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Home My WebLink About2008-01-31 - Agendas - Final Firemen's Pension and Relief Fund Meeting Agenda January 31, 2008 A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM on January 31, 2008 in Room 326 of the City Administration Building. Approval of the Minutes: • November 29, 2007 Meeting Minutes Approval of the Pension List: • February, March, and April 2008 Pension Lists (Joe Reed Deceased — Benefit will go to his wife June Reed on February Pension List) (Marshall Mahan and Joey Pierce Retired on March Pension List). Old Business: • Dennis Mullens retirement classification (Tabled from the November 29, 2007 meeting) • Pension Protection Act (Tabled from the November 29, 2007 meeting) • Additional Benefit Memo's - Informational New Business: • Joe Reed — Deceased January 18, 2008 — Informational • Marshall Mahan Retirement — March, 2008 • Joey Pierce Retirement — March, 2008 • 2008 Pension Board Elections • Current Board Member Listing — Informational • 2008 Meeting Schedule — Informational • 2008 Parking Permits — Informational • NCPERS Legislative Conference — Informational • Merrill Lynch — Informational • Local Pension Fund Report 2007 - Informational Longer Investments: • Economy and Stock Market Update — Informational • Quarterly Report Dated December 31, 2007 • Investment Report • Equity Overage Board Members Firemen's Pension and Relief Fund Mayor Coody Chairman Board of Trustees Meeting Minutes Sondra E. Smith Secretary November 29, 2007 � � Marion Doss Position 1/Retired ' Page 1 of 14 Pete Reagan Position 2/Retired Gene Warford Position 3/Retired ARKANSAS Ron Wood Position 4/Retired Marshall E. Mahan Position 5/1-lighest Ranking Firemen's Pension and Relief Fund Meeting Minutes - November 29, 2007 A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11 :00 AM on November 29, 2007 in Room 326 of the City Administration Building Mayor Coody called the meeting to order. Present: Mayor Coody, Marion Doss, Marshall E. Mahan, Pete Reagan, Ronnie Wood, City Clerk Sondra Smith, Deputy City Clerk Amber Wood, City Attorney Kit Williams Trish Leach & Wendy Moore, Accounting, Absent: Gene Warford was absent. Approval of the Minutes: Approval of the October 25, 2007 Meeting Minutes Marshall E. Mahan moved to approve the October 25, 2007 Meeting Minutes. Ronnie Wood seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. Approval of the Pension List: Retirees Additional Benefits December, 2007 Pension List with additional benefits Sondra Smith: There's a State law that if you work so long for the Fire or Police Department then when you retire you are due an additional benefit. Trish checked the records and found out that there are three people that were due that benefit that we have not paid. Mayor Coody: What is the benefit? Trish Leach: For every year of service beyond twenty five years they receive an additional percentage and it becomes payable when they turn sixty. We had a police retiree that come to our office and said I'm turning sixty in October. He talked about Marion receiving the benefit also. I didn't think we were paying Marion the extra benefit so we looked and we had not been. We talked with LOPFI because they administer several of the old plans and we use them as a gauge for a lot of what we do because they do so much more of it. When talking to them they Firemen's Pension and Relief Fund Board of Trustees Meering Minutes November 29, 2007 Page 2 of 14 said they would have given the extra benefit to Marion. They would have stopped his years of service calculation number as of the date he went on DROP. We talked to Kit and he looked at all the legal things we could pull together and we decided that we had not been paying Marion correctly. We went back and looked at all the other firefighters and found that there were two other people that should have been receiving the extra benefit. We went back and calculated historically how much. When Marion went on DROP he was relatively close to sixty at the time. Then the next logical step was to bring it to the Board. Mayor Coody: What do we need to do here? Do we need to approve the extra benefit? Sondra Smith: We have two monthly pension lists for December and the Board needs to approve one of them. We have one with the additional benefits and one without. I feel we need to approve the one with the additional benefits. Kit Williams: I agree with that. I think we have to approve the one that applies to the statute. Sondra Smith: Also if I understand correctly there's back pay that we will have to pay to these three gentlemen. Which are Ken Miller, Marion Doss and Larry Freedle. We will need a second motion to pay those back benefits. Pete Reagan moved to approve the December, 2007 amended pension list with the benefit increase. Ronnie Wood seconded the motion. Marion Doss: I feel like I should abstain since this affects me. Pete Reagan: You shouldn't. It affects everybody. Kit Williams: Actually it affects a group that you happen to be a member of and we are complying with the State law. You don't have a true conflict of interest where you could not vote but if you don't want to vote you don't have to and it can pass without your vote. Upon roll call the motion passed 6-0. Gene Warford was absent. Mayor Coody: Second motion is going to be to pay the back benefits that have been approved. Sondra Smith: Yes sir. Pete Reagan: Do we have an amount? Trish Leach: Yes, there is one page that calculates it. Mayor Coody: What's the total? Trish Leach: The total for Marion is $48,000. Mayor Coody: $48,000 additional benefits? Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 3 of 14 Trish Leach: He should have been receiving this additional money in 2002. Larry Freedle's is very small because he hasn't been sixty for very long. Sondra Smith: Larry's is $465.94. Trish Leach: And Kenneth's is $21,592. Pete Reagan: I just see Marion's. Sondra Smith: There is a spread sheet for each one of them. Pete Reagan: Okay. I see it. Sondra Smith: Trish has done an excellent job calculating this. She shows you what the amount should have been for each year that we did not pay them. Trish Leach: Thank you. We had to adjust for the COLA and we had to allow for the DROP interest. What we want to do and we will talk to Marion and Kenneth individually, but part of the money that should have been in DROP we want to give them the opportunity to have that put into their deferred account so that they don't have to pay a tax on it. Kit Williams: It should go there. How can we give them an option if it should have been in DROP? Pete Reagan: You have the option at the end of DROP to take it or roll it. Kit Williams: Okay. Sondra Smith: Some of it should have been paid to him on a monthly benefit basis. Trish Leach: Right. Kit Williams: Since he actually retired. Trish Leach: On that portion we would need to cut Marion a $16,827 check directly. We need to talk with him and get the account information and give him time to think about what he wants to do with it and the same with Kenneth. Larry Freedle's is so small and should have been paid to him as part of his regular benefit we will just send him a check. We apologize. Marion Doss: I thank you very much. I'm just shocked because I couldn't believe it would be that much. Marshall E. Mahan moved to approve the payment to Marion Doss, Larry Freedle and Kenneth Miller. Pete Reagan seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29, 2007 Page 4 of 14 December, 2007 Pension List without additional benefits Sondra Smith: We don't need to do this one because we approved the one with the additional benefits. Mayor Coody: I see. Sondra Smith: It's either or on that. Old Business: Dennis Mullens retirement classification (Tabled from the October 25, 2007 meeting.) Kit Williams: I wrote a memo and basically I don't believe that you have the right as a Board to change a retired person's disability or retirement status. The statute says and I quoted it in my memo, the very first thing it says is "Any firefighter (it doesn't say retired person) who becomes totally and permanently physically or mentally incapacitated for any suitable duty as an employee as a result ofpersonal injury or disease may be retired by the Board"...A.C.A §24-11- 819 (a) (1). He has been retired by the Board for a very long time. This statute is referring to someone that has not retired by longevity but could still work except for their disability. That's why it has provisions in it that the disabled person has to be looked at by a doctor every so often and if the disability goes away he is suppose to be return to active duty. That can never happen with someone that has been retired as Mr. Mullens through longevity. He's permanently retired. Therefore I don't think this Board has any power at this point and time to say you are disabled and we are going to change your status. That is a power this Board has when someone is on active duty and says I'm disabled so I need disability retirement. Then the revisions within this statute apply where you have doctors that look at it and others things that he must do. Then you all would make the determination as the Board whether or not someone is so disabled that they are entitled to disability retirement. It's not an after the fact thing where someone has retired through longevity. I don't think the Board has any statutory power really to even hear Mr. Mullen's request. I think it is beyond your power. I know LOPFI would not either. They have clearly in the memo you received and I looked in their statute they would not hear this either. Sondra Smith: There's a copy of the email in your packet that Trish received from LOPFI and it says in there that under no circumstance would. LOPFI go back after the fact and change a normal retirement to a disability retirement. Kit Williams: I don't think we can either even though we have slightly different rules for the old system as opposed to the LOPE system. I think the statute is clear in the way it is written and with its intent. This is for someone who is a firefighter not a retired firefighter to get disability. Mayor Coody: Any questions on that? Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29, 2007 Page 5 of 14 Pete Reagan: I would like to make a point on this. Our Board is completely different than LOPFI. I understand the reasons why and was involved in requesting that the LOPFI Board put a one year in there for the retired firefighter. Because a municipality or the State if the firefighter is covered by LOPFI can term him as disabled and he can no longer be employed there. But there's no guarantee that he will get a pension from LOPFI because he has to go through the doctor visit process and the LOPFI Board and Little Rock can challenge that and, go through their doctor review process. That's the reason the year is put in there. Kit I don't see things the way you do, I am no attorney by the any stretch of the imagination but I feel like we do have the ability to do that as our Board here today, because there is no prevision in State statute that says we can't do it. Kit Williams: But you and the city we are all creatures of the legislature we have the powers that the legislature gives us and so in relation to disability determinations, the powers that the legislation has given you is in statute A.C.A §24-11-819 (a) (1) which I have copied for you so you can see that. In looking at this I think it is clear that this refers to fire fighters not retired fire fighters. Not only because of the very initial wording that it has where is says any fire fighter who becomes disabled, it doesn't say a retired firefighter who had become disabled it says any firefighter and it says they can be retired by the Board. You could have retired by the Board twenty years ago. You can't go back and undo that now and say now we are going to retire you for disability. He was retired a long time ago and the other provisions in this saying he will come back to duty if in fact disability is no longer there, that will never work for someone that is permanently retired for longevity purposes. My opinion is and you can take it or leave it and my opinion to our staff is that we cannot change the disability status of someone who has long retired under regular retirement. Pete Reagan: Also another point under LOPFI there's an additional benefit for disability. Kit Williams: There would be here to except your benefits are already higher. Pete Reagan: Right, so there is no benefit and we all understand the purpose of him asking for this and the State has already granted him and they were suppose to fax over something. Sondra Smith: All they sent was his tax return. Pete Reagan: I asked them to do that. Dennis was supposed to be here today but he had an 11 :00 AM appointment with the lung doctor at the VA. He could not miss it and I know that has happened twice now but we all know how doctor's appointments are. Mayor Coody: This has been going on for a year there is an ethical question here too. Just to go back and reclassify someone after he has been retired for so long. With Kit's information here this just never did feel right and this just confirms this isn't something we need to do. Sondra Smith: I did talk to the accountant and I said if we decide not to reclassify him on our forms as disabled can he go ahead and claim disabled on his tax returns and she said yes. I said so we will not affect him getting a larger tax return and she said no it will just make our lives easier. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 6 of 14 Pete Reagan: Right. Sondra Smith: If we decide to not go ahead and reclassify him as disabled he's still going to be able to get that refund. They just don't want to go through the hoops to get the refund and I don't think the city should put themselves in a bind or do something that's irresponsible just to keep someone else from not having to do what they need to do to get their refund. Mayor Coody: In other words the accountant does not want to do the paperwork. Sondra Smith: That's right. Pete Reagan: It's not that the accountant is not wanting to do the paperwork the way I understand it it's the classification of the 1099 that he receives at the end of year. It doesn't show it as disabled and he is going to show it as a disability retirement income on his tax refund. So he is going to get audited every year from the State of Arkansas and it will cost him additional money to appeal it. Trish Leach: I have also talked to the accountant and that wasn't the impression I got. Sondra Smith: That wasn't the impression I got either. Trish Leach: I strongly encouraged them to be here today. Sondra Smith: I did too. Trish Leach: What she indicated to me was they had a stack of paperwork that they send in with his return and the State accepted that and the IRS accepted that after some conversation. I'm thinking like Sondra they send in that stack of paperwork every year and that will take care of his problem. They weren't auditing him. Pete Reagan: I didn't say they were auditing him. You being a CPA understand if things don't match on your tax return it throws up a red flag. Trish Leach: Everything I have read and I did a lot of research on this when it first came up. According to all of the IRS regulations he's retired. If we change our classification of the 1099 and it goes out to them and something comes up later their going to come back to the city and say why did you do this? We don't have anything to stand on that I see because all of the regulations they have clearly state if he was disabled when he originally retired and he went out on disability he's reached the minimum retirement age for your plan. So then he automatically becomes retired according to IRS regulations and according to the way we code our 1099. We try to do everything as right as we can. Pete Reagan: I understand. Trish Leach: That is just where I am on it. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29, 2007 Page 7 of 14 Mayor Coody: Since we have been going over this for a year and it continues to get more and more gummed up. The more we find out the less attractive it looks and it never looked good to begin with to do the wrong thing. I would entertain a motion to deny the reclassification. Sondra Smith moved to deny Dennis Mullen's Retirement Reclassification. Mayor Coody seconded the motion. Upon roll call the motion failed 4-2. Sondra Smith and Mayor Coody voting yes. Marion Doss, Marshall E. Mahan, Pete Reagan and Ronnie Wood voting no. Gene Warford was absent. Pete Reagan moved to table Dennis Mullen's Retirement Classification to the January meeting. Marshall E. Mahan seconded the motion. Upon roll call the motion passed 4-2. Marion Doss, Marshall E. Mahan, Pete Reagan and Ronnie Wood voting yes. Sondra Smith and Mayor Coody voting no. Gene Warford was absent. Pension Protection Act (Tabled from the October 25, 2007 meetinLY) Mayor Coody: How many months has this one gone back? Pete Reagan: Since it became effective January 1, 2007. Mayor Coody: So this one is a year old too. What do we want to do with this? Pete Reagan: At this time I know of two firefighters that would be interested in this program. I sent out another memo to the retirees on Monday and I haven't heard anything back except from one of them. That's not saying they have all read it. We have a lot of members that do not have email. So they are probably just receiving it yesterday or today. I would like to request at this time that we institute the Pension Protection Act for those that are eligible for it. I only know of two As far as I know what that is going to involve is the Finance Department sending out an additional check once a year, twice a year however it's done to the insurance company for the benefit. Mayor Coody: Trish what input do you have on this. Trish Leach: When we first brought this up the decision was made that we couldn't do this and one of the big reasons for not wanting to do it was that we have a liability then on us. If someone changed their health insurance from one carrier to another and didn't notify us we would pay the wrong people. For some reason if a check wasn't sent to the carrier in time we are becoming the middle man. We were concerned that a large number of people would want to take advantage of it. It's pre taxed but there is a certain dollar limit. Just the work load of trying to do it and the liability of us taking it over we were against it. Mayor Coody: Looks like there's not a lot of interest in the retirees to make it work, if there are only two people and one of those we haven't heard back from. It doesn't seem like there's a big ground swell to get this done. I would hate to see the city take on more liability for something like this for an individual or two when it's not necessary. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 8 of 14 Kit Williams: My understanding and correct me if I'm wrong, isn't this voluntary on the part of the city for the city to decide whether they want to do this. Pete Reagan: The IRS has now published Publication 575 it just come out a couple days ago. I am not an attorney or CPA but basically it gives the guidelines for using this on your 2007 tax return. I don't know if it says whether it permissible or not Kit. Kit Williams: I thought the act was voluntary for the city so really it's up to the city to determine. I guess you could make a request of the city if that's what you wanted to do. Then it would be up to the city to determine whether they wanted to do it and under what conditions. If they wanted to do it what would be the conditions that the city would impose upon anybody wanting to take advantage of this. I can understand that $3,000 is a pretty nice tax savings. It's obliviously not $3,000 worth but it would be several hundred that you would save on your taxes. Pete Reagan: Estimated between $700 and $800. Kit Williams: I can see that it is a benefit that the retirees would like to have but I think it is up to the city to make the determination about whether they want to do it or not. One of the problems is we are in a staffing freeze. This would just be additional work on the staff that we already have. If it's only two people that's one thing but I think accounting is a little concerned that it might become a much more popular program and they wouldn't be able to add any staff to take care of the additional work. Mayor Coody: The liability is something that I'm concerned about because anytime the City takes on additional liability unnecessarily it always comes back to bit us. It never has failed it's the old "no good deed goes unpunished" this falls clearly in that category. This has been going on for a year as well I would just soon put this to bed as well. I know that you will probably want to table it to keep it alive forever just like the other one. I just have a different way of looking at doing business. s Marshall E. Mahan: I would like to take advantage of this Act. I will be retiring in three and months and I will be able to stay on the city insurance plan because of my years of service and age. Pete Reagan: I have a question on liability Kit. Let's use me for an example if I fill out a piece of paper that says I want $3,000 annually to go to Blue Cross Blue Shield Insurance in the name of Pete Reagan for insurance coverage and I receive this benefit. What liability does the City have if I change insurance companies and don't notify them? I wouldn't think that you would have any because you have something on record stating this is where it goes. Kit Williams: There are ways for the City to attempt to protect itself from a liability claim. That's not always going to work. I think there would be some potential chance even if you signed documents and said you wouldn't hold the City responsible. What happens if you go and tell someone in Accounting I'm switching to a different company and that person leaves, forgets or doesn't do it and after this check doesn't go and you are assuming it's gone your coverage laps because your check doesn't go and you get involved in some sort of illness. We are talking Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 9 of 14 about a million dollars worth of medical cost. That is what the City is concerned about; it's not just the $3,000 premium. It is what happens if the insurance company uses that as an excuse not to cover you so you are now out a million dollars even though you paid but some how the City made the mistake and didn't send it on. That's what the City is concerned about not the $3,000 that's a minor thing but it's the possibility that it could be a million dollars. Trish Leach: I would like to point out that we would gladly take on extra work for the pension and we have. When the law suit come up a while back we took that on and did a lot of extra work on that because we knew it would be difficult for the pensioners to go back and figure how much they put in and all the things the State required. We took that on, we took care of it, we electronically sent it, we sent you letters and you sent them back saying you wanted to participate and we took care of it because we felt good about being able to do that. I don't feel so good about doing this because things happen. Any time you have staff turn over that makes you that much more apprehensive. Pete Reagan: This is a $3,000 benefit and if I came to you and said I would like to participate in this plan can you send $3,000 of my December check to an insurance company because it has to come from the pension fund it can't come from Pete Reagan and it was done once a year, would that be a problem? Trish Leach: From the set up point right now we do not allow deductions from the pension. This is a total change from what we have been doing. In theory it would be easy to do one but you have all the pensioners from both plans. If we do this for you guys were going to do it for the Police. Kit Williams: Not every one is getting the kind of money you're getting. Paul Becker: It's still a liability and it still takes time and once we open up we have to open up for everybody. Sondra Smith: Not only that but you would have to continue sending the rest of the premium by deducting it from his check or something for the rest of the year. You couldn't send them $3,000 and be done with it could you? Trish Leach: When we first started looking at it that's what we thought. We would have to get your bill for the year and we would have to send the whole amount because other wise you are not covered you have a future bill. Pete Reagan: Right, that's what I'm saying. The insurance that I have is set up on auto draft through my personal checking account so all I have to do is call them and say don't deduct out for four months or whatever it is. Trish Leach: Just because we send in $3,000 that doesn't cover. Do you understand what I'm saying? Pete Reagan: No, I missed your point. I'm sorry. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 10 of 14 Trish Leach: If they bill you once a year for your premium the $3,000 is more than likely a partial payment. Pete Reagan: The insurance company's bill monthly. They like to have that income every month. Trish Leach: So then it covers just so many months. Pete Reagan: Right. Trish Leach: That was not the road we went down when we started looking at it. Pete Reagan: No, that was going to be a monthly deal when we first talked about it and I understand opening it up to both Fire and Police Pension Funds but if it was done once a year it would be an easier burden on you and the rest of staff. Trish Leach: I think we are very service oriented, but then fifteen more people show up saying they want it to, we can't say well now were stopping here. We just don't feel like we can take it on where we are right now. Unfortunately we don't just do pension, we do payroll and this is a rough time of the year for payroll and we just can't. Pete Reagan moved to table Pension Protection Act to the January meeting. Marion Doss seconded the motion. Upon roll call the motion passed 4-2. Marion Doss, Marshall E. Mahan, Pete Reagan and Ronnie Wood voting yes. Sondra Smith and Mayor Coody voting no. Gene Warford was absent. Sondra Smith: If we are going to table this, what do we need to do to get it resolved? If there's something you want us to do we need to know. Marion Doss: From what I understand even if the Pension Board wants it and we pass this the City can say no if it's not required. Sondra Smith: That's my understanding. Kit Williams: I think that's correct. Marion Doss: If the law is different than what we think, if it said shall that would be make a difference. I haven't read it so I have no idea. Sondra Smith: Is there any additional information that we need to supply? Marion Doss: I have no idea. I can see where it would make a difference on how many people. If everyone comes to you and everyone has a different insurance company that would be one thing. Ideally if everybody had the same insurance company it would be a whole lot simpler so I can understand that. Kit Williams: I don't know if we can put any restrictions on it if we ever decide to start it. I think basically you would have to open it up to everyone equally and if they have a different Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 11 of 14 insurance company than they just have a different insurance company. That's what concerns the City. One reason they are not as concerned with handling all the employees stuff is because we have one insurance company for all the employees. So we know that's where the checks go. Change Meetings to Quarterly — State Statute 24-11-802 (Tabled from the October 25, 2007 meetin Mayor Coody: Are you all interested in that or do you still want to meet monthly? Kit Williams: It's your choice, right Sondra? Sondra Smith: Right, we have had several meetings that have been very short. You have the option of determining when you want to meet. You do not have to meet monthly according to the State statute. We have looked at the statute Kit and I have reviewed it and we both feel the same way. So if you would like to not meet on a monthly basis we can change your meetings to a quarterly basis. We have already done a schedule for next year on a monthly basis until you all make a decision. We just wanted to give you that option because I think there was some confusion and people thought you had to meet on a monthly basis which you do not. Marion Doss: I read that statute and it said may meet monthly. Kit Williams: Yes, it says may. Marion Doss: The way I look at it they probably intended to mean monthly but like a lot of the laws they gave you some lead way by saying may instead of shall. I don't have any problems with monthly meetings. When you go to quarterly meetings it sounds good except sometimes when people aren't in the habit of doing something you can get poor attendance. Kit Williams: You can talk to the Police Pension Board they've been meeting quarterly for years. Mayor Coody: It works for them. Kit Williams: Course you have been meeting monthly for years and it works for you. However you want to do it. Ron Wood: If we had something come up how long does it take to call a special meeting? Mayor Coody: A day. Sondra Smith: If you wanted to have a special meeting we could call a special meeting. All it would be is just us notifying everyone that you want to have a special meeting. It doesn't matter to me I just wanted to give you that option. I do not mind us continuing on a monthly basis. I am right across the hall. You have to leave your jobs to come. Marshall E. Mahan: I know we approve the pension list each month does that have to be approved monthly or can we do it on a quarterly basis? Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29,2007 Page 12 of 14 Sondra Smith: You can do that on a quarterly basis I assume. The Police pensioners approve on a quarterly basis. Right now you are approving the December pension list and it is not December yet. So changes could be made to that pension list and we would have to bring it back and have it revised which we have done before if someone happens to decease or something like that. The Police Pension approves three months worth of pension reports and if there are any. changes to those reports we bring them back and they do a revised motion. Pete Reagan: When do we get our quarterly reports from Longer? Sondra Smith: January and then every three months. Kit Williams: I'm sure she would be happy to do her quarterly reports to you when ever your meeting would be. Sondra Smith: If you wanted to you could still have your meeting on the last Thursday of the month. Marion Doss: I'm sure it wouldn't matter to Longer because they come quarterly anyway. Pete Reagan: I wanted to make sure we got good information at the end of the quarter and coordinate it with her. Ron Wood: I personally see more advantages than disadvantages to quarterly meetings. Pete Reagan: I do too. Marshall E. Mahan: Me too. Mayor Coody: Is the quarterly meetings sounding alright? Pete Reagan: I make a motion to move the meetings to quarterly meetings and the next meeting will be January 31St Pete Reagan moved to change the meetings to quarterly. Marion Doss seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. 2008 MeetinLy Schedule (If monthly meetings are continued) New Business: NCPERS Information (Amicus Brief on Kentucky Retirement System's Disability Retirement Plan) Sondra Smith: That's just informational items from NCPERS. I try to keep everybody abreast of anything I get from NCPERS. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November29,2007 Page 13 of 14 NCPERS Annual Legislative Conference Mayor Coody: Same with the Annual Legislative Conference. Sondra Smith: Yes, a lot of times we send someone to the conference so that's a copy of the information that we received. Alliant Insurance Services (Informational) Kit Williams: That is someone wanting you to buy insurance. Longer Investments: Monthly Report A copy of the Longer Investments monthly report was given to the Board. 11 Equity Overage Sondra Smith: We need to approve the equity overage. Pete Reagan moved to approve the equity overage. Marion Doss seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. Amended Investments Policy (Signatures needed) Mayor Coody: Do I need to sign something? Sondra Smith: Yes, we have two original investment policies that need to be signed. Completed Advisor Impact Survey Sondra Smith: We received an Advisor Impact Survey regarding Longer Investments and how they are performing for us. I did not want to fill that out without input from the Board but it had to be turned back in before we met again and rather than calling a special meeting I called Marion. Marion and I went over it over the phone but I wanted you to see how we answered the survey so that if you had any questions you could let us know. Once I went over it with him on the phone I filled it out on line so they could get it in a timely manner. Mayor Coody: Did they get a good report? Sondra Smith: Yes. Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 29, 2007 Page 14 of 14 Mayor Coody: Good. Pete Reagan: I filled mine out on line. Sondra Smith: I knew each one of you had probably received it, filled it out, and turned it in. January, 2008 Pension List Pete Reagan: I think it would be proper to approve the January pension list so the checks can go out because we are not meeting until January 31St Pete Reagan made a motion to approve the January pension list. Marshall E. Mahan seconded the motion. Upon roll call the motion passed 5-0. Gene Warford and Mayor Coody were absent. Meeting Adjourned at 11:25 AM FIREMEN'S RELIEF AND PENSION February 2 1.00 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN , AND FOR THE PURPOSE SO STATED. DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit iture Supplement Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 3,625.48 0.00 R 177 4/04 BACHMAN, EDDIE 2,618.55 5,237.10 S 74 3/86 BAIRD, JULIA 1,802.08 3,604.16 V 63 5/72 BOLAIN, ANN 109.27 218.54 R 68 7/99 BONADUCE, MICHAEL 2,988.76 5,977.52 S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 4,954.84 R 45 9/86 BOUDREY, HOWARD 2,089.28 4,178.56 R 49 7/88 BOUDREY, JACK 1,647.63 3,295.26 V 5 5/72 CASELMAN, ARTHUR 131.13 262.26 R 57 5/90 CATE, ROY 1,788.90 3,577.80 V 6 4/68 CHRISTIE, ARNOLD 109.27 218.54 V 8 10/76 COUNTS, WAYNE 109.27 218.54 R 77 11/99 DILL,GARY JOHN 1,812.75 3,625.50 188 12/05 DOSS, MARION H 5,376.91 10,753.82 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 731.61 R 11 2/76 FARRAR,ALONZO 998.86 1,997.72 R 192 4/06 FARRAR, DANNY 4,155.36 8,310.72 R 38 5/84 FRALEY, JOSEPH G. 1,768.12 3,536.24 R 170 5/03 FREEDLE, LARRY 3,816.75 7,633.50 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 141.37 R 92 03/02 GAGE,TOMMY 2,596.69 5,193.38 V 34 6/79 HARRIS, JAMES E. 109.27 218.54 V 70 11/99 HARRIS, MARY RUTH 109.27 218.54 Q 182 10/04 JENKINS, EILEEN 1,788.75 3,577.50 R 93 06/02 JENKINS, JOHN 1,788.76 3,577.52 R 86 07/01 JOHNSON,ROBERT 3,073.47 6,146.94 R 64 4/95 JORDAN, CHARLIE 2,274.95 4,549.90 S 76 5/88 JUDY, JAN 1,647.63 3,295.26 R 37 3/84 KING, ARNOLD D. 1,522.37 3,044.74 R 54 5/89 KING, ARVIL 1,711.21 3,422.42 R 13 10/67 LAYER, MERLIN 456.22 912.44 R 173 12/03 LEDBETTER, DENNIS 3,775.80 7,551.60 V 181 10/04 LEE, VIOLA LOUISE 109.27 218.54 R 51 10/88 LEWIS, CHARLES 1,647.63 3,295.26 R 40 9/85 LOGUE, PAUL D. 2,868.28 5,736.56 R 50 9/88 MASON, LARRY 1,631.25 3,262.50 R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 3,507.48 V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 218.54 R 15 4/77 MC WHORTER, CHARLES 1,334.51 2,669.02 R 29 8/81 MILLER, DONALD 1,304.07 2,608.14 R 73 2/00 MILLER,KENNETH 3,180.02 6,360.04 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 170.60 V 42 2/86 MOORE, JAMES H. 109.27 218.54 V 176 4/04 MORRIS, DIXIE E. 125.66 251.32 R 48 7/88 MULLENS, DENNIS W. 2,191.30 4,382.60 R 184 3/05 NAPIER, LONNIE 3,518.28 7,036.56 R 196 01/02 ONEAL, TEDDY 4,120.99 8,241.98 R 46 5/88 OSBURN, TROY 1,899.66 3,799.32 R 81 02/01 PHILLIPS,LARRY 2,765.09 5,530.18 R 53 2/89 POAGE, LARRY 2,346.70 4,693.40 R 186 06/05 REAGAN, PETE 3,535.71 7,071.42 V 22 4/73 REED, JOE deceased 01-18-08 0.00 109.27 V ^02/08 REED, JUNE 109.27 109.27 S 172 12/03 SCHADER, MADGE 1,386.01 2,772.02 R 41 9/85 SCHADER, TROY 1,524.99 3,049.98 R 190 04/06 SHACKELFORD, GLEN 3,647.18 7,294.36 S 83 03/01 SKELTON, KIMBERLY 2,434.98 4,869.96 R 36 5/76 SPRINGSTON, CARL 806.19 1,612.38 S 90 03/02 STOUT, IMOGENE W. 767.80 1,535.60 R 165 12/02 TATE, RALPH 3,668.10 7,336.20 V 65 3/66 TUNE, BILLIE SUE 136.59 273.18 R 71 1/00 WARFORD,THOMAS 2,502.72 5,005.44 R 28 7/68 WATTS, DONALD 437.09 874.18 R 88 01/02 WOOD,RONNIE D 3,077.15 6,154.30 R 52 9/88 WRIGHT, RANDALL 1,691.34 3,382.68 114,251.13 227,458.68 0.00 1/25/2008 K:\Fire Pension\Pension List\Pension List 2008\020108 FP.xls WM DATE OF Regular Mo Year To Date Act 1373 EMP# RETIREMENT NAME Benefit Reg Benefit iture Supplement DROP DATE DROP EMPLOYEES NEW BENEFITS 03/01/03 MAHAN, MARSHALL 4,077.28 03/01/03 PIERCE, JOEY 3,647.18 WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2006. NOTARY PUBLIC MY COMMISSION EXPIRES : 1/25/2008 K:\Fire Pension\Pension List\Pension List 2008\020108 FP.xls WM FIREMEN'S RELIEF AND PENSION March 3 2 1 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. DATE OF Regular Mo Year To Date Act 1373 EMP#RETIREMENT NAME Benefit Reg Benefit Aure Supplement Q 79 11/99 ARMSTRONG(DILL), PAMELA 1,812.74 5,438.22 0.00 R 177 4104 BACHMAN,EDDIE 2,618.55 7,85565 S 74 3/86 BAIRD,JULIA 1,802.08 5,406.24 V 63 5f72 BOLAIN,ANN 109.27 327.81 R 68 7/99 BONADUCE, MICHAEL 2,988.76 8,966.28 S 44 9186 BOUDREY, BETTY MRS. 2,477.42 7,432.26 R 45 9/86 BOUDREY, HOWARD 2,089.28 6,267.84 R 49 7188 BOUDREY, JACK 1,647.63 4,942.89 V 5 5/72 CASELMAN,ARTHUR 131.13 393.39 R 57 5/90 CATE, ROY 1,788.90 5,366.70 V 6 4/68 CHRISTIE,ARNOLD 109.27 327.81 V 8 10/76 COUNTS,WAYNE 109.27 327.81 R 77 11/99 DILL,GARY JOHN 1,812.75 5,438.25 188 12105 DOSS,MARION H 5,376.91 16,130.73 188 12105 DOSS,MARION H plus 25 additional pay 731.61 731.61 R 11 2f76 FARRAR ALONZO 998.86 2,996.58 R 192 4106 FARRAR, DANNY 4,155.36 12,466.08 R 38 5/84 FRALEY,JOSEPH G. 1,768.12 5,304.36 R 170 5/03 FREEDLE, LARRY 3,816.75 11,450.25 170 5103 FREEOLE, LARRY plus 25 additional pay 141.37 141.37 R 92 03/02 GAGE,TOMMY 2,596.69 7,790,07 V 34 6179 HARRIS, JAMES E. 109.27 327.81 V 70 11/99 HARRIS, MARY RUTH 109.27 327.81 Q 182 10/04 JENKINS, EILEEN 1,788.75 5,366.25 R 93 06/02 JENKINS,JOHN 1,786.76 5,366.28 R 86 07101 JOHNSON,ROBERT 3,073.47 9,220.41 R 64 4195 JORDAN,CHARLIE 2,274.95 6,824.85 S 76 5/88 JUDY, JAN 1,647.63 4,942.89 R 37 3/84 KING,ARNOLD D. 1,522.37 4,567.11 R 54 5/89 KING,ARVIL 1,711.21 5,133.63 R 13 10/67 LAYER,MERLIN 456.22 1,368.66 R 173 12103 LEDBETTER,DENNIS 3,775.80 11,327.40 V 181 10/04 LEE,VIOLA LOUISE 109.27 327.81 R 51 10/88 LEWIS,CHARLES 1,647.63 4,942.89 R 40 9/85 LOGUE, PAUL D. 2,868.28 8,604.84 R 02108 MAHAN, MARSHALL 4,077.28 4,077.28 R 50 9/88 MASON, LARRY 1,63125 4,893.75 R 39 4185 MC ARTHUR,RONALD A. 1,753.74 5,261.22 V 35 2182 MC CHRISTIAN, DWAYNE 109.27 327.81 R 15 4177 MC WHORTER, CHARLES 1,334.51 4,003.53 R 29 8181 MILLER, DONALD 1,304.07 3,912.21 R 73 2/00 MILLER,KENNETH 31180.02 9,540.06 73 2100 MILLER,KENNETH plus 25 additional pay 170.60 170.60 V 42 2186 MOORE,JAMES H. 109.27 327.81 V 176 4/04 MORRIS,DIXIE 1- 125.66 376.98 R 48 7188 MULLENS, DENNIS W. 2,191.30 6,573.90 R 184 3/05 NAPIER, LONNIE 3,518.28 10,554.84 R 196 01/02 ONEAL,TEDDY 4,120.99 12,362.97 R 46 5/88 OSBURN,TROY 1,899.66 5,698.98 R 81 02/01 PHILL IPS,LARRY 2,765.09 8,295.27 R 02108 PIERCE,JOEY 3,647.18 3,647.18 R 53 2/89 POAGE, LARRY 2,346.70 7,040.10 R 186 06/05 REAGAN, PETE 3,535.71 10,607.13 V 22 4/73 REED, JOE deceased 01-18-08 0,00 109.27 V A02108 REED,JUNE 10927 218.54 S 172 12103 SCHADER MADGE 1,386.01 4,158.03 R 41 9/85 SCHADER,TROY 1,524.99 4,574.97 R 190 04/06 SHACKELFORD,GLEN 3,647.18 10,941.54 S 83 03/01 SKELTON, KIMBERLY 2,434.98 7,304.94 R 36 5/76 SPRINGSTON, CARL 806.19 2,418.57 S 90 03102 STOUT, IMOGENE W. 767.80 2,303.40 R 165 12/02 TATE,RALPH 3,668.10 11,004.30 V 65 3166 TUNE,BILLIE SUE 136.59 409.77 R 71 1100 WARFORD,THOMAS 2,502.72 7,508.16 R 28 7168 WATTS, DONALD 437.09 1,311.27 R 88 01/02 WOOD,RONNIE D 3,077.15 9,231.45 R 52 9/88 WRIGHT, RANDALL 1,691.34 5,074.02 121,975.59 348,390.69 0.00 DROP DATE DROP EMPLOYEES NEW BENEFITS 1/25/2008 C:IDOCUME-llssmkhULOCALS-1\Temp%XPgrpwiseVMarch 2008.xis WM DATE OF Regular Mo Year To Date Ad 1373 EMP#RETIREMENT NAME Benefit Reg Benefit hire Supplement WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT,THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND;THAT THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE.WERE ACTUALLY RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF , 2006. NOTARY PUBLIC MY COMMISSION EXPIRES : 1/25/2008 C:IDOCUME~1lssmithlLOCALS-11Temp%PgrpWiseNarch 2o06.As WM FIREMEN'S RELIEF AND PENSION April 4 3 2 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN , AND FOR THE PURPOSE SO STATED. DATE OF Regular Mo Year To Date Act 1373 EMP#RETIREMENT NAME Benefit Reg Benefit iture Supplement Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 7,250.96 0.00 R 177 4/04 BACHMAN, EDDIE 2,618.55 10,474.20 S 74 3/86 BAIRD, JULIA 1,802.08 7,208.32 V 63 5/72 BOLAIN, ANN 109.27 437.08 R 68 7/99 BONADUCE, MICHAEL 2,988.76 11,955.04 S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 9,909.68 R 45 9/86 BOUDREY, HOWARD 2,089.28 8,357.12 R 49 7/88 BOUDREY,JACK 1,647.63 6,590.52 V 5 5/72 CASELMAN,ARTHUR 131.13 524.52 R 57 5/90 CATE, ROY 1,788.90 7,155.60 V 6 4/68 CHRISTIE,ARNOLD 109.27 437.08 V 8 10/76 COUNTS, WAYNE 109.27 437.08 R 77 11/99 DILL,GARY JOHN 1,812.75 7,251.00 188 12/05 DOSS, MARION H 5,376.91 21,507.64 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 731.61 R 11 2176 FARRAR,ALONZO 998.86 3,995.44 R 192 4/06 FARRAR, DANNY 4,155.36 16,621.44 R 38 5/84 FRALEY, JOSEPH G. 1,768.12 7,072.48 R 170 5/03 FREEDLE, LARRY 3,816.75 15,267.00 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 141.37 R 92 03/02 GAGE,TOMMY 2,596.69 10,386.76 V 34 6/79 HARRIS, JAMES E. 109.27 437.08 V 70 11/99 HARRIS, MARY RUTH 109.27 437.08 Q 182 10/04 JENKINS, EILEEN 1,788.75 7,155.00 R 93 06/02 JENKINS, JOHN 1,788.76 7,155.04 R 86 07/01 JOHNSON,ROBERT 3,073.47 12,293.88 R 64 4/95 JORDAN, CHARLIE 2,274.95 9,099.80 S 76 5/88 JUDY, JAN 1,647.63 6,590.52 R 37 3/84 KING,ARNOLD D. 1,522.37 6,089.48 R 54 5/89 KING,ARVIL 1,711.21 6,844.84 R 13 10/67 LAYER, MERLIN 456.22 1,824.88 R 173 12/03 LEDBETTER, DENNIS 3,775.80 15,103.20 V 181 10/04 LEE,VIOLA LOUISE 109.27 437.08 R 51 10/88 LEWIS, CHARLES 1,647.63 6,590.52 R 40 9/85 LOGUE, PAUL D. 2,868.28 11,473.12 R 02/08 MAHAN, MARSHALL 4,077.28 8,154.56 R 50 9/88 MASON, LARRY 1,631.25 6,525.00 R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 7,014.96 V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 437.08 R 15 4/77 MC WHORTER, CHARLES 1,334.51 5,338.04 R 29 8/81 MILLER, DONALD 1,304.07 5,216.28 R 73 2/00 MILLER,KENNETH 3,180.02 12,720.08 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 170.60 V 42 2/86 MOORE, JAMES H. 109.27 437.08 V 176 4/04 MORRIS, DIXIE E. 125.66 502.64 R 48 7/88 MULLENS, DENNIS W. 2,191.30 8,765.20 R 184 3/05 NAPIER, LONNIE. 3,518.28 14,073.12 R 196 01/02 ONEAL,TEDDY 4,120.99 16,483.96 R 46 5/88 OSBURN, TROY 1,899.66 7,598.64 R 81 02/01 PHILLIPS,LARRY 2,765.09 11,060.36 R 02/08 PIERCE, JOEY 3,647.18 7,294.36 R 53 2/89 POAGE, LARRY 2,346.70 9,386.80 R 186 06/05 REAGAN, PETE 3,535.71 14,142.84 V 22 4173 REED, JOE deceased 01-18-08 0.00 109.27 V A02/08 REED, JUNE 109.27 327.81 S 172 12/03 SCHADER, MADGE 1,386.01 5,544.04 R 41 9/85 SCHADER,TROY 1,524.99 6,099.96 R 190 04/06 SHACKELFORD, GLEN 3,647.18 14,588.72 S 83 03/01 SKELTON, KIMBERLY 2,434.98 9,739.92 R 36 5176 SPRINGSTON, CARL 806.19 3,224.76 S 90 03/02 STOUT, IMOGENE W. 767.80 3,071.20 R 165 12/02 TATE, RALPH 3,668.10 14,672.40 V 65 3/66 TUNE, BILLIE SUE 136.59 546.36 R 71 1100 WARFORD,THOMAS 2,502.72 10,010.88 R 28 7/68 WATTS, DONALD 437.09 1,748.36 R 88 01/02 WOOD,RONNIE D 3,077.15 12,308.60 R 52 9/88 WRIGHT, RANDALL 1,691.34 _ 6,76_5.3_6 121,975.59 469,322.70 0.00 DROP DATE DROP EMPLOYEES NEW BENEFITS 1/29/2008 K:\Fire Pension\Pension List\Pension List 2008\040108 FP.)ds WM DATE OF Regular Mo Year To Date Act 1373 EMP#RETIREMENT NAME Benefit Reg Benefit iture Supplement WE,THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND;THAT THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 12006. NOTARY PUBLIC MY COMMISSION EXPIRES : 1/29/2008 K:tFire PensiontPension List\Pension List 2008\040108 FP.xls WM �4 ARKANSAS THE CITY OF FAYETTEVILLE, ARKANSAS December 5, 2007 Marion Doss 11635 Charles Ct Farmington, AR 72730 RE: Additional Benefit Due to Years of Service Dear Marion: As you know, it was recently brought to our attention that you should have been receiving an additional retirement benefit due to your years of service. This benefit is being added to your December pension check. We also calculated the benefit retroactive to the date that you should have received it and those calculations are enclosed. The portion of the retroactive benefit that should have been part of your Drop payout ($31,571.31) can be rolled into your tax deferred retirement account, if you so choose. The remaining funds ($16,827.07) will be taxable, in the same manner that your normal retirement is taxable. Please let me know , no later than January 4`h, how you wish to receive the money that should have been included in your Drop payout. We will issue both checks at the same time. I have enclosed a W-4P incase you need to make an adjustment to the amount that we are withholding for taxes. Unfortunately, the 2008 W-4P is not yet available, but feel free to use the enclosed form.. Please contact me if you have questions concerning this matter. Sincerely, Patricia Leach Accounting Manager 479-575-8285 cc Sondra Smith, City Clerk 113 WEST MOUNTAIN 72701 479-521-7700 FAX 479-575-8257 Marion Doss Date of hire 5/1/1965 Elected Drop 1/1/2001 Years of Service as of Drop Date 35 Date of Birth 5/20/1942 Age as of Drop Date 58 Became eligible for extra benefit 5/20/2002 Hourly Rate $ 30.90 Base Hours 2080 Annual Salary $64,275.00 Annual Benefit (at 90% of salary) $57,847.50 Additional yrs beyond 20:(max. 5 yrs) 5 $20.00 =100.00 per month 1 ,200.00 Subtotal $59,047.50 COLA 2004 3% $ 1 ,771.42 COLA 2005 3% $ 1 ,824.57 COLA 2006 3% $ 1,879.30 Total Annual Benefit $64,522.79 1/12 of Annual Benefit $ 5,376.91 This Benefit should have been added to DROP amount in 2002 1 .25% for each year over 25(payable at age 60) $ 8,034.37 10 Years Convert to Monthly 12 $ 669.53 COLA 2004 $ 20.09 COLA 2005 $ 20.69 COLA 2006 $ 21 .31 Monthly amount for additional benefit $ 731 .61 ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE AND SHOULD BE PRORATED FOR MONTH TURNING 60 PRORATED FOR May 2002--12 days 264.14 Annual amount divided by 365 11/29/2007N:\DROP\Fire Retiree Calculations\Marion Doss Calculation a� ti 00 > O M (U N0) O Q 00 M C (p 00 O N r d C/) -0 O T T r r r T T T T T T T O (O (OM (000 (0OO (O (O (O 1,- CN r T T T T T r r r T T r- M M (M M M M M M M M M C) � ti ti rl- r- r ti r- r- ti ti O M 6 . 69.6 . 6) V), 636964696469 60 OCO O CO (0 (O (0 (O (0 (0 (O M O M O QJ N T T r r r T T T T T T T M M M M M M M M M M M M O ti � ti ti ti ti ti ti � ti ti N � U M 63 63 69 64 64 64 63 6), 63 63 63 63 63 c7 LL T M � C) Lo -(-- C V-:, a — M O 7 O O N +� _- cu U) 7 lf) 0 000000000000 LO N ti (0 C) M co M M M CM M M M (M M CM (0 NP O () N 0 0 0 0 0 0 0 0 0 0 0 0 M T LO W T T T T T T T r r T T T N T M O to r� rl- r- tir� tirtir- titir- LO LO O 06 0) o 60- 69 69 64 64 fA 69 69 64 64 64 64 63 60- 63 M C O N N N N N N N N N N N N O N T C) (O (0 CO CO (O CO (0 (0 CO (0 CO CO M LO O Q N a7 C)7 Cn Oi CA di 6 6 d7 Ln (O T- J MOOM00MMMa000000000 rl- (Y) rl- O (O (O (O (O (O (O (0OO (0OO N 'IT rl- (� 0 M 00 0 +� 63 63 69 64 63 69. 69 69 69. 64 64 (9} 64 64 63 M N 7 co M M M M (M M cM (`M CM M M M (0U O LO LO LO L() LO LO LO LO LO LO LO LO M (00 C N O O CA 0 0 0) 0 0) 0 0 0 0 CA CAU +. N O O (0 (0 (0 (D (0 (0 (0 (0 (0 (0 M N O N (U (0 (0 (0 (0 (0 (0 (0 (0 (0 (0 (0 (0 O 00 T M ct LO U 00 (0 � � U (D 0 0 LMC) LO LO LM a LD u OD LO C) � L NN ((0m (D (0 (000 (0 Lf) d ON (0 (0 (0 (0 CO (0 (O 0) N N 0 U LO (n Z ) a) o CD O U (14 O -� LL :E < -, Q (l10Z0 H m IN e �i ARKANSAS THE CITY OF FAYETTEVILLE, ARKANSAS December 5, 2007 Larry Freedle 6590 Jean Faye Lane Fayetteville, AR 72704 RE: Additional Benefit Due to Years of Service Dear Larry: It was recently brought to our attention that you should have been receiving an additional retirement benefit due to your years of service. This benefit is being added to your December pension check. We also calculated the benefit retroactive to the date that you should have received it and those calculations are enclosed. We will issue the check for $465.94 when we issue the adjustment checks for the other retirees that should have received this same benefit. This will be no later than January 10, 2008. Please contact me if you have questions concerning this matter. Sincerely, Patricia Leach Accounting Manager 479-575-8285 cc Sondra Smith, City Clerk ension F e 113 WEST MOUNTAIN 72701 479-521-7700 FAX 479-575-8257 Larry Freedle Date of hire 3/23/1970 Elected Drop 5/1/1998 Years of Service as of Drop Date 28 Date of Birth 8/23/1947 Age as of Drop Date 50 Became eligible for extra benefit 8/23/2007 Hourly Rate $ 13.928 Base Hours 3248 Annual Salary $45,238.14 Annual Benefit (at 90% of salary) $40,714.33 Additional yrs beyond 20:(max. 5 yrs) 5 $20.00 =100.00 per month 1 ,200.00 Subtotal $41 ,914.33 COLA 2004 3% $ 1 ,257.43 COLA 2005 3% $ 1 ,295.15 COLA 2006 3% $ 1 ,334.01 Total Annual Benefit $45,800.92 1/12 of Annual Benefit $ 3,816.75 1.25% for each year over 25(payable at age 60) $ 1 ,696.43 3 Years of final salary Convert to Monthly 12 $ 141 .37 ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE AND SHOULD BE PRORATED FOR MONTH TURNING 60 PRORATED FOR August 2007--9 day; 41 .83 Annual amount divided by 365 11/29/2007N:\DROP\Fire Retiree Calculations\Larry Freedle Calculation > a) rn M iu Zo aq � c o U) � Vy ti O00 M M O (~ 0) N Ln d IT It d' 0 M w 64 6CY 6'3F 64 64 O N 1 J O U 64 0 co d o O ca s c c o 0a) 0 a) ca m 69 U LO m N J U 0 0 64 to 64ol LL C%4 J J_ O U c 0 64 EA 61ol 03 M :3 (h O U a) O U N i i Y a) 3 Q) 6c.� 64 Of N 0 OLL EN a E O U p a) <» _0 Z a) in I,- 2 N 00 LL cn 4? N C: Dc _ 0)ca N a) to Q 7) a) V O N p c N J -� LL Q Q U) 0 Z 0 H i c v Yt f ARKANSAS THE CITY OF FAYETTEVILLE, ARKANSAS December 5, 2007 Kenneth Miller 12470 Shamrock Road Farmington, AR 7.2730 RE: Additional Benefit Due to Years of Service Dear Kenneth: As you know, it was recently brought to our attention that you should have been receiving an additional retirement benefit due to your years of service. This benefit is being added to your December pension check. We also calculated the benefit retroactive to the date that you should have received it and those calculations are enclosed. The portion of the retroactive benefit that should have been part of your Drop payout ($6,413.65) can be rolled into your tax deferred retirement account, if you so choose. The remaining funds ($15,178.57) will be taxable, in the same manner that your normal retirement is taxable. Please let me know , no later than January 4`h, how you wish to receive the money that should have been included in your Drop payout. We will issue both checks at the same time. I have enclosed a W-4P incase you need to make an adjustment to the amount that we are withholding for taxes. Unfortunately, the 2008 W-4P is not yet available, but feel free to use the enclosed form.. Please contact me if you have questions concerning this matter. Sincerely, Patricia Leach Accounting Manager 479-575-8285 c Sondra Smith, City Clerk ension e 113 WEST MOUNTAIN 72701 479-521-7700 FAX 479-575-8257 Kenneth Miller Date of hire 10/10/1966 Elected Drop 3/1/1996 Years of Service as of Drop Date 29 Date of Birth 11/8/1936 Age as of Drop Date 59 Became eligible for extra benefit 11/8/1996 Hourly Rate $ 11 .54 Base Hours 3248 Annual Salary $37,468.93 Annual Benefit (at 90% of salary) $33,722.04 Additional yrs beyond 20:(max. 5 yrs) 5 $20.00 =100.00 per month 1 ,200.00 Subtotal $34,922.04 COLA 2004 3% $ 1 ,047.66 COLA 2005 3% $ 1 ,079.09 COLA 2006 3% $ 1 ,111 .46 Total Annual Benefit $38,160.25 1/12 of Annual Benefit $ 3,180.02 This Benefit should have been added to DROP amount in 1996 1 .25% for each year over 25(payable at age 60) $ 1 ,873.45 4 Years of final salary Convert to Monthly 12 $ 156.12 COLA 2004 $ 4.68 COLA 2005 $ 4.82 COLA 2006 $ 4.97 Monthly amount for additional benefit $ 170.60 ADDITIONAL BENEFIT DOES NOT TRANSFER TO SPOUSE AND SHOULD BE PRORATED FOR MONTH TURNING 60 PRORATED FOR Nov 1996--23 days 118.05 Annual amount divided by 365 11/29/2007N:\DROP\Fire Retiree Calculations\Kenneth Miller Calculation CD n N > LO N L (O C r (q L N to N (n -0 n 0 0 0 0 0 0 0 0 0 0 0 O O OCO O O O (D CO (O O CO (fl (D O (D CO N 0 000 0 0 0 0 666 O O nnnnnnnnnnn n n r r r r r r T r r r r (C) W N r T ✓ 64 (iT (A 69 69 (A fA (R 63 69 69 69. va H CO 000000000000 (D m p w ow COOCOO (O (O (O (O (O r r Q N O O O O O O O O O O O O n n -] nnnnnnnnnnnn v a O r r r r T T r r T r r r O O U N N 64 69 69 6% 69 6Q? 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