HomeMy WebLinkAbout2015-04-16 - Agendas - FinalFayetteville Policeman's Pension and Relief Fund
Meeting Date
Adjourn Time
Subject:
Roll
Motion To:
rove
Motion By:
J,9 to n
Seconded:
20 6f/a �o
John Brown
Ruston Cole
✓
Frank Johnson
✓
Mayor Jordan
!✓
Eldon Roberts
✓
Sondra Smith
Melvin Stanley
Subject:
i
Motion To:
rove
Motion By:
J,9 to n
Seconded:
20 6f/a �o
John Brown
Ruston Cole
✓
Frank Johnson
Mayor Jordan
!✓
Eldon Roberts
✓
Sondra Smith
Melvin Stanley
Subject:
`n lot
Motion To:
& rode -
Motion By:
J,9 to n
Seconded:
20 6f/a �o
John Brown
Ruston Cole
✓
Frank Johnson
Mayor Jordanrttxa
!✓
Eldon Roberts
✓
Sondra Smith
Melvin Stanleyv�
Subject:
Motion To:
Motion By:
Seconded:
John Brown
Ruston Cole
Frank Johnson
Mayor Jordan
Eldon Roberts
Sondra Smith
Melvin Stanley
Lioneld Jordan Chairman
Sondra E. Smith Treasurer
Eldon Roberts Secretary
Retired Position I
Ruston Cole
John Brown
Melvin Stanley
Frank Johnson
Policemen's Pension and Relief Fund
Board of Trustees Meeting Agenda
April 16, 2015
Page 1 of 1
Retired Position 2
Retired Position 3
Retired Position 4
Retired Position 5
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held
on April 16, 2015 at 3:00 p.m. in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
Roll Call
Garrison Financial:
11t Quarter reports
Approval of the Minutes:
• Approval of the January 22, 2015 meeting minutes
Pension List Changes:
• None
Approval of the Pension List:
Approval of the May, June and July, 2015 pension lists
Unfinished Business:
• None
New Business:
Revenue & Expense Report: 4th Quarter — December 31, 2014 report
LOPFI — Consolidation of Local Plan Letter — January 2015
Informational:
2015 Meeting calendar
RECEIVED
SCANNED APR 13 2015
CITYOF FAYECE
CITYCLE
RK'STTEVICOFFICE
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GARRISON
F I N A N C I A L
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
Quarter Ending March 31, 2015
PORTFOLIO SUMMARY
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2015
1.9%
■ Cash & Equivalents 125,446.16
■ Account Fixed Income 2,336,287.49
Account Equities 4,274,293.35
Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2015
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Schwab Advisor Cash Res - 125,446.16 125,446.16 1.9 0.010 12.54 0.0
Premier
125,446.16 125,446.16 1.9 12.54 0.0
TREASURY NOTE
700,000
US Treasury Note
101.54
710,814.19
110.00
770,000.00
11.4
4.000
28,000.00
1.0
4.000% Due 08-15-18
Accrued Interest
3,403.31
0.1
710,814.19
773,403.31
11.5
28,000.00
1.0
AGENCY BONDS
200,000
Federal Farm Credit
100.00
199,995.15
104.29
208,574.20
3.1
6.125
12,250.00
0.4
Bank
6.125% Due 12-29-15
Accrued Interest
3,130.56
0.0
199,995.15
211,704.76
3.1
12,250.00
0.4
CORPORATE BONDS
125,000
Verizon
99.94
124,921.82
100.07
125,082.00
1.9
1.350
1,687.50
1.3
Communications
1.350% Due 06-09-17
125,000
Lab Corp. of America
101.08
126,354.32
102.11
127,642.25
1.9
2.500
3,125.00
1.9
2.500% Due 11-01-18
125,000
Kroger Company
100.21
125,263.25
101.45
126,815.25
1.9
2.300
2,875.00
1.9
2.300% Due 0 1 -15-19
125,000
Honeyvrell International
111.95
139,932.84
112.62
140,769 25
2.1
5.000
6,250.00
1.6
5.000% Due 02-15-19
125,000
Union Pacific Corp.
101.61
127,017.62
102.51
128,142.87
1.9
2.250
2,812.50
L6
2.250% Due 02-15-19
125,000
Walt Disney Co.
99.90
124,869.97
100.95
126,189.87
1.9
1.850
2,312.50
1.6
1.850% Due 05-30-19
125,000
Berkshire Hathaway
105.95
132,442.38
105.62
132,019.50
2.0
2.900
3,625.00
1.8
Financial
2.900% Due 10-15-20
125,000
AT&T, Inc.
100.48
125,595.90
100.34
125,427.37
1.9
3.000
3,750.00
3.0
3.000% Due 02-13-22
Accrued Interest
6,513.54
0.1
1,026,398.09
1,038,601.92
15.4
26,437.50
1.8
CONVERTIBLE PREFERRED
300
Bunge4.875%Conv.
108.63
32,588.95
104.50
31,350.00
0.5
4.875
1,462.50
4.7
Pfd.
32,588.95
31,350.00
0.5
1,462.50
4.7
COMMON STOCK
300
3M Corp.
164.93
49,479.55
164.95
49,485.00
0.7
4.100
1,230.00
2.5
2,000
AT&T, Inc.
28.24
56,475.88
32.65
65,300.00
1.0
1.880
3,760.00
5.8
905
AbbVie, Inc.
66.58
60,253.90
58.54
52,978.70
0.8
2.040
1,846.20
3.5
1,965
Abbott Laboratories
40.06
78,727.14
46.33
91,038.45
1.4
0.960
1,886.40
2.1
550
Accenture Plc.
90.81
49,943.51
93.69
51,529.50
0.8
2.040
1,122.00
2.2
440
Airgas, Inc.
112.76
49,614.11
106.11
46,688.40
0.7
2.200
968.00
2.1
120
Alliance Data Systems
283.98
34,077.36
296.25
35,550.00
0.5
0.000
0.00
0.0
625
Amgen, Inc.
114.33
71,456.06
159.85
99,906.25
1.5
3.160
1,975.00
2.0
825
Anadarko Petroleum
85.82
70,805.10
82.81
68,318.25
1.0
1.080
891.00
1.3
500
Ansys, Inc.
75.67
37,836.95
88.19
44,095.00
0.7
0.000
0.00
0.0
Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2015
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
1,680
Apple Computer
72.69
122,121.54
124.43
209,042.40
3.1
1.880
3,158.40
1.5
785
AptarGroup, Inc.
63.47
49,825.05
63.52
49,863.20
0.7
1.120
879.20
1.8
125
AutoZone, Inc.
516.09
64,511.70
682.16
85,270.00
1.3
0.000
0.00
0.0
1,350
BCE, Inc. Cl F
24.40
32,934.20
42.36
57,186.00
0.8
2.580
3,483.00
6.1
350
Becton, Dickinson &
113.97
39,889.45
143.59
50,256.50
0.7
2.400
840.00
1.7
Company
1,500
Broadridge Financial
41.33
62,000.35
55.01
82,515.00
1.2
1.080
1,620.00
2.0
Solutions
675
Brown-Forman Corp.
88.81
59,946.93
90.35
60,986.25
0.9
1.260
850.50
1.4
665
CH Robinson
74.84
49,768.25
73.22
48,691.30
0.7
1.520
1,010.80
2.1
Worldwide
3,000
CSX Corporation
28.88
86,627.40
33.12
99,360.00
1.5
0.640
1,920.00
1.9
1,300
Cal -Maine Foods, Inc.
36.68
47,687.88
39.06
50,778.00
0.8
1.400
1,820.00
3.6
585
Check Point Software
85.44
49,979.59
81.97
47,952.45
0.7
0.000
0.00
0.0
400
Chevron Corporation
85.21
34,084.61
104.98
41,992.00
0.6
4.280
1,712.00
4.1
4,300
Cisco Systems, Inc.
19.87
85,424.73
27.52
118,357.50
1.8
0.840
3,612.00
3.1
1,400
Coca-Cola Company
30.98
43,374.60
40.55
56,770.00
0.8
1.320
1,848.00
3.3
680
Compass Minerals Int'l
87.89
59,765.06
93.21
63,382.80
0.9
2.640
1,795.20
2.8
1,150
ConoccPhillips
55.58
63,918.42
62.26
71,599.00
1.1
2.920
3,358.00
4.7
565
Deere & Co.
87.76
49,585.72
87.69
49,544.85
0.7
2.400
1,356.00
2.7
2,000
EMC Corp.
25.64
51,282.21
25.56
51,120.00
0.8
0.460
920.00
1.8
830
Eastman Chemical
86.14
71,495.64
69.26
57,485.80
0.9
1.600
1,328.00
2.3
1,310
Emerson Electric
68.00
89,080.00
56.62
74,172.20
1.1
1.880
2,462.80
3.3
3,825
General Electric Co.
19.53
74,709.32
24.81
94,898.25
1.4
0.920
3,519.00
3.7
1,200
GlaxoSmithKline Plc.
50.10
60,124.15
46.15
55,380.00
0.8
2.780
3,336.00
6.0
3,250
Intel Corp.
21.12
68,641.12
31.27
101,627.50
1.5
0.960
3,120.00
3.1
1,250
Johnson & Johnson
64.70
80,869.69
100.60
125,750.00
1.9
2.800
3,500.00
2.8
465
Kimberly Clark Corp.
107.07
49,786.64
107.11
49,806.15
0.7
3.520
1,636.80
3.3
395
Laboratory Corp.
125.86
49,715.75
126.09
49,805.55
0.7
0.000
0.00
0.0
1,000
Lincoln Electric
67.21
67,209.18
65.39
65,390.00
1.0
1.160
1,160.00
1.8
635
McDonald's Corp.
94.59
60,065.98
97.44
61,874.40
0.9
3.400
2,159.00
3.5
640
Medtronic, Inc.
77.60
49,662.77
77.99
49,913.60
0.7
1.220
780.80
1.6
1,100
Merck & Co., Inc.
51.39
56,525.78
57.48
63,228.00
0.9
1.800
1,980.00
3.1
2,825
Microsoft Corp.
37.81
106,815.30
40.65
114,850.37
1.7
1.240
3,503.00
3.1
800
National Oilwell Varco
85.35
68,280.15
49.99
39,992.00
0.6
1.840
1,472.00
3.7
1,000
Patterson Companies
51.07
51,074.75
48.79
48,790.00
0.7
0.880
880.00
1.8
530
Pepsico, Inc.
93.75
49,690.09
95.62
50,678.60
0.8
2.620
1,388.60
2.7
3,650
Pfizer, Inc.
22.61
82,529.75
34.79
126,983.50
1.9
1.120
4,088.00
3.2
830
Phillips 66
72.18
59,911.86
78.60
65,238.00
1.0
2.000
1,660.00
2.5
1,000
Procter & Gamble Co.
59.42
59,417.61
81.94
81,940.00
1.2
2.570
2,570.00
3.1
1,000
Qualcomm, Inc.
63.62
63,616.39
69.34
69,340.00
1.0
1.920
1,920.00
2.8
2,790
Raven Industries, Inc.
28.37
79,148.48
20.46
57,083.40
0.8
0.520
1,450.80
2.5
700
Sanofi ADR
55.71
38,995.10
49.44
34,608.00
0.5
1.340
938.00
2.7
770
Sensient Technologies
64.55
49,704.67
68.88
53,037.60
0.8
1.000
770.00
1.5
900
St. Jude Medical, Inc.
66.56
59,900.53
65.40
58,860.00
0.9
1.160
1,044.00
1.8
1,055
Syngenta AG ADR
71.44
75,370.40
67.81
71,539.55
1.1
1.960
2,067.80
2.9
850
Texas Instruments
58.53
49,754.69
57.18
48,607.25
0.7
1.360
1,156.00
2.4
465
Valmont Industries
128.60
59,797.26
122.88
57,139.20
0.8
1.500
697.50
1.2
450
Wabtec Corp.
93.64
42,137.64
95.01
42,754.50
0.6
0.240
108.00
0.3
1,150
Wal-Mart Stores, Inc.
62.11
71,423.42
82.25
94,587.50
1.4
1.960
2,254.00
2.4
2,000
Waste Management
42.21
84,414.32
54.23
108,460.00
1.6
1.540
3,080.00
2.8
3,541,265.68
3,973,377.72
59.0
99,891.80
2.5
MUTUALFUNDS
2,248.991
Dodge & Cox Intl Stk
45.41
102,132.74
43.88
98,685.73
1.5
0.970
2,181.52
2.2
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2015
Adj Unit Total Adjusted Market
Pct.
Unit
Annual
Quantity
Security
Cost Cost Price Value
Assets
Income
Income
Yield
2,587.463
Oppenheimer
39.33 101,776.46 35.04 90,664.70
1.3
0.100
258.75
0.3
Developing Mkts A
203,909.20 189,350.43
2.8
2,440.27
1.3
UNIT TRUSTS
2,340
FT Energy Income &
34.20 80,032.95 34.28 80,215.20
1.2
2.170
5,077.80
6.3
Growth
1,250
iShares lBOXX Inv
109.72 137,145.97 121.71 152,137.50
2.3
4.010
5,012.50
3.3
Grade Corp Bond
4,000
iShmes S&P US Pfd Stk 38.34 153,340.30 40.11 160,440.00
2.4
2.410
9,640.00
6.0
370,519.22 392,792.70
5.8
19,730.30
5.0
TOTAL PORTFOLIO
6,210,936.64 6,736,027.00
100.0
190,224.91
2.2
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
Garrison Financial
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-15 To 03-31-15
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
03-19-15
03-24-15
300 3M Corp.
164.93
49,479.55
03-24-15
03-27-15
125,000 AT&T, Inc.
100.48
125,597.62
3.000% Due 02-13-22
03-19-15
03-24-15
550 Accenture Plc.
90.81
49,943.51
03-19-15
03-24-15
200 Airgas, Inc.
112.76
22,551.87
03-19-15
03-24-15
100 Airgas, Inc.
112.76
11,275.93
03-19-15
03-24-15
140 Airgas, Inc.
112.76
15,786.31
03-19-15
03-24-15
785 AptarGroup,Inc.
63.47
49,825.05
03-24-15
03-27-15
125,000 Berkshire Hathaway Financial
105.98
132,470.38
2.900% Due 10-15-20
03-19-15
03-24-15
200 CH Robinson Worldwide
74.85
14,970.69
03-19-15
03-24-15
100 CH Robinson Worldwide
74.83
7,483.35
03-19-15
03-24-15
365 CH Robinson Worldwide
74.83
27,314.21
03-10-15
03-13-15
1,300 Cal -Maine Foods, Inc.
36.68
47,687.88
03-19-15
03-24-15
585 Check Point Software
85.44
49,979.59
03-19-15
03-24-15
565 Deere & Co.
87.76
49,585.72
03-19-15
03-24-15
100 FT Energy Income & Growth
34.18
3,418.38
03-19-15
03-24-15
100 FT Energy Income & Growth
34.18
3,418.38
03-19-15
03-24-15
100 FT Energy Income & Growth
34.20
3,420.38
03-19-15
03-24-15
140 FT Energy Income & Growth
34.20
4,788.54
03-19-15
03-24-15
60 FT Energy Income & Growth
34.20
2,052.23
03-19-15
03-24-15
20 FT Energy Income & Growth
34.20
684.08
03-19-15
03-24-15
100 FT Energy Income & Growth
34.20
3,420.38
03-19-15
03-24-15
900 FT Energy Income & Growth
34.20
30,783.44
03-19-15
03-24-15
100 FT Energy Income & Growth
34.20
3,420.38
03-19-15
03-24-15
300 FT Energy Income & Growth
34.20
10,261.15
03-19-15
03-24-15
300 FT Energy Income & Growth
34.20
10,261.15
03-19-15
03-24-15
100 FT Energy Income & Growth
34.20
3,420.38
03-19-15
03-24-15
20 FT Energy Income & Growth
34.20
684.08
03-19-15
03-24-15
100 Kimberly Clark Corp.
107.07
10,706.72
03-19-15
03-24-15
100 Kimberly Clark Corp.
107.07
10,706.82
03-19-15
03-24-15
65 Kimberly Clark Corp.
107.07
6,959.44
03-19-15
03-24-15
100 Kimberly Clark Corp.
107.07
10,706.82
03-19-15
03-24-15
100 Kimberly Clark Corp.
107.07
10,706.84
03-19-15
03-24-15
395 Laboratory Corp.
125.86
49,715.75
03-19-15
03-24-15
640 Medtronic, Inc.
77.60
49,662.77
01-28-15
02-02-15
1,000 Patterson Companies
51.07
51,074.75
03-19-15
03-24-15
530 Pepsico,Inc.
93.75
49,690.09
03-19-15
03-24-15
770 Sensient Technologies
64.55
49,704.67
03-19-15
03-24-15
850 Texas Instruments
58.53
49,754.69
Garrison Financial
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-15 To 03-31-15
Trade Settle Unit
Date Date Quantity Security Price Amount
03-12-15 03-17-15 450 Wabtec Corp. 93.64 42,137.64
1,125,511.61
SALES
03-19-15
03-24-15
2,000 Alerian MLP
16.34
32,676.02
03-19-15
03-24-15
3,000
Alerian MLP
16.34
49,014.03
03-19-15
03-24-15
100
Ensco Plc.
20.62
2,061.55
03-19-15
03-24-15
250
Ensco Pic.
20.62
5,153.88
03-19-15
03-24-15
300
Ensco Plc.
20.62
6,184.66
03-19-15
03-24-15
300
Ensco Plc.
20.62
6,184.66
03-19-15
03-24-15
800
Ensco Plc.
20.61
16,491.60
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
200
Freeport-McMoRan Copper & Gold,
17.20
3,440.04
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
100
Freeport-McMoRan Copper & Gold,
17.20
1,720.02
Inc.
03-19-15
03-24-15
1,100
Freeport-McMoRan Copper & Gold,
17.20
18,915.85
Inc.
03-19-15
03-24-15
5,650
Keycorp
14.41
81,406.62
03-19-15
03-24-15
1,750
Noble Corp.
13.53
23,685.79
03-19-15
03-24-15
2,000
Sector SPDR Fncl Select Shs
24.41
48,818.36
03-19-15
03-24-15
1,775
Sector SPDR Fncl Select Shs
24.41
43,324.52
03-19-15
03-24-15
1,700
Sector SPDR Utility Select Shs
44.91
76,343.50
03-19-15
03-24-15
2,300
Sector SPDR Utility Select Shs
44.91
103,288.25
03-19-15
03-24-15
3,000
iShares DJ Select Div
78.45
235,336.72
03-24-15
03-27-15
800
iShares IBOXX Inv Grade Corp Bond
121.86
97,490.72
03-24-15
03-27-15
46
iShares IBOXX Inv Grade Corp Bond
121.86
5,605.72
03-24-15
03-27-15
1,204
iShares113OXX Inv Grade Corp Bond
121.86
146,723.52
1,014,186.15
2
Garrison Financial
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-15 Through 03-31-15
Open
Date
Close
Date
Quantity
Security
04-16-14
03-19-15
100
Ensco Plc.
04-16-14
03-19-15
250
Ensco Plc.
04-16-14
03-19-15
300
Ensco Pic.
04-16-14
03-19-15
300
Ensco Pic.
04-16-14
03-19-15
800
Ensco Pic.
06-10-14
03-19-15
1,750
Noble Corp.
06-26-14
03-19-15
2,000
Alerian MLP
01-16-13
03-19-15
3,000
Alerian MLP
12-20-10
03-19-15
1,700
Sector SPDR Utility Select
23,685.79
-25,244.34
Shs
12-20-10
03-19-15
2,300
Sector SPDR Utility Select
51,451.61
49,014.03
Shs
05-19-14
03-19-15
5,650
Keycorp
02-10-14
03-19-15
2,000
Sector SPDR Fncl Select Shs
02-10-14
03-19-15
1,775
Sector SPDR Frei Select Shs
05-12-14
03-19-15
100
Freeport-McMoRan Copper
43,639.23
48,818.36
& Gold, Inc.
05-12-14
03-19-15
200
Freeport-McMoRan Copper
4,594.70
& Gold, Inc.
05-12-14
03-19-15
100
Freeport-McMoRan Copper
6,975.40
3,440.04
-3,535.36
& Gold, Inc.
05-12-14
03-19-15
100
Freeport-McMoRan Copper
3,487.70
& Gold, Inc.
05-12,14
03-19-15
100
Freeport-McMoRan Copper
1,720.02
-1,767.68
& Gold, Inc.
05-12-14
03-19-15
100
Freeport-McMoRan Copper
3,487.70
1,720.02
& Gold, Inc.
05-12-14
03-19-15
100
Freeport-McMoRan Copper
-1,767.68
& Gold, Inc.
05-12-14
03-19-15
100
Freeport-McMoRan Copper
156,695.97
235,336.72
& Gold, Inc.
05-12-14
03-19-15
1,100
Freeport-McMoRan Copper
9,717.30
5,046.97
& Gold, Inc.
08-08-11
03-19-15
3,000
iShares DS Select Div
10-06-09
03-24-15
800
iShares IBOXX Inv Grade
5,566.67
Corp Bond
10-06-09
03-24-15
46
iShares IBOXX Inv Grade
-2,437.58
970,823.24 0.00
Corp Bond
10-06-09
03-24-15
1,204
iShares IBOXX Inv Grade
Corp Bond
TOTAL GAINS
TOTAL LOSSES
TOTAL REALIZED GAIN/LOSS 43,362.91
NO CAPITAL GAINS DISTRIBUTIONS
Gain Or
Loss
Cost Amort. or
Basis Accretion
Proceeds
Short Term
Long Term
5,034.33
2,061.55
-2,972.78
12,585.82
5,153.88
-7,431.94
15,102.98
6,184.66
-8,918.32
15,102.98
6,184.66
-8,918.32
40,274.61
16,491.60
-23,783.01
48,930.13
23,685.79
-25,244.34
36,190.60
32,676.02
-3,514.58
51,451.61
49,014.03
-2,437.58
58,043.02
76,343.50
18,300.48
78,528.80
103,288.25
24,759.45
75,839.95
81,406.62
5,566.67
43,639.23
48,818.36
5,179.13
38,729.82
43,324.52
4,594.70
3,487.70
1,720.02
-1,767.68
6,975.40
3,440.04
-3,535.36
3,487.70
1,720.02
-1,767.68
3,487.70
1,720.02
-1,767.68
3,487.70
1,720.02
-1,767.68
3,487.70
1,720.02
-1,767.68
3,487.70
1,720.02
-1,767.68
3,487.70
1,720.02
-1,767.68
38,364.70
18,915.85
-19,448.85
156,695.97
235,336.72
78,640.74
87,773.42
97,490.72
9,717.30
5,046.97
5,605.72
558.75
132,099.00
146,723.52
14,624.52
5,566.67
156,375.07
-116,141,25
-2,437.58
970,823.24 0.00
1,014,186.15
-110,574.58
153,937.49
Garrison Financial
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2015
PORTFOLIO COMPOSITION
CHANGE IN PORTFOLIO
Market
Pct.
Value
Assets
Yield
Cash & Equivalents
125,446.16
1.9
0.0
Portfolio Value on 12-31-14
7,023,870.27
Account Fixed
2,336,287.49
34.7
1.8
Accrued Interest
16,134.03
Income
Account Equities
4,274,293.35
63.5
2.5
Net Additions/Withdrawals
-268,032.41
Account
0.00
0.0
-
Realized Gains
-45,305.10
Commodities
Unrealized Gains
-31,651.95
Income Received
44,098.78
Change in Accrued Interest
-3,086.62
Portfolio Value on 03-31-15
6,722,979.59
Accrued Interest
13,047.41
Total
6,736,027.00
100.0
2.2
6,736,027.00
TIME WEIGHTED RETURN
Annualized
Quarter Last 12 Inception
To Date Months To Date
Account -0.52 0.13
40% Fixed Income/60% 1.23 5.29
Equity Blended Index
Account Fixed Income 1.63 - 2.72
Barclays Capital Intermed 1.45 2.32
Govt/Credit
Account Equities -1.76 -1.35
S&P 500 0.95 7.12
All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as
percentages.
This report is calculated using industry -standard accounting and performance calculation methodologies and is generated by our Axys
portfolio accounting software. Calculations are a time -weighted total return series based on monthly valuations, including all cash
and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash,
interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and
withdrawals. Results are presented after transaction costs but before management fees. Inception -to -date returns are annualized
numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation.
At any given point in time an investment may be worth more or less than the original purchase price.
GARRISON
F I N A N C I A L
April 7, 2015
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
113 West Mountain
Fayetteville, AR 72701
STATEMENT OF MANAGEMENT FEES
For The Period January 1 through March 31, 2015
Portfolio Value as of 12-31-14
7,040,004
Portfolio Value as of 01-31-15
6,856,979
Portfolio Value as of 02-28-15
6,916,291
Portfolio Value as of 03-31-15
6,736,027
Average of 4 Months 6,887,325
6,887,325 @ 0.5000% per annum 8,609
Quarterly Management Fee 8,609
TOTAL DUE AND PAYABLE 8,609
This statement is for informational purposes only. As you requested, the fee will be automatically
deducted from your account. Please be advised that it is the responsibility of the client to verify the
accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated.
Lioneld Jordan Chairman
Sondra E. Smith Treasurer
Eldon Roberts Secretary
Retired Position I
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 1 of 8
Ruston Cole Retired Position 2
John Brown Retired Position 3
Melvin Stanley Retired Position 4
Frank Johnson Retired Position 5
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held on January
22, 2015 at 3:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
Roll Call
Eldon Roberts called the meeting to order.
PRESENT: Eldon Roberts, Ruston Cole, John Brown, Melvin Stanley, Sondra Smith, City Clerk,
Dee McCoy, City Clerk office, Kit Williams, City Attorney, James Bell, Garrison Financial
ABSENT: Mayor Jordan, Frank Johnson
Approval of the Minutes:
Approval of the October 16, 2014 meeting minutes
John Brown moved to approve the October 16, 2014 meeting minutes. Ruston Cole seconded the
motion. The motion passed with a 5-0 vote. Mayor Jordan and Frank Johnson were absent.
Pension List Changes:
Rosemary Mueller deceased November 16, 2014
Betty Stout deceased December 30, 2014
Approval of the Pension List:
Re -approval of the December, 2014 and January 2015 pension list
Approval of the February, March and April pension lists
Sondra Smith: The list of pension changes is so you will know who deceased so that when you approve
the pension list you'll know why you had to reapprove them. You have to reapprove the December one and
the January one because Rosemary Mueller passed away in November, and you had already approved the
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 2 of 8
December list. Betty Stout passed away in December and you had already approved the January list. That's
the reason you have the re -approval of those two, and the approval of February, March and April since we
don't meet again until April.
Melvin Stanley moved to reapprove the December 2014, and January 2015 pension lists, and to
approve the February, March, and April 2015 pension lists. Ruston Cole seconded the motion. The
motion passed with a 5-0 vote. Mayor Jordan and Frank Johnson were absent.
Unfinished Business:
None
Sondra Smith: Some of you were going to meet to talk about doing a newsletter. I don't know if that ever
happened.
Ruston Cole: I talked with Frank about that and we haven't been able to get coordinated yet
Eldon Roberts: We did that a long time ago. We called it the Rocking Chair Review. We got a good
response. People were interested and were glad to hear from it. I don't know how often we sent it out. It
pretty much came together with the Board of Trustees and we would send it out. As you can see, we don't
have much participation in this unless something is really important and then people begin to show up. But
we might kick that around later down the road. I'd be interested in trying to help do that.
New Business:
Act 979 estimated additional allocation of premium for 2015
Sondra Smith: That's from the Pension Review Board. You receive state turn back and get a certain
amount. On the second part of that, there's the letter that shows the estimated amount. It shows that what
they are estimating your turn back to be for 2015, $120,511. You receive the additional allocation if your
plan is not sound. That estimate for the additional allocation is $47,170. Down at the bottom they have a
note that says "Please note that in 2014 the additional allocation was proportionally reduced by 20% due to
a shortfall in premium tax revenue. Any similar shortfall would reduce additional allocation in 2015." So
this is an estimate, it could be more, it could be less.
Eldon Roberts: I go to those meetings in Little Rock, as a matter of fact we have one coming up in March
and the last one was in December. This gets thrashed and hashed around every time with how they tweak
these formulas. They keep talking about more money comes into that premium tax to the state every year,
but we keep getting less. There's other people getting money out of that, the State Police and of course the
Fire and the volunteer Fire. Is that list in here that Trish keeps for us, the running totals?
Sondra Smith: Toni Lilley that does that list has been out ill. She apologized for not being able to get us
the Revenue and Expense Report.
Eldon Roberts: Yes. It keeps a running total of where we are at every year. You can see how we compare
a year ago, two years ago. Like last year, what was our insurance turn back? I was wondering if we were to
get what they were predicting here $120,511 plus $41,070. That would be $160,600. I wondered how that
would compare to what we received last year. There was some time when we were getting a lot of money
out of that insurance turn back and it was a big help. It has since dwindled down quite a bit.
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 3 of 8
Sondra Smith: I'll see if I can get to it and give you that report.
Election of Pension Board for 2015
Eldon Roberts: That will be coming up in April. We'll still have another meeting before we actually have
to start doing that.
Sondra Smith: I wanted to put that in there as a reminder so if there's anything you want to change about
the election process, you can let us know before we get into that process. In April, we'll be sending out the
letters.
Eldon Roberts: It will be Melvin Stanley, myself, and John Brown up for re-election.
Garrison Financial:
4th Ouarter Resorts
James Bell, Garrison Financial: I thought I would start with a quick 41 quarter review. These three graphs
that I printed out, just of markets in general are what happened in the 41" quarter and what we're looking at
going forward. The first chart that you see, is a chart of the price of a barrel of oil. I'm sure if you've been
following the news you've seen what's happened in the last half of last year and into this year with the price
of oil. It's fallen by over 50%. That leads me to the next page. This is for the S&P500, the broad market
divided up into ten broad economic sectors. You can tell nearly every sector of the market did well except
for energy. Falling oil prices was good for lots of sectors of the economy, I'm sure it was good for the city.
Anyone who's bought a tank of gas recently knows that it can be good for a lot of reasons, unless you're
an energy company. The third chart, again we focus a lot on interest rates, we've talked about that in prior
meetings. Interest rates in the 4th quarter continue to fall. This is the Ten Year Treasury Note, kind of our
proxy for what interest rates have done. They fell during the 4°i quarter and have bounced back slightly
here recently up to 1.90%. They were up to 2.20% when we met just three months ago. Which, at the time,
seemed incredibly low. But here we are another 30 basis points lower than we were then.
Kit Williams: When was the last time we were that low?
James Bell: I believe back in 2012 we got just a little bit below that for a very brief period of time, kind of
went down and then back up. We've fallen again since then.
Kit Williams: Thanks
James Bell: Very, very near all-time historic lows in interest rates which are good for the bonds that you
own, but if we were buying new bonds at historically low interest rates, that's just the world we are living
in. Good if you are taking out a mortgage, not so good if you are a bank lending money. With that it's kind
of the back drop of what's happened in the market.
I'll go through your report, you should have one in your packet. Starting on page 2, target asset allocation
is 60% equities, 40% fixed income or bonds. You can see we are right on top of that. We like to keep about
three or four months of ready cash as well to fund the distributions monthly. We are at 60.6% equities,
32.8% in bonds and about 6.5% cash. We are kind of right on top of what your asset allocation is. Barring
anything unforeseen in the market, unless something gets way out of whack, we'll always be pretty close
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 4 of 8
to that target. That's kind of our guideline. Only if we thought stocks were way overvalued or bonds were
way undervalued would we deviate significantly from that policy.
Turning to the next page, we'll go through some of what we've done to the portfolio over the quarter. We
talked last time we met about selling a treasury note that was yielding a really low yield. It was a high
coupon treasury. We talked about selling it and reinvesting it in some corporate bonds. We sold the treasury
and we bought the Honeywell, Union Pacific and Walt Disney bonds. You'll probably see more of that over
time as we cycle out of some of the funds, possibly the Treasury and agency bond that you're in now, into
more corporate bonds where we can get a little higher yield without taking whole lot of excess risk. We
talked a little bit about the maturity of the fixed income portfolio, how long it is. The longer your maturity
on fixed income, the more sensitive you are to rising interest rates. We're still convinced, we're at an all-
time low interest rates, that 18 to 36 months from now I think rates are going to be higher than they are
today. We're trying to position the portfolio where it's not as susceptible to rising interest rates. You do
that by shortening your maturity, which is what we've done. We went from 4.2 years average maturity to
3.4 years average maturity to date.
On the next page, you were pretty much full up on your equity exposure when we inherited the account
from Longer. We have kind of rebalanced out of some of the equities into some of the others. There's not
a lot of net change in equity exposure but we have sold some things and bought some things for our
portfolio. When I mentioned energy stocks earlier being down for last year, part of the reason I brought that
up is it was about 8.5% in energy stocks when we inherited the portfolio. We like energy as well. We've
sold some of that over the course of the last six months. We are down to about 6.7% in energy stocks now.
To the extent that you own any kind of energy stocks at all was detrimental to your equity performance.
Moving on to the last page, if you look toward the bottom in the quarter to date column, for the 41' quarter
your account was up 1.53%. If you break that down, the fixed income was up 1.02% and the equities were
up 1.95%. To the extent that we underperformed our benchmark a little bit on the equity side. It was in
general due to the exposure to energy stocks and a little bit of exposure to international stocks, both Europe
and Asia emerging markets. None of which performed as well as our domestic stock index that we compare
ourselves to.
Eldon Roberts: When you all took over, we had $7,162,000 and now we are $7,040,000. That's to be
expected because we are spending more than we're bringing in. We know that. We are trying to hold on for
as long as we can until we see what happens. There are a lot of other funds that are worse off than we are,
Fayetteville Fire being one of them.
James Bell: Right, and we work with them as well.
Eldon Roberts: But, it's to be expected. I hate to see it drop below $7,000,000 but it's fixing to in a
heartbeat. I know we are taking three steps forward and sliding back five. I was telling Russ a while ago, I
don't like to talk about it in terms of people dying, it helps the pension fund, but it is what it is. With the
two people that passed, I looked to see and its $35,000 a year. Of the thirty-nine people I believe is still
drawing, fourteen are single and the pension will stop when they decease. Maybe it will all work out in the
end. I hate to see it drop below $7,000,000 but that'sjust the way it is. It's going to go down, it's not going
to go up.
James Bell: That's a known issue and we were actually talking about this in the office earlier today. No
mix of prudent investments is going to make up for that. We see our job to stay prudent and do as good of
ajob as we can knowing those perimeters.
Eldon Roberts: I think that's exactly what our desires are too. Do the best you can do with what you have
to do with. We've got to have conservativism, it's a pension fund. People depend on it to live on.
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 5 of 8
James Bell: The only thing I would add, we think we are about through rebalancing and reallocating the
portfolio we inherited. There's a little bit more to go there but we are trying to be selective and opportunistic
about when we do some of those things. We think overall the portfolio is structured on the equity side. We
don't think stocks are overvalued right now, we think they are fairly valued. We are full up on the equity
side and shortening maturity on the fixed income side in anticipation of rising interest rates. Should we see
rising interest rates, what we want are those bonds coming due quickly so we can turn around and reinvest
in what are now higher interest rates. What you don't want to do is lock yourself in long term when rates
are really low.
Melvin Stanley: What makes you think interest rates are going up because we've thought that for five or
six years?
James Bell: I know and I've said that before. I would have told you the same thing two years ago and I
would've have been wrong. Here we are two years later and I thought rates would be higher by now.
Melvin Stanley: What causes you to still think that?
James Bell: There's a lot of talk in the markets right now and we're of the same mind that the Fed is getting
ready to end some of the quantitative easing, the bond purchasing, the stuff that they've been doing that's
keeping interest rates artificially low. Part of their mandate is keeping inflation in check and keeping
unemployment low. We're seeing reported economic growth and reported unemployment coming down.
When you see the confluence of those things happening, that's kind of a signal to the Fed that what they
are doing is working and they may stop this quantitative easing and start letting short term interest rates
float back up. We think all rates are going to float back up when and if they start doing that.
Eldon Roberts: When the Feds talk about the unemployment rate, is that the rate they are going to use? I
understand its way worse than that, unemployment. If you want to look at al I the people who have dropped
out of the workforce, who have quit looking for ajob, who's given up. They are unemployed but somehow
or another they don't count in these numbers that we see each month whatever the unemployment rate is
announced. So are the Feds just looking at that number?
James Bell: I would hope that they're a little smarter than that. That's why I call it the reported number
because we all know when people actually stop looking for a job they quit getting counted in the
denominator and that can make the rate fall even though these people have never found ajob.
Eldon Roberts: They are talking the true rate of unemployment could be in the double digits, 12% maybe
more. That's a significate difference from 5.8%. I never hear them talk about this other number that often.
James Bell: You don't and I don't know if that's just because they are all kind of Federal Government
Agencies, if you will, and so they're not going to come out and question the official number. They've
continued quantitative easing even now even though those numbers have gotten better. That tells me they
are at least taking that into consideration. They've pared it back some and they haven't officially started
raising the Fed Funds Rate, which is a very short term interest rate. All the other rates kind of key off of
that. A lot of talk that they may start that later this year in the fall, possibly into next year. It's a gamble. If
you honestly believe 100% that rates are going to be higher ninety days from now, six months from now,
you'd want that super short. You would want to be all in cash or something like that. We're hedging our
bets a little bit here to say that we are 3.5 years of what your average maturity is. That's not a bet that rates
are going to be higher absolutely six months from now. But neither is it locking in ten years. We are trying
to find that sweet spot that says we can still earn some yield but we are positioned should rates start creeping
up.
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 6 of 8
Eldon Roberts: What do you see that could be a potential problem for us as 2008 was? That was the
housing market. It cost us a lot of money as well as a whole lot of other people. What's out there that could
cause us that kind of problem again that would be that astronomical?
James Bell: Some of those issues that caused the 2008 have been addressed somewhat, and there's more
confidence in the market. There were a lot of questions, if you recall, back then about would the banks open
on Monday. For better or worse the government has indicated they are going to back stop the banks. When
I think about those things I think more of terrorism.
Eldon Roberts: There's always going to be another shoe to drop. That was really tough on us.
Kit Williams: It was a perfect storm.
Eldon Roberts: It was.
Kit Williams: They relaxed a lot of the rules and a lot of the top people in these corporations didn't actually
even know what they were doing.
James Bell: That's what makes our job so hard is that we look at companies and think Honeywell's a great
company, they going to be able to pay their debts or a stock that we've invested in that we've done a lot of
work on; but no amount of that kind of research can take into account those kind of exogenous events like
we are talking about here.
I have just one other housekeeping thing. Kerry and Glenn met with Marsha and Trish on the flow of funds.
We are going to help you guys calculate the rate of return. It includes all of the inflows, not just what we
see in our portfolio, but the millage money and tax money. Now they put some of that in the checking
account or the general fund account.
Sondra Smith: If I remember from the e-mail, they are going to have larger cash on hand.
James Bell: They are going to start depositing those moneys into this account and then every month, instead
of this account just making up whatever the difference is. It'll be the same amount coming out of this
account each month because we are also getting the deposits. We used to not see the deposits into our
account, they would just let us know how much difference needs to come from this account.
Eldon Roberts: So they would just let you know the difference in what the deposit and what we had to
have to pay the pension board?
James Bell: Yes sir.
Sondra Smith: Like if your turn back came in and you had more than enough money in the turn back to
pay the pension for that month then they wouldn't ask for a draw. Now they are going to ask for the same
draw every single month and keep a little bit more in the cash account.
Eldon Roberts: That cash account is kept here? It is earning something, is it not?
Kit Williams: Virtually nothing, but something.
James Bell: Thank you guys very much.
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 7 of 8
Informational:
Longer View January 7, 2015
Eldon Roberts: Do we continue to get this or is it just a spill over?
Sondra Smith: I think it's just a spill over because of when you changed and since you were with them for
part of the year. You probably won't get anything anymore.
And to answer your question on the turn back, last year you received $152,519. For 2015 they are estimating
$120,511. On the future supplement you received $44,280. The police supplement was $24,600. The
$152,519 are the two numbers added together for the estimated premium and the additional premium. That
should increase to about $160,000. It looks like it's going to be a little bit more, but you never know for
sure. That's been anywhere from $186,000 in 2008 to $213,000. Some of our insurance rates may go down.
I don't know if it'll effect your plan, but on the Fire we got a better rating so that should cause premiums
to go down for home owners.
Eldon Roberts: That's happens year to year. The better the firefighting company is, the better your rates
are. I don't see it affecting us that much. Automobile insurance keeps going up, it never does take much of
a fall. I think that's where our money comes from is automobile insurances.
Sondra Smith: Don't you receive some from fines?
Eldon Roberts: We actually receive 10% of all the fines and forfeitures that go through Municipal Court
that are collected.
Sondra Smith: That could fluctuate too
2015 Meeting Calendar
Sondra Smith: I didn't put a copy of that in but your next meeting is April 16, 2015. And you want us to
proceed with the election like we have in the past?
Eldon Roberts: I think it works very well. There's not a lot of room for anything to go south on us.
Sondra Smith: You do it differently and yours seems to work better than the Fire's. The Fire Pension asks
for nominations first and then elections. They do not have a good turn out from the people that send back
for nominations. Itjust kind of works better this way.
Eldon Roberts: That would be confusing. The way we do here, you simply send a letter to every voting
member and tell them what three are up for election and you can vote for anyone that you want too except
for the three that's up for election. The way the ballots are cast and counted doesn't leave any room for
error.
Kit Williams: I think it's a much better procedure. The Fire is too complex.
Sondra Smith: And the Fire we have to open the ballots in an open meeting. They come for a five minute
meeting for us to open the ballots and read the names.
Policemen's Pension & Relief Fund
Board of Trustees Meeting Minutes
January 22, 2015
Page 8 of 8
Eldon Roberts: We've never had any problem with ours. I've never had anyone come to me and say I'm
not happy with the way the pension board elections are going.
Sondra Smith: If you're okay with the process we are implementing now then we'll continue that process.
In late April we will send out the letter and the election process to start.
Adjournment: 3:30 p.m.
POLICE PENSION FUND
May 2015
Month 5
5
EMP# NAME
154 ALLEN, CHARLES
206 BAYLES, BOBBI J
216 BLACK, MILDRED
147 BRADLEY, GERALD
139 BRADLEY, RANDALL
167 BROWN, JOHN
157 CARROLL,RONALD L
151 COLE, RUSTON
160 DUGGER,GARY
140 FOSTER, BILLY D.
148 FRIEND, JERRY
161 HANNA, JANICE
145 HANNA, MARK
169 HELDER, TIM
180 HOYT, RICK
180 HOYT, RICK Plus 25 add pay
146 HUTCHENS, BERNICE
194 JOHNSON, FRANK
215 JOHNSON, JOYCE
103 JOHNSON, WENDELL
118 JONES, BOB
211 JONES, MICHELE
144 KILGORE, DONALD
218 MARTIN, CONNIE
128 MCCAWLEY, LARRY
136 MITCHELL, MICHAEL
158 MUNSON,ANGELA
112 MURPHY, JAKE
137 PERDUE, LARRY
164 PERSHALL, ROBIN
132 PHILLIPS, HOMER GENE
199 PRESTON, NORMA J
135 RICKMAN, LOREN
214 RIGGINS, BONNIE
183 ROBERTS, ELDON
183 ROBERTS, ELDON Plus 25 add pay
212 ROBERTS, CAROLYN K
212 ROBERTS, CAROLYN K Plus 25 add pay
159 SCHUSTER,JOHN H.
168 STANLEY, MELVIN
133 SURLES, JERRY
142 TAYLOR, DENNIS
163 WATSON, RICHARD
163 Watson, Richard Plus 25 Add'] Pay
149 WILLIAMS, JOYCE
195 WITT, BETTY J
213 WOOD, RUTHIE
5
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
5 5 5 5
6800-9800
5335-05
Suppl. YTD Suppl. Future Supple
$
2,584.64
$
12,923.20
$
50.00
$
250.00
$
1,587.41
$
7,937.05
$
50.00
$
250.00
$
1,125.64
$
5,628.20
$
50.00
$
250.00
$
4,820.09
$
24,100.45
$
50.00
$
250.00
$
2,860.17
$
14,300.85
$
50.00
$
250.00
$
4,362.01
$
21,810.05
$
50.00
$
250.00
$
2,106.04
$
10,530.20
$
50.00
$
250.00
$
3,065.74
$
15,328.70
$
50.00
$
250.00
$
3,163.74
$
15,818.70
$
50.00
$
250.00
$
3,207.35
$
16,036.75
$
50.00
$
250.00
$
1,970.42
$
9,852.10
$
50.00
$
250.00
$
1,368.59
$
6,842.95
$
-
$
-
$
1,368.59
$
6,842.95
$
50.00
$
250.00
$
5,838.12
$
29,190.60
$
50.00
$
250.00
$
7,460.01
$
37,300.05
$
50.00
$
250.00
$
272.01
$
1,360.05
$
1,825.54
$
9,127.70
$
50.00
$
250.00
$
7,974.81
$
39,874.05
$
50.00
$
250.00
$
2,455.50
$
12,277.50
$
50.00
$
250.00
$
783.15
$
3,915.75
$
50.00
$
250.00
$
3,300.45
$
16,502.25
$
50.00
$
250.00
$
1,182.26
$
5,911.30
$
2,046.48
$
10,232.40
$
50.00
$
250.00
$
3,692.85
$
18,464.25
$
50.00
$
50.00
$
1,694.79
$
8,473.95
$
50.00
$
250.00
$
2,305.29
$
11,526.45
$
50.00
$
250.00
$
4,198.15
$
20,990.75
$
50.00
$
250.00
$
405.75
$
2,028.75
$
50.00
$
250.00
$
2,322.67
$
11,613.35
$
50.00
$
250.00
$
1,525.07
$
7,625.35
$
-
$
-
$
1,754.44
$
8,772.20
$
50.00
$
250.00
$
1,601.37
$
8,006.85
$
50.00
$
250.00
$
2,231.07
$
11,155.35
$
50.00
$
250.00
$
1,669.37
$
8,346.85
$
50.00
$
250.00
$
4,263.24
$
21,316.20
$
50.00
$
250.00
$
587.09
$
2,935.45
$
-
$
-
$
3,216.13
$
16,080.65
$
-
$
442.89
$
2,214.45
$
-
$
3,117.36
$
15,586.80
$
50.00
$
250.00
$
4,880.07
$
24,400.35
$
50.00
$
250.00
$
2,721.40
$
13,607.00
$
50.00
$
250.00
$
2,063.93
$
10,319.65
$
50.00
$
250.00
$
6,947.05
$
34,735.25
$
50.00
$
250.00
$
948.76
$
4,743.80
$
-
$
-
$
2,539.66
$
12,698.30
$
50.00
$
250.00
$
1,766.83
$
8,834.15
$
50.00
$
250.00
$
1,580.93
$
7,904.65
$
50.00
$
250.00
$
125,204.92
$
626,024.60
$1,950.00
$
9,550.00 $ -
POLICE PENSION FUND 6 6 6 6 6
June 2015 6800-9800 6800-9800
Month 6 Regular Mo 5335-00 5335-05
6
EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple
154 ALLEN, CHARLES
$
2,584.64
$
15,507.84
$
50.00
$
300.00
206 BAYLES, BOBBI J
$
1,587.41
$
9,524.46
$
50.00
$
300.00
216 BLACK, MILDRED
$
1,125.64
$
6,753.84
$
50.00
$
300.00
147 BRADLEY, GERALD
$
4,820.09
$
28,920.54
$
50.00
$
300.00
139 BRADLEY, RANDALL
$
2,860.17
$
17,161.02
$
50.00
$
300.00
167 BROWN, JOHN
$
4,362.01
$
26,172.06
$
50.00
$
300.00
157 CARROLL,RONALD L
$
2,106.04
$
12,636.24
$
50.00
$
300.00
151 COLE, RUSTON
$
3,065.74
$
18,394.44
$
50.00
$
300.00
160 DUGGER,GARY
$
3,163.74
$
18,982.44
$
50.00
$
300.00
140 FOSTER, BILLY D.
$
3,207.35
$
19,244.10
$
50.00
$
300.00
148 FRIEND, JERRY
$
1,970.42
$
11,822.52
$
50.00
$
300.00
161 HANNA, JANICE
$
1,368.59
$
8,211.54
$
-
$
-
145 HANNA, MARK
$
1,368.59
$
8,211.54
$
50.00
$
300.00
169 HELDER, TIM
$
5,838.12
$
35,028.72
$
50.00
$
300.00
180 HOYT, RICK
$
7,460.01
$
44,760.06
$
50.00
$
300.00
180 HOYT, RICK Plus 25 add pay
$
272.01
$
1,632.06
146 HUTCHENS, BERNICE
$
1,825.54
$
10,953.24
$
50.00
$
300.00
194 JOHNSON, FRANK
$
7,974.81
$
47,848.86
$
50.00
$
300.00
215 JOHNSON, JOYCE
$
2,455.50
$
14,733.00
$
50.00
$
300.00
103 JOHNSON, WENDELL
$
783.15
$
4,698.90
$
50.00
$
300.00
118 JONES, BOB
$
3,300.45
$
19,802.70
$
50.00
$
300.00
211 JONES, MICHELE
$
1,182.26
$
7,093.56
144 KILGORE, DONALD
$
2,046.48
$
12,278.88
$
50.00
$
300.00
218 MARTIN, CONNIE
$
3,692.85
$
22,157.10
$
50.00
$
50.00
128 MCCAWLEY, LARRY
$
1,694.79
$
10,168.74
$
50.00
$
300.00
136 MITCHELL, MICHAEL
$
2,305.29
$
13,831.74
$
50.00
$
300.00
158 MUNSON,ANGELA
$
4,198.15
$
25,188.90
$
50.00
$
300.00
112 MURPHY, JAKE
$
405.75
$
2,434.50
$
50.00
$
300.00
137 PERDUE, LARRY
$
2,322.67
$
13,936.02
$
50.00
$
300.00
164 PERSHALL, ROBIN
$
1,525.07
$
9,150.42
$
-
$
-
132 PHILLIPS, HOMER GENE
$
1,754.44
$
10,526.64
$
50.00
$
300.00
199 PRESTON, NORMA J
$
1,601.37
$
9,608.22
$
50.00
$
300.00
135 RICKMAN, LOREN
$
2,231.07
$
13,386.42
$
50.00
$
300.00
214 RIGGINS, BONNIE
$
1,669.37
$
10,016.22
$
50.00
$
300.00
183 ROBERTS, ELDON
$
4,263.24
$
25,579.44
$
50.00
$
300.00
183 ROBERTS, ELDON Plus 25 add pay
$
587.09
$
3,522.54
$
-
$
-
212 ROBERTS, CAROLYN K
$
3,216.13
$
19,296.78
$
-
212 ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
2,657.34
$
-
159 SCHUSTER,JOHN H.
$
3,117.36
$
18,704.16
$
50.00
$
300.00
168 STANLEY, MELVIN
$
4,880.07
$
29,280.42
$
50.00
$
300.00
133 SURLES, JERRY
$
2,721.40
$
16,328.40
$
50.00
$
300.00
142 TAYLOR, DENNIS
$
2,063.93
$
12,383.58
$
50.00
$
300.00
163 WATSON, RICHARD
$
6,947.05
$
41,682.30
$
50.00
$
300.00
163 Watson, Richard Plus 25 Add'] Pay
$
948.76
$
5,692.56
$
-
$
-
149 WILLIAMS, JOYCE
$
2,539.66
$
15,237.96
$
50.00
$
300.00
195 WITT, BETTY J
$
1,766.83
$
10,600.98
$
50.00
$
300.00
213 WOOD, RUTHIE
$
1,580.93
$
9,485.58
$
50.00
$
300.00
$
125,204.92
$
751,229.52
$1,950.00
$
11,450.00 $ -
POLICE PENSION FUND
July 2015
Month 7
7
EMP# NAME
154 ALLEN, CHARLES
206 BAYLES, BOBBI J
216 BLACK, MILDRED
147 BRADLEY, GERALD
139 BRADLEY, RANDALL
167 BROWN, JOHN
157 CARROLL,RONALD L
151 COLE, RUSTON
160 DUGGER,GARY
140 FOSTER, BILLY D.
148 FRIEND, JERRY
161 HANNA, JANICE
145 HANNA, MARK
169 HELDER, TIM
180 HOYT, RICK
180 HOYT, RICK Plus 25 add pay
146 HUTCHENS, BERNICE
194 JOHNSON, FRANK
215 JOHNSON, JOYCE
103 JOHNSON, WENDELL
118 JONES, BOB
211 JONES, MICHELE
144 KILGORE, DONALD
218 MARTIN, CONNIE
128 MCCAWLEY, LARRY
136 MITCHELL, MICHAEL
158 MUNSON,ANGELA
112 MURPHY, JAKE
137 PERDUE, LARRY
164 PERSHALL, ROBIN
132 PHILLIPS, HOMER GENE
199 PRESTON, NORMA J
135 RICKMAN, LOREN
214 RIGGINS, BONNIE
183 ROBERTS, ELDON
183 ROBERTS, ELDON Plus 25 add pay
212 ROBERTS, CAROLYN K
212 ROBERTS, CAROLYN K Plus 25 add pay
159 SCHUSTER,JOHN H.
168 STANLEY, MELVIN
133 SURLES, JERRY
142 TAYLOR, DENNIS
163 WATSON, RICHARD
163 Watson, Richard Plus 25 Add'I Pay
149 WILLIAMS, JOYCE
195 WITT, BETTY J
213 WOOD, RUTHIE
7
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
7 7 7 7
6800-9800
5335-05
Suppl. YTD Suppl. Future Supple
$
2,584.64
$
18,092.48
$
50.00
$
350.00
$
1,587.41
$
11,111.87
$
50.00
$
350.00
$
1,125.64
$
7,879.48
$
50.00
$
350.00
$
4,820.09
$
33,740.63
$
50.00
$
350.00
$
2,860.17
$
20,021.19
$
50.00
$
350.00
$
4,362.01
$
30,534.07
$
50.00
$
350.00
$
2,106.04
$
14,742.28
$
50.00
$
350.00
$
3,065.74
$
21,460.18
$
50.00
$
350.00
$
3,163.74
$
22,146.18
$
50.00
$
350.00
$
3,207.35
$
22,451.45
$
50.00
$
350.00
$
1,970.42
$
13,792.94
$
50.00
$
350.00
$
1,368.59
$
9,580.13
$
-
$
-
$
1,368.59
$
9,580.13
$
50.00
$
350.00
$
5,838.12
$
40,866.84
$
50.00
$
350.00
$
7,460.01
$
52,220.07
$
50.00
$
350.00
$
272.01
$
1,904.07
$
1,825.54
$
12,778.78
$
50.00
$
350.00
$
7,974.81
$
55,823.67
$
50.00
$
350.00
$
2,455.50
$
17,188.50
$
50.00
$
350.00
$
783.15
$
5,482.05
$
50.00
$
350.00
$
3,300;45
$
23,103.15
$
50.00
$
350.00
$
1,182.26
$
8,275.82
$
2,046.48
$
14,325.36
$
50.00
$
350.00
$
3,692.85
$
25,849.95
$
50.00
$
50.00
$
1,694.79
$
11,863.53
$
50.00
$
350.00
$
2,305.29
$
16,137.03
$
50.00
$
350.00
$
4,198.15
$
29,387.05
$
50.00
$
350.00
$
405.75
$
2,840.25
$
50.00
$
350.00
$
2,322.67
$
16,258.69
$
50.00
$
350.00
$
1,525.07
$
10,675.49
$
-
$
-
$
1,754.44
$
12,281.08
$
50.00
$
350.00
$
1,601.37
$
11,209.59
$
50.00
$
350.00
$
2,231.07
$
15,617.49
$
50.00
$
350.00
$
1,669.37
$
11,685.59
$
50.00
$
350.00
$
4,263.24
$
29,842.68
$
50.00
$
350.00
$
587.09
$
4,109.63
$
-
$
-
$
3,216.13
$
22,512.91
$
-
$
442.89
$
3,100.23
$
-
$
3,117.36
$
21,821.52
$
50.00
$
350.00
$
4,880.07
$
34,160.49
$
50.00
$
350.00
$
2,721.40
$
19,049.80
$
50.00
$
350.00
$
2,063.93
$
14,447.51
$
50.00
$
350.00
$
6,947.05
$
48,629.35
$
50.00
$
350.00
$
948.76
$
6,641.32
$
-
$
-
$
2,539.66
$
17,777.62
$
50.00
$
350.00
$
1,766.83
$
12,367.81
$
50.00
$
350.00
$
1,580.93
$
11,066.51
$
50.00
$
350.00
$
125,204.92
$
876,434.44
$1,950.00
$
13,350.00 $
Revenues:
Employee Contributions
Employer Contributions
State Insurance Tax
Local Millage (A mills)
10% City Fines and Forfeitures
Sale of Confiscated Goods
Interest and Dividends
Gain (Loss) on Sales
Police Supplement
Future Supplement
Misc Revenue
Total Revenue
Expenditures
Regular Monthly Benefits
Police Supplement
Future Supplement
Investment Manager Fees
Other Expenses:
Office Supplies/printing
Audit Fees
Professional Services
Legal Fees
Bank Fees
Total Expenses
Net Income (Loss) Before Market Adj'TM
Market Adjustment
Net Income (Loss)
Police Pension Fund Revenue Expense Summary
12/31/2014 12/31/2013 2012 2011 2010 2009 2008 2007 2006 2005
$ 152,519.00 $ 142,151.31 $ 138,410.77 $ 205,694.53 $ 213,357.83 $ 214,429.30 $
$ 525,620.07 $ 494,749.58 $ 511,961.22 $ 498,380.57 $ 508,192.07 $ 485,345.06 $
$ 101,595.92 $ 112,992.59 $ 125,274.87 $ 126,045.40 $ 130,723.07 $ 123,653.64 $
$ 5,367.25 $ 1,898.28 $ 3,491.81 $ 5,026.40 $ 5,487.59 $ 9,732.16 $
$ 250,152.16 $ 263,480.49 $ 285,514.18 $ 263,520.02 $ 267,714.80 $ 256,907.42 $
$ 513,762.17 $ 160,066.59 $ 168,288.38 $ 209,001.15 $ 362,318.64 $ 153,193.23 $
$ 37,200.00 $ 37,800.00 $ 39,900.00 $ 40,500.00 $ 42,000.00 $ 31,200.00 $
$ 44,280.00 $ 46,620.00 $ 55,575.00 $ 36,450.00 $ 26,061.50 $ 38,350.00 $
$ 195.77 $ 53.39 $ 104.60 $ 1,561.27 $ 5,757.99 $
$ 1,630,496.57 $ 1,259,954.61 $ 1,328,469.62 $ 1,384,722.67 $ 1,557,416.77 $ 1,318,568.80 $
313,494.32 $ 1,565,284.00 $ 1,620,942.00 $ 1,499,536.00
$ 1,533,945.72 $ 1,535,372.30 $ 1,551,087.50 $ 1,564,986.62 $ 1,582,900.00 $ 1,628,521.36 $ 1,638,067.76 $ 1,5B7,319.00 $ 1,456,466.00 $ 1,362,068.00
$ 24,550.00 $ 24,650.00 $ 25,500.00 $ 26,400.00 $ 27,250.00 $ 29,300.00 $ 30,000.00 $ 30,000.00 $ 29,600.00 $ 29,800.00
$ 44,280.00 $ 45,510.00 $ 51,870.00 $ 35,640.00 $ 24,952.50 $ 36,816.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 48,245.00
$ 56,395.86 $ 66,240.45 $ 69,500.53 $ 71,050.23 $ 70,369.02 $ 68,150.57 $ 82,754.75 $ 87,712.00 $ 86,243.00 $ 86,672.00
$ 51.52 $ 56.81 $ 46.20 $ - $ 84.00
$ 3,500.00 $ 3,400.00 $ 3,600.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,300.00 $ 3,210.00
$ 103.75 $
$ 2,000.00
$
$ 1,025.00
$ 77.18 $ 99.10 $ 89.83 $ 164.48 $ 119.34 $ 181.69 $ 203.21 $ 195.00 $ 156.00 $ 156.00
$ 1,662,904.03 $ 1,675,328.66 $ 1,701,694.06 $ 1,701,741.33 $ 1,709,090.86 $ 1,766,553.62 $ 1,795,895.72 $ 1,788,766.00 $ 1,636,850.00 $ 1,532,151.00
$ (32,407.46) $ (415,374.05) $ (373,224.44) $ (317,018.66) $ (151,674.09) $ (447,984.82) $ (1,482,401.40) $ (223,482.00) $ (15,908.00) $ (32,615.00)
$ (355,917.05) $ 95,442.84 $ (13,498.87) $ (687.82) $ 360,267.86 $ 762,432.96 $ (1,291,031.77) $ 151,740.00 $ 344,973.00 $ (361,660.00)
$ (388,324.51) $ (319,931.21) $ (386,723.31) $ (317,706.48) $ 208,593.77 $ 314,448.14 $ (2,773,433.17) $ (71,742.00) $ 329,065.00 $ (394,475.00)
Book Value Total Reserve Assets ` $ 6,653,793.10 $ 6,682,459.70 $ 7,081,891.04 $ 7,468,021.86 $ 7,785,041.00 $ 7,950,215.00 $ 8,398,199.00 $ 9,880,601.00 $ 1D,104,083.00 $ 10,119,990.00
Market Value Total Reserve Assets $ 7,030,014.20 $ 7,443,057.63 $ 7,689,491.43 $ 8,156,105.82 $ 8,555,697.00 $ 6,360,804.00 $ 9,046,366.00 $ 10,619,789.00 $ 10,891,530.00 $ 10,562,465.00
'Assets less any liabilities
" Market Value calculated at year end
2/26/2015 C:\Users{ssmith\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Ou0ook\CP4W827V\Police Pension Summary
-
$ -
$
4,139.00
$ 5,193.00
-
$ -
$
8,278.00
$ 10,385.00
186,429.42
$ 190,192.00
$
226,826.00
$ 353,271.00
441,696.50
$ 388,877.00
$
370,649.00
$ 339,416.00
131,583.83
$ 106,385.00
$
119,147.00
$ 126,833.00
7,715.61
$ 10,806.00
$
6,343.00
$ 120.00
359,998.26
$ 356,699.00
$
373,776.00
$ 347,752.00
(885,460.70)
$ 395,378.00
$
420,298.00
$ 231,691.00
30,000.00
$ 30,000.00
$
30,300.00
$ 31,275.00
41,370.00
$ 86,040.00
$
60,060.00
$ 51,199.00
161.46
$ 907.00
$
1,126.00
$ 2,401.00
313,494.32 $ 1,565,284.00 $ 1,620,942.00 $ 1,499,536.00
$ 1,533,945.72 $ 1,535,372.30 $ 1,551,087.50 $ 1,564,986.62 $ 1,582,900.00 $ 1,628,521.36 $ 1,638,067.76 $ 1,5B7,319.00 $ 1,456,466.00 $ 1,362,068.00
$ 24,550.00 $ 24,650.00 $ 25,500.00 $ 26,400.00 $ 27,250.00 $ 29,300.00 $ 30,000.00 $ 30,000.00 $ 29,600.00 $ 29,800.00
$ 44,280.00 $ 45,510.00 $ 51,870.00 $ 35,640.00 $ 24,952.50 $ 36,816.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 48,245.00
$ 56,395.86 $ 66,240.45 $ 69,500.53 $ 71,050.23 $ 70,369.02 $ 68,150.57 $ 82,754.75 $ 87,712.00 $ 86,243.00 $ 86,672.00
$ 51.52 $ 56.81 $ 46.20 $ - $ 84.00
$ 3,500.00 $ 3,400.00 $ 3,600.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,300.00 $ 3,210.00
$ 103.75 $
$ 2,000.00
$
$ 1,025.00
$ 77.18 $ 99.10 $ 89.83 $ 164.48 $ 119.34 $ 181.69 $ 203.21 $ 195.00 $ 156.00 $ 156.00
$ 1,662,904.03 $ 1,675,328.66 $ 1,701,694.06 $ 1,701,741.33 $ 1,709,090.86 $ 1,766,553.62 $ 1,795,895.72 $ 1,788,766.00 $ 1,636,850.00 $ 1,532,151.00
$ (32,407.46) $ (415,374.05) $ (373,224.44) $ (317,018.66) $ (151,674.09) $ (447,984.82) $ (1,482,401.40) $ (223,482.00) $ (15,908.00) $ (32,615.00)
$ (355,917.05) $ 95,442.84 $ (13,498.87) $ (687.82) $ 360,267.86 $ 762,432.96 $ (1,291,031.77) $ 151,740.00 $ 344,973.00 $ (361,660.00)
$ (388,324.51) $ (319,931.21) $ (386,723.31) $ (317,706.48) $ 208,593.77 $ 314,448.14 $ (2,773,433.17) $ (71,742.00) $ 329,065.00 $ (394,475.00)
Book Value Total Reserve Assets ` $ 6,653,793.10 $ 6,682,459.70 $ 7,081,891.04 $ 7,468,021.86 $ 7,785,041.00 $ 7,950,215.00 $ 8,398,199.00 $ 9,880,601.00 $ 1D,104,083.00 $ 10,119,990.00
Market Value Total Reserve Assets $ 7,030,014.20 $ 7,443,057.63 $ 7,689,491.43 $ 8,156,105.82 $ 8,555,697.00 $ 6,360,804.00 $ 9,046,366.00 $ 10,619,789.00 $ 10,891,530.00 $ 10,562,465.00
'Assets less any liabilities
" Market Value calculated at year end
2/26/2015 C:\Users{ssmith\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Ou0ook\CP4W827V\Police Pension Summary
LOPFI
ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM 620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2223
Telephone: 501.682.1745
Toll -Free: 866.859.1745
To: Local Fire and Police Pension Funds Fax: 501.682.1751
email: info@lopfi-prb.com
From: Arkansas Local Police and Fire Retirement System (LOPFI) website: www.lopfi-prb.com
Re: Consolidation of Local Plan
Date: January 2015
State law permits a Local Fire or Police Pension Fund (Local Plan) to assign its
administration to the Arkansas Local Police and Fire Retirement System (LOPFI). This
is only a change in administration. Benefits remain unchanged except for locations that
approve the addition of a three percent (3%) compound cost of living adjustment (COLA)
for the Local Plan and fire pension funds that have not enacted Act 397 benefits (co -equal
spouse benefit.)
To Consider Consolidation with LOPFI
A Local Plan must request an actuarial valuation to determine the initial employer
contribution rate to fund benefits for the Local Plan and LOPFI for the affected
department. The valuation will provide an employer contribution rate to implement a 3%
compound COLA for the Local Plan and a rate without a COLA. The valuation fee has a
base amount of $600 for a Local Plan with fewer than 20 total participants (active and
retired) with an additional $20 for each participant up to 100 and $10 for each participant
over 120. Make the check payable to "Gabriel, Roeder, Smith, & Co." and mail to
LOPFI. The valuation process takes about six (6) weeks to complete and will begin once
the request and payment are received.
LOPFI will mail the completed valuation to the Local Plan. If the Local Plan chooses to
proceed with consolidation, it will pass a resolution asking the governing body (City
Council or Board of Directors/Commissioners) to adopt an ordinance authorizing the
governing body's presiding officer to sign an irrevocable agreement to consolidate the
Local Plan with LOPFI.
Upon receipt of the properly executed resolution, ordinance, and agreements the LOPFI
Board of Trustees will decide whether to accept administration of the Local Plan. Upon
the LOPFI Board's approval, consolidation shall proceed. LOPFI must receive all
records and assets prior to the start of LOPFI administration.
Should you have questions, please contact either David Clark or Denise Collins.
Policemen's Pension and Relief Board of Trustees
Third Thursday of the First Month of each Quarter
3:00 p.m.
City Administration Room 326
January 22, 2015
April 16, 2015
July 16, 2015
October 15, 2015
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