HomeMy WebLinkAbout2013-01-31 - Agendas - Final Fayetteville Fireman's Pension and Relief Fund
Meeting Date —3 1-2 013
Adjourn Time 31Ao pAt
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Subject: MAICA qfiAd&- Subject:
Motion By: Motion By:
Seconded: Seconded:
Roy Cate Roy Cate
Mayor Jordan Mayor Jordan
Dennis Mullens Dennis Mullens
Pete Reagan Pete Reagan
ISondra Smith V/', Sondra Smith
IRonnie Wood vl�, lRonnie Wood
Subject: Subject:
Motion By: Pit. a4.&O/I Motion By:
Seconded: RmA,�, af.9a,4 Seconded:
Roy Cate &65a, Roy Cate
Mayor Jordan Mayor Jordan
Dennis Mullens Dennis Mullens
Pete Reagan Pete Reagan
ISondra Smith Sondra Smith
Ronnie Wood Ronnie Wood
S
Uoneld Jordan Chairman Pete Reagan Position 2 Retired
Sondra E.Smith Secretary Dennis Multens Position 3 Retired
Roy Cabe Positlon 1 Retired I'ay le Ro I n Wood Position 4 Retired
ARKANSAS
Firemen's Pension and Relief Fund
Board of Trustees Meeting Agenda
January 31, 2013
A meeting of the Fayetteville Firemen?s Pension and Relief Fund Board of Trustees will be
held at 3:00 PM on January 31, 2013 in Room 326 of the City Administration Building.
Approval of the Minutes:
October 25, 2012 meeting minutes
Pension List Changes: None
Approval of the Pension List-
Approval of the February, March, and April 2013 pension lists
Now Business:
GFOA Best Practices on the Governance of Public Employee Post-Retirement
NCPERS invoice paid
Local pension fund report to the Council
Revenue &expense report
Discuss special meeting date in May to open ballots
Chairman's role at a pension meeting regarding motions, seconds and votes
Garrison Financial:
• 4th quarter reports
• Canada eligibility for benefits
Informational:
2013 meeting schedule
Board Members Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
Mayor Jordan Chairman October 25,2012
Sondra E.Smith Secretary Page I of 6
Roy Cate Position l/Retired
Pete Reagan Position 2/Retined
Dennis Mullens Position 3/Retiod
Ronnie Wood Position 4/Retimd
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2012
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
3:00 p.m. on October 25, 2012 in Room 326 of the City Administration Building.
Pete Reagan called the meeting to order and acted as Chairman until Mayor Jordan
arrived at 3:04 p.m.
Present: Mayor Jordan, Pete Reagan, Ronnie Wood, Roy Cate, Dennis Mullens, Kit
Williams, City Attorney, Sondra Smith, City Clerk, Kerry Watkins and Glenn Atkins,
Garrison Financial.
Mayor Jordan was absent during the roll call and at the beginning of the meeting. He arrived at
3:04 p.m.
Approval of the Minutes:
July 26,2012 meeting minutes.
Dennis Mullens moved to approve the July 26, 2012 meeting minutes. Roy Cate seconded
the motion. Upon roll call the motion passed 5-0. Mayor Jordan was absent during the
vote.
Pension List Changes:
Madge Schader deceased September 20,2012
Pete Reagan: In your packet is a notice of Madge Schader's obituary. That's Earvel Schader's
widow.
Approval of the Pension Lists:
Re-a proval of the October 2012 pension list(Madge Schaller deceased)
Ronnie Wood moved to re-approve the October pension list. Dennis Mulleins seconded the
motion. Upon roll call the motion passed 5-0. Mayor Jordan was absent during the vote.
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Firemen's Pension end Relief Food
Dowd of Trustees Meeting Minutes
October25,2012
Page 2 of 6
Approval of the November and December 2012 and January 2013 pension lists
Pete Reagan moved to approve the November and December 2012 and January 2013
pension lists. Roy Cate seconded the motion. Upon roll call the motion passed 6-0.
New Dusiness:
Revenue and expense report
A copy was given to the Board
Sondra Smith: That is the report that Accounting completes for the board.
Actuarial Valuation Report for December 31,2011
A copy was given to the Board
Sondra Smith: That is the actuarial report that you receive every two years. This one was
completed for December 31, 2011 and we received it in July 2012. We need to be concerned
about the unfimded liability on page 10. It shows a drop of your funded liability percent. This
shows that you are 26% funded as of December 31, 2011. You have an unflinded liability of
$14,915,285.
Mayor Jordan: Any questions on that?
Pete Reagan: No sir.
Estimated 2013 Premium Tax Allocation
A copy was given to the Board
Sondra Smith: We received this ftom PRB (Pension Review Board). It shows the estimated
amount for the premium tax. They think you are going to receive about $181,000 for 2013. If
you are eligible for the 10% accrual you will get another $60,000. I'm sure you will be eligible
for that extra amount because of the condition of our fund. These are just estimates. They like to
send it out so you will be aware of what you might be receiving in 2013.
Pete Reagan: Off the top of your head do know what we received this year?
Paul Decker: I don't know off the top of my head but I think the estimate is larger than we got
this year by about$30,000.
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Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2012
Page 3 of 6
Sondra Smith: 2012 we received $229,129.75, which went back into your plan. The fiture
supplement was $36,105. The extra supplement, this was the first year you receivedit, is
$57,282.44. They are anticipating that to be a little bit more next year.
Pete Reagan: About$3,000.
Sondra Smith: Yes sir, if their estimates hold true.
Pete Reagan: Thank you.
Sondra Smith: �&. Cate you probably know how this works. The big lump sum of$229,000
goes back into the plan to help ftmd your plan and the $36,105 is divided among the pensioners.
The extra$57,252 goes back into the plan. This year you received a lump sum check for$725, if
you were retired and volunteers received $145. They tell us how to divide it up. We do it
exactly the way they tell us.
The Voice of Public Pensions—Invoice
Sondra Smith: That is for the NCPHRS publication that you receive. It has gone up quite a bit.
It is now$225 a year.
Pete Reagan: It used to be $150, wasn't it?
Sondra Smith: Yes. The board needs to decide whether they want to continue spending $225 a
year for that information.
Pete Reagan: Personally I think it's the best information we can get if we take the time to read
what is going on with other pensions around the United States. This group is a conglomeration
of municipal, state, and county pension funds in the United States.
Sondra Smith: We send out every email that we receive.
Pete Reagan: We use to just get one now seems like we get one a day.
Sondra Smith: We forward those emails to everyone that has given us their email address and
wishes to receive the information.
Ronnie Wood: That is the pensioners too it's not just the board.
Sondra Smith: That goes out to anyone on the pension plan that has told us they would like to
receive information about the plan. There is not a lot that receive that information. If you
choose to go ahead with that publication we need a motion and a second to pay the invoice.
Pete Reagan moved to approve the NCPERS Invoice. Roy Cate seconded the motion.
Upon roll call the motion passed 6-0.
113 West Mountain 72701 (479)575-8323
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Firtrnen's Pension and Relief Fund
Bond of Trustees Meeting Minutes
October 25,2012
Page 4 of 6
National Conference on Public Employee Retirement Systems Lette
A copy was given to the Board
Sondra Smith: I bring everything before the board that we receive before we fill anything out.
I was a little bit confused about it because it had the main contact as Pete Reagan and me. I
don't know if we need to change that to the Mayor since he is the chairman of the board.
Mayor Jordan: There has to be some reason Pete is on that. I don't know.
Kit Williams: It says representatives so you can have as many there as you want.
Sondra Smith: Before anyone signs this I just wanted everyone to be okay with it.
Garrison Financial:
3rd Quarter reports
A copy was given to the Board
Monthly Report
Kerry Watkins: The market changed a little bit the last week. I've brought an updated
appraisal. We are down about 1% since the end of the quarter. Market is off about 2%, fixed
market income is even down a little bit.
Pete Reagan: That is normal for an election year.
Kerry Watkins: It's not too bad.
Glenn Atkins: Each of you should have in your packet a quarterly report that we sent out the
first week in October. Couple of things to point out that has happened since we talked last is the
fact that the Hershey Bond that we own has matured and since the end of the quarter we have
been notified of about three quarter of the General Electric Capital 6 5/8 preferred has been
called. It should generate about $35,000 in cash; depending upon your cash needs we will look
to replace that back into fixed income. The portfolio is under performing slightly in that quarter
largely due to the fact that it doesn't have much financial security exposure to it.
If you look back to last year the financial sector of the market really got hurt because of the
European crisis and the ongoing things in Greece and Germany. They have rebounded
considerably this year and the portfolio-is underweighted in that sector which is the primary
cause of the under performance. Inception to date it's only a slight under performance.
We talked about purchases back in July or prior to that we purchased a couple bond funds and
several stock funds for the portfolio. The policy is 60% equity and 40% fixed, right now we are
slightly overweight in equity.
113 West Mountain 72701 (479)575-8323
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2012
Page 5 of 6
Kerry Watkins: We have a 10% variance for market movement. Equities have done well this
year so are a little bit heavy there.
Glenn Atkins: Year to date about 10% of the portfolio has been taken in withdrawals. I believe
there's another $100,000 or so scheduled in November. That would put it up around 12% to
13%. We do continue to generate as much income as we can and as much growth as we can. I
don't think it is necessarily a bad thing but it's slightly overweight in equity right now with how
low interest rates are. The risk is probably in favor of stocks and not in favor of bonds. I don't
think that is a major concern but as things generate income and grow and be called we will seek
to reinvest those assets in something that we can get the highest possible income and yield that
we can for you.
Kerry Watkins: I think on an upside the portfolio is worth about $4.8 million at the end of
January. There have been $468,000 worth of withdrawals and fortunately with the market
performing well the portfolio is only down $120,006 from where we started in January.
Certainly made some nice capital gains and received $100,000 in income, again not quite enough
to sustain the withdrawal rate. We are only eight months in from when we started and the
portfolio is up 7.5%. On a balance account for eight months we've had a really good year in the
market. Probably better than we were anticipating, that's not to say we are not going to give
some it back before the end of the year. Certainly volatility could pick up around the election,
the fiscal cliff coming, and those kinds of things.
Kit Williams: You may be happier not in financials?
Kerry Watkins: Yes. We are only relegated to mutual firids in this account. Our management
style is such that we are not real heavy in financials. It's something that we are just not really
comfortable with. We don't know what is on the books at Bank of America and Wells Fargo and
thing's like that. Occasionally we will dip our tail when we think there's incredible value there
but given the severity of European crisis and even what's going on in this country it's not an area
we are hot on even though they have performed quite well this year.
Glenn Atkins: A typical balance account, of this kind in the typical year, on average over long
periods of time would probably generate in the range of 5.5%or 6%return per year. Up 7.5%on
a balanced account is pretty good for eight months. You annualize that it's something in the
10%range give or take.
Kerry Watkins: Even if volatility were to spike up or we see some profit taking going on in the
market like we did the last week, we continue to hold on to the stocks that Longer had for you.
We may have repositioned some of that if we were able to buy in the mutual stocks but since we
are not we are comfortable with them. They are nice blue chip very heavy dividend type names.
Those should hold up a little better.
Pete Reagan: I have a question about the General Electric stock. Did they call both of those or
just one?
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Firernen's Pension and Relief Fund
Board of Trustees Meeting Minutes
Octoba 25,2012
Page 6 of 6
Glenn Atkins: I believe it was the first one on the list. . The 6 5/8 due 6-28-32. They called
1649 shares which leaves you 351 shares out 2000.
Kerry Watkins: That will happen on the 13ffi of November.
Pete Reagan: The reason they called those is?
Kit Williams: They can get it cheaper.
Glenn Atkins: They can refinance it cheaper. They did it on what they call a lottery system. It
was a partial call but basically they draw names out of the hat. We had that happen to your
account and also one other account that we have.
Paul Becker: It's happening in the governmental bond market all the time. We get our bonds
called left and right. They call and issue them at a lesser interest rate.
Pete Reagan: It's all part of the business.
Paul Becker: It is.
Kerry Watkins: We have about $185,000 in cash right now. There is $1 00,OQO slated to go out
about the 8h of November. Given the call, we are a little over weight in equities, certainly we
may go ahead and raise you a little more cash. I'm not sure. Trish is always real good to give
me a heads up several weeks in advance. Given where the market is we may go ahead grant you
a little more cash to get you through year end and maybe for the January withdrawal.
Pete Reagan: Thank you all very much.
Glenn Atkins: We appreciate you all coming in. If you need anything give us a call. You don't
have to wait a quarter.
Informational:
2013 meetine schedule
A copy was given to the Board
Sondra Smith: Your next meeting will be January 31, 2013.
Pension Board member list
A copy was given to the Board
Meeting adjourned at 3:25 p.m.
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FIREMEN'S RELIEF AND PENSION
Febuary 2 2
2013 2 2
2 2
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit
a 79 11/99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 3,625.48
R 177 4104 BACHMAN,EDDIE 2,618.55 5,237.10
S 74 3/86 BAIRD,JULIA 1,802.08 3,604.16
V 63 6/72 BOLAIN,ANN 109.27 218.54
R 68 7/99 BONADUCE,MICHAEL 2,988.76 5,977.52
S 44 9/86 BOUDREY,BETTY MRS. 2,477.42 4,954.84
R 45 9/86 BOUDREY,HOWARD 2,089.28 4,178.56
R 49 7188 BOUDREY,JACK 1,647.63 3,295.26
R 57 5/90 CATE,ROY 1,788.90 3,577.80
V. 6 4/68 CHRISTIE,ARNOLD 109.27 218.54
R 77 11199 DILL,GARY JOHN 1,812.75 3,625.50
R 188 12105 DOSS,MARION H 5,376.91 10,753.82
R 188 12105 DOSS,MARION H plus 25 additional pay 731.61 1,463.22
R 11 2176 FARRAR,ALONZO 998.86 1,997.72
R 192 4/06 FARRAR,DANNY 4,155.36 8,310.72
R 38 5/84 FRALEY,JOSEPH G. 1,768.12 3,536.24
R 170 5/03 FREEDLE,LARRY 3,816.75 7,633.50
R 170 5/03 FREEDLE,LARRY plus 25 additional pay 141.37 282.74
R 92 03102 GAGE,TOMMY 2,696.69 5,193.38
V 34 6/79 HARRIS,JAMES E. 109.27 218.54
V 70 11/99 HARRIS,MARY RUTH 109.27 218.54
Q 182 10/04 JENKINS,EILEEN 1,788.75 3,577.50
R 93 06/02 JENKINS,JOHN 1,788.76 3,57T52
R 86 07/01 JOHNSON,ROBERT 3,073.47 6,146.94
R 64 4/95 JORDAN,CHARLIE 2,274.05 4,549.90
S 76 5/88 JUDY,JAN 1,647.63 3,295.26
R 37 3/84 KING,ARNOLD D. 1,522.37 3,044.74
R 64 5/89 KING,ARVIL 1,711.21 3,422.42
R 173 '12t03 LEDBETTER,DENNIS 3,776.80 7,551.60
R 51 10/88 LEWIS,CHARLES 1,647.63 3,295.26
R 40 9/85 LOGUE, PAUL D. 2,868.28 5,736.56
R 202 02/08 MAHAN,MARSHALL 4,077.28 8,154.56
R 50 9/88 MASON,LARRY 1,631.25 3,262.50
R 39 4/85 MG ARTHUR,RONALD A. 1,763.74 3,507.48
V 35 2182 MC CHRISTIAN,DWAYNE 109.27 218-54
R 15 4177 MC WHORTER,CHARLES 1,334.51 2,669.02
S 209 8181 MILLER,ALICE GAYLE 1,304.07 2,608.14
R 73 2100 MILLER,KENNETH 3,180.02 6,360.04
R 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 341.20
S 217 2186 MOORE,BETTY L 109.27 218.54
v 176 4104 MORRIS,DIXIE E. 125.66 261.32
R 48 7/88 MULLENS, DENNIS W. 2,191.30 4,382.60
R 184 3105 NAPIER,LONNIE 3,518.28 7,036.56
R 196 01102 ONEAL,TEDDY 4,120.99 8,241.98
R 46 5/88 OSBURN,TROY 1,899.66 3,799.32
R 81 02/01 PHILLIPS,LARRY 2,765.09 6,530.18
R. 203 02108 PIERCE,JOEY 3,647.18 7,294.36
R 53 2/89 POAGE,LARRY 2,346.70 4,693.40
R 186 06/05 REAGAN,PETE 3,535.71 7,071.42
v 201 A02/08 REED,JUNE 109.27 218.54
R 41 9/85 SCHADER,TROY 1,524.99 3,049.98
R 190 04106 SHACKELFORD,GLEN 3,647.18 7,294.36
R 36 5176 SPRINGSTON,CARL 806.19 1,612.38
3 90 03/02 STOUT, IMOGENE W. 767.80 1,535.60
R 165 12/02 TATE, RALPH 3,668.10 7,336.20
j 65 3/66 TUNE,BILLIE SUE 136.59 273.18
:z 71 1/00 WARFORD,THOMAS 2,602.72 5,006.44
3 207 7/68 WATTS,MAGGIE 437.09 874.18
:z 88 01/02 WOOD,RONNIE D 3,077.15 6,154.30
3 208 9/88 WRIGHT,Barbara 1,691.34 3,382.68
117,348.71 234,697.42
1/30/2013 K:\Fire Pension\Pension ListXPension List 20131FP 020113 WM
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit
WE,THE UNDERSIGNED,DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND;THAT
THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY
RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF
NOTARY PUBLIC
MY COMMISSION EXPIRES:
1130/2013 KAFire Pension\Pension List\Pension List 2013\FP 020113 WM
FIREMEN'S RELIEF AND PENSION
March 3 3
20113 3 3
3 3
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMIEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit
Q 79 11/99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 5,438.22
R 177 4104 BACHMAN,EDDIE 2,618.55 7,855.65
S 74 3186 BAIRD,JULIA 1,802.08 5,406.24
V 63 5/72 BOLAIN,ANN 109.27 327.81
R 68 7199 BONADUCE,MICHAEL 2,988.76 8,966.28
S 44 9186 BOUDREY,BETTY MRS. 2,477.42 7,432.26
R 45 9186 BOUDREY,HOWARD 2,089.28 6,267.84
R 49 7/88 BOUDREY,JACK 1,647.63 4,942.89
R 57 5/90 CATE,ROY 1,788.90 5,366.70
V 6 4/68 CHRISTIE,ARNOLD 109.27 327.81
R 77 11/99 DILL,GARY JOHN 1,812.75 5,438.25
R 188 12105 DOSS,MARION H 5,376.91 16,130.73
R 188 12106 DOSS,MARION H plus 25 additional pay 731.61 2,194.83
R 11 2f76 FARRAR,ALONZO 998.86 2,996.58
R 192 4/06 FARRAR,DANNY 4,155.36 12,466.08
R 38 5/84 FRALEY,JOSEPH G. 1,768.12 5,304.36
R 170 5103 FREEDLE,LARRY 3,816.75 11,450.26
R 170 5/03 FREEDLE,LARRY plus 25 additional pay 141.37 424.11
R 92 03102 GAGE,TOMMY 2,596.69 7,790.07
V 34 6/79 HARRIS,JAMES E. 109.27 327.81
V 70 11/99 HARRIS,MARY RUTH 109.27 327.81
Q 182 10/04 JENKINS,EILEEN 1,788.75 5,366.25
R 93 06/02 JENKINS,JOHN 1,788.76 5,366.28
R 86 07/01 JOHNSON,ROBERT 3,073.47 9,220.41
R 64 4/95 JORDAN,CHARLIE 2,274.95 6,824.85
S 76 5/88 JUDY,JAN 1,64T63 4,942.89
R 37 3/84 KING,ARNOLD D. 1,522.37 4,567.11
R 54 5/89 KING,ARVIL 1,711.21 5,133.63
R 173 12103 LEDBETTER,DENNIS 3,775.80 11,327.40
R 51 10188 LEWIS,CHARLES 1,647.63 4,942.89
R 40 9/85 LOGUE,PAUL D. 2,868.28 8,604.84
R 202 02/08 MAHAN,MARSHALL 4,077.28 12,231.84
R 50 9/88 MASON,LARRY 1,631.25 4,893.75
R 39 4/85 MC ARTHUR,RONALD A. 1,753.74 5,261.22
V 35 2/82 MC CHRISTIAN,DWAYNE 109�27 327.81
R 15 477 MC WHORTER,CHARLES 1,334.51 4,003.53
S 209 8/81 MILLER,ALICE GAYLE 1,304.07 3,912-21
R 73 2100 MILLER,KENNETH 3,180.02 9,540.06
R 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 511.80
S 217 2186 MOORE,BETTY L 109.27 327.81
V 176 4/04 MORRIS,DIXIE E. 125.66 376.98
R 48 7/88 MULLENS,DENNIS W. 2,191.30 6,573.90
R 194 3/05 NAPIER,LONNIE 3,518.28 10,554.84
R 196 01/02 ONEAL,TEDDY 4,120.99 12,362.97
R 46 5188 OSBURN,TROY 1,899.66 5,698.98
R 81 02/01 PHILLIPS,LARRY 2,765.09 8,295.27
R 203 02108 PIERCE,JOEY 3,647.18 10,941.54
R 53 2189 POAGE,LARRY 2,346.70 7,040.10
R 186 06/05 REAGAN,PETE 3,535.71 10,607.13
V 201 A02ffia REED,JUNE 109.27 327.81
R 41 9/85 SCHADER,TROY 1,524.99 4,574.97
R 190 04106 SHACKELFORD,GLEN 3,647.18 10,941.54
R 36 5/76 SPRINGSTON,CARL 806.19 2,418.57
S 90 03/02 STOUT,IMOGENE W. 767.80 2,30.40
R 165 12/02 TATE,RALPH 3,668.10 11,004.30
V 65 3/66 TUNE,BILLIE SUE 136.69 409.77
R 71 1/00 WARFORD,THOMAS 2,502.72 7,508.16
S 207 7/68 WATTS,MAGGIE 437.09 1,311.27
R 88 01/02 WOOD.RONNIE D 3,077.15 9,231.45
S 208 9/88 WRIGHT,Barbara 1,691-34 5,074.02
117,348.71 362,046.13
1130/2013 K:%Fire Pension\Pension List%Pension List 2013\FP 030113 WM
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit
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 I
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF
NOTARY PUBLIC
MY COMMISSION EXPIRES:
1/30/2013 K:Tire Pension%Pension ListNPension List 2013NFP 030113 WM
FIREMEN'S RELIEF AND PENSION
April 4 4
2013 4 4
4 4
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date
EMP#RETIREMENT NAME Benefit Reg Benefit
Q 79 1V99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 7,250.96
R 177 4/04 BACHMAN,EDDIE 2,618.55 10,474.20
S 74 3/86 BAIRD,JULIA 1,802.08 7,208.32
V 63 5172 BOLAIN,ANN 109.27 437.08
R 68 7/99 BONADUGE,MICHAEL 2,988.76 11,955.04
S 44 9/86 BOUDREY,BETTY MRS. 2,477.42 9,909.68
R 46 9/86 BOUDREY,HOWARD 2,089.28 8,357.12
R 49 7/88 BOUDREY,JACK 1,647.63 6,590.52
R 57 5/90 CATE,ROY 1,788.90 7,155.60
V 6 4/68 CHRISTIE,ARNOLD 109.27 437.08
R 77 11/99 DILL,GARY JOHN 1,812.75 7,251.00
R 188 12/05 DOSS,MARION H 5,376.91 21,507.64
R 188 12105 DOSS,MARION H plus 25 additional pay 731.61 2,926.44
R 11 2/76 FARRAR,ALONZO 998.86 3.995.44
R 192 4/06 FARRAR,DANNY 4,155.36 16.621.44
R 38 5184 FRALEY,JOSEPH G. 1,768.12 7,072.48
R 170 5/03 FREEDLE,LARRY 3,816.75 15,267.00
R 170 5/03 FREEDLE,LARRY plus 25 additional pay 141.37 665.48
R 92 03/02 GAGEJOMMY 2,596.69 10,386.76
V 34 6f79 HARRIS,JAMES E. 109.27 437.08
V 70 11/99 HARRIS,MARY RUTH 109.27 437.08
Q 182 10/04 JENKINS,EILEEN 1,788.76 7,155.00
R 93 06/02 JENKINS,JOHN 1,788.76 7,165.04
R 86 07/01 JOHNSON,ROBERT 3,073.47 12,293.88
R 64 4/95 JORDAN,CHARLIE 2,274.95 9,099.80
S 76 5/88 JUDY,JAN 1,647.63 6,590.52
R 37 3/84 KING.ARNOLD D. 1,522.37 6,089.48
R 54 5/89 KING,ARVIL 1,711.21 6,844.84
R 173 12/03 LEDBETTER,DENNIS 3,775.80 15,103.20
R 51 10/88 LEWIS,CHARLES 1,647.63 6,590.52
R 40 9/85 LOGUE,PAUL D. 2,868.28 11,473.12
R 202 02/08 MAHAN,MARSHALL 4,077.28 16,309.12
R 50 9/88 MASON,LARRY 1,631.25 6,525.00
R 39 4185 MC ARTHUR,RONALD A. 1,753.74 7,014.96
V 35 2/82 MC CHRISTIAN,DWAYNE 109.27 437.08
R 15 4/77 MC WHORTER,CHARLES 1,334.51 5,338.04
S 209 8/81 MILLER,ALICE GAYLE 1,304.07 5,216.28
R 73 2/00 MILLER,KENNETH 3,180.02 12,720.08
R 73 2/00 MILLER,KENNETH plus 25 additional pay 170-60 682.40
S 217 2186 MOORE,BETTY L 109.27 437.08
V 176 4/04 MORRIS,DIXIE E. 125.66 502.64
R 48 7/88 MULLENS,DENNIS W. 2,191.30 8,765.20
R 184 3/05 NAPIER,LONNIE 3,518.28 14,073.12
R 196 01/02 ONEAL,TEDDY 4,120.99 16,483.96
R 46 6/88 OSBURN,TROY 1,899.66 7.598.64
R 81 02101 PHILLIPS,LARRY 2,765.09 11,060.36
R 203 02/08 PIERCE,JOEY 3,647.18 14.588.72
R 53 2/89 POAGE,LARRY 2,346.70 9,386.80
R 186 06105 REAGAN,PETE 3,535.71 14,142.84
V 201 A 02/08 REED,JUNE 109.27 437.08
R 41 9/85 SCHADER,TROY 1,524.99 6,099.96
R 190 04/06 SHACKELFORD,GLEN 3,647.18 14,588.72
R 36 5t76 SPRINGSTON,CARL 806A9 3,224.76
S 90 03/02 STOUT, IMOGENE W. 767.80 3,071.20
R 165 12/02 TATE,RALPH 3,668.10 14,672.40
V 65 3/66 TUNE, BILLIE SUE 136.59 546.36
R 71 1100 WARFORD,THOMAS 2,502.72 10,010.88
S 207 7168 WATTS,MAGGIE 437.09 1,748.36
R 88 01102 WOOD,RONNIE D 3,077.15 12,308,60
S 208 9/88 WRIGHT, Barbara 1,691.34 6,765.36
117,348.71 469,394.84
1/30/2013 K:kFire Penslon\Pension List\Pension List 2013�FP 040113 WM
DATE OF Regular Mo Year To Date
EMP#RETIREMEN7 NAME Benefit Reg Benefit
WE,THE UNDERSIGNED,DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND;THAT
THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY
RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF
NOTARY PUBLIC
MY COMMISSION EXPIRES:
1/3012013 K:\FIre Pension\Pension List\Pension List 2013\FP 040113 WM
Page I of 2
Sondra Smith - Fwd: GFOA Best Practices
From: Sondra Smith
To: Firemen's Pension Board; Policemen's Pension Board
Date: 1/4/2013 7:47 PM
Subject: Fwd:GFOA Best Practices
Attachments: GFOA Best Practices.pdf, Sondra Smith.vcf
Hello All
The following email and attachment was received by our Accounting Department. Please review as we should
discuss this at our next meeting. Have a great day!
Sondra E Smith CAMC, CMC
City Clerk Treasurer
City of Fayetteville
113 West Mountain
Fayetteville,AR 72701
(479) 575-8323
ssmith@ci.faVetteville.ar.us
TDD (Telecommunications Device for the Deaf):(479) 521-1316
IT
FINDIN
MYETTEVILLE
>>> Patricia Leach 12/10/2012 10:45 AM >>>
I received the following (with attachment)from Tracy Warfe at LOPFI this morning.
Trish
>>> Tracy Warfe <twarfe@lopfi-prb.com> 12/10/2012 10:15 AM >>>
Good morning-
Attached you will find a copy of the GFOA Best Practices on the Governance of Public Employee Post-Retirement
file:///C:/Users/ssmith/AppData/Local/Temp/XPgrpwis.e/5OE731E6FAYETTEVILLECIT... 1/11/2013
Page 2 of 2
Benefits Systems. Please provide a copy of this publication to each trustee of your Local Fire and/or Police
Pension Fund.
The purpose of the communication is to provide guidance on recommended practices for your local board of
trustees in terms of., their duties as a trustee; possible adoption of a governance manual for how the board will
conduct its business;and having a written a code of conduct under which the board operates.
We hope you find the information helpful in carrying out your responsibilities as a trustee of a local pension
fund.
If you should have any questions please call our office toll free at 866-859-1745.
Sincerely,
PRB Staff
file:///C:[Users/ssmith/AppData/Local/Temp/XPgrpwise/5OE73lE6FAYETTEVILLECIT... 1/11/2013
BEST PRACTICE
Govemance of Public Employee Post-Retirement Benefits Systems(2010) (CORBA) (new)
Background.Public employee post-retiremem benefit plans(e.g.,retirement plans and other post employment
benefits(OPEB) trusts)are typically established by state and/or local law and are governed by boards of trustees
(boards,governing boards,trustees)that are subject to legal constraints.In addition to any duties set forth by
statute,trustees of post-retirement benefit funds are bound by fiduciary duties,which can he divided into three
categories:
• Duty of loyalty—The obligation to act for the exclusive benefit of the plan participants and beneficiaries.
The trustees must put the interest of all plan participants and beneficiaries above their own interests or
those of any third parties.Regardless of their selection process,fiduciaries must be reminded that they do
not represent a specific constituency or interest group.
• Duty of care—The responsibility to administer the plan efficiently and properly.The duty of care includes
consideration and monitoring of the financial sustainability of the plan design and funding practices.
• Duty of prudence—The obligation to act prudently in exercising power or discretion over the interests
that are the subject of the fiduciary relationship.The general standard is that a trustee should act in a way
that a reasonable or prudent person acts in a similar situation or in the conduct of his or her own affairs.
Criteria for selection of most boards of public post-retirement benefit plans are normally set by state statute or
other authority that establishes the plan. Governing fiduciaries set strategy and policy,determine decision-making
authority,and delegate day-to-day management of the retirement system.Proper board structure and clarity of
board roles and responsibilities that are consistently and fairly enforced promote good governance and provide
legal protections for both plan fiduciaries and plan participants.Through prudent management,trustees,
individually and collectively,must act in the best interest of all plan participants and beneficiaries.
Recommendation.The Government Finance Officers Association(GFOA)recommends that the state or local
government or other designated governing entity establish rules of governance for its post-retirement benefit
systems that define the key elements necessary for trustees and other fiduciaries to fulfill their responsibilities, in
accordance with fiduciary standards.The following governance best practices are recommended:
1) Governance Manual—Adopting and maintaining a written governance manual enables good governance.At a
minimum,this manual should include:
a) An outline of the authority under which the system operates.
b) A section outlining the roles and responsibilities of the board of trustees,administrator(director or
executive director),and staff.
c) All board-adopted policies and any applicable statutes,regulations,and other relevant documents.
d) A description of all permanent(standing)committees,with a copy of the committee charter.
2) Governing Boards:
a) Size of Board—The post-retirement benefit system's board of trustees should be neither so large as to be
unwieldy nor so small that it runs the risk of not being able to get a quorum to make decisions.Optimal
board size is between seven and 13 members,depending on the size and complexity of the system.
b) Board Composition—Any board that operates effectively includes members who have a mix of skills,
competencies,and behaviors, including leadership,teamwork,communication,planning and
organizational abilities,and knowledge of sound decision-making principles.A successful board actively
pursues and makes use of these skills and behaviors.Board composition should reflect the varied interests
of those responsible for funding the plan and should include plan participants and retirees,citizens of the
govenuriental unit,and officers of the plan sponsor,as well as independent directors.This assures
balanced deliberations and decision making.
c) Board Education—New trustees must receive orientation training explaining their responsibilities and
's staff and agents(e.g., actuaries,attorneys, advisors,
fiduciary duties as well as the duties of the system
and fund managers). A program of continuing education must be developed,and participation should be
strongly encouraged or required.
3) Governance Policies:
a) Code of Ethics—Every governing board should adopt a code of ethics to provide standards of conduct for
board members and plan staff. The code of ethics should,at a minimum,address:
i) Loyalty. Public fund fiduciaries must make all decisions in the best interest of system participants,
placing those interests above all other interests.
ii) Decision making.Decisions must be made in a fair,honest, and open manner,with information
shared among fellow fiduciaries and all interested parties to enhance the quality of the system's
decision-making process. Policies should discourage fiduciaries who are plan participants from voting
on matters that advance their personal financial interests, and should provide a mechanism for
independent trustees to vote separately on such matters if a conflict of interest affects multiple
members..
iii) Personal Conduct.Every public system's fiduciaries, including those who are under contract to
provide services to the system,must take all reasonable steps necessary to ensure a full and accurate
understanding of the trust,conflicts of interest,financial disclosures,and other ethics-related laws that
apply to the system.They must conduct their official and personal affairs to ensure that they cannot
be improperly influenced in the performance of their duties.
iv) Relationships with Others. To foster trust and limit practices that create the appearance of conflicts of
interest,plan sponsors should consider including restrictions in their code of ethics on the following
behaviors:
(1) Former employees and trustees soliciting business from the plan for a specified period of time.
(2) An employee or trustee accepting contributions or material gifts from current or potential
business partners,their agents,or their representatives.
(3) Payment of finder or incentive fees to third-party marketers or other consultants for new or
increased business,without full and advance disclosure and other controls where appropriate.
(4) Any action that would bring into question the independence of the board or staff or the propriety
of the system's decision making.
b) Succession Planning—To ensure continuity of governance,there must be a policy for transition of
leadership.
c) Investment Policy—The board must develop a comprehensive set of policies and procedures for investing
and safeguarding plan assets.(See GFOA Best Practice,Public Employee Retirement System Investments,
2009.)
d) Professional and Contractual Services—The board must have Policies and procedures for selecting agents
such as actuaries,attorneys,auditors,advisors,and fund manager&These policies and procedures must
encourage an open process free of actual or perceived bias and conflicts of interest.
e) Procedures for Monitoring Policies—Policies and procedures must be implemented to allow the board of
trustees to monitor whether the board policies are being fulfilled, and whether the roles and
responsibilities delegated to the various agents regarding the day-to-day management of the post-
employment benefit system are being carried out effectively and to the board's satisfaction.
References.
• An Elected Official's Guide to Public Retirement Plans,GFOA, 1997.
• An Elected Official's Guide to Defined Benefit and Defined Contribution Retirement Plans,GFOA,
1999.
• National Association of State Retirement Administrators(NASRA)Resolution 1999-06-Code of Ethics.
• Statements of Key Investment Risks and Common Practices to Address Those Risks,Association of
Public Pension Fund Auditors,2000.
• Operational Risks of Defined Benefit and Related Plans and Controls to Mitigate those Risks,Association
of Public Pension Fund Auditors, 2003.
• International City County Management Association Code of Ethics,2004.
• GFOA Best Practice,Ensuring the Sustainability of Other Postemployment Benefits,2007
• GFOA Best Practice,Essential Design Elements of Defined Benefit Pension Plans,2008.
0 GFOA Best Practice, Public Employee Retirement System Investments,2009.
• Governance Manual,Public Employees' Retirement Association of Colorado.
• Best Practicesfor Trustees and Pension Systems,American Federation of State County and Municipal
Employees(AFSCME),available at www.afscme.orp-/issues/27459.cftn.
Approved by the GFOA's Executive Board,March 5,2010.
Invoice
RE.,-, FE ID Invoice No.43732
The voice for Public Pensions
Invoicing Date: 10/01/2012
444 N.Capitol Sc,NW Suite 630
CIT 'E,nFFICE
Washington, DC 20001
SCANNED
Sondra Smith Member ID: 23510
Fayetteville Firemen's Pension& Relief Fund Invoice Due: 01/0112013
Board of Trustees
113 West Mountain Street,
Fayetteville,AR 72701 COP
Description Qty Rate Amount
Fund Membership Fee 1.00 225.00 225.00
01/0112013 to 12/31/2013
Total: 225.00
Amt Paid: 0.00
Balance Due: 225.00 1
Fayetteville Firemen's Pension Member ID: 23510 Payment Enclosed: S J—5-
Relief Fund Board of Trustees Invoice Number: 43732 Make checks payable to:
113 west Mountain Street, Due Date: 01101/2013 National Conference on Public
Fayetteville,AR 72701 Total Due: 225.00 Employee Retirement Systems
444 N.Capitol St..NW Suite 630
Convenient online payment option at
pic,se verity addressand provide corrections below: http://www.iiepers.org
organization Name: Charge:
primary Billing Person: [_1 VISA E] American Express
Mailing Addresst F1 Mastercard
Card No- Lxp.Date
City,State,Zipeodc: Signature See.Code
Page I of 2
LOCAL PENSION FUND REPORT 2012
In keeping with statutory requirements, I am presenting this report for 2012 on the
local Police and Fire Retirement and Relief Funds for the City of Fayetteville. Both of
these plans were closed, by law,in 1983 and there are no longer any active working
members remaining. There are currently 46 police and 56 fire retirees and beneficiaries
in the system.
At December 2012 projected expenses from the fire pension fand were
approximately $1.46 million as compared to fund revenues of I million. Projected police
pension fund expenses were approximately$1.6 million as compared to fund revenues in
excess of$1.2 million. This is before adjusting investments to market value. However, on
a cash flow basis,contributions are not covering expenses.
Actuarial evaluations are the responsibility of the State of Arkansas Fire and
Police Pension Review Board. The last evaluations completed were as of July,2012 for
the year ending December 31, 2011. Based on those evaluations the unfunded pension
obligations of the Police and Fire Funds were $7.2 million and$9.5 million respectively
and have grown considerably from prior years. The Ullfiluded actuarially accrued
liabilities for these funds were approximately $13 million for police and$15.1 million for
fire. In the annual reports issued by the Arkansas Pension Review Board neither the fire
nor police pension fund were found to be actuarially sound pursuant to established
financial tests. Again, this actuarial valuation is for the 2011 fiscal year not 2012.
On October 18,2010 representatives of the Pension Review Board came to
Fayetteville to present a special report on the Fire Pension Fund. Both Fire Pension Board
members and City Council members attended the meeting when this report was presented
.During that presentation, the PRB Board Actuary indicated that the fund ran a 90% risk
of ruin within the next 5 to 10 years and conditions has worsened since then. The Fire
Pension Board has again received correspondence in 2012 advising the Board of the
funds risky financial condition.
In 2012 operating conditions of the Fire Pension Fund have been relatively the same
so no improvement has been made. However the asset value of the fund has fallen to
under$5,000,000 which makes it subject to fiirther investment restrictions. These
restrictions no longer allow investments in individual securities. Investments will be
limited to cash, cash equivalents, government bonds and no load mutual funds.This
means overall returns in the future are likely to be less than previously experienced which
could bring about depletion of the fund even earlier unless the Pension Board does
something.
The Fire Pension Board has been aware of the unstable condition of the fund and has
been discussing the situation and possible options since 2009 but has not decided on a
plan of action supported by the majority of the Board. The primary option which has been
discussed is the possible reduction of current benefits. The City Clerk and I have each
Page 2 of 2
introduced motions and had numerous votes to reduce benefits but all votes to do so up to
this point in time have failed. The Pension Board has also been advised that there is no
specific enabling legislation to reduce benefits and legal issues might prevent that option.
All other options presented would require substantial financial contributions by the City.
However, the City Attorney has advised the Pension Board that the City has no direct
obligation to fund the pension plan; other than a.4 mill dedicated levy for each,plus state
insurance turn back. As recently as December the PRB has continued to classify the Fire
Pension Fund as"projected insolvent".
The Police Pension Fund is also considered actuarially unsound but not in
immediate danger of becoming insolvent. The Police Pension Board is also aware of the
Police Pension Fund status and has been considering options that would guarantee long
term solvency.
I will continue to monitor these pension funds in the future and keep you
apprised of any new developments.
Fire Pension Fund Revenue Expense Summary
12/3112012 2011 2010 2009 2008 2007 2006 2005
Revenues:
Employee Contributions $ $ $ $ $ 1,356.43 $ 6,987.00 $ 11,86.00 $ 23,439.00
Employer Contributions $ - $ $ $ $ 2,712.85 $ 13,973.00 $ 25.852.00 $ 46,878.00
State Insurance Tax $ 229,129.75 $ 131,537.45 $ 122,964.58 $ 125,710.67 $ 146,031.32 $ 150,067.00 $ 151.560.00 $ 225,492.00
Local Millage(.4 mills) $ 511.961.22 $ 498,380.57 $ 508,192.08 $ 485,345.06 $ 441,696.50 $ 388,877,00 $ 370.649.00 $ 339,416.00
Interest and Dividends $ 162,108.46 $ 171,812.69 $ 177,926.35 $ 179,204.26 $ 265.704.47 $ 292,444.00 $ 311,217.00 $ 308,578.00
Gain(Loss)on Sales $ 109,847.78 $ 144,723.49 $ 327,952.16 $ 84,355.52 $ (728,656.78) $ 421,630.00 $ 383,393.00 $ 297,771.00
Future Supplement $ 36,105.00 $ 29,618.00 $ 20,664.00 $ 24,192.00 $ 31,333.44 $ 38,917.00 $ 27,060.00 $ 24,480.00
Misc Revenue $ 6.00 $ 33.64 $ 972.73 $ 389.74 $ 0.96 $ 1,044.00 $ 541.00 $ 176.00
Total Revenue $ 1,049,158.21 $ 976,105.84 $ 1,158,671.89 $ 899,197.25 $ 160,179.19 $ 1,313.939.00 $ 1,282,135.00 $ 1,266,230.00
Expenditures
Regular Monthly Benefits $ 1,420.658.61 $ 1,432,673.42 $ 1,434,268.78 $ 1,434.487.32 $ 1,436,083.26 $ 1.430,646.00 $ 1,281,954.00 $ 1,097,427.00
Future Supplement $ 36.960.00 $ 29,618.00 S 20,664.00 $ 24,192.00 $ 31,333.44 $ 38,766.00 $ 26.749.00 $ 24,390.00
Drop Expense $ - $ 2,973.17 $ 43,816.86 $ 125,419.00 $ 238,801.00 $ 398,082.00
Investment Manager Fees $ 14,968.53 $ 61,654.29 $ 52,757.01 $ 53,323.12 $ 67,758.33 $ 76.454.00 $ 78,764.00 $ 84,005.00
Other Expenses: $ - $ 48.00 $ 42.00
Audit Fees $ 3,600.00 $ 3.500.00 $ 3,500.00 $ 3,500.00 $ 3,500,00 $ 3,500.00 $ 3,300.00 $ 3,210.00
Professional Services $ - $ 21900.00 $ 2,200.00
LegalFees $ 1,025.00
Bank Fees $ 16.69 $ 131.87 $ 110.90 $ 207.54 $ 228.60 $ 205.00 $ 202.00 $ 188.00
Publications and Dues $ 225.00 $ 226.00 $ 300.00 $ 150.00 $ 150.00 $ 150.00 $ 100.00
Travel and Training $ 2,548.88 $ 3,462.00 $ 2,389.00
Total Expenses $ 1,475,428.83 S 1,527,802.58 $ 1,514,548.69 $ 1,518,725.15 $ 1,585,419.37 $ 1,675,140.00 $ 1,636,607.00 $ 1,609,791.00
Net Income(Loss)Before Market Adi $ (426,270.62) $ (551,696.74) $ (355,876.80) $ (619,527.90) $ (1,425,240.18) $ (361,201.00) $ (354,472.00) $ (343,561.00)
Market Adjustment $ 481,460.38 $ 488,158.52 $ 583o853.06 $ (967,119.37) $ 3,621.71 $ 280,562.00 $ (378,645.00)
Net Income(Loss) $ (426,270.62) $ (70,236.36) $ 132,281.72 $ (35,674.84) $ (2,392,359.55) $ (357,579.29) $ (73,910.00) $ (722,206.00)
Book Value Total Reserve Assets $ 4,107,688.38 $ 4,534,054.00 $ 5,085,750.74 $ 5,441,627.54 $ 6,061,155.44 $ 7,486,396.00 $ 7,847,597.00 $ 8,202,070.00
Market Value Total Reserve Assets $ 4,541,004.55 $ 4,877,238.82 $ 5,564,763.56 $ 6,759,826.37 $ 6,823,183.74 $ 8,215,W.00 $ 9,573,123.00 $ 8,647,034.00
*Assets less any liabilities
Market Value calculated at year end
112912013 C.*\DOCUME—l\lbmnson\LOCALS-1\Temp\XPgrpw'ise\Fire Pension Summary