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Home My WebLink About2012-01-26 - Agendas - Final Ron Wood Position 4 Retired Lioneld lordan Chairman Pete Reagan Position 2 Retired Sondra E.Smith Secretary Dennis Mullens Position 3 Retired Marion Doss Position I Retired Tayve e;liie ARKANSAS Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda January 26, 2012 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be held at 3:00 PM on January 26, 2012 in Room 326 of the City Administration Building. Approval of the Minutes: * November 3, 2011 meeting minutes Pension List Changes: • Wayne Counts deceased November 12, 2011 and his spouse Geraldine Counts deceased on November 10, 2011 • Merlin Layer deceased December 29, 2011 Approval of the Pension List: • Re-approval of the December 2011 Pension List (Wayne Counts deceased) • Re-approval of January 2012 Pension List (Wayne Counts and Merlin Layer deceased) • Approval of the February, March, and April 2012 Pension Lists New Business: • Date Firemen's Pension was organized • Local pension fund report to the Council • Revenue & Expense Report 12/31/11 Board contact information Mayor Jordan letter to the pensioners regarding projected insolvent status and investment advisor change Osborn, Carreiro & Associates, Inc. letter Estimated 2012 Premium Tax Allocation PRB Projected Insolvent Status letter dated December 8, 2011 1. Please describe the discussions your fund had with the officials of your governing body (city council, board of directors, etc.)to explore solutions. If no discussions occurred, please explain why. 2. What actions (additional funding, etc.) have occurred since the Special Report was issued? 3. Given the importance of this matter, were all participants of the pension fund notified of the projected insolvent status? If not, why? 4. Is there any analysis or advice that can be provided by the PRB or its actuary that will assist your fund in your work at this time? Garrison Financial: 9 Charles Schwab account setup complete Informational: 0 Meeting Schedule Board Members Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes Mayor Jordan Chairman a November 3,2011 Ye Sondra E.Smith Secretary Page I of 17 Marion Doss Position I/Retired Pete Reagan Position 2/Retired Dennis Mullens Position 3/Retired Ronnie Wood Position 4/Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 PM on November 3, 2011 in Room 326 of the City Administration Building. Mayor Jordan called the meeting to order. Present: Dennis Mullens, Marion Doss, Pete Reagan, Ronnie Wood, Sondra Smith, Mayor Jordan, Paul Becker,Kit Williams,Elaine Longer and Kim Cooper, Longer Investments. Approval of the Minutes: July 28,2011 meeting minutes Pete Reagan moved to approve the July 28, 2011 meeting minutes. Ronnie Wood seconded the motion. Upon roll call the motion passed 6-0. Pension List Changes: Gladys Nora Caselman deceased September 21, 2011 Approval of the Pension List Re-approval of the October 2011 Pension List (Gladys Casleman deceased) Approval of the November and December, 2011 Pension List Approval of the January,2012 Pension Lists Pete Reagan moved to approve the Pension Lists. Dennis Mullens seconded the motion. Upon roll call the motion passed 6-0. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 2 of 17 Old Business: Consolidation with LOPH Marion Doss: I might be the only one interested in doing that but I thought in light of things with Elaine Longer, this would be the proper time to look into that and see what we had to do to consolidate. My motion I meant to say was to ask the City to approve that. We might have to negotiate somewhat. We might have to take a slight benefit reduction. Maybe the City would pick up part of the expense of going to LOPFL I think consolidation is something that we wouldn't have to worry about this. It's pretty obvious that this is going to end in just a few short years. The ftind is going down everyday. Mayor Jordan: Do you want to wait and see what the financial advisor advises you to do? Sondra Smith: If we were going to take something to the Council we would need a motion and a second to start that process. I would have to do an agenda item and get it on a City Council agenda. That is a slow process. Mayor Jordan: You are a ways out for that. Before we could get all of that done you would be close to having your financial advisor. Sondra Smith: It would be around the first of the year and then if you decide you don't want to do it we could not bring it forward. Kit Williams: Marion suggested a couple things, a possible benefit decrease. I don't think there are the votes on this board to do that. I could be wrong. There is still an issue about whether you can. I think you = but the Attorney General doesn't think you can. The City Council has been clear, when you had a joint meeting, that they were not interested in trying to consolidate without a benefit decrease. You can't do a benefit decrease unless you pay Jody Carriero to try to figure that out. It's to close to the end of the year to be able to do it. The Council is now going into the budget season and you are looking for new financial advisors. I appreciate what you're doing Marion and I agree With you. I have been concerned for years about the direction this fund is going and what might happen if something is not done to consolidate with LOPFI, reduce fees or something. I don't see it being successful at this point in time. Lioneld Jordan: I agree with Kit that they are looking at the budget of the City. We are going to start on that Tuesday and staff is looking at bonding a deck. Sondra Smith: It wouldn't be able to get to the Council until after the first of the year. Something like that could be passed with a date to get to the Council in January 2012 or February 2012 but we would have to have a definite plan, it would have to be something like the pension board requests a reduction in benefits, exactly what you want done before we take it to the Council. Council has to vote to send it to LOPFI, correct? Mayor Jordan: Absolutely. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 3 of 17 Sondra Smith: It will be indebtedness to the City. Paul Becker: The City files the application. Marion Doss: Does anyone else have any ideas or thoughts on it? Pete Reagan: We went through the process before and nobody was in favor of doing it. I think it's more important right now to get an investment advisor on board. Marion Doss: We know we are going to have to get an investment advisor, that's true. For me it's obvious when we get an investment advisor its going to earn less than what it has. That just means the funds life is shorter. It's going to be gone in fewer years than what we thought. Sondra Smith: I don't see how you can get around a benefit decrease. Marion Doss: Personally don't either. You have to have more income or less going out. Sondra Smith: The first motion would be to decrease the benefits if you want to take it to the Council. The Mayor has never been in favor of voting on that unless the full board is here. Mayor Jordan: The full board is here. Ronnie Wood: Personally I would like to get an advisor on board before we do much of anything. Mayor Jordan: That's good I just need to know where everybody is. Kit Williams: We have a lot on our plate right now. Ronnie Wood: We are going to have a new guy on the board. Marion Doss: I know there is a window and a certain time for consolidation. What is that time period? Sondra Smith: I think its spring. Paul Becker: If I recall it is February that they will start taking applications and they make a judgment by October. Kit Williams: You would have to have a new evaluation. Pete Regan: January I't is when they actually take over, right? Sondra Smith: Yes. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 4 of 17 Paul Becker: I believe the application period opens in February and they have to have it completed by October. Sondra Smith: It's going to take a long time for the board to do that. Marion Doss: I agree. Sondra Smith: All the steps in place to do it. Kit Williams: Is there a further motion? Marion Doss: I guess that's it. New Business: Revenue and expense report A copy was given to the board. NCPERS invoice Pete Reagan moved to approve the NCPERS membership payment. Marion Doss seconded the motion. Upon roll call the motion passed 6-0. Pete Reagan: I would like to say Sondra is very good about sending out the newsletters to all of us and I hope you all are taking part in that because it is some very interesting reading. Mayor Lioneld Jordan's letter dated Aulaust 10, 2011 to Representative Lindsey regardin a request for an Attorney General Opinion on the $5,000,000 balance State Representative, Uvalde Lindsey letter dated August 13, 2011 to the Attorney General Opinion requesting an opinion on the $5,000,000 balance Attorney General Opinion dated October 19, 2011 rel4arding the $5,000,000 balance City Attorney Kit Williams memo dated October 20, 2011 to the Firemen's Pension Board regardiniz the Attorney General Opinion City Attorney Kit Williams memo dated October 21, 2011 to Elaine Longer regarding the Attorney General Opinion 2012 Meetin%! Schedule 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deal)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 5 of 17 A copy was given to the board. Longer Investments: Elaine Longer—resignation letter A copy was given to the Board. Longer Investment letter dated AulZust 5,2011 —Northern Trust error A copy was given to the Board. Lon2er Investment letter dated August 15,2011 —market update A copy was given to the Board. Quarterly Report—3rd Quarter 2011 A copy was given to the Board. Longer View A copy was given to the Board. Elaine Longer: Last Thursday there was rumor that there would be a Greek deal. With that Sarkozy of France and Merkel of Germany were meeting and they had arrived at a deal and the market went up 400 points. Then over the weekend the Chinese backing backed out and some other problems have come up and then on Tuesday the Prime Minster of Greece is calling for a referendum. So the market Tuesday, the low was 650 points off the high of Thursday. There are rumors that the referendum has been ditched so today we are 400 off the low of Tuesday. This is a wild market. Its not just in stocks it's just as volatile in the bond market. The long bond fund that owned, and we only own bonds of a certain maturity if we have the ability to trade them, so we use the bond fund, the bond fund was 10 points higher on Tuesday as stocks broke down than it was on Thursday when stocks were rallying. You have these 6% and 4% type swings in the stock market but what is really amazing is the volatility extends to other markets. We had a 10% point move in the bond market from the low it was at on Thursday to the high point it was at on Tuesday. There is a lot out there and we've written in our newsletter and talked about in prior meetings the importance of maintaining our asset allocations but playing it defensively. Page one of your report, as of September 30, stocks were 41% of total portfolio but the dividend yield on your stocks is over 4%. That compares to a 2% yield on a ten year treasury. On the 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 6 of 17 stock side of the portfolio you have dividend yield that is twice the yield of the ten year treasury. We've been able to maintain equity positions in a fairly defensive posture because of the fact that we are really emphasizing the high dividend paying multi national corporations. The next category the other income securities, this includes utility stocks, utility funds, and a multi asset fimd which has a very high dividend yield of 5.15%. This category is a 4.85% income yield. This is high income stocks and that is 7.3% of portfolio. The total is about 49% in terms of your real equities. The next category is mutual funds and fixed income. You have about 18% of total portfolio in that category and the yield is 4%. Page two shows the preferred debt securities that we own which are Double A rated and have a 6.3% income yield, then you have a couple corporate bonds that yield over 7%. The 4% treasury, which we bought in the first quarter of last year, we purchased it to yield 3.91% as interest rates have come down price of the bond has gone up so that you have a price appreciation of about 17 points from the purchase cost but the yield on that bond right now if you were to buy it in the market at current market prices is about a 1.2% yield. You can see from where we purchased it at 3.9% interest rates have dropped to 1.2% on the same bond. The benefit of that is in declining interest rates the price goes up but conversely if interest rates rise from this level the price of bonds goes down. There is that price volatility to bonds and you can see the benefit of it as interest rates decline, but the risk in the bond market right now if you are buying a ten year treasury at 2% is if interest rates go back up to 3% the bond price declines pretty dramatically by about nine percentage points. The next one is government agency bonds that yield 6% which will be called in 2012. Then you have about 10% in cash at the end of that quarter. When the market dropped pretty dramatically at the first part of October we applied some of that cash to the equity market so that your cash now is only about 1.5%. Page three shows the realized gains year to date of about $160,000 and net income of$95,000. The realized gain report is really the various things that we've taken profits on through the year just to harvest some of the low hanging fruits. We use a number of technical indicators that when they start getting a little bit problematic or troublesome looking on the screens we prune back a little bit. You have seen us fluctuate between 40% equities through the years to 60% so at about 4 1% you know we are postured pretty conservatively. Page four shows the October 2l't report. This is the date that we had to offer our resignation under our existing contract because we are no longer able to act in a discretionary manner. We operate as a discretionary money manager in all of our relationships. That means whatever we decide to do we can do within the confines of the investment policy and the contract under which we were hired. When that changes we have to immediately resign. The contract has a thirty day grace period that we can stay and help to transition. I would like to offer sort of a like limited discretionary contract to get to year end so that we can continue to help your transition. The cut off date for us being able to act under our existing contract was when we received notice from the City Attorney and also from the Attorney General that we could no longer act in a discretionary manner. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deno(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 7 of 17 We are still managing under what they told us we are able to do, for instance when Avon products reported earnings that were disappointing, we sold the stock we sell for everybody, we sold it for you too, because we are still able to sell. But, then we wouldn't be able to reapply the funds the way we do for other clients as this market has encountered this kind of volatility, we can't really be as tactical and as agile. We can buy index funds, and we have applied the cash to maintain your equity allocation by using index funds, but we can't control the downside risk like we do with other portfolios where we place a stop on exchange traded funds or other types of securities. It is a little bit cumbersome, we are still managing, I don't want you to think that we are not managing, but we have to manage within the confines of the new rules. Kit Williams: When you buy the index funds is that like buying the whole market? Elaine Longer: Yes. October 21" you were at about 47% equities. As you look at the other income category, which is technically equities, it's a combination of utility funds and high dividend paying stocks that is about 8%. You're just over the 50% by about five percentage points. Pete Reagan moved to approve the equity overage. Dennis Mullens seconded the motion. Upon roll call the motion passed 6-0. The next page shows the market value is $4.896 million and cash is at 1.5%. Your over all portfolio income yield is 4.2%. If you were in a 100% bond portfolio you couldn't have this income yield on 100% bond portfolio. The income that is on the stock side plus the income in the other asset categories, that we have been able to use, has really held the portfolio income up even in an environment of dramatically declining interest rates. That is one of the problems with the new arrangement is we don't have that kind of flexibility to do that. We don't have to sell what you currently have. When the long bonds popped up on Tuesday we went ahead and took that profit that we had on the long bond fund that we use and the problem is I can't reinvest for you now the way I would reinvest in another account. We were able to book the profit but then it becomes a problem before we get it cashed out. We have been in business for twenty six years and you develop your own disciplines and methodologies and things that Mll allow you to keep out of trouble, the balance that you keep between asset classes and the exposure to individual stocks and bonds. It's a real careful balancing act. When you are able to do this the way we do it you are quite comfortable doing it. I'm sitting in front of terminals trading, we manage about $175 million that doesn't make me nervous but to not be able to do it the way I know how to do it that makes me nervous, That is the reason when the opinion came in we don't know how to function under that kind of a situation. On page six the bond portfolio the weighted average yield to maturity is still 4.9% even though your average maturity is only 6.8 years. If you look at that 4% treasury that own that is a seven year treasury similar to what your weighted average maturity is but you have a 4.9% income yield and a seven year weighted average maturity where as the current income on the seven year is 1.2%. You can see how dramatically interest rates have dropped but your rates have not dropped. You were at 4.8% yield to maturity atthe end of 2010 and you are at4.9% now even 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 8 of 17 though we've been able to reduce your maturities from 9.9 years to 6.8 years. The price volatility factor, which is a measure of price risk in response to a rise in interest rates, has been reduced by 20%. That is the duration. We have done this in all of our portfolios to move to a point where we are still able retain income but to minimize or try to reduce the risk associated with any increase in interest rates,because at some point the fiscal policy that is in place which is still very simulative, and the monetary policy that is in place that the Fed is doing with quantitative easing and the twist program and all these other things, at some point we will get traction and then the interest rates won't be 2% on the ten year. Whoever is holding a ten year that they purchased at 2% if that interest rate then goes to 3% they will realize a price decline on the bond of 9%. The price risk is out there in terms of the bond portfolios and that is the reason we have been able to reduce the maturity to reduce some of the price risk but we have also been able to maintain the income. The next page shows the performance and we go back to 2002. Each column gives your performance by asset class, the equity mutual funds, which have been foreign, and we don't have foreign equity exposure in the portfolios right now. We exited foreign earlier in the year as we started trimming back on emerging, and China and then India and really the multi nationals that pay the high dividend income in America are the place that we find the greatest value. That is why as we raise cash going into this volatile correction we have reapplied the cash into these high dividend paying stocks. We think that the best value out there. Your annualized rate of return on equities through October 21 has been 4.6% on stocks, that's out performing S&P cash which is has been 1.2%, S&P with compounding dividends is 5.2%. The fixed income returns have compounded at 4.8% and the real estate investment trust at 19.7% so that you're compounded annualized return has been 4.8% from inception to date through October 21. Through October 31 it's been roughly 4.9%. A 50/50 weighting between the S&P and the fixed income bond index would give you about a 4% rate of return compounded and if you take the S&P with dividends it would be 4.6%. Even through all of this turmoil you have out performed what the index returns would be on the equity side and the fixed income side. That is important to know because I know that you are going into a lot of discussions about the under funding of the liability. That was there even when we came on in 2002 but even through the 2008 decline and the various things that we have encountered since we have been managing the portfolio the investment performance has out performed on both the fixed income side and the equity side. The next page shows the contributions and distributions from 2002 through September 30, 2009. The contributions have been about $1.12 million and the distributions have been $9.478 million. I looked at what the distributions year to date are running and took that as a percentage of the beginning value of the portfolio December 31, 2010, and if you look at the distributions year to date through October 21 it is 14% of portfolio of beginning value at the year end. If we project what the distributions will be through December 31, 2010 that percentage distribution is 17.3% of beginning portfolio value. It's the weight of the distributions on the capital that is so critical. The next page shows the asset reconciliation report which gives the beginning value in 2002, additional contributions that have been made, which are $1.12 million, distributions, and the various components of investment return. The ending portfolio value is $4.825 million and the net investment return has been $3.28 million. The investment return has been $3.28 million but 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 9 of 17 the distributions have been $9.4 million. That's why we can't keep up with the distributions on the investment side. The portfolio is now under the$5 million level. Are there any questions on the report? Pete Reagan: No, but I have some questions. Elaine, when we are in the liquidation process and we are looking at other investment advisors and other avenues to travel, when you sell those stocks and bonds that you normally do throughout the day it goes into cash. You're not going to put it in T-bills? Elaine Longer: No, what we've done on the stock side is as we have sold stocks in other accounts we sell it for you too. What I have done to maintain your equity allocation is I've been buying the index fund. You're not sitting there building cash. We are able to maintain your equity allocation by buying the S&P 500 index ftmd to hold you at the same weighting. We can't buy what we are buying for other people in terms of individual stocks but we maintain your equity allocation by using the index fund. What was sold on the bond fund if I were to reinvest that, I'm very limited on what I can buy as far as that is concerned, because then I would have to buy CD's or T-bills and the five year treasury yesterday was trading under 1%. Kit Williams: It's safer to be in cash isn't it? Elaine Longer: At this point I think that feels like the worst trade on my screen, if you can't trade it and you can't trade it. I'm willing to go into the bond fund when we can trade it with a close stop on the down side, like we do stocks, but to put you in a five year treasury at 1% doesn't make any sense. Pete Reagan: You would hold it in cash? Elaine Longer: Yes, on the bond side. Pete Reagan: I would like to openly thank you and your firm for everything you have done for us and I hate that this has turned out this way. You've taken it on and treated us like we have never been treated before. You take care of and advise the Police fund also and they have been very happy with your services. Elaine Longer: We are not happy with it either but I feet like we have been fortunate to be involved with both the Police and Fire fund. If I felt like I couldn't do for you what I would do for others under the change in the policy then it's better for me to get off the stage. Pete Reagan: I fully understand your position. Elaine Longer: We appreciate that we have been able to be involved with your portfolio. We've really enjoyed that and if there was anyway we could stay we would be happy to but with the change in the rules that none of us has any control over so its better we don't. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 10 of 17 Kit Williams: I noticed that after your report you have an investor advisory agreement where you made some potential amendments to reflect the reality that you can't buy individual stocks now. Is this what you were suggesting that you work under through the end of the year to give the board a chance to decide what they are going to do in the filiture? Elaine Longer: Yes, this is our existing contract and Kim has put the changes in bold so that you can see that basically the ability for the advisor to act in complete, total and full discretion has now been revoked. This changes the existing contract and shows you how it would be changed. We have a contract with all these changes that you can sign if you want us to continue through year end. Our existing contract has a clause that can be terminated by either party with a thirty day notice. We resigned on October 21" sod"t takes us to November 2l't. Ifyouwantus to stay through year end to allow the transition then we can continue under a more restricted contract through year end. This is what the contract would be to get us through year end. Kit Williams: It shows they have limited discretion on the total discretion that she was able to work under before pursuant to your advisory agreement. This one indicates that because of the state statute she doesn't have the same right to purchase as she did before. Elaine Longer: That's right, on page one it is basically revoking the complete total, and full discretion and replacing it with limited discretion. Page two says that we are operating within the guidelines proposed in this agreement. Page three there is a little bit more information related to what we can purchase for the portfolio and it lays out the restrictions that were in the Attorney General's Opinion. Page four basically changes the contract termination to December 31, 2011 as opposed to what the original terms were. It gives us the ability to continue to monitor the positions in the portfolio, continue to sell as we sell for others, we can maintain your asset allocation by continuing to use index funds for the equity side. I don't anticipate needing to do much on the fixed income side. I won't sell any of those bonds. There is not much else we can do except to help transition to. When you select the next management, whether it's the City administration or if it's another manager then it is real easy for us to help transfer or you're under Northern Trust as custodian and we have a twenty eight year relationship with them. Some managers could just take over management and I wouldn't have to move but every manager has their custodian that they are working with. If it's a manager that's not a Stephens or a bank or something that has to use a custodian they may end up wanting to move it. We can assist if it ends up needing to move from Northern Trust. Pete Reagan: What is the custodial fee with Northern Trust? Elaine Longer: Do you know what it runs annually? Kim Cooper: It's around .2% Elaine Longer: It's 20 basis points. Kit Williams: If you were moving it out of Northern Trust you can move all the equities to another custodian. You don't have to sell them so they can still maintain individual stocks. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page I I of 17 Elaine Longer: Yes, the only difference may be the index fund that we are using as a Northern Trust index fund as opposed to the Vanguard index fund. By using Northern Trust, which is similar in terms of expense ratios and everything, we have a later cut off date during the day to decide if we want to buy it. If we are buying the Northern Trust index fund I don't have to tell them until 2:00 p.m. if we are buying Vanguard its noon. When you are buying an index fund as opposed to buying an exchange traded fund you buy during the day and you are going to get the settlement price whatever it is at the end of the day and when you are having 400 and 600 hundred point inter day swings you want to wait until the last possible minute to decide if you want that ending price. The only potential might be to sell the index fund to go into a Vanguard or something like that but that would be easy because you are liquidating on the same day that you are putting the buy order in. You wouldn't have any price difference. Pete Reagan: Do we need to adopt this revised investment policy and amend the contract to December 31, 2011. Kit Williams: I would recommend that you do that to give you enough time to transition. Elaine Longer: There is an investment policy also that reflects the changes. The policy is part of our contractual agreement so the policy changed to make the difference. There are actually two things, the policy and the contract. Pete Reagan made a motion to adopt the new contract and investment policy. Ronnie Wood seconded the motion. Upon roll call the motion passed 6-0. Mayor Jordan: We should discuss what you think you want to do next. Kit Williams: When you choose Longer Investments, when you left Merrill Lynch, you went through a regular selection process, which is a standard state statute process you do when you select a professional. This certainly gives you enough time to do that. That would be one of your options. Jerry Friend: We advertise? Kit Williams: We can probably utilize purchasing agent's resources like we did last time. They do that regularly for the City if you are looking for engineers, architects, attorneys, financial advisors. You would obviously revise it a little bit because now your financial advisor is not going to have the same kind of discretion as you were seeking the first time around. Mayor Jordan: I need to know the steps we are going to take. How this works and what we need to do. Pete Reagan: In speaking with David Clark at the Pension Review Board about our situation today, I asked him if we had to do that and he said no. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 12 of 17 Mayor Jordan: Do what, Pete? Pete Reagan: Go through a process of screening to pick a new investment advisor. I don't know if that is state law. Mayor Jordan: We've looked at that. Pete Reagan: I don't think it is. According to him its not if you want to look that up and see. Kit Williams: I'm not 100% sure. I know that state law is required for municipalities whether this pension board would fit within one of agencies as one that is required to do it the same way is something I would have to look at. That is what you did the last time and I thought that is what state law required but I can't tell you for sure that's what the state law requires there might be some exceptions. I think the last time we looked at it, when you were looking for another advisor it was our belief that you needed to go through a full process so that you could have several entities come in and be inter-viewed and you did, and that is when you decided to switch off the individual you'd been using before and choose Longer Investments. MarionDoss: If you don't do it that way youjust call someone you might be able to do it. Pete Reagan: What we did the last time is we sit through eight hours of interviews. Kit Williams: But you got good results. Pete Reagan: If we had picked the right one the first time we wouldn't have had to go through that. Kit Williams: Some of the selection committees are a two step process, they first turn in some written stuff you look at that and then you select the top two or three. Pete Reagan: That is the process we need to go.through. Mayor Jordan: I'm good with that. However you all want to do it. Kit Williams: That is normally how it is done because if you have eight or ten people that want to present individual things then it can be an all day process. Paul Becker: The purchasing group would help you do your ads etc., then you can run the selection yourself. We would post the ads etc. and then you could evaluate who you might want to talk to. It takes a while to get through that process, so if you want to go in that direction, the quicker you come to that conclusion the better. Kit Williams: You probably need to make a decision today if possible to go ahead and start the process if we are going to get it done before December 3 1". 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 13 of 17 Marion Doss: I think we need to get a notice out so some people that are interested could express their interest. Kit Williams: I am sure there will be people that will be applying. Mayor Jordan: We are agreed that we are going to have to have a meeting again pretty quick. Pete Reagan: We should start the process and have a cut off date then we can meet two days after that after we have had time to review them. Kit Williams: Sometimes when the City does it there is a selection committee but I think you have a small enough board you all can be the initial selection committee, look at the material you get, cull it down to two or three then have them come in and give a presentation. You can have a time limit on their presentation. Paul Becker: Is that the direction you want to go? Pete Reagan made a motion to begin the process to select a new investment advisor. Marion Doss seconded the motion. Upon roll call the motion passed 5-0. Sondra Smith was absent during the vote. Paul Becker: Do you want to assign anybody to look at what is posted for the bid or do you want us to use our judgment? Pete Reagan: I think we can make it pretty general and we should probably put the limitations in there. Kit Williams: The Attorney General's Opinion add it to it that this is what you would be able to do. Marion Doss: It might limit us. We might not get as many. Kit Williams: The other thing is they will not be using nearly as much professional judgment as Elaine Longer and Longer Investments so it might be that their fee should not be as much because they are not providing as much in the way of professional services. Pete Reagan: I think we should ask them to provide six or seven copies. Kit Williams: We always require enough for all the members to have. Paul Becker: We will do normal we will submit seven. Kit Williams: Usually what happens is when we get that there will be a closure date, at that point in time purchasing will distribute to you all before the meeting so you will have a chance to read the information, then you will meet together and decide who the top two or three are, adjourn and invite them in for the final meeting. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 14 of 17 Pete Reagan: Mr. Chairman let's look at some dates while everybody is here and has their calendars. What dates do you think we can get it out? Paul Becker: We won't be able to get it out this week. It will probably be next week or the week after that. We will have to put in the paper. Pete Reagan: In a Sunday publication? Paul Becker: Yes, but we won't be able to get it out this week. Pete Reagan: Right, I understand that. Paul Becker: We have to have it done probably next Thursday. Pete Reagan: It will be published on the 12 1h 9 How many days do we want to give them? Elaine Longer: Thank you, we have enjoyed our association. Sondra Smith: Thank you so much. A discussion followed regarding setting up a meeting time. Kit Williams: You can use the request we had last time with the Attorney General's limitations. Pete Reagan: We will have to put the limitations in the writing. Kit Williams: Right. That should make it easier for Purchasing to get it out. Paul Becker introduced Andrea Rasco with the Purchasing Division. Kit Williams: The board approved to try to start the process for a selection. Andrea Rasco: The main thing to come up with, for a document to go out to get interest from qualified vendors, is the scope of work that you want them to do. Kit Williams: We thought they could use the one they used years ago but refine it and change it so it complies with the Attorney General's Opinion. Paul and I can help on that. Paul Becker: How long ago was that? Pate Reagan: 2002. Andrea Rasco: We probably meshed that with our RFQ that we did for our City investment management solicitation. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 15 of 17 Kit Williams: Is this one of the positions that you can't put fees as part of the thing? Andrea Rasco: I think the state law changed in 2009. Kit Williams: For financial advisors you can't put fees as part of it? Andrea Rasco: Right,that's correct. Kit Williams: You can negotiate after you select them. If you don't like their fees you can go down to your next choice. Andrea Rasco: That is under state law for procurement code. Paul Becker: For everybody? Andrea Rasco: Yes. Paul Becker: Then you would be under that jurisdiction. Kit Williams: You can argue about the fees but not until after you make your selection. Andrea Rasco: Right, it puts everybody on a level playing field. You can evaluate under a certain criteria that is also defined with state law. There can't be price as a consideration for any of that as far as the fees. Paul Becker: You see how many respond and shorten your list. It is very simple but they can only do so much. Andrea Rasco: They are going to give you some leverage to negotiate with. Kit Williams: They shouldn't get a giant fee when all they can do is sell. They shouldn't sell any of the bonds. They will never be able to invest in bonds after paying that kind of money in. Paul Becker: What is the time line, how fast do you think we can get it out? Andrea Rasco: As so as we can get the document together. By City policy we establish a committee. Kit Williams: This is the committee. Andrea Rasco: The committee comes to consensus on the draft, the language, scope work, and the criteria we are looking at to evaluate everyone then we send out an advertisement. Kit Williams: We need to move faster than that. Elaine can only be here until the end of the year so we have to have a new financial advisor on board before the end of the year. Andrea Rasco: Then we have to get the draft in works ASAP. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meetm.-Minutes November 3,2011 Page 16 of 17 Kit Williams: We will work on the draft. We will send it out to you. It will be basically what you used the first time as refined by the Attorney General's Opinion. Pete Reagan: Okay, then what are we looking at for a publish date? Andrea Rasco: Advertising dates are two days out. If we send the ad for a Monday it will run on a Wednesday. Pete Reagan: It only has to run once? Andrea Rasco: Yes, it only has to run once as long as we open within thirty days of the advertisement or have the deadline within thirty days. Typically we leave a contract out for about three weeks. Kit Williams: We don't need to do it that long. Andrea Rasco: Maybe two? Pete Reagan: I would say ten days max. Andrea Rasco: Minimum is seven. Kit Williams: Ten business days or two weeks. We might be getting into the Thanksgiving period and we don't want to give them five business days to get it done. Pete Reagan: What is the earliest date that we think we can get something published? Andrea Rasco: Does anybody have the old one that we did? Kit Williams: I'm sure you have it in your records. Andrea Rasco: What year was it? Sondra Smith: We will look for it. Kit Williams: I have hopes if we can find the old one we can probably get this together by Monday. That's the earliest as possible. Andrea Rasco: Today and tomorrow I am concentrating on the parking deck. Paul Becker: The earliest you can start on it is Monday. Andrea Rasco: 1 can start on it tomorrow but I couldn't finish it tomorrow. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deaf)(479)521-1316 Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes November 3,2011 Page 17 of 17 Paul Becker: I don't know if you are going to get it done by Monday. Do you think you could get it in the paper by next Friday? Andrea Rasco: That puts it two weeks out. A discussion followed on the date. Pete Reagan: Do we take electronic versions? Andrea Rasco: They are required to submit hard copies and we also ask them for an electronic version that way we email all the proposals out. We make them bring in all the copies. A discussion followed regarding sending out the advertisement and setting up meeting dates. Kit Williams: At some point the board will need to meet with the first group about fees. My advice to you is to not let them say these are our standard fees we can't do anything else. There will need to be a final meeting of everybody to approve the new contract. Meeting adjourned at 4:10 p.m. 113 West Mountain 72701 (479)575-8323 TDD(Telecommunications Device for the Deal)(479)521-1316 City Clerk Division City of Fayetteville, Arkansas Taye I Sondra E. Smith, City Clerk[Treasurer Lisa Branson, Deputy City Clerk Amber Wood, Deputy City Clerk Departmental Correspondence TO: Trish Leach, Accounting Summer Fallen,Accounting FROM: Sondra E. Smith, City Clerk/Treasurer DATE: November 14, 2011 RE: Wayne A. Counts—Deceased November 12,2011 Geraldine 'Jerry' Counts—Deceased November 10, 2011 (Spouse) Firemen's Pension I am forwarding this memo to you due to the death of a Firemen's'Pensioner and his spouse. Please stop the pension benefit for Mr. Counts. He was receiving benefits due to being on the old Pension Plan. Mr. Counts deceased on November 12, 2011 and Mrs. Counts deceased on November 10, 2011 therefore there are no survivors for the benefit Mr. Counts was receiving. When the death certificate is received a copy will be forwarded to Accounting. 7 Countsi jadkson.-Counts-.and FAyette-Me-He was a volun- Online' condolences may Z&6 de to the% family at Carson, CoUnis,all. of Fort teer fiteftliterwith Worth,'Texas,brother, George , of:�Fayetteviili��for�2Myea.rsi,.��--�,.www.beardsftineralchdpel. ap, -:,,an, w -ixna .ife joann .of "He_Joved. -, ny outdyorl�,c Springdale;sister4n�kw. Shirow activities such as ishing ley Davis of Wichita, Kano and.,� ' -1&-gi.andfw. , on I&.bf,, 90 me The"family will receive., thell friends Ircipi.j t,6 2,.,p.m. Paradise Valley .Golf Club *ednesdayat the funeral in FA kh*6feffiT�' IbUrflib," ..home. LIt, fr6 -9- u t F Unera ,- ser' .1cew.ill be Power Co.`�A�I S,: ,hiI&2p_om,-W d -.0 nesdiy, of'si e�. �'&A Jrrie d"G Vr"a"Id'i 0'e". Cli F6 2C 1195 4 t.b. Pastor Jow V, u a -M a avis e Ma3,116,�k,i" p,#jIM in !-,',,e _�:Rajl , Ticli ii . After 55ye4rs o A, A", M,.wIILbejt ,:,B t1st he a Ajb"� �:;Gex4difie -14 ly Affff'bfi6f 111fies t10,,Riiete� G U A pea tee U C& rd _s ses, .1 nT FAYETTEVILLE e h )eL, -,He was pre66d0&,M, --4 S may q M4, p, s ,F eqp Ie gtRR:: mil- &17 rsd4","r RegioA I fiffiaugli Ti I�hu y _4, 47_-,� Colf, SkIta-- ie, Ma;r*, o;..v� ti). 26 ��C" qnd;"W 6 rip, I-,1 (777., Cy� A UP, -be aiA,q J'I� gk, .in a - ww-w. . Counts, J�ie i on Counfs4ad ,�Ii�b e zomo CaisonG-Ouoi joalf�bi ort, L it 6kin '&ilw& ers 991dWO 0�� OUR S_� W.oith;I',,T6xaS; TO, -,fh t t� Iwo, Mar ef of C6xiyefg;V Git " D E, ype #e Ii�nq�CA aft i dif FAY Damil' CounO �44 �,M,AK pup 411 ,v P 1 if� 011. The family"will receive j !Memp"i g 2 . - I I "" -W , ' 'a N -f t lk -E-h 04 t�P is..0 ju fi-` f fi _4 T?,!� RIA. IP Wednfdgttdy'� r=- re, - vin :S homeo L "U'.1 4 20"c ��I, Cowpo b 2 -Al B- d7 ' ovo AE vAL A Y Wa#_ vow t 'AnLdj6* 14all off ......... V t - d and d Cenieteky iii Gfeiefil &qq 'o under t ti q irds, Funeral h _p e4 v , S" �Jic�: ux-VIV6 7. 7 re e in C r e 7 RECEIVED Fayetteville,Arkansas FIREMEN'S PENSION&RELIEF FUND AFFIDAVIT DEC 2 7 2010 A AA"-12P� /� CITY OF FAYETTEVILLE STATE OF CITY CLERKS OFFICE )ss: COUNTY 0 1, &,6zW-le —41 do solemnly swear that I presently receive pension benefits froih thViieWen's Pension and Relief Fund and I am eligible to continue receiving pension benefits as governed under state.law. I am a former firefighter for the Fayetteville Fire Department. El I am the spouselformerspouse/widow of a former firefighter of the Fayetteville Fire Department,and that I have not remarried since becoming eligible for benefits. I am an eligible dependent of a former firefighter for the Fayetteville Fire Department and have attached an affidavit verifjb-.my school attendance. Address: Z?lf-12 4d?s 7 47 Telephone: Social Security No Birth date: PLEASE LIST ALL BENEFICIARIES BELOW(complete onlyforspouse,minorchildren and/or children under 23 years ofage that are enrolled in a institute of higher education): NAME SQCIAL SECURITY No. BIRTH DATE RELATIONSHIP DATED this '7.day of 4tz-2 AFFIAV(signature) SUBSCRIBED AND SWORN to before me,a Notary Public.,this 2q& dayo'f . 6&W A010 lit Notary Public N!p My Commission Expires: 01� Ski VE. PUB00 :,�ZrZ (This affidavit is required annually by the Firemen's Pension and Relief Fund Board of Trustees and mu W- r and ip 4 a returned to the Fayetteville City Clerk, 113 West Mountain,Fayetteville,Arkansas,72701 by January 3 Ist At?1i d If III,% RECEIVED DEC 01 Z011 CITY OF FAYETTEVILLE CITY CLERK'S OFFICE PCE-ASt r/A-.b F�VCL,11,on Cey J�E-M�71� C00-IFIC4-7-1-t-- s r---o& UOA)VIc- C' otAj'rS /W-6 G,,,�rrs, f5FEC- FAG-E- 70 C-+L(- MF / J� yoq 817-2A -709-1 M AR K CouTTS clk 19 Par6oar ):�r. TX -761-7q Ki. r M7 M.I PERIMNEAT ARKANSAS DEPARTMEIRT OF HEALTH Visit Records sea m CERTIFICATE OF DEATH ISEX Wayne Counts Male . 11/1212011' 112:54 311. P �.Osl...si � I.Aoe-� im., 429-64-5362 12114/1926 Weal6y,AR Arkansas. 1"rasSligtm Tave'tteville It- polUT mw Teen Valley Ave ix� a No cl...si a oi 0 ui� a MAI Hn;Tisr—p� n Washing 0 Katherines:Place, Fayetteville, 727(13 14 ottis Counts Marie Stokenbury. Mark Counts on 7"1 1'o�;ar`ro7 Circle,Ft Wortb T;� 76170 13�-6IW 13 Dxo� 0 Is4i �13 ft��S� 13 0.owlt__� I�ambe.��) 1,�ag�s4,,,Forq Gresnland,AR 14545 IL Robert L.Russell, Beard-s.Funeral Chapel�855. S. Happy Rollow Rd.,Fayettevi 403 tYii�'j 11.11WMIUMENI ow [I Dr:.Mark.Miller: MD MA5 MIPARTI.E.Wft WIXYFAMeali Po" -left IF =A=yTZMi CWei ,VE", a --oFD4AT` ci� 0.DID bot 'm V� a—Vii i A'7�4 h", ,k"ru,,, Mark MMer,MD 2630 E. Citizens suite 3 FIHIS IS TO CERTIFY THAT THE Anci IS A TELL AND CORRECT COPY OF THE CERTIFICATE ON A 0 1 FILE IN THE ARKANSAS DEPARTMENT OF HEALTH. Dh 10 ft oa� Mischelle Priebe NOY 15 Zoll fff State Registrar A REPRODUCTION OF THIS DOCUMENT RENDERS IT VOID AND INVALID.00 NOT ACCEPT UNLE EMBOSSED SEAL OF THE AR�NSAS DEPARTMENT OF HEALTH IS PRESENT. IT IS ILLEO TO WARNING A. ALTER OR COONTERFEIT THIS DOCUMENT -999630, VR-112 ON I ME '-ft. lip I Jill I I I SO, 4,N � 0 TYPE I PRINT IN PERMANENT A UIXOKINK ARKANSAS DEPARTMENT OF HEALTH SEE Vital Records Sil R05TRIXTIONG CERTIFICATE OF DEATH I DIAZEDENT SEA U DATEOTTRATHIJIMOET, W TIME OF DEATH A- A DA's OF I—'- I"1 6/1921 ORTOMIN Geraldine Counts ette a al 11/10/2011, Fain SO NaGE-In III IftJUNDERIYEAR Sup.130TIDAY ,,nOF,H,A, 7 SIERHP-ACEEEywMlR�Cxjlr, Or Ill wFt Hwr& W.I. Z4 7 01/16/1928 SIM RESIDENCE STATE o,FOREIGN COUNTRY ft COUNTY ft�CITT�CRTOYRN Arkansas Was Fa etteville "Ard"ITrIalE Vallev --To Ns, Ave &A At,NE, OF a-T-E DO 0 Su I III IN ITS A;jEO FORCES7 "NARIND E I cl 0 :RAO 11,SURNARNOSEWSEe.11 INN.,lip,ORIMIOTHIM -He" Y.J, No Q'AAMMAi E I MORRA, D. u:m a N— a n "I eldi 11 Wayne Counts 1U COUNTY OF DEATH ED FAM. Oft, DecOMARE, PA ART.I OR. Hili Was A I .REAFRAS TERY ang�on _L�� N 2 IF 12a CITY ON E w.'j OrWe 5 Willer .Wal ;e`r�All Home io'm' Fa et ville, �72703 - m-I"�NMMF PRIOR TO FROOTMARIFIRUEFIERFORI (�eor a Da s"" T.FrOES, (,..t. AS INFOAJ Al 'E"FORSHIP TO DONCIEDENET Mark Counts Son Harbour Gircli WorttJ 78179 Ift METHOD OF DINATESITTON III a 10.PLACEOF 0113POSITTION(*FlOdPPmftr�lMEJJF, COFEYEONKANOSTATE Oft LO.A"0M- Baptist Ford Cemetexv Greenland,Arkansas EIREOZIMS, 70,ESEI.FIRFS 17 ;,.-,wv8E SE OR C� Liom 6' 1445 1�6 EN Russell r ;78E - , Ft 178 LICENSE N Beard's Funeral, Chapi S- HRpy. Hollow Rd.,Fayetteville,A 72701 403 IS*DATE PRONOUNCED DEAD ISO.HASHEANOTITUEOPPERSENNIFEEMEl DEATH IDUANNER Sell "Iq I&=.0 OR"ATIOTACETIO, AM 0 a Jim OF MIN 2S.PARJ EMORIFN�JIMFARFRAOT�...�'��..wd..,DONETftNTNrAJ,.J.AAN.J,,,R.RJ MEJ Ni-MA'A"hirl--al AF.W41 DO NOTASAREAKEE,XIA,DJ,�OJI.Y.pS APPENDMIMARE SHERRI I.FJED.'.CAJAE I OMArw Di pp-1 tab y? SeloliAl MANOR b, �gp AD PRISOMOSE Live PER.. All I FRI A..... DMw(J ,RRIR,.OPl PARITILORl TO ILIETE ETA REDREALITOPSAFINDINGSAVAII-AE11-19 22 MARRIEFOEDEATH Ni a AFMJOJ a Sul H... U1 FHASOI 13 CRLIM.b.deftl OF T'3'JT� S Call j2�F.:::�EArRaFFJ 11 R Ll PRO`Fby 0 OF".11 MARI TOR RE, T' SR Ts. N 'U US Try Y E E. IS D.FrIMAJOEY AM U.POTACE OF INJURY, VALINIL)EYATYARK? 0 YOM 0 No ,A 2sT IF THANNEFORTATTOR i SPECIFY SOS DESCRION,RCYJ L 2110 CERTIFIER(CAR,.11 My Fill-1.. OR" oriii PQ"PIFFENG-RORI T.S.NJOLORY."Oft d III �.eoll D .......Ed Mill SIGNAll TOTTF WA/'--DATIJ IJ oil-SARCORS) 2M NANFANDCCMPUsEffMAILINGADOR1SSS�P Sell SIGNAND I 1ft:(TR'F' DOCILICENSO 2--amy)IIIIII Aa -7 7a �DJ 21N SENATORS OF REP K SE,FDA HERASTRAIR ONLY E ll TATA Olf THIS IS TO CERTIFY THAT THE ABOVE IS A TRUE AND CORRECT COPY OF T,HE CERTIFICATE ON 'A % FILE IN THE ARKANS 1 AS DEPARTMENT OF HEALTH. A' SEAL Mischelle Priebe State Registrar NOV 1 A AREPRODUCUION OF THIS DOCUMENF RENDERS ITVCIDANO INVALID.00 NOTACCEPT UNLESS aO"- WARNING: EMBOISED SEAL OF THE ARKANSAS DEPARTNI�NT OF HEALTH IS PRESENT. IT IS ILLEeAL TO 299947 ALTER OR COUNTERFEIT THIS DOl VR 112 t 'Jill ",J JIM& --M ------------ City Clerk Division City of Fayetteville, Arkansas Taye I Sondra E. Smith, City Clerk/Treasurer Lisa Branson, Deputy City Clerk Amber Wood, Deputy City Clerk Departmental Correspondence TO: Trish Leach, Accounting Summer Fallen, Accounting FROM: Sondra E. Smith, City Clerk/Treasurer 46:a� DATE: January 3, 2012 RE: Merlin Layer Firemen's Pension I am forwarding this memo to you due to the death of a Firemen's Pensioner. Please stop the pension benefit for Mr. Layer. He was receiving benefits due to being on the old Pension Plan. There are no survivors for the benefit Mr. Layer was receiving. When the death certificate is received a copy will be for-warded to Accounting. Fayetteville,Arkansas RECEIVED FIREMEN'S PENSION&RELIEF FUND AFFIDAVIT STATE OF JAN 10 2011 )ss: CITY OF FAYETTEVILLE COUNTY OF CITY CLERK'S OFFICE L�4 do solemnly swear that I presently receive pension benefits from the Firemen's Pension and Relief Fund ano am eligible to continue receiving pension benefits as governed under state law. I am a former lirefighter for the Fayetteville Fire Department. El I am the spouse/former spousetwidow of a former firefighter of the Fayetteville Fire Department,and that I have not remarried since becoming eligible for benefits. El I am an eligible dependent of a former firefighter for the Fayetteville Fire Department and have attached an affidavit verifying my school attendance, Address: 3c) 55 �Mjt CcijoA Rm&,, !�kA A"'o, \j Telephone: Clk� 1,A Social Security No.1- Mm IM[LBirth date: PLEASE LISTALL 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 SEcuRrry No. BIRTH DATE RELATIONSHIP DATED this day of AFPr.'CN-T(signature)' SUBSCRIBED AND SWORN to before me,a Notary Public,this 9 day of jol I OFFICIAL SEAL �T BRANDON HUMPHRIES NOTARY PUBUC.ARKANSAS WASHINGTON COUNTY Notary Public COMMISSION*12365994 My Commission Expii as: (This affidavit is required annually by the Firemen'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 3 1' each year.) Merlin Martin yer Jl� F a, Any,IF 119V�e 4 ffi a, 0 A*MOM !�,a qxmt�gomfdj p- t in Fayettevilk latliatijoren o son Burial Will.bi in guc�ne� IM-1 �qflm v2� PMR '01 To sign the online guest 1j, V ._ Oo o visit.,ww*m&res fun6rA1cbapdcdnL d'- of ?a Jill ter as woff' c e Ufa�1,.r. an resa d B�aird Ito Layer f inslovir $4 goreat FIREMEN'S RELIEF AND PENSION Dec 12 12 2011 12 12 REVISED 12 THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED. DATE OF Regular Mo YearTo Date EMP#RETIREMENT NAME Benelit Reg Benefit 0 79 11/99 SMITH(ARMSTRONG)(DILL), PAMELA 1,812.74 21,762.88 R 177 4/04 BACHMAN,EDDIE 2,618.55 31,422.60 S 74 3/86 BAIRD,JULIA 1,802.08 21,624.96 V 63 5/72 BOLAIN,ANN 109.27 1,311.24 R 63 W99 BONADUCE,MICHAEL 2,988.76 35,865.12 S 44 9186 BOUDREY,BETTY MRS. 2,477.42 29,729.04 R 45 9186 , BOUDREY,HOWARD 2,089.28 25,071.36 R 49 7/88 BOUDREY,JACK 1,647.63 19,771.56 V 210 6172 CASELMAN,GLADYS deceased Sept 21st 0.00 1,180.17 R 57 5190 CATE,ROY 1.788.90 21,465.80 V 6 4/68 CHRISTIE,ARNOLD 109.27 1,311.24 V 8 10f76 COUNTS.WAYNE deceased Nov 12th 0.00 1,201.97 R 77 11/99 DILL,GARY JOHN 1.812.75 21,753.00 R 188 12t05 DOSS,MARION H 5,37&91 64,522.92 R 188 l2t05 DOSS,MARION H plus 25 additional pay 731.61 8,779.32 R 11 2t76 PARRARALONZO 9N.86 11,986.32 R 192 4/06 FARRAR,DANNY 4,155.36 49,864.32 R 38 5184 FRALEY,JOSEPH 0. 1,768.12 21,217.44 R 170 5103 FREEDLE,LARRY 3,818.75 45,801.00 R 170 5103 FREEDLE,LARRY plus 25 additional pay 141.37 1,696.44 R 92 03102 GAGE,TOMMY 2,596.69 31.160.28 V 34 6179 HARRIS,JAMES E. 109.27 1,311.24 V 70 11/99 HARRIS.MARY RUTH 109.27 1,311.24 Q 182 1Qf34 JENKINS,EILEEN 1,788.75 21.465.00 R 93 06/02 JENKINS,JOHN 1,788.76 21,465.12 R 86 07101 JOHNSON,ROBERT 3,073A7 36,881.64 R 64 4/95 JORDAN,CHARLIE 2,274.95 27,299.40 S 76 5188 JUDY,JAN 1,647.63 19.771.56 R 37 3184 KING.ARNOLD D. 1,522.37 18,268.44 R 54 5189 KING,ARVIL 1,711.21 20,534.52 R 13 l0f67 LAYER,MERLIN 456.22 5,474.64 R 173 12t03 LEDBETTER,DENNIS 3,775.80 45,309.60 R 51 10188 LEWIS,CHARLES 1,647.63 19,771.56 R 40 Sms LOGUE,PAUL D. 2,868.28 34,419.36 R 202 02f0B MAHAN,MARSHALL 4,077.28 48,927.36 R 50 9188 MASON.LARRY 1,631.25 19.575.00 R 39 4105 MC ARTHUR,RONALD A. 1,753.74 21.044.88 V 35 2182 MC CHRISTIAN,DWAYNE 109.27 1,311.24 R 15 4t77 MC WHORTER,CHARLES 1,334.51 16,014.12 S 209 8181 MILLER,ALICE GAYLE 1,3D4.07 15,648.84 R 73 2100 MILUERKENNETH 3,180.02 38,160.24 R 73 2100 MILUER,KENNETH plus 25 additional pay 170.60 2,047.20 V 42 2186 MOORE,JAMES H. 109.27 1,311.24 V 176 4104 MORRIS.DIXIE E. 125.66 1,507.92 R 48 7188 MULUENS,DENNIS W. 2.191.30 26,295.60 R 184 3105 NAPIER,LONNIE 3,518.28 42,219.36 R 196 01102 ONEAL,TEDDY 4,120.99 49,451.88 R 46 5188 OSBURN,TROY 1,899.66 22,795.92 R 81 02101 PHILUPS,LARRY 2,765.09 33,181.08 R 203 02/09 PIERCE,JOEY 3,647.18 43,766.16 R 53 2189 POAGE,LARRY 2,346.70 28,160.40 R 186 06105 REAGAN,PETE 3,535.71 42,428.52 V 201 '02108 REED,JUNE 109.27 1,311.24 S 172 112J03 SCHADER,MADGE 1,386.01 16,632.12 R 41 SM5 SCHADER,TROY 1,624.99 18,299.88 R 190 04/06 SHACKELFORD,GUEN 3,647.18 43,766.15 R 36 576 SPRINGSTON.CARL 806.19 9,674.28 S so 03102 STOUT,IMOGENE W. 767.80 9,213.60 R 165 l2fO2 TATE,RAUPH 3,66B.10 44,017.20 V 65 3166 TUNE,BILLIE SUE 136.59 1,639.08 R 71 1100 WARFORD,THOMAS 2,502.72 30,032.64 S 207 7168 WATTS,MAGGIE 437.09 5,245.08 R 88 OV02 WOOD,RONNIE D 3,077.15 36,926.80 S 208 9188 WRIGHT,Barbara 1,691.34 20,296.08 119,190.94 1,432,673.42 112512012 K:Tim PonsionXPension UsIXPension List 201ITP 120111 RevIsedWM DATE OF Regular Mo Year To Date EMP#RETIREMENT NAME Benefit Reg Benefit WE,THE UNDERSIGNED,DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT;THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID;THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'$RELIEF AND PENSION FUND;THAT THE SERVICES OR SUPPLIES FURNISHED,AS THE CASE MAY BE,WERE ACTUALLY RENDERED OR FURNISHED;AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS-DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 11114/2011 K:Tire Pension%Pension UsbPension List 201 ITP 120111 Revised WM