HomeMy WebLinkAbout2007-11-29 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
November 29, 2007
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM
on November 29, 2007 in Room 326 of the City Administration Building.
Approval of the Minutes:
• October 25, 2007 Meeting Minutes
Approval of the Pension List:
• Retirees Additional Benefits
• December, 2007 Pension List with additional benefits
• December, 2007 Pension List without additional benefits
Old Business:
• Dennis Mullens retirement classification (Tabled from the October 25, 2007 meeting)
• Pension Protection Act (Tabled from the October 25, 2007 meeting)
• Change Meetings to Quarterly — State Statute 24-11-802 (Tabled from the October 25,
2007 meeting)
• 2008 Meeting Schedule (If monthly meetings are continued)
New Business:
• NCPERS Info (Amicus Brief on Kentucky Retirement System's Disability Retirement
Plan)
• NCPERS Annual Legislative Conference
• Alliant Insurance Services (Informational)
.Longer Investments:
• Monthly Report
• Equity Overage
• Amended Investment Policy (Signatures needed)
0 Completed Advisor Impact Survey
Board Members Firemen's Pension and Relief Fund
Mayor Coody Chairman Board of Trustees Meeting Minutes
Sondra E. Smith Secretary October 25,2007
Marion Doss Position I/Retired Page 1 of 5
Pete Reagan Position 2/Retired 7ayve re;1i le
Gene Warford Position 3/Retired ARKANSAS
Ron Wood Position 4/Retired
Marshall E. Mahan Position 5/1-lighest
Ranldng
Firemen's Pension and Relief Fund
Meeting Minutes
October 25, 2007
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 AM on
October 25, 2007 in Room 326 of the City Administration Building
Mayor Coody called the meeting to order.
Present: Mayor Coody, Marion Doss, Gene Warford, ``Ronnie Wood, Trish Leach &
Wendy Moore, Accounting, Deputy City Clerk Amber Wood, Assistant City ; Attorney
David Whitaker.
Absent: Pete Reagan, Marshall E. Mahan and Sondra Smith were absent.
Approval of the Minutes:
Approval of the September 25, 2007 Meeting Minutes
Gene Warford moved to approve ,the September 25, 2007 Meeting Minutes. Ronnie Wood
seconded the motion. Upon roll `call the motion ,passed 4-0. Pete Reagan, Marshall E.
Mahan and Sondra Smith were absent.
Approval of the Pension List:
Approval of the November, 2007 Pension List
Mayor Coody: ,Any changes to the Pension list?
Amber Wood: No, changes.
Marion Doss moved to approve the November, 2007 Pension List. Mayor Coody seconded
the motion. Upon roll call the motion passed 4-0. Pete Reagan, Marshall E. Mahan and
Sondra Smith were absent.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2007
Page 2 of 5
Old Business:
Dennis Mullens retirement classification (Tabled from the September 25, 2007 meeting.)
Gene Warford moved to table Dennis Mullen's Retirement Classification to the November
meeting. Ronnie Wood seconded the motion. Upon roll call the motion passed 4-0. Pete
Reagan, Marshall E. Mahan and Sondra Smith were absent.
Pension Protection Act (Tabled from the September, 2007 meeting)
Mayor Coody: Can I make seconds on this David?
David Whitaker: You're the chair. No.
Gene Warford moved to table Pension Protection Act to the November meeting. Marion
Doss seconded the motion. Upon roll call the motion passed 4-0. Pete Reagan, Marshall E.
Mahan and Sondra Smith were absent.
New Business:
Kim Skelton Proof of Enrollment
Amber Wood: That's an informational item only. We included a copy of her enrollment just to
let you know she has enrolled another year.
Change Meetings to Ouarterly - State Statue 24-11-802
Mayor Coody: Sondra has done some homework and if she were here she would be making
this request herself. The Police Pension Board meets quarterly instead of monthly. There has
been talk that the Fire Pension Board has to meet monthly. She looked at the law and the Fire
Pension can meet quarterly if it so chose. We are down to four minute meetings, the finance
folks are doing an excellent job, and I don't see why the Fire Pension Board couldn't go to
quarterly meetings unless you just love to meet on a regular basis.
Gene Warford: I think that sounds like something that needs to be up for discussion at our next
meeting and we can vote on it.
Marion Doss: I think the full board should.
Mayor Coody: I understand. I just wanted you to think about this.
Gene Warford: I personally think it is a good idea.
Mayor Coody: There is nothing that can't wait two months instead of every month.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25, 2007
Page 3 of 5
Marion Doss: I always thought it was in the state statue for Fire Pension that they had to meet
monthly.
Gene Warford: If it's not there's no reason for these four and six minute meetings.
Mayor Coody: I couldn't agree more. If I can get out of a meeting I'm all over it.
Amber Wood: We. included a copy of the state statue where it states that a meeting can be
called by the chair or by a majority of the members in a manner established by the board. So you
can establish when you would like to meet, whether it's monthly or quarterly.
Mayor Coody: Even the Police Pension meetings that are done quarterly are short too.
Basically it's the minutes, pension list and the fmancial reportand that is pretty much 99% of
what goes on. You all think about this and the next time we meet we will take a vote because it
would save everybody time. Sondra's over worked as it is so it would save us all some time.
Gene Warford moved to table to the November meeting. Ronnie Wood seconded the
motion. Upon roll call the motion passed 4-0. Pete Reagan, Marshall E. Mahan and Sondra
Smith were absent.
Longer Investments:
Monthly Report
Page one of the report is the portfolio appraisal the cut off date of this report was quarter end
which is September 30th. Your policy allows us to go to 55% plus 5% overage on the equities
side and we did close at about 55% so that is why that needs to be approved. The equities that
you have are 47.5% and the International stocks that you own are 7.7%.
Page four is the total value of the portfolio which it closed the quarter at $8.897 million. In cash
we had $108,000 restricted to go out after the end of the quarter. The income yield on the bonds
is 5.3%. Through today the five year treasury is trading right at 4%.
Page five is a report that gives' a cut off date in this week and you can see month to date your
stocks are up another 1.5% or,so. Stocks are 47.5% and foreign is 7.7% so you are right there
again at about 55.26/6.
Page eight is the value,!.which is $8.845 million. The income yield on the total portfolio which
includes your dividends plus your bond interest income is 3.5%. That's income that comes in
regardless of what the stock market does.
Page nine is the summary of your realized gains and losses. These are just the gains that we have
taking on stocks that we have sold, $307,736 year to date and the income is $164,363.
Page 10 is a summary of your fixed income holdings. The average yield to maturity is 5.5%
which includes your corporate bonds as well as government bonds. The average maturity is 4.6
years so you have a shorter maturity than that five year treasury but your income is 150 basis
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2007
Page 4 of 5
points above the yield or 1.5% higher. Within the bond portfolio you have about 30% of your
bonds that will mature in the next three years, so we still have a fairly short term structure, a lot
of flexibility in the portfolio to be able to continue to roll forward as opportunities present
themselves to increase income yield.
Page 11 is a summary of your largest holdings Johnson & Johnson, Google, Microsoft Corp.,
Teva Pharmaceuticals and Kraft Foods Inc.
Page 12 is a summary of the industry weightings verses the S&P 500. We are underweight the
consumer, consumer cyclical, fmancials, which has really helped performance this year being
underweight the fmancials, the cyclicals and utilities. We are overweight the energy, healthcare
and technology.
Page 13 is a summary of the distributions and contributions inception to.date. The contributions
that have come in since August of 2002 are $824,907 and the distributions are $5.24 million.
Page 14 is a summary of performance through September 3e. Stocks were up 11.5% that
compares to 7.7% on the S&P 500, 9.2% with compounding dividends. The small cap stocks
which are the Russell 2000 are only up 2.3% this year. International's are up 6.5%, bonds are up
about 4%, cash 5% and so the total was 7.7%. As of yesterday equities are up 13% verses the
S&P of 7.14% and your total account is up 8.3% for the year.
Your compound annual returns have averaged 11% for stocks, 10.2% for your international
holdings, approximately 4% average annual return on bonds, 21.2% on real estate investment
trust and a compound annual return of 7.4% compares to 6% in your actuary assumptions.
The bottom summary shows the contributions that have come in. The beginning value which is
$9.9 million, the contributions $824,907, distributions $5.24 million and the net investment
return has been $3.411 million so that your ending value is $8.897 million. Contributions plus
investment return have been about $4.2 million verses the $5.2 million distribution and that
accounts for the $i million decline:
The investment policy is included. We made a change in the Police Pension policy and I wanted
to make the same recommendation to you too. We are at 55% equities but because stocks are so
out performing bonds what happens is there are times in the middle of the quarter where we are
still bumping up. Today if the market is up one percent I'll be at 55.7% by the end of the day.
They increased their overage by 10%. We are still shooting to hold it at 55% but that allows us to
a least be a 55.7%. if an interim price increase happens, without us being out of compliance. The
paragraph we added to;theirs is the manager can operate outside the equity guidelines by not
more than 10%; we changed it from not more than 5% to not more than 10%.
Gene Warford moved change the Investment Policy to allow Longer Investments to go plus
or minus 10% of the current Equity range with approval of the Board. Ronnie Wood
seconded the motion. Upon roll call the motion passed 4-0. Pete Reagan, Marshall E.
Mahan and Sondra Smith were absent.
We got a call from someone from the city and we had gone to 55.6% or 55.7% on one account.
It just happens on a big day. In this kind of volatility where we are having 200 and 300 point
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 25,2007
Page 5 of 5
days on a regular basis that makes a big difference when you are right at the 55%. We can easily
be at 56% by tomorrow.
Mayor Coody: That's just a policy change and it doesn't hurt anything.
Elaine Longer: No, it just keeps us in compliance.
A copy of the Longer Investments monthly report was given to the board.
Longer Investments Informational Letter
A copy of the Longer Investments informational letter was given to the board.
Meeting Adjourned at 11:25 AM
(11/28/2007) Sondra Smith- Fire'Retirees eligible for additional benefit Page 1
From: Patricia Leach
To: Becker, Paul; Farthing, Marsha; Moore, Wendy; Smith, Sondra; William...
Date: 11/16/200710:44 AM
Subject: Fire Retirees eligible for additional benefit
Attachments: Nov 2007 Corrections.pdf; December 2007.xis; December 2007 Additional Benef
it.xls
As you know, it was brought to our attention the possibility that Marion Doss should be receiving the
additional benefit referenced under municipal code 24-11-826. After checking with LOPFI and Kit, an
agreement was made that the years of service for this benefit should stop accumulating as of the date the
employee elected DROP. Using this and a previous calculation for a retired Policeman as a guideline, I
have calculated the funds that are due Marion Doss, Larry Freedle, and Kenneth Miller. I also checked the
other retired firemen and these are the only three that are drawing retirement at this time that are due the
extra benefit. The two firemen remaining on DROP do not meet the years over service requirement.
I've attached my calculations and two monthly benefit lists for December—one containing the new
additional benefit amount and one that does not. The Board, of course, needs to discuss this and I wanted
to give them the option of postponing the payment of the additional monthly benefit just in case.
On the payment of the prior money owed, for the funds that should have been put in the DROP accounts
the retiree should have the option of asking that those funds be paid out in the same method that their
DROP balance was paid.
Let me know if you have questions. If everyone agrees, this should be placed on the agenda for the next
meeting.
Trish
Kenneth Miller
Date of hire 10/10/1966
Elected Drop 3/1/1996 Years of Service as of Drop Date 29
Date of Birth 11/8/1936 Age as of Drop Date 59
Became eligible for extra benefit 11/8/1996
Hourly Rate $ 11.54
Base Hours 3248 Annual Salary $37,468.93
Annual Benefit (at 90% of salary) $33,722.04
Additional yrs beyond 20:(max. 5 yrs)
5 $20.00 =100.00 per month 1,200.00
Subtotal $34,922.04
COLA . 2004 3% $ 1,047.66
COLA 2005. 3% $ 1,079.09
COLA 2006 3% $ 1,111.46
Total Annual Benefit $38,160.25
1/12 of Annual Benefit $ 3,180.02
This Benefit should have been added to DROP amount in 1996
1.25% for each year over 25(payable at age 60) $ 1,873.45 4 Years
of final salary
Convert to Monthly 12 $ 156.12
COLA 2004 $ 4.68
COLA 2005 $ 4.82
COLA 2006 $ 4.97
Monthly amount for additional benefit $ 170.60
ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE
AND SHOULD BE PRORATED FOR MONTH TURNING 60
PRORATED FOR Nov 1996-23 days 118.05
Annual amount divided by 365
11/16/2007N:1DROP1Fire Retiree CalculationsWenneth Miller Calculation
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Date of hire 3/23/1970
Elected Drop 5/1/1998 Years of Service as of Drop Date 28
Date of Birth 8/23/1947 Age as of Drop Date 50
Became eligible for extra benefit 8/23/2007
Hourly Rate $ 13.928
Base Hours 3248 Annual Salary $45,238.14
Annual Benefit (at 90% of salary) $40,714.33
Additional yrs beyond 20:(max. 5 yrs)
5 $20.00 =100.00 per month 1,200.00
Subtotal $41,914.33
COLA 2004 3% $ 1,257.43
COLA 2005 3% $ 1,295.15
COLA 2006 3% $ 1,334.01
Total Annual Benefit $45,800.92
1/12 of Annual Benefit $ 3,816.75
1.25% for each year over 25(payable at age 60) $ 1,696.43 3 Years
of final salary
Convert to Monthly 12 $ 141.37
ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE
AND SHOULD BE PRORATED FOR MONTH TURNING 60
PRORATED FOR August 2007-9 day: 41.83
Annual amount divided by 365
11/16/2067N:1DROP1Fire Retiree Calculations\Larry Freedle Calculation
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Marion Doss
Date of hire 5/1/1965
Elected Drop 1/1/2001 Years of Service as of Drop Date 35
Date of Birth 5/20/1942 Age as of Drop Date 58
Became eligible for extra benefit 5/20/2002
Hourly Rate $ 30.90
Base Hours 2080 Annual Salary $64,275.00
Annual Benefit (at 90% of salary) $57,847.50
Additional yrs beyond 20:(max. 5 yrs)
5 $20.00 =100.00 per month 1,200.00
Subtotal $59,047.50
COLA 2004 3% $ 1,771.42
COLA 2005 3% $ 1,824.57
COLA 2006 3% $ 1,879.30
Total Annual Benefit $64,522.79
1/12 of Annual Benefit $ 5,376.91
This Benefit should have been added to DROP amount in 2002
1.25% for each year over 25(payable at age 60) $ 8,034.37 10 Years
Convert to Monthly 12 $ 669.53
COLA 2004 $ 20.09
COLA 2005 $ 20.69
COLA 2006 $ 21.31
Monthly amount for additional benefit $ 731.61
ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE
AND SHOULD BE PRORATED FOR MONTH TURNING 60
PRORATED FOR May 2002-12 days 264.14
Annual amount divided by 365
11/16/2007N:1DROPTire Retiree CalculationsWarion Doss Calculation
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FIREMEN'S RELIEF AND PENSION , °0
December 12
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.
Added to Aug Check
DATE OF Regular Mo Year To Date Act 1373
EMP#RETIREMENT NAME Benefit Reg Benefit iture Supplement
O 79 11/99 ARMSTRONG(DILL), PAMELA 1,812.74 21,752.88 0.00
R 177 4/04 BACHMAN, EDDIE 2,618.55 31,422.60 754.20
S 74 3/86 BAIRD, JULIA 1,802.08 21,624.96 754.20
V 63 5/72 BOLAIN,ANN 109.27 1,311.24 150.84
R 68 7/99 BONADUCE, MICHAEL 2,988.76 35,865.12 754.20
S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 29,729.04 754.20
R 45 9/86 BOUDREY, HOWARD 2,089.28 25,071.36 754.20
R 49 7/88 BOUDREY,JACK 1,647.63 19,771.56 754.20
V 5 5/72 CASELMAN,ARTHUR 131.13 1,573.56 150.84
R 57 5/90 CATE, ROY 1,788.90 21,466.80 754.20
V 6 4/68 CHRISTI£,ARNOLD 109.27 1,311.24 150.84
V 8 10176 COUNTS,WAYNE 109.27 1,311.24 150.84
R 77 11/99 DILL,GARY JOHN 1,812.75 21,753.00 754.20
188 12/05 DOSS, MARION H 5,376.91 64,522.92 754.20
188 12/05 DOSS, MARION H plus 25 additional pay 731.61 731.61
R 11 2/76 FARRAR,ALONZO 998.86 11,986.32 754.20
R 192 4106 FARRAR, DANNY 4,155.36 49,864.32 754.20
R 38 5/84 FRALEY,JOSEPH G. 1,768.12 21,217.44 754.20
R 170 5/03 FREEDLE, LARRY 3,816.75 45,801.00 754.20
170 5103 FREEDLE, LARRY plus 25 addtttonai pay 141.37 141.37
R 92 03102 GAGE,TOMMY 2,596.69 31,160.28 754.20
V 34 6/79 HARRIS, JAMES E. 109.27 1,31.1.24 150.84
V 70 11/99 HARRIS, MARY RUTH 109.27 1,311.24 150.84
Q 182 10/04 JENKINS, EILEEN 1,788.75 21,465.00
R 93 06102 JENKINS,JOHN 1,788.76 21,465.12 754.20
R 86 07/01 JOHNSON,ROBERT 3,073.47 36,881.64 754.20
R 64 4/95 JORDAN, CHARLIE 2,274.95 27,299.40 754.20
S 76 5/88 JUDY,JAN 1,647.63 19,771.56 754.20
R 37 3/84 KING,ARNOLD D. 1,522.37 18,268.44 754.20
R 54 5/89 KING,ARVIL 1,711.21 20,534.52 754.20
V 12 3/60 LANE, HOPE MRS, Deceased 6/26/07 0.00 655.62
R 13 10/67 LAYER, MERLIN 456.22 5,474.64 754.20
R 173 12/03 LEDBETTER, DENNIS 3,775.80 45,309.60 754.20
V 181 10/04 LEE,VIOLA LOUISE 109.27 1,311.24 150.84
R 51 10/88 LEWIS, CHARLES 1,647.63 19,771.56 754.20
R 40 9185 LOGUE, PAUL D. 2,868.28 34,419.36 754.20
R 50 9/88 MASON, LARRY 1,631.25 19,575,00 754.20
R 39 4/80 MC ARTHUR, RONALD A. 1,753.74 21,044.88 754.20
V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 1,311.24 150.84
R 15 4/77 MC WHORTER,CHARLES 1,334.51 16,014.12 754.20
R 29 8/81 MILLER, DONALD 1,304.07 15,648.84 754.20
R 73 2100 MILLER,KENNETH 3,180.02 38,160.24 754.20
73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 170.60
V 42 2186 MOORE,JAMES H. 109.27 1,311.24 150.84
V 176 4104 MORRIS, DIXIE E. 125.66 1,607.92 150.84
R 48 7/88 MULLENS,DENNIS W. 2,191.30 26,295.60 754.20
R 184 3/05 NAPIER,.LONNIE 3,518.28 42,219.36 754.20
R 196 01102 ONEAL,TEDDY 4,120.99 49,451.88 754.20
R 46 5188 OSBURN,TROY 1,899.66 22,795.92 754.20
R 81 02/01 PHILLIPS,LARRY 2,765.09 33,181.08 754.20
R 53 2189 POAGE, LARRY 2,346.70 28,160.40 754.20
R 186 06/05 REAGAN, PETE 3,535.71 42,428.52 754.20
V 22 4/73 REED,.JOE 109.27 1,311.24 150.84
S 172 12/03 SCHAOER, MADGE 1,386.01 16,632.12 754.20
R 41 9/85 SCHADER,TROY 1,524.99 18,299.88 754.20
R 190 04/06 SHACKELFORD,.GLEN 3,647.18 43,766.16 754.20
S 83 03/01 SKELTON, KIMBERLY 2,4$4.98 29,219.76 754.20
R 36 5176 SPRINGSTON,CARL 806.19 9,674.28 754.20
S 90 03102 STOUT,.IMOGENE W. 767.80 9,213.60 754.20
R 165 12102 TATE, RALPH 3,668.10 44,017.20 754.20
V 65 3/66 TUNE, BILLIE SUE 136.59 1,639.08 150.84
R 71 1/00 WARFORD,THOMAS 2,502.72 30,032.64 754.20
R 28 7/68 WATTS, DONALD 437.09 5,245.08 754.20
R 88 01/02 WOOD,RONNIE D 3,077.15 36,925.80 754.20
R 52 9/88 WRIGHT, RANDALL 1,691.34 20,296.08 754.20
114,251.13 1,360,189.80 37,257.48
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01/03 MAHAN,.MARSHALL 4,077.28
03/01/03 PIERCE,JOEY 3,647.18
WE, al Beneffbft WM
DATE OF Regular Mo Year To Date Act 1373
EMP#RETIREMENT NAME Benefit Reg Benefit Aure Supplement
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 2006.
NOTARY PUBLIC
MY COMMISSION EXPIRES
11/28/2007 C:iDOCUME-1�ss MiU-OCALS-1\TempWgrpwiseUDeoember 2007 Additional Benefibds WM
FIREMEN'S RELIEF AND PENSION
December 12
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.
Added to Aug Check
DATE OF Regular Mo Year To Date Act 1373
EMP#RETIREMENT NAME Benefit Reg Benefit Aure Supplement
Q 79 11/99 ARMSTRONG(DILL), PAMELA 1,812.74 21,752.88 0.00
R 177 4/04 BACHMAN, EDDIE 2,618.55 31,422.60 754.20
S 74 3186 BAIRD,JULIA 1,802.08 21,624.96 754.20
V 63 5/72 BOLAIN,ANN 109.27 1,311.24 150.84
R 68 7199 BONADUCE, MICHAEL 2,988.76 35,865.12 754.20
S 44 9/86 BOUDREY,BETTY MRS. 2,477.42 29,729.04 754.20
R 45 9/86 BOUDREY, HOWARD 2,089.28 25,071.36 754.20
R 49 7188 BOUDREY, JACK 1,647.63 19,771.66 754.20
V 5 5172 CASELMAN,ARTHUR 131.13 1,573.56 150.84
R 57 5190 CATE, ROY 1,788.90 21,466.80 754.20
V 6 4168 CHRISTIE,ARNOLD 109.27 1,311.24 150.84
V 8 10!76 COUNTS,WAYNE 109.27 1,311.24 150.84
R 77 11/99 DILL,GARY JOHN 1,812.75' 21,753.00 754.20
188 12/05 DOSS, MARION H 5,376.91 64,522.92 754.20
R 11 2176 FARRAR ALONZO 998.86 11,986.32 754.20
R 192 4/06 FARRAR, DANNY 4,155.36 49,864.32 754.20
R 38 5/84 FRALEY, JOSEPH G. 1,768.12 21,217.44 754.20
R 170 5/03 FREEDLE, LARRY 3,816.75 45,801.00 754.20
R 92 03/02 GAGE,TOMMY 2,596.69 31,160.28 754.20
V 34 679 HARRIS,JAMES E. 109.27 1,311.24 150.84
V 70 11/99 HARRIS,MARY RUTH 109.27 1,311.24 150.84
Q 182 10/04 JENKINS, EILEEN 1,788.75 21,465.00
R 93 06/02 JENKINS,JOHN 1,788.76 21,465.12 754.20
R 86 07/01 JOHNSON,ROBERT 3,073.47 $6,881.64 764.20
R 64 4/95 JORDAN,CHARLIE 2,274.95 27,299.40 754.20
S 76 5/88 JUDY, JAN 1,647.63 19,771.56 754.20
R 37 3/84 KING,ARNOLD D. 1,522.37 18,268.44 754.20
R 54 5189 KING,ARVIL 1,711.21 20,584.52 754.20
V 12 3/60 LANE, HOPE MRS, Deceased 6/26/07 0.00 655.62
R 13 10167 LAYER, MERLIN 456.22 5,474.64 754.20
R 173 12/03 LEDBETTER, DENNIS 3,775.80 45,309.60 754.20
V 181 10/04 LEE,VIOLA LOUISE 109.27 1,311.24 160.84
R 51 10/88 LEWIS,CHARLES 1,647.63 19,771.56 754.20
R 40, 9/85 LOGUE, PAUL D. 2,868.28 34,419.36 754.20
R 50 9/88 MASON,LARRY 1,631.25 19,575.00 754.20
R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 21,044.88 754.20
V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 1,311.24 150.84
R 15 4177 MC WHORTER,CHARLES 1,334.51 16,014.12 754.20
R 29 8/81 MILLER, DONALD 1,304.07 15,648.84 754.20
R 73 2/00 MILLER,KENNETH 3,180.02 38,160.24 754.20
V 42 2186 MOORE,JAMES H. 109.27 1,311.24 150.84
V 176 4104 MORRIS, DOGE E. 125.66 1,507.92 150.84
R 48 7/88 MULLENS, DENNIS W. 2,191.30 26,295.60 754.20
R 184 3105 NAPIER, LONNIE 3,518.28 42,219.36 754.20
R 196 01/02 ONEAL, TEDDY 4,120.99 49,451.88 754.20
R 46 5/88 OSBURN,TROY 1,899.66 22,795.92 754.20
R 81 02101 PHILLIPS,LARRY 2,765.09 $3,181.08 754.20
R 53 2189 POAGE, LARRY 2,346.70 28,160.40 754.20
R 186 06/05 REAGAN, PETE 3,535.71 42,428.52 754.20
V 22 473 REED,JOE 109.27 1,311.24 150.84
S 172 12/03 SCHADER, MADGE 1,386.01 16,632.12 754.20
R 41 9/85 SCHADER,TROY 1,524.99 18,299.88 754.20
R 190 04/06 SHACKELFORD,GLEN 3,647.18 43,766.16 754.20
S 83 03/01 SKELTON, KIMBERLY 2,434.98 29,219.76 754.20
R 36 576 SPRINGSTON, CARL 806.19 9,674.28 754.20
S 90 03102 STOUT, IMOGENE W. 767.80 9,213.60 754.20
R 165 12102 TATE, RALPH 3,668.10 44,017.20 754.20
V 65 3/66 TUNE,BILLIE SUE 136.59 1,639.08 150.84
R 71 1/00 WARFORD,THOMAS 2,502.72 30,032.64 754.20
R 28 7/68 WATTS, DONALD 437.09 5,245.08 754.20
R 88 01/02 WOOD,RONNIE D 3,077.15 36,925.80 754.20
R 52 9/88 WRIGHT, RANDALL 1,691.34 20,296.08 754.20
113,207.55 1,359,146.22 37,257.48
DROP DATE DROP EMPLOYE,_FS NEW BENEFITS
03/01/03 MAHAN, MARSHALL 4,077.28
03/01/03 PIERCE,JOEY 3,647.18
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 WM
DATE OF Regular Mo Year To Date Act 1373
EMP#RETIREMENT NAME Benefit Reg Benefit Aure Supplement
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 , 2006.
NOTARY PUBLIC
MY COMMISSION EXPIRES:
11/28/2007 C:\DOCUME-I\ssmith\LOCALS-1\Temp'XPgrpwise\Decsmber 2007.x16 WM
1
9 t•
-77r
June 25 , 1988
To Whom It May Concern:
I , Dennis W. Mullens , wish to inform the City of Fayetteville of .
my intent to retire from the Fayetteville Fire Department effective
July 11 , 1988. Please let this letter serve as notification of my two
(2) weeks notice of .my retirement date.
Sinc r ly,
Dennis W. Mullens
(11/14/2007) Sondra Smith - Re: Dennis Mullens
From: Patricia Leach
To: Becker, Paul; Farthing, Marsha; Smith, Sondra; Williams, Kit
Date: 11/13/2007 4:03 PM
Subject: Re: Dennis Mullens
They want us to change his classification on his 1099R--the form we send to him, the IRS, and the State
of Arkansas, each year to report his pension income—from retired to disabled.
>>> Kit Williams 11/13/2007 3:12 pm >>>
If the IRS has already sent a refund, what change do they need?
Kit Williams, Fayetteville City Attorney
(479) 575-8313
FAX (479) 575-8315
113 West Mountain
Fayetteville, AR 72701
>>> Patricia Leach 11/13/07 11 :38 AM >>>
I receive a call today from Dennis Mullens' accounting firm asking what they needed to do in order for us
to change the classification on his 1099 from retired to disabled. I told her that a letter from the IRS stating
that they had reviewed his information and agreed that his income should be classified as disability
income would be perfect. They do not have a letter that states this but are going to put together
information stating that they spoke with the IRS and the IRS made the change and issued a refund check
to Mr Mullens.
I transferred the call to Sondra to verify the time of the next meeting and strongly advised that they attend.
I also told her that from my prospective, everything that I have found in the IRS code states that his
income is retirement income.
Trish
1/14/2007) Sondra Smith - RE: retirement and disability ti Wage 1
From: "Bob Bartholmey" <bbartholmey@lopfi-prb.com>
To: "'Patricia Leach"' <pleach@ci.fayetteville.ar.us>
CC: "'Marsha Farthing"' <mfarthing@ci.fayetteville.ar.us>, "'Denise Reed"' <...
Date: 11/14/2007 9:12 AM
Subject: RE: retirement and disability
Trish,
For LOPFI to retire somebody under the disability provision, the member must
submit a valid application to the system while still an active member or no
later than 1 year from date of termination of active membership. Under no
circumstance would LOPFI go back after the fact and change a normal
retirement to a disability retirement. Our LOPFI handbook (which can be
found on our web site) discusses Disability Benefits beginning on page 21.
However, this is an issue that should be handled by your Local Fire Pension
Board. Neither LOPFI nor the PRB has any authority to act in this
particular matter.
Bob Bartholmey
Chief Financial Officer
Arkansas Local Police & Fire Retirement System
LOPFI
(501)-682-1745
Toll Free 1-866-859-1745
FAX - 501-682-1751
----Original Message----
From: Patricia Leach [mailto:pleach@ci.fayetteville.ar.us]
Sent: Tuesday, November 13, 2007 5:28 PM
To: Bob Bartholmey
Cc: Marsha Farthing; Denise Reed
Subject: RE: retirement and disability
Bob and Denise,
The retiree that I asked about in the email below is once again coming to
the Fire Pension Board and asking about having his classification changed.
His classification per the PRB report is retired--wouldn't PRB have to have
him certified as disabled?
At the time I asked, I looked at everything 1 could find and still feel that
his classification should not be changed.
Thanks,
Trish
>>> "Bob Bartholmey" <bbartholmey@lopfi-prb.com> 11/29/2006 3:15 pm >>>
Trish,
Based on the facts you provided, we would have handled it the same way you
have. We would not go in after the fact and change somebody's retirement
status from normal retirement to disability.
Hope this helps.
(11/14/2007) Sondra Smith - RE: retirement and disability Page 2 ',
Bob Bartholmey
Chief Financial Officer
Arkansas Local Police & Fire Retirement System
(LOPFI)
(501)-682-1745
Toll Free 1-866-859-1745
(Fax) 501-682-1751
-----Original Message—
From: Patricia Leach [mailto:pleach@ci.fayetteville.ar.us]
Sent: Wednesday, November 29, 2006 2:27 PM
To: Bob Bartholmey
Cc: Marsha Farthing
Subject: retirement and disability
Bob,
Hope you had a good Thanksgiving--
I just received a call from an accountant concerning one of our
pensioners and wondered if your office had every had the same type of
call. The pensioner retired in 1988 but in 2003 was declared disabled
due to his former job–fire fighting. The accountant wants us to change
the retirement distribution code on the 1099R's to indicate that he is
disabled.
Our position is that he took retirement from us–not disability–and we
will not make the change. Have you ever had this happen?
Thanks,
Trish
Patricia Leach
Accounting Coordinator
Accounting Division
City of Fayetteville
113 W. Mountain
Fayetteville, AR 72701
(479) 575-8285 (ofc)
(479) 575-8273 (fax)
pleach@ci.fayefteville.ar.us
Firemen's Pension and Relief Fund Board of Trustees
Last Thursday of each month
Weekly Meetings List
11:00 a.m.
City Administration Room 326
January 31 , 2008
February 28, 2008
March 27, 2008
April 24, 2008
May 29, 2008
June 26, 2008
July 31 , 2008
August 28, 2008
September 25, 2008
October 30, 2008
November 27* holiday
December 25* holiday
(11%2/2007) City Clerk -Amicus Brief on Kentucky Retirement System's Disability Retirement Plan Page 1
From: "NCPERS Info" <info@ncpers.org>
To: <fund@ncperslist.org>
Date: 11/1/2007 4:40 PM
Subject: Amicus Brief on Kentucky Retirement System's Disability Retirement Plan
This term, the U.S. Supreme Court will consider whether Kentucky Retirement Systems' disability
retirement plan violates the ADEA. Many state, county, and municipal governmental retirement plans have
disability retirement provisions similar to the plan in Kentucky. NCPERS will be filing an amicus brief
along with NASRA and NCTR in support of the Kentucky Retirement System.
Several retirement plans have indicated that they may file an amicus brief in support of.Kentucky
Retirement's position. Other plans have indicated that they intend to add their names to the amicus brief
being prepared by NASRA, NCTR, and NCPERS. For those plans represented by the Attorney General of
their individual states, you may request that your Attorney General add his or her name to the amicus brief
being prepared by the Michigan Attorney General and circulated through the National Association of
Attorneys General. Amicus briefs are due on or before November 12, 2007.
If your plan wishes to join an amicus brief in support of Kentucky Retirement's position, you may contact
the following persons:
NASRA, NCTR, and NCPERS
Robert E. Tarcza
Whitney National Bank Bldg
228 St Charles Ave Ste 1310
New Orleans, LA 70130
T: (504) 525-6696
Michigan Attorney General
Larry Brya
Michigan Department Of Attorney General State Operations Div.
525 Ottawa Street
P.O. Box 30754
Lansing, MI 48909
T: (517) 373-1162
CONFIDENTIALITY WARNING: This email may contain privileged or confidential information and is for
the sole use of the intended recipient(s). Any unauthorized use, distribution, or disclosure of this
communication and its attachment(s) are prohibited. If you believe that you have received this email in
error, please notify the sender immediately and delete it from your system.
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❑ Fund Member: $200 per person 0 Corporate Member: $550 per person
ONLY ONE FORM PER REGISTRANT!
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Organization: -
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Preferred Mailing Address:
City: State: Zip Code:
Phone: Fax:
Email Address: -
IMPORTANT: Please provide your email address for instant conference updates and registration confirmation!
Select your payment method:
it ��aCz� checks payable tri �'NC�ERS", and'send the regis�rJatton farrr�xand�c�ec1c to,s
��FjNPER<S
�aGttmore MD 21279 08� � s 4 t
Your<r Membersh>Ip iD must�be printed ,an afl` registration checks� ,
Q Credit Card: Q American Express Q MasterCard ❑ Visa
Fax credit card registrations to 202-624-1439
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�tC�LI ATION
-2-N-07
4A,�K�,ancellafions must be.recetv�d m�vit�i�mg bey J�rat�ary 7, 2008�,and wdt be subject to< :'
F
�`aF$1�0 admmistratroe fee There>`vutll be no refunds`after Januaryj� Fi�furtds wtll{bie
� pracesseci after the conference
- ..,.; �T 'lr-fi^_z-rryrsF✓ - /' rr..�^a, s-^vr
Alllant
DRIVER SPECIALTY GROUP
RECEIVE®
November 13, 2007
NOV 2 0 2007
Mayor Dan Coody
Fayetteville Firemens Pension And Relief Fund CITY OF FAYETTEVILLE
CITY CLERK'S OFFICE
113 W. Mountain
Fayetteville, NC 72701
Dear Mayor Dan Coody,
We would like to take this opportunity to introduce you to Alliant Insurance Services. We understand the
problems you face with the high cost of Fiduciary Liability Insurance.We at Alliant Insurance Services have
developed a national program for various retirement systems and pension funds across the country. We have created
a Fiduciary Liability Insurance Program (FLIP) to provide broader coverage terms and highly competitive pricing.
We are very excited about this program and.are eager to talk to you as well as provide you with additional
information. This program has had tremendous response from other organizations as well as several NASRA
members and we believe it will provide your organization with an alternative for enhanced coverage and reduced
pricing. Feel free to contact myself or Jay Zuhlke if you wish to discuss your insurance needs before the conference..
Sincerely,
Alliant Insurance Services
Shawn Kraatz Jay Zuhlke
Assistant Vice President Account Executive
949-660-8188 949-809-1478
Alliant Insurance Services, Inc. • 130.1 Dove Street, Suite 200, Newport Beach. CA 92660
YHans (949)756-0271 FAX (949) 756-271.3 . www.alliantinsurance.com • License No. OC36861
PUBLIC ENTITY SOLUTIONS
FIDUCIARY LIABILITY INSURANCE PROGRAM (FLIP)
Program Features
• $100,000 sub-limit of liability for cap penalties
(typically excluded under, standard policies)
• Full prior acts coverage
• Various limit and deductible options available
he Fiduciary Liability Insurance Program (FLIP) • Definition of insured includes directors and officers
was launched by Driver Alliant Insurance Services • Full severability of application endorsement
in 2005 to bring the cost advantages of group • HIPAA extension
purchase coverage to retirement systems seeking • Government plan endorsement
individualized liability coverage at a cost significantly • Public employer with sponsor organization coverage
less than could be purchased as a single public entity. • Applicable states endorsement
• Coverage for investment in debt obligations of
With extensive experience in creating joint purchase insured's state
insurance programs for,public entities, Driver Alliant • Continuity of coverage
created FLIP to meet the specialized liability coverage • Marital estate extension
needs of retirement systems. By leveraging the combined
size of the program's membership and Driver Alliant's About Driver Alliant Insurance Services
long-term relationships with insurance carriers that serve Driver Alliant Insurance Services is an industry leader
the public entity marketplace, broad liability coverage in providing specialty brokerage services to the public
is delivered to members at a substantial cost savings. sector. With more than 30 years of experience in
Participant savings have averaged 25 below market meeting the unique insurance needs of public entity
for standalone policies. clients, and over $500 million in premiums and premium
equivalents placed, we understand how public entities
Participants in FLIP do not share risk. Each participat are perceived within the insurance marketplace and
ing entity has its own limits of liability and a choice how the operating environment of the public sector
of deductibles or self-insured retention. As a group shapes the risk transfer approach and requirements
purchase, however, the program offers greater stability of these organizations.
as the insurance market fluctuates. The combined size
of the program ensures the most competitive structure in
both hard and soft markets.
Continued on reverse
� n
r
s
t
City of Fayetteville
Fire Pension and Relief Fund U/A Dated 6/18/86
October 31, 2007 Equity Allocation: 56%
Equity Range Per Policy: 25% to 50% (+/-10% with monthly
approval)
Longer Investments Inc. requests authorization for the variance of less than 10%
as approved by the Firemen 's Pension Board on October 25, 2007.
LONGER INVESTMENTS INCORPORATED
AV a
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
October 31, 2007
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Common Stock
2,175 AT&T 26.02 56,589.50 41.79 90,893.25 1.0 1.420 3,088.50 5.5
1,565 Allergan Inc. 61.43 96,137.00 67.58 105,762.70 1.2 0.200 313.00 0.3
2,320 Amphenol Corp. 38.57 89,472.03 44.27 102,706.40 1.1 0.060 139.20 0.2
4,400 Applied Materials Inc. 16.08 70,772.68 19.42 85,448.00 1.0 0.240 1,056.00 1.5
2,250 Archer-Daniels-Midland 32.80 73,800.48 35.78 80,505.00 0.9 0.460 1,035.00 1.4
Co.
500 B.P. Amoco PLC A.D.S. 39.59 19,795.00 77.99 38,995.00 0.4 2.600 1,300.00 6.6
1,810 Barclays PLC 40.93 74,082.83 50.85 92,038.50 1.0 2.980 5,393.80 7.3
2,000 Bed Bath &Beyond Inc. 34.07 68,143.60 33.94 67,880.00 0.8 0.000 0.00 0.0
1,750 Chevron Corp. 36.34 63,596.05 91.51 160,142.50 1.8 2.320 4,060.00 6.4
2,100 Cintas Corp. 35.80 75,189.87 36.59 76,839.00 0.9 0.390 819.00 1.1
2,800 Cisco Systems Inc. 33.06 92,573.21 33.06 92,568.00 1.0 0.000 0.00 0.0
2,200 Coca-Cola 41.77 91,894.00 61.76 135,872.00 1.5 1.360 2,992.00 3.3
1,000 Devon Energy Corp. 66.34 66,338.30 93.40 93,400.00 1.0 0.560 560.00 0.8
2,500 Disney Company 24.37 60,912.78 34.63 86,575.00 1.0 0.310 775.00 1.3
5,175 EMC Corporation 16.07 83,178.00 25.39 131,393.25 1.5 0.000 0.00 0.0
1,725 Emerson Electric 23.98 41,374.12 52.27 90,165.75 1.0 1.050 1,811.25 4.4
1,475 ExxonMobil 34.89 51,457.58 91.99 135,685.25 1.5 1.400 2,065.00 4.0
6,750 Flextronics International 11.71 79,066.43 12.31 83,092.50 0.9 0.000 0.00 0.0
Ltd.
4,325 General Electric 24.27 104,987.85 41.16 178,017.00 2.0 1.120 4,844.00 4.6
220 Google 533.11 117,284.13 707.00 155,540.00 1.7 0.000 0.00 0.0
5,025 Intel Corp. 18.36 92,242.67 26.90 135,172.50 1.5 0.450 2,261.25 2.5
1,000 International Business 104.04 104,039.27 116.12 116,120.00 1.3 1.600 1,600.00 1.5
Machines Corp.
3,375 J.B. Hunt Transport 23.84 80,476.45 27.72 93,555.00 1.0 0.360 1,215.00 1.5
Services Inc.
2,075 Johnson&Johnson 60.28 125,074.43 65.17 135,227.75 1.5 1.660 3,444.50 2.8
3,185 Kraft Foods Inc. 33.23 105,832.65 33.41 106,410.85 1.2 1.080 3,439.80 3.3
3,645 Microsoft Corp. 30.29 110,396.12 36.81 134,172.45 1.5 0.440 1,603.80 1.5
750 Norfolk Southern Corp. 51.70 38,777.10 51.65 38,737.50 0.4 1.040 780.00 2.0
1,500 Northern Trust Corp. 56.85 85,272.15 75.21 112,815.00 1.3 1.120 1,680.00 2.0
4,000 Oracle Corp. 17.51 70,020.50 22.17 88,680.00 1.0 0.000 0.00 0.0
1,050 Parker Hannifin Corp. 54.66 57,394.96 80.37 84,388.50 0.9 0.840 882.00 1.5
4,500 Powershares Dynamic 18.81 84,667.50 20.76 93,412.80 1.0 0.000 0.00 0.0
Networking
6,300 Powershares Water 17.96 113,150.25 22.10 139,230.00 1.6 0.053 334.66 0.3
Resource
1,600 Procter&Gamble 64.22 102,754.74 69.52 111,232.00 1.2 1.400 2,240.00 2.2
925 Schlumberger, LTD 95.14 88,004.04 96.57 89,327.25 1.0 0.700 647.50 0.7
3,240 Seagate Technology 25.66 83,141.15 27.84 90,201.60 1.0 0.400 1,296.00 1.6
3,500 Staples, Inc. 21.95 76,821.65 23.34 81,690.00 0.9 0.290 1,015.00 1.3
2,750 Teva Pharmaceuticals 38.62 106,218.70 44.01 121,027.50 1.4 0.340 935.00 0.9
1,000 Transocean Inc. 96.73 96,734.80 119.37 119,370.00 1.3 0.000 0.00 0.0
2,000 Verizon 40.60 81,200.00 46.07 92,140.00 1.0 1.720 3,440.00 4.2
Communications
3,000 Walmart Stores 44.47 133,395.30 45.21 135,630.00 1.5 0.880 2,640.00 2.0
1,335 iShares NASDAQ 82.18 109,713.64 86.61 115,624.35 1.3 0.000 0.00 0.0
Biotechnology
3,421,973.52 4,317,684.15 48.2 59,706.26 2.0
Preferred Debt Securities
4,575 G.E. Preferred 6.625% 25.41 116,233.24 25.16 115,107.46 1.3 1.656 7,577.34 6.5
AAA/AAA(C 6-28-07)
116,233.24 115,107.46 1.3 7,577.34 6.5
1
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