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HomeMy WebLinkAbout2011-10-20 - Agendas - Final Lioneld Jordan Chairman ® Jerry Friend Retired Position 2 Sondra E.Smith Treasurer Tim Helder Retired Position 3 Eldon Roberts Treasurer Retired Position 1 PV1 Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 Taye . le ARKANSAS Policemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 20, 2011 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held on October 20, 2011 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 21, 2011 meeting minutes Pension List Changes: • Adrian Cooper Deceased September 13, 2011. Does not have a spouse. Approval of the Pension List: • Re-approval of the October 2011 Pension List (Adrian Cooper Deceased) • Approval of the November and December, 2011 Pension Lists • Approval of the January, 2012 Pension List Unfinished Business: • Review, Approve and Sign Longer Investment Policy New Business: • Revenue and Expense Report • 2012 Meeting Schedule Discussion Items: • LOPFI Longer Investments: • Longer Investment Letter dated August 5, 2011 • Longer Investment Letter dated August 15, 2011 • Longer Investments 3rd Quarter 2011 report • Longer Investments monthly report • Longer View Informational: Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 1 of 17 le Lioneld Jordan Chairman Jerry Friend Retired Position 2 Sondra E.Smith Treasurer Tim Helder Retired Position 3 Eldon Roberts Secretary/Retired Position 1revTaye Melvin Stanley Retired Position 4 ARKANSAS Frank Johnson Retired Position 5 Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held at 3:00 PM on July 21, 2011 in Room 326 of the City Administration Building. Eldon Roberts called the meeting to order. Present: Mayor Jordan,Jerry Friend, Frank Johnson, Eldon Roberts,Tim Helder, Sondra Smith, City Clerk, Kit Williams, City Attorney, Paul Becker, Finance and Internal Services Director, Elaine Longer and Kim Cooper, Longer Investments. Melvin Stanley was absent Approval of the Minutes: Approval of the April 21,2011 meeting minutes Sondra Smith: The minutes were emailed to the Board. Eldon Roberts moved to approve the April 21, 2011 Policemen's Pension and Relief Fund Board of Trustees meeting minutes. Jerry Friend seconded the motion. Upon roll call the motion passed 6-0. Pension List Changes: Charles Johnson deceased July 13,2011. His benefit will 110 to his spouse. Sondra Smith: Beginning in August the benefit he was receiving will go to his spouse. The pension reports for August, September, and October will show his name but that he is no longer receiving benefits. We requested that Accounting cut a $200 check which will be mailed to his estate. Jerry Friend: The check does not take a vote? Sondra Smith: No, the Board approved sending a $200 check to the estate of a pensioner that deceases. Eldon Roberts: Do we need a motion to amend the pension list for the next three months? Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 2 of 17 Sondra Smith: The reports that you are approving show the corrections. The one for July is correct because he did not decease until July. Approval of the Pension List: Approval of the August, September, and October 2011 Pension Lists Jerry Friend moved to approve the August, September, and October 2011 Pension List. Tim Helder seconded the motion. Upon roll call the motion passed6-0. New Business: Board Election Results—Tim Helder,Eldon Roberts, and Melvin Stanley elected Informational only. New Pension Board List Sondra Smith: We have updated the pension list. I would like for you to check the pension list to see if there are any corrections or updates to your information. Please let us know if your information needs to be changed. Election of the Board Secretary Sondra Smith: According to,state statute 24-11-405 (B) the board shall select one of the police pension members as secretary of the board to serve for a period of two years or until his or her successor is elected and qualified. -It is time to elect a secretary. Eldon is currently serving in that position. Jerry Friend made a motion to re-elect Eldon Roberts as the Policemen's Pension and Relief Fund board secretary'; 'Tim Helder seconded the motion. Upon roll call the motion passed 6-0. Policemen's Turnback;for 2011 Sondra Smith: In your agenda you will find information regarding the turnback funds that you receive from the State. The information shows the checks that we received the amount for us to pay each pensioner, and how the distributions of those amounts were supposed to be divided. Also in your agenda is a spreadsheet that shows the amounts that you received from 2002 until 2011. Eldon Roberts: The actuary mentioned this at the last meeting we had. He mentioned it was about$300 more this time than it was the year before. It is probably going to increase every year Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 3 of 17 because it has to do with police officers dying. There are not as many pensioners to divide into the sum of money. Kit Williams: Do the spouses get this? Eldon Roberts: Divorced spouses don't get it. It is for the policemen only. Sondra Smith: If they have a qualified domestic relations order (QDRO) it says in the paperwork that they are not allowed to receive that amount. Kit Williams: If the original order said that. Eldon Roberts: That is something the State has always handled. Sondra Smith: The State calculates the amount and determines who you are,supposed to give the funds to. Ex-spouses of a pensioner, who have a qualified domestic relations order (QDRO), are not listed to receive the money. The information comes from PRB. Eldon Roberts: A widow doesn't receive it either, do they? Sondra Smith: Widows receive the money. They are on the calculation. Eldon Roberts: I didn't know. I'm not sure of that. Sondra Smith: The bottom of the chart shows'.regular and spouse regular. A spouse, on the future supplement, gets the same amount as the retirees. The QDRO's do not. Eldon Roberts: A widow. Sondra Smith: A spouse would be a widow of a police officer. Eldon Roberts: They do receive it. Sondra Smith Unless they are divorced. Pension review Board(PRB) Memo EvaluatinLF Investments dated June 6, 2011 Sondra Smith: Trish received a memo from PRB that gives you information of what you are supposed to do to evaluate your investments. Unfortunately the Firemen's Pensions Fund is getting close to the $5,000.000. Once you get to $5,000.000 your investments have to change. Kit Williams: It's much more restrictive. Sondra Smith: We have already talked to Elaine Longer about this for the Fire Pension because they are close to the $5,000.000. Elaine told us that she does not feel like she is capable of Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 4 of 17 managing the pension fund once it gets down to that point because she will have to change her investment strategy. Paul Becker: Essentially you are out of individual equities. If you go under $5,000,000 you are not eligible to go to individual equities and trade. The only part of the equity market you can go in is no load mutual funds. That is going to restrict your investment earnings which is not in keeping with their investment philosophy. Kit Williams: You really don't need a financial advisor if you are buying no low mutual funds. Paul Becker: It locks you into the bond market. Remember our discount rate is currently 5%. That is what your actuarial study is based on. It is almost impossible to go into the bond market today and get 5%returns. You are quite a way from the $5,000.000 mark at this point. Eldon Roberts: Has anyone checked into this? I talked to some fire fighters and the Executive Director of the Pension Review Board (PRB) in Little Rock, David Clark, was contacted about this and he said this doesn't apply. Kit Williams: What doesn't apply? Eldon Roberts: This, to the fire and police pensioners. Kit Williams: Why would they send us a letter? Eldon Roberts: You are not to the point where,you have to start doing that yet. Kit Williams: They sent the Fire Pension a letter telling us about this. Eldon Roberts: I might have gotten some bad information. Mayor Jordan: I have'already sent the letter out to the Fire Pension Board. Sondra Smith: Paul can elaborate on that but the Mayor asked Paul Becker to call PRB because some of the fire pension board members were concerned that it didn't apply. The Mayor requested that PRB send a letter regarding this issue and the way I'm reading the letter it does apply. Eldon Roberts: Maybe_that has changed but I talked to some fire fighters and that came straight from the one who talked to David Clark. They brought this up when we were at the meeting in Little Rock and we knew it was pretty devastating. Paul Becker: David Clark said that's the law. That's the position and that's the law. We said are you directing the pension fund to do that and he said no that is the decision of the trustees of the pension fund, however, that is the law. He was very clear that that is what the law said when I talked to him. Jerry Friend: They make the decision. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 5 of 17 Paul Becker: They said it's the trustee's decision but that's the law. A decision contrary to that law you are in violation to the law. Mayor Jordan: But you don't have to make that decision. Eldon Roberts: There is a good chance we will be there one of these days. Kit Williams: No question about it. It is too bad because I think you all have had very good luck with Elaine managing your fund. Once you go this other way you're.not going to have her benefit, but if that is the law that is the law. I read the law land I think that is the safest interpretation of it so I recommend you follow what the state board has told you to do. The law, like a lot of laws, could be a little clearer because the law says until you reach $5,000,000 you can't do what you are doing now; you can only go in no load funds and CD's. Once you get to $5,000,000 you can do these other things. It doesn't say once you go back below $5,000,000 you have to go back to the others but that is a good interpretation of the law. That is what PRB says is their interpretation so you are safe if you make that determination. You're not safe if you don't. Sondra Smith: In your packet is a copy of the correspondence. That's just for your informational purposes. Frank Johnson: As a matter of public record I would find it very challenging to read these minutes and reconcile what we received in an email and what you were told by David Clark in a meeting. Mayor Jordan: We should have a copy of that letter, Frank. Sondra Smith: I can get a copy of it. Mayor Jordan: Basically they are saying that is the law but they can't really make that decision for us. We would have to come to thatdecisionourselves. Kit Williams: But you have fiduciary responsibilities. Frank Johnson: We understand that. Mayor Jordan: They are not going to step in and do it for you. You're going to have to have a vote of the board. Eldon Roberts: I wonder how that will work having fiduciary responsibilities and still do better if we have Elaine manage the fund, if it went below $5,000,000, than you would to get out and try to do it on your own. As a fiduciary standpoint looks like you could violate the law. Paul Becker: Don't forget there is a downside risk to that too. I not going to say what was in the legislative thought process but as your plan is closed and as your assets are reduced they usually recommend you go to a safer asset base. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 6 of 17 Sondra Smith: I will get you a copy of that letter. Frank Johnson: I wasn't talking about for me. Just somehow reflect it in the minutes. Actuarial Valuation Report for December 31, 2010 Eldon Roberts: Do we need to take action on this or are you just bringing it to our attention. Sondra Smith: That's your new reports. Be sure and look through it very carefully. You need to look on page 10 at your funded percentage. Eldon Roberts: It's not changed that much since 2009 but it not good, I understand that. Sondra Smith: No, yours has not changed much. Revenue & Expense Report 06/30/11 Sondra Smith: That is the report that Trish in Accounting does to show you your revenue and expenses. Eldon Roberts: As of June 30th this year we had $161,000 in loss,is that right? Sondra Smith: Yes. Eldon Roberts: If things continue like they are at the end of the year it will be $320,000. Alliant Fiduciary Liability Insurance Letter Eldon Roberts: Is this someone we are doing business with or do they want to do business? Sondra Smith: They want to do business with you. It's insurance to cover your fiduciary responsibilities. Eldon Roberts: As individual board members? Sondra Smith: When I get something I put it in your packet. Discussion Items: LOPFI Eldon Roberts: That's something we put on the agenda. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 7 of 17 Longer Investments: Sondra Smith: There are several additional items in the agenda that Elaine Longer is required to send us. Longer Investments Policy Review A copy was given to the Board The Longer View A copy was given to the Board Longer Privacy Notice A copy was given to the Board Longer Investment Information A copy was given to the Board Longer Investment Brochure (Form ADV) A copy was given to the Board Longer Investments 2"d Quarter 2011 report A copy was given to the Board Longer Investments monthly report A copy was given to the Board Elaine Longer: ,The volatility'is unbelievable because everyone is getting on the edge of their seats trying to wait on the Greece resolution. That has huge implications for the European banks. In the US we are waiting on the deficit and debt limit being increased. There is a lot of behind the scenes trading that's going on trying to reach a resolution. Today it was rumored that they were close, so the market opened up pretty strongly and bonds went down after being up. The bonds went up the other day when it looked like there was going to be a deal. Today they went down by two full points from where they were two days ago. You have this plus or minus 2% to 3% volatility going on in all the markets not just the stock markets but including the treasury bond market. Today in the middle of the day, someone from the White House apparently leaked, through one of the news agencies, that Boehner and Obama had reached a tentative agreement. With that the bonds went up a full point, stocks went up and within minutes it was denied by the White House they had closed a deal and the bonds came down a full point. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 8 of 17 When I wrote the newsletter we tried to write about the fact that right now there's not a risk free asset out there. Cash is risk free but you don't make anything, so really there is no return there, so there is risk of not being able to meet your funding needs and for retired people not being able to maintain the purchasing power of their assets. Then you look at the bond market and the volatility we've seen plus or minus 3% in bonds within just a few days. You have a lot of potential for price decline in the bond market if the economy gains traction because the ten year treasury, since it is trading at around 3%, if interest rates go up by 1% that bond looses 8% of its value. At this particular point in the market there is a lot of price risk to being in long term treasury debt should interest rates start to go up. Stocks are relatively cheap compared to bonds but they are the most volatile in response to all these macro risks. Basically we have adhered to a pretty conservative structure in the stock portfolio and we have greater than a ten year treasury yield on the stocks that we that we own. In the fixed income side we incorporate a lot of other assets like high dividend paying funds, utility funds, preferred debt, and corporate investment grade bond fund, all of these different types of assets to be able to maintain the income without taking on to much price risk from the maturity length. It a balancing act right now where everything is in flux. You can't leave the asset markets, you have to find away to stay and the way we are finding a way to stay is to emphasis income, emphasis a broad diversification across asset types, asset classes, and within each asset class the overriding emphasis is on quality. Basically at this point in the market, with what's going on the world at large,that is about all you can do. Page one is the June 30th report. Stocks are at 46% of portfolio, the International has been pruned back quite a bit because at this point in time Europe seems risky relative to the US market. Japan has been hit because of the tsunami and the earthquake. The International markets, the emerging China, Brazil, all of those International markets are higher risk relative to the US. If the US catches a cold they catch pneumonia because they are shipping to the consumers in the United States. We have really pruned back the International holdings, so this is the first time in a long time we don't have to ask for a vote to be above 50%. We are at about 46.5%. We have the high income funds, Guggenheim multi-asset fund is a stock fund but it also has real estate investment trusts but only at 8% of total. It's a pretty conservative fund. The largest holding in that fund is only, 1.4% of the fund. It's broadly diversified and gives us an opportunity to achieve income of 4.8% yield which is higher than anything we can get in a fixed income market. The utility fund is a fund that holds a lot of utility stocks and it yields 4.2% compared to 3% in the ten year treasury. It's a much higher income than we can get in a fixed income market. The next page shows the bond funds which are 19.3% of total portfolio and we have preferred debt which is 6% of portfolio yielding 6.3%. The treasuries that you have are about 13.4% of portfolio. The price volatility on the good side, with interest rates declining, where the 5 1/8 at the time it was purchased was purchased at par or 100 cents on the dollar currently trading at 116. While you have been earning 5% income you have also achieved 16% in price appreciation. The 4% treasury which we bought in the first quarter of last year paying 103 for it, today is trading at about 114. You can see the price fluctuation relative to interest rates, when Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 9 of 17 interest rates are going down then you earn your coupon return plus capital appreciation. If interest rates move higher then some of the capital appreciation will go by the way side and come back closer to par. The total portfolio on June 30th was 8.15 million and the income yield on the total portfolio even with roughly 50% invested in growth is 3.8%. You have an income yield that exceeds what you have in a typical ten year treasury type bond portfolio even though you have a 50% exposure to growth. That's why we are structured in a way that the equity side of the portfolio also continues to support the income of the portfolio. Page three is a current update as of July 201h and not much changed there. Page five shows the realized gain loss report. Year to date realized gains are about $227,000. That's because we've harvested some of the gains in the portfolio battening down the"hatches a little bit going into this budget deficit talk. This really is quite huge, there are a couple of rating agencies who are threatening to down grade the US debt and we've been put on credit watch. The significance of that is if we lose a Triple A credit rating on the treasury debt there are a lot of funds that hold treasury debt that can't hold it if it's not a Triple A security. Even though it doesn't sound very threatening on television to go from Triple A to Double A it can be quite disruptive in the markets if something like that should happen. We're in a pretty defensive posture but as the variables become more know we have plenty of flexibility in the portfolio to go to more growth but at this point in time we're pretty defensive. The next page is the income distribution in your''fixed income portfolio. The weighted average yield to maturity is 4.4%. That's not much different from where you were on year end at 4.5% but if you look at the next line the average maturity in years has declined to 6.4 years from 8.7 years. We've reduced your average maturity in the bond portfolio by about 2.5 years but we haven't had to give up income to do it. You're in..,,a more defensive posture on the fixed income side, less price risk should interest rates go up but m the mean time we haven't sacrificed income to do it. The next page shows the returns inception to date and year to date by asset class. Through June 30th stocks are up about 2.5%. International was down 6.8% but a lot of that was Japan and it is such''a small.part of your total portfolio that it didn't affect performance significantly. The fixed income side is 2.3% year to date, so the total is up about 2.3%. Last year stocks were up 12.7, International was 9.5, bonds were 8.5%. We had the coupon return of 4% to 4.5% but you also had that price appreciation in a declining interest rate environment so that the total was 11.7%. The compound annual return inception to date is at 6.1% and that is verses the 6% that the actuary rate of return assumption has been from account inception until they just recently turned it to 5%. You're still on track to have achieved your actuary rate of return inception to date and that's been 20 years. On page eight is the contributions and distributions year to date. The withdrawals year to date have been $547,000. The next page shows the asset reconciliation. This is the beginning value where the account originated at $1.35 million. The contributions that have come in and transfers into the account from that point in time are listed on line two and three. All the distributions that have taken place in the past 20 years, $8.48 million and that's relative to an investment return of $7.432 million. Almost the same as your distributions, about 15% less but not nearly as wide a Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 10 of 17 gap as the other pension fund. I don't know what theirs is for 20 years but the distributions have exceeded investment return by roughly a million. Paul Becker: This is just an explanation of your equity side of the portfolio? Elaine Longer: This is the total investment return in dollars that you see on the percentage returns. Paul Becker: What is transfer of securities? Elaine Longer: That would be the transfer in of securities that come in. When we first started managing the account it was only $1.35 million and then there have been contributions that have made it$3.5 million but then the other accounts transferred in under our management. Eldon Roberts: The very top figure of$1.35 million when we started doing business with you, was that the total amount of our fund? Jerry Friend: That's what we started with and then we gradually transferred. Eldon Roberts: That eventually transferred into the rest of the fund. I don't know what time that was but on down the road. Elaine Longer: Do you have any questions about the reports? Elaine handed out a couple charts. This is a great chart to look at with what's going on in Washington. It shows the problem in terms of the debt as a percent of GDP and our total debt as a percent of GDP. The bars are the budget deficit as a percent of GDP and in 2008 we really fell off the cliff getting down to about 10% of GDP in deficit spending and that's on an annual basis. We are actually borrowing on order of 44 cents of every dollar we are sending at the federal government level. Not much has changed even now that we are two years into an economic recovery. We are still running at about 10.5% of GDP on an ongoing budget deficit basis. When you look at the fact that we'rerunning this kind of a deficit plus we've had quantitative easing in the amount of$600 billion in a six month period that ended June 30t1i, if you annualize that $600 billion you're really talking about another stimulus amount that comes to between 7 and 8% of GDP. The total stimulus between physical deficit spending and Federal Reserve quantitative easing has been easily above 15% of GDP, but for 1St quarter GDP growth we only achieved 1.9% growth. You can see the delicacy of trying to withdraw this stimulus in the form of deficit spending. Whether it comes via tax increases or whether it comes with spending cuts it's still a hit to GDP because you are taking something that has propped up the gross domestic product by 10% and we're only 1.9% GDP growth. As you start to shrink this you're at risk of going back into a negative economic situation. That's why you hear people talking about the risk of a double dip recession. When you are cruising along at only 2% GDP growth you don't have a lot of room for a negative hit to the economy. As you start to reduce this from 10% of GDP to eight, seven, or six you can see that it is a delicate balancing act. However you come at it, that's not a political statement republican or democrat, whatever you do whether its tax Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page I I of 17 increases or spending cuts it's going to take from GDP and we are cruising along at only two percent. Jerry Friend: There is a danger,that we have no control of,that nobody will loan us money. Kit Williams: If they don't buy the treasuries then we are in trouble. Jerry Friend: They are going to force us into a revenue that we can't take on our own. Elaine Longer: It's true in Europe the markets are bigger than the governments. We had a Greece fix last year in March of 2010 but that didn't last very,long. Then the markets start driving up the short term interest rates on Greek debt where the two year treasury reached 40%. For all intents and purposes they are shut down,they can't issue debt:` As debt comes off to be rolled they can't refinance it. They were refinancing through the ECB and the IMF was helping, so a lot of the responsibility for that falls on the healthier members of the Euro which are Germany and France. That's becoming apolitical issue in those countries where the elected officials are feeling the political pressure from their constituents that we don't want to bail Greece, Italy, Portugal, Spain or Ireland out. They are all coming to a point where the shared responsibility between the healthy Euro members and the unhealthy ones has to be worked out. What we are seeing in the 'United States is we've been benefiting from what's happening in Europe because it's taking the spot light off of us. We are like Greece. If you look at the numbers we are 10.5% of GDP in deficit spending but it hasn't affected our ability to float treasury debt because right now we are a better house in a bad neighborhood. We are the world reserve currency so we print our debt and we sell our debt in International markets denominated in our own currency. That is a big difference. Your point is that at some,point then the spot light will get to America and what our deficit situation is, it's much better to be preemptively addressing it in a responsible way before you end up in market turmoil. You see what's happening in Greece and Europe, you don't have time to develop a plan and treat it in a judicious fashion. They're trying to address this before the spot light is on America because the twin deficits of the quantitative easing and the federal budget deficit are unsustainable at these levels It would eventually cause the markets to respond negatively and you would not be looking at a 3%ten year treasury. If we face a funding problem you don't know where the ten year treasury will go. The importance of that is the 30 year mortgage keys off the ten year treasury. Everybody is involved because it would drive up the funding cost on home ;mortgages. The housing market has still not fully recovered it would cause more problems there. It is important that they are addressing it and trying to make a $4 trillion or $3 trillion stab at it. There is a lot going on and that is the reason we are pretty cautious. Elaine handed out another chart and stated this was in your newsletter. The quantitative easing is basically the Federal Reserve comes in and buys treasury debt. This is something that was enacted at the lows of 2009 to help the market and help the economy to hold those levels as we were coming out of that financial crisis. The first quantitative easing kicked in, in the lows of 2009 and that propelled the market higher because that was a sticking point. You had the stimulus program and you also had it coupled with Federal Reserve easing in quantitative easing. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 12 of 17 In the middle of 2010 the QE lag lapsed or it rolled off and then the market went into a 17% decline in the summer of last year. At that point in time the Fed come out and announced Quantitative Easing 2 which propelled the markets about 30% higher into the peak that we saw this year in April or May. You can see that the times that Quantitative Easing has not been present, the market has not done so well. Now June 30th QE 2 has rolled off. That's another reason that we're a little bit cautious here in the equity market because we want to see how all of this gets digested. Jerry Friend: The quantitative is not the same as printing, is it? Elaine Longer: Fed Chairman Bernanke on 60 Minutes said that they are not printing money. It's not printing like it used to be but it's electronic. Jerry Friend: If you did a certain amount of dollars and this happens your certain amount of dollars is worth about half. Kit Williams: Depends on inflation. If inflation takes off that's what's going to hurt your pension. Elaine Longer: The first result on Quantitative Easing is asset inflation. What you are seeing is the asset inflation, the asset being equities, but then you have also seen the commodity inflation with food and energy prices going up. We have seen asset inflation, it has not really been reflected yet in price inflation on a bond level outside of food and energy prices, because you still have so much slack in terms of the labor market 9.2% unemployment rate so you are not seeing wage inflation and you still have a lot of excess capacity in plant utilization which is only about 75%. You have excess housing apartment vacancies so you are not seeing rent inflation or home price inflation. A large part of the economy is still basically either flat or deflationary forces and then you have pockets of inflationary forces like the healthcare, education, commodities, food, and energy prices. So that net/net what you are seeing in the inflation numbers that are'put up by the government you're only at about 2 to 2.5% inflation but to the consumerit feels much greater than that. What they experience paying out of their paycheck for their weekly expenses that inflation has been much higher than what you are seeing from the government. Are there any more questions on the report? We brought an investment policy to the last meeting, which is an update, and it basically stream lines your investment policy and brings it up to date with the current SEC requirements and the recommendations from the private law firm that we consulted with just to make sure everything is current in terms of pension law. What they have done is prepare this. It doesn't change anything in terms of your investment objectives or in terms of your asset allocation. The range that we are authorized to have, by vote on the equity side plus or minus 10%, that's in the policy now so that if we are above that in between things we are not in violation of a policy. Nothing has changed in terms of the administration of it being held in Northern Trust. We only use options for hedging purposes and there is .no security lending without approval. These things were not specified in the last policy but this brings it more into line with what the requirements are from a fiduciary stand point. There really aren't any changes to the way that your account Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 13 of 17 would be managed. This kind of tidies it up in terms of laws that pertain to public pensions but also the new SEC regulations. You have an opportunity to review it. We left a copy at the last meeting so I don't know if you want to vote to approve this today or if you want more time to review it we can do that. Eldon Roberts: We asked Paul to look at it. Paul Becker: I have a couple comments. Where it talks about investment objectives on page two I don't see any objectives delineated under that subsection. Elaine Longer: No, because it goes straight into the investment guidelines. Paul Becker: But don't you want to say some of the objectives. Elaine Longer: Yes, we will do that. I think the best thing to do is to put that into the objective being growth and income conservatively and then recognize the new 5% funding requirement that the pension board is coming up with. Paul Becker: In the old policy one of the things on page two it talks about investments in the international securities are limited to 50% of the equity portfolio at cost. Is everybody comfortable with that? Elaine Longer: That was a question of 10, 15, 20, and 25, so basically it was voted on to be 50%to really not have a limit. Eldon Roberts: How does that relate to the investment policy we are using now? Elaine Longer: It's the same. Paul Becker: The current policy says 50%. I just want to make sure everybody is comfortable with that because that is a large percentage for a pension fund. Eldon Roberts: What do we have invested in international? Elaine Longer: We've had it at various points in times as much as 20% or so of equity exposure, not 20% of portfolio'. Eldon Roberts: Do you ever see yourself at 50% of International? Elaine Longer: No, at the time that was voted on we were recommending a lower level but I think the vote was taken to not be bumping up against the limit. Paul Becker: Elaine has already mentioned to you that this will give her the authority to exceed the policy for equities by 10%without having to get your approval. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 14 of 17 In the review procedures you talk about the investment advisor will meet with trustees at least twice annually, before it was quarterly. Are you going to give your report twice a year instead of each quarter? That's up to you if everyone is comfortable with that. Elaine Longer: We are fine being here quarterly. I don't know if that was changed to come into law with pension board. That was probably changed by the attorney's to reflect what needs to be done but if you want to change that back to quarterly, we're here quarterly. Paul Becker: The basic comment I have is you're going to expand on the investment objectives? Elaine Longer: Yes, we will just quote it as being a balanced fund to produce growth and income. We will say the actuary rate of return that they are now using is 5%. Jerry Friend: Why don't we mention the plus or minus 10% Paul Becker: Right now you are approving it after it has happened. This would allow her to do that.. Jerry Friend: I like us approving it after it happens it puts it in our minds. Elaine Longer: We can leave this in here that we can deviate plus or minus 10% and that it will be presented at the quarterly meeting. That way it's in the policy. Eldon Roberts: Do you want us to vote on it or be made aware of it. Jerry Friend: I don't care either way. Eldon Roberts: Lets just have that we are just made aware of it. Elaine Longer: Ok. Eldon Roberts: You can't go over the 10%. Paul Becker: _If you are going to do that I think you would want to vote on it. If you have a policy you should stick to the policy. You can deviate by the policy by 10%. Jerry Friend: If we are going to take a vote we might as well set the limits. Paul Becker: That's true. Jerry Friend: That is why I think we should vote on it. We can vote on it after you do it, it will allow you to go 10%. Elaine Longer: I think what the difference is if it's in the policy and you approve the policy then we are covered being out of that range until the next meeting. If this says we will present it at the meeting, if we are outside of the ranges at least then you will have the knowledge that we are deviating, but the vote I don't think would be necessary if you end up accepting the policy Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 15 of 17 that authorizes us to do that. It's just a question for us to be authorized in the interim. If we are operating and we are at 55% or 56% of equities and we are registered with the SEC, if they come in to audit, they pull the policies on each account and they check to make sure that you are in line with the policy. This just covers us in the interim and then we can write something in here that we would notify you at the quarterly meeting that we exceeded the limit. Jerry Friend: I would like that. Eldon Roberts: If we vote on it we are just voting on something that we have already given the authority to do. Paul Becker: You could always instruct her at that time to get back in line with the policy. Eldon Roberts: Does the quarterly or twice a year meeting need to be addressed? Jerry Friend: She is willing to come quarterly, I think that's good. Elaine Longer: I think they only put it that way because that must be what is required. Eldon Roberts: There may be some times that you can't make it and maybe nobody from your office can make it. I don't want that to be a problem. Elaine Longer: Someone from the office can always make it. Frank Johnson: This is not a proposal to amend this policy with the sections that are applicable. Eldon Roberts: It's a policy of update. Sondra Smith: The other change is that before the entire board signed the policy and now it just has the chairman. Elaine Longer: No, I think the whole board should sign. Eldon Roberts: We always thought the more people that signed it the more people you invite the liabilities on. You're going to re-due that for the next meeting? Jerry Friend: Is there a way she can get that to you where you can send it out with the minutes so you can have it read? Elaine Longer: That's easy to do. Eldon Roberts: At least give Paul a copy of it before the next meeting so he can look it over and be sure we are good to go next time. Sondra Smith: I will send it out as soon as I get it. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 16 of 17 Tim Helder: I read in the paper today where APERS earned a 25% for the fiscal year and then the teacher's retirement. Is the difference in those percentages because they are buying power or diversification? Elaine Longer: It's a June 30th to June 30th and I read that so I went to the computer and I checked and yours is 23.5% as the equity part of the portfolio. Tim Helder: The equity side is earning at a pretty high rate. Elaine Longer: If you remember that chart where QE2 fell off the market had really started down. The June 30th to June 30th is 23.5% on the equity side. The total during that time period was 15.7%. Eldon Roberts: All the LOPFI people I see down at the Police Department mention how little they are doing too, it's probably going to be the same way. Elaine Longer: It's the equity part and then the total portfolio return during that time period was something like 15.8% because the bond side deluded the equity side. When they said 22% or 24% return they didn't specify if it was equity returns. I would have to think it was because that's pretty much what the equity return was during that time period. Eldon Roberts: If they were doing that good in their overall plan that would be unreal. Jerry Friend: But June to June before that they had to take a major hit. Elaine Longer: I would think so because we bottomed in April of 2009. We had a pretty good run up until probably.into June, from June of 2009 to June 2010 I doubt it was 25%. Tim Helder: Thanks Elaine. Eldon Roberts: They do some things we can't do or don't do. They hold real estate and buy office buildings and lease out office space. I know LOPFI does that for sure. It is different type of investments. Elaine Longer: We will look at the policy and correct it and get it back out to you so you can have that and you can take a good look at it again. Thank you. Informational: 2011 Meeting Schedule A copy was given to the Board. Eldon Roberts: Our next meeting is in October. Sondra Smith: Yes, October 201h mark your calendars. Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes July 21,2011 Page 17 of 17 Jerry Friend: I really appreciated your emails reminding us. Tim Helder: And phone calls. Eldon Roberts: We appreciate it and you do a good job too Sondra. Sondra Smith: Thank you. Meeting Adjourned at 4:10 PM Fayetteville Policeman's Pension and Relief Fund Meeting Date 16120/ 11 • Adjourn Time Attendees: Subject: TnpeigmfAk pb Subject: Motion To: V ►'�NZ Motion To: Motion By: I rn Motion By: Seconded : �� Seconded : Mayor Jordan Mayor Jordan Jerry Friend Jerry Friend Tim Helder Tim Heider • Frank Johnson Frank Johnson Eldon Roberts Eldon Roberts Melvin Stanley Melvin Stanley Sondra Smith LA blicJ� Sondra Smith Subject: Subject: Motion To: Motion To: Motion By: Motion By: Seconded : Seconded: Mayor Jordan Mayor Jordan Jerry Friend Jerry Friend Tim Helder Tim Helder Frank Johnson Frank Johnson Eldon Roberts Eldon Roberts Melvin Stanley Melvin Stanley • Sondra Smith I Sondra Smith Fayetteville Policeman's Pension and Relief Fund Meeting Date Io%O Adjourn Time 35 �. m Attendees: AakLJOhow , tnS- a oeldor\ lVA �Y � � �% �a- iKk PIS C�cTimx� il� tndrokSm14- Subject: o 1 Subject: I(� Motion To: ����UUUU l Motion To: y Motion By: Motion By: Ido 12.okurfs Seconded: Seconded: Neldff Mayor Jordan MW16 du il-)v roll Mayor Jordan Jerry Friend ) Jerry Friend Tim Helder Tim Helder • Frank Johnson Frank Johnson Eldon Roberts Eldon Roberts Melvin Stanley Melvin Stanley Sondra Smith AbAfx Sondra Smith Subject: 1 Subject: I ' 1_ Motion To: I Motion To: Motion By: Y a Motion By: P/ Id onf" Seconded: - Fro,.n hoar) Seconded: �e_ val FtIC Mayor Jordan IA U Mayor Jordan Jerry Friend J Jerry Friend Tim Helder Tim Helder Frank Johnson Frank Johnson Eldon Roberts Eldon Roberts • Melvin Stanley Melvin Stanley Sondra Smith t & Sondra Smith Ii City Clerk Division a e eve City of Fayetteville, Arkansas Sondra E. Smith, City Clerk/Treasurer ARKANSAS Lisa Branson, Deputy City Clerk Amber Wood, Deputy City Clerk Departmental Correspondence TO: Trish Leach Accounting FROM: Sondra E. Smith, City Clerk/Treasurer aQA./ DATE: September 14, 2011 RE: Adrian Cooper Death Benefits Policemen's Pension I am forwarding this memo to you so that you may pay death benefits to the above retired police officer's estate. Mr. Adrian Cooper was a member of the old pension plan. After speaking with Eldon Roberts, who serves on the Policemen's Pension & Relief Fund Board of Trustees, it has been determined that the following payment should be made: 1. Pay to the estate of Adrian Cooper a sum of$200.00 for death benefits. Death benefits are only paid to the retired Police Pensioner's estate upon their death. When a widow/widower of a Police Pensioner deceases their estate does not receive death benefits. Mr. Cooper was living in Oklahoma. We received a call form his daughter-in-law, Deborah Cooper, that he deceased on September 13, 2011. Malcolm and Deborah Cooper are listed on his Power of Attorney(POA). When I receive additional information I will forward it to you. oeatns - yl I4ilu I I 1 ulsa w orla STATEIAREA OUR MS!1!1EMORIALS V Ym 1 A Funeral home,church and cemetery locations are in the city under which the death notice is listed unless ;• , otherwise noted. Bamsdall-Barbara Jean Hildebrand,69,died Monday.Services pending.Stumpff. TT -Robert Lee Perrier Jr.,89,died Monday.Services pending.Stumpff. iIt d' j cs . rc redg4lice officer,died Tuesday.Services pending.Stumpff Baby-Richard H.Graham,89,retired Getty Oil Co.material auditor,died Monday.Graveside service 10 a.m.Thursday, Bixby Cemetery.Bixby Funeral Service. -.._ Michael Harrell,44,salesman,died Monday in Tulsa.Services pending.Moore's Southlawn,Tulsa. Marco Quesada,72,retired engineer,died Wednesday.Service 2 p.m.Thursday,Bixby Funeral Service Chapel. Boley-Lee Etta Lee,73,Department of Human Services social worker,died Thursday in Okemah.Wake 7-8 p.m.Friday, Tell a person's life story how you want and create a Hyde Park Mortuary Chapel,and service 11 a.m.Saturday,Amos Temple CME Church. permanent place for family and friends to honor and remember.Memorials are free and controlled by the Broken Arrow-Raymond"Ray"Edward Boyles,72,retired TransWorld Airlines AIC supervisor,died Monday.Services family of the deceased. pending.Floral Haven. • Add as many photos as you want -Margaret Hemdon,81,homemaker,died Tuesday in Denton,Texas.Services pending.Kennedy-Kennard. Upload videos of special moments. • Write as many stories as you want -Angela Dawn Redford,39,homemaker,died Friday.Private family services.Add'Vantage. Brooken-George L.Bullard,59,registered nurse,died Monday.Service 2 p.m.Wednesday,Faith Community Church, Whitefield.Mallory-Martin,Stigler. Coffeyville,Kan.-George Clinton Pruitt,80,Central Barber Shop owner,died Monday.Memorial service 11 a.m.Thursday, Latest ITleniorials Pervwell-Gabel Ford-Wulf-Bruns Funeral Home Chapel,and memorial service 11 a.m.Friday,Agent Funeral Home Chapel We Remember Sallisaw,Okla. Ryan Keith Shaw Checotah-Les Colburn,69,Farm Bureau Insurance district manager,died Monday in Oklahoma City.Visitation 6-7:30 p.m.Wednesday,Garrett Family Funeral Home,and service 2 p.m.Thursday,First Baptist Church. Jim Brown -Bartima Bryant-Johnson,72,retired cosmetologist,died Monday.Memorial service 4 p.m.Friday,Garrett Family Funeral Jimmy DeWayne Brown Home Chapel. For our father Depew-Minnie Katherine Sutton Maxwell,94,retired home economics and English teacher,died Tuesday.Graveside Ralph Leland Vale service 11 a.m.Thursday,Oakdale Cemetery.Hutchins-Maples,Bristow. Drumright-John Streich,60,truck driver,died Monday.Private family services.Michael's. Fairland-Jackie Hamby,59,died Sept.5.Services pending.Heath-Griffith,Tulsa. (I'debrating lif=e: Fort Gibson-Tena Ann Anderson,41,homemaker,died Sunday in Tulsa.Services pending.Ragsdale,Muskogee. Featured guest book comments Grove-Robert"Doc"Bewley,57,businessman,died Monday,Memorial service 4 p.m.Saturday,Legion Hut,Fairplay, I'm so sorry to here of your loss.... _ ..---Colo_Nichols. _ _ - Christina was-a very delightful young -Travis Clayton Swan,33,acoountant,died Sunday.Memorial service 2 p.m.Friday,Reynolds Funeral Service Chapel, woman...she always had a... Tulsa.AdamsCrest Cremation,Tulsa. by oliver,eartha on the story Locust Grove-Carole England Massengill,69,retired from Charlie's In-N-Out,died Monday.Services pending_Locust Christina Michel Barnard Grove Funeral Home. Ketchum-John Franklin Simpson,78,heavy-equipment operator,died Monday.Visitation 6-8 p.m.Friday and service 10 a.m.Saturday,both at Grand Lake Funeral Home,Grove. 2 3 4 5 Miami-Jeannie"SueBear"Gering,59,Eastwood Manor activities director,died Monday.Visitation 6-7 p-m.Wednesday and service 10 a.m.Thursday,both at Paul Thomas Funeral Home. it`Tllltarv lZerc)e Muskogee-Charlotte C.Shelton,72,homemaker,died Tuesday.Services pending.Cornerstone. -Alex O.Tarochione,94,retired General Service Co.owner,died Tuesday.Services pending.Foster-Petering. Nowata-Howard Raymond Slocter,88,oil-field superintendent,died Monday.Service 10 a.m.Thursday,First Baptist Church.Benjamin. Owasso-Daisy M.Donnell,78,accounting clerk,died Tuesday.Services pending.Mowery. P Residents of this small A seventh soldier from Pawnee-Velma Jean English Woods,87,retired Webb City clerk,died Sunday.Service 2 p.m.Thursday,First Assembly Wagoner County Oklahoma has died in Of God.Poteet community were in Afghanistan.Oklahoma disbelief Wednesday at Army National Guard U. Pryor-Wanda Martha,75,died Tuesday.Services pending.Stephens. the news that Oklahoma Damon Leehan,of Army National Guard Spc.Moore,was killed Sunday Sand Springs-Charles Dee Roberts,85,Sunoco Refinery laboratory worker,died Tuesday.Visitation 6-8 p.m. Joshua Michael Seals wasby an improvised Wednesday,Mark Griffith-Riverside Funeral Home,and graveside service 2 p.m.Thursday,Floral Haven Memorial killed in Afghanistan. explosive device. Gardens,Broken Arrow. 1 t t 0- View all Sperry-Virginia L.Buck Turner,81,salesclerk,died Monday.Service 11 a.m.Thursday,Osage Oak Church Of God. Froin the'fids t\ '4}rld arCillVe Johnson. http://www.tuisaworld.com/ourlives/deathnotices.aspx 9/14/2011 Fayetteville,Arkansas POLICEMEN'S PENSION&RELIEF FUND AFFIDAVIT R ECE.I V`r E.:7 STATE OF A M AA/_C�� ) FED 03 Z G!s )ss: CITY OFFAYETTF,-i LE COUNTY OF iJ� ) CITY CLERK'S OF.. t do solemnly swear that I presently receive pension benefits fro them n s�Pen on and Relief FuAd and I am eligible to continue receiving pension benefits as governed under state law. L/d'I am a former police officer for the Fayetteville Police Department. ❑ I am the spouselformer 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 In m school attendance. 12- 9.3-11 T4t, C Address:/ 17 3 ��_ ( C7`L� / '� "W, 234, C-"A� # .fc 23(v Telephone: L4-L) JL- G-!T" /(G� Social Security No.: Birth date: 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 AitClA.ill.Et?ENS / r� public'Notary Seel AFFIANT(signatu STA OF MRSSOURVI NEWTON County My Commission Expires:Jan.31.2044 SUB CRIB If9%6�l�%fare me, Notary Public,this / day of N ary Public My Commission Expires: (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 3151 each year.) OOffice of the City Clerk Treasurer aye eviIle113 West Mountain Fayetteville, AR 72701 ARKANSAS Phone: (479)575-8323 Fax: (479) 718-7695 city_clerk@ci.fayetteviIle.ar.us www.accessfayetteville.org September 14, 2011 Malcolm and Deborah Cooper 1524 Smysor Drive Bartlesville, Oklahoma 74006 RE: Policemen's Pension& Relief Fund Dear Family, I am very sorry to hear about your loss. The pension benefit Mr. Cooper was receiving will no longer be available as of October 1, 2011. We do not prorate benefits during the month the pensioner deceased. Please send a copy of Mr. Cooper's death certificate to: City of Fayetteville, City Clerk, 113 West Mountain, Fayetteville, AR 72701. If you have any questions you may contact the City Clerk's office at 575-8323. I will keep you in my thoughts and prayers during this difficult time. Sincerely, Sondra E. Smith City Clerk Treasurer Treasurer Policemen's Pension and Relief Fund Board of Trustees Telecommunications Device for the Deaf TDDf M(479)521-1316 POLICE PENSION FUND 10 10 10 10 3 Oct 2011 Revised 6800-9800 6800-9800 Month 10 Regular Mo 5335-00 5335-05 Check 10 EMP# NAME Benefit YTD Reg Benefit 154 ALLEN,CHARLES $ 2,584.64 $ 25,846.40 206 BAYLES,BOBBI J $ 1,587.41 $ 15,874.10 107 BLACK,JOE P $ 1,125.64 $ 11,256.40 147 BRADLEY,GERALD $ 4,820.09 $ 48,200.90 139 BRADLEY,RANDALL $ 2,860.17 $ 28,601.70 167 BROWN,JOHN $ 4,362.01 $ 43,620.10 157 CARROLL,RONALD L $ 2,106.04 $ 21,060.40 151 COLE,RUSTON $ 3,065.74 $ 30,657.40 109 COOPER,ADRIAN deceased Sept 2011 $ - $ 5,745.78 160 DUGGER,GARY $ 3,163.74 $ 31,637.40 140 FOSTER,BILLY D. $ 3,207.35 $ 32,073.50 148 FRIEND,JERRY $ 1,970.42 $ 19,704.20 211 FRIEND,MICHELE $ 1,182.26 $ 11,822.60 161 HANNA,JANICE $ 1,368.59 $ 13,685.90 145 HANNA,MARK $ 1,368.59 $ 13,685.90 169 HELDER,TIM $ 5,838.12 $ 58,381.20 180 HOYT,RICK $ 7,460.01 $ 74,600.10 146 HUTCHENS,BERNICE $ 1,825.54 $ 18,255.40 143 JOHNSON,CHARLES deceased 7/13/11 $ - $ 17,188.50 194 JOHNSON,FRANK $ 7,974.81 $ 79,748.10 215 JOHNSON,JOYCE $ 2,455.50 $ 7,366.50 103 JOHNSON,WENDELL $ 783.15 $ 7,831.50 118 JONES,BOB $ 3,300.45 $ 33,004.50 144 KILGORE,DONALD $ 2,046.48 $ 20,464.80 150 LITTLE,PATSY R $ 730.35 $ 7,303.50 156 MARTIN,KENNETH $ 3,692.85 $ 36,928.50 128 MCCAWLEY,LARRY $ 1,694.79 $ 16,947.90 126 MCWHORTER,KAREN $ 1,012.10 $ 10,121.00 136 MITCHELL,MICHAEL $ 2,305.29 $ 23,052.90 141 MUELLER,ROSEMARY $ 2,063.93 $ 20,639.30 158 MUNSON,ANGELA $ 4,198.15 $ 41,981.50 112 MURPHY,JAKE $ 405.75 $ 4,057.50 137 PERDUE,LARRY $ 2,322.67 $ 23,226.70 164 PERSHALL,ROBIN $ 1,525.07 $ 15,250.70 132 PHILLIPS,HOMER GENE $ 1,754.44 .$ 17,544.40 199 PRESTON,NORMA J $ 1,601.37 $ 16,013.70 135 RICKMAN,LOREN $ 2,231.07 $ 22,310.70 214 RIGGINS,BONNIE $ 1,669.37 $ 16,693.70 183 ROBERTS,ELDON $ 4,263.24 $ 42,632.40 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 5,870.90 212 ROBERTS,CAROLYN K $ 3,216.13 $ 32,161.30 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 4,428.90 159 SCHUSTER,JOHN H. $ 3,117.36 $ 31,173.60 168 STANLEY,MELVIN $ 4,880.07 $ 48,800.70 155 STOUT,BETTY $ 866.51 $ 8,665.10 133 SURLES,JERRY $ 2,721.40 $ 27,214.00 142 TAYLOR,DENNIS $ 2,063.93 $ 20,639.30 106 UPTON,FRANKLIN deceased 3/27/11 $ - $ 3,171.24 163 WATSON,RICHARD $ 6,947.05 $ 69,470.50 163 Watson,Richard Plus 25 Add']Pay $ 948.76 $ 9,487.60 149 WILLIAMS,JOYCE $ 2,539.66 $ 25,396.60 195 WITT,BETTY J $ 1,766.83 $ 17,668.30 213 WOOD,RUTHIE $ 1,580.93 $ 15,809.30 $ 129,605.80 $ 1,304,975.02 POLICE PENSION FUND 11 11 11 11 4 Nov 2011 6800.9800 Month 11 Regular Mo 5335-00 11 EMP# NAME Benefit YTD Reg Benefit 154 ALLEN,CHARLES $ 2,584.64 $ 28,431.04 206 BAYLES,BOBBI J $ 1,587.41 $ 17,461.51 107 BLACK,JOE P $ 1,125.64 $ 12,382.04 147 BRADLEY,GERALD $ 4,820.09 $ 53,020.99 139 BRADLEY,RANDALL $ 2,860.17 $ 31,461.87 167 BROWN,JOHN $ 4,362.01 $ 47,982.11 157 CARROLL,RONALD L $ 2,106.04 $ 23,166.44 151 COLE,RUSTON $ 3,065.74 $ 33,723.14 109 COOPER,ADRIAN deceased Sept 2011 $ - $ 5,745.78 160 DUGGER,GARY $ 3,163.74 $ 34,801.14 140 FOSTER,BILLY D. $ 3,207.35 $ 35,280.85 148 FRIEND,JERRY $ 1,970.42 $ 21,674.62 211 FRIEND,MICHELE $ 1,182.26 $ 13,004.86 161 HANNA,JANICE $ 1,368.59 $ 15,054.49 145 HANNA,MARK $ 1,368.59 $ 15,054.49 169 HELDER,TIM $ 5,838.12 $ 64,219.32 180 HOYT,RICK $ 7,460.01 $ 82,060.11 146 HUTCHENS,BERNICE $ 1,825.54 $ 20,080.94 143 JOHNSON,CHARLES deceased 7/13/11 $ - $ 17,188.50 194 JOHNSON,FRANK $ 7,974.81 $ 87,722.91 215 JOHNSON,JOYCE $ 2,455.50 $ 9,822.00 103 JOHNSON,WENDELL $ 783.15 $ 8,614.65 118 JONES,BOB $ 3,300.45 $ 36,304.95 144 KILGORE,DONALD $ 2,046.48 $ 22,511.28 150 LITTLE,PATSY R $ 730.35 $ 8,033.85 156 MARTIN,KENNETH $ 3,692.85 $ 40,621.35 128 MCCAWLEY,LARRY $ 1,694.79 $ 18,642.69 126 MCWHORTER,KAREN $ 1,012.10 $ 11,133.10 136 MITCHELL,MICHAEL $ 2,305.29 $ 25,358.19 141 MUELLER,ROSEMARY $ 2,063.93 $ 22,703.23 158 MUNSON,ANGELA $ 4,198.15 $ 46,179.65 112 MURPHY,JAKE $ 405.75 $ 4,463.25 137 PERDUE,LARRY $ 2,322.67 $ 25,549.37 164 PERSHALL,ROBIN $ 1,525.07 $ 16,775.77 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 19,298.84 199 PRESTON,NORMA J $ 1,601.37 $ 17,615.07 135 RICKMAN,LOREN $ 2,231.07 $ 24,541.77 214 RIGGINS,BONNIE $ 1,669.37 $ 18,363.07 183 ROBERTS,ELDON $ 4,263.24 $ 46,895.64 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 6,457.99 212 ROBERTS,CAROLYN K $ 3,216.13 $ 35,377.43 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 4,871.79 159 SCHUSTER,JOHN H. $ 3,117.36 $ 34,290.96 168 STANLEY,MELVIN $ 4,880.07 $ 53,680.77 155 STOUT,BETTY $ 866.51 $ 9,531.61 133 SURLES,JERRY $ 2,721.40 $ 29,935.40 142 TAYLOR,DENNIS $ 2,063.93 $ 22,703.23 106 UPTON,FRANKLIN deceased 3/27/11 $ - $ 3,171.24 163 WATSON,RICHARD $ 6,947.05 $ 76,417.55 163 Watson,Richard Plus 25 Add']Pay $ 948.76 $ 10,436.36 149 WILLIAMS,JOYCE $ 2,539.66 $ 27,936.26 195 WITT,BETTY J $ 1,766.83 $ 19,435.13 213 WOOD,RUTHIE $ 1,580.93 $ 17,390.23 $ 129,605.80 $ 1,434,580.82 POLICE PENSION FUND 12 12 12 12 5 Dec 2011 6800-9800 Month 12 Regular Mo 5335-00 12 EMP# NAME Benefit YTD Reg Benefit 154 ALLEN,CHARLES $ 2,584.64 $ 31,015.68 206 BAYLES,BOBBI J $ 1,587.41 $ 19,048.92 107 BLACK,JOE P $ 1,125.64 $ 13,507.68 147 BRADLEY,GERALD $ 4,820.09 $ 57,841.08 139 BRADLEY,RANDALL $ 2,860.17 $ 34,322.04 167 BROWN,JOHN $ 4,362.01 $ 52,344.12 157 CARROLL,RONALD L $ 2,106.04 $ 25,272.48 151 COLE,RUSTON $ 3,065.74 $ 36,788.88 109 COOPER,ADRIAN deceased Sept 2011 $ - $ 5,745.78 160 DUGGER,GARY $ 3,163.74 $ 37,964.88 140 FOSTER,BILLY D. $ 3,207.35 $ 38,488.20 148 FRIEND,JERRY $ 1,970.42 $ 23,645.04 211 FRIEND,MICHELE $ 1,182.26 $ 14,187.12 161 HANNA,JANICE $ 1,368.59 $ 16,423.08 145 HANNA,MARK $ 1,368.59 $ 16,423.08 169 HELDER,TIM $ 5,838.12 $ 70,057.44 180 HOYT,RICK $ 7,460.01 $ 89,520.12 146 HUTCHENS,BERNICE $ 1,825.54 $ 21,906.48 143 JOHNSON,CHARLES deceased 7/13/11 $ - $ 17,188.50 194 JOHNSON,FRANK $ 7,974.81 $ 95,697.72 215 JOHNSON,JOYCE $ 2,455.50 $ 12,277.50 103 JOHNSON,WENDELL $ 783.15 $ 9,397.80 118 JONES,BOB $ 3,300.45 $ 39,605.40 144 KILGORE,DONALD $ 2,046.48 $ 24,557.76 150 LITTLE,PATSY R $ 730.35 $ 8,764.20 156 MARTIN,KENNETH $ 3,692.85 $ 44,314.20 128 MCCAWLEY,LARRY $ 1,694.79 $ 20,337.48 126 MCWHORTER,KAREN $ 1,012.10 $ 12,145.20 136 MITCHELL,MICHAEL $ 2,305.29 $ 27,663.48 141 MUELLER,ROSEMARY $ 2,063.93 $ 24,767.16 158 MUNSON,ANGELA $ 4,198.15 $ 50,377.80 112 MURPHY,JAKE $ 405.75 $ 4,869.00 137 PERDUE,LARRY $ 2,322.67 $ 27,872.04 164 PERSHALL,ROBIN $ 1,525.07 $ 18,300.84 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 21,053.28 199 PRESTON,NORMA J $ 1,601.37 $ 19,216.44 135 RICKMAN,LOREN $ 2,231.07 $ 26,772.84 214 RIGGINS,BONNIE $ 1,669.37 $ 20,032.44 183 ROBERTS,ELDON $ 4,263.24 $ 51,158.88 183 ROBERTS,ELDON Plus 25 add pay $ 587.09 $ 7,045.08 212 ROBERTS,CAROLYN K $ 3,216.13 $ 38,593.56 212 ROBERTS,CAROLYN K Plus 25 add pay $ 442.89 $ 5,314.68 159 SCHUSTER,JOHN H. $ 3,117.36 $ 37,408.32 168 STANLEY,MELVIN $ 4,880.07 $ 58,560.84 155 STOUT,BETTY $ 866.51 $ 10,398.12 133 SURLES,JERRY $ 2,721.40 $ 32,656.80 142 TAYLOR,DENNIS $ 2,063.93 $ 24,767.16 106 UPTON,FRANKLIN deceased 3/27/11 $ - $ 3,171.24 163 WATSON,RICHARD $ 6,947.05 $ 83,364.60 163 Watson,Richard Plus 25 Add9 Pay $ 948.76 $ 11,385.12 149 WILLIAMS,JOYCE $ 2,539.66 $ 30,475.92 195 WITT,BETTY J $ 1,766.83 $ 21,201.96 213 WOOD,RUTHIE $ 1,580.93 $ 18,971.16 $ 129,605.80 $ 1,564,186.62 POLICE PENSION FUND 1 1 1 1 1 Jan 2012 6800-9800 Month 1 Regular Mo 5335-00 1 EMP# NAME Benefit YTD Reg Benefit 154 ALLEN,CHARLES $ 2,584.64 $ 2,584.64 206 BAYLES,BOBBI J $ 1,587.41 $ 1,587.41 107 BLACK,JOE P $ 1,125.64 $ 1,125.64 147 BRADLEY,GERALD $ 4,820.09 $ 4,820.09 139 BRADLEY,RANDALL $ 2,860.17 $ 2,860.17 167 BROWN,JOHN $ 4,362.01 $ 4,362.01 157 CARROLL,RONALD L $ 2,106.04 $ 2,106.04 151 COLE,RUSTON $ 3,065.74 $ 3,065.74 160 DUGGER,GARY $ 3,163.74 $ 3,163.74 140 FOSTER,BILLY D. $ 3,207.35 $ 3,207.35 148 FRIEND,JERRY $ 1,970.42 $ 1,970.42 211 FRIEND,MICHELE $ 1,182.26 $ 1,182.26 161 HANNA,JANICE $ 1,368.59 $ 1,368.59 145 HANNA,MARK $ 1,368.59 $ 1,368.59 169 HELDER,TIM $ 5,838.12 $ 5,838.12 180 HOYT,RICK $ 7,460.01 $ 7,460.01 146 HUTCHENS,BERNICE $ 1,825.54 $ 1,825.54 194 JOHNSON,FRANK $ 7,974.81 $ 7,974.81 215 JOHNSON,JOYCE $ 2,455.50 $ 2,455.50 103 JOHNSON,WENDELL $ 783.15 $ 783.15 118 JONES,BOB $ 3,300.45 $ 3,300.45 144 KILGORE,DONALD $ 2,046.48 $ 2,046.48 150 LITTLE,PATSY R $ 730.35 $ 730.35 156 MARTIN,KENNETH $ 3,692.85 $ 3,692.85 128 MCCAWLEY,LARRY $ 1,694.79 $ 1,694.79 126 MCWHORTER,KAREN $ 1,012.10 $ 1,012.10 136 MITCHELL,MICHAEL $ 2,305.29 $ 2,305.29 141 MUELLER,ROSEMARY $ 2,063.93 $ 2,063.93 158 MUNSON,ANGELA $ 4,198.15 $ 4,198.15 112 MURPHY,JAKE $ 405.75 $ 405.75 137 PERDUE,LARRY $ 2,322.67 $ 2,322.67 164 PERSHALL,ROBIN $ 1,525.07 $ 1,525.07 132 PHILLIPS,HOMER GENE $ 1,754.44 $ 1,754.44 199 PRESTON,NORMA J $ 1,601.37 $ 1,601.37 135 RICKMAN,LOREN $ 2,231.07 $ 2,231.07 214 RIGGINS,BONNIE $ 1,669.37 $ 1,669.37 183 ROBERTS,ELDON $ 4,263.24 $ 4,263.24 183 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 $ 442.89 159 SCHUSTER,JOHN H. $ 3,117.36 $ 3,117.36 168 STANLEY,MELVIN $ 4,880.07 $ 4,880.07 155 STOUT,BETTY $ 866.51 $ 866.51 133 SURLES,JERRY $ 2,721.40 $ 2,721.40 142 TAYLOR,DENNIS $ 2,063.93 $ 2,063.93 163 WATSON,RICHARD $ 6,947.05 $ 6,947.05 163 Watson,Richard Plus 25 Add'I Pay $ 948.76 $ 948.76 149 WILLIAMS,JOYCE $ 2,539.66 $ 2,539.66 195 WITT,BETTY J $ 1,766.83 $ 1,766.83 213 WOOD,RUTHIE $ 1,580.93 $ 1,580.93 $ 129,605.80 $ 129,605.80