HomeMy WebLinkAbout2005-03-31 - Agendas - Final h
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Firemen's Pension and Relief Fund
Meeting Agenda
March 31, 2005
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :30 a.m.
on March 31, 2005 in Room 111 of the City Administration Building
l. Approval of the Minutes:
February 24, 2005 Meeting Minutes
2. Approval of the Pension List:
• April 2005 Pension List
3. Longer Investments:
• Report
4. Old Business:
• Signed Investment Policy
• NCPRES Conference
5. New Business:
Floyd Carl Death Certificate
• Affidavits — Non-return
• 2005 Elections
• Retirement — Lonnie Napier
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
February 24,2005
Page 1 of 4
Firemen's Pension and Relief Fund
Meeting Minutes
February 24, 2005
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11 :00 a.m.
on February 24, 2005 in Room 111 of the City Administrationtuilding—
Marion Doss called the meeting to order
Present: Pete Reagan, Robert Johnson, Marion Doss, Danny Farrar, City Clerk Sondra
Smith and City Attorney Kit Williams.
Absent: Mayor Coody and Ronnie Woods
Approval of the January 27, 2005 Meeting Minutes:
Pete Reagan moved to approve the Minutes. Robert Johnson seconded the motion. Upon
roll call the motion passed 5-0.
Approval of the March 2005 Pension List:-
Marion Doss: Did we get the 3% COLA added to the DROP retirees?
Sondra Smith: Accounting changed the DROP amount and added the 3% COLA.
Robert Johnson moved to approve the Pension List. Danny Farrar seconded the motion.
Upon roll call the motion passed 5-0.
Longer Investments:
A copy of the investment report for January 31, 2005 was handed out.
Old Business:
Investment Policy Change:
A copy of the revised investment policy was given to the Board.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
February 24,2005
Page 2 of 4
Kit Williams: That should be part of her report to you every quarter, whether or not she has had
to go within that five percent and then you will have to approve it.
Sondra Smith: She will report to us any overage every month even if she is not scheduled to
attend our meeting that month. She will let me know if she has had to go beyond the percentage
each month and I will report the overage to the board for them to vote on the overage. I didn't
think every quarter for the Firemen's Pension would be appropriate since we meet every month.
a
The revised investment policy was given to the board for them to sign.
Pete Reagan moved to approve the revised Investment Policy adding the last two sentences
to Section 3 on Page 3. Danny Farrar seconded the motion. Upon roll call the motion
passed 5-0.
Benefits to widows of firefikhters if married after retirement:
Marion Doss: If a fire fighter marries after retirement and is married for more than five years
his widow can have spousal benefits. Is that correct Kit?
Sondra Smith: With approval of the board.
Kit Williams: They use different language in this particular section than they do when you
increase your own benefits under Section 24-11-102. When they came up with this benefit under
Section 11-8-20 of the State statues, they say the pension fund must be actuarially sound after
this benefit increase. They also say that any payment of benefits above the minimum amount
stated in the section shall not be made except upon determination that the fund will remain
actuarially sound. I don't think your fund right now is actuarially sound.
Pete Reagan: No it is not:
Kit Williams: Does this language control? It seems like it does as opposed to the normal'
benefit increase where it says actuarially feasible and then they talk about going through the cash
flow method. I have not seen any interpretation of this because this is a new statue. If you want
we could ask the attorney general to see if it would still be granted under the old way that you
can do your regular benefits or because they specifically said the fund must be actuarially sound
that it would not be available.
Pete Regan: I agree with Kit.
Marion Doss: The board can decide if we want Kit to clarify that now or just wait until we need
to know.
Kit Williams: The first thing is whether you really want to do it. If there is not a big move to
do this, then let's not ask the attorney general to spend his time to give us an opinion.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
February24,2005
Page 3 of 4
Pete Regan: There is no one that has petitioned us to do this and we know we are not actuarially
sound.
Kit Williams: If there is no one really eligible then I would recommend that we put this on the
back burner and wait until there is a reason to look at it.
Danny Farrar: Sounds good to me.
Marion Doss: I think we should take our attorney's advice.
NCPERS Conference:
Marion Doss: Do we need to do something on this today?
Pete Reagan: We need to do something today.
Marion Doss: If someone wants to go and we have the money budgeted I think we should send
someone. It is pretty important to keep laws concerning pensions in the forefront. There is a lot
of movement to change things.
Danny Farrar moved to send up to two pension board members to the NCPERS`
Conference. Pete Regan seconded the motion. Upon roll call the motion passed 5-0.
Kelly Skelton — College Enrollment:
A copy of the Proof of Enrollment for Kelly Skelton was given to the Board.
Kelly Skelton Eligibility for benefits:
A copy of Kelly Skelton's birth certificate was given to the Board. She will turn 23 on October
25, 2005 so her benefits will stop this year. Kelly's benefits will revert to Kim Skelton if Kim
stays in college until she reaches the age of 23.
Sondra Smith: Kit could you check the law to see if they have to remain in school continuous
or if they can sit out a semester and then draw from the pension fund again when they return to
school.
Pete Regan: It says in the State statue however if the child enrolls in an institution of higher
education after completing high school the payment shall continue as long as the child is a full
time student but in no instance beyond the child's 23rd birthday.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
February 24,2005
Page 4 of 4
Kit Williams: It is not really clear on that. Normally these pension laws are supposed to be
construed generously to the beneficiary. I would think that probably as long as they are under
the age of 23 and took a year off, they would not draw benefits during the time they were not
enrolled in school but probably should get paid when they go back to school.
Marion Doss: I think that is a good benefit for the kids, it is a good program.
Kim Skelton — College Enrollment:
A copy of the Proof of Enrollment for Kim Skelton was given to the Board.
New Business:
DROP amounts due this year:
A copy of the estimated DROP amounts that was prepared by the Accounting Department was
given to the Board.
A discussion followed on the amount that the three DROP retirees will receive in a lump sum
distribution.
Meeting Adjourned at 11 :40 AM
_ FIREMEN'S RELIEF AND PENSION
April 2006
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
TH OF APRIL. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
F: .9'EES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tax St Tax Net
79 11/99 ARMSTRONG (DILL), PAMELA 1,759.94 7,039.76 300.00 100.00 1,359.94
177 4/04 BACHMAN, EDDIE 2,542.28 . _. 10,109.12 _479:27 119.82 1,943.19
74 3/86 BAIRD, JULIA 1,749.59 6,998.36 350.00 145.00 1,254.59
2 3/75 BLACKARD, PAUL 106.09 424.36 106.09
63 5/72 BOLAIN, ANN 106.09 424.36 106.09
68 7/99 BONADUCE, MICHAEL 2,901.71 11,606.84 475.38 2,426.33
44 9/86 BOUDREY, BETTY MRS. 2,405.26 9,621.04 300.00 50.00 2,055.26
45 9/86 BOUDREY, HOWARD 2,028.43 8,113.72 2,028.43
49 7/88 BOUDREY, JACK 1,599.64 6,398.56 287.68 50.00 1,261.96
4 6/67 CARL, FLOYD JR, (Deceased 2/28/05) 0.00 212.18
5 5/72 CASELMAN, ARTHUR 127.31 509.24 127.31
57 5/90 CATE, ROY 1,736.80 6,947.20 1,736.80
6 4/68 CHRISTIE, ARNOLD 106.09 424.36 106.09
8 10/76 COUNTS, WAYNE 106.09 424.36 106.09
77 11/99 DILL,GARY JOHN 1,759.95 7,039.80 100.00 1,659.95
11 2176 FARRAR,ALONZO 969.77 3,879.08 969,77
38 5/84 FRALEY, JOSEPH G. 1,716.62 6,866.48 200.00 15.00 1,501.62`
170 5/03 FREEDLE, LARRY 3,705.58 14,822.32 500.00 100.00 3,105.58
92 03/02 GAGE,TOMMY 2,521.06 10,084.24 226.00 50.00 2,245.06
34 6179 HARRIS, JAMES E. 106.09 424.36 106.09
70 11/99 HARRIS, MARY RUTH 106.09 424.36 106.09
182 10/04 JENKINS, EILEEN 1,736.65 6,946.60 350.00 100.00 1,286.65
93 06/02 JENKINS, JOHN 1,736.66 6,946.64 350.00 100.00 1,286.66
86 07/01 JOHNSON,ROBERT 2,983.95 11,935.80 500.00 100.00 2,38 .95
64 4/95 JORDAN, CHARLIE 2,208.69 8,834.76 2,208.69
76 5/88 JUDY, JAN 1,599.64 6,398.56 200.00 50.00 1,349.64
37 3/84 KING, ARNOLD D. 1,478.03 5,912.12 265.00 35.00 1,178.03
54 5/89 KING, ARVIL 1,661.37 6,645.48 130.00 50.00 1,481.37
12 3/60 LANE, HOPE MRS 106.09 424.36 106.09
13 10/67 LAYER, MERLIN 442.93 1,771.72 442.93
173 12/03 LEDBETTER, DENNIS 3,665.83 14,663.32 650.00 200.00 2,815.83
181 10/04 LEE, VIOLA LOUISE 106.09 424.36 106.09
51 10/88 LEWIS, CHARLES 1,599.64 6,398.56 75.00 25.00 1,499.64
40 9/85 LOGUE, PAUL D. 2,784.74 11,138.96 325.00 75.00 2,384.74
50 9/88 MASON, LARRY 1,583.74 6,334.96 137.61 25.00 1,421.13
39 4/85 MC ARTHUR, RONALD A. 1,702.66 6,810.64 150.00 50.00 1,502.66
35 2/82 MC CHRISTIAN, DWAYNE 106.09 424.36 106.09
15 4/77 MC WHORTER, CHARLES 1,295.64 5,182.56 150.00 1,145.64
29 8/81 MILLER, DONALD 1,266.09 5,064.36 125.00 25.00 1,116.09
73 2/00 MILLER,KENNETH 3,087.40 12,349.60 325.00 75.00 2,687.40
42 2/86 MOORE, JAMES H. 106.09 424.36 106.09
176 4/04 MORRIS, DIXIE E. 122.00 488.00 122.00
62 10/68 MORRISON, ELIENE 132.61 530.44 132.61
48 7/88 MULLENS, DENNIS W. 2,127.48 8,509.92 2,127.48
184 3/05 NAPIER, LONNIE 3,415.81 3,415.81 110.00 88.00 3,217.81
46 5/88 OSBURN, TROY 1,844.33 7,377.32 200.00 38.00 1,606.33
81 02/01 PHILLIPS,LARRY 2,684.55 10,738.20 2,684.55
53 2/89 POAGE, LARRY 2,278.35 9,113.40 300.00 100.00 1,878.35
22 4/73 REED, JOE 106.09 424.36 106.09
172 12/03 SCHADER, MADGE 1,345.64 5,382.56 1,345.64
41 9/85 SCHADER, TROY 1,480.57 5,922.28 57.00 1,423.57
83 03/01 SKELTON, KIMBERLY 1,182.03 4,728.12 125.00 25.00 1,032.03
66 8/98 SKELTON, PAULINE 413.75 1,655.00 413.75
82 03/01 SKELTON,KELLY 1,182.03 4,728.12 125.00 25.00 1,032.03
36 5176 SPRINGSTON, CARL 782.71 3,130.84 70.00 17.00 695.71
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tax St Tax Net
90 03/02 STOUT, IMOGENE W. 745.44 2,981.76 745.44,
165 12/02 TATE, RALPH 3,561.26 14,245.04 300.00 100.00
65 3/66 TUNE, BILLIE SUE 132.61 530.44
27 3/71 TUNE, MILDRED MRS. 132.61 530.44 132.61
71 1/00 WARFORD,THOMAS 2,429.83 9,719.32 300.00 2,129.83
28 7/68 WATTS, DONALD 424.36 1,697.44 424.36
88 01/02 WOOD,RONNIE D 2,987.52 11,950.08 800.00 200.00 1,987.52
52 9/88 WRIGHT, RANDALL 1,642.08 6,568.32 200.0_0 _25.001,417.08
90,572.16 352,253.39 9,537.94 2,157.82 . 7$,876.40
DROP DATE DROP EMPLOYEES NEW BENEFITS
07/01/00 REAGAN,PETE 3,432.73
01/01/01 DOSS,MARION 5,220.30
03/01/03 MAHAN, MARSHALL 3,958.53
03/01/03 PIERCE, JOEY 3,540.95
03/01/03 SHACKLEFORD, GLEN 3,540.95
04/01/03 O'NEAL, TEDDY 4,000.96
05/01/04 FARRAR, DANNY 4,034.33
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT'
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF , 2005.
NOTARY PUBLIC
MY COMMISSION EXPIRES
YTD
6810-9810-0335-00
6810-9810-5335-06
YTD Column
Difference 0.00
l
CITY OF FAYETTEVILLE, ARKANSAS
FIREMEN'S PENSION AND RELIEF FUND
INVESTMENT POLICY
PURPOSE: The purpose of this policy is to define the guidelines for the Firemen's
Pension and Relief Fund Board in selecting assets for the Firemen's Pension and Relief
Fund.
I. Investment Objectives
A. To protect the Fund's assets while insuring systematic and adequate
funding of plan distributions and benefits to participants and their
beneficiaries.
B. To earn the highest possible total (capital appreciation plus current return),
consistent with prudent levels of risk.
C. The long-term goal is to realize an average annual rate of return of 6% on
the Fund's total portfolio to satisfy the actuarial projections. The Board
expects the total fund, as well as each component, (i.e., equity fund, fixed
income fund, balanced fund) to:
1. Perform in the top one-third of an evaluation services universe
using a Standard and Poor's Index;
2. Achieve a net return equal to the S&P rate of return for equities;
3 Achieve a net return (inclusive of fees) equal to the
Shearson/Lehman Government/Corporate Bond Index for fixed
income; and
4. Achieve a net return (inclusive of fees) at least equal to the equal
combination of the S&P 500 and Shearson/Lehman
Government/Corporate Bond Index for balanced funds.
The performance will be measured over a 3-year time frame. Short run
results will also be monitored and are expected to be within the top one-
third of an evaluation services universe. Non-performance with regard to
these requirements may cause the Board to evaluate continuation of the
contract:
Performance will take into consideration the risk the money manager is
incurring to achieve the rate of return. Money managers incurring undue
risk according to the evaluation services universe will be considered as no
properly performing.
1
II. Volatility and Liquidity ,
A. Consistent with the desire for adequate diversification, this investment
policy is based upon the assumption that the volatility of the portfolio will
be similar to that of the overall market. Consequently, it is expected that
the volatility of the total portfolio, in aggregate, will be reasonably close to
that of a weighted composite of market indexes (e.g. Standard & Poor's
500 Index for stocks and Shearson/Lehman GoverwneneCorporate Bond'
Index for bonds).
B. While there is no immediate requirement for the investment managers to
maintain liquid reserves for payment of pension benefits, the Board of
Trustees will monitor the liquidity needs of the plan with the managers on
at least an annual basis. Current annual benefit payments are
approximately $907,000. This amount will be offset by contributions to
the plan from employees, employer match, state insurance premium tax
turnback, and local millage. Contributions to the plan totaled $401,207 in
2001 .
III. Asset Allocation/Diversification
A. The maximum allocation of investment categories shall be 50% for
equities and the balance in fixed income (including cash equivalents) and
other investments.
B. A specific asset allocation shall be approved by the Board and shall be
segregated as a percentage for equities, fixed income, cash equivalents,
and other investments. The specific asset allocation shall be reviewed at
least semi-annually with the investment counsel. Any changes shall be
transmitted to the investment counsel in writing. The allocation shall be
within the following guidelines:
1. Cash and Cash Equivalents: 5%-25%
Short-term investments shall consist of obligations of the U.S.
government, U.S. agencies, and corporate issues of one- to three-
year maturity or less, repurchase agreements, certificates of
deposit, and the highest two grades of commercial paper.
Additionally, U. S. government money market funds may be
utilized.
2. Fixed Income: 15%-75%
The quality of fixed income securities shall not be rated less than
investment grade by Moody's or Standard and Poor's. Excluding
direct obligations of the U.S. government and U.S. government
agencies, maximum of any one corporate issue,shall not exceed
2
5% of the total portfolio at cost. Whenever possible, call
protection shall be integrated into the portfolio to stabilize the
current income and marketability of the portfolio.
3. Equities: 25%-50%
Managers shall have no restrictions as to the percentage of their
diversification except as follows: Equity investments in any single
issue shall not exceed 2.5% of the cost value of tte total assets.
The Manager can operate outside the Equity guidelines by not
more that 5%with a report on the variance to the Board at
their next monthly meeting. The Board will then authorize or
reject the variance for the next month.
4. Other Investments: 0%-10%a
C. The Board of Trustees recognizes the need for diversification of the plan
assets in order to minimize the risk of large losses. Consequently, the total
portfolio will be structured to maintain diversification, consistent with
prudent investment practices and with the Board's desire to stress the
principle of preservation of capital.
IV. Investment Guidelines
A. Adherence to all applicable Arkansas Statutes is required, particularly Act
364 of Arkansas Publics of 1981 as amended.
B. Investments and reinvestment shall be made in accordance with the
prudent investor rule as interpreted and defined by the Federal Employees
Retirement Income Security Act (ERISA) of 1974. This rule states that in
making investments, the fiduciary shall exercise the same judgment and
care which an institutional investor of ordinary prudence, discretion, and
intelligence exercises in the management of large investments entrusted to
it, considering probably safety of capital as well as probable income.
C. If professional money manager is employed to execute transactions, the
following is required:
1 . Money manager may be comprised of more than one professional
firm in order to segregate various duties and powers.
2. Money manager shall be registered with the State of Arkansas
and/or the Securities and Exchange Commission (SEC). Proof of
current registration shall be made annually to the Board.
3
3. Money manager shall be retained under contract awarded on the
basis of competitive bid. Award of the contract will not be
required to be solely on lowest bid. All contracts shall include a
30-day cancellation provision.
4. Investment management of the portfolio will be implemented on a
fully discretionary basis, once investment policy is approved by the
client. Transactions conducted in accordance with the investment
policy will take place without prior notification provided to the
client upon the execution of individual trades. Monthly
statements issued by the custodian will include a summary of all
transactions. The money manager shall have full power to hold,
purchase, sell, assign, transfer or dispose of any of the moneys or
investments of the Fund so long as such activities are in
accordance with the following guidelines:
a. No more than 2.5% of the fund's total assets valued at cost
may be invested in the equities of any one company or
affiliated group of companies. (Each telephone company
issuer shall be considered a separate and distinct issuer.)
Rated equities purchased for the account will carry a
minimum Standard & Poor's rating of"B-". Non-rated
stocks will be assigned a rating less than B- for calculation
of the weighted average equity portfolio rating. The
weighted average rating of the equity portfolio must be
equivalent to a Standard & Poor's rating of"B+" or better.
b. Excluding direct obligations of the U.S. government and
U.S. government agencies, maximum of any one corporate
issue shall not exceed 5% of the total portfolio at cost.
C. Any fixed income securities shall carry an investment
rating of investment grade or better by Moody's and
Standard & Poor's.
d. Short-term investments shall consist of direct U.S.
government obligations such as U.S Treasury bills,
repurchase agreements fully collateralized by U.S. Treasury
issues, certificates of deposit not to exceed $100,000 at any
national bank or federal savings and loan association, and
corporate issues of one-year maturity or less. Funds may
be held in U.S. government money market funds during
periods of purchasing securities.
e. Investments in international securities will be limited to
10% of the equity portfolio at cost.
f. Options may be used for hedging purposes only.
4
1 g. In accordance with Arkansas Statute 12-3307.15, no funds
shall be invested in companies engaged in business in or
with the Republic of South Africa which have not adopted
the "Statement of Principles of U.S. Firms with Affiliates
in the Republic of South Africa Sullivan principals.
5. Investments and reinvestment shall only be made in accordance
with the prudent investor rule, as interpreted by the Federal ERISA
of 1974-
6.
974.6. The money manager shall provide the Board a written investment
policy and promptly provide the Board with subsequent change in
policy in writing. The policy shall adhere to guidelines as set forth
in this document.
7. Money manager shall file with the Board a written report setting
forth for the period since the last report, which shall include:
a. All investments purchased and sold, all receipts and
disbursements and any other transactions concerning the
Fund's moneys on a monthly basis.
b_ Cost and market value of all investment categories on a
monthly basis.
C. Current yield at market on a monthly basis.
d. Total investment return of the total Fund as well as
investment return by asset category for the most recent
quarter. Also, this quarterly information should include .
year-to-date and previous year return figures.
e. Average maturities of applicable securities on an annual
basis.
f. Comparison of actual asset allocation to established asset
allocation guidelines on a quarterly basis.
g. Short- and long-term forecasts of economic conditions
which have an impact on investment margins at least
quarterly.
h. Projected earnings for the fund for the next annual period at
least quarterly.
5
i. A list of all transaction fees as cents per share and percent
of trade value. Also including a total amount for
transaction fees on a monthly basis year-to-date.
8. If the Board chooses to direct a specific investment activity, the
money manager shall be so notified in writing. The Board must
approve such action during a regularly scheduled meeting.
9. The money manager shall select brokers t6 hand fe transactions on
a competitive basis, at least quarterly, with emphasis on getting
consideration of the level of service rendered and performance of
execution. A report of these bids and awards shall be submitted to
the Board quarterly.
V. Monitoring the Performance of the Investment Process
A. At least annually, the Board shall review its investment methodology,
including the investment policy.
B. A three (3) year time frame shall be used to evaluate real investment
return.
C. If a money manager is employed, the manager's performance shall be
measured over a three (3) year time frame. Consideration shall be given
for investment market conditions during the period and adherence to the
Board's investment policy guidelines. If the Board so chooses, a review
of the money manager's performance over the cycle shall be made by an
independent third party.
D. The Board of Trustees may opt to employ a professional service to
perform regular investment performance analysis on the portfolio.
E. The Board of Trustees will meet at a minimum semi-annually with its
money managers. At that time they will review:
I . The manager's adherence to the policy guidelines;
2. Comparison of the manager's results against funds using similar
policies (in terms of the stock/bond ratio, diversification, volatility,
and style);
3. The opportunities available in both the equity and bond markets;
and
4. Material changes in the manager's organization; such as
philosophical and personnel changes.
6
I VI. Communication and Review
Ongoing communication by phone, letter, or meeting will be accomplished as
deemed necessary by either the money manager and/or the Board of Trustees.
Review of the Fund's overall performance will be scheduled to occuruarte 1 •
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and that review will be done in person. A copy of all trades will be forwarded to
the Board for information purposes only. The Board will look forward to specific
investment ideas and how they should affect the portfolio's performance.
Additionally, any communications concerning the outlook-of the economy,
business environment, and other related matters would be information well
received by the Board.
ACCEPTED:
City o ayetteville Fir en's Pension and Relief Bo of Trustees
Dan oody, Mayor Date Marion Doss Date
0-,0710evx� -0s
D ar Date Rob E. Jo s& - - - - Date
Pete Reagan Date Ron ood Date-A" M q� q& --�
&fa-gloo<-
Sondra Smith Date d'
Loner nvestments Inc.
lain M. L' er, Pre ' en
Date
7
City of Fayetteville
Trip Initialization Form
ame of Traveler_ Peter T Reagan Employee #: 81
Employee Vendor#: 47270
Purpose of Trip: NCPERS Conference Fire Pension Destination: Las Vegas, NV
Event date(s): May 5 through May 12
Estimated departure from City of Fayetteville: Estimated arrival in City of Fayetteville:
From: City Administration
Date: 5-May From: City Administration =i
Date: 12-May
Time: 7:00 AM Time: 9:45 PM
Account to be charged: 6810 9810 5304 0 0 Project#:
ESTIMATED COSTS:
or ACCOunting Division Use n y:
Check Check Date Date Check
Transportation: Number: Amount: Submitted: Issued:
Commercial Airline: $ 398
City Vehicle:(please use Fuelman whenever possible) $
Personal Vehicle:($.405 per mile; 54 of mites rn) 1 21.87
Rental Car. $
Taxi/shuttle: 1 100
Other: (list below) $
Per Diem Rate: $ 43_ per day; #of meals: 3_ 1 344
lod% ging:) (# of nights:_7_ ) 1 786.67
Registration: (if separate check needed,please list payee below) 1 790
Payable to: Pete Reagan
Other Charges:(please explain in additional information section) 1 50
Example: tolls; parking; etc.
Estimated Total Cost: 1 2490.54
Requested advance amount: 1 2490.54
Additional Information: Other Charges: Tolls, tips, etc. —
1 agree that if I fail to file a reimbursement claim and show actual expenditures incurred or if I do not reimburse the City for this advance
within 30 days after the last day of the authorized travel dates, the City may reimburse itself by withholding an equivalent amount from
subsequent payroll checks or other amounts which ma be payable to me b the Ci .
Signature of Traveler:
Date:
Signature of
Date: J
Signature of Director or Mayor
Date:
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Y Clerk Division
K.n.N s A s 113 West Mountain
Fayetteville, AR 72701
Telephone: (479) 575-8323
Fax: (479) 718-7695
city__clerk@ci-fayetteville.ar.us
DEPARTMENTAL CORRESPONDENCE
To: Sondra Smith
Firemen's Pension & Relief Board Secretary
From: Clarice Buffalohead-Pearman
City Clerk Division
Date: March 23, 2005
Re: 2005 Affidavits
The first notice for 2005 Affidavits for persons receiving
December 6, 2004. The deadline was for returning the affidavit is January 31 , 2005. A second
notice was mailed on February 4, 2005.
After a second notice of the affidavit was due the following pensioners and one widow have not
returned the affidavit for 2005 as of March 23, 2005:
1 . Floyd C. Carl, Jr., 325 Louise Street, Fayetteville, AR 72701 ;
2. Robert E. Johnson, 918 S. Elmhurst Avenue, Fayetteville, AR 72701 ;
3. Ms. Mildred M. Tune, 12159 59t" Street North, Royal Palm Beach, FL 33411 .
Please note that Ms. Tune did not return an affidavit for 2004 as well.
If anything else is needed please let the clerk's office know. Thanks.
/cbp
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g 4 4 :-,206 DRTE--Z�F DISP6StYlON 7Mon'fh,Day_'VA�r) t , 20a fILACE F DISPO$1`flbN Name, .- `
March 30, 2005
RE: Election of Board of Trustees a
The Firemen's Pension and Relief Fund Board of Trustees is now accepting nominations for two
retired member positions.
The term end date for these positions will be May 31, 2007; Robert Johnson and Ron Wood are
currently serving in the retired trustee positions, both are willing to serve another term. I have
attached a copy of the current Board of Trustees.
All Board of Trustees nominations must be submitted in writing and remitted to:
Sondra Smith
City Clerk
113 W. Mountain Street
Fayetteville, AR 72701
All nominations must be received by 5:00 p.m. on April 15, 2005. Please return the
attached page with your nomination by 5:00 p.m. on April 15, 2005.
If you have any questions, please call the City Clerk's office at 575-8323.
Sincerely,
Sondra Smith
City Clerk
Please return this page to the City Clerk with your Nominations
Please nominate 2 people.
---------------------------------------------------------------------------------------------------------------------
1 nominate the following:
for retired trustee position one
for retired trustee position two
to serve on the Firemen's Pension and Relief Fund Board of Trustees.
y
i
Fayetteville Firemen's Pension and Relief Fund
Deferred Retirement Option Plan (DROP) Distribution Election Form
To be completed by Employee with regard to the distribution of his DROP account balance.
Lonnie D. Napier March 31 , 2005
Member Name (please print)
Retirement Date
Please select option A, B, or C'
A. The Fayetteville Firemen's Pension and Relief Fund is directed to make full payment.to me, the member,
less 20% federal withholding tax. I understand that the entire amount of distribution fpm my DROP
account will be reported to the Internal Revenue Service.
Signature of Member
Date
B. The Fayetteville Firemen's Pension and Relief Fund is directed to mail my full distribution to:
L nnie D. Na ier IRA Rollover @ Charles Schwab (Name of
for deposit. I understand that the entire amount of distribution from my DROP acc untwill be reported to
the Int mal Revenue Service.
X 3/17/05
Signature of Mem
be
Date
C. The Fayetteville Firemen's Pension and Relief Fund is directed to mail $
(fill in the amount) of my distribution to
(Name of Annuity Provider) for deposit. The remainder will be paid directly to me, the member, less 20%
Federal withholding tax. I understand that.the entire amount of distribution from my DROP account
will be reported to the Internal Revenue Service.
j Signature of Member
Date
(To be completed by the Annuity Provider if option B or C is selected)
In accordance with the above authorization of the depositor, we agree to deposit the forthcoming distribution
amount from the Fayetteville Firemen's Pension and Relief Fund in the following account:
Type of Account: (fill in the blank) IRA Rollover w/ Charles Schwab & Co (Account # 6183-3370)
I(we) certify that the account is a qualified account, as defined by the Internal Revenue Service, to receive
distributions, from the Fayetteville Firemen's Pension and Relief Fund, on which the income tax may be deferred.
Longer Investments Inc . /
Annuity Provider - �
Authorized Signature
P .O. Box 1269
Mailing Address March 17 , 2005
Date
Fayetteville , AR 72702 479-443-5851
City State Zip
Telephone Number
9eturn to: Firemen's Pension and Relief Fund
City of Fayetteville
113 West Mountain
Fayetteville, AR 72701
Page 1 of 2
a. \
The following is an excerpt from the original DROP Member Election Form:
IMPORTANT NOTICE
Attorneys for the Fayetteville Firemen's Pension and Relief Fund Board of Trustees has
advised that there may be serious potential tax consequences as a result of participating in the
Deferred Retirement Option Plan (DROP, A.C.A. &24-11-830) as follows:
An application for a letter of determination as to the tax -
deferral status of the Firemen's Pension and Relief Fund Plan a
and Trust has never been filed with the IRS. Also, no
determination request has been made for the Deferred Retirement
Option Plan (DROP), an amendment to the pension and relief fund
plan and trust Reliance on another State's qualificafion is
not permitted. An adverse ruling on the tax deferred status of
the plan could have serious detrimental tax consequences to each
participant. DROP distributions will be treated as ordinary
income in the year constructive receipt occurs and rollover into
an otherwise qualified plan, IRA, or other investment may not be
possible. By not acting to formally tax qualify the plan, an
array of possible options for the DROP participants may not be
a vailable.
We strongly urge you to seek advice from a competent tax accountant and/or an attorney before
participating in the DROP program. You assume the risk of such adverse tax consequences if
you elect to participate.
understand that the Fayetteville Firemen's Pension and Relief Fund has no liability for any adverse tax
consequences which may accrue to me as a participant in the DROP plan.
w
March 17, 2005
Member Signa a Date
y
Page 2 of 2
r
_ FIREMEN'S PENSION & RELIEF FUND AFFIDAVIT
fState of Arkansas )
)ss.
6unty of Washington
I,
Lonnie D . Napier do solemnly swear that:
1• X _ I am a former firefighter for the City of Fayetteville, Arkansas, Fire Department.
I am the spouse/former spouse/widow of a former firefighter for the City of Fayetteville,Arkansas,Fire Department,and
I have not remarried since becoming eligible for benefits.
I am an eligible dependent of a former firefighter for the City of Fayetteville,Arkansas,Fire Department and submit the
attached school affidavit as verification of my school attendance.
2. 1 presently receive benefits from the Fayetteville Firemen's Pension and Relief Fund and I am eligible to continue receiving the
pension fund benefits as governed under state law.
3. My personal information is as follows:
Address: 10192 West Jeter Road
Fayetteville , AR 72701
Telephone: _( 479 521-1509
Social Security No.: 429 _ 06 _ 5657
Birth Date: December 30, 1955
PLEASE LIST ALL BENEFICIARIES BELOW: (complete only if you are the retiree)
4AME SOCIAL SECURITY NO. BIRTH DATE RELATIONSHII'
Renete L. Napier 430-15-6738 06/26/57 Spouse
DATED this 17 day of March 2005
AF T (signature)
Parent/Guardian Signature
SUBSCRIBED AND SWORN TO before me, a Notary Public, this ray of
-���- h00j-,.r. rte..._)
•yt4l€.,ops, KIM M.COOPER
No : ; ?
' Washington County.
tary Public 5 My Commission Expires
My Commission Expires: �} ' l June 1,2013
(This affidavit is required annually by the Firemen's Pension and Relief Fund Board of Trustees and must be properly executed and returned to the
Fayetteville City Clerk, 113 West Mountain, Fayetteville, Arkansas, 72701 by January 31' of each year.)
(Revised I1/03)
Form ■■ =4P Withholding Certificate for OMB No 1545-0415
Department of the Treasury Pension or Annuity Payments ��QS
Internal Revenue Service
Purpose. Form W-4P is for U.S. citizens, resident aliens, or their pages 3 and 4. Your previously filed Form W-41P will remain in
estates who are recipients of pensions, annuities (including effect if you do not file a Form W-4P for 2005.
commercial annuities), and certain other deferred compensation. What do 1 need to do? Complete lines A through G of the
Use Form W-4P to tell payers the correct amount of federal income Personal Allowances Worksheet. Use the additional
tax to withhold from your payment(s). You also may use Form worksheets on page 2 to adjust your withholding allowances for
W-413 to choose (a) not to have any income tax withheld from the itemized deductions, adjustments to income, certain credits, or
payment (except for eligible rollover distributions, or payments to multiple pensions/more-than-one-income situations. If you do
U.S. citizens delivered outside the United States or its possessions) -not want any income tax withheld, you can skip the worksheets
or (b) to have an additional amount of tax withheld. and go directly to the Form W-4F below.
Your options depend on whether the payment is periodica
nonperiodic, or an eligible rollover distribution, as explained on Sign this form. Form W-4P is not valid unless you sign it.
Personal Allowances Worksheet (Keep for your records.)
A Enter "l" for yourself if no one else can claim you as a dependent . . . . . . . . . A
• You are single and have only one pension; or
• You are married, have only one pension, and your
B Enter "1" if: spouse has no income subject to withholding; or • • • . . . . . . . . B
• Your income from a second pension or a job, or your spouse's
pension or wages (or the total of all) is $1,000 or less.
C Enter "1" for your spouse. But, you may choose to enter "-0-" if you are married and have either a spouse who
has income subject to withholding or you have more than one source of income subject to withholding. (Entering
"-0-" may help you avoid having too little tax withheld.) . . . . . . . . . . . . . . . . C
D Enter number of dependents (other than your spouse or yourself) you will claim on your tax return D
E Enter "1" if you will file as head of household on your tax return . . . . . . . . . . . . . . . E
F Child Tax Credit (including additional child tax credit):
• If your total income will be less than $54,000 ($79,000 if married), enter "2" for each eligible child.
• If your total income will be between $54,000 and $84,000 ($79,000 and $119,000 if married), enter "1" for each
eligible child plus "1" additional if you have four or more eligible children . . . . . . . . . . . F
G Add lines A through F and enter total here. (Note. This may be different from the number of exemptions you claim
on your tax return.) . . . . . . . . . . . . . . ► G
• If you plan to itemize or claim adjustments to income and want to reduce your withholding, --
For see the Deductions and Adjustments Worksheet.on page 2.
accuracy, • If you have more than one source of income subject to withholding or a spouse with income
complete subject to withholding and your combined income from all sources exceeds $35,000 ($25,000 if
all married), see the Multiple Pensions/More-Than-One-Income Worksheet on page 2 to avoid
worksheets having too little tax withheld.
that apply. • If neither of the above situations applies, stop here and enter the number from line G on line 2
of Form W-41P below.
............ Cut here and give Form W-4P to the payer of your pension or annuity. Keep the top part for your records. ----
Form ,■ m4P Withholding Certificate for OMB No. 1545-0415
Pension or Annuity Payments 005
Department of the Treasury ► For Privacy Act and Paperwork Reduction Act Notice see page 4.
Internal Revenue Service cY P . P 9
Typ or print your full name Your social security number
I Q14-
o `7
Home address (number and street or rural r ute) Claim or identification number
(if any) of your pension or
City or wn, state, and ZIP code
annuity contract
Complete the following applicable lines.
1 Check here if you do not want any federal income tax withheld from your pension or annuity. (Do not complete lines 2 or 3.) ► ❑
2 Total number of allowances and marital status you are claiming for withholding from each periodic pension or
annuity payment. (You may also designate an additional dollar amount on line 3.) . ►
Marital status: ❑ Single W__ �Married ❑ Married, but withhold at higher "Single" rate (Enter number
3 Additional amount, if any, you want withheld from each pension or annuity payment. (Note. For periodic payments, of allowances.)
you cannot enter an amount here without entering the number (including zero of allowances on line 2. ► $
3 ,Your signature 0- agnypt-4i (0 7Date No-
No
No. 10225T. Form W-4P (2005)
I10 .
.... .......................