HomeMy WebLinkAbout2013-04-25 - Agendas - Final Fayetteville Fireman's Pension and Relief Fund
Meeting Date �/-�j_S-13
Adjourn Time 3 ;.30 ®,ny,
Attendees:
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Subject: Subject:
Motion By: Motion By:
Seconded: Seconded: tt/0041
Roy Cate 5 Roy Cate
Mayor Jordan ✓ Mayor Jordan ✓
Dennis Mullens t / Dennis Mullen ✓
Pete Reagan Pete Reagan ✓
Sondra Smith Sondra Smith ✓
Ronnie Wood Ronnie Wood
Subject: Subject: GLI ,''Frac
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MotionBy: ., Motion By:
Seconded: Seconded:
Roy Cate p& Roy Cate
Mayor Jordan Mayor Jordan
Dennis Mullens Dennis Mullens ✓
Pete Reagan v' Pete Reagan
Sondra Smith Sondra Smith
Ronnie Wood Ronnie Wood
Lioneld Jordan Chairmanlie
Pete Reagan Position 2 Retired
Sondra E.Smith Secretary a e � Dennis Mullens Position 3 Retired
Roy Cale Position 1 Refired Ron Wood Position 4 Retired
ARKANSAS
Firemen's Pension and Relief Fund
Board of Trustees Meeting Agenda
April 25, 2013
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be
held at 3:00 PM on April 25, 2013 in Room 326 of the City Administration Building.
Call to Order
Roll Call
Garrison Financial:
• 1st quarter reports
Approval of the Minutes:
• January 31, 2013 meeting minutes
Pension List Changes: None
Approval of the Pension List:
• Approval of the May, June and July, 2013 pension lists
Unfinished Business:
• GFOA Best Practices on the Governance of Public Employee Post-Retirement
New Business:
• Revenue & expense report
• Election — Ronnie Wood and Dennis Mullens terms will end May 31, 2013.
Informational:
• 2013 meeting schedule
i
� GARRISON RECEIVED
( F I N A N C I A L 82013
APR 0
April 4, 2013 CITY OFFAYETTEVILLE
CITY CLERK'S OFFICE
Ms. Sondra Smith
City of Fayetteville
113 West Mountain Street
Fayetteville, Arkansas 72701 SCANNED
Dear Ms. Smith, Vy111,
Enclosed is the quarterly report for the Firemen's Pension & Relief Fund for the quarter ended
March 31, 2013.
What a way to start to the year! The major averages broke new ground registering new all-time
highs, eclipsing the highs set back in October 2007. The S&P 500 ended the quarter at 1575,
surpassing the old high of 1565 set on October 9"', 2007 and prior to that, 1527 set on March
24th, 2000. The Dow Jones Industrial average ended the quarter at 14,700 screaming past the
old high of 14,164 set on October 9, 2007 and prior to that, 11,723 on January 14h', 2000.
Though the media has dubbed this time period the "Lost Decade" (even though it's actually a bit
longer than a decade), I would argue that really all wasn't lost. The index numbers reported on
the nightly news track principal movements only. They do not include the income that is
produced by dividends. Although it may appear as though equity investors earned nothing the
last 13 years, actually the equity market as measured by the S&P 500 index produced a return
of+2.75% annually since the highs in October 2007 which equates to a total gain of+20% and
a +2.12% annual return (+31.44% total gain)since the highs in March 2000 . A paltry return by
historical standards for equities, but much better than zero like many might think.
All sectors of the market participated in the 1st quarter rise with the healthcare sector leading the
way up +15.22%, leaving the sector up +22.41% over past 12 months. The laggards were
materials and technology which were up only +4.17% and +4.21% respectively for the quarter.
The same sectors lagged the last 12 months with technology declining -2.66% due mostly to the
pull back in shares of Apple and materials were the second worst performing up only +5.72%.
On the fixed income front, no doubt we sound like a broken record here, but volatility continues
as the Fed marches on with Quantitative Easing "Infinity." Rates on the 10 Year Treasury
began the year at 1.75% and topped 2% by the end of January. Late February into March,
rates fell (prices up)to 1.85%. Then on March 11, rates peaked for the quarter at 2.06% on the
10 Year. End of March? Back down to 1.85%. Total change for the quarter, up 10 basis
points. Not unexpectedly in the midst of this volatility, the total return for the Barclay's
Intermediate Government/Credit Index was only +.26%for the quarter.
Garrison Financial
605 W.Dickson Street,Suite 201 e Fayetteville,Arkansas 72701
479-587-1045. 888-442-7637. 479-587-1257 Facsimile 9 www.GanisonFinancial.com
The economy continues its tepid growth clocking in an annual rate of growth of only+0.4% in
the 0 quarter of 2012 and +2.2% growth for all of 2012. Last year was a bit better than the
1.8% growth in 2011, but not by much. The marked slowdown in the 0 quarter was attributed
to reductions in inventory and cuts in defense spending, and also hurricane Sandy slowed
things down in the heavily populated northeast part of the country.
Thanks to tax increases and automatic government spending cuts that started taking effect in
March, the Congressional Budget Office is predicting our economy will grow even less in 2013,
up only +1.5%. Even with the tax increase and spending cuts, the economy is still showing
signs of growth. February existing home sales rose to their highest level in nearly three years
and builders are building more houses and apartment complexes. Also home prices jumped in
January by the most since June 2006. Unemployment is holding steady at 7.7% and consumer
spending continues to grow just south of 2%. We will get a clearer picture later in the month
when the first look at first quarter growth is released.
As is usually the case, the market typically climbs a "wall of worry" such as the current economic
and political uncertainty. Remember, the market is always forward looking and our investment
philosophy seeks to identify attractive investments based on sound fundamental research that
can weather the storms.
Now is a good time of year to review your financial goals and objectives. If anything has
changed in your personal financial situation that we should be aware of, let's visit.
As is usual this time of year we have included a copy of our Privacy Policy and a summary of
material changes to our Form ADV Part II (there were none)for your review. If you would like to
receive a copy of our entire Form ADV Part II (our"Brochure"as the SEC calls it) please e-mail
or call any member of our investment team.
It goes without saying that we are grateful for your business, but more importantly for the trust
you have placed in us. Our team has been together over a decade and we enjoy and have fun
doing what we do for you. We also take it very seriously. If there is anything we can do to
improve our service to you please let us know. If you have a friend who may be looking for help
with their investments please send them our way.
Thanks again for your confidence in us.
Sincerely,
Kerry Bradley, CFA, MBA
Equity Portfolio Manager
GARRISON
F I N A N C I A L
Privacy Policy Notice
At Garrison Financial Corporation we realize the importance of maintaining a confidential relationship between client and investment manager. We understand that
you have entrusted our firm with confidential information about yourself and your investments as part of the ongoing process of our firm providing you with investment
management services. It is our policy to maintain the highest level of confidentiality with this information,ensuring the continued trust that you have come to expect
from our firm.
Due to recently enacted legislation,and to reiterate our commitment to confidentiality,we have adopted this Privacy Policy,
1) We do not sell information you provide to us to anyone.
2) We do not disclose personal information about you unless this disclosure occurs under the following conditions:
a) As part of the normal course of providing investment management services to your account,we routinely disclose information to your custodian. These '..
companies provide safekeeping services for the securities in your account and we regularly communicate with them regarding transactions affecting your
account. Information may also be disclosed to other non-related third party affiliates such as accountants and attorneys upon request by the client.
b) We may disclose or report personal information about you in certain limited circumstances where we believe that such disclosure is required or permitted '....
by law. Such disclosure may include cooperation with regulators or law enforcement agencies,or other instances as required by law.
c) For institutional accounts,we may also disclose information about your account to your investment consultant where we have knowledge of your ongoing
relationship with a consultant or in specific instances where you instruct us to disclose information about your account.
3) As part of our initial and ongoing service to you we collect personal information when you establish a clientlinvestment manager relationship with us. During this
relationship we continue to collect information about your account from your custodian in an effort to provide our service to your account. We also collect and
maintain information about transactions we conduct on your behalf including account balances, positions,and account history,among other information. We may
also collect information about you when you visit our website.
4) We continually safeguard the information you provide to us.
a) Our portfolio accounting is conducted in-house and we do not disclose information about your account to any third party except as described above.
b) Our employees are trained and instructed to use personal information you have entrusted to us for legitimate business purposes only.
c) We maintain physical,electronic and procedural safeguards to protect personal information you provide to us.
5) We will update you on future changes, I any, in our Privacy Policy. We value your trust and carefully handle information we possess about you. All Garrison
Financial Corporation associates who have access to your information are bound by the code of conduct that requires the confidential treatment of Customer
Information,and they are subject to disciplinary action if they fail to follow this code.
In relation to Garrison Financial Corporation's Privacy Policy and in order to ensure the protection of confidential company and client information, the following
procedures are to be followed:
1) Employees may not disclose client information outside the firm except as provided for in the Privacy Policy, or as expressly directed by the
client
2) Employees should take the necessary steps and precautions to ensure the safekeeping of clientfiles,both physical and electronic.
3) Employees should ensure that no client information is readily visible in public areas of the f rm when visitors are present.
4) Access to files should be limited to employees of the firm and regulatory agencies as required.
ITEM 2—MATERIAL CHANGES
April 3,2013. The following discusses only the material changes since the last annual update of our brochure,
which occurred in March of 2012.
No material changes have occurred at Garrison Financial Corporation since the last annual update of our
brochure.
If you would like to obtain a free copy of our updated brochure in printed or electronic form,please contact:
Garrison Financial Corporation
605 W.Dickson Street
Suite 201
Fayetteville,AR 72701
479-587-1045
888442-7637 Toll Free
Or e-mail Glenn E.Atkins,CFA,MBA—Chief Compliance Officer atag tkinsagarrisonfmancial.com
GARRISON
F I N A N C I A L
City of Fayetteville Firemen 's Pension & Relief Fund
Charles Schwab #7851-1206
Quarter Ending March 31, 2013
Garrison Financial
PORTFOLIO SUMMARY
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab #7851-1206
March 31, 2013
■Cash & Equivalents 292,029.51
■Account Fixed Income 1,372,432.16
®Account Equities 2,980,043.99
Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab#7851-1206
March 31,2013
Unit Total Market PM. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Schwab Advisor Cash Res- 292,029.51 292,029.51 6.3 0.010 29.20 0.0
Premier _
292,029.51 292,029.51 6.3 29.20 0.0
TREASURY NOTE
400,000 US Treasury Note 102.22 408,875.00 116.78 467,125.20 10.1 4.000 16,000.00 0.8
4.000%Due 08-15-18
Accrued Interest 1,944.75 0.0
408,875.00 469,069.95 10.1 16,000.00 0.8
CORPORATEBONDS
50,000 IBM Corp. 100.01 50,004.00 141.01 70,504.45 1.5 7.000 3,500.00 3.1
7.000%Due 10-30-25
Accrued Interest 1,458.33 0.0
50,004.00 71,962.78 1.5 3,500.00 3.1
COMMON STOCK
1,710 AT&T,Inc. 24.39 41,702.95 36.69 62,739.90 1.4 1.800 3,078.00 4.9
1,575 AbbVie,Inc. 24.41 38,451.37 40.78 64,228.50 1.4 1.600 2,520.00 3.9
1,575 Abbott Laboratories 22.40 35,277.06 35.32 55,629.00 1.2 0.560 882.00 1.6
2,000 American Electric 33.69 67,374.79 48.63 97,260.00 2.1 1.880 3,760.00 3.9
Power
1,650 Archer Daniels Midland 32.01 52,809.08 33.73 55,654.50 1.2 0.760 1,254.00 2.3
2,300 BCE,Inc.Cl F 24.40 56,110.11 46.69 107,38200 2.3 2.270 5,221.00 4.9
925 Chevron Corporation 73.07 67,592.17 118.82 109,908.50 2.4 3.600 3,330.00 3.0
3,000 Cisco Systems,Inc. 17.43 52,302.90 20.89 62,685.00 1.3 0.680 2,040.00 3.3
2,200 Coca-Cola Company 26.40 58,074.28 40.44 88,968.00 1.9 1.120 2,464.00 2.8
1,200 ConocoPhillips 44.94 53,930.85 60.10 72,120.00 1.6 2.640 3,168.00 4.4
833 Duke Energy Corp. 57.48 47,880.86 72.59 60,467.43 1.3 3.060 2,548.98 4.2
1,000 Emerson Electric 38.01 38,012.30 55.87 55,870.00 1.2 1.640 1,640.00 2.9
4,000 General Electric Co. 15.96 63,844.01 23.12 92,480.00 2.0 0.760 3,040.00 3.3
900 Genuine Parts Co. 36.65 32,986.53 78.00 70,200.00 1.5 2.150 1,935.00 2.8
2,000 GlaxoSmidiKline Plc 38.47 76,936.20 46.91 93,820.00 2.0 2.340 4,680.00 5.0
450 IBM Corporation 122.43 55,091.76 213.30 95,985.00 2.1 3.400 1,530.00 1.6
3,725 Intel Corp. 17.61 65,581.48 21.83 81,335.37 1.8 0.900 3,352.50 4.1
1,115 Johnson&Johnson 60.77 67,758.33 81.53 90,905.95 2.0 2.440 2,720.60 3.0
1,150 Kimberly Clark Corp. 60.71 69,811.20 97.98 112,677.00 2.4 3.240 3,726.00 3.3
2,700 Microsoft Corp. 26.30 71,001.40 28.60 77,233.50 1.7 0.920 2,484.00 3.2
1,675 Oracle Corporation 15.70 26,297.33 32.33 54,152.75 1.2 0.240 402.00 0.7
4,120 Pfizer,Inc. 16.52 68,077.88 28.86 118,903.20 2.6 0.960 3,955.20 3.3
1,400 Procter&Gamble Co. 50.46 70,641.98 77.06 107,884.00 2.3 2.250 3,150.00 2.9
1,400 Wal-Mart Stores,Inc. 50.36 70,497.97 74.83 104,762.00 2.3 1.880 2,632.00 2.5
1,348,044.79 1,993,256.61 42.9 65,513.28 3.3 :.
MUTUALFUNDS
1,296.008 Columbia Acorn hrt7 38.58 50,000.00 43.71 56,648.51 1.2 0.640 829.45 1.5
3,984.064 Fed lntenn Corp Bond 10.04 40,000.00 10.33 41,155.38 0.9 0.420 1,673.31 4.1
3,600.360 PIMCO Total Return 11.11 40,000.00 11.24 40,468.05 0.9 0.310 1,116.11 2.8
4,683.407 SteelPath MLP Income 10.68 50,000.00 10.80 50,580.80 1.1 0.780 3,653.06 7.2
1,833.272 Vanguard Developed 27.27 50,000.00 29.32 53,751.54 1.2 1.010 1,851.60 3.4
Mkt
1,443.113 Vanguard Emerging 34.65 50,000.00 34.38 49,614.22 1.1 0.360 519.52 1.0
Mkt
2,615.123 Vanguard High Div Yld 19.12 50,000.00 21.72 56,800.47 1.2 0.620 1,621.38 2.9
1
Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Firemen Is Pension &Relief Fund
Charles Schwab#7851-1206
March 31,2013
Unit Total Market PM. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
3,412.116 Vanguard Mid-Cap 29.31 100,000.00 33.18 113,214.01 2.4 0.200 682.42 0.6
Growth Index
3,410.952 Vanguard Mid-Cap 29.32 100,000.00 34.83 118,803.46 2.6 0.590 2,012.46 1.7
Value Index
3,290.816 Vanguard Small-Cap 30.39 100,000.00 35.17 115,738.00 2.5 0.320 1,053.06 0.9
Growth Index
3,324.742 Vanguard Small-Cap 30.08 100,000.00 35.34 117,496.38 2.5 0.810 2,693.04 2.3
Value Index
730,000.00 814,270.81 17.5 17,705.41 2.2
UNIT TRUSTS
3,500 Sector Utility Select Shs 31.96 111,858.95 39.10 136,850.00 2.9 1.450 5,075.00 3.7
1,850 iShares DJ Select Div 47.39 87,680.75 63.40 117,290.00 2.5 2.170 4,014.50 3.4
5,000 iShares IBOXX Inv 106.90 534,506.93 119.90 599,500.00 12.9 4.420 22,100.00 3.7
Grade Corp Bond
1,400 iShams Leh 7-10 yr 104.43 146,198.70 107.34 150,276.00 3.2 1.830 2,562.00 1.7
Treas _
880,245.33 1,003,916.00 21.6 33,751.50 3.4
TOTAL PORTFOLIO 3,709,198.63 4,644,505.67 100.0 136,499.39 2.6
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
2
Garrison Financial
PURCHASE AND SALE
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab#7851-1206
From 01-01-13 To 03-31-13
Trade Settle Unit `
Date Date Quantity Security Price Amount
SALES
01-02-13 01-02-13 351 Gen Elec Cap 6.625%06-28-32 25.00 8,775.00
01-02-13 01-02-13 5,000 Gen Electric Cap 6.1% 11-15-32 25.00 125,000.00
133,775.00
Garrison Financial
REALIZED GAINS AND LOSSES
City of Fayetteville Firemen's Pension &Relief Fund
Charles Schwab#7851-1206
From 01-01-13 Through 03-31-13
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
12-31-05 0"2-13 5,000 Gen Electric Cap 6.1% 124,888.90 125,000.00 111.10
I1-15-32
12-31-05 01-02-13 351 Gen Elec Cap 6.625% 8,783.51 8,775.00 -8.51
06-28-32
TOTAL GAINS 0.00 111.10
TOTAL LOSSES 0.00 -8.51
133,672.41 133,775.00 0.00 102.59 -
TOTAL REALIZED GAIN/LOSS 102.59
NO CAPITAL GAINS DISTRIBUTIONS
i
Garrison Financial
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Firemen's Pension &Relief Fund
Charles Schwab#7851-1206
March 31, 2013
PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO
Market Pct.
Value Assets Yield
Cash&Equivalents 292,029.51 6.3 0.0 Portfolio Value on 12-31-12 4,533,056.42
Account Fixed 1,372,432.16 29.5 2.4 Accrued Interest 6,583.33
Income
Account Equities 2,980,043.99 64.2 3.0 Net Additions/Withdrawals -212,946.55
Account 0.00 0.0 - Realized Gains 992.98
Commodities
Unrealized Gains 285,884.97
Income Received 34,114.76
Change in Accrued Interest -3,180.25
Portfolio Value on 03-31-13 4,641,102.58
Accrued Interest 3,403.08
Total 4,644,505.67 100.0 2.6 4,644,505.67
TIME WEIGHTED RETURN
Annualized
Quarter Last 12 Inception
To Date Months To Date
Account 7.12 11.37 12.13
40%Fixed Income/60% 6.40 9.83 12.54
Equity Blended Index
Account Fixed Income 0.25 5.86 4.34
Barclays Capital Intermed 0.26 3.53 2.67
Govt/Credit
Account Equities 11.75 15.58 17.98
S&P 500 10.61 13.96 19.34
All"Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as
percentages.
This report is calculated using industry-standard accounting and performance calculation methodologies and is generated by our Axys
portfolio accounting software. Calculations are a time-weighted total return series based on monthly valuations, including all cash
and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash,
interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and
withdrawals. Results are presented after transaction costs but before management fees. Inception-to-date returns are annualized
numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation.
At any given point in time an investment may be worth more or less than the original purchase price.
GARRISON
F I N A N C I A L
April 5,2013
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab#7851-1206
113 West Mountain Street
Fayetteville,AR 72701-6069
STATEMENT OF MANAGEMENT FEES
For The Period January 1 through March 31,2013
Portfolio Value as of 12-31-12 4,539,640
Portfolio Value as of 01-31-13 4,676,146
Portfolio Value as of 02-28-13 4,640,075
Portfolio Value as of 03-31-13 4,644,506
Average of 4 Months 4,625,092
4,625,092 @ 0.5000%per annum 5,781
Quarterly Management Fee 5,781
TOTAL DUE AND PAYABLE 5,781
This statement is for informational purposes only. As you requested, the fee will be automatically
deducted from your account. Please be advised that it is the responsibility of the client to verify the
accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated.
Firemen's Pension and Relief Fund
Board Members Board of Trustees Meeting Minutes
31,
Mayor Jordan Chairman lPaye
'' January Pa e I of 1g0
Sondra E.Smith SecretaryRay Cate Position 1/Retired
Pete Reagan Position 2/Retired ..
Dennis Mullens Position 3/Redred A R K A N S A S
Ronnie Wood Position 4/Retired
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
January 31,2013
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
3:00 p.m. on January 31, 2013 in Room 326 of the City Administration Building.
Sondra Smith, Secretary called the meeting to order and acted as Chairman until Mayor
Jordan arrived at 3:05 p.m.
Present: Mayor Jordan, Pete Reagan, Ronnie Wood, Dennis Mullens, Sondra Smith, City
Clerk, Paul Becker, Finance Director, Kit Williams, City Attorney, Lisa Branson, Deputy
City Clerk,James Bell and Glenn Atkins, Garrison Financial.
Absent: Roy Cate
Approval of the Minutes:
October 25,2012 meeting minutes.
Pete Reagan moved to approve the October 25, 2012 meeting minutes. Ronnie Wood
seconded the motion. Upon roll call the motion passed 5-0. Roy Cate was absent.
Pension List Changes:
There were no changes to the pension lists
Approval of the Pension Lists:
Approval of the February,March and April,2013 pension lists
Pete Reagan moved to approve the February, March and April, 2013 pension lists. Ronnie
Wood seconded the motion. Upon roll call the motion passed 5-0. Roy Cate was absent.
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
January 31,2013
Page 2 of 10
New Business:
GFOA Best Practices on the Governance of Public Employee Post-Retirement
Sondra Smith: PRB sent a copy of this to Accounting and they forwarded a copy to us as a
recommendation that we adopt Best Practices for our pension plan. I emailed it out to everybody
to preview it before we came to the meeting, to see if anybody had any discussion on it. It's
probably a good idea to develop some Best Practices for our pension plan.
Mayor Jordan: What are your thoughts on it?
Pete Reagan: Is this just the guidelines?
Sondra Smith: That is what PRB sent as suggested guidelines.
Mayor Jordan: You don't have to approve it this meeting. If you want a month or how ever
long you want to look at them I'm good with that. It was sent to us and now we are sending it on
to you.
Pete Reagan: I think that's a good idea. We have one board member absent. Personally, I have
not read it.
Mayor Jordan; You would like to table it? Do we have a formal tabling on that?
Pete Reagan: According to Robert's Rules you can table to a specific date.
Mayor Jordan: That's not my specialty, so whatever you all want to do.
Sondra Smith: Usually if you tell us you want it on the next agenda we put it on the next
agenda. We can do it however you all want to do it.
Mayor Jordan: Whatever you all want to do.
Pete Reagan: Put it on the next agenda.
NCPERS invoice paid
A copy of the paid NCPERS invoice was given to the board.
Sondra Smith: That is just an informational item to let you know that we did pay that NCPERS
invoice.
Mayor Jordan: Everybody good with 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
January 31,2013
Page 3 of 10
Pete Reagan: Yes.
Local Pension fund report to the Council
A copy of the local pension fund report that was presented to the City Council at the first Council
meeting in January, 2013 was given to the board.
Sondra Smith: That is the report Mayor that you gave in open session at City Council meeting.
It has to be given, according to state law, by the first meeting of the year. That is just a copy for
the board so they can be aware of what was given to the Council.
Paul Becker: Essentially the information in there came from the actuarial reports. They created
the numbers.
Mayor Jordan: We printed off what they sent us.
Paul Becker: It discusses some of the correspondence between PRB about the condition of the
fund.
Revenue & expense report
A copy of the December 31, 2012 revenue and expense report that was completed by Accounting
was given to the board.
Sondra Smith: This is a report that Accounting gives to the board each quarter so that they can
see how their fund has done over the past few years.
Paul Becker: At the end of 2012 you can see prior to mark to market there was a$463,000 loss
in the fund. Based on the information report given today we will mark to market which will
increase the value of that fund and put a loss at$260,000 to $270,000 probably.
Mayor Jordan: Any questions on that?
Pete Reagan: No sir.
Discuss special meetinlr date in May to open ballots
Sondra Smith: Since the board has chosen to open the ballots in open session, then we need to
set up a meeting date in late May to open those ballots and count the ballots.
A discussion followed on possible dates for the special meeting to open the ballots. The meeting
was scheduled for May 30, 2013 at 3:00 p.m. in Room 326.
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
January 31,2013
Page 4 of 10
Chairman's role at a pension meeting regarding motions,seconds and votes
Sondra Smith: Pete had a question on that. His thinking is that if you are running the meeting
as Chairman that you can not make a motion or second because you are the Chairman. The
Mayor has made motions and seconds before as Chairman and so I wanted to get that clarified. I
spoke to Kit and he didn't see a problem with it because it's not like the City Council meeting.
We haven't formally adopted Robert's Rules of Order for this board meeting.
Kit Williams: In most situations Chairmen do not make motions and second them, however
Robert's Rules of Order is made for larger bodies because the more people you have, the more
you have to be formal in order to get things done or otherwise it is chaos. That is why you have
many more rules to establish exactly this or exactly that. We have a lot of Aldermen committees
where you have four Aldermen and the Chairmen on those make motions all the time. You can
do it either way you want. I was looking at the code and it says that the board may make all rules
needful for its guidance to implement the provisions regarding board composition. That sounds
like elections rather than procedures and policies. You all are self governing so that if you felt
like it was improper for the Mayor in the future to make a motion, you could adopt that as your
policy and procedure. The meetings are a lot less formal, but you are a self governing board of
trustees primarily and so you can adopt reasonable rules of procedure if you want to.
In most cases in any large committee the Chairman does not make motions or second motions.
This is a small group so if the Mayor couldn't do one of those things it could be that you might
need some support on the committee for a motion and it could not be seconded. That is up to you
all and you can decide that. If there were two people in favor of a motion and the Mayor being
one, well it's not going to pass anyway. It is however you all want to run it. We are generally not
so formal when we have various different committees. There are certain things you must be very
formal about. For example when you were raising your benefits, it took all but one person to sign
the resolution to get it done and that was called for in the statute. If it's called for in the statute
we will do it exactly as the statute says, but this is not. How you run your meetings is not in the
statute, so you can decide what you want to do.
Sondra Smith: My concern was the Mayor has done that before in the past and if we are
changing something then we are changing it in mid stream against what we've done previously
and with us being such a small board it will be very difficult if we implement that, but it doesn't
matter to me.
Pete Reagan: I've conducted lots of meetings, attended lots of meetings and Robert's Rules of
Order was written for meetings. LOPFI board, pension review board all operate under Robert's
Rules of Order and the reason I brought it to Sondra's attention was because I was Chairman of
the meeting at our last pension board meeting because the Mayor was absent and came in late. I
asked her to make note of that in the minutes because it was my understanding that a Chairman
couldn't make a motion.
Mayor Jordan: For the record, I have not ever made a motion here, but I've seconded some
motions. I've seconded two,three or four motions, but I've not formally made a motion.
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Firemen's Pension and Relief Fund
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January 31,2013
Page 5 of 10
Pete Reagan: I understand and I would have questioned that under Robert's Rules of Order.
When I was elected Chairman of different boards, I never made a motion. I just assumed we
were under Robert's Rules of Order and there is a reason for parliamentary procedure and I know
that you all abide by that at City Council.
Kit Williams: We don't follow Robert's Rules of Order in reality. The Mayor introduces a
resolution by reading the title of the resolution and City Council discusses it and then gets citizen
comments. In Robert's Rules of Order, only members of the committee get to discuss anything,
not the citizens. We let citizens comment and then at the very end someone makes a motion to
approve it. Under Robert's Rules you make a motion first. If you don't have a motion to second,
there is no discussion. Why we do that is because it works and the reason for parliamentary
procedure is so that the group that's trying to make a decision can function well, that people
understand what is going on, people have the right to have their say and it makes us dutifully
functioning in a meeting. Robert's Rules is a good way to do it.
I've been in many groups that have followed Robert's Rules of Order and that's a good way to
do it. It is the established standard for most committees, but when I became City Attorney after
being on City Council for over six years and we had never done that. I saw it was functioning
well and I said why put form over substance, substance being is it working, the form being let's
follow Robert's Rules even though this other way is working. The real reason for this is so that
the group can function and that the Chairman doesn't totally dominate something. That's the
reason 1 think the Chairman in big groups is not allowed to make motions because there is
concern the Chairman will totally dominate. The Chairman can decide who has the floor. If two
people want to have the floor, the Chairman gets to decide who has the floor and who he is going
to recognize. The Chairman makes all kinds of decisions and so Robert's Rules has removed the
power to make motions from the chair. In big groups you really do need much more clear rules
and parliamentary procedure to be fair to everybody that is a member of that group. Here you
have a very small group and you don't need do that, but you can. You can make that rule if you
want to and that's something this group can do. I think you are self governing. I'm just saying we
are pretty small and informal except when you are going to raise benefits where the state tells
you what you are going to have to do.
Sondra Smith: If we want to follow Robert's Rules of Order the books about an inch thick and
someone will have to sit here and check the book for parliamentary procedure during the
meeting.
Kit Williams: We don't really want to follow that. If you just want to say the Mayor doesn't
make motions or whoever is Chairman doesn't make motions, then say that and let's not follow
Robert's Rules to a tee because it's complicated. If you all don't say a motion just right, the
chair is not suppose to recognize it and we don't want to go down that road.
Pete Reagan: I just wanted to bring it to attention.
Sondra Smith: I don't want that confusion in the future, either you can or you can't. I don't
want you running a meeting and think you can't make a motion. When the Mayor is running the
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Board of Trustees Meeting Minutes
January 31,2013
Page 6 of 10
meeting and he can make a motion. I have been here for ten years and it has never come up
before.
Kit Williams: A Vice Mayor can take over, if Lioneld ever missed a meeting, and that
happened when Hanna was Mayor. I was Vice Chair when he got very ill and he missed about
six months of meetings. I was running the meeting and I still had the right to make a motion. I
didn't lose that right because I stepped in.
Lioneld Jordan: Kit's right about that because I was Vice Mayor and I ran about sixteen City
Council meetings in the time that I was on the Council.
Kit Williams: You still had the right to make the motion and second.
Pete Reagan: Under Robert's Rules of Order you would have give up the chair to someone else
designated.
Mayor Jordan: I'm not arguing that point. I'm not disagreeing with you on that.
Pete Reagan: I don't have a problem with you making a motion.
Kit Williams: When you made a motion the last time, I thought it was ok.
Mayor Jordan: We will do it anyway you want to. That's kind of the way we have always run
it.
Pete Reagan: I have no problem with it.
Kit Williams: I don't think it's improper to run your procedure the way you want to. The key is
there are a couple things you must have, a quorum and majority vote to pass something.
Sondra Smith: If everybody is ok with that, we will just leave it that the chair can make a
motion and second. Pete are you ok with that.
Pete Reagan: That is fine.
Mayor Jordan: I am good with that.
Pete Reagan: The chair can always entertain a motion.
Mayor Jordan: Yes,that is true and I have done that a few times when I've chaired a meeting.
Garrison Financial:
Garrison Financial Monthly Report
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January 31,2013
Page 7 of 10
A copy was given to the Board
James Bell: At the end of the year the portfolio was $4.54 million. Your policy is 60% equities,
40% fixed income. We are right on the policy for the equity portion and just a little bit below on
the fixed income. The reason for that is because we keep substantial cash reserve to cover the
payouts that come almost monthly. We also have a few fixed income securities that matured or
were called right before year end and we have had a couple more mature and be called right after
year end so that explains the cash balance. Next week there will be $91,000 going out for
February payment, so that's the reason for the cash in the portfolio.
The second page of the portfolio appraisal is where you will see under the market value column
$4,539,000 in the portfolio at year end. The page after that is the purchase and sale. Today is the
one year anniversary that Garrison began managing the portfolio. This report is through year end
and you can see that we purchased over the course of the year a number of mutual funds, both
equity and some fixed income funds as well. That is part of our charter. Your policy restricts us
to buying only mutual funds and you can see that is what we have done. You will see the sales
that we have made over the course of the year. Sales were made mainly to restructure the
portfolio and to be sure it is within the policy limits and also to raise cash periodically for the
payouts that are going out to the members of the fund.
Pete Reagan: The AT&T first sale, was that the bonds that were called?
James Bell: Yes, that was one that was called. The General Electric preferred stocks were
called some right before year end and some right after year end. Other than that the Hershey
Foods Bond matured as well on August 15a' A couple pages after that is the performance
summary. We will walk through what has happened in the portfolio since we started managing
the portfolio on January 31, 2012. We started at $4.8 million. Over the course of the year there
have been withdraws of$574,000 and you end the year at $4.54 million. So, if you want to look
at the contribution from the investment management portion that has been about $312,000 and
that would equate to the 6.63% you see on the chart below the account line inception to date
6.63% return on the portfolio. Since it's been a month since the end of the year, I have brought
along another separate package that is going to show you what has happened to the portfolio
since the end of the year through yesterday. Stock market have had a very good start for 2013
through yesterday the portfolio is $4,669,000 and that is up about $144,000 through January, a
little over 3% for the year. Regarding the equity markets, we continue to think the stocks are
reasonably valued and attractively priced. We know there is a potential economic disruption with
what is going on in Washington D.C. We saw Congress and the President get together and get us
through the fiscal cliff negotiation at the thirteenth hour, but they got it done and we think they
did a reasonable job resolving that issue. We still have sequestration to come, debt ceiling
discussions, so there is a potential for what is happening in Washington to affect the economy.
That is something we are watching very closely. As far as your policy goes and what we are
seeing in the markets, there is really nothing to suggest any change from your current investment
policy. Now Glenn will talk about the fixed income.
Glenn Atkins: As James alluded to the General Electric preferred stock about $133,000 of that
was called on January 2nd in full and that brings us to the cash balance at the end of the year at
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January 31,2013
Page 8 of 10
337,000. A continuing theme in the fixed income market, since we began managing the portfolio,
was we wanted extreme volatility and we follow the ten year treasury yield as a proxy for the
market. If you look at the chart of the yield on the ten year it was very high back in February and
March very low and extremely volatile for the rest of the year. Since these two issues were
called, that generated the bulk of the cash, the market has been essentially straight down or up in
yield. For the year the treasury had been since about March in a range of 1.45% yield to about
1.85% yield, but again with much volatility between there. Near the end of the year the market
backed up to where the yield was about 1.62% and then since the end of the year it's gone to
where the yield on the ten year yield treasury right now is around 2%. We have seen a drastic
decline in the market since the end of the year. I've been reluctant to invest that cash that
rightfully belongs in the fixed income portion of the portfolio given the drastic move that we've
had in the last four weeks. The plan will be to invest roughly $200,000 or so of that and that
would get us fully invested on the fixed income side. In retrospect, that was a good decision not
to invest that money immediately that was called, the ten year treasury is down over 2%just in
the month of January alone. The mix of your portfolio is not down that much, but that gives you
an indication of the decline in the market overall and the volatility. So long story short, we will
invest that money approximately $200,000 to $225,000 and that will leave you with your
required cash balances and the portfolio will be exactly in line with 60% equity and 40% fixed
policy directed.
The Fed came out yesterday and basically said they are going to keep rates low for the rest of
eternity apparently, but what they really said was until employment got to below a certain level,
the unemployment rate, and somewhere until 2015 they are going to try and keep rates low. To
me that means, not much up from where they are now perhaps. We are positioned for that in
terms of how the portfolio is structured. We've got some good funds and we're not taking a
whole lot of maturity or interest rate risk. In the bonds you do have in there for example the
IBM, and the Treasury those are throwing off a tremendous amount of income, so that is a
actually a positive thing. We will reinvest that money and get as much return on it as we can
within the confines of your policy statement and we should be in good shape.
The economy was good in the third quarter and not so good in the fourth quarter. We think on
balance risk is in favor of the stock market and not so much in favor of the bond market,because
even with yields at 2% on a ten year treasury they are still at historic lows. So, we think 60%
equity and 40% fixed as James alluded to earlier is still a good mix because we think stocks have
had a good run, but on an evaluation basis they are not overvalued in fixed income. We've been
in a bull market basically for the last 25 or 30 years and rates are very low, which lends it self to
interest rate risk when rates begin to rise. That is the update since we met last. We will be happy
to entertain comments, questions, ideas, suggestions, observations or anything on your mind.
Mayor Jordan: What questions do we have?
Pete Reagan: I think that the 601/o/40%mix is still the way to go.
James Bell: We have no disagreement on our end. I think that's very prudent.
Pete Reagan: We appreciate you looking after our funds.
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Board of Trustees Meeting Minutes
January 31,2013
Page 9 of 10
Glenn Atkins: We are proud to do it and will do the best job we can.
Pete Reagan: Thank you.
Mayor Jordan: Thank you all very much.
Garrison Financial 4th Ouarter Report
A copy was given to the Board
Canada eligibility for benefits
A copy of the Canada eligibility for benefits form that was completed and returned to Garrison
Financial was given to the board.
Sondra Smith: This is a form that we received and we have received the same one from Longer
Investments. When you have Canadian investments there is a form you have to fill out and send
in. I wanted you to be aware. I try to put everything in this packet that we take care of We had
to send in a form signed by the Mayor and myself because we sign pension items for you guys.
Kit Williams: We have investments in Canada?
Sondra Smith: Yes. That is just a copy of what we signed. A lot of times those have to be done
in a certain time period. This one had to be signed and returned back to them in two days from
me receiving it from Kerry at Garrison.
Pete Reagan: That's fine.
Sondra Smith: A lot of times I don't have the chance to contact everybody and say we are
going to sign this form.
Informational:
A copy of the 2013 regular meeting schedule was given to the board.
Mayor Jordan: Do we have any other kind of business today?
Pete Reagan: Who is up for election this time?
Sondra Smith: Dennis Mullens and Ronnie Wood. Are you both still willing to serve?
Dennis Mullens: I am.
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Board of Trustees Meeting Minutes
January 3l,2013
Page 10 of 10
Sondra Smith: I always call when someone gets nominated and make sure they want to serve. I
do not want to put them on the ballot if they choose not to serve.
Mayor Jordan: We will put a public announcement out, won't we?
Sondra Smith: On the fire we send out nomination letters, when we get the nominations back
we send out election ballots. It is a very busy process.
Meeting adjourned at 3:40 p.m.
113 West Mountain 72701 (479)575-8323
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FIREMEN'S RELIEF AND PENSION
May 5 5
2013 5 5
5 5
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HERESY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Data
EMP✓«RETIREMENT NAME Benefit Reg BNWM
0 79 11/99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 9,063.70
R 177 4104 BACKMAN,EDDIE 2,618.55 13,092.75
S 74 3/88 BAIRD,JULIA 1,802.08 9,010.40
V 63 5/72 BOLAIN,ANN 109.27 546.35
R 68 7189 SONADUCE,MICHAEL 2,988.76 14.943.80
S 44 9/88 BOUDREY,BETTY MRS. 2,477A2 12,387.10
R 45 5186 BOUDREY,HOWARD 2,089.28 10,446.40
R 49 7188 BOUDREY,JACK 1,647.63 8,238.15
R 57 5190 CATE,ROY 1,788.90 8,944.50
V 6 488 CHRISTIE,ARNOLD 109.27 546.35
R 77 11M DILL,GARY JOHN 1,812.75 9,083.75
R 186 12(05 DOSS,MARION H 5,376.91 28,884.55
R 188 12!05 DOSS,MARION H p1m 25 additional pay 731.61 3,658.05
R 11 2176 PARRAR,ALONZO 998.86 4,996.30
R 192 4106 FARRAR,DANNY 4,155.36 20,776.80
R 38 5184 FRALEY,JOSEPH G. 1,768.12 8,840.60
R 170 5103 FREEDLE,LARRY 3,616.75 19,083.75
R 170 5/03 FREEDLE,LARRY plus 25 additiaeAd pay 141.37 706.85
R 92 03(02 GAGE,TOMMY 2,5116.69 12,983.45
V 34 8179 HARRIS,JAMES E. 109.27 548.35
V 70 11199 HARRIS,MARY RUTH 109.27 546.35
0 182 10!04 JENKINS,EILEEN 1,788.75 8,943.75
R 93 0&02 JENKINS,JOHN 1,788.76 8,943.80
R 86 07/01 JOHNSON,ROBERT 3,073A7 15,367.35
R 64 4A5 JORDAN,CHARLIE 2,274.95 11,374.75
S 76 668 JUDY,JAN 1,647.63 8,238.15
R 37 3/84 KING,ARNOLD D. 1,522.37 7,611.85
R 64 5189 KING,ARVIL 1,711.21 8,556.05
R 173 12/03 LEDBETTER,DENNIS 3,775.8D 18,879.00
R 51 10/88 LEWIS,CHARLES 1,647.63 8,238.15
R 40 9/85 LOGUE,PAUL D. 2,868.28 14,341.40
R 202 02106 MAHAN,MARSHALL 4,077.28 20,386.40
R 50 9/88 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 109.27 546.35
R 15 4177 MC WHORTER,CHARLES 1,334.51 6,67255
S 209 8/81 MILLER,ALICE GAYLE 1,300.07 6,520.35
R 73 2/00 MILLER,KENNETH 3,180.02 15,900.10
R 73 2100 MILLER,KENNETH plus 25 addrdml pay 170.60 853.00
VS 217 2186 MOORE,BETTY L 109.27 546.35
V 176 4104 MORRIS,DIXIE E. 125.68 628.30
R 48 7/88 MULLENS,DENNIS W. 2,191.30 10,956.50
R 184 3105 NAPIER,LONNIE 3,518.28 17,591.40
R 196 01102 ONEAL,TEDDY 4,120.99 20,604.95 '..
R 46 5/88 OSBURN,TROY 1,899.66 9,496.30
R 81 02101 PHILUPS,LARRY 2,765.09 13,825.45
R 203 02/08 PIERCE,JOEY 3,647.18 18,235.90
R 53 2189 POAGE,LARRY 2,346.70 11,733.50
R 186 06105 REAGAN,PETE 3,535.71 17,676.55
V 201 "02108 REED,JUNE 109.27 548.35
R 41 9/85 SCHADER,TROY 1,524.99 7,62A.95
R 190 DOW SHACKELFORD,GLEN 3,647.18 18,235.90
R 36 5176 SPRINGSTON,CARL 806.19 4,030.95
S 90 03102 STOUT,IMOGENE W. 767.80 3,839.00
R 165 12102 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 12,519.60
S 207 7168 WATTS,MAGGIE 437.09 2,185.45
R SS 01102 WOOD,RONNIED 3,077.15 15,385.75 '..
S 208 9/56 WRIGHT,Balbsla 1,691.34 8,456.70
117.348.71 586,743.55
4122/2013 K:1Fae PensionWension LlstWension List 20137P 050113 WM
FIREMEN'S RELIEF AND PENSION
June 6 6
2013 6 6
6 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 -.
EMP#RETIREMENT NAME Benefit Reg BeneM
0 79 11199 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 10,876.44
R 177 4/04 BACHMAN,EDDIE 2,618.55 15,711.30
S 74 3/86 BAIRD.JULIA 1,802.08 10,812.48
V 63 5172 BOLAIN,ANN 109.27 655.62
R 88 7199 SONADUCE,MICHAEL 2,988.76 17,932.56
S 44 9188 BOUDREY,BETTY MRS. 2,477.42 14,864.52
R 45 9188 BOUDREY,HOWARD 2,089.28 12,535.68
R 49 7168 BOUDREY,JACK 1,647.53 9,885.78
R 57 5190 CATE,ROY 1,788.90 10,733.40
V 6 4168 CHRISTIE,ARNOLD 109.27 655.62
R 77 1U99 DILL,GARY JOHN 1,812.75 10,876.50
R 188 12105 DOSS,MARION H 5,376.91 32,261.46
R 188 12/05 DOSS,MARION H plus 25 add41onal pay 731.61 4,389.66
R 11 2/76 FARRARALONZO 998.86 5,993.16
R 192 4106 FARRAR,DANNY 4,155.36 24,932.16
R 38 5184 FRALEY,JOSEPH G. 1,768.12 10,608.72
R 170 5/03 FREEDLE,LARRY 3,816.75 22,900.50
R 170 5703 FREEDLE,LARRY plus 25 additional pay 141.37 848.22
R 92 03102 GAGE,TOMMY 2,596.69 15,580.14
V 34 6178 HARRIS,JAMES E. 109.27 655.62
V 70 11189 HARRIS,MARY RUTH 109.27 655.62
O 182 10104 JENKINS,EILEEN 1,788.75 10,732.50
R 93 06102 JENKINS,JOHN 1,788.76 10,732.56
R 65 07101 JOHNSON,ROBERT 3,073.47 18,440.82
R 64 4195 JORDAN,CHARLIE 2,274.95 13,649.70
S 76 5188 JUDY,JAN 1,647.63 9,885.78
R 37 3184 KING,ARNOLD D. 1,622.37 9,134.22
R 64 5189 KING,ARVIL 1,711.21 10,267.26
R 173 12/03 LEDBETTER,DENNIS 3,775.80 22,654.80
R 51 10188 LEWIS,CHARLES 1,647.63 9,885.78
R 40 9/85 LOGUE,PAUL D. 2,868.28 17,209.68
R 202 02108 MAHAN,MARSHALL 4,077.28 24,463.68
R 50 866 MASON,LARRY 1,631.25 9,787.50
R 39 4/85 MC ARTHUR,RONALD A. 1,763.74 10,622.44
V 35 2182 MC CHRISTIAN,DWAYNE 10927 855.62
R 15 4/77 MC WHORTER,CHARLES 1,334.51 8,007.06
$ 209 8181 MILLER,ALICE GAYLE 1,304.07 7,824.42
R 73 21W MILLER,KENNETH 3,18g.02 19,080.12
R 73 2100 MILLER,KENNETH plus 25 additional pay 170,00 1,023.80
VS 217 2/88 MOORE,BETTYL 109.27 655.62
V 176 4104 MORRIS,DIXIE E. 125.66 753.96
R 48 7188 MULLENS,DENNIS W. 2,191.30 13,147.80
R 184 3105 NAPIER,LONNIE 3,518.28 21,109.68
R 196 01102 ONEAL,TEDDY 4,120.99 24,725.94
R 46 5188 OSBURN,TROY 1,899.66 11,397.96
R 81 02/01 PHILUP5,LARRY 2,765.09 16,590.54
R 203 02/08 PIERCE,JOEY 3,647.18 21,883.08
R 63 2189 POAGE,LARRY 2,346.70 14,080.20
R 186 06/05 REAGAN,PETE 3,535.71 21,214.26
V 201 A02/08 REED,JUNE 109.27 655.62
R 41 9185 SCHADER,TROY 1,624.99 9,149.94
R 190 04/08 SHACKELFORD,GLEN 3,647.18 21,883.08
R 36 5/76 SPRINGSTON,CARL 806.19 4,837.14
S 90 03102 STOUT,IMOGENE W. 767.80 4,606.80
R 165 12102 TATE,RALPH 3,868.10 22,008.60
V 65 3166 TUNE,BILLIE SUE 136.59 819.54
R 71 1100 WARFORD,THOMAS 2,502.72 15,01632
S 207 7/68 WATTS,MAGGIE 437.09 2,622.54
R 88 01102 WOOD,RONNIE D 3,077.15 18,462.90
S 208 9188 WRIGHT,Barbara 1,691.34 10,148.04
117,348.71 704,082.26
4!2212013 KWire PansionWeroron ListlPension LM 20137P 060113 WM
FIREMEN'S RELIEF AND PENSION
July 7 7
2013 7 7
7 7
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN$RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HERESY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo YNrTo Dela
EMPO RETIREMENT NAME Benefit Reg Benefit
O 79 11199 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 12,689.18
R 177 4104 BACHMAN,EDDIE 2,618.65 18,329.85
S 74 386 BAIRD,JULIA 1,802.08 12,614.56
V 63 5172 SOLAIN,ANN 109.27 764.89
R 68 7199 BONADUCE,MICHAEL 2,988.76 20,921.32
S 44 9186 BOUDREY,BETTY MRS. 2,477.42 17,341.94
R 45 9186 BOUDREY,HOWARD 2,089.28 14,624.98
R 49 7188 BOUDREY,JACK 1,647.63 11,533.41
R 57 5190 CATE,ROY 1,788.90 12,622.30
V 6 4/88 CHRISTIE,ARNOLD 10927 764.89
R 77 11/99 DILL,GARYJOHN 1,812.75 12,689.25
R 188 12105 DOSS,MARION H 5,376.91 37,638.37
R 188 12105 DOSS,MARION H plus 25 additional pay 731.61 5,121.27
R 11 2176 FARRAR,ALON2O 998.86 6,992.02
R 192 4106 FARRAR,DANNY 4,155.36 29,087.52
R 38 5(84 FRALEY,JOSEPH G. 1,758.12 12,376.84
R 170 5103 FREEDLE,LARRY 3,816.75 26,717.25
R 170 5103 FREEDLE,LARRY plus 25 adds OrOl Pay 141.37 989.69
R 92 09/02 GAGE,TOMMY 2,696.69 18,176.83
V 34 6179 HARRIS,JAMES E. 109.27 764.89
V 70 1199 HARRIS,MARY RUTH 109.27 764.89
O 182 10104 JENKINS,EILEEN 1,788.75 12,521.25
R 93 06/02 JENKINS,JOHN 1,788.76 12,521.32
R 86 07/01 JOHNSON,ROBERT 3,073.47 21,514.28
R 64 4195 JORDAN,CHARLIE 2,274.95 15,924.65
S 76 5/88 JUDY,JAN 1,647.63 11,533.41
R 37 3184 KING,ARNOLD D. 1,522.37 10,656.59
R 64 589 KING,ARVIL 1,711.21 11,978.47
R 173 12/03 LEDBETTER,DENNIS 3,775.80 26,430.60
R 51 10/88 LEWIS,CHARLES 1,647.63 11,533.41
R 40 9185 LOGUE,PAUL D. 2,868.28 20,077.96
R 202 02108 MAHAN,MARSHALL 4,077.28 28,540.98
R 50 9/88 MASON,LARRY 1,631.25 11,418.75
R 39 4185 MC ARTHUR,RONALD A. 1,753.74 12,276.18
V 35 2182 MC CHRISTIAN,DWAYNE 109.27 764.89
R 15 4117 MC WHORTER,CHARLES 1,334.51 9,341.67
S 209 8181 MILLER,ALICE GAYLE 1,304.07 9,128.49
R 73 2/00 MILLER,KENNETH 3,180.02 22,260.14
R 73 2100 MILLER,KENNETH plus 25 addfflml pay 170.60 1,194.20
VS 217 2/86 MOORE,BETTY L 109.27 764.89
V 176 4104 MORRIS,DDOE E. 125.66 879.62
R 48 7188 MULLENS,DENNIS W. 2,191.30 15,339.10
R 184 3105 NAPIER,LONNIE 3,518.28 24,627.96
R 196 01102 ONEAL,TEDDY 4,120.99 28,846.93
R 46 5/88 OSSURN,TROY 1,899.66 13,297.62
R 81 02101 PHILLIP3,LARRY 2,765.09 19,355.63
R 203 02/08 PIERCE,JOEY 3,647.18 25,530.26
R 53 2/89 POAGE,LARRY 2,346.70 16,426.90
R 186 06105 REAGAN,PETE 3,535.71 24,749.97
V 201 '02!08 REED,JUNE 109.27 764.89
R 41 9185 SCHADER,TROY 1,524.99 10,674.93
R 190 04106 SHACKELFORD,GLEN 3,647.18 25,530.26
R 36 5/76 SPRINGSTON,CARL 805.19 5,643.33
S 90 03102 STOUT,IMOGENE W. 767.80 5,374.60
R 165 12102 TATE,RAUPH 3,668.10 25,676.70
V 65 3/66 TUNE,BILLIE SUE 136.59 956.13
R 71 1100 WARFORD,THOMAS 2,502.72 17,519.04
S 207 7168 WATTS,MAGGIE 437.09 3,059.63
R 88 01102 WOOD,RONNIED 3,077.15 21,54D.05
S 208 am WRIGHT,Barbwa 1,691.34 11,839.38
117,348.71 821,440.97_
4/22/2013 K:1Fire PensionV)enalon UWPat m List 20137P 070113 WM
Page 1 of 2
Sondra Smith - Fwd:GFOA Best Practices
From: Sondra Smith
To: Firemen's Pension Board; Policemen's Pension Board
Date: 1/4/2013 7:47 PM
Subject Fwd:GFOA Best Practices
Attachments: GFOA Best Practices.pdf;Sondra Smith.vcf
Hello All
The following email and attachment was received by our Accounting Department. Please review as we should
discuss this at our next meeting. Have a great day!
Sondra E. Smith CAMC, CMC
City Clerk Treasurer
City of Fayetteville
113 West Mountain
Fayetteville,AR 72701
(479)575-8323
ssmith@ci.favetteville.ar.us
TDD (telecommunications Device for the Deaf):(479)521-1316
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>>> Patricia Leach 12/10/2012 10:45 AM >>>
I received the following (with attachment)from Tracy Warfe at LOPFI this morning.
Trish
>>> Tracy Warfe <twarfe@lopfi-prb.com> 12/10/201210:15 AM >>>
Good morning-
Attached you will find a copy of the GFOA Best Practices on the Governance of Public Employee Post-Retirement
file:///C:/Users/ssmith/AppData/LocaVTemp/Y,Pgrpwise/50E73l E6FAYETTEVILLECIT... 1/11/2013 .
Page 2 of 2
Benefits Systems. Please provide a copy of this publication to each trustee of your Local Fire and/or Police
Pension Fund.
The purpose of the communication is to provide guidance on recommended practices for your local board of
trustees in terms of: their duties as a trustee;possible adoption of a governance manual for how the board will
conduct its business;and having a written a code of conduct under which the board operates.
We hope you find the information helpful in carrying out your responsibilities as a trustee of a local pension
fund.
If you should have any questions please call our office toll free at 866-859-1745. .
Sincerely,
PRB Staff
i
I
file:///C:/Users/ssmith/AppData/Local/Temp/XPgrpwise/50E731E6FAYETTEV ILLECIT... 1/11/2013