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HomeMy WebLinkAbout2007-10-18 - Agendas - Final Y Police Pension and Relief Fund Board of Trustees Agenda October 18, 2007 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board will be held on October 18, 2007 at 1:30 PM in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. 1. Roll Call 2. Approval of the Minutes • Approval of the July 19, 2007 Meeting Minutes 3. Approval of the Pension List • September, October and November 2007 Pension Lists i 4. Old Business 5. New Business • David Preston — Deceased • Supplemental Funds Distribution (Turnback) • Act 218 — Pension Protection Act 6. Longer Investments • Monthly Investment Report • Quarterly Report • Longer Investment Letter Board Members Policemen's Pension and Relief Fund Mayor Coady Chairman Board of Trustees Meeting Minutes Sondra E.Smith Treasurer 17a*ye ryf 7� /� July I of 07 12 Eldon Roberts Secretary/Retired Position 1 C V C Page l of 12 Jerry Friend Retired Position 2 Tim Helder Retired Position 3 A R K A N S A S Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 Policemen's Pension and Relief Fund Meeting Minutes July 19, 2007 A meeting of the Fayetteville Policemen's Pension and Relief Fund was held at 1:30 PM on July 19, 2007 in Room 326 of the City Administration Building Mayor Coody called the meeting to order. Present: Mayor Coody, Frank Johnson, Jerry Friend, Tim Helder, Eldon Roberts, Sondra Smith, Kit Williams, Amber Wood, Trish Leach, Wendy Moore, Elaine Longer and Kim Cooper of Longer Investments. Absent: Melvin Stanley. Approval of the Minutes: Approval of the April 26, 2007 Meeting Minutes Kit Williams: I read them and I thought they looked okay. Eldon Roberts moved to approve the minutes. Jerry Friend seconded the motion. Upon roll call the motion carried 4-0 Tim Helder and Frank Johnson were absent during the vote. Melvin Stanley was absent. Approval of the Pension List: Approval of the June,July and August 2007 Pension List Mayor Coody: Any changes? Sondra Smith: No changes. Jerry Friend moved to approve the Pension Lists. Eldon Roberts seconded the motion. Upon roll call the motion carried 4-0 Tem Helder and Frank Johnson were absent during the vote. Melvin Stanley was absent. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 2 of 12 Old Business: 2007 Election Results: Eldon Roberts, Jerry Friend and Tim Helder were re-elected. Kit Williams: Congratulations. New Business: Election of Board Secretary Sondra Smith: Yes sir, we need to elect a secretary every two years. Mayor Coody: Who is the secretary now? Sondra Smith: Eldon. Jerry Friend moved to re-elect Eldon Roberts as the Board secretary. Tim Helder seconded the motion. Upon roll call the motion carried 6-0. Melvin Stanley was absent. Mailine of Minutes: Jerry Friend Jerry Friend: I brought up one time that we should mail minutes to the members. I didn't realize that it was going to take a chunk out of Sondra's budget. I guess we need to address if we are going to pay for mailing them or do we want to quit doing it. Is there a way to put it on the web and invite the members to go and look at it? Kit Williams: We could put it on the web, couldn't we? Sondra Smith: We could put it on the web. That's no problem at all. Jerry Friend: Would that be cheaper and easier? Sondra Smith: Yes. Jerry Friend: I think almost ever member has a computer. Sondra Smith: The main cost is the postage because postage has gone up. The minutes are not one page they are several pages so it costs quite a bit mail them. We are mailing them to all the members. Jerry Friend: You have the amounts don't you? Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 3 of 12 Sondra Smith: About $75.00 ever quarter just in supply costs that does not include the staff time to do it. If we are going to continue to mail them I need to put more money in my budget or your budget to cover the cost. Mayor Coody: If there is someone that doesn't have a computer that wants the minutes we can get them printed. Jerry Friend: Maybe mail them by request. Mayor Coody: Yes. Sondra Smith: That would be great. I have two groups that I email for the Firemen's Pension. I have the pension board group and the ones that request the minutes. The one's that request the minutes I send the minutes and agenda's. It works well that way. Jerry Friend: As long as they have access to the minutes I would be happy however we do it. Sondra Smith: Doesn't matter to me. Eldon Roberts: Go ahead and mail everybody the minutes one more time and tell them what is going to happen. I had a lot of people contact me and they are keeping up better than they ever had before because of the minutes being mailed to them but I don't have a problem changing it. Kit Williams: Put that in the minutes that this will be the last one mailed unless you specifically request it. You can give them the website. Sondra Smith: Because the website is being revised, we can continue mailing them through this year. What I'm concerned about is I have to start working on the budget now for 2008. So I will need to add the cost to someone's budget if we are going to keep mailing them. Eldon Roberts: I have no problem with stopping the mailing, but the last time that we are going to stop for good I would like to let them know. Sondra Smith: We will go ahead and do it for the remainder of 2007 and then let them know beginning in 2008 they will be available through the website. Jerry Friend: And they can request to get them mailed. We should probably put a little bit in someone's budget to get them mailed. I don't know how much. Sondra Smith: I would say an additional $100.00 in the budget for postage, letterhead and envelopes. Eldon Roberts: Is that per meeting? Sondra Smith: No, for the whole year because I don't think there's that many that will be mailed out in 2008. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 4 of 12 Jerry Friend moved to add $100.00 to the 2008 Policemen's Pension budget for requested mail out of minutes and place the minutes on the website in 2008. Eldon Roberts seconded the motion. Upon roll call the motion carried 6-0. Melvin Stanley was absent. 2007 Legislative Session Summary: Sondra Smith: PRB sent this informational letter that specifically deals with the pension plan. There is one or two new Acts that I want to call to your attention. One is Act 611, House Bill 1172, the state law changed and now allows surviving spouses to vote during the election of local board members. It allows the board to fill a vacancy for the remainder of a term. So if someone decides to resign then we can fill the vacancy without doing elections. I wanted to make you aware of this Bill because in the past we have not allowed surviving spouses to vote. Now I take that to mean that if it is someone that is divorced they still will not be able to vote. Kit Williams: If they don't qualify as a surviving spouse then they cannot vote. Sondra Smith: We will have to know the status of that person when we send out for the elections. There are some other things that we are already doing; one is paying a death benefit to the police officers estate. We already do that. Eldon Roberts: If there is no surviving spouse, we can't continue to pay that? Kit Williams: No, I think the death benefit can be paid but before I think it said it was to be paid to a surviving spouse and so there was a problem if there was no surviving spouse. Eldon Roberts: This is going to his estate. Sondra Smith: Yes and we already do that. We issue the check to the estate if there is no surviving spouse. The other one is the QDRO order which is a divorce order and it talks about that. Eldon Roberts: While we are on that, this has been running through my mind. We have a couple situations here in the pension plan at the moment where police officers have divorced and through a court order we are mailing checks whatever the amount may be to their divorced spouse. If the police officer dies where are we at with that? Kit Williams: In the past that has always ended all the payments because she was only drawing through him, she was not a surviving spouse, and in fact we've even had a court case to that. One of the divorced persons challenged us and Kim Smith ruled in our favor. My opinion was that we could not make anymore payments and Kim Smith agreed and that was the ruling of the court. I will have to look at this and see if this law has changed that. Sondra Smith: The only exception to that, Kit can correct me if I'm wrong, is if they have a surviving child. Eldon Roberts: Under a certain age? Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 5 of 12 Sondra Smith: Under a certain age, enrolled in a college of higher education. Eldon Roberts: That sounds correct to me that if a policeman dies the pension stops. Kit Williams: Unless he has a surviving spouse or a surviving child. Eldon Roberts: The divorced spouse would not qualify to continue to draw benefits. Kit Williams: That's correct. Sondra Smith: Act 1571 allows us to pay a death benefit, we already do that. They say we should pay at least $100, I think we pay $200. You are allowed to pay more than $200 if you so choose. The other one that you probably need to read is Act 849 that talks about the future supplement fund. Kit Williams: I don't quite understand this. Eldon Roberts: You remember ever September our check would be a little bit higher and it had to do with the money that was left over out of the insurance turn back money and it was divided equally among the retired people all across the state. Am I right? Kit Williams: I think that's probably right but I don't really understand this synopsis. I will have to look at this. Sondra Smith: You get two supplements. You get a future supplement and a monthly supplement. The monthly supplement is usually $50 per month. We never receive that on time. We did not receive it in time for the July checks. Your checks will be short $50 and you may get calls from people wanting to know why their checks were short $50. When we finally get those funds we back pay. Then you get another supplement, a future supplement, which is a lot larger and it is a lump sum distribution that you get every year. Those checks are usually issued around August or September. Kit Williams: Basically we just pass that along. Sondra Smith: We pass that along and they tell us how to pay that out. We don't have a choice. What I'm reading from this is they were holding 10% of those funds and now they're not going to hold that 10%. So your future supplements should be a little bit more this year, it varies from year to year. We never know how much we are going to get from the state. Frank Johnson: Where did this originate from? I'm curious about the statement on the goal of developing a permanent cost of living fund. Kit Williams: Evidentially they are abandoning that goal. Frank Johnson: What was the original intent for that 10%? Eldon Roberts: I don't know. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 6 of 12 Jerry Friend: Sounds like they are giving up on the idea, they may have decided that it would not work. Sondra Smith: It may be because there are less closed plans. This is specifically for the closed plans so they may feel like they don't need that 10% held back anymore. More of the plans are with LOFFI and there are fewer people on the closed plans. Eldon Roberts: I think this originally came from the Arkansas Municipal Police Officers Association. They attempted some legislation to get money from the state to each retired police officer to help with medical insurance that they have to pay. They weren't successful in getting any kind of a bill passed that allowed for that. They came up with this that whatever was left after all the pension funds get their share of the insurance turn back money they would divide that amongst them. I don't know if the Fire Department is involved in that or not. Kit Williams: I don't think they are. I think their insurance turn back is from home insurance. Sondra Smith: These Bills are just the ones that PRB sent. I have not gone through the huge book of law changes in its entirety because it was bigger than any that I have ever seen. I have gone through half but it is 1,200 to 1,300 pages. There may be a few other things that I will come across that we will need to talk about in the future. Mayor Coody: What do you want to do on this one? Kit Williams: That's it,it's just a report. Sondra Smith: I'm just making them aware. Longer Investments: Monthly Investment Report Mayor Coody: Welcome guys, markets hitting all times records. I'm assuming you all are doing great things. Elaine Longer: We have an update for you. A lot has happened since the June 30th quarter ended. Page one shows your portfolio appraisal as of June 30th your stocks were 48.6%. On page two foreign stocks were 7.1%, you were right at the 55% or a little over, this keeps happening. We are at 55% and month to date through yesterday's close we are up 3.5% so now we are at 56.5%. We have to keep trying to trim and taper it back into the 55% limit. We did get a call last week that one of them was over a little bit but it's the market activity the fact that stocks have out performed bonds this year but also last year. That's why we keep bumping up against that 55% and exceeding it and then trimming back a little bit. Jerry Friend: Is that the thing that we vote on each month? Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 7 of 12 Elaine Longer: Yes, ever month that you're over. I would ask that we approve where it is now and recognize that in this kind of market activity there might be a point mid month or on a short term basis where the market moves us above that level and that we are trying to pull back as we see that we can. I don't know if that's too ambiguous or if you want to hold us to 55% and sell no matter what. Jerry Friend: We will approve where it is right now and if you see the need to go up we can approve it next meeting. Elaine Longer: The way it is approved now is 50% plus 5%. Kit Williams: The absolute limit is supposed to be 55%? Sondra Smith: What you are doing is approving it after the fact. What she is saying is if they need to go 56% or 57%. Mayor Coody: Before the next meeting. These guys are doing a good job I wouldn't mind letting them have the flexibility to do it and then we will fix it each quarterly meeting. Elaine Longer: When you are pulling away from stocks into bonds, which I think you still have more potential in stocks than you do in bonds, but we have to as long as we are at a maximum of 55% and now we are 56.6% today because of what has happened. Mayor Coody: If stocks are out performing what would be wrong with changing the policy to go up to 60% of your portfolio in stocks, if that is where the money is. Sondra Smith: We changed the policy to be 5% above or below the equity range. Elaine Longer: So we could go to 55%. Sondra Smith: We could change it even a little bit more. Mayor Coody: If you go to 55% that would get you up to 60% and if the stocks are really doing great you could ahead and capitalize on that. Elaine Longer: That would be okay with me. Kit Williams: On page 5 of the policy, I would suggest that you leave one, two, and three the same which is cash, fixed income, and equities 35% to 50%. If you want to change something within number 3, I would change the manager can operate outside equity guidelines by not more than 5% or if you want to say seven, eight or ten. What would you be comfortable with? Do you want a full 10%? Elaine Longer: I think 10% is better than 2% because we are at 56.5% as of yesterday and today the market up another one half percent. Kit Williams: It would be 10% so if you go all the way up to 60% of your fund. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 8 of 12 Eldon Roberts: Inequities. Jerry Friend: Then we would still have to vote each time it is over 50%. Kit Williams: You would have to vote because your target is still 50%. It's only if she feels like it needs to go beyond the 50% that you would have to approve it every quarter. Eldon Roberts: If we have it where she can go 10% above than we can vote to approve it at the next quarterly meeting. Kit Williams: Right now you can't do it unless you change this. Eldon Roberts: She still has the authority to go ahead and do it if we go ahead and change that to 10%. With these people managing our money I feel very comfortable with 10%. Mayor Coody: Is that a motion. Sondra Smith: This states 5%plus or minus. Elaine Longer: What we are facing is that we have trimmed back even since the end of the quarter but here we are just quarter to date. The stock market is up 3.5% in your account and so we are at 56.5% as of last nights close. Market is up one half percent today, so by tomorrow I would have to liquidate around $200,000 of your stocks just to get to 55%. Kit Williams: The stock is just going up. Elaine Longer: This is just what has appreciated. Eldon Roberts moved change the Investment Policy to allow Longer Investments to go plus or minus 10% of the current Equity range of 35% to 50% with a report on the variance to the Board and approval of the overage by the Board. Jerry Friend seconded the motion. Upon roll call the motion carried 6-0. Melvin Stanley was absent. Sondra Smith: We also need to vote on the current equity overage. Eldon Roberts moved to approve the equity overage. Tim Helder seconded the motion. Upon roll call the motion passed 6-0. Melvin Stanley was absent. Elaine Longer: That helps. I will still be targeting that 55%but at least tomorrow I don't have to go sell $200,000 worth of stock. Page five shows you where it closed yesterday and you will notice that stocks are 49%. The international is 7.1% so you are at 56.1%. We already pulled back month to date and sold some to get back to 55%. That is what we are facing. Page eight has the total portfolio value which is $10.826 million. You are showing a cash balance of$114,000 and that is probably what I've already pulled out of equities to try and keep things tapered together. Your income which is dividends and interest is $357,000 which is a Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 9 of 12 3.6% current yield. On page nine the realized gains year to date are $218,000 and net income is $138,000. Page 10 is your composition of your fixed income portfolio. Interest rates were fairly stable. The Fed has not increased rates since June of last year but the ten year treasury yield has fluctuated quite a bit this year because of the sub prime problems. The foreign central banks have raised interest rates, we haven't raised interest rates, and so the dollar is under some weakness. In the ten year maturity, which the Fed cannot control, the interest rates in the ten year are controlled by market forces. We saw the ten year yield go up from a 4.6% in May to a 5.3% in June. That is a pretty dramatic increase because the thirty year mortgage keys off the ten year treasury. So to have 75 basis points or a point seventy five percent increase adds another layer of pressure to the housing market recovery. They have since backed off to about a 5%. We are fairly short of maturities. The weighted average maturity is 4.2 years and that is a little bit from where we were at year end, our yield to maturity with 4.2 year maturity is 5.4%. The five year treasury is yielding about 4.80%. You have a very high yield with a shorter maturity than the five year treasury. Our bonds have been fairly defensive with this increase in interest rates in that when you have an increase in rates bond prices go down. We haven't had as much of a negative impact on the bond portfolio from a falling in bond prices as a standard fixed income portfolio. We have a lot of flexibility to be able to tap onto higher yields because we still have 40% of the bond portfolio that matures within three years. When we get ready to buy and we want to extend maturities we will pull from the one year maturities and then the one and a half year maturities. We don't feel like we have to hold a bond to maturity. We will sell it ahead of time if we see a better buying opportunity. At this point in time giving what the dollar is doing we are on hold, we haven't made that move yet. Page 11 shows your major holdings. General Electric which just hit a new 5 V2 year high after reporting good earnings last Friday, Citigroup, American International Group, Texas Instruments and American Express. None of which exceed the 5% limit in your portfolio. Page 12 shows the summary of the industry weightings. We continue to be overweight in capital goods, cyclical, healthcare and we have a pretty healthy overweight in technology. This has been a good place to be because the consumer is still weak and the retail numbers are showing continued weakness. We are underweight consumer, consumer non-cyclical and we are some what underweight the financials which has been good because the banks and the brokers are really getting hit hard because of the sub prime. Just the risk of mortgages going into default is really weighing on the financial sector and utilities. We are evenweight on energy. Page 13 is a summary of contributions and distributions year to date with $710 coming in through litigation settlements and withdrawals of$587,000. Page 14 is your summary of performance year to date through June 30th Stocks were up 7.8% and that compares to the S&P on a cash basis of 6% and S&P with compounding of dividends of 7.0%. Mutual funds, which are foreign, are 6.7% year to date, fixed income of 1.6% and that compares to the Solomon Brothers Treasury Index of 1.0%. That out performance is really because we are defensibly postured and we have not been hit by the decline in price. The total is up 4.8%. To bring you up to date through yesterday, you will find this pretty amazing, equity Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 10 of 12 performance is now 11.5% year to date instead of 7.8% and the funds are up 8.8% instead of 6.7%. The total is 6.6% instead of 4.8%. A lot has happened just in a two week time period. The bottom of the page shows the asset reconciliation, all the funds that come in through beginning value, additional deposits and transfers of securities. The withdrawals from inception to date have run $4.675 million and that verses a total investment return of$6.795 million. The fund performance has still run ahead of distributions and the 7.1% compound annual return has run ahead of the actuary assumption of 6%. Mayor Coody: On the $10,000,000 each that the bonds were short awhile back. Are we creeping up on that to where we are getting a little bit closer to a balanced equity? Kit Williams: It will take a considerable period of time to turn the corner. This is certainly in the right direction. It will take a number of years to be able to catch back up. A lot of it is that we are still going to be getting millage. As a result of the TIF suit, the TIF doesn't affect the millage; you are still going to get the full value of the millage. Hiring the attorney to represent you was a good investment in that and we were happy with the way the TIF suit ended up. The pension funds and library were not hit and the schools were basically left as if the TIF isn't there either but they don't get the extra money they thought they were going to get. They thought they were going to get some of the city money transferred to the school. I did not think that was right. The TIF district has about twice as much money as what we had so we will pay off our debt faster and the pension plans are not going to be affected at all and neither is the library. The millage is going to help us as well as investments. The stock market doesn't always go up but the millage hopefully will always be coming in and will help you tum the corner eventually. It will be a number of years. Mayor Coody: I just want to make sure we are going the right direction. Kit Williams: As long as we don't increase benefits then I think we will be going the right direction. Was this the last year for the cost of living? Eldon Roberts: In January, 2008 there is a 3% COLA and that is the last one. Kit Williams: We probably won't really turn much around until that 3% is not increasing. This has been a nice market so I don't think we are losing ground at this point. Mayor Coody: Good. Kit Williams: Why is the market going up so much? Elaine Longer: I love that. Kit Williams: We've got problems with banks, the consumers are spent out, we have all this debt and we have a war that is costing tons of money so why is the market going up? Elaine Longer: This is the question I get in every meeting right now. I was waiting to see who would pop the question. The thing is the earnings are continuing to come through very strongly. In particular on the companies that are positioned and tapped into the growth internationally. For Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 11 of 12 instance IBM reported this morning stocks are up $5 a share and their revenues are up 11%, earnings are up 16%, and about 4% of that growth comes from the US. Asia was about 15% and Europe was 11%. Last quarter when Avon products reported their top line revenue growth rate was 9%. It was only 3% in the US but it was 44% in China and 16% to 17% in Europe and Asia. So we are seeing this across the board on these big corporations that are tapped into the growth overseas. General Electric is another great example and American Express. The first quarter of the year the market was flat actually the DOW was down a couple percents and then we came into the earning season and street estimates were for earnings to be up 3% and it came in about 8%. As we started to get the earnings in April the market started taking off. If you look at last years performance you were up 17.4% and the S&P was up about 13.5% and earnings were up 18%. So we actually ended last year even after a big year in the market where we were cheaper on evaluation than when we started the year. The first quarter of the year the market was fairly flat, earnings were up another 8% and so we are still playing catch up. I was looking at IBM today and with the increase in street estimates for 2008 which have come about because of the higher than expected numbers today. The stock is selling at 14.5 times 08 earnings. So that is not an expensive stock when you have a 5% ten year treasury and so even though it's up $5 today, if someone did not own IBM I would probably feel comfortable buying it. That is what you are seeing and plus there is a lack of alternatives even though the ten year is at 5%that's not providing a strong alternative to stocks at these valuations. At this point in time you have a Fed that's basically locked in place because they don't want to raise rates with all the sub prime problems. Bemanke testified yesterday that the Fed is incorporating this into their testimonies at ever opportunity, so you know the Fed is concerned about the sub prime, the lenders and the housing recover and what that's going to mean for economic growth. So, they are not going to raise rates here and the question is can they cut rates especially if the economy cools in the second half and they are kind of locked in place there too because the US dollar has been weak this year relative to foreign currency. The Fed is kind of checked so that relieves some of the anxiety and the question about Fed policy. Everyone feels pretty confident that we don't have to anticipate any big changes in the Fed policy. That takes one big issue off the table so the whole focus is on earnings and earnings are coming through very well. Miscellaneous: Eldon Roberts: Kit, I'm so glad you brought that up about the TIF because I wanted to bring it up at the last meeting and I forgot it. I read a lot of articles in the newspaper a few months ago where this was finally wrangled out in court and I read everything I could that came out in the papers. I read about the schools and Rudy Moore representing the schools and I read about the library but I never saw anything about the Fire and Police Pension plans. I thought where are we at in all of this? We are still okay and everything is great. Kit Williams: The final order has been signed by the judge. The final order to effectuate the Supreme Court's decision was as I described to you, where the pension plans and the library are treated the same. The Supreme Court specifically ruled on the library saying because it was adopted through this constitutional amendment by the people that it, like the twenty five mills for the school, would not be touched by Amendment 78 in the TIF. So the pensions the library and Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 19,2007 Page 12 of 12 the 25 mills for the school are all untouchable by Amendment 78's attempt to take the increments, the amount of increase in value of the property, and use it for financing. The biggest argument I had in this case was the debt service definition that had been very inexpertly drafted by the legislature and led to an actual unconstitutional interruption. The Supreme Court agreed that it could not be in interrupted that way, it violated their previous decisions in the Lake View case and other cases, as well as their other holdings in Article 16 Section 11 of the constitution which is the typical illegal exaction section that everybody uses. When I read that earlier that is what concerned me and that is why I filed this case. I was afraid if we did nothing they would make that ruling somewhere down the line, two or three years from now, but the person that would bring it forward wouldn't be me and they would say I get one third of all the money that I just saved all the tax payers. Quarterly Report: A copy of Longer Investments Quarterly report was given to the Board. Longer View: A copy of the Longer View was given to the Board. Informational: Supplemental Benefit: The Board was told that the monthly supplemental benefit was removed from the July checks because the funds have not been received from the state. Meeting Adjourned at 2:15 PM POLICE PENSION FUND September 2007 8800-9800 68009800 Month 9 Regular Mo 5335-00 5335-05 Check EMP# NAME Benefit YTD Reg Benefit SupPI. YTD Suppl. Fed Tax St Tax Net R 154 ALLEN, CHARLES 2509.36 22,584.24 50.00 450.00 220.00 66.89 2,272.47 R 130 BAYLES, DON 1541.17 13,870.53 50.00 450.00 1,591.17 R 107 BLACK,JOE P 1092.85 9,835.65 50.00 450.00 100.00 20.00 1,022,85 R 147 BRADLEY,GERALD 4679.70 42,117.30 50.00 450.00 975.00 300.00 3,454.70 R 139 BRADLEY, RANDALL 2776.86 24,991.74 50.00 450.00 382.00 100.00 2,344.86 R 167 BROWN, JOHN 4234.96 38,114.64 50.00 450.00 600.00 200.00 3,484.96 D 157 CARROLL,RONALD L 2044.70 18,402.30 50.00 450.00 250.00 105.00 1,739.70 R 151 COLE, RUSTON 2976.45 26,788.05 50.00 450.00 600.00 200.00 2,226.45 R 109 COOPER,ADRIAN 619.83 5,578.47 50.00 450.00 669.83 S 198 DENNIS,ANNA MARY 1336.78 10,694.24 50.06 400.00 1,386.78 R 108 DENNIS,WARREN, Deceased 1/19/07 0.00 1,336.78 0.00 50.00 0.00 0.00 R 160 DUGGER,GARY 3071.59 27,644.31 50.00 450.00 300.00 120.00 2,701.59 R 140 FOSTER, BILLIE D. 3113.93 28,025.37 50.00 450.00 300.00 120:00 2,743.93 R 148 FRIEND, JERRY 3060.85 27,547.65 50.00 450.00 725.00 150.00 2,235.85 D 161 HANNA, JANICE 1328.73 11,958.57 0.00 0.00 100.00 25.00 1,203.73 D 145 HANNA, MARK 1328.73 11,958.57 50.00 450.00 100.00 50.00 1,228.73 S 162 HASKINS, IRENE 759.42 6,834.78 5000 450.00 809.42 R 169 HELDER, TIM 5668.08 51,012.72 50.00 450.00 750.00 250.00 4,718.08 R 180 HOYT, RICK 7242.73 65,184.57 50.00 450.00 1,600.00 425.00 5,267.73 S 146 HUTCHENS, BERNICE 1772.37 15,951.33 50.00 450.00 130.00 1,692.37 D 143 JOHNSON, CHARLES 2383.98 21,455.82 50.00 450.00 42.67 2,391.31 R 194 JOHNSON, FRANK 7742.53 69,682.77 50.00 450.00 1,600.00 500.00 5,692.53 D 103 JOHNSON,WENDELL 760.34 6,843.06 50.00 450.00 g10 , D .34 118 JONES, BOB 3204.32 28,838.88 50.00 450.00 0.00 3,254.32- D 144 KILGORE, DONALD 1986.87 17,881.83 50.00 450.00 19.72 2,017.15 R 129 LAWSON, FORREST 1522.23 13,700.07 50.00 450.00 350.00 1,222.23 S 150 LITTLE, PATSY R 709.08 6,381.72 50.00 450.00 759.08 S 153 LORCH, DONNA G 709.08 6,381.72 50.00 450.00 759.08 R 156 MARTIN, KENNETH 3585.29 32,267.61 50.00 450.00 500.00 140.00 2,995.29 R 128 MCCAWLEY, LARRY 1645.43 14,808.87 50.00 450.00 195.00 50.00` 1,450.43' S 116 MCCHRISTIAN, MARIE 709.08 6,381.72 `" 50.00 450.00 759.08 S ? 126 MCWHORTER, KAREN 982.62 8,843.58 50.00 450.00 1,032.62 D 136 MITCHELL, MICHAEL 2238.15 20,143.35 50.00 " 450.00 150.00 2,138.15 D 141 MUELLER, ROSEMARY 2003.82 18,034.38 50.00 450.00 2,053.82 D 158 MUNSON ANGELA 4075.87 36,682.83 50.00 450.00 500.00 0.00 3,625.87 D 112 MURPHY, JAKE 393.93 3,545.37 50.00 450.00 0.00 443.93 D 137 PERDUE, LARRY 2255.02 20,295.18 50.00 450.00 300.00 50.00 1,955.02 D 164 PERSHALL, ROBIN 1480.65 13,325.85 0.00 0.00 190.00 67.00 1,223.65 R 132 PHILLIPS, HOMER GENE 1703.34 15,330.06 50.00 450.00 300.00 1,453.34 D 105 PRESTON, GEORGE DAVID,deceased 8/28/07 12,437.84 400.00 0.00 0.00 0.00 S 199 PRESTON, NORMA J 1554.73 1,554.73 50.00 50.00 1,604.73 R 135 RICKMAN, LOREN 2166.09 19,494.81 50.00 450.00 230.00 65.00 1,921.09 D 104 RIGGINS, RAYMOND C 1620.75 14,586.75 50.00 450.00 125.00 25.00 1,520.75 R 183 ROBERTS, ELDON 7261.52 65,353.68 50.00 450.00 1,244.00 400.00 5,667.52 R 159 SCHUSTER,JOHN H. 3026.56 27,239.04 50.00 450.00 340.00 110.00 2,626.56 R 168 STANLEY, MELVIN 4737.93 42,641.37 50.00 450.00 1,100.00 300.00 3,387.93 S 155 STOUT, BETTY 841.27 7,571.43 50.00 450.00 0.00 891.27 R 133 SURLES,JERRY 2642.14 23,779.26 50.00 450.00 600.00 200.00 1,892.14 D 142 TAYLOR, DENNIS 2003.82 18,034.38 50.00 450.00 110.00 0.00 1,943.82 D 106 UPTON, FRANKLIN 1026.29 9,236.61 50.00 450.00 10.00 1,066.29 R 163 WATSON, RICHARD 6744.71 60,702.39 50.00 450.00 1,950.00 425.00 4,419.71 R 163 Watson, Richard Plus 25 Add'I Pay 921.13 8,290.17 0.00 0.00 921.13 S 149 WILLIAMS, JOYCE 2465.69 22,191.21 50.00 450.00 217.07 2,298.62 S 195 WITT, BETTY J 1715.37 15,438.33 50.00 450.00 115.00 64.00 1,586.37 R 127 WOOD, PAUL 1534.88 13,813.92 50.00 450.00 0.00 1,584.88 131513.60 1,183 622.40 2,500.00 22,500.00 17.258-07 4,590.28 112165 25 112,165.25 6600-9800 6800-9800 6800-9800 5335-00 5335-05 5335-06 Total Year to Date 1,184,022.40 22,500.00 86,040.00 1,292,562.40 Anna Mary Dennis benefit start 2/07 8 Warren Dennis deceased 1/19/07 Norma J Preston benefit start 9/07 1 David George Preston deceased 8/07 POLICE PENSION FUND October 2007 689800 68U0.9800 Month 10 Regular Mo 5335-00 53354)5 Check EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net 154 ALLEN,CHARLES 2,509.36 25,093.60 50.00 500.00 220.00 66.89 2,272.47 "` a 130 BAYLES, DON 1,541.17 15,411.70 50.00 500.00 1,591.17 107 BLACK,JOE P 1,092.85 10,928.50 50.00 500.00 100.00 20.00 1,022.85 147 BRADLEY,GERALD 4,679.70 46,797.00 50.00 500.00 975.00 300.00 3,454.70 139 BRADLEY,RANDALL 2,776.86 27,768.60 50.00 500.00 382.00 100.00 2,344.86 167 BROWN,JOHN 4,234.96 42,349.60 50.00 500.00 600.00 200.00 3,484.96 157 CARROLL,RONALD L 2,044.70 20,447.00 50.00 500.00 250.00 105.00 1,739.70 151 COLE,RUSTON 2,976.45 29,764.50 50.00 500.00 600.00 200.00 2,226.45 109 COOPER,ADRIAN 619.83 6,198.30 50.00 500.00 669.83 198 DENNIS,ANNA MARY 1,336.78 12,031.02 50.00 450.00 1,386.78 108 DENNIS,WARREN,Deceased 1/19/07 0.00 1,336.78 0.00 50.00 0.00 0.00 160 DUGGER,GARY 3,071.59 30,715.90 50.00 500.00 300.00 120.00 2,701.59 140 FOSTER,BILLIE D. 3,113.93 31,139.30 50.00 500.00 300.00 120.00 2,743.93 148 FRIEND,JERRY 3,060.85 30,608.50 50.00 500.00 725.00 150.00 2,235.85 161 HANNA,JANICE 1,328.73 13,287.30 0.00 0.00 10D.00 25.00 1,203.73 145 HANNA, MARK 1,328.73 13,287.30 50.00• 500.00 100.00 50.00 1,228.73 162 HASKINS, IRENE 759.42 7,594.20 50.00 500.00 809.42 169 HELDER,TIM 5,668.08 56,680.80 50.00 500.00 750.00 250.00 4,718.08 180 HOYT, RICK 7,242.73 72,427.30 50.00 500.00 1,600.00 425.00 5,267.73 146 HUTCHENS, BERNICE 1,772.37 17,723.70 50.00 500.00 130.00 1,692.37. 143 JOHNSON,CHARLES 2,383.98 23,839.80 50.00 500.00 42.67 2,391.31 194 JOHNSON, FRANK 7,742.53 77,425.30 50.00 500.00 1,600.00 500.00 5,692.53 103 JOHNSON,WENDELL 760.34 7,603.40 50.00 500.00 810.34 118 JONES, BOB 3,204.32 32,043.20 50.00 500.00 0.00 3,254.32 144 KILGORE,DONALD 1,986.87 19,868.70 50.00 500.00 19.72 2,017.15 129 LAWSON, FORREST 1,522.23 15,222.30 50.00 500.00 350.00 1,222.23 150 LITTLE,PATSY R 709.08 7,090.80 50.00 500.00 759.08 153 LORCH, DONNA G 709.08 7,090.80 50.00 500.00 759.08 156 MARTIN,KENNETH 3,585.29 35,852.90 50.00 500.00 500.00 140.00 2,99529 128 MCCAWLEY,LARRY 1,645.43 16,454.30 50.00 500.00 195.00 50.00 1,450.43 116 MCCHRISTIAN, MARIE 709.08 7,090.80 50.00 500.00 759.08 126 MCWHORTER,KAREN 982.62 9,826.20 50.00 500.00 1,032.62 136 MITCHELL,MICHAEL 2,238.15 22,381.50 50.00 500.00 150.00 2,138.15 141 MUELLER, ROSEMARY 2,003.82 20,038.20 50.00 500.00 2,053.82 158 MUNSON ANGELA 4,075.87 40,758.70 50.00 500.00 500.00 0.00 3,625.87 112 MURPHY,JAKE 393.93 3,939.30 50.00 500.00 0.00 443.93 137 PERDUE,LARRY 2,255.02 22,550.20 50.00 500.00 300.00 50.00 1,955.02 164 PERSHALL, ROBIN 1,480.65 14,806.50 0.00 0.00 190.00 67.00 1,223.65 132 PHILLIPS, HOMER GENE 1,703.34 17,033.40 50.00 500.00 300.00 1,453.34 105 PRESTON,GEORGE DAVID,deceased 8/28/07 12,437.84 0.00 400.00 0.00 199 PRESTON,NORMA J 1,554.73 3,109.46 50.00 100.00 200.00 100.00 1,304.73 135 RICKMAN, LOREN 2,166.09 21,660.90 50.00 500.00 230.00 65.00 1,921.09 104 RIGGINS, RAYMOND C 1,620.75 16,207.50 50.00 500.00 125.00 25.00 1,520.75 183 ROBERTS, ELDON 7,261.52 72,615.20 50.00 500.00 1,244.00 400.00 5,667.52 183 ROBERTS,ELDON Plus 25 add pay 756.24 756.24 0.00 0.00 756,24 159 SCHUSTER,JOHN H. 3,026.56 30,265.60 50.00 500.00 340.00 110.00 - 2,626.56 168 STANLEY, MELVIN 4,737.93 . 47,379.30 50.00 500.00 1,100.00 300.00 3,387.93 155 STOUT, BETH 841.27 8,412.70 50.00 500.00 0.00 891.27 133 SURLES,JERRY 2,642.14 26,421.40 50.00 500.00 600.00 200.00 1,892.14' 142 TAYLOR,DENNIS 2,003.82 20,038.20 50.00 500.00 110.00 0.00 1,943.82 106 UPTON,FRANKLIN 1,026.29 10,262.90 50.00 500.00 10.00 1,066.29 163 WATSON,RICHARD 6,744.71 67,447.10 50.00 500.00 1,950.00 425.00 4,419.71 163 Watson, Richard Plus 25 Add l Pay 921.13 9,211.30 0.00 0.00 921.13 149 WILLIAMS,JOYCE 2,465.69 24,656.90 50.00 500.00 217.07 2,298.62 195 WITT,BETTY J`- 1,715.37 17,153.70 50.00 500.00 115.00, 64.00 1,586.37 127 WOOD,PAUL J 1,534.88 15,348.80 50.00 500.00 0.00 1,58488 132,269.84 1,315,892.24 2,500.00 25,000.00 17,458.07 4,69028 112621.49 112,621.49 J POLICE PENSION FUND November 2007 figpp 9800 6BOD-9800 Month 11 Regular Mo 5335-00 5335-05 Check EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Fed Tax St Tax Net 154 ALLEN,CHARLES 2509.36 _ 27,602.96 50.00 550.00 220.00 66.89 2,272.47 '30 BAYLES,DON 1541.17 16,952.87 50.00 550.00 1,591.17 a 7 BLACK,JOE P 1092.85 12,021.35 50.00 550.00 100.00 20.00 1,022.85 .47 BRADLEY, GERALD 4679.70 51,476.70 50.00 550.00 975.00 300.00 3,454.70 139 BRADLEY,RANDALL 2776.86 30,545.46 50.00 550.00 382.00 100.00 2,344.86 167 BROWN,JOHN 4234.96 46,584.56 50.00 550.00 600.00 200.00 3,484.96 157 CARROLL,RONALD L 2044.70 22,491.70 50.00 550.00 250.00 105.00 1,739.70 151 COLE, RUSTON 2976.45 32,740.95 50.00 550.00 600.00 200.00 2,226.45 109 COOPER,ADRIAN 619.83 6,818.13 50.00 550.00. 669.83 198 DENNIS,ANNA MARY 1336.78 13,367.80 50.00 500.00 1.3B6.78- 108 DENNIS,WARREN, Deceased 1/19107 0.00 1,336.78 0.00 50.00 0,00 0.00 160 DUGGER GARY 3071.59 33,787.49 50.00 550.00 300.00 120.00 2,701.59 140 FOSTER, BILLIE D. 3113.93 34,253.23 50.00 550.00 300.00 120.00 2,743.93 148 FRIEND,JERRY 3060.85 33,669.35 50.00 550.00 725.00 150.00 2,235.85 161 HANNA,JANICE 1328.73 14,616.03 0.00 0.00 100.00 25.00 1,203.73 145 HANNA, MARK 1328.73 14,616.03 50.00 550.00 100.00 50.00 1,228.73 162 HASKINS, IRENE 759.42 8,353.62 50.00. 550.00 809.42 169 HELDER,TIM 5668.08 62,348.88 50.00 550.00 750.00 250.00 4,718.08 180 HOYT, RICK 7242.73 79,670.03 50.00 550.00 1,600.00 425.00 5,267.73 146 HUTCHENS, BERNICE 1772.37 19,496.07 %00 550.00 130.00 1,692.37 143 JOHNSON, CHARLES 2383.98 26,223.78 50.00 5%00 42.67 2,391.31 194 JOHNSON, FRANK 7742,53 85,167.83 50.00 550.00 1,600.00 500.00 5,692.53 103 JOHNSON,WENDELL 760.34 8,363.74 50.00 550.00 810.34 118 JONES,BOB 3204.32 35,247.52 50.00 550.00 0.00 3,254.32 144 KILGORE, DONALD 1986.87 21,855.57 50.00 550.00 19.72 2,017.15 129 LAWSON, FORREST 1522.23 16,744.53 50.00 550.00 350.00 1,222.23 150 LITTLE, PATSY R 709.08 7,799.88 50.00 550.00 759.08 153 LORCH,DONNA G 709.08 7,799.88 50.00 550.00 759.08 156 MARTIN,KENNETH 3585.29 39,438.19 50.00 550.00 500.00 140.00 2,995.29 128 MCCAWLEY,LARRY 1645.43 18,099.73 50.00 550.00 195.00 50.00 1,450.43 116 MCCHRISTIAN, MARIE 709.08 7,799,88 50.00 550.00 759.08 126 MCWHORTER,KAREN 982.62 10,808.82 50.00 550.00 1,032.62 136 MITCHELL, MICHAEL 2238.15 24,619.65 50.00 550.00 150.00 2,138.15 141 MUELLER, ROSEMARY 2003,82 22,042.02 5000 55000 2,053.82 MUNSON ANGELA 4075.87 44,834.57 50.00 550,00 500.00 0.00 3,625.87 ,2 MURPHY,JAKE 393.93 4,333.23 50.00 550.00 0.00 443.93 137 PERDUE, LARRY 2255.02 24,805.22 50.00 550.00 300.00 50.00 1,955.02 164 PERSHALL, ROBIN 1480.65 16,287.15 0,00 0.00 190.00 67.00 1,223.65 132 PHILLIPS,HOMER GENE 1703.34 18,736.74 50.00 550.00 300.00 1,453.34 105 PRESTON,GEORGE DAVID,deceased 8!28/07 12,437.84 0.00 400.00 0.00 199 PRESTON,NORMA J 1554.73 4,664.19 50.00 150.OD 200.00 100.00 1,304.73 135 RICKMAN, LOREN 2166.09 23,826.99 50.00 550.00 230.00 65.00 1,921.09 104 RIGGINS,RAYMOND C 1620.75 17,828.25 50.00 550:00 125.00 25.00 1,520.75 183 ROBERTS, ELDON 7261.52 79,876.72 50.00 550.00 1,244.00 400.00 5,667.52 183 ROBERTS,ELDON Pius 25 add pay 999.98 1,756.22 0.00 0.00 999.98 159 SCHUSTER,JOHN H. 3026.56 33,292.16 50.00 550.00 340.00 110.00 2,626.56 168 STANLEY, MELVIN 4737.93 52,117.23 50.00 550.00 1,100.00 300.00 3,387.93 155 STOUT, BETTY 841.27 9,253.97 50.00 550.00 0.00 891.27 133 SURLES,JERRY 2642.14 29,063.54 50.00 550.00 600.00 200.00 1,892.14 142 TAYLOR,DENNIS 2003.82 22,042.02 50.OD 550.00 110.00 0.00 1,943.82 106 UPTON, FRANKLIN 1026.29 11,289.19 50.00 550.00 10.00 1,066.29 163 WATSON,RICHARD 6744.71 74,191.81 50.00 550.00 1,950.00 425.00 4,419.71 163 Watson,Richard Plus 25 Add'I Pay 921.13 10,132.43 0.00 0.00 921.13 149 WILLIAMS,JOYCE 2465.69 27,122.59 50.00 550.00 217,07 2,298,62 195 WITT, BETTY J 1715.37 18,869.07 50.00 550.00 115.00 64.00 1,586.37 127 WOOD,PAUL J 1534.88 16,883.68 50.00 550.00 0.00 1,584.88 132513.58 1,448,405.82 2,500.00 27,500.00 17,458.07 4,690.28 112 86523 112,865.23 i F� La ST d'!e 1C1� 1T1 yPREP Ree ��res om �TA ���<: K Qy e of r T r E ee 113 Weist Mountain i ITA vyke; ARKANSAS Fayetteville, AR 72 Telephone: (479) 575-8313 Fax: (479) 718-7695 city_clerk@ci.fayetteville.arus City Clerk/Treasurer Division September 26, 2007 Ms. Norma Preston 27118 N. Highway 23 Combs, AR 72721 RE: Policemen's Pension & Relief Fund Pension Benefit Dear Ms. Preston, I was very sorry to hear of the loss of your husband David. A check was mailed in the amount of $200 from the .Policemen's Pension and Relief Fund to help with funeral expenses. You will receive the same benefit amount that David received from the Policemen's Pension and Relief Fund. In December of each year we will mail an affidavit for you to complete and return by January. If you have any questions you may contact the City Clerk Division at 575-8323. 1 will keep you in my thoughts and prayers during this difficult time. Sincerely, Sondra E. Smith City Clerk/Treasurer Secretary Policemen's Pension & Relief Fund Board of Trustees POLICEMEN'S PENSION & RELIEF FUND AFFIDAVIT STATE OF ARKANSAS ) GNTY OF WASHINGTON )ss:) I' do solemnly swear that: (Please check the 4propriate statement below) 1. _k_eo� I am a former police officer for the Fayetteville Police Department. 2. I am the spouse/former spouse/widow of a former police officer for the Fayetteville Police Department, and that I have not remarried since becoming eligible for benefits. 3. I am an eligible dependent of a former police officer for the Fayetteville Police Department and submitted the attached school affidavit for verification of school attendance. 4. I presently receive benefits from the Fayetteville Policemen's Pension and Relief Fund and I am eligible to continue receiving the pension fund,benefits as governed under state law. My personal information is as follows: Address: Telephone: Social Security No.: A Birth date: If applicable please list all beneficiaries below (complete only for spouse, minor children and/or children under 23 years of age enrolled in a institute of higher education): NAME SOCIAL SECURITY NO BIRTH DATE RELATIONSHIP DATED this day of / ,/ C;2()0 AFFIANT (signature) SUB SCRIBED AND SWORN TO before me, a Notary Public,this day of I e •.¢� ary Public My Commission Expires: ¢? �° { a- �� N Q �� io PLIB1.�Cr (This affidavit is required annually by the Policemel�► `$lmid Board of Trustees and must be properly completed and to the Fayetteville City Clerk, 113 West Mountain, Fa kF2701 by January 31 each year.) sed 12/2006) {{ltl!!I i1611N� SIVE DEC % 2 2006 C11Y OF FAYETrEVILLE my CLERICS OFRCE C cn (n Z1 .0 (j)w *n al Po CA ZI CC O O � 'a O O O O O O _+ O O O O O = C C � ell,0mmO� ` nnn 0)� (0) Cl) Dto cu m m °D c o ; o O e O om , nm CD CD 3 CD, �_, a y m m O m m �_ Q y m r. v' m N m 3 CO m v; _a to -� m c m 3 c m m 3 -uC C O y <p �1 - O CD 0) O O O m 7 N ' N T 3 .. :3 O ID N 0 0. N O OC C j 40 40EA fA Efl {A EA {A fA fA n 0 m EA EA O O 00 O O - I O N _ OEY 00 00 O 00 p w OCA CO -4 O O -� 7-, 0 0 0 0 0 OD 0 0 O co 0 0 00 3 Q O G9401 O O OA O ' O tCN WON m CA KI OD O O Co O O N O O O O O O N O O Q O O O O O OD co O 00 O O O O Co 00 O 00 O Co 00 -P 0CD m 3 N EA fA fA EA {Aca w 7 CO CA W OI L(n W N IV t0 V O CO V 07 CO O O CO O N V O N V O CO Cl CO OD EA to -W EA EA W W W W W W N O W N N V O O» O O W O O W O O CC V O CO -4 p co .P. O OD -b- C> pO O W STATE OF ARKANSAS OFFICE OF ADMINISTRATIVE SERVICES Fiscal Accounting Department of Finance 1515 west Seventh Street, Suite 700 Post Office Box 2485 ` and Administration Litt'Phone, AR 22485 01( )324-9060 Fax: (501) 324-9070 http://www.arkansas.gov/dfa Dear Sirs: Enclosed are payments for your Fire or Police pension program. The payments include the following checked items: \J Old Plan Fire Pension Program Old Plan Police Pension Program Police. Supplement Program � Fire Future Supplement Program 'Ni Police Future Supplement Program The payment for the LOPFI plans have been directly remitted to them. LOPFI will apply the funds to your account. Funds for this payment were collected by the Arkansas Insurance Department, certified by the Arkansas Fire & Police Pension Review.Board, and disbursed by the Department of Finance and Administration. Thank you for your assistance. . Questions concerning the payments should be directed to Arkansas Fire & Police Pension Review _Board at (501) 682-1745 or myself at the number below... - Sincere Rich . Drilling cal Account' anager (501) - 62 - ail_ richard.drilling@dfa.state.ar.us Enc. .e ARKANSAS FIRE & POLICE. PENSION REVIEW BOARD 620 W. 3rd, Suite 200 Little Rock, Arkansas 72201-2212 Telephone: (501)_682-1745 To: Local Police Pension Fund Board of Trustees Toll-Free: (866) 859-1745 Fax: (501) 682-1751 From: Arkansas Fire and Police Pension Review Board (PRB) email: info@fopfi-prb.com website: www.lopfi-prb.com Re: 2007 Police Supplement Fund Distribution Date: July 2007 Enclosed is a list with the supplement amounts provided by Act 1452of 1999 (as amended by Act 1543 of 2001). The data on the list reflects retirees, survivors, and DROP participants as of December 31, 2006 for your pension fund. Please use this list when making.disbursements for the Police Supplement Fund. Although the pension fund received the annual amount of the Police Supplement, the distribution should occur as a monthly payment to each eligible participant. Therefore, Please use the amounts shown in the column identified as Monthly Supplement Amount. (This is the shaded column.) Note that this distribution is not available to an. alternate payee under a Qualified Domestic Relations Order (QDRO). An alternate payee is an ex-spouse who receives a portion of a retiree's benefit pursuant to a divorce. Please remember that only those Participants identified in paragraph one of this memo are eligible for a distribution. In the event the attached list contains a monthly benefit amount different than your records reflect, please promptly contact Denise Reed, so we may obtain the correct information. Thank you. PRI.- B ARKANSAS FIRE & POLICE PENSION REVIEW BOARD 620 W. 3rd, Suite 200 Little Rock, Arkansas 72201-2212 Telephone: (501).682-1745 Toll-Free: (866) 859-1745 To: Local POLICE Pension Fund Board of Trustees Fax: (501) 682-1751 email: info @ lopfi-prb.com From: Arkansas Fire and Police Pension Review Board (PRB) website: www.lopfi-prb.com Re: 2007 Future Supplement Fund Distribution Date: July 2007 Enclosed is your Future Supplement Fund distribution for your POLICE pension fund mailed from the Department of Finance and Administration. The distribution amount is in accordance with Act 1373 of 2003. The amount listed below is to be distributed equally to each retiree, beneficiary, and DROP participant as of December 31, 2006. The effective date of the distribution is July 1, 2007. It is important.to realize the amount available for distribution in futurema ears . It _. Y Y vary. may increase or decrease; therefore, for ease of administering this supplement we are recommending a single one-time payment be made to each eligible participant. Of particular note, this year's amount is greater due to a 2007 legislative change that directed 100% of the balance held in the Future Supplement Fund be distributed. Previously the amount allocated was 90% of Fund's balance, with. 10% held in reserve. As a result, the amount available for the 2008 distribution will likely be much less than this year's amount because of the one-time increase realized by the reserve balance being distributed. Please ensure your pension fund members receive this information. The total amount to be distributed to each police retiree is: $ 1,720.80 In the event one or more of your eligible participants has deceased, place that person(s) distribution amount into the pension fund. This method will ensure each eligible person receives the correct amount. Should you have questions please contact Robert Bartholmey or Denise Reed at one of the phone numbers listed above. Thank you. - -1 aency Name: DFA-DISBURSING OFFICER _ Warrant Numb: 08W-oo13010 idress : 1515 W 7TH ST STE 700 _ Warrant Date: 7/15/2007 ty,5t Zlp: LITTLE ROCK AR 72201 _ Payment Date: 7/15/2007 i i _yam Vendor Number: 0100003391 I Invoice# Document Text Net Amount 07 OLD PLAN PO 2007 OLD PLAN POLICE 190,191.68 1 1 I I I _ TOTALS THIS WARRANT 190,191 68 o �• :_ Dm 1 , ., � YN Qhr ,-�� A$;'lIt DOf13,p�1A f'E.` ,p�j •�"�r �( .4"; .fJ� 4I 1\ jz l� t' G.t+ P AlCgNSA NCY MO DAY YEA r - � PAYTH1 I �0 07 15 2007 CITY OF F`AYETTEVIL' LER` r ' ` t � d INE SUN NEAEIN IS 90E fYLTIIE SYA'fEOF.AAKANSA3 7o- � * NED IN 1NOr]11F;STATE TRFISURYA IS NEAEdY - "'""' to-4NE o94ER.0i iHE`TAYEEs f�DF �> - � :. � 1I0 NyA S�ECIiiEA^ + . O NOT B) ND,wz, D ORJuIl�T(1,Afi >t x i 1 a 2Q��• � QFi 2D7678t� ;,f_ hl r ,� h Pi�O i3Q�kLiu x , , . . • ..- .....vim. ..:....._ � - . - -� L - J L _ Ji01 JL _J L- J L _ J . reverse side for opening instructions. 'A—DISBURSING OFFICER 15 W 7TH ST STE 700 _ PRESORTED TTLE ROCK AR 72201 ; FIRST CLASS 2512 US POSTAGE PAID NF,AUDI LITTLE ROCK AR "".. ➢ PERMIT 2273 V*tq 1p 49 .CITY OF FAYETTEVILLE 113 W MOUNTAIN ST FAYETTEVILLE AR 72701 -- ... _ ..................................... Warrant Numb: 07W-0707775 I �t �ency Name: DFA-DISBURSING OFFICER 6/27/2007 1515 W 7TH ST STE 700 Warrant Date: (dress _ Payment Date: 6/27/2007 it ly,StZip: LITTLE ROCK AR 7220E Number: 0100003391 Invoice# Document-TextNet Amount 4 87,760.80 )07 Police Futu 2007 Police Future Supplement LTJ wl I I F I LTJ 87,76D 80 - TOTALS THIS WARRANT ��AUntrri TFll514lpcRRAN71f( D"i�FTR ,IUNFo, r 2,00$ �11�11 OTW .. r( e f - 9' a:✓ r t, ,a h J1 .1' `.-a�s•xx V t .y4 I ! Y� I�� c V `_r7.Ty v/ •ri s N t r � t ? Ss Q I<'.>, Y• Hit Taxta ° , ysYa F vF✓ .tr �. rrx arse t >` ^rWT. ^' .x ay.v aYT �? ♦^i I('>y 9i u aSt v If eg. lr ��4 c`-NO rr'3t``'1P5.�`ial� F.r /tkANS:I'" P�1Yfi0 7TTT OItTITR"OT' _ � PAY THIS`AMOUNTy $ Ob`2A {04� 27 2807 CITY OF t✓�`�ET a ` Y ' VkrBYiTNE 9TAE Y BF;�AK�NSASt7d m+ I '` it r' YH 1N6 lAE q[BiE iREFSUAEAa 1$NEPEB +- ,, NEB JI 1 a� r � * BYT' i M sTl[TISE BPBEP,Qr 1HE 41Y[E lYixAr+ ` � e T 4x 4 1 L..- f^ � K' s t'4 �: �`Ee ms`s nC. � - s tiQ Nq7 BEND POLts`t?t� lR, 145 t 1R b e t 3 x rv.4 � {hf'�lt r^� yj. {V l'S TSH 15 ♦ W'i 4 ,�. ,V(at I x: 5tiE n s`• S S -"r t �� 7v� rap. y�ra. x �t eT s,_,< t ��r 53 ri , '`. cX.R. �♦_ _ a, °`" �, ' II." .l. Z y�,r� A'0 ■� fl X F 7 I ♦ ��++3zy z { �r y{ �� r [7 � ��ClC7�f llv� ,a s+.:o- e a i ? � Q �n[�il� ' , •�^ n x-� . �.�> w ``?yob %�S i �.... » t 2 i , ,u ��^' 7 s> =` t t I z '- - -, r — ' L — , — J L .J L J L J L — L _ J -- see reverse side for opening Instructions. _ ....... t .. ... ... DEA-DISBURSING OFFICER _ PRESORTED 1515 W 7TH ST STE 700 FIRST CLASS US POSTAGE LITTLE ROCK AR 72201 — PAID W02078 LITTLE ROCK AR PERMIT 2273 i • ����,AUnrhj9O i I CITY OF FAYETTEVILLE i 113 W MOUNTAIN ST FAYETTEVILLE AR 72701 .....................-------------- ------ .......... _ .. ... ------------------ I Y o jency Name: DFA-DISBURSING OFFICER _ Warrant Numb: 07W-0707776 Idress : 1515 W 7TH ST STE 700 Warrant Date: 6/27/2007 _ I a ty,St Zip: LITTLE ROCK AR 72201 _ Payment Date: 6/27/2007 ' I Vendor Number: 0100003391 _ I Invoice# Document Text Net Amount J 07 Police Supp 2007 Police Future Supplement - _ - 30,600.00 - , 1 Jc � r � • I II : I I L-J 00 TOTALS THIS WARRANT 30,600.00 7 s z _ e �F;ill7flt� t '. +,�, THt WA1�FikNT VO�b AE1 r�F1 JUNE'30,' 2 D. 8 IVC < A SNI 1.^�G tr -,. r a> t^> 'I r .' st ♦ h ..4 I Y�i.c-p;`r' 7�> � :i �' +ri{`�f f'1{Y y✓ .f h rs 'y�� yid ye� x f �y'-' 1 li E y r .�E v ti S f t >P i 1 \ �s r� +srY F r ��•i7�F�}•L �� � i���rf .4`�ii ����i►��y+'� <s ,y£ .�f.?`�5� y j V{ `J, Vv,. �l x r ♦ 5 ',i/' a'>�5 TI L_J Old + 1 { CITY OF FAYET7EY- LLB+ s S�*���*�3060U *,QOY� ;� i,°�,�, `�9; TIlE NERE YbpE BY fNE tT�T�OF j�RNAI1RJHh]D �{ ;� - Y MFD lI N NPINEST�YE iRE15MER IS�Rk'Ba"� I DONOT BEt7f}„FOLD Obi fill(tTIL/kTE r �. d .'> ♦ rZZZZZ r fl 6 2t71t• �.El,$ 2D4 ' ,`' t. 7�D ?,1J 4 7 ` ” r ' s ,� e. ':' :.'. > �Sv.::• � Akre ;•' r .'•ybi a F, r ��� ". ♦ :. \ s•1� ... L _ J L _ J L _ J L _ J L _ J L - J ee reverse side for opening instructions. A-DISBURSING OFFICER 15 W 7TH ST STE 700 _ PREsoRTED FIRST CLASS TTLE ROCK AR 72201 _ US POSTAGE 2079 PAID LITTLE ROCK AR AUA/fi9 PERMIT 2273 Q 9 I CITY OF FAYETTEVILLE 113 W MOUNTAIN ST FAYETTEVILLE AR 72701 --- ------------- • e evl e ARKANSAS 11.3 Welst Mountain Fayetteville, AR 72761 Telephone: (479) 575-8323 Fax: (479) 718-7695 city_clerk@ci.fayetteville.ar.us City Clerk/Treasurer Division To: Police Pension Recipients From: Sondra Smith, City Clerk/Treasurer dna my Date: August 7, 2007 Re: 2007 Supplemental Benefit We received the Supplemental Benefit from the State of Arkansas for 2007. Therefore your August, 2007 check will have the Monthly Supplement Amount for July, 2007 included. The Monthly Supplement Amount is $50.00 per month. We also received the Future Supplement Amount which is a lump sum distribution. We have also added the Future Supplement Amount to your August, 2007 check. Your check in September will return to the normal monthly amount. If you have any questions, please feel free to contact me at 575-8323. RECEIVED MAY 2 y 2007 PFH3ARKANSAS FIRE & POL1C CITYOFFAYETTEVILLE B(§ ERfC'8 OFFfC MAY 2 ' 2007 620 W. 3rd, Suite 200 To: Local Pension Fund Board of Trustees CITY of FAYET} fL[Lock, Arkansas 72201-2212 MAYOR'S OFFICE Telephone: (501) .682-1745 From: Arkansas Fire and Police Pension Review Board (PRB) Toll-Free: (866) 859-1745 Fax: (501) 682-1751 Re: Summary of the 2007 Legislative Session email: info@lopfi-prb.com website: www.lopfi-prb.com Date: May 18, 2007 Following is a brief summary of the Acts from the 2007 Legislative Session that apply to the Local (Closed) Fire-and Police Pension Funds. Unless a specific date is included at the end of a summary, the effective.date for the Act will be July 31, 2007. If you would like to read the fall text of a particular Act, you may access this information via the General Assembly's web site at bn://www.arkleg.state.ar.-as/ Act 608 (House Bill 1095, Harris) Continued Miilaze for Consolidated Plans Act 608, amends the language of current law to clarify that a dedicated millage passed by a municipality can be used for fire and police pension contributions after consolidation of the Closed Plan with LOPFT: That is, it allows the use of dedicated millage to pay the consolidated. LOPFI employer contribution rate. Act 609 (House.Bil11097; Harris) Premium Tax Allocation Changes Underprevious law, a significant portion of the funding of the Closed Fire and Police Plans and of LOPE comes from insurance premium tax.. Act 609 made several changes to the premium tax allocation formula. These changes are: 1. There will be a mandatory employer contribution for volunteers in LOPFI. Currently some employers-pay nothing-(since their entire cost is covered by the premium tax allocation). Act 609 requires a basic payment from each volunteer employer at $3 per volunteer member, per month). p yer (beginning 2. The LOPFI employer volunteer cost, in excess of the mandatory employer contribution will be 100% covered by.premium tax. allocation. - 3. For the paid groups in LOPH, there will be a mandatory employer contribution. This amount will begin at 1% of pay in 2008, go to 2110 in 2009, and 3%-thereafter. 4. The cost of any benefit enhancements, whether legislated:or the result.of local option, will NOT be funded via premium* tax monies. 5. Deleted a'provision in law that, in very limited circumstances, would have permitted the use of premium,tax for purposes other than funding retirement costs. 6. This Act was effective March 28.; 2007., r:- :f. � d Local Pension Fund Board of Trustees May 18, 2007 Page 2 of 3 Act 1056 (House Bill 1099, Harris) Consolidate Smallest Plans Act 1056 requires Closed Fire and Police Plans with less than five members (active or retired) declared inactive by the employer group and consolidate administration with LOPFI. The number of members does not-include surviving spouses. In addition, actuarially sound Closed Plans will have a cost of living adjustment built into their benefit formula upon consolidation. Act 611.(House Bill 1172,:Greenberg) Police ODRO change Board vote Act 611 makes the following changes to the Closed Police Plans (it does not change the Closed Fire Plans): 1. Allows surviving spouses to vote during the election of local board members. It also allows the Board to fill a vacancy for the remainder of a term. 2. Clarifies how distributions will-occur when there is a surviving spouse and a QDRO recipient of a deceased police officer. 3. Allows payment of a death benefit (formerly funeral expense) to a police officer's estate if there is no surviving spouse. (Also, see Act 1571). Act 614 (House Bill 1277, Harris) Retroactive Benefit Increase allowed for Widows Under previous law, a Closed Fire Plan may increase benefits,,provided they are actuarial sound. A Closed Fire Plan may restore the benefit of a surviving spouse who remarried, in the case of a firefighter who died in the line of duty. Act 614 allows such a restoration to include any benefit increases given between the time the spouse's benefits were stopped and the time they were restored. Actuarial soundness was not part of this Act, so a local board may implement this provision even if the fund has moved to anactuarial unsound position. This Act was effective March 28, 2007. " "Act 218 (House Bill.1484, 1VIaloch) State Taxes on Pension Benefits Act 218 allows the State of Arkansas to have the same provision found under the Pension- Protection Act at the federal level. Arkansas will allow eligible retired public safety officers the option of having qualified health insurance premiums (up to $3,000 per year) deducted from their retirement benefit on a pre-tax basis. Act 1571 (Senate Bill 144, T. Smith) . Police Death Benefit Underprevious law, local Police:Plans may pay a death benefit of at least $100, but not more than $4,000_ Act 1571 allows a death benefit to be increased uniformly to no more than $6,500 at the discretion of the local board of trustees. (Also, see Act 611). Local Pension Fund Board of Trustees May 18, 2007 Page 3 of 3 Act 1572 (Senate Bill 155, T Smith) Police Reemployment after DROP Allows local police plan members who have retired after participating in the Deferred Retirement Option Plan ("DROP") to return to law enforcement. The retired member can return to work with a different employer group from the one retired from as Iong as there was a break in service of at least thirty (30) days. The retired member would continue receipt of his/her retirement benefit from the local police pension fiend. Act 849 .(Senate Bi11.156 T SxWth) Increase Future Supplement Previous law created a "Future Supplement Fund" for Closed Fire and Police Plans to provide a form of cost-of-living-adjustment. In 2006, the Future Supplement Fund paid $1,201.20 to each retired police participant, $518.40 to each retired full-paid fire participant, and $103.68 to each retired volunteer fire participant. Each year 90% of the monies in the Future Supplement Fund were distributed to the eligible participants. The remaining 10% was accumulating with the goal of developing a permanent cost-of-living fund. Act 849 will distribute 100% of the Fund each year, which includes the amounts currently held for future.use. This Act was effective April 3, 2007. Act 851 (Senate Bi11158, T Jeffress) Minimum Investment Standards Act 851 makes the following changes to the authority of the Arkansas Fire and Police Pension Review Board (PRB): 1. Set a minimum asset management standard so that if a Closed Fire or Police Fund (a) is meeting regularly; (b) is actuarially sound; and (c) is earning interest at least as great as a one year Treasury note, then they meet the standard. 2. If the Closed Fire or Police Fund does not meet the.minimum asset management standard, they would be required to develop a written investment policy and hire Professional investment management. 3. If a Closed Fire or Police Fund does not meet the additional requirements in item 2, . then they must develop a plan of action in conjunction with the PRB to find ways to meet these standards. 4. Give the PRB rule making authority to implement this minimum asset management standard. Should you have questions about a.particular Act, please feel free.to contact either Denise Reed or David .Clark. Thank you.