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2015-04-30 - Agendas - Final
Lioneld Jordan Chairman Sondra E. Smith Secretary Roy Cate Position 1 Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda April 30, 2015 Pete Reagan Position 2 Retired Dennis Mullens Position 3 Retired Ron Wood Position 4 Retired A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be held at 3:00 p.m. on April 30, 2015 in Room 326 of the City Administration Building. Call to Order Roll Call Garrison Financial: • 1 st Quarter reports Approval of the Minutes: • Approval of the February 19, 2015 meeting minutes Pension List Changes: • Dixie Evelyn Morris deceased March 1, 2015 Approval of the Pension List: • Re -approval of the April 2015 pension list • Approval of the May, June and July 2015 pension lists New Business: • Non Receipt of Affidavit • Revenue and Expense Report 12/31/14 and 3/31/15 • LOPFI Letter regarding Consolidation of Local Plan dated January 2015 • Email from David Clark regarding Consolidation Valuation 04/06/15 Informational: • 2015 meeting schedule Fayetteville Fireman's Pension and Relief Fund Meeting Date w t i �- )( ] x Adjourn Time -3k 1 Attendees: �'•. �_ --JJW I pso IF w Subject: Motion By: Woo Seconded: Roy Cate �,- Mayor Jordan v/ Dennis Mullens ✓ ` Pete Reagan ✓ Sondra Smith ✓ Ronnie Wood v/ Subject: ol Motion B Woo Seconded: Roy Cate �,- Mayor Jordan c� Dennis Mullens ✓ ` Pete Reagan ✓ Sondra Smith ✓ Ronnie Wood Subject: 2015 Motion By: Woo Seconded: Roy Cate �,- Mayor Jordan c� Dennis Mullens ✓ ` Pete Reagan Sondra Smith ✓ Ronnie Subject: M`T J" Ll Motion B Seconded: Roy Cate �,- Mayor Jordan c� Dennis Mullens L --- Pete Reagan Sondra Smith Ronnie Wood Fayetteville Fireman's Pension and Relief Fund Meeting Date 301 .2,0l6 Adjourn Time 3 *4s) Attendees: Seconded: Roy Cate Mayor Jordan Dennis Mullens Pete Reagan Sondra Smith Ronnie Wood sCANNIN GARRISON April 7, 2015 Ms. Sondra Smith City of Fayetteville 113 West Mountain Street Fayetteville, Arkansas 72701 Dear Ms. Smith, RECEIVED APR 13 2015 CITY OF FAYETTEVILLE CITY CLERK'S OFFICE Enclosed are the quarterly reports for both Firemen's Pension & Relief Fund and Police Pension and Relief Fund for the quarter ended March 31, 2015. The equity markets were flattish in the first quarter of the new year with the S&P 500 Index registering a gain of +.95%. This comes on the heels of a fourth quarter gain from last year of +4.93%. So, a slow start to the year but nothing to be too disappointed about. Sector performance continued the wide dispersion we witnessed in 2014. The top three sectors (including dividend income) for the first quarter were Health Care (+6.53%), Consumer Discretionary (+4.80%) and Telecommunications (+1.54%). The laggards were Utilities (-5.17%), Energy (-2.85%), and Financials (-2.05%). Last year we noted that for 2014 the difference between the best performing sector (Utilities, +24%) and the worst performing sector (Energy, - 9.99%) was a whopping 34%. Annualizing first quarter returns (calculations not shown), the difference between the best sector (Health Care) and the worst sector (Utilities) is almost 48%. Market performance was also wildly divergent between growth and value shares, with growth stocks outpacing value by +4.56% (value -.51 % vs. growth up 4.05%) in the quarter as measured by the Russell 3000 index. There's a subtlety to note here: Utilities were the best performing sector in all of 2014 and the worst performing sector as we start the New Year. International markets? Same thing: The widely followed EAFE Index lost -4.22% in 2014 and got it all back in the first quarter of 2015, registering a return of +5.04%. Although these "reversions to the mean" are something that happen all the time, divergence and volatility like this are hard to navigate because of the unknown timings with which they occur. Meanwhile, the fixed income markets seem to be taking things in stride. Rates are low -to -declining but the whip -sawing moves remain. Rates on the ten year Treasury began the quarter at 2.16% and ended the quarter slightly down at 1.92% as prices rose modestly. Peak to trough during the quarter was a high of 2.24% against a low of 1.64%, for a difference of .60%, or 60 basis points. Sixty basis points might not sound like much, but it's approaching 37% of the low rate mark. To add a little perspective, that's approximately a -5.25% price decline over a period of about six weeks. Up to a point it's better to be patient than wrong. The Barclays Intermediate Government/Credit Index gained +1.45% for the quarter. Garrison Financial 605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701 479-587-1045 9 888-442-7637. 479-587-1257 Facsimile • www.GarrisonFinancial.com Oil is, well, oil, ending the quarter at $47.60/bbl, about $1.00/bbl lower than the quarter average. Peak to trough was $53.53 to $43.46, or a decline of almost -19% during a four-week period mid -quarter. The US Dollar continued to strengthen during the quarter. On 1/1/2015 it took about $1.21 dollars to buy a Euro. Now it takes $1.07, after hitting its strongest point mid-March at $1.05. Since the Euro was officially created in 1999, the dollar has only been stronger than the Euro during approximately the first three years of its existence. Since its creation the average has been $1.22. It's widely expected that later this year the Fed will impose the first hike in the Fed Funds rate since June 2006. Looking to the futures market, currently there is a 70% chance the Fed will start their move toward normalizing interest rates sometime this fall. It's now been 1,285 calendar days (roughly 3.5 years) since we've had a correction of more than 10%. We are also coming off six consecutive years of gains in the stock market. Historically the equity markets have never risen seven years in a row. We expect gains for both stocks and bonds to be muted this year given the expectation of rising rates and the strength and longevity of the bull market that started in 2009. The prospect of crude oil fluctuations, a rising dollar and rising interest rates could certainly create significant volatility as we progress throughout the year. Although volatility can be unsettling when watching it on the 6 o'clock news, we believe it is no reason to deviate from the philosophy of sticking to a sound long-term investment plan. We remain committed to our fundamentally driven, research focused investment process to seek out investments that will thrive in the years ahead. Please call the office if you should have any questions. Cordially, ej"T Kerry Bradley, CFA, MBA Equity Portfolio Manager Garrison Financial 605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701 479-587-1045 9 888-442-7637. 479-587-1257 Facsimile • www.GarrisonFinancial.com RECEIVED sca��ti� APR 13 2015 CITY OF FAYETTEVILLE CITY CLERK'S OFFICE #"I,, 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, 2015 PORTFOLIO SUMMARY City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 March 31, 2015 - Cash & Equivalents 237,753.95 � Account Fixed Income 1,327,506.61 Account Equities 2,460,504.23 Garrison Financial PORTFOLIO APPRAISAL City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 March 31, 2015 Adj Unit Total Adjusted Market Pet. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Advisor Cash Res - 237,753 95 2371,753 95 5 9 0 010 23 78 00 Premier _ 237,753 95 237,753.95 5.9 23 78 0,0 TREASURY NOTE 200,000 US Treasury Note 10070 201,398 00 11000 220,000,00 5 5 4.000 8,00000 1.0 4,000% Due 08-15-18 Accrued Interest 972,38 0.0 201,398.00 220,972.38 5.5 8,000.00 1.0 CORPORATE BONDS 50,000 IBM Corp, 100.01 50,002.78 134.70 67,351.55 1.7 7 000 3,500.00 3,1 7.000% Due 10-30-25 Accrued Interest 1,458.33 0.0 50;002.78 68,809 88 1.7 3,50000 3 1 COMMON STOCK 1,710 AT&T, Inc. 24A9 41,702.95 32,65 55,831.50 1.4 1.880 3,214.80 5,8 1,575 AbbVie, Inc, 24.35 38,357.14 58,54 92,200,50 2.3 2.040 3,21100 3.5 1,575 Abbott Laboratories 22.46 35,371.29 46.33 72,969.75 1.8 0.960 1,512.00 2,1 1,000 American Electric 33.69 33,687.39 5&25 56,250.00 1.4 2.120 2,120.00 18 Power 1,250 BCE, Inc, Cl F 24.40 30,494.62 42.36 52,950.00 13 2.580 3,225.00 6.1 700 Chevron Corporation 73.07 51,150.83 104.98 73,486.00 1.8 4.280 2,996.00 4.1 3,000 Cisco Systems, Inc, 17.43 52,302,90 27,52 82,575.00 2.1 0.840 2,520.00 3 1 2,200 Coca-Cola Company 26.40 58,074,28 40,55 89,210.00 2,2 1.320 2,904,00 3.3 1,200 ConocoPhillips 44,94 53,930.85 62,26 74,712.00 1.9 1920 3,504.00 4.7 3,000 General Electric Co. 15.96 47,883.00 24.81 74,430.00 1.8 0.920 2,760.00 3.7 900 Genuine Parts Co. 36.65 32,986,53 93,19 83,871.00 11 2,460 2,214.00 16 1,500 G1axoSmithKlinePlc. 38.47 57,702,15 4615 69,225.00 1.7 2.780 4,170.00 6,0 106 Halyard Health, Inc. 20.19 2,139.84 49.20 5,215.20 0.1 0.000 0,00 0.0 2,250 Intel Corp. 17.61 39,612.97 31.27 70,357.50 1,7 0.960 2,160,00 3.1 815 Johnson & Johnson 60.77 49,527.39 100.60 81,989.00 2.0 2.800 2,282.00 2.8 850 Kimberly Clark Corp, 58,18 49,454,69 107.11 91,043.50 2.3 3.520 2,992.00 3.3 1,300 Microsoft Corp. 26,30 34,185.86 40.65 52,851,50 13 1.240 1,612.00 3,1 1,520 Pfizer, Inc. 16.52 25,116.11 34,79 52,880.80 1,3 1.120 1,702,40 3,2 1,000 Procter & Gamble Co. 50.46 50,458,56 81 94 81,940.00 2.0 2.570 2,570,00 3.1 700 Wal-Mart Stores, Inc, 50.36 35,248.98 8225 57,575.00 1.4 L960 1,372,00 2A 819,388.36 1,371,563.25 34.1 49,043,20 36 MUTUAL FUNDS 1,296.008 Columbia Acorn Intl Z 38.58 50,000.00 43.55 56,441.15 14 0 680 881.29 1.6 14,455.268 Fed Interm Corp Bond 9.69 140,000,00 9,58 138,481.47 34 0360 5,203.90 3 8 7,651.109 Natixis Loomis Sayles 13.07 100,000.00 13.05 99,846,97 2 5 0 420 3,213.47 32 Bond Fund 3,600,360 PIMCO Total Return Cl 11,11 40,000,00 10 86 39,099,91 10 0.190 684.07 1 7 D 4,683,407 SteelPath MLP Income 10,68 50,000,00 1029 48,192,26 12 0.780 3,653.06 7.6 4,558.369 Vanguard Developed 10.97 50,000.00 1279 58,301.54 14 0.370 1,68660 29 Markets 1,387.374 Vanguard Emerging 36.04 50,000.00 33 89 47,018,10 1.2 0 920 1,276.38 27 Mkts Stk Index 2,615.123 Vanguard Hi -Div Y1d 19.12 50,000.00 26.97 70,529,87 1.8 0.760 1,987.49 2 8 3,412.116 Vanguard Mid -Cap 29.31 100,000.00 4636 158,185.70 3 9 0.350 1,19424 0 8 Growth You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies. 2 Garrison Financial PORTFOLIO APPRAISAL City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 March 31, 2015 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 3,410 952 Vanguard Mid -Cap 29.32 100,000 00 4748 161,952 00 4.0 0.780 2,660.54 1.6 Value 3,290.816 Vanguard Small -Cap 30.39 100,000.00 47.04 154,799 98 3.8 0.450 1,480.87 1.0 Growth 3,324.742 Vanguard Small -Cap 30.08 100,000.00 4698 156,196.38 3 9 0.820 2,726.29 1.7 Value _ 930,000 00 1,189,045 33 29.5 26,648.19 2.2 UNIT TRUSTS 2,500 Sector SPDR Utility 31.96 79,899.25 44.43 111,075.00 28 1.520 3,800.00 3.4 Select Shs 1,400 iShares Barclays 7-10 104.43 146,198 70 108.39 151,746.00 3.8 2.170 3,038.00 20 yr Treasury 850 iShares DJ Select Div 47.39 40,285.75 77.94 66,249.00 1.6 2.400 2,040.00 3 1 5,000 iShares IBOXX Inv 106.90 534,506.93 121.71 608,550.00 15 1 4.010 20,050.00 3 3 Grade Corp Bond 800,890.63 937,620 00 23.3 28,928 00 3 1 TOTAL PORTFOLIO 3,039,433.72 4,025,764.79 100.0 116,143.16 2.7 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 01-01-15 To 03-31-15 Trade Settle Unit Date Date Quantity Security Price Amount SALES 02-05-15 02-10-15 200 BCE, Inc. Cl F 47.41 9,482.29 02-05-15 02-10-15 100 BCE, Inc. Cl F 47.42 4,741.65 02-05-15 02-10-15 100 BCE, Inc. Cl F 47.42 4,741.65 02-05-15 02-10-15 100 BCE, Inc. Cl F 47.42 4,741.65 02-05-15 02-10-15 100 BCE, Inc. Cl F 47.41 4,741.15 02-05-15 02-10-15 50 BCE, Inc. Cl F 47.41 2,370.57 02-05-15 02-10-15 400 BCE, Inc. Cl F 47.41 18,964.56 03-10-15 03-13-15 833 Duke Energy Corp. 74.79 62,298.30 03-10-15 03-13-15 750 Emerson Electric 56.15 42,114.77 02-05-15 02-10-15 100 Intel Corp. 33.94 3,393.81 02-05-15 02-10-15 200 Intel Corp. 33.94 6,787.64 02-05-15 02-10-15 200 Intel Corp. 33.94 6,787.64 02-05-15 02-10-15 100 Intel Corp. 33.94 3,393.81 02-05-15 02-10-15 100 Intel Corp. 33.94 3,393.81 02-05-15 02-10-15 200 Intel Corp. 33.94 6,787.64 02-05-15 02-10-15 67 Intel Corp. 33.94 2,273.86 02-05-15 02-10-15 233 Intel Corp. 33.94 7,907.61 02-05-15 02-10-15 275 Intel Corp. 33.94 9,332.45 204,254.86 Garrison Financial REALIZED GAINS AND LOSSES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 From 01-01-15 Through 03-31-15 Open Close Gain Or Loss Date Date Quantity Security 12-31-05 02-05-15 200 BCE, Inc. Cl F 12-31-05 02-05-15 100 BCE, Inc Cl F 12-31-05 02-05-15 100 BCE, Inc Cl F 12-31-05 02-05-15 100 BCE, Inc. Cl F 12-31-05 02-05-15 100 BCE, Inc. Cl F 12-31-05 02-05-15 50 BCE, Inc. Cl F 12-31-05 02-05-15 400 BCE, Inc. Cl F 12-31-05 02-05-15 100 Intel Corp 12-31-05 02-05-15 200 Intel Corp 12-31-05 02-05-15 200 Intel Corp. 12-31-05 02-05-15 100 Intel Corp 12-31-05 02-05-15 100 Intel Corp. 12-31-05 02-05-15 200 Intel Corp. 12-31-05 02-05-15 67 Intel Corp 12-31-05 02-05-15 233 Intel Corp. 12-31-05 02-05-15 275 Intel Corp. 12-31-05 03-10-15 750 Emerson Electric 12-31-05 03-10-15 833 Duke Energy Corp. TOTAL GAINS TOTAL LOSSES TOTAL REALIZED GAINILOSS 76,280.76 NO CAPITAL GAINS DISTRIBUTIONS Gain Or Loss Cost Amort. or Basis Accretion Proceeds Short Term Long Term 4,879 14 9,482.29 4,603.15 2,439.57 4,741.65 2,30208 2,439.57 4,741.65 2,30208 2,439.57 4,741.65 2,302.08 2,439.57 4,741.15 2,301.58 1,21978 2,370.57 1,15078 9,758.28 18,964.56 9,206 28 1,760.58 3,393 81 1,633.23 3,521.15 6,78764 3,266.49 3,521 15 6,787.64 3,266.49 1,760.58 3,393.81 1,633.23 1,760.58 3,393.81 1,633.23 3,521.15 6,787.64 3,266.49 1,179.59 2,273.86 1,094.27 4,102.14 7,907.61 3,805.47 4,841 59 9,33245 4,490.86 28,509.22 42,114.77 13,605 54 47,880.89 62,298 30 14,417.41 0.00 76,280 76 0.00 0.00 127,974.10 0.00 204,254.86 0.00 76,280.76 Garrison Financial PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 March 31, 2015 PORTFOLIO COMPOSITION Total Account 40% Fixed Income/60% Equity Blended Index Account Fixed Income Barclays Capital Intermed Govt/Credit Account Equities S&P 500 4,025,764.79 100.0 2.7 CHANGE IN PORTFOLIO Portfolio Value on 12-31-14 Market Pct. 3,583.33 Net Add itions/Withdrawals Value Assets Yield Cash & Equivalents 237,753.95 5.9 0.0 Account Fixed 1,327,506.61 33.0 2.8 Income 2,430.71 1.45 4,025,764.79 Account Equities 2,460,504.23 61.1 2.9 Account 0.00 0.0 - Commodities Total Account 40% Fixed Income/60% Equity Blended Index Account Fixed Income Barclays Capital Intermed Govt/Credit Account Equities S&P 500 4,025,764.79 100.0 2.7 CHANGE IN PORTFOLIO Portfolio Value on 12-31-14 4,280,498.10 Accrued Interest 3,583.33 Net Add itions/Withdrawals -231,538.29 Realized Gains -13,312.21 Unrealized Gains -38,394.12 Income Received 26,080.56 Change in Accrued Interest -1,152.62 Portfolio Value on 03-31-15 4,023,334.08 Accrued Interest 2,430.71 1.45 4,025,764.79 TIME WEIGHTED RETURN 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. Annualized Quarter Last 12 Inception To Date Months To Date -0.65 6.49 9.29 1.23 9.10 11.49 2.11 6.29 3.36 1.45 3.59 2.06 -1.99 7.07 13.35 0.95 12.73 17.99 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. 00�1 GARRISON F I N A N C I A L April 7, 2015 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, 2015 Portfolio Value as of 12-31-14 4,284,081 Portfolio Value as of 01-31-15 4,181,483 Portfolio Value as of 02-28-15 4,163,879 Portfolio Value as of 03-31-15 4,025,765 Average of 4 Months 4,163,802 4,163,802 @ 0.5000% per annum 5,205 Quarterly Management Fee 5,205 TOTAL DUE AND PAYABLE 5,205 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. Lioneld Jordan Chairman Sondra E. Smith Secretary Roy Cate Position 1 Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda February 19, 2015 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 19, 2015 Page 1 of 6 Pete Reagan Position 2 Retired Dennis Mullens Position 3 Retired Ron Wood Position 4 Retired A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 p.m. on February 19, 2015 in Room 326 of the City Administration Building. Mayor Jordan called the meeting to order. Present: Roy Cate, Pete Reagan, Mayor Jordan, Dennis Mullens, Sondra Smith, City Clerk, Kit Williams, City Attorney, Paul Becker, Finance Director, Dee McCoy, City Clerk office, Trish Leach, Accounting, Glenn Atkins and James Bell of Garrison Financial. Absent: Ron Wood Garrison Financial: 3rd Quarter and 4th Quarter Reports James Bell: You should have in your packet your yearend quarterly report for the fund. Starting on page two, we always like to look at your asset allocation, your actual allocation versus your policy. The policy is 60% equity, 40% fixed income. As you can see from looking at the chart, you are about 63.9% equity right now, so slightly overweight on the equity side. Given where interest rates are currently and our opinion of the markets, if we are going to be overweight, we want to be slightly overweight in equities. That's kind of where we want to be. Turning to the next page as we look through your appraisal, all the securities that you own, what we've sold over the course of the year has mainly been in that section that says common stock. These are the stocks that were inherited from the previous manager. By law we are not allowed to buy individual securities like this. Over time you'll see as we have to sell to reallocate or to fund distributions, that's where the sales are going to come from. You'll see that common stock section of the portfolio shrink over time. There is one new position in there, 106 years of Halyard Health. That's not something we bought, that was a spinoff from Kimberly Clark. Looking at the next page, the yearend value at December 31, 2014 was $4.28 million. Turning on ahead to the performance report for quarter -to -date the account was up 3.5% versus 3.3% on your benchmark. That was up 1.61% on the bond side fixed income, and 4.69% on the equities. For the year ending December 31, 2014 the account was up 9.3%. Since year end, through yesterday, there have been about $142,000 in distributions. Your account value as of yesterday was about $4.16 million. Firemen's Pension and Relief Fund Board of'frustees Meeting Minutes February 19, 2015 Page 2of6 Briefly on the equity markets, what we see going forward, where interest rates are right now on the bond markets interest rates continue to be very low. We don't see a lot of value on that side. All else being equal we would probably recommend that you stay in equities and continue to favor equities. If you look real quick, one of the charts I handed you is the price of oil over the last year. Other than interest rates, that's probably the main thing we've been focusing on is what does that mean, the fifty -plus percent decline in the price of a barrel of oil. The big question that we're trying to answer is, is that decline supply related? Is there too much oil on the market both in the Middle East and being produced here in the U.S.? Or, is it demand related? Is the price of oil coming down because there's less economic activity, less demand for oil in the economy? We tend to think it's the former. We think there's an oversupply of oil and that's why the price is down. Other than energy companies, that's actually been a positive for the U.S. economy. That's something that we're looking at as beneficial for most of the rest of the economy. Kit Williams: It seems like it scared the stock market some. James Bell: It did. If you go back and look from the time that it declined until now and you'll see a lot of sectors are actually up since that happened, especially things like retail, transports, and car manufacturers. It's good for a lot of sections of the economy. Glenn Atkins: We had a really good year in the bond market considering what we thought it might be and considering how low rates continue to be. I've included in your packet this thing you see every quarter there are no material changes in that. I'd like to turn your attention now to the other packet of charts. This is what we are continuing to deal with, the volatility. This is the ten year treasury. The first page of that is the yield year to date. The second page is trailing twelve months. The third page is a five year look at the rates. The very last page is back to 1962. The point to that is the volatility in interest rates continue. I agree whole heartedly with what James said earlier, your portfolio is well positioned in terms of being tilted slightly toward the stock market versus the bond market. We still expect at some point rates to rise. We did some restructuring of the portfolio in the first part of the year that I think really helped our performance for the rest of the year. I think we are positioned about as well as we can be. We've mentioned to you guys in the past that given our mutual fund constraints that we try to pick mutual funds that manage money very similar to the way we would if we were picking individual bonds. That strategy has worked out well for us, at least over the last twelve to eighteen months. We are pleased about that. I think the bond portion of the portfolio is in really good shape. The maturities on it might be a little bit longer than I would like it to be. I think given the situation with the fund, it's not something we need to be concerned about or change. Average maturity runs about six years. The consensus seems to be that the Fed is going to raise the rates at the end of this year. I would have thought rates would have been higher now than they are. You can look at that first chart, year to date, it's gone from basically at 2.20 to a 1.65 back almost up to a 2.20 again. At this point we'll take questions and comments. Pete Reagan: I think y'all are doing a great job. We appreciate your due diligence. Paul Becker: I don't see it on here, is the average duration of bonds on the report? Glenn Atkins: It is not on there. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 19, 2015 Page 3 of 6 Paul Becker: Is it six years? Glenn Atkins: 6.3. Kit Williams: The Fire Pension Board doesn't have any problem with the fact that they are slightly overweight in stocks, about 64% instead of 60%. James Bell: We have a variance written in the policy. Paul Becker: If you get out of the stocks and go to bonds, you can't go back into the stocks. Approval of the Minutes: Approval of the July 31, 2014 Meeting Minutes October 30, 2014 meeting was cancelled due to lack of a quorum January 29, 2015 meeting was rescheduled to February 19, 2015 Sondra Smith: We canceled the October meeting because we didn't have a quorum and we rescheduled the January meeting. Pete Reagan moved to approve the July 31, 2014 meeting minutes. Roy Cate seconded the motion. Upon roll call the motion passed 5-0. Ron Wood was absent. Pension List Changes: Arnold Christie Deceased September 19, 2014 Sondra Smith: Arnold Christie passed away in September. We didn't see it in the paper. We finally caught that, Accounting helped us catch that. I think a couple of checks went out to him and the family returned those checks. You have a new pension list for October, because you had already approved the October pension list. You need to re -approve the October pension list. The ones for November, December, January, February, March and April have been corrected removing his pension from those lists. He was a volunteer, so it was only $109. Approval of the Pension List: Re -approval of the October, 2014 pension list Approval of the November, December, 2014 and January 2015 pension lists Approval of the February, March, and April, 2015 pension lists Pete Reagan moved to re -approve the October, 2014 pension lists and to approve the November, December 2014 and January, February, March and April 2015 pension lists. Dennis Mullens seconded the motion. Upon roll call the motion passed 5-0. Ron Wood was absent. New Business: Revenue and Expense Report 09/30/14 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 19, 2015 Page 4 of 6 Sondra Smith: That is the revenue and expense report that is completed by the Accounting division. It shows your revenue and expenses through September 30, 2014. It gives you a comparison of one year to the next year of where your account was. It's a good little piece of information to have. Pension Transfers — Denuty Clerk to sign transfers in absence of City Clerk Sondra Smith: In 2007 you approved Amber Wood, because she was the Deputy City Clerk, to sign the pension list transfers. Amber is no longer the Deputy City Clerk. It probably would be wise to change that to say Deputy City Clerk instead of a person's name. The Deputy City Clerk can sign some city business items according to state statute when I'm absent. You might want to put in the motion that the Mayor, City Clerk, and Deputy City Clerk have permission to sign your pension transfers. Pete Reagan: There's just one Deputy City Clerk? Sondra Smith: There's only one Deputy, and right now that's Lisa Branson. I will let you know if there ever is a change in that position. Roy Cate moved to remove Amber Wood and add the Mayor, City Clerk, and Deputy City Clerk to be able to sign pension transfers. Pete Reagan seconded the motion. Upon roll call the motion passed 5-0. Ron Wood was absent. Osborn. Carrerio & Associates estimated 2015 Premium Tax Allocation Sondra Smith: That is your estimated premium tax allocation for 2015, which is the turn back funds. The estimated amount can vary drastically because it's determined by the state and your insurance premiums. The estimated turn back for 2015 is $165,883. We receive an additional allocation because our fund is not sound. They are estimating that to be $55,294. At the bottom of the page in bold says please note that it could vary as much as 20% one way or the other on either one of those numbers. In 2014, you received $182,000 and your additional was $48,000. If it goes down to $165,000 that is less than you received last year. The additional allocation is a little bit more. So it will average about the same. Kit Williams: They base their estimate on 2013 levels because they do not have 2014 levels for sure yet. Sondra Smith: When we get a better fire rating, our premiums go down. That might make your turn back a little bit less because they aren't collecting as much in premiums. Our fire rating did go down to a two. Paul Becker: The total is based on the total premiums on insurance throughout the state, and its property tax. Pete Reagan: It used to be zip code, now its state wide. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 19, 20 ] 5 Page 5 of 6 Paul Becker: It used to be to a particular district, but now it's a state wide total and it's distributed based on property insurances. Pension Review Board PRB Funding Status Letter— Need to respond Sondra Smith: That is the letter that we received, and I e-mailed it out. We received it in December and the bottom sentence or paragraph is what you need to be aware of, I asked in an e- mail that you think about it and we discuss it today at the meeting. It says "because of the importance of this matter, the PRB requires that your local plan promptly alert each participant of the local plan as well as your City Council members and advise the parties of the local plan's projected insolvent status". The City Council has already been notified of that because we do that report in January. It doesn't say how they want us to notify them. We can forward a copy of that pension report that the Mayor does for the City Council to the entire membership. Or you can do your own letter. Kit Williams: Or you can send them this PRB letter. Sondra Smith: I want the board to decide how you want that notification to go out to the pension plan. I think we do need to notify them in some way. Pete Reagan: I don't think there's a need to send a letter out. I think we have a way to contact them electronically, but there's a few that aren't on the electronic list. Sondra Smith: We can just do a letter and send it to everybody. We can attach the PRB letter here or the report to the council. Roy Cate: We don't have to do certified mail? Kit Williams: I don't think you do. There's a presumption that if you put a proper address and postage on it that they will receive it. Roy Cate: Well addresses change. Would it be a problem if they didn't receive it? Kit Williams: We are sending them checks. Trish Leach: When you read this it talks about that Carrerio is going to issue a special report and that they are wanting us to turn in what we call the PRB report. Yours was e-mailed on the 91h to them, so they have received the fire's report and they looked over it and sent any questions they had. You almost wonder how quickly they are going to be able to turn that around and prepare this special report. Sondra Smith: I think they just want us to notify the plan too. It would be good to let the plan know that we received that special report, but I think they want us to notify the plan that you're insolvent. Pete Reagan: I think they all know that already. If we are required to get it out then we'll just send it out. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes February 19, 2015 Page 6 of 6 Kit Williams: The easiest thing is to send them a copy of this letter from the PRB and a copy of what the Mayor gave the City Council. We don't have to draft up anything new. Sondra Smith: Is that agreeable with everyone to send the pension report that the Mayor does to the council and a copy of that letter? Pete Reagan: Yes, let's just do that then. Informational: 2015 meeting schedule Mayor Jordan: When is the next meeting? Pete Reagan: April 30tb Sondra Smith: Are you all happy with the meeting time and day? It's been hard to get a quorum here recently. Mayor Jordan: The attendance is a little better in the summer time. Adjournment: 3:27 p.m. FIREMEN'S RELIEF AND PENSION Revised April 4 2015 4 4 4 4 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 040115 Revised WM DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement 177 4/04 BACHMAN, EDDIE 2,618.55 10,474.20 74 3/86 BAIRD, JULIA 1,802.08 7,208.32 63 5/72 BOLAIN, ANN 109.27 437.08 68 7/99 BONADUCE, MICHAEL 2,988.76 11,955.04 44 9/86 BOUDREY, BETTY MRS 2,477.42 9,909.68 45 9/86 BOUDREY, HOWARD 2,08928 8,357.12 49 7/88 BOUDREY, JACK 1,647.63 6,590.52 57 5/90 CATE, ROY 1,788.90 7,155.60 188 12/05 DOSS, MARION H 5,376.91 21,507.64 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 2,926.44 11 2(76 FARRAR,ALONZO 998.86 3,995.44 192 4/06 FARRAR, DANNY 4,155.36 16,621 44 220 5/84 FRALEY, LORA D. 1,768.12 7,072.48 170 5/03 FREEDLE, LARRY 3,816.75 15,267.00 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 565.48 92 03/02 GAGE,TOMMY 2,596.69 10,386.76 70 11/99 HARRIS, MARY RUTH 109.27 437.08 182 10/04 JENKINS, EILEEN 1,788.75 7,155.00 93 06/02 JENKINS, JOHN 1,788.76 7,155.04 86 07/01 JOHNSON,ROBERT 3,073.47 12,293.88 219 4/95 JORDAN, SANDRA K 2,274.95 9,099.80 76 5/88 JUDY, JAN 1,647.63 6,590.52 37 3/84 KING, ARNOLD D. 1,522.37 6,089.48 54 5/89 KING, ARVIL 1,711.21 6,844.84 173 12/03 LEDBETTER, DENNIS 3,775.80 15,103.20 51 10/88 LEWIS, CHARLES 1,647.63 6,590.52 40 9/85 LOGUE, PAUL D. 2,868.28 11,473.12 202 02/08 MAHAN, MARSHALL 4,077.28 16,309.12 50 9/88 MASON, LARRY 1,631.25 6,525.00 39 4/85 MC ARTHUR, RONALD A. 1,753.74 7,014.96 35 2/82 MC CHRISTIAN, DWAYNE 109.27 437.08 15 4/77 MC WHORTER, CHARLES 1,334.51 5,338.04 209 8/81 MILLER, ALICE GAYLE 1,304.07 5,216.28 73 2/00 MILLER,KENNETH 3,18002 12,720.08 73 2/00 MILLER,KENNETH plus 25 additional pay 17060 682.40 217 2/86 MOORE, BETTY L 109.27 437.08 176 4/04 MORRIS, DIXIE E deceased 3/1 0.00 37698 48 7/88 MULLENS, DENNIS W 2,191.30 8,765.20 184 3/05 NAPIER, LONNIE 3,518.28 14,073.12 196 01/02 ONEAL, TEDDY 4,120.99 16,483.96 46 5/88 OSBURN,TROY 1,899.66 7,598.64 81 02/01 PHILLIPS,LARRY 2,765.09 11,060.36 203 02/08 PIERCE, JOEY 3,647.18 14,588.72 53 2/89 POAGE, LARRY 2,346.70 9,386.80 186 06/05 REAGAN, PETE 3,535.71 14,142.84 201 A02/08 REED, JUNE 10927 437.08 41 9/85 SCHADER, TROY 1,52499 6,099.96 190 04/06 SHACKELFORD, GLEN 3,647.18 14,588.72 36 5/76 SPRINGSTON, CARL 806.19 3,224.76 90 03/02 STOUT, IMOGENE W. 767.80 3,071.20 165 12/02 TATE, RALPH 3,66810 14,672.40 65 3/66 TUNE, BILLIE SUE 136-59 54636 71 1/00 WARFORD,THOMAS 2.50272 10,010.88 88 01/02 WOOD,RONNIE D 3,077.15 12,308.60 208 9/88 WRIGHT, Barbara 1,691.34 6,765.36 112,941-93 452.144.70 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 040115 Revised WM FIREMEN'S RELIEF AND PENSION May 5 5 2015 5 5 5 5 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. 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 050115 WM DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement 177 4/04 BACHMAN, EDDIE 2,618.55 13,092.75 74 3/86 BAIRD, JULIA 1,802.08 9,010.40 63 5/72 BOLAIN, ANN 109.27 546.35 68 7/99 BONADUCE, MICHAEL 2,988.76 14,943.80 44 9/86 BOUDREY, BETTY MRS. 2,477.42 12,387.10 45 9/86 BOUDREY, HOWARD 2,089.28 10,446.40 49 7/88 BOUDREY, JACK 1,647.63 8,238.15 57 5/90 CATE, ROY 1,788.90 8,944.50 188 12/05 DOSS, MARION H 5,376.91 26,884.55 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 3,658.05 11 2/76 FARRAR,ALONZO 998.86 4,994.30 192 4/06 FARRAR, DANNY 4,155.36 20,776.80 220 5/84 FRALEY, LORA D. 1,768.12 8,840.60 170 5/03 FREEDLE, LARRY 3,816.75 19,083.75 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 706.85 92 03/02 GAGE,TOMMY 2,596.69 12,983.45 70 11/99 HARRIS, MARY RUTH 109.27 546.35 182 10/04 JENKINS, EILEEN 1,788.75 8,943.75 93 06/02 JENKINS, JOHN 1,788.76 8,943.80 86 07/01 JOHNSON,ROBERT 3,073.47 15,367.35 219 4/95 JORDAN, SANDRA K 2,274.95 11,374.75 76 5/88 JUDY, JAN 1,647.63 8,238.15 37 3/84 KING, ARNOLD D. 1,522.37 7,611.85 54 5/89 KING, ARVIL 1,71121 8,556.05 173 12/03 LEDBETTER. DENNIS 3,775.80 18,879.00 51 10/88 LEWIS, CHARLES 1,647.63 8,238.15 40 9/85 LOGUE, PAUL D. 2,868.28 14,341.40 202 02/08 MAHAN, MARSHALL 4,077.28 20,386.40 50 9/88 MASON, LARRY 1,631.25 8,156.25 39 4/85 MC ARTHUR, RONALD A. 1,753.74 8,768.70 35 2/82 MC CHRISTIAN, DWAYNE 109.27 546.35 15 4/77 MC WHORTER, CHARLES 1,334.51 6,672.55 209 8/81 MILLER, ALICE GAYLE 1,304.07 6,520.35 73 2/00 MILLER,KENNETH 3,18002 15,90010 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 853.00 217 2/86 MOORE, BETTY L 10927 546.35 176 4/04 MORRIS, DIXIE E deceased 3/1 0.00 376.98 48 7/88 MULLENS, DENNIS W. 2,191.30 10,956.50 184 3/05 NAPIER, LONNIE 3,518.28 17,591.40 196 01/02 ONEAL, TEDDY 4,120.99 20,604.95 46 5/88 OSBURN, TROY 1,899.66 9,498.30 81 02/01 PHILLIPS,LARRY 2,765.09 13,825.45 203 02/08 PIERCE, JOEY 3,647.18 18,235.90 53 2/89 POAGE, LARRY 2,346.70 11,733.50 186 06/05 REAGAN, PETE 3,535.71 17,678.55 201 A02/08 REED, JUNE 109.27 546.35 41 9/85 SCHADER, TROY 1,524.99 7,624.95 190 04/06 SHACKELFORD, GLEN 3,647.18 18,235.90 36 5/76 SPRINGSTON, CARL 806.19 4,030.95 90 03/02 STOUT, IMOGENE W. 767.80 3,839.00 165 12/02 TATE, RALPH 3,668.10 18,340.50 65 3/66 TUNE, BILLIE SUE 13659 682.95 71 1/00 WARFORD,THOMAS 2,502.72 12,513.60 88 01/02 WOOD,RONNIE D 3,077.15 15,385.75 208 9/88 WRIGHT, Barbara 1,691.34 8,456.70 112,941.93 565.086.63 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 050115 WM FIREMEN'S RELIEF AND PENSION June 6 6 2015 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 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 060115 WM DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement 177 4/04 BACHMAN, EDDIE 2,618.55 15,711.30 74 3/86 BAIRD, JULIA 1,802.08 10,812.48 63 5/72 BOLAIN, ANN 109.27 655.62 68 7/99 BONADUCE, MICHAEL 2,988.76 17,932.56 44 9/86 BOUDREY, BETTY MRS. 2,477.42 14,864.52 45 9/86 BOUDREY, HOWARD 2,089.28 12,535.68 49 7/88 BOUDREY, JACK 1,647.63 9,885.78 57 5/90 CATE, ROY 1,788.90 10,733.40 188 12/05 DOSS, MARION H 5,376.91 32,261.46 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 4,389.66 11 2/76 FARRAR,ALONZO 998.86 5,993.16 192 4/06 FARRAR, DANNY 4,155.36 24,932.16 220 5/84 FRALEY, LORA D. 1,768.12 10,608.72 170 5/03 FREEDLE, LARRY 3,816.75 22,900.50 170 5/03 FREEDLE, LARRY plus 25 additional pay 141 37 848.22 92 03/02 GAGE,TOMMY 2,596.69 15,580.14 70 11/99 HARRIS, MARY RUTH 109.27 655.62 182 10/04 JENKINS, EILEEN 1,788.75 10,732.50 93 06/02 JENKINS, JOHN 1,788.76 10,732.56 86 07/01 JOHNSON,ROBERT 3,073.47 18,440.82 219 4/95 JORDAN, SANDRA K 2,274.95 13,649 70 76 5/88 JUDY, JAN 1,647.63 9,885.78 37 3/84 KING, ARNOLD D. 1,522.37 9,134.22 54 5/89 KING, ARVIL 1,711.21 10,267.26 173 12/03 LEDBETTER, DENNIS 3,77580 22,654.80 51 10/88 LEWIS, CHARLES 1,647.63 9,885.78 40 9/85 LOGUE, PAUL D. 2,868.28 17,209.68 202 02/08 MAHAN, MARSHALL 4,077.28 24,463.68 50 9/88 MASON, LARRY 1,631.25 9,787.50 39 4/85 MC ARTHUR, RONALD A. 1,753.74 10,522.44 35 2/82 MC CHRISTIAN, DWAYNE 109.27 65562 15 4/77 MC WHORTER, CHARLES 1,334.51 8,007.06 209 8/81 MILLER, ALICE GAYLE 1,304.07 7,824.42 73 2/00 MILLER,KENNETH 3,180.02 19,080.12 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 1,023.60 217 2/86 MOORE, BETTY L 109.27 655.62 176 4/04 MORRIS, DIXIE E. deceased 3/1 0.00 376.98 48 7/88 MULLENS, DENNIS W. 2,191.30 13,147.80 184 3105 NAPIER, LONNIE 3,518,28 21,109.68 196 01/02 ONEAL, TEDDY 4,120.99 24,725.94 46 5/88 OSBURN,TROY 1,899.66 11,39796 81 02/01 PHILLIPS,LARRY 2,765.09 16,590.54 203 02/08 PIERCE, JOEY 3,647.18 21,883.08 53 2/89 POAGE, LARRY 2,346.70 14,080.20 186 06/05 REAGAN, PETE 3,535.71 21,214.26 201 A02/08 REED, JUNE 109.27 655.62 41 9/85 SCHADER, TROY 1,52499 9,149.94 190 04/06 SHACKELFORD, GLEN 3,647.18 21,883.08 36 5/76 SPRINGSTON, CARL 806.19 4,837.14 90 03/02 STOUT, IMOGENE W. 767.80 4,606.80 165 12/02 TATE, RALPH 3,668.10 22,008.60 65 3/66 TUNE, BILLIE SUE 136.59 819.54 71 1/00 WARFORD,THOMAS 2,502.72 15,016.32 88 01/02 WOOD,RONNIE D 3,077.15 18,462.90 208 9/88 WRIGHT, Barbara 1,691.34 10,148.04 112 941.93 678,028.56 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 060115 WM FIREMEN'S RELIEF AND PENSION July 7 7 2015 7 7 7 7 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. 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 070115 WM DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement 177 4/04 BACHMAN, EDDIE 2,618.55 16,329.85 74 3/86 BAIRD, JULIA 1,802.08 12,614.56 63 5/72 BOLAIN, ANN 10927 764.89 68 7/99 BONADUCE, MICHAEL 2,988.76 20,921.32 44 9/86 BOUDREY, BETTY MRS. 2,477.42 17,341.94 45 9/86 BOUDREY, HOWARD 2,089.28 14,624.96 49 7/88 BOUDREY, JACK 1,647.63 11,533.41 57 5190 CATE, ROY 1,788.90 12,522.30 188 12/05 DOSS, MARION H 5,376.91 37,638.37 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 5,121.27 11 2/76 FARRAR,ALONZO 998.86 6,992.02 192 4/06 FARRAR, DANNY 4,155.36 29,087.52 220 5/84 FRALEY, LORA D 1,768.12 12,376.84 170 5/03 FREEDLE, LARRY 3,816.75 26,717.25 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 989.59 92 03/02 GAGE,TOMMY 2,596.69 18,176.83 70 11/99 HARRIS, MARY RUTH 109.27 764.89 182 10/04 JENKINS, EILEEN 1,788.75 12,521.25 93 06/02 JENKINS, JOHN 1,788.76 12,521.32 86 07/01 JOHNSON,ROBERT 3,073.47 21,514.29 219 4/95 JORDAN, SANDRA K 2,274.95 15,924 65 76 5/88 JUDY, JAN 1,647.63 11,533.41 37 3/84 KING, ARNOLD D 1,522.37 10,656.59 54 5/89 KING, ARVIL 1,711.21 11,978.47 173 12/03 LEDBETTER, DENNIS 3,775.80 26,430.60 51 10/88 LEWIS, CHARLES 1,647.63 11,533.41 40 9/85 LOGUE. PAUL D. 2,868.28 20,077.96 202 02/08 MAHAN, MARSHALL 4,077.28 28,540.96 50 9/88 MASON, LARRY 1,631.25 11,418.75 39 4/85 MC ARTHUR, RONALD A. 1,753.74 12,276.18 35 2/82 MC CHRISTIAN, DWAYNE 109.27 764.89 15 4/77 MC WHORTER, CHARLES 1,334.51 9,341.57 209 8/81 MILLER, ALICE GAYLE 1,304.07 9,12849 73 2/00 MILLER,KENNETH 3,180.02 22,260.14 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 1,194.20 217 2/86 MOORE, BETTY L 109.27 764.89 176 4/04 MORRIS, DIXIE E. deceased 3/1 0.00 37698 48 7/88 MULLENS, DENNIS W. 2,191.30 15,339.10 184 3/05 NAPIER, LONNIE 3,518.28 24,627.96 196 01/02 ONEAL, TEDDY 4,120.99 28,846.93 46 5/88 OSBURN, TROY 1,899.66 13,297.62 81 02/01 PHILLIPS,LARRY 2,765.09 19,355.63 203 02/08 PIERCE, JOEY 3,647.18 25,530.26 53 2/89 POAGE, LARRY 2,346.70 16,426.90 186 06/05 REAGAN, PETE 3,535.71 24,749.97 201 ^02/08 REED, JUNE 109.27 764.89 41 9/85 SCHADER, TROY 1,524.99 10,674.93 190 04/06 SHACKELFORD, GLEN 3,647.18 25,530.26 36 5/76 SPRINGSTON, CARL 806 19 5,643.33 90 03/02 STOUT, IMOGENE W 767.80 5,374.60 165 12/02 TATE, RALPH 3,668.10 25,676.70 65 3/66 TUNE, BILLIE SUE 136.59 956.13 71 1/00 WARFORD,THOMAS 2,502.72 17,519.04 88 01/02 WOOD,RONNIE D 3,077.15 21,540.05 208 9/88 WRIGHT, Barbara 1,691.34 11,839.38 112 941.93 790,970.49 4/27/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 070115 WM firemen's Pension and Relief Fund Board of TrUsiees MceCoig Minutes March 31, 2005 Page 2 of 3 Old Business: Signed Investment Policy A copy of the revised signed investment policy was given to the Board. NCPRES Conference Sondra Smith: I have attached a copy of Pete's travel request, it shows the approximate cost of his trip to the conference. New Business: Floyd Carl Death Certificate A copy of Floyd Carl's death certificate was given to the Board. Affidavits — Non -return Sondra Smith: We have a problem with some of the pension folks not turning their affidavit's in to us. I think we should set a policy. Without the affidavit if a pension, person lives out of state there would probably be no way of knowing when someone deceased. I would like this Board to set a policy stating if we do not receive the affidavits by a date specific, then we hold their checks until we receive the affidavit. Pete Reagan moved that the Board set a policy that when the affidavits are sent to the pensioners if they are not received within a 30 day time period of the due date that is stated on the notice that all retirement payments be stopped until such affidavit is received by the City Clerk. Robert Johnson seconded the motion. Marion Doss: Is 30 days enough time for you Sondra. Sondra Smith: We usually give them a long deadline. We send the affidavits out in December and we usually give them until the end of January to return them. I think that 30 days after the due date should be sufficient. The affidavits protect the Pension Board from people drawing a pension check that are not eligible to draw a check. 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U U N C 41 d m O r 0 0 C O N C N N c a O N = N > >,cg ��U) a) d a�U) x Ew(4) NLL� m x O Q 0 C 0- O N N� w C N w -L- N_ U d W C N C j d d r fa c> L) a) G O m d a) O a'N f C�> N m E E 10 o ")'( L o x a) �°>�= E 0) M= o a) m d zwwU)3 CC9W M H wOfw❑ soQa_jmaH H z 2 z V h h a0 00' w w O O IO M w w N M h N 1N0 lb to V n N N w w n N ow n n c O N N N h vr! O cla co a M O Cl! M n U O a a w w O b M N W V flet C h o a N v v w w M O T r n IMi c v (OD N V) It w w O) N h (G O c Ll) N O M co M V w w N M 0D N N OO7 Of O N O M O w w LOPFI ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM 620 W. 3rd, Suite 200 Little Rock, Arkansas 72201-2223 Telephone: 501.682.1745 Toll -Free: 866.859.1745 To: Local Fire and Police Pension Funds Fax: 501.682.1751 email: info@lopfi-prb.com From: Arkansas Local Police and Fire Retirement System (LOPFI) website: www.lopfi-prb.com Re: Consolidation of Local Plan Date: January 2015 State law permits a Local Fire or Police Pension Fund (Local Plan) to assign its administration to the Arkansas Local Police and Fire Retirement System (LOPFI). This is only a change in administration. Benefits remain unchanged except for locations that approve the addition of a three percent (3%) compound cost of living adjustment (COLA) for the Local Plan and fire pension funds that have not enacted Act 397 benefits (co -equal spouse benefit.) To Consider Consolidation with LOPFI A Local Plan must request an actuarial valuation to determine the initial employer contribution rate to fund benefits for the Local Plan and LOPFI for the affected department. The valuation will provide an employer contribution rate to implement a 3% compound COLA for the Local Plan and a rate without a COLA. The valuation fee has a base amount of $600 for a Local Plan with fewer than 20 total participants (active and retired) with an additional $20 for each participant up to 100 and $10 for each participant over 120. Make the check payable to "Gabriel, Roeder, Smith, & Co." and mail to LOPH. The valuation process takes about six (6) weeks to complete and will begin once the request and payment are received. LOPFI will mail the completed valuation to the Local Plan. If the Local Plan chooses to proceed with consolidation, it will pass a resolution asking the governing body (City Council or Board of Directors/Commissioners) to adopt an ordinance authorizing the governing body's presiding officer to sign an irrevocable agreement to consolidate the Local Plan with LOPFI. Upon receipt of the properly executed resolution, ordinance, and agreements the LOPFI Board of Trustees will decide whether to accept administration of the Local Plan. Upon the LOPFI Board's approval, consolidation shall proceed. LOPFI must receive all records and assets prior to the start of LOPFI administration. Should you have questions, please contact either David Clark or Denise Collins. Smith, Sondra From: David Clark <dclark@lopfi-prb.com> Sent: Monday, April 06, 2015 2:09 PM To: Smith, Sondra Cc: 'Peter Reagan'; Denise Collins Subject: Fayetteville Fire Consolidation Valuation Attachments: Consolidation Memo.docx Sondra - Pete Reagan called earlier and asked that I provide you information so the Fayetteville Fire Pension Fund board of trustees could complete a consolidation valuation. As you can see from the email below, our office sent consolidation information to each locally -administered Local Plan this afternoon. To summarize that information, the Local Plan will need to send a check for the valuation fee. If the total number of participants is still 55, the valuation fee will be $1,320. The check will need to be made payable to the actuarial firm: Gabriel, Roeder, Smith & Company and sent to me. Once the payment is received, I will forward it to the actuaries along with additional information to start the valuation process. Should you have any questions, please feel free to touch base with either Denise Collins or me. Thank you, David From: Tracy Warfe Sent: Monday, April 06, 2015 1:25 PM Cc: Denise Collins Subject: Consolidation Hello - Attached you will find a memo regarding consolidation of your Local Pension Plan(s) with LOPFI. If the Board of Trustees of your Local Plan is interested in the consolidation process, you will begin by submitting a request for the actuarial valuation and the appropriate fee. Make the check payable to "Gabriel, Roeder, Smith & Co. and mail to LOPFI. The 2014 Annual Financial Report has been received by the Pension Review Board (PRB) staff, therefore, you may request an actuarial valuation to determine the initial employer contribution rate to fund benefits for the Local Plan. The valuation will provide an employer rate to implement a 3% compound Cost of Living Adjustment (COLA) for the Local Plan members as well as a rate without a COLA. The valuation will take approximately 6 weeks to complete; therefore, it's important to begin the process promptly. The window for a Local Plan to consolidate with LOPFI is from April 1, 2015 to October 1, 2015. If you have any questions or need any further information you may contact Denise Collins toll free at 866-859-1745. Sincerely, PRB Staff NOTICE: Information contained in this E-mail, including attachments, may be confidential. It is intended only for the named individual(s). The intended recipient(s) is/are advised that state and federal privacy laws may restrict your use of confidential or personal information. If the reader of this message is not the intended recipient(s), you are hereby notified that you should not disseminate, distribute, or forward this transmission, including any attachments. If you have received this transmission in error, please promptly notify the sender and delete the material from your computer system. All email sent to or from this address is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient. City of Fayetteville Firemen's Pension and Relief Fund Board of Trustees 2015 Meeting Calendar Quarterly Meetings Last Thursday of the First Month of Each Quarter Meetings will be in January, April, July, and October 3:00 PM - City Administration Room 326 At the November 18, 2010 Firemen's Pension Meeting the Board voted to change their meetings to quarterly effective immediately. 3anuap� 29, 2015 (Rescheduled to February 19, 2015) April 30, 2015 July 30, 2015 October 29, 2015 Iu 2 a) E 0 o c 2 o N N 0 N U a, V) Q CD LL a V N f0 LL c > O r a N r N N oo 7 U_ a0 V7 m A LL a) 3 ago N 0 z V LL 4— W w O .�A a. 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