complete
understanding of the law and historical distributions would be required. This could be very
expensive and would likely confirm that the Arkansas Fire and Police Pension Review Board and
its actuary have properly determined the correct distributions.
3
The Voice for Public Pensions
444 N. Capitol St., NW Suite 630
Washington, DC 20001
Peter Reagan
Fayetteville Firemen's Pension & Relief Fund
Board of Trustees
113 West Mountain Street,
Fayetteville, AR 72701
Invoice
Invoice No. 14806
Invoicing Date: 09/28/2009
Member ID:
Invoice Due:
23510
01/01/2010
Description
Qty
Rate
Amount
Fund Membership Fee
1.00
150.00
150.00
01/01/2010 to 12/31/2010
Total:
150.00
Amt Paid:
0.00
Balance Due:
150.00
2010 Annual Dues
9a<
Final Notice
Fayetteville Firemen's Pension
Si Relief Fund Board of
Trustees
113 West Mountain Street,
Fayetteville, AR 72701
Member ID: 23510
Invoice Number: 14806
Due Date: 01/01/2010
Total Due: 150.00
Please verify address and provide corrections below:
Organization Name:
Primary Billing Person:
Mailing Address:
City, State, Zipcode:
Payment Enclosed: $
Make checks payable to:
National Conference on Public
Employee Retirement Systems
444 N. Capitol St., NW Suite 630
Washington, DC 20001
Convenient online payment option at:
http://www.ncpers.org
Charge:
0 VISA
Mastercard
Card No.
❑ American Express
Exp. Date
Signature Sec. Code
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
November 30, 2009
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Common Stock
3,515 AT&T 25.04 88,008.73 26.94 94,694.10 1.7 1.64 5,764.60 6.55
1,650 Abbott Laboratories 46.31 76,404.88 54.49 89,908.50 1.6 1.60 2,640.00 3.46
5,385 Applied Materials Inc. 13.76 74,099.40 12.31 66,289.35 1.2 0.24 1,292.40 1.74
2,200 Archer -Daniels -Midland 28.92 63,624.10 30.81 67,782.00 1.2 0.56 1,232.00 1.94
Co.
1,850 B.P. Amoco PLC A.D.S. 45.14 83,510.31 57.18 105,783.00 1.8 3.36 6,216.00 7.44
2,950 BCE, Inc. 24.40 71,967.32 26.50 78,175.00 1.4 1.62 4,779.00 6.64
1,400 Chevron Corp. 69.84 97,772.13 78.04 109,256.00 1'.9 2.72 3,808.00 3.89
2,635 Cisco Systems, Inc. 18.35 48,357.99 23.40 61,659.00 1.1 0.00 0.00 0.00
1,000 Clorox Corporation 57.69 57,690.00 60.27 60,270.00 1.1 2.00 2,000.00 3.47
1,400 ConocoPhillips 50.60 70,838.18 51.77 72,478.00 1.3 2.00 2,800.00 3.95
1,750 E.I. DuPont de 33.56 58,731.58 34.58 60,515.00 1.1 1.64 2,870.00 4.89
Nemours & Co.
3,500 EMC Corporation 12.80 44,805.71 16.83 58,905.00 1.0 0.00 0.00 0.00
1,500 Emerson Electric Co. 38.01 57,018.45 41.41 62,115.00 1.1 1.34 2,010.00 3.53
870 General Dynamics Corp. 63.50 55,245.00 65.90 57,333.00 1.0 1.52 1,322.40 2.39
1,535 Genuine Parts Co. 36.65 56,260.36 35.83 54,999.05 1.0 1.60 2,456.00 4.37
1,200 Gilead Sciences Inc. 47.40 56,883.24 46.11 55,332.00 1.0 0.00 0.00 0.00
2,560 Home Depot, Inc. 27.03 69,207.76 27.36 70,041.60 1.2 0.90 2,304.00 3.33
4,575 Intel Corp. 17.20 78,705.50 19.20 87,840.00 1.5 0.56 2,562.00 3.26
1,150 Johnson & Johnson 59.03 67,880.59 62.84 72,266.00 1.3 1.96 2,254.00 3.32
2,335 Kraft Foods Inc. 27.00 63,048.97 26.58 62,064.30 1.1 1.16 2,708.60 4.30
1,250 McDonald's Corp 56.64 70,794.95 63.25 79,062.50 1.4 2.20 2,750.00 3.88
1,750 Merck & Co. Inc. 25.55 44,718.47 36.21 63,367.50 1.1 1.52 2,660.00 5.95
3,300 Microsoft Corp. 29.70 98,002.76 29.41 97,053.00 1.7 0.52 1,716.00 1.75
1,130 Northern Trust Corp. 51.88 58,621.35 49.49 55,923.70 1.0 1.12 1,265.60 2.16
1,035 Northrop Grumman 53.75 55,628.35 54.80 56,718.00 1.0 1.72 1,780.20 3.20
Corp.
4,000 Oracle Corp. 18.46 73,820.88 22.08 88,320.00 1.5 0.20 800.00 1.08
4,450 Pfizer Inc. 14.24 63,370.03 18.17 80,856.50 1.4 0.64 2,848.00 4.49
1,285 Procter & Gamble Co. 49.36 63,426.67 62.35 80,119.75 1.4 1.76 2,261.60 3.57
3,250 Symantec Corporation 16.34 53,115.46 17.75 57,687.50 1.0 0.00 0.00 0.00
2,500 Wal-Mart Stores Inc. 50.49 126,230.76 54.55 136,375.00 2.4 1.09 2,725.00 2.16
2,047,789.88 2,243,189.35 39.2 67,825.40 3.35
Preferred Debt Securities
5,000 AT&T Preferred 24.99 124,939.00 26.24 131,200.00 2.3 1.59 7,968.75 6.38
6.375% A2/A (C
2-12-12)
1,500 G.E. Preferred 6.10% 24.76 37,139.10 24.06 36,090.00 0.6 1.52 2,287.50 6.16
AAA/AAA (C
11-15-07)
1,500 G.E. Preferred 6.625% 25.06 37,588.50 24.94 37,410.00 0.7 1.66 2,484.37 6.61
AAA/AAA (C 6-28-07)
199,666.60 204,700.00 3.6 12,740.62 6.38
Mutual Funds -Equity
4,000.0000 Japan Smaller 7.62 30,483.60 6.96 27,840.00 0.5 0.11 456.00 1.50
Capitalization Fund Inc.
200.0000 Market Vectors 28.75 5,750.06 25.35 5,070.00 0.1 0.00 0.00 0.00
Vietnam ETF
1,410.0000 Morgan Stanley 12.52 17,651.18 11.23 15,834.30 0.3 0.00 0.00 0.00
Frontier Emerging Mkt
Fund
1,000.0000 Thai Fund Inc. 9.63 9,634.50 8.50 8,500.00 0.1 0.01 13.20 0.14
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
November 30, 2009
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
200.0000 iPath MSCI India Index 58.00 11,600.00 61.40 12,280.00 0.2 0.00 0.00 0.00
ETN
715.0000 iShares MSCI Hong 16.14 11,539.24 15.86 11,339.90 0.2 0.35 249.87 2.17
Kong Index Fund
9,070.0000 iShares MSCI Japan 9.85 89,339.50 9.56 86,709.20 1.5 0.10 905.48 1.01
Index Fund
775.0000 iShares MSCI 11.65 9,028.91 11.36 8,804.00 0.2 0.13 100.84 1.12
Singapore Index Fund
830.0000 iShares MSCI Taiwan 8,47 7,028.09 12.23 10,150.90 0.2 - 0.60 499.37 7.11
Index Fund
5,675.0000 iShares S&P Europe 35.57 201,849.29 39.33 223,197.75 3.9 1.41 8,006.09 3.97
350 Index
393,904.38 409,726.05 7.2 10,230.84 2.74
Mutual Funds -Fixed
3,650.0000 iShares iBoxx 105.07 383,492.36 107.25 391,462.50 6.8 5.71 20,846.35 5.44
Investment Grade Corp
Bond
Corporate Bonds
50,000 Hershey Foods Corp. 97.63 48,816.00 113.30 56,647.65 1.0 6.95 3,475.00 7.12
Notes AZ/A (NC)
6.950% Due 08-15-12
50,000 IBM Corp. Debentures 100.01 50,004.00 118.96 59,480.10 1.0 7.00 3,500.00 7.00
Al/A+ (Subject to
make whole call)
7.000% Due 10-30-25
Accrued Interest 1,305.21 0.0
98,820.00 117,432.96 2.1 6,975.00 7.06
Government Bonds
900,000 U. S. Treasury Note 102,49 922,375.00 107.03 963,280.96 16.8 4.00 36,000.00 3.90
4.000% Due 08-15-18
Accrued Interest 10,467.39 0.2
922,375.00 973,748.35 17.0 36,000.00 3.90
Government Agency
50,000 Tennessee Valley 98.95 49,474.00 105.73 52,863.20 0.9 5.62 2,812.50 5.68
Authority (NC)
5.625% Due 01-18-11
250,000 Federal Home Loan 100.00 250,000.00 103.75 259,375.00 4.5 5.00 12,500.00 5.00
Bank (Call 10-1-10 @
100, IX)
5.000% Due 10-01-12
200,000 Federal Home Loan 100.00 200,000.00 108.91 217,812.50 3.8 6.00 12,000.00 6.00
Bank (Call 1-3-12 @
100, 1X)
6.000% Due 07-03-17
Accrued Interest 7,979.86 0.1
499,474.00 538,030.56 9.4 27,312.50 5.48
Cash and Equivalents
Dividends Accrued 8,889.25 8,889.25 0.2 0.00 0.00 0.00
Money Market 735,166.78 735,166.78 12.8 0.01 74.03 0.01
744,056.03 744,056.03 13.0 74.03 0.01
2
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
November 30, 2009
Unit Total
Quantity Security Cost Cost
Price
Market Pct. Unit Annual Cur.
Value Assets Income Income Yield
Certificates of Deposit
100,000 Westembank PR CD 100.00 100,000.00 101.39 101,390.50 1.8 3.40 3,400.00 3.40
(NC) FDIC -Insured
3.400% Due 06-24-10
Accrued Interest 55.89 0.0
100,000.00 101,446.39 1.8 3,400.00 3.40
TOTAL PORTFOLIO 5,389,578.25 5,723,792.19 100.0 185,404.75 3.49
3
Longer Investments Inc.
CASH CONTRIBUTIONS/WITHDRAWALS
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
08-15-02 to 11-30-09
CONTRIBUTIONS
2002 Total
09-10-03
08-04-04
09-01-05
08-17-06
07-26-07
07-31-08
12-08-08
02-24-09
06-18-09
07-16-09
11-25-09
Additional transfers from Merrill Lynch $147,498.38
Money Market $350,000.00
Money Market $127,000.00
Money Market $145,000.00
Money Market $408.95
(Bristol-Myers Squibb litigation settlement)
Money Market $55,000.00
Money Market $40,000.00
Money Market $37,000.00
Money Market $106.58
(Bristol-Myers Squibb litigation settlement)
Money Market $89.78
(American International Group Inc. litigation settlement)
Money Market $38,000.00
Money Market $55,000.00
WITHDRAWALS
2002 Total Money Market
2003 Total Money Market
2004 Total Money Market
2005 Total Money Market
2006 Total Money Market
2007 Total Money Market
2008 Total Money Market
2009
01-02-09
02-01-09
03-01-09
04-01-09
05-01-09
08-01-09
09-01-09
10-01-09
11-01-09
Money Market
Money Market
Money Market
Money Market
Money Market
Money Market
Money Market
Money Market
Money Market
4
$995,103.69
$199,000.00
$751,000.00
$935,000.00
$1,106,000.00
$1,536,000.00
$926,000.00
$1,480,000.00
$117,000.00
$84,000.00
$112,000.00
$115,000.00
$100,000.00
$108,000.00
$108,000.00
$112,500.00
$72,000.00
$7,861,500.00
2010 Meeting Calendar
Firemen's Pension and Relief Fund Board of Trustees
Last Thursday of the Month
3:00 PM - City Administration Room 326
January 28, 2010
February 25, 2010
March 25, 2010
April 29, 2010
May 27, 2010
June 24, 2010
July 29, 2010
August 26, 2010
September 30, 2010
October 28, 2010
November 18, 2010 (This date was changed due to the Thanksgiving Holiday)
December 30, 2010