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HomeMy WebLinkAbout2010-04-29 - Agendas - Final Fayetteville Fireman's Pension and Relief Fund Meeting Date �l�g 1/0 Adjourn Time Atten ees: 1 1 S C4 r1 (� y^ Subject: / Subject: J'4u4, �t � Motion To: Motion To: / roue Motion By: Motion B Seconded: Seconded: e Orl Mayor Jordan i/ Mayor Jordan t/ Marion Doss 04 Marion Doss ASW 6Li p>� Pete Reagan V/ Pete Reagan Gene Warford Gene Warford Ronnie Wood ✓ Ronnie Wood Sondra Smith Sondra Smith MO Ac- --0 osS (fin w e o Subject: E,p/ Subject: t 002 &Jd r// QlZ Motion To: Apprpyc Motion To: proV e- Motion By: Pele W16- Motion B G RuaNl Seconded: e WoodSeconded: a ©Q Mayor Jordan ✓ Mayor Jordan Marion Doss } Marion Doss Pete Reagan ✓ * ete Reagan ✓ Gene Warford ne Warford .5 n}- Ronnie Wood Ronnie Wood Sondra Smith I I Sondra Smith ✓ Fayetteville Fireman's Pension and Relief Fund Meeting Date o(Q lv Adjourn Time 4k Attendees: Subject: i Subject: Motion To: Motion To: Motion By: Motion By: Seconded: D rte Seconded: Mayor Jordan ✓ Mayor Jordan Marion Doss !✓ Marion Doss Pete Reagan ✓ Pete Reagan Gene Warford Gene Warford Ronnie Wood ✓ Ronnie Wood Sondra Smith ✓ Sondra Smith I�Llz Subject: Subject: Motion To: Motion To: Motion By: dAI o,571AN9' Motion By: Seconded: v �S Seconded: Mayor Jordan Vol, Mayor Jordan Marion Dossp/�/ Marion Doss Pete Reagan //� Pete Reagan Gene Warford Gene Warford Ronnie Wood Ronnie Wood Sondra Smith VIOOr Sondra Smith mat r �, e, I ;�¢ Lioneld Jordan Chairman Pete Reagan Position 2/Retired Sondra E.Smith Secretary Gene Warford Position 3/Retired Marion Doss Position 1/Retired Ta e e0i Ron Wood Position 4/Retired ARKANSAS Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda April 29, 2010 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be held at 3:00 PM on April 29, 2010 in Room 326 of the City Administration Building. Approval of the Minutes: • March 25, 2010 Meeting Minutes Pension List Changes: • None Approval of the Pension List: • May, 2010 Pension List Old Business: New Business: • Revenue/Expense Report 03/31/10 • Election Process Kit Williams Memo Pete Reagan Emails Longer Investments: • Monthly Report • 1st Quarter, 2010 Report Informational: 2010 Meeting Schedule Board Members Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes Mayor Jordan Chairman February 25,2010 Sondra E.smith Secretary lFayeV Page 1 of4 Marion Doss Position(/Retired Pete Reagan Position 2/RetiredGene Warford Position 3/Retired Ron Wood Position 4/Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes March 25,2010 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 PM on March 25, 2010 in Room 326 of the City Administration Building. Mayor Jordan called the meeting to order. Present: Marion Doss, Ronnie Wood, Pete Reagan, Gene Warford, Sondra Smith, City Attorney Kit Williams, Mayor Jordan, Paul Becker Finance Director, Trish Leach, Audience, and Press. Approval of the Minutes: February 25,2010 Meetina Minutes Mayor Jordan: Have you had a chance to look those over? Sondra Smith: I emailed them. Marion Doss moved to approve the February 25, 2010 Firemen's Pension and Relief Fund Board of Trustees meeting minutes. Ronnie Wood seconded the motion. Upon roll call the motion passed 6-0. Pension List Changes: None Approval of the Pension List: April 2010 Pension List Pete Reagan: With no changes. Sondra Smith: There are no changes. Pete Reagan moved to approve the April 2010 Pension List. Marion Doss seconded the motion. Upon roll call the motion passed 6-0. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 25,2010 Page 2 of 4 Old Business: None New Business: Revenue Expense Report—February 28,2010 Sondra Smith: This is the revenue & expense report that Trish in Accounting does for you.No approval is necessary. Parking Permit Memo: Sondra Smith: This memo is from our Parking Management Division. Since you have hang tags or parking permits, they've asked that we give each one of you a copy of this memo. They have asked that you not use those permits unless you are on official business at the City and that you park in certain areas. Just be sure to read the memo so you will know where you're supposed to park. They don't want you to park in the unmetered spots around the square. Loner Investments: Monthly Report—February 28,2010 A copy of the report was given to the Board Pete Reagan: Information only? Kit Williams: Yes,they only come every quarter to give their report. Informational: 2010 Meetine Schedule Mayor Jordan: What do we have on that? Sondra Smith: This is just a copy of the meeting schedules so every one will be aware when the next meeting is. Marion Doss: I appreciate Sondra doing that so we can look at the year ahead and mark our calendars. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 25,2010 Page 3 of 4 Sondra Smith: I will be on vacation the week of July 29th, so I will not be here. Kit Williams: I think we need to cancel that meeting if Sondra's not going to be here. Marion Doss: We can change that time. Pete Reagan: That will be the quarterly report from Longer Investments. We can change the date. Sondra Smith: It doesn't matter to me. I just wanted to make you aware of that well in advance. Pete Reagan: Just for the record, I think I'm out too. Sondra Smith: I just wanted to make you aware because if someone else is out you may not have a quorum. Marion Doss: I don't mind a bit to cancel. Pete Reagan: Why don't we deal with that in June? Sondra Smith: Somebody else can do the agenda in my office,that's not a problem. Other Business: Pete Reagan: Do we have an update on the election process? Sondra Smith: We have received the nominations back but that's as far as we've gotten. The nominations had to be postmarked by last Friday. I was going to wait till this Friday to make sure we have all of them that have been postmarked on time. Monday, I have it on my schedule to go ahead and send out the ballots. Before I send them out I will check with everyone that has been nominated to make sure they are willing to serve. The two people that are up for election or are serving now,have been nominated, so I need to know if you are willing to serve another term. Pete Reagan: Put me in coach. Sondra Smith: You're willing? Pete Reagan: Yes. Sondra Smith: Marion, you are the other one. Marion Doss: Yes, and I'm willing. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 25,2010 Page 4 of 4 Sondra Smith: That's where we're at on that process. We don't have to have someone appointed until May. Pete Reagan: Would you email the board when you get that information, if there's opposition. Sondra Smith: Yes, if there is opposition. There have been some other people nominated but they may not want to serve. That happens every time and a lot of times they say they don't want to serve. Meeting Adjourned at 3:10 PM 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deal)(479)521-1316 FIREMEN'S RELIEF AND PENSION May 5 5 2010 5 5 3 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 11/99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 9,063.70 R 177 4104 BACHMAN,EDDIE 2,618.55 13,092.75 S 74 3186 BAIRD,JULIA 1,802.08 9,010.40 V 63 5172 BOLAIN,ANN 109.27 546.35 R 68 7199 BONADUCE,MICHAEL 2,988.76 14,943.80 S 44 9186 BOUDREY,BETTY MRS. 2,477.42 12,387.10 R 45 9186 BOUDREY,HOWARD 2,089.28 10,446.40 R 49 7188 BOUDREY,JACK 1,647.63 8,238.15 V 5 5/72 CASELMAN,ARTHUR deceased 2/11/10 0.00 262.26 V 210 5/72 CASELMAN,GLADY'S 131.13 393.39 R 57 5/90 CATE,ROY 1,788.90 8,944.50 V 6 4/68 CHRISTIE,ARNOLD 109.27 546.35 V 8 1006 COUNTS,WAYNE 109.27 546.35 R 77 11199 DILL,GARYJOHN 1,812.75 9,063.75 R 188 12/05 DOSS,MARION H 5,376.91 26,884.55 R 188 12/05 DOSS,MARION H plus 25 additional pay 731.61 3,658.05 R 11 206 FARRARALONZO 998.86 4,994.30 R 192 4/06 FARRAR,DANNY 4,155.36 20,776.80 R 38 5/84 FRALEY,JOSEPH G. 1,768.12 8,840.60 R 170 5/03 FREEDLE,LARRY 3,816.75 19,083.75 R 170 5/03 FREEDLE,LARRY plus 25 additional pay 141.37 706.85 R 92 03/02 GAGE,TOMMY 2,596.69 12,983.45 V 34 6179 HARRIS,JAMES E. 109.27 546.35 V 70 11/99 HARRIS,MARY RUTH 109.27 546.35 Q 182 10104 JENKINS,EILEEN 1,788.75 8,943.75 R 93 06102 JENKINS,JOHN 1,788.76 8,943.80 R 86 07/01 JOHNSON,ROBERT 3,073.47 15,367.35 R 64 4195 JORDAN,CHARLIE 2,274.95 11,374.75 S 76 5188 JUDY,JAN 1,647.63 8,238.15 R 37 3184 KING,ARNOLD D. 1,522.37 7,611.85 R 54 5/89 KING,ARVIL 1,711.21 8,556.05 R 13 10167 LAYER,MERLIN 456.22 2,281.10 R 173 12103 LEDBETTER,DENNIS 3,775.80 18,879.00 V 181 10104 LEE,VIOLA LOUISE 109.27 548.35 R 51 10188 LEWIS,CHARLES 1,647.63 8,238.15 R 40 9/85 LOGUE.PAUL D. 2,868.28 14,341.40 R 202 02/08 MAHAN,MARSHALL - 4,077.28 20,386.40 R 50 9188 MASON,LARRY 1,631.25 8,156.25 R 39 4185 MC ARTHUR,RONALD A. 1,753.74 8,768.70 V 35 2/82 MC CHRISTIAN,DWAYNE 109.27 548.35 R 15 407 MC WHORTER,CHARLES 1,334.51 6,672.55 S 209 6/81 MILLER,ALICE GAYLE .1,304.07 6,520.35 R 73 2100 MILLER,KENNETH 3,180.02 15,900.10 R 73 2100 MILLER,KENNETH plus 25 additional pay 170.60 853.00 V 42 2186 MOORE,JAMES H. 109.27 546.35 V 176 4104 MORRIS,DIXIE E. 125.66 628.30 R 48 7188 MULLENS,DENNIS W. 2,191.30 10,956.50 R 184 3105 NAPIER,LONNIE 3,518.28 17,591.40 R 196 01/02 ONEAL,TEDDY 4,120.99 20,604.95 R 46 5/88 OSBURN,TROY 1,899.66 9,498.30 R 81 02/01 PHILLIPS,LARRY 2,765.09 13,825.45 R 203 02108 PIERCE,JOEY 3,647.18 18,235.90 R 53 2/89 POAGE,LARRY 2,346.70 11,733.50 R 186 06105 REAGAN,PETE 3,535.71 17,678.55 V 201 "02/08 REED,JUNE 109.27 546.35 - S 172 12/03 SCHADER,MADGE 1,386.01 6,930.05 R 41 9/85 SCHADER,TROY 1,524.99 7,624.95 '.. R 190 04/06 SHACKELFORD,GLEN - 3,647.18 18,235.90 R 36 506 SPRINGSTON,CARL 806.19 4,030.95 S 90 03/02 STOUT,IMOGENE W. 767.80 3,839.00 R 165 12/02 TATE,RALPH 3,668.10 18,340.50 V 65 3/66 TUNE,BILLIE SUE 136.59 682.95 R 71 1100 WARFORD,THOMAS 2,502.72 12,513.60 S 207 7/68 WATTS,MAGGIE 437.09 2,185.45 R 88 01/02 WOOD,RONNIE D 3,077.15 15,385.75 S 208 9/88 WRIGHT,Barbara 1,691.34 8,456.70 119,540.61 597,703.05 4/28/2010 KAFire Pension\Pension List\Pension List 20101F 050110.x1s WM 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: 4/28/2010 K:1Fim Pension\Pension List\Pension List 201 OTP 050110.x1s WM 3/31/2010 Fire Pension Fund Revenue Expense Summary 3/31/2010 2009 2008 2007 2006 2005 2004 Revenues: Employee Contributions $ $ $ 1,356.43 $ 6,987.00 $ 11,863.00 $ 23,439.00 $ 25,393.00 Employer Contributions $ $ $ 2,712.85 $ 13,973.00 $ 25,852.00 $ 46,878.00 $ 53,730.00 State Insurance Tax $ $ 125,710.67 $ 146,031.32 $ 150,067.00 $ 151,560.00 $ 225,492.00 $ 185,445.00 Local Millage(A mills) $ 39,599.70 $ 485,345.06 $ 441,696.50 $ 388,877.00 $ 370,649.00 $ 339,416.00 $ 295,409.00 Interest and Dividends $ 42,261.45 $ 179,204.26 $ 265,704.47 $ 292,444.00 $ 311,217.00 $ 308,576.00 $ 328,158.00 Gain(Loss)on Sales $ 111,936.89 $ 84,355.52 $ (728,656.78) $ 421,630.00 $ 383,393.00 $ 297,771.00 $ 466,221.00 Future Supplement $ 24,192.00 $ 31,333.44 $ 38,917.00 $ 27,060.00 $ 24,480.00 $ 16,661.00 Misc Revenue $ 18.41 $ 389.74 $ 0.96 $ 1,044.00 $ 541.00 $ 176.00 $ 121.00 Total Revenue $ 193,816.45 $ 899,197.25 $ 160,179.19 $ 1,313,939.00 $ 1,282,135.00 $ 1,266,230.00 $ 1,371,138.00 Expenditures Regular Monthly Benefits $ 358,621.83 $ 1,434,487.32 $ 1,436,083.26 $ 1,430,646.00 $ 1,281,954.00 $ 1,097,427.00 $ 1,005,154.00 Future Supplement $ 24,192.00 $ 31,333.44 $ 38,766.00 $ 26,749.00 $ 24,390.00 $ 16,349.00 Drop Expense $ 2,973.17 $ 43,816.86 $ 125,419.00 $ 238,801.00 $ 398,082.00 $ 431,817.00 Investment Manager Fees $ 13,778.81 $ 53,323.12 $ 67,758.33 $ 76,454.00 $ 78,764.00 $ 84,005.00 $ 86,515.00 Other Expenses: $ 42.00 Audit Fees $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,300.00 $ 3,210.00 $ 3,700.00 Professional Services $ 2,900.00 $ 2,200.00 Legal Fees $ 1,025.00 Bank Fees $ 32.99 $ 207.54 $ 228.60 $ 205.00 $ 202.00 $ 188.00 $ 129.00 Publications and Dues $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 100.00 $ 100.00 Travel and Training $ 2,548.88 $ 3,462.00 $ 2,389.00 Total Expenses $ 375,483.63 $ 1,518,725.15 $ 1,585,419.37 $ 1,675,140.00 $ 1,636,607.00 $ 1,609,791.00 $ 1,543,764.00 Net Income(Loss)Before Market Adj $ (181,667.18) $ (619,527.90) $ (1,425,240.16) $ (361,201.00) $ (354,472.00) $ (343,561.00) $ (172,626.00) Market Adjustment $ 583,853.06 $ (967,119.37) $ 3,621.71 $ 280,562.00 $ (378,645.00) $ (79,916.00) Net Income(Loss) $ (181,667.18) $ (35,674.84) $ (2,392,359.55) $ (357,579.29) $ (73,910.00) $ (722,206.00) $ (252,542.00) Book Value Total Reserve Assets* $ 5,259,960.36 $ 6,441,627.64 $ 5,081,165.44 $ 7,485,395.00 $ 7,847,597.00 $ 8,202,070.00 $ 8,545,630.00 Market Value Total Reserve Assets` $ 5,601,235.58 $ 5,759,825.37 $ 5,823,183.74 $ 8,215,544.00 $ 8,573,123.00 $ 8,547,034.00 $ 9,389,238.00 *Assets less any liabilities Market Value calculated at year end 4/28/2010 C:\DOCUME-1\ssmith\LOCALS-1\Temp\XPgrpwise\Fire Pension Summary.xls 11 FAYETTEVILLE THE CITY OF FAYEf1EWRLEAWASAS KIT WH.LUMs,GTrYATTORNEY RECEIVED DAVID WHFrAHER.ASST.CfrY AnDRNEY DEPARTMENTAL CORRESPONDENCE APR 12 2010 LEGAL DEPARTMENT CITY OF FAYETTEVILLE CITY CLERKS OFFICE TO: Lioneld Jordan, Mayor Sondra Smith,City Clerk Fire Pension Board of Trustees FROM: Kit Williams, City Attorney DATE: April 12,2010 RE: Rules and Regulations for Elections To Pension Board A.C.A. §2411-801 Board membership of the Firemen's Relief and Pension Funds subchapter states: "(g) The board shall have the power to make all rules and regulations needful for its guidance to implement the provisions regarding board composition." (emphasis added) This has long been interpreted to provide authority to the Board of Trustees to set the procedures for electing members to the Board. The Police Pension Board of Trustees has approved one set of procedures for elections, and the Fire Pension Board has approved different voting procedures which ensure secrecy, but do not allow the City Clerk's Office to determine who has voted. Now a retiree has asked that a second ballot be provided to him as the first did not arrive. Under the system mandated by the Board, the City Clerk is supposed to mail only a single ballot to each retiree. There is no provision to allow a second ballot to be provided. There is also no way to track a ballot or otherwise ensure that no double voting can occur if additional ballots are provided to retirees. State law gives the Board as a whole "the power to make all rules and regulations needful ... to implement (Board members elections) ...:' Neither the City Clerk nor a Board Member can change the election policy of mailing a single ballot to each retiree. Under your established policy, the City Clerk cannot mail a second ballot to any retiree. Only the Board can change your election policy. The Board of Trustees can address this issue at its next meeting. In order to provide secrecy of the ballot, but ensure full rights to participate with no chance of double voting,I suggest the following election procedure in the future: (1) The ballot would not have the voter's name on it. (2) The return envelope(supplied by the City Clerk's Office) would have the name of the eligible retiree on the return address location. (3) When the envelope is received,the City Clerk would note the name of the eligible retiree voter and indicate on a master list that person had returned a ballot. (4) The ballot would be removed from the envelope and placed unread with other ballots in a file. (5) After the date for election passes,the ballots would all be taken from the file, read, counted and the winners announced. I would suggest this procedure for all future elections so you will not be faced with this difficult dilemma in which fairness to it retiree who claims not to have received a ballot must be weighed against possible double voting if the ballot did end up in somebody's hands and was sent back in as a valid ballot. Hopefully, the election will not come down to one vote, and so this election will not be determined by how the Board of Trustees decides to resolve this dilemma. However, even if this is not an election deciding issue for this election, this has exposed a real problem in the current system where an eligible retiree could be denied a vote because of your current policy. Thus, please consider the policy I proposal which would ensure that no eligible retiree could lose his right to vote because a ballot was "lost in the mail." 4.10.10 Sondra Smith,City Clerk City of Fayetteville Arkansas Sondra, I notified you via phone call to you office on 4.8.09 that I had not received a ballot for the election of pension board members for the Fayetteville Firemen's Pension and Relief Fund Board. You stated in your return phone call to me later that day that you could not send out another ballot to me,because there was no way to track the number of ballots sent out. You also stated that you would put this item on the agenda for our neat pension board meeting. You also stated that you had a service mail the ballots for you. How many other voting Retiree's are in the same situation as myself? There is no way to tell. Because of this situation,it is apparent that I will not be able to vote in this election and I am on the ballot for Position 2 and have opposition. I am requesting a ballot for this election,so that I may express my right to vote in this election. If I am denied the right to right to vote in this election,I will have no other recourse than to have the election declared illegal and request a new election. Sincerely, Peter T Reagan,Trustee Fayetteville Firemen's Pension and Relief Fund cc: Mayor Jordan Gene Warford Marion Doss Ron Wood F $24-11-434 REMIEMENT & PENSIONS RETIREMENT & PENSIO! Historical and Statutory Notes (j)(1) Each member of the t Arkansas Code Revision Commisaimt as approved by the Arkawas Code Revision Com receives gifts or other comp toTaelmical chaalie6 were made in mmffa with offkW Arkanese�of IMM ""sm0a• _ manainclgeers of theg,but tlimited to,tr firemen s pen (A) Each item received; . Su ICHAPTBa 8—Fours i s Rsust=Arai Psdstou Funos (B) The estimated vada (C) From w}iom.each it § 24-11,801. Board membership (2)(A) Each member oft (a) The board of trustees of every �, shall attest by written aftidt firemen's pension and relief find established in a city, the beat of his or her knowk incorporated town,or duly subchapter shall n,composed qualified fire protection district parsnaat to the provisions of this (B)G) An annual state¢ posed of the following: the board of trustees of 0 (1)The chief executive,who sbaR serve as chair of the board; (2) The city or district clerk or recorder,who shall serve as secretary of the board; (ii) One(,1) copy of t (3) The fire chief or, if the fire chief is not a member of the fund,the highest ranking State. member of the fire department who is a member and who is willing to serve; and ( ) A second copy o (4) Four(4)active or retired members of the pension fund, board of trustees of th (b) The board thus created shall provide for the disbursement of the firemen's relief and and shag be available ft Pension fund and shall designate its beneficiaries as directed in this act (C)G) As part of the a (c) The fire department shall elect the active member or members by secret written ballot Board'the chair of the bo in May of each year, with the member or members to be chosen in alternate yens. be een an rn ple and appri (d) The retired members shall elect the retired member or members by secret written (it) Each plan's annu ballot in May of each year,with the member or members to be chosen in altemate years,by a tion method to be determined by the board. Ads of 1981,Ad 491,§§ 1,;. (e) Ali member trustees shall serve two-yew term, 1968(1st Ex.Sesa),Ad 4 R (0(1) The number ofactive members or retired members to serve on the board shat) be of 1989,Ad 6£7, § 1;Ads of active determined by the proportionate number of active members to retired member,as follows: Acta of P009,Ad § off. (A) When the number of active members equals seventy-five percent(75%)of the total P'ormedy Pope's Dig,§§ M of retired members and active members,the board shall be composed of three(3)active members and one(I)retired member; (B) When the number of active members equals fifty percent (50%) of the total of Arkansas Code Revision Commi retired members and active members, the board shall be composed of two(2) active Technical changes were made i members and two(2)retired members; and 2M to conform with the offend. (C) When the number of retired members equals seventy-Eve percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and three(3)retired members ! (2)(A) However,when no reticent is available to serve on the board,all four(4)employee Loeel Palms and ffie Persian i positions shall be held by active members of the pension fund and shall be elected for two- i mem asset management stench Yew terms as provided in subsection(e)of this section. 216. (B) However, when no active member is available to serve on all fou(4j ,the board Positions shall be held by retired members of the pension fund and bo d, sleeted for § 24-11-802. Board meetin two-year terms as provided in subsection(e)of this section. (g) The board shall have the power to make all rules and regulations needful for its ' guidance to implement the provisions regarding board composition. (h) The chief executive in the dues,incorporated towns or tae Proration of state revenues the chair,the city or town clerk or recorder or clerk of the fire protection district shall ex subdivision and its reset fund, officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasure•of the board of trustees during his or her respective term of office as the official of $ M-11-803. Board author the city,incorporated town,or Ere protection district. (I) The secretary and treasurer of each board of trustees shall report annually,at the same time annual reports are required as clerk, recorder, or treasurer, the precise status of the firemen's relief and pension fund,showing all receipts and disbursements on account with a Proration of state revenues full and complete list of all beneficiaries of the fund and the amount paid each beneficiary. I subdivision end its relief Fund, 188 4.10.10 Sondra Smith, City Clerk City of Fayetteville Arkansas Sondra, I notified you via phone call to you office on 4.8.09 that I had not received a ballot for the election of pension board members for the Fayetteville Firemen's Pension and Relief Fund Board. You stated in your return phone call to me later that day that you could not send out another ballot to me, because there was no way to track the number of ballots sent out. You also stated that you would put this item on the agenda for our next pension board meeting. You also stated that you had a service mail the ballots for you. How many other voting Retiree's are in the same situation as myself?. There is no way to tell. Because of this situation, it is apparent that I will not be able to vote in Us election and I am on the ballot for Position 2 and have opposition. I am requesting a ballot for this election, so that I may express my right to vote in this election. If I am denied the right to right to vote in this election, I will have no other recourse than to have the election declared illegal and request a new election. Sincerely, Peter T Reagan, Trustee Fayetteville Firemen's Pension and Relief Fund cc: Mayor Jordan Gene Watford Marion Doss Ron Wood Page I of 2 Sondra Smith - Fire Pension Board Election From, Sondra Smith To: Apffprez@aol.com Date: 4/1S/2010 2:04 AM Subject: Fire Pension Board Election Attachments: Sondra Smith.vcf April 14, 2010 Pete In red you will find my comments to your letter. I did not receive your email until April 12th. I am currently out of the office therefore the delay in answering. 4.10.10 Sondra Smith, City Clerk City of Fayetteville Arkansas Sondra, I notified you via phone call to you office on 4.8.09 that I had not received a ballot for the election of pension board members for the Fayetteville Firemen's Pension and Relief Fund Board. You stated in your return phone call to me later that day that you could not send out another ballot to me, because there was no way to track the number of ballots sent out. I know exactly how many ballots are mailed and who they were mailed to. We save a copy of every ballot that is mailed. Because the Board changed the election process we do not know who is returning a ballot therefore mailing a second ballot to someone could result in that person returning two ballots. You also stated that you would put this item on the agenda for our next pension board meeting. Correct You also stated that you had a service mail the ballots for you. The City of Fayetteville uses a mail service to pick up mail. That is the process for City mail. How many other voting Retiree's are in the same situation as myself.? There is no way to tell. I was concerned when the process, that had worked for several years without problems, was changed that a situation like this could occur. Because of this situation, it is apparent that I will not be able to vote in this election and I am on the ballot for Position 2 and have opposition. As discussed on the phone the Board will have to make the decision to give you a new ballot not me. I also said if the Board allows you to receive a second ballot you could turn it in at the Board meeting after the deadline and your vote would be counted. I am requesting a ballot for this election, so that I may express my right to vote in this election. If I am denied the right to right to vote in this election, I will have no other recourse than to have the election declared illegal and request a new election. You will need to speak to the City Attorney to see if you can declare the election illegal because that is not in the State statutes. file:HCADocurnents and Settings\ssmith\Local Settings\Temp\XPgrpwise\4BC67425FAYETTEVILLECI... 4/15/2010 Page 2 of 2 I am appalled at the implication that this election has not been handled in an illegal manner by my office staff or myself. Sincerely, Peter T Reagan, Trustee Fayetteville Firemen's Pension and Relief Fund cc: Mayorlordan Gene Warford Marion Doss Ron Wood Sondra E.Smith CAMC, CMC City Clerk Treasurer City of Fayetteville 113 West Mountain Fayetteville, AR 72701 (479) 575-8323 ssmith(dci.fayetteville.ar.us TDD (Telecommunications Device for the Deaf): (479) 521-1316 The U.S. Census takesplace during March andApHI of this year. BE COUNTED! Your community is counting on YOU! Sondra E. Smith r.4MC, CHC City Clerk Treasurer City of Fayetteville 113 West Mountain Fayetteville,AR 72701 (479)575-8323 ssmithiffic4lavetteville.anus TDD(Telecommunications Device for the Deaf). (479)521-1316 The U.S. Census takesplace during March andAlini of this year. BE COUNTED, Your community is counting on YOU! >>> <Apffprez@aol.com> 4/12/2010 8:06 AM >>> Sondra, Attached is a letter stating my concerns about your position in this election. Peter T Reagan fileWCADocuments and Seffings\ssmith\Local Settings\Temp\XPgrpwise\4BC67425FAYETTEVILLECI... 4/15/2010 Page 1 of 1 City Clerk - FFD Pension Ballot From: <Apffprez@aol.com> To: <mayor@ci.fayetteville.ar.us>, <city_clerk@ci.fayetteville.ar.us>, <tot@warford.com>, <rwood@co.washington.ar.us>, <Mhdoss42@aol.com> Date: 4114/2010 9:26 PM Subject: FFD Pension Ballot CC: <mark@mklawfirm.com> Attachments: FFD Pension Ballot Envelope 4.14.1 0Jpg All, Attached is a copy of the envelope I received in my P 0 Box with the official Ballot. It was an apparent mistake by the US Postal Service. I have filled it out and mailed via US Postal Service to the Fayetteville Clerks Office. Thanks for all your concerns. Sondra, I am requesting to be present when envelopes are opened and Ballots are counted. Please advise me via email when and where this will take place. Peter T Reagan file:HCADoctunents and Settings\ssmith\Local Settings\Temp\XPgrpwise\4BC632F7FAYETTEVILLECI... 4/15/2010 Pos�' 10, 14 02 1M $ 00.4 )00424132Lm APRO2 2,"' MAILED FRO��,ZIP CODE 7 7C City Clerk/Treasurer Division 113 West Mountain Fayetteville AR 72701 Mr-Peter T. Reagan P.O. Box 1922 Fayetteville,AR 72702 Page I of I Sondra Smith - Re: FFD Pension Ballot From: City Clerk To: Apffprez@ad.com; Jordan, Lioneld; Mhdoss42@aol.com; rwood@cD.washinglon.ar.us; tot@warford.com Date: 4/15/2010 5:15 PM Subject: Re: FFD Pension Ballot CC: mark@mIdawfirm.oDrn Pete We open all mail addressed to the City Clerk as we receive It. The City Clerk return envek)pes are used for numerous mailings from my office not just for the Firemen's Pension. With the current election process,there Is no way we can determine that an envelope addressed to the City CJerk has a ballot in it until the envelope is opened. The election process has never required that someone be present when the ballots are counted. You will need to address this issue with the Board at one of the Pension Board meetings. I do not appreciate you questioning the integrity of my staff or myself Sondra Smith >>> <Apffprez@aol.com> 4/14/2010 9:25 PM >>> All, Attached is a copy of the envelope I received in my P 0 Box with the official Ballot. It was an apparent mistake by the US Postal Service. I have filled it out and mailed via US Postal Service to the Fayetteville Clerks Office. Thanks for all your concerns. Sondra, I am requesting to be present when envelopes are opened and Ballots are counted. Please advise me Via email when and where this will take place. Peter T Reagan file://C:\Docurnents and Settings\ssmith\LocW Settings\Temp\XPgrpwise\4BC749C5FAYETTEVILLECI... 4/27/2010 Page 2 of 2 All, Attached is a copy of the envelope I received in my P 0 Box with the official BalloL It was an apparent mistake by the US Postal Service. I have filled it out and mailed via US Postal Service to the Fayetteville Clerks Office. Thanks for all your concerns. Sondra, I am requesting to be present when envelopes are opened and Ballots are counted. Please advise me via email when and where this will take place. Peter T Reagan fileWCADomments and SettingAssmiffiLocal Settings\Temp\XPgrpwise\4BCSOF45FAYETTEVELLECI... 4/27/2010 Page I of 2 C4 Clerk- Re: FFD Pension Ballot From: <Apffprez@aDl.cDm> To: <cityAerk@ci.fayetteville.ar.us>, <Mhdoss42@aol.cc)m>, <mayor@ci.layetIevHIe.ar.us>, <rwood@co.washington.ar.us>, <tot@warlord.com> Date: 4116/2010 7:18 AM Subject: Re: FFD Pension Ballot CC: <mark@mldavArm.com> Sondra I am not questioning you our stairs integrity. But, I feel I have a right and a responsibility, as a Board member,to make sure all ballots are received, returned and counted. I have been involved in several elections and have overseen several elections while serving 22 years as the President of the Arkansas Professional Fire Fighters. Our election process is governed by the United States Department of Labor,which allows for a an observer to be present in the room when each ballot is cartified as official, opened and counted. Washington County has three election commissioners that oversee and certify the election process in the county. The Ballot boxes are opened in public view and counted in public view. This election is no different I feel we do have a flaw in the voting process that needs to be addressed at our next meeting and request that these items be placed on the agenda 1. Ballot envelopes need to be secured and opened at set time and date. 2 Ballots needs to be identified with some type of numbering system to ensure authenticity Again I am not questioning the integrity of you or your staff, but I do resubmit my request to be present when the ballot are opened and counted. Peter T Reagan In a message dated 4/1512010 5:16:05 P.M.Central Daylight Time,cityAerk@ci.fayetIevi1lle.ar.us writes: Pete We open all mail addressed to the City Clerk as we receive it. The City Clerk return envelopes are used for numerous mailings from my office not just for the Firemen's Pension. With the current election process, there is no way we can determine that an envelope addressed to the City Clerk has a ballot in it until the envelope is opened. The election process has never required that someone be present when the ballots are counted. You will need to address this issue with the Board at one of the Pension Board meetings. I do not appreciate you questioning the integrity of my staff or myself Sondra Smiffi >>> <Apffprez@aol.com>4/14/2010 9:25 PM >>> file://C-.\Documents and Settings\ssmitb\Local Senings\Temp\XPWpwise\4BC80F45FAYETTEVIILLECI... 4/27/2010 Page 1 of I Sondra Smith - FFD Pension Ballot counting From: <Apffprez@aol.com> TO: <ssmith@ci.fayettsville.ar.us> Date: 4123/2010 11:16 AM Subject: FFD Pension Ballot counting CC: <mark@mkIa%vfirm.com>, <Iot@warlbrd.com>, <rwood@co.washington.ar.us>, <Mhdoss42@aol.com>, <MayorQcI.fayetteviIle.ar.us>, <kvAlliams@ci.fayetteville.ar.us> Sondra, I would appreciate it if you would notify me and the rest of the Pension Board members when you plan on tabulating the balkft I would like to be in attendance as an observer. Thanks Peter T Reagan fileWCADocuments and Settings\ssmith%ocal Settings\Temp\YPgrpwise\4BD18199FAYETTEVELLECI... 4/27/2010 I It qA efi 0. -LONGER.IINVESTMEN,TSiNQ6RPORATED 71., It hit LONGER I NVESTIVI ENTS INCORPORATED City of Fayetteville Fire Pension and Relief Fund U/A dated 6-18-86 Board Meeting April 29, 2010 Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund UIA DTD 6-18-86 March 31, 2010 Unit Total Market Pet Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield Common Stock 3,650 AT&T 24.98 91,177.25 25.84 94,316.00 1.7 1.68 6,132.00 6.73 1,000 Abbott Laboratories 44.70 44,696.40 52.68 52,690.00 0.9 1.76 1,760.00 3.94 4,500 Applied Materials Inc. 12.66 56,988.14 13.47 60,603.75 1.1 0.28 1,260.00 2.21 850 B.P.Amoco PLC A.D.S. 42.14 35,816.06 57.07 48,509.50 0.9 336 2,856.00 7.97 2,950 FICE,Inc. 24.40 71,967.32 29.35 86,582�50 1.5 1.65 4,86T50 6.76 1,500 Best Buy Co.Inc. 36.45 54,681.75 42.54 63,810.00 1.1 0.56 840.00 1.54 1,400 Ch"ron Corp. 69.84 97,772.13 75.83 106,162.00 1.9 2.72 3,808.00 3.89 2,635 Cisco Systems,Inc. 18.35 48,357.99 26.03 68,589.05 1.2 0.00 0.00 0.00 1,600 E.I.DuPont de Nernours 34.58 55,332.00 37.24 59,584.00 1.1 1.64 2,624.00 4.74 &Co. 3,500 EMC Corporation 12.80 44,805.71 18.04 63,140.00 1.1 0.00 0.00 0.00 1,500 Emerson Electric Co. 38.01 57,018.45 50.34 75,510.00 1.3 1.34 2,010.00 3.53 1,250 Emon Mobil Corp. 65.88 82,346.86 66.98 83,725.00 1.5 1.68 2,100.00 2.55 9,000 Financial Select Sector 15.70 141,305.43 15.95 143,550.00 2.6 0.20 1,766.88 1.25 SPDR Fund 870 General Dynamics Corp. 63.50 55,245.00 77.20 67,164.00 1.2 1.68 1,461.60 2.65 5,115 General Electric 15.97 81,685.95 18.20 93,093.00 1.7 0.40 2,046.00 2.50 1,750 Genuine Parts Co. 37.11 64,943.25 42.24 73,920.00 1.3 1.64 2,870.00 4.42 3,805 Intel Corp. 17.85 67,923.90 22.29 84,813.45 1.5 0.63 2,397.15 3.53 560 International Business 122.28 68,477.02 128.25 71,820.00 1.3 2.20 1,232.00 1.80 Machines Corp. 1,150 Johnson&Johnson 59�03 67,880.59 65.20 74,980.00 1.3 1.96 2,254.00 3.32 1,000 Kimberly-Clark 60.18 60,180.70 62.88 62,880.00 1.1 2.64 2,640.00 4.39 Corporation 2,150 Kraft Foods Inc. 28.63 61,553.00 30.24 65,016.00 1.2 1.16 2,494.00 4�05 1,000 McDonald's Corp 56.48 56,477�70 66.72 66,720.00 1.2 2.20 2,200.00 3,90 1,500 Merck&Co.Inc, 25.27 37,897.65 37.35 56,025.00 1.0 1.52 2280.00 6.02 2,870 Microsoft Corp. 29.27 84,002.46 29.29 84,055.12 1.5 0.52 1,492.40 1.78 1,175 Monsanto Co. 72.42 85,093.97 71.42 83,918.50 1.5 L06 1,245.50 1.46 1,575 Northern Trust Corp. 50.82 80,044.10 55.26 87,034.50 1.6 1.12 1,764.00 2.20 2,250 Oracle Corp, 15.70 35,324.77 25.71 57,847.50 1.0 0.20 450.00 1.27 3,500 ProShares Short S&P 49.53 173,348.00 49.51 173,285.00 3.1 0.00 0.00 0.00 500 1,285 Procter&Gamble Co. 49.36 63,426.67 63.27 81,301.95 1.5 1.76 2,261.60 3.57 1,175 SPDR S&P Biotech 58.70 68,973.68 59.95 70,441.25 1.3 0�00 1.92 0.00 2,875 Starbucks Corp. 24.01 69,024.83 24.27 69,776.25 1.2 0.40 1,150�00 1.67 3,500 Stunn,Roger&Co,Inc. 10.34 36,182.65 11.99 41,965.00 0.7 0.24 840.00 2.32 3,535 Symantec Corporation 16A5 58,135.27 16.93 59,838.71 1.1 0.00 0.00 0.00 2,000 Wal-Mart Stores Inc. 50.10 100,205.86 55.60 111,200.00 2.0 1.21 2,420.00 2.42 1,150 Yom!Brands,Inc. 37.26 42,844.52 38.33 44,079.50 0.8 0.84 966.00 2.25 2,401,13T04 2,687,936 54 48.0 64,490.55 2.74 Preferred Debt Securities 5,000 AT&T Preferred 24�99 124,939.00 26.38 131,900.00 2.4 1.59 7,968.75 6.38 6.375%A2/A(C 2-12-12) 1,500 G.E.Preferred 6.10% 24.76 37,139�10 25.01 37,515.00 0.7 1.52 2,287.50 6.16 AAA/AAA(C 11-15-07) 1,500 G.E.Preferred 6,625% 25.06 37,588.50 25.32 37,980.00 0.7 1.66 2,484.37 6.61 AAA/AAA(C 6-28-07) 199,666.60 207,395.00 3.7 12,740.62 6.38 Mutual Funds-Equity 2,750.0000 Japan Smaller 7.62 20,953.95 8.84 24,310.00 0.4 0.05 146.30 0.70 Capitalization Fund Inc. I LONGER INVESTMENTS INCORPORATED A Reaktaed lnvr�tment Advknr Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund UIA DTD 6-18-86 March 31, 2010 Unit Total Market Pct. Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield 950.0000 Thai Fund Inc. 9.70 9,212.45 9.76 9,272.00 0.2 0.37 353.02 3.83 925.0000 iShanes MSCI Hong 16.09 14,883.76 16.29 15,068.25 0.3 0.38 353.96 2.38 Kong Index Fund 11,700.0000 iShares MSCI Japan 9.89 115,710.60 10.44 122,148.00 2.2 0.14 1,613.38 1.39 Ind"Fund 1,275.0000 iShares MSCI Singapore 11.70 14,913.71 11.50 14,662.50 0.3 0.32 410�65 2.75 Index Fund 830.0000 iShanes MSCI Taiwan 8.47 7,028.09 12.55 10,416.50 0.2 0.21 172.71 2.46 Index Fund 5,755.0000 iShares S&P Europe 35.62 204,977.29 38.34 220,646.70 3.9 1.00 5,733.72 2.80 350 Index 387,679.85 416,523.95 7.4 8,783.76 2.26 Mutual Funds-Fixed 3,750.0000 iShares iBoxx 105.11 394,158.93 105.77 396,637.50 7.1 5.60 20,994.26 533 Investment Grade Corp Bond Corporate Bonds 50,000 Hershey Foods Corp. 97.63 48,816.00 11119 56,093.40 1.0 6.95 3,475.00 7.12 Notes A2/A(NQ 6.950%Due 08-15-12 50,000 IBM Corp.Debentures 100.01 50,004.00 117.74 58,869.65 1.1 7.00 3,500.00 7.00 AI/A+(Subject to make whole call) 7.000%Due 10-30-25 Accrued Interest 1,902.36 0.0 98,820.00 116,865.41 2.1 6,975.00 7.06 Government Bonds 1,000,000 U.S.Treasury Note 102.65 1,026,531.25 103.01 1,030,078.11 18.4 4.00 40,000.00 3.90 4.000%Due 08-15-18 Accrued Interest 4,861.88 0.1 1,026,531.25 1,034,939.99 18.5 40,000.00 3.90 Government Agency 50,000 Tennessee Valley 98.95 49,474.00 104.14 52,071.65 0.9 5.62 2,812.50 5.68 Authority(NQ 5.625%Due 01-18-11 250,000 Federal Home Loan 100.00 250,000.00 102.22 255,546.87 4.6 5.00 12,500.00 5�00 Bank(Call 10-1-10 @ 100, IX) 5.000%Due 10-01-12 200,000 Federal Home Loan 100.00 200,000.00 107.62 215,250.00 3.8 6.00 12,000.00 6.00 Bank(Call 1-3-12 @ 100, 1 X) 6.000%Due 07-03-17 Accrued Interest 9,753.65 0.2 499,474.00 532,622.17 9.5 27,312.50 5.48 Cash and Equivalents Dividends Accrued 5,359.99 5,359.99 0.1 0.00 0.00 0.00 Money Market 202,983.38 202,983.38 3.6 0.01 20.48 0.01 208,343.37 208,343.37 3.7 20.48 0.01 TOTAL PORTFOLIO 5,215,811.05 5,601,263.93 100.0 181,317.17 3.48 2 LLONGER INVESTMENTS INCORPORATED hA Reatstered Investment Advisor Longer Investments Inc. PORTFOLIO APPRAISAL Fayeffeville Fire Pension and Relief Fund UIA DTD 6-18-86 April 28, 2010 Unit Total Market Pct. Unit Annual Cur. Quantity Security Cost Cast Price Value Assets Income Income Yield Common Stock 3,650 AT&T 24.98 91,177.25 25.91 94,571.50 1.7 1.680 6,132.00 6.7 1,000 Abbott Laboratories 44.70 44,696.40 50.27 50,270.00 0.9 1.760 1,760.00 3.9 950 B.P.Amoco PLC A.D.S. 42.14 35,816.06 57.34 48,739.00 0.9 3.360 2,856.00 8.0 2,300 BCE,Inc. 24.40 56,110.11 30.32 69,736.00 1.3 1.650 3,795.00 6.8 1,400 Chevron Corp. 69.84 97,772.13 80.62 112,868.00 2.0 2.720 3,808.00 3.9 2,135 Claw Systems,Inc. 17.96 38,339.05 27.04 57,726.13 1.0 0.000 0.00 0.0 1,250 Coca-Cola 55.36 69,199.75 53.36 66,700.00 1.2 1.760 2,200.00 3.2 890 Devon Energy Corp. 65.71 58,479.36 67.45 60,030.50 1.1 0,640 569.60 1.0 1,600 E.I.DuPont de Nernours 34.58 55,332.00 39.46 63,136.00 1.1 1.640 2,624.00 4.7 &Co. 3,500 EMC Corporation 12.80 44,805.71 19.55 68,425.00 1.2 0.000 0.00 0.0 1,500 Emerson Electric Co. 38.01 57,018.45 52.47 78,705.00 1.4 1.340 2,010.00 3.5 1,500 Exxon Mobil Corp. 66.23 99,346.86 69.19 103,785.00 1.9 1.680 2,520.00 2.5 9,000 Financial Select Sector 15.70 141,305.43 16.19 145,710.00 2.6 0.196 1,766.88 1.3 SPDR Fund 700 General Dynamics Corp, 63.50 44,450.00 76.98 53,886.00 1.0 1.680 1,176.00 2.6 5,115 General Electric 15.97 81,685.95 18.95 96,929.25 1.7 0.400 2,046.00 2.5 1,750 Genuine Parts Co. 37.11 64,943.25 42.62 74,585.00 1.3 1.640 2,870.00 4.4 3,805 Intel Corp. 17.85 67,923.90 23.26 88,504.30 1.6 0.630 2,397.15 3.5 735 International Business 123.93 91,088.70 130.10 95,623.50 1.7 2.200 1,617.00 I'll Machines Corp. 1,150 Johnson&Johnson 59.03 67,880.59 64.62 74,313.00 1.3 1.960 2,254.00 3.3 1,000 Kimberly-Clark 60.18 60,180.70 61.02 61,020.00 1.1 2.640 2,640.00 4.4 Corporation 2,150 Kraft Foods Inc. 28.63 61,553.00 29.75 63,962.50 1.2 1.160 2,494.00 4.1 1,000 McDonald's Corp 56.48 56,477.70 70.34 70,340.00 1.3 2.200 2,200.00 3.9 1,500 Merck&Co.Inc. 25.27 37,897.65 34.56 51,840.00 0.9 1,520 2,280.00 6.0 2,870 Microsoft Corp. 29.27 84,002.46 30.91 88,711.70 1.6 0,520 1,492.40 1.8 2,250 Oracle Corp. 15.70 35,324�77 25.86 58,185.00 1.0 0.200 450.00 1.3 3,160 Panasonic Corporation 15.52 49,032.14 14.57 46,041,20 0,8 0.000 0.00 0.0 2,750 ProShares Short S&P 48.65 133,779.25 48.46 133,265.00 2.4 0.000 0.00 0.0 500 1,285 Procter&Gamble Co. 4936 63,426.67 63.17 81,173.45 1.5 1.760 2,261.60 3.6 2,875 Starbucks Corp. 24.01 69,024.83 26.22 75,382.50 1.4 0,400 1,150.00 1.7 2,515 Sturm,Roger&Co.Inc. 10.34 25,999.82 17.55 44,138.25 0.8 0.240 603.60 23 3,535 Symantee Corporation 16.45 58,135.27 17.36 61,367.60 1.1 0.000 0.00 0.0 2,160 Texas Instruments Inc. 25.88 55,900.37 26.40 57,024.00 1.0 0.480 1,036.80 1.9 2,000 Wal-Mart Stores Inc. 50.10 100,205.86 53.61 107,220.00 1.9 1.210 2,420.00 2.4 2,198,311.46 2,503,914,38 45.1 61,430.03 2.8 Preferred Debt Securities 5,000 AT&T Preferred 24.99 124,939.00 26.26 131,300.50 2.4 1.594 7,968.75 6.4 6.375%A2/A(C 2-12-12) 1,500 G.E.Preferred 6.10% 24.76 37,139.10 24.96 37,440.00 0.7 1.525 2,287.50 6.2 AAA/AAA(C 11-15-07) 1,500 G.E.Preferred 6.625% 25.06 37,588.50 25.21 37,815.00 0.7 1.656 2,484.37 6.6 AAA/AAA(C 6-28-07) 199,666.60 206,555.50 3.7 12,740.62 6.4 Mutual Funds-Equity 1,250.0000 Japan Smaller 7.62 9,523.63 9.58 11,975.00 0.2 0,053 66.50 0.7 Capitalization Fund Inc. 925.0000 iShwesMSCIHong 16.09 14,883.76 15.88 14,689.00 0.3 0383 353.96 2.4 Kong Index Fund 3 LLONGER INVESTMENTS INCORPORATED hA Reaistered Investmmt Advisor Longer Investrnents Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund UIA D TD 6-18-86 April 28, 2010 Unit Total Market Pct. Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield 11,700.0000 iShares MSCI Japan 9.89 115,710.60 10.30 120,510.00 2.2 0,138 1,613.38 1.4 Index Fund 1,275.0000 iShares MSCI Singapore 11.70 14,913.71 11.99 15,287.25 0.3 0.322 410.65 2.8 Index Fund 830.0000 iShares MSCI Taiwan 8.47 7,028.09 12.87 10,682.10 0.2 0.208 172.71 2.5 Index Fund 5,755.0000 iShores S&P Europe 35.62 204,977.29 36.73 211,381.15 3.8 0.996 5,733.72 2.8 3501ndex 367,037.09 384,524.50 6.9 8,350.94 2.3 Mutual Funds-Fixed 3,750.0000 iShares iBoxx 105.11 394,158.93 106.60 399,750.00 7.2 5.598 20,994.26 5.3 Investment Grade Corp Bond 394,158.93 399,750.00 7.2 20,994.26 5.3 Calls -7 General Dynamics 8.68 -6,075.61 8.81 -6,167.00 -0.1 November 70 Calls -15 Merck May 35 Calls 1.69 -2,531.49 0.88 -1,320.00 0.0 -8,607.10 -7,487.00 -0.1 Corporate Bonds 50,000 Hershey Foods Corp, 97.63 48,816.00 111.88 55,939.10 1.0 6.950 3,475.00 7.1 Notes A2/A(NQ 6.950%Due 08-15-12 50,000 IBM Corp.Debentures 100.01 50,004.00 119.26 59,631.45 1.1 7.000 3,500.00 7.0 AI/A+(Subject to make whole call) 7,000%Due 10-30-25 Accrued Interest 2,435.21 0.0 98,820.00 118,005.76 2.1 6,975.00 7.1 Government Bonds 1,000,000 U.S.Treasury Note 102.65 1,026,531.25 103.51 1,035,078.11 18.7 4.000 40,000.00 3.9 4.000%Due 08-15-18 Accrued Interest 7,955.80 0.1 1,026,531.25 1,043,033.91 18.8 40,000.00 3.9 Government Agency 50,000 Tennessee Valley 98.95 49,474.00 103.79 51,894.35 O�9 5.625 2,812.50 5.7 Authority(NQ 5.625%Due 0 1-18-11 250,000 Federal Home Low 100.00 250,000.00 101.91 254,765.62 4.6 5.000 12,500.00 5.0 Bank(Call 10-1-10@ 100, 1 X) 5.000%Due 10-01-12 200,000 Federal Home Loan 100.00 200,000.00 107.66 215,312.50 3.9 6.000 12,000.00 &0 Bank(Call 1-3-12 @ 100, 1 X) 6.000%Due 07-03-17 Accrued Interest 5,552.08 0.1 499,474.00 527,524.56 9.5 27,312.50 5.5 4 LLONGER INVESTMENTS INCORPORATED hA Petfistered Investment AdViSOT Longer Investments Inc. PORTFOLIO APPRAISAL Fayetteville Fire Pension and Relief Fund UIA DTD 6-18-86 April 28, 2010 Unit Total Market Pct. Unit Annual Cur. Quantity Security Cost Cost Price Value Assets Income Income Yield Cash and Equivalents Dividends Accrued 2,660.90 2,660.90 0.0 0.000 0.00 0.0 Money Market 256,384.48 256,384.48 4.6 O�010 25.87 0.0 Restricted Cash 112,000.00 112,000.00 2.0 0.010 11.30 0.0 371,045.38 371,045.38 6.7 37.17 0.0 TOTAL PORTFOLIO 5,146,437.61 5,546,866.99 100.0 177,840.53 3.5 5 LONGER INVESTMENTS INCORPORATED A Rertistered Investment Advisor