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Home My WebLink About2010-10-21 - Agendas - Final Lioneld Jordan Chairman • Jerry Friend Retired Position 2 Sondra E.Smith Treasurer T.a 1 Tim Helder Retired Position 3 Eldon Roberts Secretary/Retired Position Iyel Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 ARKANSAS Policemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 21, 2010 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held on October 21, 2010 at 3:00 PM in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Roll Call Approval of the Minutes: Approval of the July 15, 2010 meeting minutes Pension List Changes: • Glen Riggins deceased in August— Surviving spouse— Bonnie Riggins Approval of the Pension List: • Re-approval of the September and October, 2010 pension list. Glen Riggins deceased. • Approval of the November and December, 2010 Pension List • Approval of the January, 2011 Pension List New Business: • Bonnie Riggins affidavit was received • Sent funeral expense check to Glen Riggins estate • Revenue Expense Report for August 31 and September 30 • 2010 Turnback Distribution • December 31, 2009 Actuarial Valuation Discussion Items: • LOPFI Longer Investments: Longer Investments monthly report. • Longer Investments 3rd Quarter 2010 report. Informational: 0 2011 Meeting Schedule Board Members Policemen's Pension and Relief Fund utes Mayor Jordan Chairman Board of Trustees Meeting July 5,20 0 Sondra E.South Treasurer �C Page l of Eldon Roberts Secretary/Retired Position 1 Jerry Friend Retired Position 2 TayeV Tim Helder Retired Position 3 Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 15,2010 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held at 3:00 PM on July 15,2010 in Room 326 of the City Administration Building Mayor Jordan called the meeting to order. Present: Jerry Friend,Tim Helder, Frank Johnson,Melvin Stanley,Eldon Roberts,Mayor Jordan,Kit Williams,City Attorney,Sondra Smith, City Clerk,Lisa Branson,Deputy City Clerk, Paul Becker,:Finance and Internal Services Director, Trish Leach, Accounting, Elaine Longer& Kim Cooper, Longer Investments,Press and Audience. Approval of the Minutes: Approval of April 15,2010 Meeting Minutes: Eldon Roberts moved to approve the April 15, 2010 meeting minutes. Melvin Stanley seconded the motion. Upon roll call the motion passed 4-0. Jerry Friend,Tim Helder,and Frank Johnson were absent during the vote. Pension List Changes: Anna Mary Dennis deceased in May John Paul Wood deceased in May—Surviving spouse—Ruthie Wood Eldon Roberts—QDRO Jerry Friend—Revised QDRO Approval of the Pension Lists: Re-approval of the May.June,and July 2010 Pension List Changes to May,2010 Pension List includes: 1. Eldon Roberts pension amount changed due to QDRO 2. Carolyn Roberts was added due to QDRO 3. Jerry Friend's pension amount changed due to QDRO 4. Michele Friend was added due to QDRO , Policemen's Pension and Relief Fund Board of Tnatees Meeting Minutes July 15,2010 Page 2 of 9 Changes to the June,2010 pension list are due to: 1. Eldon Roberts pension amount changed due to QDRO 2. Carolyn Roberts was added due to QDRO 3. Jerry Friend's pension amount changed due to QDRO 4. Michele Friend was added due to QDRO 5. Anna Mary Dennis was removed 6. John Paul Wood was removed 7. Ruthie Wood was added—John Paul Wood's spouse Changes to the July,2010 pension list are due to: 1. Eldon Roberts pension amount changed due to QDRO 2. Carolyn Roberts was added due to QDRO 3. Jerry Friend's pension amount changed due to QDRO 4. Michele Friend was added due to QDRO 5. Anna Mary Dennis was removed 6. John Paul Wood was removed 7. Ruthie Wood was added—John Paul Wood's spouse 8. Jerry Friend's pension amount increased due to a revised QDRO 9. Michele Friend's pension amount decreased due to a revised QDRO Sondra Smith: There are several changes to the pension list. I have listed the changes. You pre-approve the Pension list therefore we have to revise the Pension lists for May, June and July. I have listed the changes that have happened on each report and why those had to be re- approved. Eldon Roberts moved to approve the Revised May, June, and July 2010 Pension List. Melvin Stanley seconded the motion. Upon roll call the motion passed 5-0. Jerry Friend and Tim Helder were absent during the vote. Approval of the Autust,September,and October Pension List Eldon Roberts moved to approve the August, September, and October 2010 Pension List. Melvin Stanley seconded the motion. Upon roll call the motion passed 5-0. Jerry Friend and Tim Heider were absent during the vote. New Business; Revenue Expense Report Paul Becker: That is the report that Trish does. Sondra Smith: There is one for 4-30-2010 and an updated one for 6-30-2010. Policernen's Pension and Relief Fund Board of Trustees Meeting Minutes July 15,2010 Page 3 of Eldon Roberts: The further in the year we go the uglier it gets. Kit Williams: That reflects the market going down. 2010 Election Results: Jerry Friend and Frank Johnson were reelected Mayor Jordan: Congratulations. Oualitied Domestic Relations Order(ODRO)—Eldon Roberts Sondra Smith: That's just informational. We received it and it is on file. That's the reason there are changes in the pension list. Revised Oualified Domestic Relations Order(ODRO)—Jerry Friend Sondra Smith: We received a revised QDRO for Jerry Friend. That is on file and that changed the pension list too. We received an affidavit for Michelle Friend. Carolyn Roberts affidavit was received Sondra Smith: We received her affidavit. Ruthie Wood's affidavit and Power of Attorney was received Sondra Smith: We received Ruthie Wood's affidavit and power of attorney because her husband deceased. Sent funeral expense check to John Paul Wood's estate Sondra Smith: When a pensioner deceases we send a pension check to his estate. 2010 Turnback Distribution Paul Becker: The Police Pension plan distribution was $213,357 which is about $1,000 less than last year. Little Rock had a major decrease in their distribution. The distribution here was just about flat with what it was last year. Policenxn's Pension and Relief Fund Board of Trustees Meeting Minutes July 15,2010 Page 4 of9 Sondra Smith: I have the spreadsheet that Trish did. I will put it in the next packet so you can see the distribution over the past few years. Eldon Roberts: What was the total this time? Paul Becker: $213,357 Eldon Roberts: That's just the police? Paul Becker: That is just the police portion. Eldon Roberts: LOPFI and old. Paul Becker: No,that's the police for the old pension plan. Sondra Smith: The future supplement was $26,061.56 and the regular supplement was $28,200. One you get in a lump sum check and the other you get in monthly benefit on your check. Paul Becker: The lump sum was distributed,was it not Trish? Sondra Smith: Yes,it was sent out with the July check. Eldon Roberts: That's close to what I remember it being last year. Sondra Smith: Last year the big distribution was $214,429.30 this year it was $213,357.83. Last year the future supplement was $38,350 this year it was $26,061.50. Last year the regular . police supplement was $30,000 this year it was $28,200. They paid us on both the future supplement and the police supplement for Anna Mary Dennis and Mr.Lawson. Trish Leach: We get to keep that, when it is paid not by an error, but because someone deceases they tell us to keep it. Discussion Items: LOPFI Sondra Smith: I have been asked to keep that on the agenda. Jerry Friend: I don't think much has changed so we can't discuss it. Weren't we waiting on some studies? Eldon Roberts: I think we opted to not do anything. Kit Williams: You all are not nearly in the shape that the Fire Pension is. Policemen's Pension and Relief Pond Board of Trustees Meeting Minutes July 15,2010 Page 5 of 9 Longer Investments Elaine Longer: The last time I was here was the end of April and I remember saying I wouldn't be surprised if we hadn't seen the highs of the year. With that on April 26th the market started back down and has been through a correction that at the low point was about 15% or 16% off that high. We've had about a 7%or 8%bounce off that low so we are kind of defining a trading range that I think will take us into the end of the year. The high end being about 11,300 the low end being about 9,650 we will trade around in that area until some of the outlook gets a little bit clearer. We have a lot of legislation coming out of Washington still today. They passed the financial regulator bill. There are a lot of questions about what's in it and I read a lot about this. I have a lot of research sources that come into the office. Even among the professionals there is a lot of confusion about what is in that bill and what it is actually going to mean in terms of consumer finance, investment banking,and your community banks will be affected by this. The two things that seem to come out in all the reading I've done is that it is going raise the cost of doing business. Whether you are a consumer and you have a debit card or if you are Bank of America they may end up letting go their lowest profit margin accounts or make them convert to web based banking. If you are corporation trying to do business there are going to be higher hurtles to get through the pre lending requirements and documentations. There is a lot in this bill that can raise the cost of doing business but also my concern is that it can also reduce the velocity of money. We touched on this in our newsletter, The Fed President from the Dallas Fed, Richard Fisher gave an interview last week and he touched on this also that there is only so much the Fed can do. The Fed has put a lot of liquidity into the system so now until you get lending going or loan demand you can't really circulate that money through the system. That's how money circulates. Even though the Fed has been pushing the reserves into the system and we've got 0% interest rates at 3% to 3.5% prime lending rate. The velocity has been falling because commercial and industrial loan demand and over all loan demand has been failing. We still haven't recovered to the point where people want to go out there and take on more debt. Corporations are building cash on the balance sheet, households are paying down debt, the mood in the economy isnot to go out there and take on more debt at this point in time. What happens then is when you've got this decrease in loan demand, even while the Fed is putting reserves into the system, it doesn't circulate, so the velocity and the money supply go down. That seems perverse when you hear the Fed is putting so much money into the system, why would the money supply be going down it's because it is just not circulating. The whole reason this is important is because economic growth is a very strong way contingent upon this circulation of money, the velocity of money and having those supplies of liquidity flowing. As we go into this second half what we are looking at is the potential for a slow down. The fust quarter GDP was revised,the final revision was down to 2.7% from 5.6% in the fourth quarter. We have already seen a slowing in the first quarter. Now you're looking at the second quarter and third quarter could be lower than what street estimates had been. The question is whether or not we will go into a double dip. A double dip means will we go into a negative GDP growth, another recession. We are still vulnerable to that and that's what causes me concern about the legislation and the extent of how big these legislative bills are because it's not a step wise progression. The thing is we are vulnerable Policemen's Pension and Relief Fuad Board of Trustees Meeting Minutes July 15,2010. Page 6 of 9 because we are limping along at 2.7% growth rate and we don't really know what the hits will be to that 2.7%but we know one thing we don't have a lot of policy responses like we did in 2008 to offset the weakness. That's why you see the markets so jittery and all the volatility that you are seeing in the market because there really is a lot of uncertainty about whether or not we will have a second dip in the recession. Like I said in the newsletter we are not in that camp at this point in time but even if you go to a 1.5%to 2% growth rate it will feel like a recession. You have to have growth of about 3% to 3.5% to have improvement in unemployment. If you are a 1.5% to 2% you're barely growing jobs at a rate that assimilates new entrance into the work . force into jobs. You have to have about 125,000 jobs per month created just to hold the unemployment mate where it is right now. It takes consistent 250,000 and higher on a monthly rate to begin to reduce the employment rate. If you are at 1.5%to 2%technically you are not in a recession but it will feel like it because the unemployment rate will stay high and deficits will not go down. States and municipalities will continue to have problems with their financing. It will feel like it but it may not actually be.a technical recession. When I write the newsletter what I'm trying to do is to communicate what I see out there because it does impact how we structure the portfolios. You look at where the 10 year treasury yield is, I think the last time I was here it was about a 3.7%,now we are sub 3%on the 10 year. Today the two year treasury went to an all time low of.58%. The good news from the stock market stand point is that there aren't very many attractive alternatives to stocks. Loner Investments monthly resort. Page one shows the stock component is about 43% and you have a 3.20/a dividend yield on the stock part of the portfolio. That includes a lot of growth stocks like Cisco and others that pay no dividend but you still have a very high component of very strong dividend pairs. This is, in our opinion, the safest way to be able to stay in the equity gain but be in there with a little bit of a more defensive posture than just being strictly out there for growth. You have higher than 10 year treasury yield on the stock part of the portfolio. Page two international stocks are at 5% of total portfolio. Today we don't have to have that authorization to be over 50% because your total equities are below that amount. The investment grade bond fund yields 5.3%, the preferred debts that you own yield 6.40/9, you have a couple cooperates in there. This treasury that's a 4% due 2018, we have been purchasing that to hold reserves and every time it got close to a 3.9% or 3.8% we would add to it. That part of your portfolio is actually 16.5% of total portfolio but it was the best way that we could access the treasury market and really keep the maturity moderate but also to offset the reinvestment risk. A lot of portfolios right now are experiencing reinvestment risks where they have a 5% coupon rolling off and their reinvestment is 2%. This has been a real good addition to the bond portfolio because it's a high coupon treasury but it's been easy to monitor also and a fairly moderate maturity, not quit 10 years. This bond today is trading at over 110. While you have made 4% income on the bond we've also made 7%on price appreciation. That's wonderful and we love it when that happens but this is something, this is something that we have discussed at meetings in the past,that can tum around to be the price risk on bonds should interest rates go higher. Bonds have the ability to fluctuate in the market for a given change in interest rates. Right now we are experiencing the good side of that in that the bonds you own have gone up in price while interest Poliomen's Pension and Relief Fund Board of Trustees Meeling Minutes July 15,2010 Page 7 of 9 rates have gone down. That is one of the reasons we adhere to a fairly moderate maturity struchue because when that turns you will have income less the price change with rising interest rates. When you are at a 7%expected return and now you have a 10 year treasury yield that is sub 3% and 50% of your portfolio in a balanced portfolio account is invested in bonds. Even though your bonds yield about 4.8%the fact of the matter is as far as what your portfolio value is you're priced at 2.7% or whatever the current rates are. The price appreciation that we have experienced on those bonds is embedded in performance at this point. Even though we're not out there buying the 10 year for you at 2.9%your bonds are priced as if we are because market value is already reflected into performance. Going forward when you look at 50% of the portfolio able to earn 3% in treasury equivalence then that gives you an even higher hurtle that you have to be able to achieve on the equity side. To get to 7% it requires that you get a consistent average annual return of 12% or so on the equity side of the portfolio. I don't know anyone that is using those assumptions,we aren't. We are running retirement accounts and projections at 7% to 9%. It gets back to that assumption again and where did the 70/o jump come from, because it was 6%. We still haven't amended the policy because we don't have an answer for that. I can't sign on to that because I can't realistically with the market the way it is and with interest rates where they are, you can't run those numbers. A lot of it is because of where the fixed income market is, not necessarily the stock market. Even if you don't hold a 10 year treasury anything that you have that's investment grade that is in the fixed income market trades on a spread relative to the 10 year. You've a got a invest grade bond fund that yields 5.3%if the 10 year goes to 5%that bond fund is not going to be yielding 5.3% it's probably going to yielding 6.5%. In fixed income the 10 year is the bench mark. We just have to be aware of that as we look at the portfolio and look at the projections and everything going forward that this is a historically low yield on the 10 year and on the two year. Page four we have updated it for July 13th. Equities are about 42%. We have been using.some hedges in the equity part of the portfolio so that we have been able to minimize some of the volatility on the equity side but still be able to continue to get the dividend yield on the stocks. Page six the overall portfolio value the most recent is the 7.8 million, overall income is$257,000 and that equates to 3.5%on total portfolio. The income yield on your total account is higher than a 10 year even though you have approximately a 50010 growth component. That is because we have tried to keep the income high off of the stock part of the portfolio. — Page seven realized gains year to date are $194,000. Net income is what you received in dividends and interest, $95,000. Page eight the fixed income part of the portfolio is broken down in terms of weighted average yield to maturity which is 4.7% and you weighted average maturity in years is 6.8 years. Your income is much higher than a comparable maturity treasury would give you. The current five year yield is 1.7%. You are a little bit longer in terms of maturity but instead of the 1.7%you are at 4.7%. You don't have many bonds maturing in the next year or so just 6.8% so you don't have a lot of reinvestment risk. Policemen's Pension sod Relief Fund Board ofTnmtees Meeting Minutes July 13,2010 Page 8 of9 Page nine shows the contributions and distributions year to date and there have been a few, litigation recovers and$540,000 in terms of distribution. Page 10 shows performance through June 30s' the stock part of the portfolio was down 6.4%, comparable S&P was down between 7.6% on the cash index and 6.7% on the index with compounded dividends. The international holdings are down 11.8%. As bad as the US market was during the first half of the year the international was worse. China is down about 25% and the UP index which includes Europe and Asia is down 14.7%. You have out performed on the international holdings and a lot of that had to do with being under weight Europe. Europe was hit pretty hard. Then the fixed income the bond part is up 6.3% and that's the price appreciation plus the income that you received so that the bonds have offset the weakness in the stock side of the portfolio. It's practically unchanged for the first half of the year. We have a lot coming up in the second half of the year and all eyes are on Washington. We have a lot in terms of the election results. I think it will be a fairly high charged election season. I expect there will be continued volatility as we get into the second half and the fourth quarter. A discussion followed on how the election might affect the stock market. Paul Becker: The discount rate was discussed during the first quarter at the Pension Review Board meeting in Little Rock. Eldon can attest to the fact that I was very direct about what my personal opinion was. They were instructed to look at a five year average. That discount should be reduced. At least we will get a better picture of where we are at. Eldon Roberts: It took forever to get to that point. We've asked how did you arrive at this number and we could never get any answers. Paul brought it to their attention at the meeting and I think some more people felt the same way. There was enough pressure that they are going to try to look at that again and maybe give you some numbers that you can live with or at least understand. They couldn't tell us how they come up with that number. There is beginning to be a lot of,pressure put on the people that are the big players about this insurance tumback money and how it is being distributed because there has not been any rhyme or reason as to how that's being passed out equitably and people are on their case. The formulas are so cloudy and are designed to be that way. They can't answer why it went from 6%to 7%. There is enough light being put on them now that they are going back to the drawing board and try to figure out something that everyone can understand and began to see is it really fair or is it not fair. I don't know if that will be good for us or bad. I think it might be better for us but I'm not sure of that. Elaine Longer: I think that's a good thing. This is going on not just in Arkansas or Fayetteville but there has been a lot written about the unfimded pension liabilities nationally and a lot of them are at 8% assumptions. The frightening thing about that is if they go to a realistic assumption of return it really increases what those unfunded liabilities are which are already at a very high level. The states and municipalities I think are facing this all across the country. Longer Investments 2nd Quarter 2010 report: A copy was given to the Board. Longer Investments Privacy Notice: A copy was given to the Board. Policemen's Pension and Rdief Fund Board of Trustees Meeting Minutes July 15,2010 Page 9 of 9 The Longer View: A copy was given to the Board. Informational 2010 Meeting Schedule: A copy was given to the Board. Other Business Frank Johnson: The policy that requires us to give our investment objectives or strategies is that biannually or how often is that? My question had to do with when was the last time we actually did it. Kit Williams: February of 2009 was the last time the policy was officially accepted and approved. Eldon Roberts: That is when we all signed it. Frank Johnson: Semi-annually,ok. So we are within our policy. Eldon Roberts: Elaine has been very good about bringing it to our attention when we need to tweak this. Sondra Smith: It also changes if the board members change. Kit Williams: But it's the same policy. You all can change your investment philosophy or policy at any meeting. Frank Johnson: To be inline with our own policies I have been looking at the investment objectives and any challenges that we have as we move forward especially in the second half of the year to meet these objectives. I'm not suggesting a change at all especially if we have consultation to tell us other wise. I thought it would be beneficial for us to have some discussion about it for the record. Paul Becker: What you have done with the investment policy is you have set the broad spectrum up to 50%equities. If she gets to the point that she goes over that she brings it to your attention. Unless you have a major investment strategy decision or change for her, I would think you would want to keep the same policy. If you want to get more conservative and give that direction to her certainly that is within your prevue but that is more or less the frame work of it. Eldon Roberts: V then is the next meeting? Sondra Smith: It's October 21". Meeting Adjourned at 3:30 PM Fayetteville,Arkansas RECEIVED POLICEMEN'S PENSION&RELIEF FUND AFFIDAVTr � jJ� JAN 142010 /t/Y�-G STATE OF aW� ) CI OF FAYETTEVILLE )ss. COUNTY OF CITY CLERICS OFFICE • ��nZw�s = ) I _ , st, tea- do solemnly swear that I presently receive pension benefits from the Policelice n'sPension and Relief Fund and Z ligible to continue receiving pension benefits as governed under state law. R�I am a former police officer for the Fayetteville Police Department. ❑ I am the spousetforrner spouselwidow of a former police officer of the Fayetteville Police Department,and that I have not remarried since becoming eligible for benefits. ❑ 1 am an eligible dependent of a former police officer for the Fayetteville Police Department and have attached an affidavit verifying my school attendance. Address: Telephone: Social Security No.: 5-2 Birth date: — t 3.3 _ PLEASE LIST ALL BENEFICIARIES BELOW(complete only for spouse,minor children and/or children under 23 years of age that are enrolled in a institute of higher education): NAME SOCIAL SECURITY NO. BIRTH DATE RELATIONSHIP DATED this day of Ae, No q (// [/�/� AFFIANT tgnature) SUBSCRIBED AND SWORN to before me,a Notary Public,this day of p � Ode�,iGt1 rJ- ��R�;Pti Notary Public 0eesxLe x�t My Commission Expires: .3I�ri l a-o I-9 tv�s ra o oracouurr �---r — aoraav:wan-azwiaalas 6ytbmr.N�lai EWttaFPsr�h?.E,LA1D cnrm�ssmIao.IMAM" (This affidavit is required annually by the Policemen's Pension and Relief Fund Board of rnstees an must a properly completed and returned to the Fayetteville City Clerk, 113 West Mountain,Fayetteville,Arkansas,72701 by January 31" each year.) Glen Riggins Glen Riggins FAYETTEVILLE — Glen FAYETTEVILLE — Glen Riggin, 77, of Fayetteville,, Riggin, 77, of Fayetteville;: died Tuesday, Aug.17, 2010x.- died Tuesday,Aug.17, 2010F: in Fayette- in Fayette- . ville. He was. ville. He was. born Aug. 1, born Aug. 1, 1933,in Asher, 1933,in Asher, Ark., the Ark., the son of Noah son of Noah Daniel and Daniel and 011ie Ledford Riggin 011ie Ledford Riggins. He Riggins. He . Riggins was a member was a member .of the Round of the Round t'Mountain Mountain Community Community Church for 55 years, wherq Church for 55 years, wher i he served as Sunday schoo he served as Sunday schoo teacher, deacon and church teacher, deacon and chur& secretary and treasurer. Hsi` secret J ary and treasurer. He. t served in the United States z served in the United State§° Army during the Korean v Army during the Korean conflict He served,as chief of conflict.He served as chief of police for Fayetteville Policy police for Fayetteville Pohce. Department and also served; Department and also served in Judge;William Storey's`, in judge.William Storey S° court room as court service9 court room as court service` officer. r. Survivors include his wife,, officer. Bonnie McCawley Riggins of Survivors include his wife,. the home,whom he married Bonnie e, Cawley Riggins of the home,whom he marries} Dec..2, 1956; his son, Dale' Dec..2,,1956; big son, Dale Riggins and wife, Yolanda; Riggins and wife, Yolanda;" of Fayetteville;his daughter,' of Fayetteville;his daughter;;., Becky Carter and husband' $ecky Carter and husband;,; Larry,of Fayetteville;gran&+ Larry,of Fayetteville grand`1 children,Jennifer Minard and''. children,Jennifer Minard and;; husband, Brandon, Amber': .husband, Brandon Amber:' Mobbsand husband,T.J.,Karl. Mobbs and husband,TJ Ka '`. Cantrell and husband,Mark," rlrt Cantrell and husband Mark,,:' and Alyson Carter along wit : and'Alyson Gaiter,along wil three great-grandchildren three great-grandchildren Funeral services will lit Funeral services will bi'. 10 a.m. Friday at the Roue, 10 a.m. Friday at the Roun Mountain Communit Mountain Communit , Church with the Rev. Tim' Church with the Rev: Tim' Beers officiating.Burial wily. Beers ,officiating. Burial will' be in the Round Mountaifi be in the Round Mountain-' Cemetery. Cemetery, Visitation-will be today}',,. Visitation will be today; from 5 to 7 p.m. at Beard'_ from 5 to 7 p.m, at Beard Funeral Chapel. Memorials maybe made t Funeral Chapel x the Round Mountain Commif;; Memorials'may be made tts ni Church in care of L the Round Mountain Commit-,',, t3 nity Church in care,of Lar and Linda M6Cawley, 27 and Linda McCaw ley 2713 Wyman Road, Fayetteviil -., . Wyman Road, Fay ettevill AR 72701. AR 72701. Online condolences in Online condolences mage be made,wwwbeardsfuner? be made,wwwbeazdsfuner-11: alchapel.com. fy alchapel.com. —PaW —rain. Fayetteville,Arkansas POLICEMEN'S PENSION&RELIEF FUND AFFIDAVIT STATE OF &k",--�-2 ) )ss: COUNTY OF ) do solemnly swear that I presently receive pension benefits from the Policemen's Pensi elief Fund and I am eligible to continue receiving pension benefits as governed under state law. ❑ I am a former police officer for the Fayetteville Police Department. I am the spouse/former spouse/widow of a former police officer of the Fayetteville Police Department, and that I have not remarried since becoming eligible for benefits. ❑ I am an eligible dependent of a former police officer for the Fayetteville Police Department and have attached an affidavit verifying my school attendance. Address: CLG 2 U Telephone: '�71( 79 ) /",3 3 o)—(o 6 Social Security No.: 3 D -_�(� o? g Birth date: PLEASE LIST ALL BENEFICIARIES BELOW(complete only for spouse,minor children and/or children under23 years of age that are enrolled in a institute of higher education): NAME SOCIAL SECURr1Y NO. BiRTHDATE RELATIONSHIP i' DATED this oZ A�dday of AFFIANT(signature) SUBSCRIBED AND SWORN to before me,a Notary Public,this day of Ssal I E Notary Pubb WASHINGTON COUNTY My Commission Expires: �9�b�a��/�' My Commission Expires 09.01-2012 i i (This affidavit is required annually by the Policemen's Pension and Relief Fund Board of Trustees and must be properly completed and returned to the Fayetteville City Clerk, 113 West Mountain,Fayetteville,Arkansas,72701 by January 31 each year.) POLICE PENSION FUND 3 4 5 1 September,2010 REVISED e8WWO 6/100-9800 Month 9 Regular Mo 53a 00 5335-05 9 EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple 154 ALLEN,CHARLES $ 2,584.64 $ 23,261.76 $ 50.00 $ 450.00 $ 554.50 206 BAYLES,BOBBI J $ 1,587.41 $ 14,286.69 $ 50.00 $ 450.00 $ 654.50 107 BLACK,JOE P $ 1,125.64 $ 10,130.76 $ 50.00 $ 450.00 $ 554.50 147 BRADLEY,GERALD $ 4,820.09 $ 43,380.81 $ 50.00 $ 450.00 $ 554.50 139 BRADLEY,RANDALL $ 2,860.17 $ 25,741.53 $ 50.00 $ 450.00 $ 554.50 167 BROWN,JOHN $ 4,362.01 $ 39,258.09 $ 50.00 $ 450.00 $ 554.50 157 CARROLL,RONALD L $ 2,106.04 $ 18,954.36 $ 50.00 $ 450.00 $ 554.50 151 COLE,RUSTON $ 3,065.74 $ 27,591.66 $ 50.00 $ 450.00 $ 554.50 109 COOPER,ADRIAN $ 638.42 $ 5,745.78 $ 50.00 $ 450-00 $ 554.50. 198 DENNIS,ANNA MARY deceased May 9 $ - $ 6,884.40 $ - $ 250.DD 160 DUGGER,GARY $ 3,163.74 $ 28,473.66 $ 50.00 $ 450.00 $ 554.50 140 FOSTER,BILLY D. $ 3,207.35 $ 28,866.15 $ 50.00 $ 450.00 $ 554.50 14B FRIEND,JERRY $ 1,970.42 $ 21,674.66 $ 50.00 $ 450.00 $ 554.50 211 FRIEND,MICHELE $ .1,182.26 $ 6,699.46 161 HANNA,JANICE $ 1,368.59 $ 12,317.31 $ - $ - 145 HANNA,MARK $ 1,368.59 $ 12,317.31 $ 50.00 $ 450.00 $ 554.50 169 HELDER,TIM $ 5,838.12 $ 52,543.08 $ 50.00 $ 450.00 $ 564.50 180 HOYT,RICK $ 7,460.01 $- 67,140.09 $ 50.00 $ 450.00 $ 554.50 146 HUTCHENS,BERNICE $ 1,825.54 $ 16,429.66 $ 50.00 $ 450.00 $ 554.50 143 JOHNSON,CHARLES $ 2,455.50 $ 22,099.50 $ 50.00 $ 450.00 $ 554.50 194 JOHNSON,FRANK $ 7,974.81 $ 71,773.29 $ 50.00 $ 450.00 $ 554.50 103 JOHNSON,WENDELL $ 783.15 $ 7,048.35 $ 50.00 $ 450.00 $ 554.50 118 JONES,BOB $ 3,300.45 $ 29,704.05 $ 50.00 $ 450.00 $ 554.50 144 KILGORE,DONALD $. 2,046.48 $ 18,418.32 $ 50.00 $ 450.00 $ 554.50 _ 150 LITTLE,PATSY R $ 730.35 $ 6,573.15 $ 50.00 $ 450.00 $ 554.50 156 MARTIN,KENNETH $ 3,692.85 $. 33,235.65 $ 50.00 $ 450.00 $ 554.50 128 MCCAWLEY,LARRY $ 1,694.79 $ 15,253.11 $ 50.00 $ 450.00 $ 554.50 - 126MCWHORTER,KAREN $ 1,012.10 $ 9,108.90 $ 50.00 $ 450.00 $ 554.50 136 MITCHELL,MICHAEL $ 2,305.29 $ 20,747:61 $ 50.00 $ 4%0D $ 554.50 141 MUELLER,ROSEMARY $ 2,063.93 $ 18,575.37 $ 50.00 $ 450.13D $ 554.50 158 MUNSON,ANGELA $ 4,198.15 $ 37,783.35 $ 50.00 $ 450.0D $ 554.50 112 MURPHY,JAKE $ 405.75 $ 3,651.75 $ 50.00 $ 460.00 $ 554.50 137 PERDUE,LARRY $ 2,322.67 $ 20,904.03 $ 50.00 $ 450.00 $ 554.50 164 PERSHALL,ROBIN $ 1,525.07 $ 13,725.63 $ - $ - 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 15,789.96 $ 50.00 $ 450.00 $ 554.50 199 PRESTON,NORMA J $ 1,601.37 $ 14,412.33 $ 50.00 $ 450.00 $ 554.50 135 RICKMAN,LOREN $ 2,231.07 $ 20,079.63 $ 50.00 $ 450.00 $ 554.50 104 RIGGINS,RAYMOND C Deceased 8/17/10 $ - $ 13,354.96 $ 400.00 RIGGINS,BONNIE $ 1,669.37 $ 1,669.37 $ 50.00 $ 50.00 - 183 ROBERTS.ELDON $ 4,263.24 $ 51,233.68 $ 50.00 $ 450.00 $ 554.50 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 7,055.37 $ - $ - 212 ROBERTS,CAROLYN K $ 3,216.13 $ 16,080.65 $ - _ 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 2,214.45 $ - 159 SCHUSTER,JOHN H. $ 3,117.36 $ 26,056.24 $ 50.00 $ 450.00 $ 554.50 168 STANLEY,MELVIN $ 4,880.07 $ 43,920.63 $ 50.00 $ 450.06 $ 554.50 155 STOUT,BETTY $ 866.51 $ 7,798.59 $ 50.00 $ 450.00 $ 554.50 133 SURLES,JERRY $ 2,721.40 $ 24,492.60 $ 50.00 $ 450.00 $ 554.50 142 TAYLOR,DENNIS $ 2,063.93 $ 18,575.37 $ 50.00 $ 450.00 $ 554.50 108 UPTON,FRANKLIN $ 1,057.08 $ 9,513.72 $ 50.00 $ 450.01) $ 554.50 163 WATSON,RICHARD $ 6,947.05 $ 62,523.45 $ 50.00 $ 450.00 $ 564.50 163 Watson,Richard Plus 25 Add'I Pay $ 948.76 $ 8,536.84 $ - $ - 149 WILLIAMS,JOYCE $ 2,539.66 $ 22,856.94 $ 50.00 $ 450.00 $ 564.50 195 WITT.BETTY $ 1,766.83 $ 15,901.47 $ 50.00 $ 460.00 $ 554.50 127 WOOD,PAUL J deceased 5/17/10 $ - $ 7,904.65. $ 250.00 213 WOOD,RUTHIE $ 1,560.93 $ 6,323.72 $ 50.00 $ 200.00 $ 554.50 $ 131 301.30 $ 1,188,696.10 $2 250.00 $ 20,500.00 $ 24,398.00 - POLICE PENSION FUND 4 5 6 2 October,2010 REVISED moseoo 6800-9800 Montle 10 Regular Mo 533590 533595 10 EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple 154 ALLEN,CHARLES $ 2,684.64 $ 25,846.40 $ 50.00 $ 500.00 $ 554.50 206 BAYLES,BOBBI J $ 1,587.41 $ - 15,874.10 $ 50.00 $ 500.00 $ 554.60 107 BLACK,JOE P $ 1,125.64 $ 11,266.40 $ 50.00 $ 500.00 $ 554.50 147 BRADLEY,GERALD $ 4,820:09 $. 48,200,90 $ 50.00 $ 500.00 It 554.50 139 BRADLEY,RANDALL $ 2,860.17 $ 28,601.70 $ 50.00 $ 500.00 $ 554.50 167 BROWN,JOHN $ 4,362.01 $ 43,620.10 $ 50.00 $ 500.00 $ 554.50 157 CARROLL,RONALD L It 2,106.04 $ 21,060.40 $ 50.00 S 500.00 $ 554.50 - 151 COLE,RUSTON $ 3,065.74 $ 30,657.40 $ 50.00 $ 500.00 It 554.50 109 COOPER,ADRIAN $ 638.42 $ 6,384.20 $ 50.00 $ 500.00 $ 554.50 198 DENNIS,ANNA MARY deceased May 9 $ - $ 6,884.40 $ - $ 250.00 160 DUGGER,GARY $ 3,163.74 $ 31,637.40 $ 50.00 $ 500.00 $ 554.50 140 FOSTER,BILLY D. $ 3,207.35 $ 32,073.50 $ 50.00 $ 500.00 $ 554.50 148 FRIEND,JERRY $ 1,970.42 $ 23,645.08 It 50.00 It 500.00 $ 554.50 211 FRIEND,MICHELE $ 1,182.26 $ 7,881.72 161 HANNA,JANICE $ 1,368.59 $ 13,685.90 $ - $ - 145 HANNA,MARK $ 1,368.59 $ 13,685.90 $ 50.00 $ 500.00 $ 554.50 169 HELDER.TIM $ 5,838.12 $ 68,381.20 $ 50.00 $ 500.00 $ 554.50 180 HOYT,RICK $ 7,460.01 $ 74,600.10 $ 50.00 $ 500.00 $ 554.50 146 HUTCHENS.BERNICE S 1,825.54 $ 18,255.40 $ 60.00 $ 600.00 $ 554.50 143 JOHNSON,CHARLES $ 2,455.50 $ 24,555.00 $ 50.00 $ 500.00 $ 554.60 194 JOHNSON,FRANK $ 7,974.81 $ 79,748.10 $ 50.00 $ 500.00 $ 554.50 103 JOHNSON,WENDELL $ 783.15 $ 7,831.50 $ 50.00 $ 500.00 $ 554.50 118 JONES,BOB $ -3,300.45 $ 33,004.50 $ 50.00 $ 500.00 $ 554.50 144 KILGORE,DONALD It 2,046.48 $ 20,464.80 $ 50.00 It 50D.00 $ 654.50 150 LITTLE,PATSY R $ 730.35 $ 7,303.50 $ 50.00 $ 500.OD $ 554.50 _ 156 MARTIN,KENNETH $ 3,692.85 $ 36,928.50 $ 50.00 $ 500.00 $ 554.50 128 MCCAWLEY,LARRY $ 1,694.79 $ 16,947.90 $ 50.00 $ 500.00 $ 554.50 126 MCWHORTER,KAREN $ 1,012.10 $ 10,121.00 $ 50.00 $ 500.00 $ 554.50 . 136 MITCHELL,MICHAEL $ 2,305.29 $ 23,052.90 $ 50.00 $ 500.00 $ 554.50 141 MUELLER,ROSEMARY It 2,063.93 $ 20,639.30 $ 50.00 $ 500.00 $ 554.50 158 MUNSON,ANGELA $ 4,198.15 $ 41,981.50 $ 50.00 $ 500.00 $ 554.50 112 MURPHY,JAKE $ 405.75 $ 4,057.50 $ 50.00 $ 500.00 $ 554.50' 137 PERDUE,LARRY $ 2,322.67 $ 23,226.70 $ 50.00 $ 500.00 $ 654.50 164 PERSHALL,ROBIN $ 1,525.07 $ 15,250.70 $ - $ - 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 17,544.40 $ 50.00 $ 500.00 It 554.50 199 PRESTON,NORMA J $ 1,601.37 $ 16,013.70 $ 50.00 $ 500.00 $ 554.50 135 RICKMAN,LOREN $ 2,231.07 $ 22,310.70 $ 50.00 $ 500.00 $ 554.50 104 RIGGINS,RAYMOND C Deceased 8!17/10 $ - $ 13,354.96 It 400.00 RIGGINS,BONNIE $ 1,669.37 $ 3,338.74 $ 50.00 $' 100.00 - 183 ROBERTS.ELDON $ 4,263.24 $ 55,496.92 $ 50.00 $ 500.00 $ 554.50 183 ROBERTS.ELDON Plus 25 add pay $ 587.09 $. 7,642.46 $ - $ - 212 ROBERTS,CAROLYN K $ 3,216,13 $ 19,296.78 $ - 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 2,657.34 $ - 159 SCHUSTER,JOHN H. $ 3,117.36 $ 31,173.60 $ 50.00 $ 500.00 $ 554.50 168 STANLEY,MELVIN $ 4,880.07 $ 48,800.70 $ 50.00 $ 500.00 $ 554.50 155 STOUT,BETTY $ 866.51 $ 8,665.10 $ 50.00 $ 500.00 $ 564.50 133 SURLES,JERRY $ 2,721.40 $ 27,214.00 $ 50:00 $ 500.00 $ 554.50 142 TAYLOR,DENNIS $ 2,063.93 $ 20,639.30 $ 50,00 $ 500.00 $ 554.50 1D6 UPTON,FRANKLIN $ 1,057.08 $ 10,570.80 $ 50.00 -$ 500.00 $ 554.50 163 WATSON.RICHARD $ 6,947.05 $ 69,470.50 It 50.00 $ 500.00 $ 554.50 163 Watson,Richard Plus 25 Add'I Pay $ 948.76 $ 9,487.60 $ - $ - 149 WILLIAMS.JOYCE $ 2,539.66 $ 25,396.60 $ 50.)D $ 500.00 $ 564.50 195 WITT.BETTY $ 1,766.83 $ 17,668.30 $ 50.00 $ 5DO.00 $ 554.50 127 WOOD,PAUL J deceased 5117110 $ - $ 7,9D4.65 $ 250.00 213 WOOD,RUfHIE $ 1,580.93 $ 7,904.65 $ 50.00 $ 250.00 $ 554.50 $ 131,301.30 $ 1,319.897.40 $2,250.00 $ 22,750.00 It 24.398.00 POLICE PENSION FUND 5 6 7 3 Nov 2010 NoGam 6800-woo - Month 11 Regular Mo 5336.00 523&05 11 EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple 154 ALLEN,CHARLES $ 2,584.64 $ 28,431.04 $ 50.00 $ 550.00 $ 554.50 206 BAYLES,BOBBI J $ 1,587.41 $ 17,461.51 $ 50.00• $ 550.00 $ 554.50 107 BLACK,JOE P $ 1,125.64 $ 12,382.04 $ 50.00 $ 550.00 $ 554.50 147 BRADLEY,GERALD $ 4,820.09 $ 53,020.99 $ 50.00 $ 550.00 $ 554.50 139 BRADLEY,RANDALL $ 2,860.17 $ 31,461.87 $ 50.00 $ 550.00 $ 554.50 167 BROWN,JOHN $ 4,362.01 $ 47,982.11 $ 50.00 $ 550.00 $ 554.50 157 CARROLL,RONALD L $ 2,106.04 $ 23,166.44 $ 50.00 $ 550.00 It 554.50 151 COLE,RUSTON $ 3,065.74 $ 33,723.14 $ 50.00 $ 550.00 $ 554.50 109 COOPER,ADRIAN $ 638.42 $ 7,022.62 $ 50.00 $ 550.00 $ 554.50 198 DENNIS,ANNA MARY deceased May 9 $ - $ 6,884.40 $ - $ 250.00 160 DUGGER,GARY $ 3,163.74 $ 34,801.14 $ 50.00 $ 550.00 $ 554.50 140 FOSTER,BILLY D. It 3,207.35 $ 35,280.85 $ 50.00 $ 550.00 $ 554.50 148 FRIEND,JERRY $ 1,970.42 S 25,615.50 $ 50.00 It 550.00 $ 554.50 211 FRIEND,MICHELE $ 1,18226 $ 9,063.98 161 HANNA,JANICE $ 1,368.59 $ 15,054.49 $ - $ - 145 HANNA,MARK $ 1,368.59 $ 15,054.49 $ 50.00 It 550.00 It 554.50 169 HELDER,TIM $ 5,838.12 $ 64.219.32 It 50.00 $ 550.00. $ 554.50 180 HOYT.RICK $ 7,460.01 $ 82,060.11 E 50.00 $ 550.00 $ 554.50 146 HUTCHENS,BERNICE $ 1,825.54 $ 20,080.94 $ 50.00 $ 550.00 It 554.50 143 JOHNSON,CHARLES $ 2,455.50 $ 27,010.50 $ 60.00 $ 550.00 $ 554.50 194 JOHNSON,FRANK $ 7,974.81 $ 87,722.91 $ 50.00 $ 550.00 $ 554.50 103 JOHNSON,WENDELL $ 783.15 $ 8,614.65 $ 50.00 $ 550.00 $ 554.50 118 JONES,BOB $ 3,300.45 $ 36,304.95 $ 50.00 $ 550.00 $ 554.50 144 KILGORE,DONALD $ 2,046.48 $ 22,511.28 $ 50.00 $ 550.00 $ 554.50 150 LITTLE,PATSY R $ 730.35 $ 8,033.85 $ 50.00 $ 650.00 $ 554.50 156 MARTIN,KENNETH $ 3,692.85 $ 40,621.35 $ 50.00 $ 550.00 $ 554.50 128 MCCAWLEY,LARRY $ 1,694.79 $ 18,642.69 $ 50.00 $ 550.00 $ 554.50 126 MCWHORTER,KAREN $ 1,012.10 $ 11,133.10 $ 50.00 $ 550.00 $ 554.50 136 MITCHELL,MICHAEL $ 2,305.29 $ 25,358.19 $ 50.00 $ 550.00 $ 554.50 141 MUELLER,ROSEMARY $ 2,063.93 $ 22,703.23 $ 50.00 $ 550.00 $ 564.50 158 MUNSON,ANGELA $ 4,198.15 $ 46,179.65 $ 50.00 $ 550.00 $ 564.50 112 MURPHY,JAKE $ 405.75 $- 4,463.25 $ 50.00 $ 550.00 $ 554.50 137 PERDUE,LARRY $ 2,322.67 $ 25,549.37 $ 50.00 $ 550.00 $ 554.50 164 PERSHALL,ROBIN $ 1,525.07 $ 16,775.77 $ - $ - 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 19,298.84 $ 50.00 $ 550.00 $ 554.50 189 PRESTON,NORMAJ $ 1,601.37 It 17,615.07 $ 50.00 $ 550.00 It 554.50 135 RICKMAN,LOREN $ 2,231.07 $ 24,541.77 $ 50.00 $ 550.00 $ 55450 104 RIGGINS,RAYMOND C Deceased 8117/10 $ - $ 13,354.96 $ 400.00 RIGGINS,BONNIE $ 1.669.37 $ 5,008.11 S 50.00 $ 150.00 183 ROBERTS,ELDON $ 4,263.24 $- 59,760.16 $ 50.00 $ 550.00 $ 554.50 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 8,229.55 $ - $ - 212 ROBERTS,CAROLYN K $ 3,216.13 $ 22,512.91 $ - 212 ROBERTS,CAROLYN K Plus 25 add pay It 442.89 $ 3,100.23 $ - 159SCHUSTER,JOHNH. $ 3,117.36 $ 34,290.96. $ 50.00 $ 550.00 $ 554.60 168 STANLEY,MELVIN $ 4,880.07 $ 53,680.77 $ 50.00 It 550.00 $ 554.50 155 STOUT,BETTY $ 866.51 $ 9,531.61 $ 50.00 $ 550.00 $ 554.50 133 SURLES,JERRY $ 2,721.40 $ 29,935.40 $ 50.00 $ 550.00 $ 564.60 142 TAYLOR,DENNIS $ 2,063.93 $ 22,703.23 It 50.00 $ 550.00 $ 554.50 106 UPTON,FRANKLIN $ 1,057.08 $ 11,627.88 $ 50.00 $ 550.00 $ 554.50 163 WATSON,RICHARD $ 6,947.05 $ 76,417.55 $ 50.00 $ 550.00 $ 554.50 163 Watson,Richard Plus 25 Add'I Pay $ 948.76 $ 10,436.36 $ - $ - 149 WILLIAMS,JOYCE $ 2,539.66 $ 27,936.26 $ 50.00 $ 550.00 $ 554.50 195 WITT,BETTY J $ 1,766.83 $ 19,435.13 $ 50.00 $ 550.00 $ 554.50 127 WOOD,PAUL J deceased 5/17/10 $ - $ 7,904.65 $ 250.00 213 WOOD,RUTHIE $ 1,580.93 $ 9485.58 $ 50.00 $ 300.00 -$ 554.50 $ 131,301 30 $ 1,451,198.70 $2250 00 $ 25 000.00 $ 24 398.00 POLICE PENSION FUND 6 7 8 _ 4 - Dec 2010 6800.9800 a400 swo Month 12 Regular Mo 5-335-00 5035-05 12 EMP# NAME - Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple 164 ALLEN,CHARLES $ 2,584.64 $ 31,015.68 $ 50.00 $ 600.00 $ 554.50 206 BAYLES.BOBBI J $ 1,587.41 .$ 19,048.92 $ 50.00 $ 600.00 $ 554.50 107 BLACK,JOE P It 1,125.64 $ 13,507.68 $ 50.00 $ 600.00 $ 554.50 147 BRADLEY,GERALD $ 4,820.09 It 57,841.08 It 50.00 It 600.00 $ 554.50 139 BRADLEY,RANDALL $ 2,860.17 $ 34,322.04 $ 50.00 $ 600.00 $ 554.50 167 BROWN,JOHN $ 4,362.01 $ 52,344.12 $ 50.00 $ 600.00 $ 554.50 157 CARROLL,RONALD L It 2,106.04 It 25,272.48 $ 50.00 $ 60D.00 $ 554.50 151 COLE,RUSTON $ 3,065.74 $ 36,788.88 It 50.00 It 600.00 $ 554.50 109 COOPER,ADRIAN $ 638.42 It 7,661.04 $ 50.00 $ 600.00 $ 554.50 198 DENNIS,ANNA MARY deceased May 9- $ - $ 6,884.40 $ - $ 250.00 160 DUGGER,GARY It 3,163.74 $ 37,964.86 $ 5D.00 $ 600.00 $ 554.50 140 FOSTER,BILLY D. $ 3,207.35 $ 38,488.20 $ 50.00 $ 600.00 $ 554.50 148 FRIEND,JERRY $ 1,970.42 $ 27,585.92 $ 50.00 $ 600.00 $ 554.50 211 FRIEND,MICHELE $ 1,182.26 $- 10,246.24 161 HANNA,JANICE $ 1,368.59 $ 16,423.08 $ - $ - 145 HANNA,MARK $ 1,368.59 $ 16,423.08 $ 50.00 $ 600.00 $ 554.50 - .. 169-HELDER,TIM $ 5,838.12 $ 70,057.44 $ 50.00 $ 600.00 $ 554.50 180 HOYT,RICK $ 7,460.01 $ 89,520.12 $ 50.00 $ 600.00 $ 554.50 146 HUTCHENS,BERNICE $ 1,825.54 It 21,906.48 $ 50.00 $ 600.00 $ 554.50 143 JOHNSON,CHARLES $ 2,455.50 $ 29,466.00 It 50.00 $ 600.00 $ 554.50 194 JOHNSON,FRANK S 7,974.81 It 95,697.72 $ 50.00 It 600.00 $ 554.50 103 JOHNSON,WENDELL $ 783.15 $ 9,397.80. $ 50.00 It 600.00 $ 554.50 118 JONES,BOB $ 3,300.45 $ 39,605.40 $ 50.00 $ 600.00 $ 564.50 144 KILGORE,DONALD $ 2,046.48 $ 24,557.76 $ 60.00 $ 600.00 $ 554.50 150 LITTLE,PATSY R $ 730.35 $ 8,764.20 $ 50.00 $ 600.00 $ 564.50 156 MARTIN,KENNETH $ 3,692.85 $ 44,314.20 $ 50.00 $ 600.00 $ 554.50 128 MCCAWLEY,LARRY $ 1,694.79 $ 20,337.48 $ 50.00 It 600.00 $ - 554.50 126 MCWHORTER,KAREN $ 1,012.10 $ 12,145.20 It 60.00 It 600.06 $ 554.50 136 MITCHELL,MICHAEL 8. 2,305.29 $ 27,663.48 $ 50.00 $ 600.00 $ 554.50 141 MUELLER,ROSEMARY $ 2,063.93 $. 24,767.16 $ 50.00 $ 600.00- $ 564.50 ' 158 MUNSONANGELA $ 4,198.15 $ 50,377.80 $ 50.00 $ 600.00 $ 554.50 112 MURPHY,JAKE $ 405.75 $ 4,869.00 $ 60.00 $ 600.00 $ 554.50 137 PERDUE,LARRY $ 2,322.67 $ 27,872.04 $ 50.00 $ 600.00 $ 554.50 164 PERSHALL,ROBIN $ 1,525.07 $ 16,300.84 $ - $ - 132 PHILLIPS,HOMER GENE $ 1,754.44 It 21,053.28 It 50.00 $ 600.OD $ 554.50 199 PRESTON,NORMAJ $ 1,601.37 It 19,216.44 It 50.00 $ 600.00 $ 654.50 - 135 RICKMAN.LOREN It 2,231.07 $ 26,772.64 $ 50.00 $ 600.00 $ 564.50 104 RIGGINS,RAYMOND C Deceased 8117110 $ - $ 13,354.96 $ 400.00 RIGGINS,BONNIE $ 1,669.37 $ 6,677.48 $ 50.00 $ 200.00 - 183 ROBERTS.ELDON $ 4,263.24 $ 64,023.40 $ 50.00 $ 600.00 $ 554.50 183 ROBERTS.ELDON Plus 25 add pay $ 587.09 $ 8,816.64 $ - $ - 212 ROBERTS,CAROLYN K $ 3,216.13 $ 25,729.04 It - 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 3,543.12 $ - 159 SCHUSTER,JOHN H. $ 3,117,36 It 37.406.32 $ 50.00 -$ 600.00 $ 554.50 168 STANLEY,MELVIN $ 4,880.07 9 58,560.84 $ 50.00 $ 600.OD $ 554.50 155 STOUT,BETTY $ 866.51 It 10,398.12 $ 50.00 S 600.00 $ 654.50 133 SURLES,JERRY $ 2,721.40 $ 32,656.80 $ 50.00 $ 600.00 $ 554.50 142 TAYLOR,DENNIS $ 2,063.93 $ 24,767.16 $ 50.00 $ 600.00 $ 554.50 106 UPTON,FRANKLIN $ 1,057.08 $ 12,684.96 $ 50.00 $ 600.00 $ 554.50 163 WATSON,RICHARD $ 6,947.05 $ 83,364.60 It 50.00 It 600.00 $ 554.50 163 Watson,Richard Plus 25 Add'1 Pay $ 948.76 $ 11,385.12 $ - $ - 149 WILLIAMS,JOYCE It 2,539.66 $ 30,475.92 $ 50.00 It 600.00 $ 564.50 195 WITT,BETTY $ 1,766.83 $ 21,201.96 $ 50.00 $ 600.00 $ 564.50 127 WOOD,PAUL deceased 5/77110 It - $ 7,904.6¢ $ 250.00 213 WOOD,RUTHIE $ 1,580.93 $ 11,066.51 $ 50.00 $ 350.00 $ 554.50 It 137 301.30 $ 1,582,500:0D $2 250.00 $ 27 250.00 $ 24 398.00 POLICE PENSION FUND 1 1 1 1 Jan 2011 68UP9330 6330.9600 Monti 1 Regular Mo 533530 533"5 1 EMP# NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Supple 154 ALLEN,CHARLES $ 2.584.64 $ 2,584.64 $ 50.00 $ 50.00 206 BAYLES,BOBBI J $ 1,587.41 $ 1,587.41 $ 50.00 $ 50.00 , 107 BLACK,JOE P $ 1,125.64 $ 1,125.64 $ 50.00 $ 50.00 147 BRADLEY,GERALD $ 4,820.09 $ 4,820.09 $ 50.00 $ 50.00 139 BRADLEY,RANDALL $ 2,860.17 $ 2,860.17 $ 50.00 $ .50.00 167 BROWN,JOHN $ 4,362.01 $ 4,362.01 $ 50.00 $ 50.00 157 CARROLL,RONALDL $ 2,106.04 $ 2,106.04 $ 50.00 $ 50.00 151 COLE,RUSTON $ 3,065.74 $ 3,065.74 $ 50.00 $ 50.00 109 COOPER,ADRIAN $ 638.42 $ 638.42 $ 50.00 $ 50.00 160 DUGGER,GARY $ 3,163.74 $ 3,163.74 $ 50.00 $ 50.00 140 FOSTER,BILLY D. $ 3,207.35 $ 3,207.35 $ 50.00 $ 50.00 148 FRIEND,JERRY $ 1,970.42 $ 1,970.42 $ 50.00 $ 50.00 211 FRIEND,MICHELE $ 1,182.26 $ 1,182.26 161 HANNA,JANICE $ 1,368.59 $ 1,368.59 $ - $ - 145 HANNA,MARK $ 1,368.59 $ 1,368.59 $ 50.00 $ 50.00 169 HELDER,TIM $ 5,838.12 $ 5,838.12 $ 50.00 $ 50.00 180 HOYT,RICK $ 7,460.01 $ 7,460.01 $ 50.00 $ 50.00 146 HUTCHENS,BERNICE $ 1.825.54 $ 1,625.54 $ 50.00 $ 50.00 143 JOHNSON,CHARLES $ 2,455.50 $ 2,455.50 $ 50.00 $ 50.00 194 JOHNSON,FRANK $ 7,974.81 $ 7,974.81 $ 50.00 $ 50.00 103 JOHNSON,WENDELL $ 783.15 $ 783.15 $ 50.00 $ 50.00 118 JONES,BOB $ 3,300.45 $ 3,300.45 $ 50.00 $ 50.00 144 KILGORE,DONALD $ 2,046.48 $ 2,046.48 $ 50.00 $ 50.00 150 LITTLE,PATSY R $ 730.35 $ 730.35 $ 50.00 $ 50.00 156 MARTIN,KENNETH $ 3,692.85 $ 3,692.85 $ 50.00 $ 50.00 128 MCCAWLEY,LARRY $ 1,694.79 $ 1,694.79 $ 50.00 $ 50.00 126 MCWHORTER,KAREN $ 1,012.10 $ 1,012.10 $ 50.00 $ 50.00 136 MITCHELL,MICHAEL $ 2,305.29 $ 2,305.29 $ 50.00 $ 50.00 141 MUELLER,ROSEMARY $ 2,063.93 $ 2,063.93 $ 50.00 $ 50.00 158 MUNSON,ANGELA $ 4,198.15 $ 4,198.15 $ 50.00 $ 50.00 112 MURPHY,JAKE $ 405.75 $ 405.75 $ 50.00 $ 50.00 137 PERDUE,LARRY $ 2,322.67 $ 2,322.67 $ 50.00 $ 50.00 164PERSHALL,ROBIN $ 1.525.07 $ 1,525.07 $ - $ - 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 1,754.44 $ 50.00- $ 50.00 199 PRESTON,NORMA J $ 1,601.37 $ 1,601 37 $ 50.00 $ 50.00 135 RICKMAN,LOREN $ 2,231.07 $ 2,231.07 $ 50.00 $ 50.00 RIGGINS,BONNIE $ 1,669.37 $ 1,669.37 $ 50.00 $ 50.00 183 ROBERTS,ELDON $ 4,263.24 $ 4,263.24 $ 50.00 $ 50.00 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 587.09 $ - $ - 212 ROBERTS,CAROLYN K $ 3,216.13 $ 3,216.13 $ - 212 ROBERTS.CAROLYN K Plus 25 add pay $ 442.89 $ 442.89 $ - 159SCHUSTER,JOHNH. $ 3,117.36 $ 3,117.36 $ 50.00 $ 50.00 168 STANLEY,MELVIN $ 4,680.07 $ 4,880.07 $ 50.00 $ - 50.00 155 STOUT,BETTY $ 866.51 $ 866.51 $ 50.00 $ 50.00 133 SURLES,JERRY $ 2,721.40 $ 2,721.40 $ 50.00 $ 50.00 142 TAYLOR,DENNIS $ 2,063.93 $ 2,063.93 $ 50.00 $ 50.00 106 UPTON,FRANKLIN $ 1,057.08 $ 1,057.08 $ 50.00 $ - 50.00 163 WATSON.RICHARD $ 6,947.05 $ 6,947.05 $ 50.00 $ 50.00 163 Watson,Richard Plus 25 Add'I Pay $ 948.76 $ 948.76 $ - $ - - 149 WILLIAMS,JOYCE $ 2,539.66 $ 2,539.66 $ 50.00 $ 50.00 195 WITT,BETTY $ 1,766.83 $ 1,766.83 $ 50.131 $ 50.00 213 WOOD,RUTHIE $ 1.580.93 $ 1,580.93 $ 50.00 $ 50.00 $ 137 301.30 $ 131,301.30 $2,250.00 $ 21250.00 $ - CIN of FAYMEVILLE,ARKANSAS # CHECK NO. 1005695 DATE INVOICE NO. DESCRIPTION AMOUNT 8/19/2010 0000064640 Funeral Benefit 200.00 CHECK AMOUNT $200.00 DETACH HERE FORYOUR RECORDS PROTECTEDWARNING-THIS CHECK IS BY ..O FEATURESv ,,.. .._.. QTY �C1 �T ��Z,LE cH 100569 PP ECK NO DATE ....«ses P6LICE PENSION VOID IF NOT ._ 'CASHEDIN uouarenfix a ' 60 DAYS may_ $/2312010 TWC1 HL1NDi2�D DOL;LARS`AND NO CE1�1TS : AMaUNr rWkY iO TtIE QE2DER OF , $200.00 ` TH&Estate;pt Rte>tTggins q°^ �" 13832 Hurpunngbtrd n O 2 H :F,F •YFatw x (Ahv G ,i 2 11. 100S69S118 1:08 29008 7 21: S739601n2 Police Pension Fund Revenue Expense Summary 8/31/2010 2009 2008 2007 2006 2005 2004 Revenues: Employee Contributions $ - $ - $ - $ - $ 4,139.00 $ 5,193.00 $ 11,829.00 Employer Contributions - $ - $ - $ - $ 8,278.00 $ 10,385.00 $ 23,658.00 State Insurance Tax $ 213,357.83 $ 214,429.30 $ 186,429.42 $ 190,192.00 $ 226,826.00 $ 353,271.00 $ 232,007.00 Local Millage(.4 mills) $ 238,121.93 $ 485,345.06 . $ 441,696.50 $ 388,877.00 $ 370,649.00 $ 339,416.00 $ 295,409.00 10%City Fines and Forfeitures $ 93,073.10 $ 123,653.64 $ 131,583.83 $ 106,385.00 $ 119,147.00 $ 126,833.00 $ 126,833.00 Sale of Confiscated Goods $ 3,115.76 $ 9,732.16 $ 7,715.61 $ 10,806.00 $ 6,343.00 $ 120.00 $ 1,160.00 Interest and Dividends $ 172,510.87 $ 256,907.42 $ 359,998.26 $ 356,699.00 $ 373,776.00 $ 347,752.00 $ 382,333.00 Gain(Loss)on Sales $ 214,505.74 $ 153,193.23 $ (885,460.76) $ 395,378.00 $ 420,298.00 $ 231,691.00 $ 243,083.00 Police Supplement - - $ 42,000.00 $ 31,200.00 $ 30,000.00 $ 30,000.00 $ 30,300.00 $ 31,275.00 $ 30,600.00 Future Supplement $ 26,061.50 $ 38,350.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 51,199.00 $ 33,140.00 Misc Revenue $ 1,151.52 $ 5,757.99 $ 161.46 $ 907.00 $ 1,126.00 $ 2,401.00 $ 536.00 Total Revenue $ 1,003,898.25 $ 1,318,568.80 $ 313,494.32 $ 1,565,264.00 $ 1,620,942.00 $ 1,499,536.00 $ 1,380,588.00 Expenditures Regular Monthly Benefits $ 1,057,694.80 $ 1,628,521.36 $ 1,638,067.76 $ 1,581,319.00 $ 1,456,466.00 $ 1,362,068.00 $ 1,226,282.00 Police Supplement $ 18,250.00 $ 29,300.00 $ 30,000.00 $ 30,000.00 $ 29,600.00 $ 29,800.00 $ 30,600.00 Future Supplement $ 24,952.50 $ 36,816.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 48,245.00 $ 33,140.00 Investment Manager Fees $ 52,196.85 $ 68,150.57 $ 82,754.75 $ 87,712.00 $ 86,243.00 $ 86,672.00 $ 87,994.00 Other Expenses: Office Supplies/printing $ 84.00 Audit Fees $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,300.00 $ 3,210.00 $ 3,700.00 Professional Services $ 2,000.00 Legal Fees $ 1,025.00 Bank Fees $ 61.51 $ 181.69 $ 203.21 $ 195.00 $ 156.00 $ 156.00 $ 220.00 Total Expenses $ 1,156,654.66 $ 1,766,553.62 $ 1,795,895.72 $ 1,788,766.00 $ 1,636,850.00 $ 1,532,151.00 $ 1,381,936.00 Net Income(Loss)Before Market Adj"' $ (152,756.41) $ (447,984.82) $ (1,482,401.40) $ (223,482.00) $ (15,908.00) $ (32,615.00) $ (1,348.00) Market Adjustment $ 410,382.51 $ (1,291,031.77) $ 151,740.00 $ 344,973.00 $ (361,860.00) $ 20,566.00 Net Income(Loss) $ (152,756.41) $ (37,602.31) $ (2,773,433.17) $ (71,742.00) $ 329,065.00 $ (394,475.00) $ 19,218.00 Book Value Total Reserve Assets" $ 7,797,456.20 $ 7,950,215.00 $ 8,398,199.00 $ 9,880,601.00 $ 10,104,083.00 $ 10,119,990.00 $ 10,162,607.00 _ Market Value Total Reserve Assets* $ 8,074,655.67 $ 8,360,804.00 $ 8,046,356.00 $ 10,819,789.00 $ 10,891,530.00 $ 10,562,466.00 $ X10,956,940.00 'Assets less any liabilities •'Market Value calculated at year end 9/27/2010 C:\DOCUME-1\ssmith\LOCALS-1\Temp\XPgrpwise\Police Pension Summary.xls Police Pension Fund Revenue Expense Summary 9/30/2010 2009 2008 2007 2006 2005 '2004 Revenues: Employee Contributions $ $ - $ $ $ 4,139.00 $ 5,193.00 $ 11,829.00 Employer Contributions $ - $ - $ - $ 8,278.00 $ 10,385.00 $ 23,658.00 State Insurance Tax $ 213,357.83 $ 214,429.30 $ 186,429.42 $ 190,192.00 $ 226,826.00 $ 353,271:00 $ 232,007.00 Local Millage(A mills) $ 254,306.41 $ 485,345.06 $ 441,695.50 $ 388,877.00 $ 370,649.00 $ 339,416.00 $ 295,409.00 10%City Fines and Forfeitures $ 93,073.10 $ 123,653.64 $ 131,583.83 $ 106,385.00 $ 119,147.00 $ 126,833.00 $ 126,833.00 Sale of Confiscated Goods $ 3,115.78 $ 9,732.16 $ 7,715.61 $ 10,806.00 $ 6,343.00 $ 120.00 $ 1,160.00 Interest and Dividends $ 200,528.13 $ 256,907.42 $ 359,998.26 $ 356,699.00 $ 373,776.00 $ 347,752.00 $ 382,333.00 Gain(Loss)on Sales $ 229,239.65 $ 153,193.23 $ (885,460.76) $ 395,378.00 $ 420,298.00 $ 231,691.00 $ 243,083.00 .. Police Supplement $ 42,000.00 $ 31,200.00 $ 30,000.00 $ 30,000.00 $ 30,300.00 $ 31,275.00 $ 30,600.00 Future Supplement $ 26,061.50 $ 38,350.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 51,199.00 $ 33,140.00 Misc.Revenue $ 1,507.20 $ 5,757.99 $ 161.46 $ 907.00 $ 1,126.00 $ 2,401.00 $ 536.00 Total Revenue $ -1,063,189.58 $ 1,318,568.80 $ 313,494.32 $ 1,565,284.00 3 1,620,942.00 $ 1,499,536.00 $ 1,380,588.00 Expenditures Regular Monthly Benefits $. 1,188,996.10 $ 1,628,521.36 $ 1,638,067.76 $ 1,581,319.00 $ 1,456,466.00 $ 1,362,068.00 $ 1,226,282.00 Police Supplement $ 20,500.00 $ 29,300.00 $ 30,000.00 $ 30,000.00 $ 29,600.00 $ 29,800.00 $ 30,600.00 Future Supplement $ 24,952.50 $ - 36,816.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 $ 48,245.00 $ 33,140.00 Investment Manager Fees $ 52,508.15 $ 68,150.57 $ 82,754.75 $ 87,712.00 $ 86,243.00 $ 86,672.00 $ 87,994.00 Other Expenses: Office Supplies/printing $ 84.00 Audit Fees $ 3,500.00 $ 31500.00 $ 3,500.00 $ 3,500.00 $ 3,300.00 $ 3,210:00 $ 3,700.00 Professional Services - $ 2,000.00 Legal Fees $ 1,025.00 Bank Fees $ 61.51 $ 181.69 $ 203.21 $ 195.00 $ 156.00 $ 156.00 $ 220.00 Total Expenses $ 1,290,518.26 $ 1,766,553.62 $ 1,795,895.72 $ 1,788,766.00 $ 1,636,850.00 $ 1,532,151.00 $ 1,381,936.00 Net Income(Loss)Before Market Adj"' $ (227,328.68) $ (447,984.82) $ (1,482,401.40) $ (223,482.00) $ '(15,908.00) $ (32,615.00) $ (1,348.00) Market Adjustment $ 410,382.51 $ (1,291,031.77) $ 151,740.00 $ 344,973.00 $ (361,860.00) $ 20,566.00 Net Income(Loss) $ (227,328.68) $ (37,602.31) $ (2,773,433.17) $ (71,742.00) $ 329,065.00 $ (394,475.00) $ 19,218.00 Book Value Total Reserve Assets' $ 7,722,885.93 $ 7,950,215.00 $ 8,398,199.00 $ 9,880,601.00 $ 10,104,083.00 $ 10,119,990.00 $ 10,152,607.00 Market Value Total Reserve Assets' $ 8,276,970.61 $ 8,360,804.00 $ 8,046,356.00 $ 10,819,789.00 $ 10,891,530.00 $ 10,562,465.00 $ 10,956,940.00 'Assets less any liabilities Market Value calculated at year end 10/15/2010 K:\Police Pension\Police Pension Summary Police Pension Turnback 2010 2010 2009 2008 2007 2006 Police $ 213,357.83 $ 214,429.30 $186,429.42 $ 190,191.68 $226,826.04 Police Future Supplement $ 26,061.50 $ 38,350.00 $ 41,370.00 $ 86,040.00 $ 60,060.00 Police Supplement $ 28,200.00 $ 30,000.00 $ 30,000.00 $ 30,000.00 $ 30,000.00 2005 2004 2003 2002 $353,270.78 $232,007.43 $385,038.81 $ 147,282.46 $51,199.20 $33,139.80 $ 17,235.60 $ - $31,200.00 . $30,600.00 $ 30,600.00 $ 29,400.00 Police Future Supplement Regular $554.50 36 $19,962.00 Spouse Regular $554.50 9 $4,990.50 QDRO $0.00 4 $0.00 49 $24,952.50 Check was for$26,061.50. They included Anna Mary Dennis and Forrest Lawson. Do not have to return the money if they decease Police Supplement Regular $600.00 36 $21,600.00 Spouse Regular $600.00 9 $5,400.00 QDRO $0.00 4 $0.00 49 $27,000.00 Check was for$28,200.00. They included Anna Mary Dennis and Forrest Lawson. Do not have to return the money if they decease PRO ARKANSAS FIRE&POLICE PENSION REVIEW BOARD 620 W.3rd,Suite 200 Little Rock,Arkansas 72201-2223 Telephone: (501)682-1745 Toll-Free:(866)859-1745 Fax:(501)682-1751 To: Board of Trustees email:info@lopfi-prb.com FAYETTEVILLE Police Pension and Relief Fund website:www.lopfi-prb.com From: PRB Staff Re: 2009 Actuarial Valuation Date: August 30, 2010 Under state law the actuary for the PRB tests each local fire and police pension fund for actuarial soundness. Effective with this report, the PRB has implemented an annual valuation cycle to assist each fund in monitoring the funding progress of their pension fund. The enclosed valuation for December 31, 2009, answers the following questions about your fund: YES NO 1. Does income meet or exceed the Necessary Employer Contribution (see page 4)? 2. Is the funded percentage at least 97% (see page 10), OR are there enough assets to cover: all active member contributions; all payments to current beneficiaries; and 100%of all future payments earned by active members (see page 11)? 3. Is the pension fund actuarially sound.? (YES response to item 1 and 2) FAYETTEVILLE POLICE PENSION FUND ACTUARIAL VALUATION AS OF DECEMBER 31, 2009 Osborn, Carreiro & Associates, Inc. Actuaries Consultants Analysts Little Rock, Arkansas OsborOsborn Carreiro & Associates, Inc. One Union National Plaza,Suite 1690 n, 124 West Capitol Avenue ACTUARIES • CONSULTANTS ANALYSTS Little Rock Arkansas 72201 (501)376-8043 FAX(501)376-7847 August 28,2010 Board of Trustees Fayetteville Police Pension Fund Gentlemen: This report presents the results of our actuarial valuation of the assets and liabilities of the Fayetteville Police Pension Fund as of December 31,2009. This valuation is required by Arkansas Code Annotated 24-11-205. The purpose of this report is to(1) evaluate the actuarial status of the Fund,(2)determine the level contribution requirement needed,(3) review the development of the Fund over the past several years,and(4)present certain actuarial items on page 9 for disclosure under Governmental Accounting Standards. This report is not intended for any other purpose. The member and financial information used in this report was supplied by the Arkansas Fire&Police Pension Review Board. We did not audit this information,although we did review it for reasonableness and consistency. I certify that this report has been prepared in accordance with generally accepted actuarial principles and practices. In my opinion,the actuarial methods used are appropriate and the actuarial assumptions produce results which, in the aggregate, are reasonable. Sincerely, ?ii( C ":iro,A.S.A.,M.A.A.A. Actuary TABLE OF CONTENTS EXHIBIT 1 CONTRIBUTIONS EXHIBIT 2 COST AND LIABILITIES EXHIBIT 3 SUMMARY OF FINANCIAL INFORMATION EXHIBIT 4 COMPARISON WITH PRIOR YEARS EXHIBIT 5 SHORT CONDITION TEST EXHIBIT 6 EMPLOYEE AND RETIREE PROFILES EXHIBIT 7 PRINCIPLE PROVISIONS OF THE PLAN EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS EXHIBIT 1 CONTRIBUTIONS The following contribution level reflects the payment of the current year Normal Cost for benefits attributable to said year(see Exhibit 2) plus an amount sufficient to pay off the Unfunded Actuarial Liability over a 5-year period. These costs DO NOT include the contributions due to the Local Police and Firefighters Retirement System("LOPFP')for persons hired after 1982. 2010 Necessary Annual Contribution to pay: 1 Normal Cost, plus $ 0 2 Pay off the Unfunded Actuarial Accrued Liability 3,057,822 3 Total necessary $ 3,057,822 Less 4 Expected Employee Contribution 0 (6.00%of salary) Necessary Employer Contribution $ 3,057,822 (This is the amount needed in addition to investment income) Covered Payroll $ 0 Necessary Employer Rate 0.00% The contributions are assumed to be made continuously throughout the year. The actual 2009 contribution was $833,160 from the employer. 4 . EXHIBIT 2 COSTS AND LIABILITIES December 31, 2009 A Normal Cost Dollar Percent (Cost to fund current active members) Amount of pay 1 Regular Retirement Benefits $ 0 0.00% 2 Voluntary Termination Benefits 0 0.00% 3 Survivors' Benefits 0 0.00% 4 Disability Benefits 0 0.00% TOTAL $ 0 0.00% B Actuarial Accrued Liability 1 Active Lives Regular Retirement Benefits $ 0 Voluntary Termination Benefits 0 Survivors'Benefits 0 Disability Benefits 0 TOTAL ACTIVE LIVES $ 0 2 Inactive Lives Retirees $ 16,898,750 Disability Retirees 3,876,724 Widows&Children 1,709,968 TOTAL INACTIVE LIVES $ 22,485,442 3 Total Liability $ 22,485,442 C Assets $ 8,923,775 D Unfunded Actuarial Accrued Liability $ 13,561,667 E Effect of Change in Assumptions (if applicable) 1 Change in Unfunded Accrued Liability $ 4,043,270 2 Change in Necessary Employer Contribution $ 911,658 5 EXHIBIT 3 SUMMARY OF FINANCIAL INFORMATION (Items D-E, and G determined by Osborn, Carreiro and Associates, Inc.) Year Ended Year Ended Year Ended A. INCOME 12/31/2007 12/31/2008 12/31/2009 1 Employee Contributions $ 0 $ 0 $ 0 2 Employer Contributions Employer/Court Fines/Other 117,191 139,299 133,386 Insurance Tax 190,192 186,429 214,429 Local Millage 388,877 441,697 485,345 3 Other Income Guarantee Fund 0 0 0 LOPFI Subsidy 0 0 0 Police Supplement(Act 1452 of 1999) 30,000 30,000 31,200 Future Supplement(Act 1373 of 2003) 86,040 41,370 38,350 Other Income/Donations 907 161 5,758 Adjustment to prior year 0 0 0 asset value 4 Net Investment Income 664,365 (608,217) 341,867 TOTAL INCOME $ 1,477,572 $ 230,739 $ 1,250,335 B. EXPENSES 1 Administrative $ 3,695 $ 3,703 $ 3,682 2 Benefits Paid Monthly Benefits 1,581,319 1,638,068 1,628,521 Police Supplements 30,000 30,000 29,300 Future Supplements 86,040 41,370 36,816 DROP Payouts 0 0 0 3 Refunds 0 0 0 TOTAL EXPENSES $ 1,701,054 $ 1,713,141 $ 1,698,319 6 EXHIBIT 3 (Continued) C ASSETS (at book value) 12/31/2007 12/31/2008 12/31/2009 1 Cash&Checking Accounts $ 0 $ 0 $ 0 2 Bank Deposits 5,952 1,818 2,932 3 Savings and Loan Deposits 0 0 0 4 Other Cash Equivalents 503,276 882,635 91,470 5 US Govt. Securities 4,049,437 2,455,193 1,963,872 6 Non-US Govt Securities 0 0 0 7 Mortgages 0 0 0 8 Corporate Bonds 258,140 401,276 1,024,106 9 Common Stocks 5,003,139 4,601,263 4,842,939 10 Other 75,657 71,029 38,696 11 Payables (15,000) (15,015) (13,800) TOTAL ASSETS $ 9,880,601 $ 8,398,199 $ 7,950,215 D. RATIO OF ASSETS TO ANNUAL EXPENSES: 5.8 4.9 4.7 E. NET INVESTMENT RETURN: 6.9% -6.4% 4.3% (Book Value Basis) 7