The URL can be used to link to this page

Home My WebLink About2012-10-25 - Agendas - Final Fayetteville Fireman's Pension and Relief Fund Meeting Date Ago, Adjourn Time Attendees: Ad&k� 'P Q A A A'o t4 ho a I-IL A Old-1" 10 41US—J, 64 a&L144 4"' 1A //';Z' ;U-1 '4AVAA AA- ;� n A /, , I V aNv'� C"t 1: or Subject: Subject: Rol( Motion By: Modon By: Wood Seconded: Seconded: Roy Cate Roy Cate Mayor Jordan 6�SC,k4-11JAA IA,f Mayor Jordan &t5CV-I-&JA"U -YV Dennis Mullens Dennis Multens Pete Reagan Pete Reagan Sondra Smith Sondra Smith Ronnie Wood IRonnieWood Subject: Subject: Ned, 3 Motion By: Motion By: Seconded: Seconded: le Roy Cate t.I/ Roy Gate Mayor Jordan Mayor Jordan Dennis Mullens Dennis Mullens Pete Reagan Pete Reagan Sondra Smith Sondra Smith Ronnie Wood IRonnieWood Fayetteville Fireman's Pension and Relief Fund Meeting Date .2 S-1-9 Adjourn Time Attendees: Subject- Subject: A-ppr-c6le- Motion By: C, 41�1� Motion By: Seconded: Seconded: Roy Cate Roy Cate Mayor Jordan Mayor Jordan Dennis Mullens Vol Dennis Mullens Pete Reagan pl_o� Pete Reagan ISondra Smith Sondra Smith IRonnie Wood IRonnie Wood Subject: Subject, Motion By: Motion By: Seconded: Seconded: Roy Cate Roy Cate Mayor Jordan Mayor Jordan Dennis Mullens Dennis Mullens Pete Reagan gan Sondra Smith Sondra Smith Ronnie Wood Ronnie Wood tO Ron Wood Position 4 Retired Lioneld lordan Chairman Pete Reagan Position 2 Retired Sondra E.Smith Secretary Dennis Mullens Position 3 Retired Roy Cate Position I Retired Taye ARKANSAS le Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 25, 2012 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be held at 3:00 PM on October 25, 2012 in Room 326 of the City Administration Building. Approval of the Minutes: * July 26, 2012 meeting minutes Pension List Changes: 9 Madge Schader deceased September 20, 2012 Approval of the Pension Lists: • Re-approval of October 2012 Pension List (Madge Schader deceased) • Approval of the November and December 2012 and January 2013 Pension Lists New Business: Revenue and Expense Report • Actuarial Valuation Report for December 31, 2011 • Estimated 2013 Premium Tax Allocation • The Voice of Public Pensions— Invoice • National Conference on Public Employee Retirement Systems Letter Garrison Financial: 0 3rd Quarter reports Informational: 2013 meeting schedule Firemen's Pension and Relief Ford Board Members Board of Trustees Meeting Minutes July 26,2012 Mayor Jordan Chairman Page I of 9 Sondra E.Smith Secretary Roy Cate Position I/Retired Pete Reagan Position 2/Retircd lFayeV Dennis Mullens Position 3/Retired Ronnie Wood Position 4/Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 26,2012 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 p.m. on July 26, 2012 in Room 326 of the City Administration Building. Mayor Jordan called the meeting to order. Present: Roy Cate, Dennis Mullens, Mayor Jordan, lat Williams, City Attorney, Sondra Smith, City Clerk, Lisa Branson, Deputy City Clerk, Paul Becker, Finance Director, Trish Leach,Accounting Manager,James Bell and Glenn Atkins,Garrison Financial. Absent: Pete Reagan and Ronnie Wood Sondra Smith welcomed Roy Cate as a new board member for the Firemen's Pension and Relief Fund Board. Approval of the Minutes: April 26,2012 meeting minutes and May 30,2012 special meeting minutes. Roy Cate moved to approve the April 26, 2012 meeting minutes and the May 30 2012 special meeting minutes. Dennis Mullens seconded the motion. Upon roll call the motion passed 4-0. Pete Reagan and Ronnie Wood were absent Pension List Changes: James H. Moore deceased June 28,2012. His spouse Betty Moore will receive his pension. Sondra Smith: Because Mr. Moore deceased and we had already approved the pension list for July,we need to re-approve the pension list for July and then approve the August, September and October pension list. The reason we approve the lists three months in advance is because you don't meet again until October. 113 West Mountain 72701 (479)575-8323 IDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes July26,2012 Page 2 of 9 Avoroval of the Pension List: Re-approval of the July pension list(James H. Moore deceased) Dennis Mullens moved to re-approve the July pension list. Roy Cate seconded the motion. Upon roll call the motion passed 4-0. Pete Reagan and Ronnie Wood were absent Approval of the August, September and October 2012 pension lists Sondra Smith: At this time there are no changes to these pension lists. There could be changes in the future. Dennis Mullens moved to approve the pension lists. Sondra Smith seconded the motion. Upon roll call the motion passed 4-0. Pete Reagan and Ronnie Wood were absent New Business: Revenue and expense report A copy was given to the Board Sondra Smith: That's a copy of a revenue and expense report that our Accounting Department completes. It shows what your revenue and expenses were from one period of time to another. 0 h In 2011 your book value was $4,534,000.00 and 2012 at June 3 ' it was $4,198,000.00. This is an overview of the fund from 2005 to the end of June 2012. It shows how the Rind has consistently decreased in value. Kit Williams: I think there is only one place the fund is going at this point, which is down. The only way to keep it from going down before you all would run out of fimds is to lower the A benefit payments. The Attorney General doesn't believe you can. I believe you can but there hasn't been any motion yet that has passed where you would reduce benefits. That's why we are all concerned because we can read the writing on the wall. The state actuary said there is almost certainly a crash to zero coming in the future. It's unfortunately not that far away at this point in time. That has us all concerned about what's going to happen when that happens. You would still have money coming in on the millage. You would have .4 mils that support this. When that .4 millage money would be paid, it would be divided proportionally compared to what you should have been receiving until it's gone. Then when it's gone for that year it's gone and you have to wait for the next year. Tliat's pretty tough because there may be many months that you would not receive anything. I think in the past the Mayor and Sondra have made a motion to look at reducing the rates a little bit so that the fund will not go broke but there's never been a majority on this board to support that. 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 July 26,2012 Page 3 of 9 Sondra Smith: The longer we wait the larger the percentage would have to be reduced. Dennis Mullens: The Attorney General's opinion for me that's where I stand. Kit Williams: He disagrees with me. He said he didn't think you could. Sondra Smith: There is nothing in the statute that says you can and there is nothing in the statute that says you cannot. Roy Cate: Has this ever been tested before or any precedence been set? Kit Williams: No, I advised the board when that first happened that there are two ways to test it. One is that you let the fund go broke and then one of the beneficiaries says that this board has not acted in its fiduciaries responsibility to preserve the ftind and sues you individually. Then the courts will say whether or not you had the right to do ft. Your defense would be we couldn't do it. The Attorney General has one opinion I have another. The way to test it safely would have been to reduce benefits and then have one of the pensioners or one of the beneficiaries say you can't do that. At that point then they could take that to court and the judge would decide whether or not a reduction was possible. If you were wrong then the only thing that would happen is that the payments would go back up. You all would not be individually responsible for anything. That's the course that was not taken but that is what the Mayor and Clerk has suggested we do in order to try to resolve this issue and also to preserve the Rind. That's really the only way to test it. Roy Cate: The scenario if we do it then we are still in the same boat as far as liability if we decide to cut the fund. Kit Williams: No, you wouldn't be personally liable because the fund itself has the money to pay. If the court says you are wrong you can't reduce the benefits then the money would come out of the trust fund that's there, the fimd that you are administrating. If you wait until there is no money in the trust fund then they can't get any money out of the trust fund they can only get it out of individuals. Sondra Smith: It concerns me that the Rind is dropping at a rapid rate. I want everybody to have their pension. lUt Williams: At least as much as possible and have it preserved for your life and not have it ran out. Roy Cate: Everyone wants that but from looking at where we are at it's a train wreck. It just a matter of when. Vit Williams: Not necessarily, the benefits would have had to have been cut around 20%. The minimum when this begun was 50% of your ending pay. That has been raised up to about 90%; plus there was a cost of living put on it. It could have been reduced to around 70%which is still more than what the minimum was and it would not have ran out according to the state actuary. 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 July26,2012 Page 4 of 9 However, at this point it might have to be reduced more because it has not been. Funds have been flowing out of it. As Sondra said, the longer it waits you might not even be able to get to the other minimum which is 50%. It might even be less than that. Roy Cate: The 70%actuary was done how long ago? Kit Williams: A couple years ago. Paul Becker: I think it was in the spring of 2011. Kit Williams: Barely over a year ago then? Sondra Smith: The meeting was in 2010. I(it Williams: It's not been a real happy time to be on this board. Dennis Mullens: We are representing the rest of the retirees. The majority of them do not want to cut it. They have built there life around it and some of them get so little. Kit Williams: That is true. The people that retired a long time ago have very much less per month. You nught be able to cut the benefits more proportionally but that's never been desired either. A lot of people on board are some of the later retirees who are getting the most money. Sondra Smith: The sad thing about it is they should have built their life around the 50% and not the overage. I Dennis Mullens: You are looking at way back when and way back when doesn't apply anymore- Sondra Smith: It hasn't been that long ago that some of the benefit increases were implemented. Dennis Mullens: It's been a pretty good while now. Lioneld Jordan: I take it you gentlemen don't want to reduce the funds today. Dennis Mullens: Not me. Roy Cate: I have to say this is my first meeting and I need a little bit of time to study it. Lioneld Jordan: You will get to hear this again. lGt Williams: I just wanted to bring you a little up to date about the serious nature of the fund. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deah(4791521-1316 Fimmen's Pension and Relief Fund Board of Trustm Meeting Minutes July 26,2012 Page 5 of 9 State of Arkansas Department of Finance and Administration—turn back letter and copies of the turn back checks June 2012 A copy was given to the Board Sondra Smith: The amount we received this year because they revised how they were distributing the money is a little bit more but its never going to be enough money to bail the pension fiand out of the shape it's in. We received$229,129.75 to go into the fund which is close to $100,000.00 more than last year. The $36,105.00 is paid out by check. You should have already received that one time lurnp sum check. We did get an extra distribution because of the way they changed the distribution and it was $57,282.44. In all you got an additional about$150,000.00 and that only comes once a year. We don't know next year if that amount is going to be the same or less. That varies greatly from one year to the next. There is a spreadsheet in your packet that shows how much you received each year and how it has changed. Dennis Mullens: I think this is the biggest one we've ever got. Sondra Smith: In 2005 you received $225,000.00, in 2004 $185,000.00, in 2003 $412,000.00, so it's not the largest you've ever received but its bigger than you've been getting in the past few years. Paul Becker: Are you talking about the distribution or the supplement. Dennis Mullens: I was talking about the distribution. Sondra Smith: The future supplement, the one time check you get is a little bit larger, but the big distribution check that goes into your filmd is not that much larger than it has been in the past. The future supplement check is maybe $10,000.00 more than we've gotten before in the past. Paul Becker: If I can interject, there were two checks, one for $171.104.00 and $57,000.00 the combination of those two which has gone into the ftmd are $229,000.00. What you actually got into the fund is $97,592.00. You want to look at that and put it in perspective to what the payouts are, and the payouts are. At this point in time we have currently paid out in expenditures $335,000.00. You are paying out about $335,000.00 a quarter more than you are taking in. You fund is still declining. This is not going to be a long term solution which is what Sondra is conveying. City Clerk memo dated July 18,2012 - 2012 turn back funds from the State of Arkansas A copy was given to the Board Sondra Smith: That is more information about the turn back funds. The memo I sent out to the Firemen's Pension Board letting them know that we received the money. It was $725.00 for 113 West Mountain 72701 (479)575-8323 IDD(Telecommunications Device for the Deaf)(479)521-1316 Firtnten's Pension and Relief Fund Board of Trustees Meeting Minutes July 26,2012 Page 6 of 9 each regular retiree and $145.00 for the volunteers. Anybody that's on the pension plan as a Qualified Domestic Relations Order, which is a divorcee does not get any, of that money according to the State. Dennis Mullens: What did you say? Sondra Smith: Anyone that's drawing part of the pension as a Qualified Domestic Relations Order after they have been divorced. If a Firemen and his wife are now divorced and she gets half of his pension, she does not get any of that supplement check. Dennis Mullens: If you get married after you leave that new wife doesn't get anything. IGt Williams: Right,that's correct. Dennis Mullens: Even though you might have spent the majority of your life with her. Kit Williams: Or you can get married right before you retire to someone you barely met and she gets a lot. Dennis Mullens: I don't think the plan that the guys are on now has a wife's benefit at all. ]Ut Williams: Which one are you talking about,the new LOPFI? Paul Becker: Yes, they do. They can select a spousal benefit. The over all benefits they receive is a little less. Kit Williams: They have to pay for it by accepting fewer benefits. Paul Becker: They take a reduced pension to cover their wife in case they pass. Sondra Smith: Your fund is not like that. Dennis Mullens: No. Sondra Smith: Your spouse gets the same amount as you do. Pension Review Board (PRB)letter dated June 5,2012-Evaluating Local Plan Investments A copy was given to the Board Sondra Smith: This is the letter that we usually receive ever year from PRI3 telling you that you probably should evaluate your investments and make sure your investment people are distributing the money in the way that they should be. 113 West Mountain 72701 (479)575-8323 TDD(Felecommunications Device for the Deal)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes July26,2012 Page 7 of 9 Paul Becker: That's what we talked about before. Once you drop under $5,000,000.00 you can't hold individual equities. lUt Williams: You can hold them but you can't buy them. Paul Becker: Or bonds. Kit Williams: I think your current advisor is doing the right thing and is complying with this. Garrison Financial: 2nd Ouarter reports A copy was given to the Board James Bell, Portfolio Manager, Garrison Financial: On page three as of yesterday the portfolio value was $4,606,000.00. Right now we are spot on with our target asset allocation just over 60% equities, 35% fixed income, and about 4% cash. We tend to hold some cash because we know that you have some distribution needs that come up throughout the year. We hold cash to be sure we are able to meet those distribution needs. Year to date you have distributed from the portfolio about$375,000.00. To report on performance for the second quarter of 2012 your portfolio was up just over 1% verses your 60/40 benchmark down a percent for the quarter. We were pleased with that performance. With that I will open it up to any questions you might have. Paul Becker: To make an observation you still have about$2.8 million in equities. James Bell: Yes,just under S1.8 million. Paul Becker: Do you have a plan in the future or are you just going to keep an eye on what the equity market is? James Bell: We are going to stick to the policy asset allocation which is 60% equities. That includes the individual securities that were legacy holdings. By policy we can't buy new individual equity securities so, as new money gets reinvested into the equity market it's done through open end mutual funds by policy. Paul Becker: You are looking at the open end mutual funds? James Bell: Yes sir. Every equity position that we've bought since we started managing the account has been open end mutual funds. The individual securities that you see are legacy holdings. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deal)(479)521-1316 Firmest's Pension and Relief Fund Board of Trustees Meeting Minutes July 26,2012 Page 8 of 9 Paul Becker: Those are the ones that are identified on page one. Those are the mutual f1ands and those are the transactions that you have done? James Bell: Yes, on the first page of the portfolio appraisal you'll see treasury notes, corporate bonds and preferred stock. Those are in the fixed income asset allocation. Below that you will see common stock those are the legacy individual securities that came with the account when we started. We can no longer by policy buy new positions under that. Mutual funds; those are the types of securities that we are purchasing for the account. IGt Williams: That's state law that we can't do that anymore. Paul Becker: I was bringing this up for our new member so he is up to speed. We have to switch the investment policy from individual equities. If you are going to stay in equities you have to be in no load mutual. That's what they are going to do slowly over time. You will see a rise in the mutual funds identified from the individual equities. Glenn Atkins: That's also true on the fixed income side as well. fUt Williams: It would be nice to hold onto corporate bonds as long as we can because we are not going to see interest rates like that again. Glenn Atkins: The coupon on the Hershey and IBM are pretty good but as those mature we will reinvest the proceeds to the extent we can into a fixed income mutual fund and try to get as much income as we can. Garrison letter dated April A 2012 — Privacy Policy Notice and Item 2 Material Changes to form ADV Part 2 Sondra Smith: The rest of the information from Garrison is what I received before the meeting. You might want to look at them too besides the reports you got today. Informational: 2012 meeting schedule A copy was given to the Board Sondra Smith: The next meeting is October 25th 3:00 p.m. Pension Board member list A copy was given to the Board 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Finnnert's Pension and Relief Fund Bond of Trustees Meeting Minutes July26,2012 Page 9 of 9 Sondra Smith: We have a new updated Firemen's Pension Board list since Mr. Cate is now on the board. Please check your information on the list and let me know if any changes need to be made. Meeting adjourned at 3:25 p.m. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Office of the City Clerk Treasurer 113 West Mountain Fayetteville, AR 72701 Taye I Phone:(479)575-8323 Fax: (479)718-7695 d4�slerk@ci.fayefteville.arus www.accessfayetteville.org September 27, 2012 Family of Madge F. Schader 36 Rob Street Farmington,AR 72730 RE: Firemen's Pension&Relief Fund Dear Family, I am very sorry to hear about the loss of your mother. The pension benefit Mrs. Schader was receiving will end due to no surviving spouse or children under the age of 23. We do not prorate benefits during the mouth the pensioner deceased. If you have any questions you may contact my office at 575-8323. 1 will keep you in my thoughts and prayers during this difficult time. Sincerely, Aa� Sondra E. Smith City Clerk Treasurer Secretary Firemen's Pension and Relief Fund Board of Trustees Telecommunications Device for the Deaf TDDfFTY(479)521-1316 City Clerk Division City of Fayetteville, Arkansas Taye I Sondra E. Smith, City ClerklTreasurer Lisa Branson, Deputy City Clerk Amber Wood, Deputy City Clerk Departmental Correspondence TO: Trish Leach, Accounting Summer Fallen,Accounting FROM: Sondra E. Smith, City Clerk/Treasurer DATE: September 21, 2012 RE: Madge F. Schader Firemen's Pension I am forwarding this memo to you due to the death of a Firemen's Pensioner. Please stop the pension benefit for Mrs. Schader. She was receiving benefits due to being on the old Pension Plan. There are no survivors for the benefit Mrs. Schader was receiving. When the death certificate is received a copy will be forwarded to Accounting. Ma ,$chader TON — Aft' ge V. T i i,,sge*.03, of firm-!, 0.':A- it r a a y Vol Tx. It d' : :, 'Schader le W, She was-a member of �Oagitist,clvurch mit ,,prqpeded in death d �66ider:.Ancl her son, ; 4 aer e S Ae to er, n anita of OL R 9 a cr of 0 an Sc a o a an 6, t *44. ereic � S 0 live latt tid""ill e 6 to Jod_a y,Selyt.21,2012,at ape m ayette- all a ic will be M a t Calvary Fayette- Mow-at t under the Chapel. 0 es rial c ntributions rairie S.Mo st., te FIREMEN'S RELIEF AND PENSION October 10 10 2012 10 10 10 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 YearTo Date Regular Benefit Act'1373 EMP#RETIREMENT NAME Bernard Reg Benefit Fed Tw St Tax Net Future Supplement Q 79 11199 SMITH(ARMSTRONG)(DILL). PAMELA 1.812.74 18,12740 SDD-00 300.OD 1,012.74 R 177 4M4 BACHMAN,EDDIE 2,618.55 26,185.50 479.27 119.82 2,019.46 S 74 3/86 BAIRD,JULIA 1,802.08 18,020.80 350.00 145.00 1,307.08 V 63 5f72 BOLAIN,ANN 109.27 1,092.70 109.27 R 68 7199 BONADUCE,MICHAEL 2,N8.76 29,867.60 476.38 2,513.38 S 44 9186 BOUDREY,BETTY MRS. 2,477.42 24.774.20 300.00 50.00 2,127.42 R 45 9/86 BOUDREY.HOWARD 2.089.28 2D.892.80 2,089.28 R 49 7188 BOUDREY,JACK 1,647.63 16,476.30 2B7.68 50.00 1,309,95 R 57 am CATE,ROY 1,788.90 17,889.OD 1,788.90 V 6 4168 CHRISTIE,ARNOLD 109.27 1,092.70 109.27 R T7 11M DILL.GARYJOHN 1,81175 18.127.150 100.00 1,712.75 R 188 12105 DOSS,MARION H 5.376.91 53,769.10 900.00 350,00 4.126.91 R 188 12J05 DOSS,MARION H plus 26 additional pay 731.61 7,316.10 731.61 R 111 PJ76 FARRARALONZO 998.86 G'S38.60 30.00 968.86 R 192 4MB FARRAR,DANNY 4,155.36 41,553.60 207.00 207.OD 3,741,36 R 38 SM4 FRALEY,JOSEPH G. 1,768.12 17.681.20 200.00 15.00 1,553.12 R 170 W03 FREEDUE,LARRY 3,816.75 38,167.50 5W.Do 100.00 3,216.75 R 170 INK13 FREEDUE,LARRY plus 25 additional pay 141.37 1.413.70 141.37 R 92 03102 GAGE,TOMMY 2,596.69 25,966.90 226.00 50.00 2=69 V 34 HARRIS,JAMES E. 109.27 1,092.70 109.27 V 70 11/99 HARRIS,MARY RUTH 109.27 1,092.70 109.27 0 182 10/04 JENKINS,EILEEN 1,788.75 17,887.50 250.00 100.00 1,438.75 R 93 06102 JENKINS,JOHN 1.788.76 17,887.60 350.00 100.00 1,338.76 R 85 07/01 JOHNSON.ROBERT 3.073.47 30.734.70 500.00 100.00 2,473A7 R 64 4195 JORDAN,CHARLIE 2,274.95 22,749.SD 2,274.96 S 76 5/88 JUDY,JAN 1,647.63 16,476.30 20D.00 50.00 1.397.63 R 37 3/84 KING,ARNOLD D. 1,522.37 16,223.70 400.00 60.00 1.062.37 R 54 5419 KING,ARVIL 1,711.21 17,112.10 130.00 50.00 1.531.21 R 173 12J03 LEDBETTER,DENNIS 3,775,80 37,758.00 755.00 189.00 2.831.80 R 51 10188 LEWIS,CHARLES 1,647.63 16.476.30 200.00 100.0D 1,347.63 R 40 9/85 LOGUE,PAUL D. 2,868.28 28,682.80 325.00 75.OD 2,468.28 R 202 02JOB MAHAN,MARSHALL 4,077.2B 40,772.80 612.00 204.00 3,261.28 R so 9188 MASON,LARRY 1,63125 16,312.50 137.61 25.00 1,46864 R 39 4185 MC ARTHUR,RONALD A. 1.753.74 17,537.40 150.00 50.00 1,553.74 V 35 PJ82 MC CHRISTIAN.DWAYNE 109.27 1,092.70 109.27 R 15 477 MC WHORTER,CHARLES 1,334.51 13,345.10 100.00 1,234.51 S 209 afill MILLER,ALICE GAYLE 1,3N.07 13,040.70 125.00 25.OD 1,154.07 R 73 2(00 MILUER,KENNETH 3,180.02 31,800.20 325.00 76.00 2,780.02 R 73 2100 MILUER,KENNETH plus 25 additional pay 170.60 1,706.00 170.60 V 42 2J86 MOORE,JAMES H.deceased&28 0.00 655.62 0.00 S 217 2186 MOORE,BEFrY L 109.27 437.00 109.27 V 176 4104 MORRIS,DIXIE E. 125.66 1,256.60 125.66 R 48 7188 MULUENS,DENNIS W. 2.191.30 21,913.00 2.191.30 R 184 3105 NAPIER,LONNIE 3,518.28 35,182.80 268.75 88.00 3.161.53 R 196 01102 ONEAL,TEDDY 4,120.99 41.209.90 400.00 100.DD 3,620.99 R 46 5/88 OSBURN,TROY 1,899.66 18.996.60 200.00 38.00 1,661.66 R 81 02jol PHILLIPS,LARRY 2,765.09 27,650.90 2,765.09 R 203 02108 PIERCE,JOEY 3,647.18 36,471.80 550.00 180.OD 2,917.18 R 53 2M9 POAGE,LARRY 2,346.70 23,467.00 325.00 105.0D 1,916.70 R 186 06105 REAGAN,PETE 3,535.71 35,357A0 200.00 0.00 3,335.71 V 201 �02JOII REED,JUNE 109.27 1,092.70 109.27 S 172 IV03 SCHADER,MADGE deceased 9120 0.00 12,474.09 0.00 R 41 9M SCHADER,TROY 1,524.99 15,249.90 57.00 2&00 1,442.99 R 190 04/06 SHACKEUFORD,GLEN 3,647.18 36,471.80 400.00 20M00 3,047.18 R 36 5f76 SPRINGSTON,CARL 806.19 8,061.90 70.01) 17.00 719.19 S 90 03102 STOUT,IMOGENE W. 767.80 7,678.DD 767.80 R 165 12J02 TATE,RALPH 3,668.10 36,681.00 300.00 100.00 3,268.10 V 65 3/66 TUNE,BILLIE SUE 136.59 1,365.90 136.59 R 71 1100 WARFORDTHOMAS 2,502.72 25,027.20 300.00 2,202.72 S 207 7/68 WATTS,MAGGIE 437.09 4,370.90 437.09 R 88 01102 WOOD,RONNIIE D 3.07715 30,771.50 400.00 100.00 2,577.15 S 208 9/88 WRIGHT,Barbara 1,691.34 16,913.40 200.00 25.00 11,7,348.71 1,185,961.19 12,785.69 3,567.82 99,528.86 99,528.86 10/512012 KAFIre PensioMPension UstlPension List 20127P 100112 Revised WM DATE OF Regular Mo Year To Date Regular Bertefit Act 1373 EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tw at Tu Net Futunt Supplement WE,THE UNDERSIGNED,DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT 0.00 THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEITS 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: 0.00 1185961.19 -1185961.19 Moo 12786.69 -127a5.69 Drop Pay"~CtteeM to Drop Relimes 0.00 TIT)Column 0.0 Difference 0.0 "(should be off Supplemental amount 1�DROP part) 10/512012 K.'Fim PensiomPension UstPension List 2012\FP 100112 Revised WM DATE OF ReWmr Mo YM TO Date ReoUlar BKWM Act 1373 EMP#RETIREMENT NAME BerwIlt Reg Bwaft FedTa StTu Net Ron SM*Wnwd WF—THEUNDERSIGNED DO SOLEMNLY SWEARTHATTHE ABOVE OBLIGATIONS ARE JUST AND CORRECT.THAT NO PARTTHEREOF HAS SEEN PREVIOUSLY PAID;THAT 0.00 THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE V111TH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMENS RELIEF AND PEN"FUND'.THAT THE SERVICES OR SUMIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY RENDERED OR FURNISHEV.AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BYLAW ORTHE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS COUNTY OF WASHINGTC" SWORN To AND SUBSCRI13ED BEFORE ME THIS—DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.90 13033D99O -13033M.90 O.OD 12785.69 -IZ786.69 om am am -(shwild be off S&qAwwrA0 aft"for DROP P" 10f&2012 K.'AFIN PensionVendon LWPwafon Ust 2012AFP 110112 WM FIREMEN'S RELIEF AND PENSION December 12 12 2012 12 12 12 6 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 Regular Berefft Act 1373 EMP#RETIREMENI NAME Benefit Reg Benefit Fed I= St Tax Not Future Supplement a 79 11199 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 21,752.88 500.00 300.00 1,012.74 R 177 4104 BACHMAN,EDDIE 2.618.55 31,422.60 479.27 119.82 2,019.46 S 74 3186 BAIRD,JULIA 1,802.138 21.624.96 360.00 145.00 1,307.08 V 63 5172 BOLAN,ANN 109.27 1,311.24 109.27 R 68 7199 BONADUCE.MICHAEL 2.98876 35.865.12 475.3B 2,513.38 S 44 9186 BOUDREY,BETTY MRS. 2,477.42 29,729.04 300.00 50.00 2,127.42 R 45 9186 BOUDREY,HOWARD 2,089.28 25,071-36 2,089.28 R 49 7188 BOUDREY,JACK 1.647.63 19,771.56 287.68 50.00 1,309.96 R 57 5190 CATE,ROY 1,788.90 21.466.80 1,788.90 V 6 41W CHRISTIE.ARNOLD 109.27 1,311.24 109.27 R 77 11199 DIUL,GARY JOHN 1,812.75 21,753.00 100.00 1,712.75 R 188 12J05 DOSS,MARION H 5,376.91 64,522.92 900.00 30.00 4,126.91 R 188 12J05 DOSS,MARION H plus 25 additional pay 731.61 8,779.32 731.61 R 11 2f76 FARRAR.ALONZO 90.86 11,986.32 30.00 968.86 R 192 4106 FARRAR.DANNY 4,155.36 49,864.32 207.00 207.00 3,741.36 R 38 5/84 FRALEY,JOSEPH G. 1,768.12 21,217.44 2DO-00 15.00 1,553.12 R 170 5/03 FREEDLE,LARRY 3,816.75 45,801.00 500.010 100.00 3,216.75 R 170 W03 FREEDLE,LARRY plus 25 additional pay 141.37 1,696.44 141.37 R 92 03fO2 GAGE.TOMMY 2,596.69 31,160.28 226.00 50.00 2.320.69 V 34 6/79 HARRIS.JAMES E. 109.27 1.311.24 109.27 V 70 11/99 HARRIS,MARY RUTH 109.27 1,311.24 109.27 a 182 10104 JENKINS,EILEEN 1,788.75 21.465.00 250.00 100.00 1,438.75 R 93 06102 JENKINS,JOHN 1,788.76 21,465.12 350.00 ID0.00 1,338.76 R 86 07/01 JOHNSON.ROBERT 3,073A7 36,881.64 500.00 ID0.00 2,473.47 R 64 4195 JORDAN,CHARLIE 2,274.95 27,299.40 2.274.95 S 76 &88 JUDY,JAN 1,647.63 19,771.56 200.00 50.01) 1.397.63 R 37 3184 KING,ARNOLD D. 1,522.37 18,268.44 400.00 60.00 1,062.37 R 54 5189 KING,ARVIL 1,711.21 20,534.52 130.00 50.00 1.531.21 R 173 12f03 LEDBETTER,DENNIS 3,775.80 45,309.60 766.00 189.00 2,831.80 R 61 10188 LEWIS.CHARLES 1.647.63 19,771.56 200.00 100.00 1,347.63 R 40 9185 LOGUE.PAUL D. 2,868.28 34,419.36 325.00 75.00 2,468.28 R 202 02/08 MAHAN,MARSHALL 4,077.28 48,927.36 612.00 204.00 3,261.28 R So 9/88 MASON,LARRY 1,631.25 19,575.00 137.61 25.00 1.468.64 R 39 4/85 VIC ARTHUR,RONALD A. 1,753.74 21,044.88 150.DO 50.00 1.553.74 V 35 2182 MC CHRISTIAN,DWAYNE 109.27 1,311.24 109.27 R 15 4/77 MC WHORTER,CHARLES 1,334.61 16,014.12 100.00 1,234.51 S 209 8181 MILLER,ALICE GAYLE 1,304�07 15,648.84 125.00 2500 1.154.07 R 73 2100 MILUERXENNETH 3,180.02 38,160.24 326.00 75-00 2,780.02 R 73 2100 MILUERXENNETH plus 25 additimal pay 170.60 2,047.20 170.60 V 42 2186 MOORE,JAMES H.deceased 6/28 0.00 655.62 0.00 S 217 2186 MOORE,BETTY L 109.27 655.62 109.27 V 176 4/04 MORRIS,DIXIE E. 125.66 1,507.92 125.65 R 48 7/88 MULUENS,DENNIS W- 2,191.30 26,295.60 2,191.30 R 184 3105 NAPIER.LONNIE 3.518.28 42,219.36 268.75 88.00 3,161.53 R 196 01/02 ONEAL.TEDDY 4,120.99 49,451.88 400.00 100.00 3,620.99 R 46 5188 OSBURN,TROY 1,899.66 22,795.92 2DO-00 38.0D 1.661.66 R 81 02i0l PHILLIPSXARRY 2,765.09 33,181.08 2,765.09 R 203 02108 PIERCE,JOEY 3,647.18 43,766.16 550.00 180.0) 2,917.18 R 53 2/89 POAGE,LARRY 2,346.70 28,160.40 325D) 105.01) 1,916.70 R 186 06/05 REAGARPETE 3,53531 42,428.52 200.00 0.00 =35.711 V 201 A021M REED.JUNE 109.27 1.311.24 109.27 S 172 12/03 SCHADER,MADGE deceased 9/20 0.00 12,474.09 0.00 R 41 9/85 SCHADER.TROY 1,524.99 18,299.88 57.DD 25.00 1,442.99 R 190 04/05 SHACKELFORD,GLEN 3,647.18 43,766.16 4DO.00 200.00 3,047.18 R 36 W76 SPRINGSTON,CARL 8G&19 9,674.28 70,00 ITD) 719.19 S 90 03/02 STOUT,IMOGENE W. 767.80 9,213.60 767.80 R 165 12102 TATE.RALPH 3,668.10 44,017.20 300.150 100.00 3,268AG V 65 3166 TUNE,BILLIE SUE 136.59 1,639.08 136.59 R 71 1100 WARFORD,THOMAS 2,502.72 30,032.64 31)(1.01) 2,202.72 S 207 7168 WATTS,MAGGIE 437.09 5,245.03 437.09 R 88 01/02 WOOD,RONNIE D 3,077.15 36,925.80 400.00 100.00 2,577.15 S 208 9188 WRIGHT,Barbara 1,691.34 20,296.00 200.00 25.00 117,348.71 1,420,658.61 12,785M 3,567.62 99,528.86 99,528.86 101512012 C:Users�SsMithXAppData\Lo�RTemp\XPgrpm(iseND�mber 2012 WM DATE OF Regular Mo Year To Date Regular Bervelit ACI 1373 EMP#RETIREMENT NAME Benelft Reg Bervelit Fed Tax StTax Net Future Supplement WE,THE UNDERSIGNED,00 SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT 0�00 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 TE-CRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS----DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: seio.ssio�w om 1420658.61 -1420668.61 6810.98i�ffi 0.0 12786.69 -12785.69 Drop P�Wrpreg C�ks W Dmp Refl� D.00 M Wumn 0.00 0.00 "(should be off Supplemental mourd for DROP part) 101512012 C:\L)�mIsSMith%PpData�LomlkTempXXPgrpwise\Demmber 2012 WM FIREMEWS RELIEF AND PENSION January 2013 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 Regular Benefit ActI373 EMP#RETIREMENI NAME Benefit Reg Benefit Fed Tax St Tax Net Future Supplernerd 79 11199 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 1,812.74 500.00 300.00 1,012.74 R 177 4/04 BACHMAN,EDDIE 2.618.55 2,618.55 479.27 119.82 2.019.46 8 74 3186 BAIRD,JULIA 1,802.08 1,802.08 350.00 145.00 1,307.08 V 63 5/72 BOLAIN.ANN 109.27 109.27 109.27 R 68 7/99 BONADUCE,MICHAEL 2.988.76 2,988.76 475.38 2,513.38 S 44 9/86 BOUDREY,BETTY MRS. 2,477.42 2,477.42 300.00 50.00 2,127.42 R 45 9/86 BOUDREY,HOWARD 2,089.28 2,089.28 2,089.28 R 49 7/88 BOUDREY.JACK 1,647.63 1,647.63 287.68 50.00 1,309.95 R 57 Sm CATE,ROY 1.788.90 1,788.90 1,788.90 V 6 4168 CHRISTIE,ARNOLD 109.27 109.27 109.27 R 77 11/99 DIU-,GARYJOHN 1,812.76 1,812.75 100.00 1.712.75 R 188 12105 DOSS,MARION H 5,376.91 5.376.91 900.00 350.00 4,126.91 R 188 12105 DOSS,MARION H plus 25 additional pay 731.61 731.61 731.61 R 11 2176 FARRARALONZO 998.86 998.86 30.00 968.86 R 192 V06 FARRAR.DANNY 4.155.36 4,155.36 207.00 20T00 3.741.36 R 38 5184 FRALEY,JOSEPH G. 1.768.12 1,768.12 200.00 15.00 1,553.12 R 170 sm FREEDLE,LARRY 3.816.75 3,816.75 50100 100.00 3,21615 R 170 5A)3 FREEDLE,LARRY plus 25 additional pay 141.37 141�37 14137 R 92 03/02 GAGE,TOMMY 2.596.69 2,596.69 226.00 50.00 2,320.69 V 34 6/79 HARRIS,JAMES E. 1D9.27 109.27 109.27 V 70 11199 HARRIS,MARY RUTH 109.27 109.27 109.27 a 182 10104 JENKINS.EILEEN 1,788.75 1,788.75 250.00 10D.00 1,438.75 R 93 06102 JENKINS,JOHN 1.788.76 1,788.76 350.00 100.00 1,338.76 R 86 07/01 JOHNSON,ROBERT 3,073.47 3,073.47 SM.00 100.00 2,473.47 R 64 4/95 JORDAN,CHARLIE 2,274.96 2,274.95 2,274.95 S 76 5088 JUDY,JAN 1,647.63 1,647.63 20D.00 50.00 1,397.63 R 37 3184 KING,ARNOLD D. 1,522.37 1,522.37 400.00 60.00 1,062.37 R 54 5189 KING,ARVIL 1,711.21 1,711.21 130.00 50.00 1,531.21 R 173 12103 LEDBETTER,DENNIS 3,775.80 3,775.80 765.0D 189.00 2,831.80 R 51 10188 LEWIS,CHARLES 1,647.63 1,647.63 200.OD 100.00 1,347.63 R 40 9185 LOGUE,PAUL D. 2,868.28 2,868.28 325.00 75.00 2,468.28 R 202 02108 MAHAMMARSHALL 4,077.28 4,077.28 612.00 204.00 3.261.28 R so 9/88 MASON,LARRY 1,631.25 1,631.25 137.61 25.00 1,468.64 R 39 4185 MC ARTHUR,RONALD A. 1,753.74 1.753.74 150.00 50.00 1,553.74 V 35 2/82 MC CHRISTIAN,DWAYNE 109.27 109.27 109.27 R 15 4f77 MC WHORTER,CHARLES 1,334.51 1,334.51 100.00 1,234.51 S 209 8181 MILLER,ALICE GAYLE 1,304.07 1,304.07 125.00 25.00 1,164.07 R 73 2w MILLER,KENNETH 3,180.02 3,180.02 325.00 75�00 2,780.02 R 73 2AX) MILLER,KENNETH plus 25 additional pay 170.60 170.60 170.60 S 217 2/86 MOORE,BETTY L 109.27 109.27 109.27 V 176 VO4 MORRIS,DIXIE E. 125.66 125.66 125.66 R 48 7/88 MULLENS,DENNIS W. 2,191.30 2,191.30 2,191.30 R 184 305 NAPIER,LONNIE 3,518.28 3,1518.28 268.75 88.00 3,161.53 R 196 01102 ONEAL,TEDDY 4,12D-99 4,120.99 400.00 10D.00 3,620.99 R 46 5/88 OSBURN,TROY 1,899.66 1,899.66 200.00 38.00 1,661.66 R 81 02/01 PHILLIPS.LARRY 2,765.09 2,765.09 2,765.09 R 203 02108 PIERCE.JOEY 3,647.18 3,647.18 550.00 180.00 2,917.18 R 53 2/89 POAGE,LARRY 2,346.70 2,346.70 325.00 105.00 1,916.70 R 186 06/05 REAGAMPETE 3,535.71 3,535.71 200.GD 0.00 3,335.71 V 201 �02108 REED.JUNE 109,27 109.27 109.27 R 41 9/85 SCHADER,TROY 1,524.99 1,524.99 57.00 25.00 1.442.99 R 190 04106 SHACKELFORD,GLEN 3,647.18 3,647.18 400.00 200.00 3,047.18 R 36 5/76 SPRINGSTON,CARL 806.19 806.19 70.00 17.00 719.19 S 90 03102 STOUT,IMOGENE W. 767.80 767.80 767.80 R 165 12102 TATE,RALPH 3,668.10 3,668.11) 300.00 100.00 3,268.10 V 65 3m TUNE.BILLIE SUE 136.59 136.59 136.59 R 71 1100 WARFORD.THOMAS 2,502.72 2,502.72 30moo 2,202.72 S 207 7M WATTS,MAGGIE 437.09 437.09 437.09 R 88 W/02 WOOD,RONNIE D 3,077.15 3,077.15 400.00 100.DO 2,577.15 S 208 W88 WRIGHT,Barbara 1,691.34 1,691.34 200.00 25.00 117,348.71 117,348.71 12,785.69 3,567.82 99,526.86 99,52B.86 101512012 C:kUsm�ssmith\AppData'L�hTempVPgrpvv-iw\January 2013 WM DATE OF Regular Mo Year To Date Regular Benefit Act 1373 EMP#RETIREMENT NAME Benefit Reg Benefit Fed Tax StTax Net Future Supplement WE,THE UNDERSIGNED,DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT;THAT NO PART THEREOF RAS BEEN PREVIOUSLY PAID;THAT 0.00 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 C14ARGES 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: 0.00 iw�.fi -iw�8.71 0.00 2785.69 -12785.69 0.0 Diffivenoe 0.00 "(should be off Supplemental amount for DROP part) 10/5/2012 C:lUsersXssmith\AppDa[aXL�l\Temp\XPgrpwiw\January 2013 WM Fire Pension Fund Revenue Expense Summary MO/2012 2011 2010 2009 2008 2007 2006 2005 Revenues: Employee Contributions $ - $ - $ $ $ 1,356.43 $ 6,987.00 $ 11.863.00 $ 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 $ 122,984.68 S 126,710.67 $ 146.031.32 $ 150,067.00 $ 151,560.00 $ 225,492.00 Local Millage(A mills) $ 258,477.72 $ 498,380.57 $ 508,192.08 $ 485,345.06 $ 441,696.50 $ 388,877.00 $ 370.649.00 $ 339,416.00 Interest and Dividends $ 112.726.03 $ 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 $ 109,924.36 $ 144,723.49 $ 327,952.15 $ 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 $ 4.00 $ 33.64 $ 972.73 $ 389.74 $ 0.96 $ 1,044.00 $ 541.00 $ 176.00 Total Revenue $ 746,366.86 $ 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 $ 1,068,612.48 $ 1,432,673.42 $ 1,434,268.78 $ 1,434,487.32 $ 1,430,083.26 $ 1,430,646.00 $ 1,281,954.00 $ 1,097,427.00 Future Supplement $ 35,960.00 $ 29,618.00 $ 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 $ 9,131.53 $ 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 $ 3,600.00 $ 3,300.00 $ 3,210.00 Professional Services $ - $ 2,900.00 $ 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 $ 300.00 $ 150.00 $ 150.00 $ 150.00 $ 100.00 Travel and Training $ 2,548.88 $ 3,462.00 $ 2,389.00 Total Expenses $ 1,117,320.70 $ 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 Adj $ (370,953.84) $ (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 $ 583,853.06 $ (967,119.37) $ 3,621.71 $ 280,562.00 $ (378,645.00) Net Income(Loss) $ (370,953.84) $ (70,236.36) $ 132,281.72 $ (35,674.84) $ (2,392,359.65) $ (357,579.29) $ (73,910.00) $ (722,206.00) Book Value Total Reserve Assets $ 4,163,005.16 $ 4,534,054.00 $ 5,085,760.74 $ 5,"1,627.54 $ 6,061,156.44 $ 7,486,396.00 $ 7,847,597.00 $ 8,202,070.00 Market Value Total Reserve Assets $ 4,619,109.52 $ 4,877,238.82 $ 5,664,763.66 $ 5,759,826.37 $ 6,823,183.74 $ 8,215,5".00 $ 8,673,123.00 $ 8,647,034.00 *Assets less any liabilities Market Value calculated at year end 10/1812012 C:%DOCUME-I\IbransonILOCALS-INTemp\XPgrpyise\Fire Pension Summary PRB ARKANSAS FIRE & POUCE PENSION REVIEW BOARD 620 W.3rd,Suite 200 Little Rock,Arkansas 72201-2223 Telephone:501.682.1745 Toll-Free:866.859.1745 Fax:501.682.1751 ernail:info@lopfi-prb.com website:www.lopl-prb.com To: Board of Trustees FAYETTEVILLE Fire Pension and Relief Fund From: PRB Staff Re: 2011 Actuarial Valuation Date: July 30,2012 Under state law the actuary for the PRB tests each local fire and police pension fund for actuarial soundness. The PRB uses an annual valuation cycle to assist each fund in monitoring the funding progress of their pension fund. The enclosed valuation for December 31, 2011, answers the following questions about your fund: YES NO I. Does income meet or exceed the Necessary Employer Contribution (see page 4)? XX 2. Is the funded percentage at least 97%(see page 10), OR are there enough assets to cover: all active member contributions; all payments to current beneficiaries; and 100%of all future payments earned by active member(see page 11)? XX 3. Is the pension fund actuarially sound? (YES response to items I and 2) XX FAYETTEVILLE FIREFIGfITERS,PENSION FUND ACTUARIAL VALUATION AS OF DECEMBER 31, 2011 Osborn, Carreiro & Associates, Inc. Actuaries Consultants Analysts Little Rock, Arkansas One Union National Plam,Suite 1690 Osbom, Caffelro & Associates, Inc. 12A West Capitol Avenue Little Rock,Arkansas 7Z201 ACMARJES CONSULTAWS ANALYSTS (501)3764;043 FAX(501)376-7847 July 30,2012 Buord of Trustees Fayetteville Firefighters Pension Fund Gentlemen: This report presents the results of our actuarial valuation of the assets and liabilities of the Fayetteville Firefighters Pension Fund as of December 31,2011. This valuation is required by Arkansas Code Annotated 24-11-205. 'nic purpose of this report is to (1)evaluate the actuarial status of the Fund,(2)determine the level contribution requirement needed, (3)review the development of the Fund over the past several years,and(4)present certain actuarial items on page 9 for disclosure under Governmental Accounting Standards. This report is not intended for any other purpose. The member and financial information used in this report was supplied by the Arkansas Fire& Police Pension Review Board. We did not audit this information,although we did review it for reasonableness and consistency. I certify that this report has been prepared in accordance with generally accepted actuarial principles and practices. In my opinion,the actuarial methods used are appropriate and the actuarial assumptions produce results which,in the aggregate,are reasonable. Sincerely, JoIcarreiro,A.S.A., M.A.A.A. 1 4 A ry TABLE OF CONTENTS EXHIBIT I CONTRIBUTIONS EXHIBIT 2 COST AND LIABILITIES EXHIBIT 3 SUMMARY OF FINANCIAL INFORMATION EXHIBIT 4 COMPARISON WITH PRIOR YEARS EXHIBIT 5 SHORT CONDITION TEST EXHIBIT 6 EMPLOYEE AND RETIREE PROFILES EXHIBIT 7 PRINCIPLE PROVISIONS OF TTIE PLAN EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS EXHIBIT I CONTRIBUTIONS The following contribution level reflects the payment of the current year Normal Cost for benefits attributable to said year(see Exhibit 2)plus an amount sufficient to pay off the Unfunded Actuarial Liability over a 5-year period. These costs DO NOT include the contributions due to the Local Police and Firefighters Retirement System("LOPFI")for persons hired after 1982. Full Volunteeror Paid Part-Paid Total 2012 Necessary Annual Contribution to pay: I Normal Cost,plus $ 0 $ 0 $ 0 2 Pay off the Unfunded Actuarial Accrued Liability 3,346,655 16,374 3,363,029 3 Total necessary $ 3,346,655 16,374 $ 3,363,029 Less 4 Expected Employee Contribution 0 0. - 0 (6.00%of salary. $12 per active volunteer) Necessary Employer Contribution $ 3,346,655 �$ 16 374 S�3363 029 (This is the amount needed in addition to investment income) Covered Payroll $ 0 N/A $ 0 Necessary Employer Rate N/A $ N/A N/A These contributions assume that the dollar contribution grows at a rate of 4%per year. The contributions are assumed to be made continuously throughout the year. The actual 2011 contribution was$629,918 from the employer. 4 EYHIBIT 2 COSTS AND LIABILITIES December 31,2011 A Normal C Dollar Percent (Cost to fund current active members) Amount qLaay I Regular Retirement Benefits $ 0 N/A 2 Voluntary Termination Benefits 0 N/A 3 Survivors!Benefits 0 N/A 4 Disability Benefits 0 N/A_ TOTAL $ 0. N/A B Actuarial Accrued Liabilitv 1 Active Lives Regular Retirement Benefits 0 Voluntary Termination Benefits 0 Survivors'Benefits 0 Disability Benefits 0 TOTAL ACTIVE LIVES $ 0 2 Deferred Retirement Option $ 0 DROP Accounts Future DROP Payments&Pensions 0 TOTAL DROP $ 0 3 Inactive Lives Retirees $ 18,190,030 Disability Retirees 564,283 Widows&Children 1,405,310 TOTAL INACTIVE LIVES $ 20,159,623 4 Total Liabili $ 20,159,623 C Assets $ 5,244,338 D Unfunded ActugLial Accrued Liabili $ 14,915,285 5