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HomeMy WebLinkAbout2015-04-30 - Agendas - FinalLioneld 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.
Upon roll call the motion passed 6-0.
2005 Elections
Sondra Smith: Robert and Ronnie are you willing to serve another term?
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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
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