HomeMy WebLinkAbout2015-08-06 - AgendasLioneid Jordan Chairman
Sondra E. Smith Secretary
Roy Cate Position I Retired
4917"T "T
August 06,2015,
Pete Reagan Position 2 Retired
Dennis Mulfens Position 3 Retired
Ron Wood Position 4 Retired
I Im- ro
I I
Call to Order
Garrison Financial:
0 2,d Quarter Repo]
Approval of the Minutes:
• Approval of the April 30, 2015 Meeting Minutes
• Approval of the May 27, 2015 Special Meeting Minutes
Pension List Changes:
* None
Approval of the Pension List:
0 Approval of the August, September and October 2015 Pension Lists
Unfinished Business:
• All Affidavits Received
• Consolidation Study Letter to PRB and Che
• LOPFT Consolidation Study Report 06/11/11
New Business:
9 Revenue and Expense Report 06/30/15
* 2015 Tumback Information
# PRB Letter Evaluating Investments 06/02/
0 2014 Actuarial Valuation 05111115 1
Informational:
# CurTent Firemen's Pension Board of Trustees
0 2015 Meeting Schedule
• September 29, 2015 — 4:30 pm, or immediately following City Council Agenda
Session — Room 219
• October 29, 2015 — 3:00 pin — Room 326
Fayetteville Fireman's Pension and Relief Fund
Meeting tate .-
Adjourn Time, 3 7,
Attendees:
n,
Subject:
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City of Fayetteville Firemen Is Pension & Relief Fund
Charles Schwab #7851-1206
Quarter Ending June 30,, 2015
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Garrison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab #7851-1206
June 30, 2015
Adj Unit Total Adjusted rdarket Pet, Unit Annual
Quantity Security Cost Cost Price Value Assets Income hilcome, yield
CASH AND EQUIVALENTS
Schwab Advisor Cash Res - 226,248,83 226,248,83 6,0 0010 22,62 00
Premier
226,248,93 226,248,83 &0 22.62 0,0
I'RFASURY NOTE
Columbia Acom Intl Z
38.58
43,52
50,402,27
1:5
0,680
88129
200,000
USTreasuryNote
100.65
201,300;67
109.17
218,343,80
58
4,000
8,000.00
10
3,7
4,000% Due 08-15-18
Natixis Loomis Sayles
13.07
100,000,00
1274
97,475 13
2-6
0390
2,983,93
3,1
Accrued Interest
Bond Fund
2,981,43
0A
3,600,360
PIMCO Total Return Cl
201,3X67
40,000:00
221,327.23
5,9
LO
8,000,00
10
CORPORA'rE BONDS
D
50,000
IBM Corp.
100,01
50,002,73
129,06
64,531.15
1,7
7:000
3,50000
36
3,653,06
7.000% Due 10-30-25
4,558,369
Vanguard Developed
10,97
50,000,00
12,76
58,164.79
1,5
0,370
1,686.60
Accrued Interest
Markets
59333
0:0
1,387,374
50,002.73
36,04
65,114,48
1.7
47,378,82
3,500,00
16
COMMON STOCK
2,0
Mkis Stk Judex
1,710
AT&T, Inc.
24.,39
41,702,95
35:52
60,739,20
1,6
1.480
3,214,80
5.3
1,575
AbbVie, Inc,
24.35
39,357 14
67-19
105,824.25
2.8
2,040
3,213.00
3,0
1,575
Abbott Laboratories
22,46
35,371,29
49,08
77,301.00
2,0
0960
1,512.00
20
1,250
BCE, Inc. Cl F
24.40
30,494,62
42,50
53,125.00
1,4
2,650
3,312,50
62
350
Chevron Corporation
73,07
25,575,42
96.47
33,764,50
0,9
4290
1,498,00
44
3,000
Cisco Systems, Inc,
17.43
52,30290
27,46
82,380,00
22
08,10
2,520.00
3.1
2,200
Coca-Cola Company
26,40
58,074.28
39,23
86,306,00
23
1.320
2,904,00
3A
1,200
ConocoPhillips
44,94
53,930,85
61,41
73,69100
2,0
2,920
3,504.00
4.8
3,000
General Electric Co.
15.96
47,883,00
26,57
79,71 O,00
2-1
0.920
2,760,,00
15
900
Genuine Parts Co.
36,65
32,986.53
89,53
80,577,00
2A
2,460
2,214,00
2,7
1,500
GlaxoSmithKiine Pic,
38,47
57,702,15
41,65
62,475,00
1.7
2.290
3,435,00
5,5
2,250
Intel Corp.
17.61
39,612,97
30,41
68,433.75
1.8
0,960
2,160,00
3,2
815
Johnson & Johnson
60,77
49,527,39
97,46
79,429,90
2 1
3,000
2,445,00
3,1
850
Kimberly Clark Corp,
58;18
49,454.69
105,97
90,074,50
24
3,520
2,992,00
33
1,300
Microsoft Corp,
26,30
34,185.86
44.15
57,39500
1.5
1240
1,612,00
2,8
1,000
Procter & Gamble Co,
50,46
50,458,56
7824
78,240,00
2 1
2650
2,65000
3.4
700
Wal-Mart Stores, Inc,
5036
35,248,99
7093
49,651.00
11
1,960
732,969.59
1,219,118 10
323
43,31930
3,6
NI1`UTUAL FUNDS
1,296,008
Columbia Acom Intl Z
38.58
43,52
50,402,27
1:5
0,680
88129
1,6
14,455,268
Fed Interni Corp Bond
9,69
140,000.00
9,40
135,879,52
3,6
0,350
5,059,34
3,7
7,651,109
Natixis Loomis Sayles
13.07
100,000,00
1274
97,475 13
2-6
0390
2,983,93
3,1
Bond Fund
3,600,360
PIMCO Total Return Cl
11.11
40,000:00
10,58
38,091181
LO
0200
720.07
19
D
4,683,407
Sleell'ath MLP Income
10,68
50,000.00
9,73
45,569.55
1,2
0,780
3,653,06
800
4,558,369
Vanguard Developed
10,97
50,000,00
12,76
58,164.79
1,5
0,370
1,686.60
19
Markets
1,387,374
Vanguard Emerging
36,04
50,000,00
34,15
47,378,82
13
0990
1;234,76
2,0
Mkis Stk Judex
2,615,123
Vanguard Ili -Div Yid
19,12
50,000m
26,67
69,74533
1,8
0,790
2,065,95
3,0
3,412.116
Vanguard Mid -Cap
29.31
100,000,00
45,85
156,445.52
4,1
0,350
1, 19424
0,8
Growth
3,410,952
Vanguard Mid -Cap
2932
1pop)om
46,89
159,939,54
4,2
0-780
2,60,54
1 7
Value
3,290x816
Vanguard Small -Cap
3039
100,000,00
47,18
155,26070
4..1
0,450
1,480,87
1'0
Growth
Garlison Financial
PORTFOLIO APPRAISAL
City of Fayetteville Firemen Is Pension & Relief Fund
Charles Schwab #7851-1206
June 30, 2015
Adj Unit Total Adjusted Market Pa Unit Annual
nti
Qu Security Cost Cost Price Value Asses Income Income Yield
_-9-ist -tyS
_ t
I'll I— I I'll -1-1-11,111,111,11, 1_1111-11-1
3,324.742 Vanguard Small -Cap 30.08 100,000m 46,34 154,06&54 41 0,800 2,659,79 17
Value
930,000.00 1,174,421,52 31.1 26 , 280A4 µw 12
NETEREM
1,825
Sector SPDR UdIfty
2,0
Select Sias
1,400
iShares Barclays 7-10
3,9
yr'freasury
850
iShares DJ Select Div
5,000
iSharcs; IBOXX Inv
115,72
Grade Corp Bond
31.96 58,326.45
104.43 146,198.70
47.39 40,285.75
106.90 534,506,93
779,317.83
MUM=
41,46
75,664.50
2,0
1,540
105,01
147,014,00
3,9
2,100
75,15
63,877.50
L7
1450
115,72
578,600b0
153
3.990
865,156.00
22.9
3,771,386,16 100.0
2,810.50
17
2,940,00
2,0
2,082,50
3.3
19,950,00
34
27,79100
3,2
You should carefully compare this statement to the statement you receive from Your custodian and notify us immediately of any discrepancies,
2
Garrison Financial
PIR -CHASE AND SALE
City of -Fayetteville Firemen Is Pension & Relief Fund
Charles Schwab #7851-1206
From 01-01-15 To 06-30-15
Trade Settle Unit
Date Date Quantity Security Price Amount
SYM,
05-07-15
05-12-15
1,000 American Electric Power
55.46
55,461.03
02-05-15
02-10-15
200 BCE, Inc, Cl F
47,41
9,48129
02-05-15
02-10-15
100 BCE, Inc. Cl F
47.42
4,741.65
02-05-15
02-10-15
100 BCE, Inc. Cl F
47.42
4,741 .65
02-05-15
02-10-15
100 BCE, Inc. Cl F
47.42
4,741.65
02-05-15
02-10-15
100 BCE, Inc, Cl F
47,41
4,741.15
02-05-15
02-10-15
50 BCE, Inc. Cl F
47.41
2,370.57
02-05-15
02-10-15
400 BCE, Inc, Cl F
47.41
18,964.56
05-07-15
05-12-15
294 Chevron Corporation
107,69
31,659.67
05-07-15
05-12-15
56 Chevron Corporation
107.69
6,030.42
03-10-15
03-13-15
833 Duke Energy Corp.
74.79
62,29830
03-10-15
0313-15
750 Emerson Electric
56. 15
42,114-77
04-08-15
04-13-15
106 Halyard Health, Inc.
48.95
5,189.20
02-05-15
02-10-15
100 Intel Corp.
33.94
3,393.81
02-05-15
02-10-15
200 Intel Corp.
33.94
6,78T64
02-05-15
02-10-15
200 Intel Corp.
3194
6,787.64
02-05-15
02-10-15
100 Intel Corp.
33.94
3,393.81
02-05-15
02-10-15
100 Intel Corp.
33,94
3,393,81
02-05-15
02-10-15
200 Intel Corp.
33.94
6,787.64
02-05-15
02-10-15
67 Intel Corp.
3194
2,273.86
02-05-15
02-10-15
233 Intel Corp.
33.94
7,907.61
02-05-15
02-10-15
275 Intel Corp.
33.94
9,332.45
04-08-15
04-13-15
1,520 Pfizer, Inc,
34,65
52,673.43
04-08-15
04-13-15
675 Sector SPD R Utility Select Shs
44.43
29,987x57
385,256.18
Garrison Financial
REALIZED GAINS AND LOSSES
P;-�-Jf
Charles Schwab #7851-1206
From 01-01-15 Through 06-30-15
Open Close
Date Date Quantity Security
-------- .. .....
200 BCE, Inc, Cl F
100 BCE, Inc. Cl F
100 BCE, Inc. Cl F
100 BCE, Inc, Cl F
100 WE, Inc. Cl F
50 BCE, Inc, Cl F
400 BCF, Inc, Cl F
100 Intel corp.
200 Intel Corp.
200 Intel Corp.
100 Intel Corp.
100 Intel Corp.
200 Intel Corp,
67 Intel Corp,
233 Intel Corp
275 Intel Corp.
750 Emerson Electric
833 Duke Energy Corp.
106 Halyard Health, Inc,
675 Sector 5I1DR Utility Select
She
1,520 Pfizer, Inc,
1,000 American Electric Power
294 Chevron Corporation
56 Chevron Corporation
TOTAL REALIZED GAIN/LOSS 149,190.51
MERMANKRISM MIUI rAMMIM
06-03-15
TOTAL DISTRIBUTIONS
Columbia Acorn Intl Z
497.25
TOTAL GAIN/LOSS 149,687.76
497.25
mm 0.00 497.25
0.00 149,687.76
Gain Or Loss
Cost Amort. or
Basis Accretion
......... ..... ....
Proceeds
Short Term
Long Term
4,879,14
9,482,29
4,603.15
2,439.57
4,741.65
2,302,08
2439,57
4,741.65
2,302.08
2,439.57
4,741.65
2,302.08
2,43M7
4,741.15
2301.58
1,219.78
2,370.57
1,150.78
9,759,28
18,964.56
9,206.28
1,760.58
3,393.81
1,633.23
3,521.15
6,787,64
3,266.49
3,521.15
6,787.64
3,266A9
1,760.58
3,393-81
1,63123
1,760.58
3,39181
1,63123
3,521,15
6,787,64
3,266.49
1,179.54
2,273,86
3,094,27
4,102. 14
7,907,61
3,805A7
4,841.59
9,332,45
4,490.86
28,509.22
42,114,77
13,605.54
47,880M
62,298.30
14,417-41
2,139.84
5,189.20
3,049,36
21,57180
29,987,57
8,414,77
25,1M 11
52,673.43
27,557,32
33,687.39
55,461.03
21,77163
21,483.35
31,659.67
10,176.32
4,092.07
6,030.42
1,938,35
0,00
149,190.51
U0
0,00
---- -
236,065.67 0.00
.
.....
385,256,19
0,00
149, 190, 51
497.25
mm 0.00 497.25
0.00 149,687.76
Garrison Financial
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Firemen's Pension & Relief Fund
Charles Schwab #7851-1206
June 30, 2015
PORTFOLIO COMPOSITION
Market Pet.
Value Assets Yield
Cash & Equivalents 226,248,83 6.0
Account Fixed 1,283,50 O 2.8
Income
Account Equities
Account
Commodities
I k"111I
Account
40% Fixed Income/60%
Equity Blended Index
Account Fixed Income
Barclays Capital Intermed
Govt/Credit
Account Equities
S&P 500
2,261,635.16 60.0 2.9
0.00 0.0 -
3,771,386-16 100.0 2.7
Portfolio Value on 12-31-14
4,280,498.10
Accrued Interest
3,583.33
Net Additions/Withdrawals
-449,841.58
Realized Gains
-16,335,21
Unrealized Gains
-98,379.36
Income Received
51,877,41
Change in Accrued Interest
-16.57
Portfolio Value on 06-30-15
3;767,819,40
Accrued Interest
3,566,76
1.04
3,771,386.16
WaTum,
Quarter
Year
Last 12
Inception
To Date
To Date
Months
To Date
-0.99
-1.63
1.10
8.27
-0-08
1.15
5.20
10.58
-2-60
-0.55
1.04
2.32
-0.62
0.82
1.69
1.72
-0.19
-2.18
1.27
12,25
0.28
1.23
7.42
16-66
All "Account" returns refer to your portfolio. Benchmark judexes are also listed for reference. All returns are reported as
percentages.
This report is calculated using inclustry-standard accounting and performance calculation methodologies and is generated by our Axys
portfolio accounting software. Calculations are a time -weighted total return series based on monthly valuations, including all cash
and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash,
interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and
withdrawals. Results are presented after transaction costs but before management fees. Inception -to -date returns are annualized
numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation,
At any given point in time an investment may be worth more or less than the original purchase price.
MOM
"M
q_�07797 Faye 71027 tetnen
Charles Schwab #7851-1206
113 West Mountain Street
Fayetteville, AR 72701-6069
- ------------
For The Period April I through June 30, 2015
Portfolio Value as of 03-31-15
4,025,765
Portfolio Value as of 04-30-15
3,950,212
Portfolio Value as of 05-31-15
3,849,330
Portfolio Value as of 06-30-15
3,771,386
Average of 4 Months 3,899,173
3,899,173 @ 0.5000% per annum 4,874
Quarterly Management Fee 4,874
T"
=I
This statement is for informational purposes only. As you requested, the fee will be automatically
deducted from your account. Please be advised that it is the responsibility of the client to verify the
accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated.
1
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40
N
Lioned Jordan Chairman
Sondra E. Smith Secretary
Roy Cate Position 1 Retired
BMM BY I rustees--�;jLeeiLine—,�E-Ly--en�a
April 30, 2015
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page I of 9
Pete Reagan Position 2 Retired
Dennis Mullens Position 3 Retired
Ron Wood Position 4 Retired
i ILL%, E IT! X : 115 1 11
3:00 p.m. on April 3 0, 2015 in Room 326 of the City Administration Building.
Mayor Jordan called the meeting to order.
Present: Roy Cate, Pete Reagan, Mayor Jordan, Dennis Mullens, Ron Wood, Sondra Smith,
City Clerk, Kit Williams, City Attorney, Paul Becker, Finance Director, Dee McCoy, City
Clerk office, Glenn Atkins of Garrison Financial, and audience.
Garrison Financial:
Glenn Atkins: I passed out a copy of the quarterly report. On the first page of the report is a graph
that shows your asset allocation and we are essentially at the plan's allocation of 60% stocks ant
40% bonds. The next couple of pages walk through your portfolio holdings.
The bond market performance continues to be good, which is a good thing. Since the end of the
quarter, however, the stock portion of your portfolio is up 3.7%. So it's up almost 4% in the last
month. We gave up a little bit of ground today so it's probably not quite that high, so call it 3.5%
since month end, We've gained a considerable amount of ground since then. The sales in the
portfolio have nothing really to do with our assessment of particular stocks, good or bad. They are
entirely due to the redemptions. What you are likely to see going forward on the other side is the
doesn't perform quite like some of the others. In a rising rate environment utilities are typically
bad because they pay a high dividend but even so, they don't normally perform well when rates
rise. On the bond side, our duration is still about 6.3 years which is a couple of years longer than
the index which has helped our performance so far. It will hurt our performance if rates rise and
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page 2 of 9
particularly if they rise rapidly. It's giving us more income and more yield now and it will then
too.
k i
. 1=3033LIEIMIM
I Wit till, IMITC1 SCC It SVPVC17 FULLIC17 if"
spike in interest rates. The funds that we have on the fixed income side continue to perform well.
If we do take any action there it will probably be to sell some of the longer duration funds, for
example the LQD's, and perhaps go into more of the Federated Intermediate Bond Fund, which is
more of a corporate bond fund that has a maturity and a duration much closer to what we would
be managing if we put individual securities in there. 1 think we are positioned good. We are
throwing off as much income and as much gain as we can, notwithstanding performance in the
first quarter.
Also in your package I have included a typical ten year treasury yield graph. That's sort of what
we use as a proxy for the market on the fixed income side. The first page of that is year to date.
The second page is one year. I like to put the since inception on the back page. This one year chart
continues to show the volatility that we are trying to deal with on the fixed income side. Last but
not least is the simulation model that we do. Nothing material has changed there since we talked
last quarter. I just wanted to provide it to you guys for the record, At this point I would be happy
to hear comments, questions, criticisms, thoughts, ideas, and observations.
Pete Reagan: I'm always anxious to hear the forecast.
Glenn Atkins: The forecast is more of the same. The Fed had their regularly scheduled meeting
Tuesday and Wednesday. They took out any reference to time in tenns of raising interest rates.
Other than that they pledged to do what's necessary in terms of raising rates. I don't think they
will do a—nythin- in June s in Sey.
don't expect it to be much.
Kit Williams: I think they got a little spooked because the gross national product only grew.2%,
much less than it had been, it was probably weather related.
riff-3711MV. I I I
-ul Rjrls-t I It'll. 111ittiCarC 1,11 LVTOcoiiiporiei-itstnatiiztuLrieoiggestiniiuence
on the GDP in the first quarter. I read something interesting yesterday; that study went is 30
years and they looked at all of the quarters of the year. The first quarter is the worst performing
quarter in the last 30 years on average. They're not exactly sure why. They said that the
government makes adjustments to those numbers after the quarter and during the quarter. But,
average back to 1985. 1 think the expectation would be for stronger growth in the second quarter
and hopefully throughout the rest of the year.
The problem with the interest rate environment is there's not much inflation. Inflation is not at
their target 2%. World interest rates are much lower, on average, in the countries that you would
want to invest in, than the United States. They don't have a whole lot of head room to raise rates
mavbe as aearessivel i as we u
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 3Q, 2015
Page 3 of 9
never to be which is always a strange thing to me because people have been talking about a rate
rise for three or four years, I don't think that they are going to be too aggressive. I think we are
positioned as well as we can be. The only thing we could do, to be a little safer, is to shorten up
maturities but you would give up some income. I think we're trading one for the other.
Pete Reagan: Again, I appreciate the hard work and due diligence that you and your firm do for
us and we truly appreciate
Glenn Atkins: We appreciate your business and thank you very much for that. We'll keep working
on the performance and do the very best job that we can for you.
Approval of the Minutes:
Approval of the February 19 2015 Meeting Minutes
Pete Reagan moved to approve the February 19, 2015 meeting minutes. Roy Cate seconded
the motion. Upon roll call the motion passed 6-0.
Pension List Changes:
Sondra Smith: Dixie Morris deceased. You already approved the April pension list so we need to
FF a re -approval of the April pension list. She deceased March 1" so she gets the entire check for
March. We need to approve the May, June and July pension lists.
11;1111111111111111111: -to I � I -
1, Ili! �111 IN miffff" . li�•lli� M
Sondra Smith: Yes. I'm being careful about the information we put in the agendas because the
affidavits have confidential information on them that I have to redact information. We have her
oF ituary. She passed away and we didn't know for sure if it was her. Dee did some investigating
because there was not a date of birth so we couldn't confirm that it was her. The funeral home
gave us a date of birth and itniatched, and her daughter did contact us so we stopped the pension
check.
Approval of the Pension List:
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30,2015
Page 4 of 9
Re -approval of the April, - 1, 2015 pension list
, -
Approval of the May, June and July 2015 pension lists
Ron Wood moved to re -approve the April, 2015 pension lists. Pete Reagan seconded the
motion. Upon roll call the motion passed 6-0.
Roy Cate moved to approve the May, June and July 2015 pension lists. Pete Reagan seconded
the motion. Upon roll call the motion passed 6-0.
KM
Nfla="In ff, &mTO_=
Sondra Smith: I'll not mention who it is because you all know the person very well. The Board
passed a motion that if we do not receive the affidavit that we are supposed to stop the pension
check. I have offered to go and notarize for this person two or three times. They do not want me
to do that. I don't know if you want me to just hold the check until they get their affidavit in, but
we need to make sure we receive the affidavit.
Sondra Smith: I'm just letting you know that person may be calling you because we have to stop
the check. He is very aware and I told him that I had a meeting today and would bring it up before
the board. We really need to hold the check for May.
Sondra Smith: Right.
VNITIIVAJVOOMVO��� �11 - �111 0 �_
Sondra Smith: We don't, I just want to make you aware. That's the only one that hasn't turned in
an affidavit. I know they are having some health problems. We go to people's homes every year
and notarize for them so they can get their affidavit. We've done that ever since I've been here. If
someone needs help we go and take care of them. I will continue to work with the person.
Kit Williams: I can testify that's true, i've been with Sondra when she's gone to collect and
affidavit.
Sondra Smith: Kit has gone with me before because we won't send one person to someone's
home. We always make sure two people go.
I _V
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page 5 of 9
1 W17il 11 tlLv7J GMAXWO I tO I I BE I N ILI
LOPF1 Letter regarding Consolidation of Local Plan dated January 2015
Sondra Smith: That's a letter that we receive, usually every year, letting you know that if you
want to consolidate with LOPFI and do a study it's time to get that done.
Pete Reagan: I had a real good meeting with David Clark, Jody Carrerio, and Bill Lundy about
this situation. It appears that now there's some new regulations that GAS13 has come forth with.
The�,LuLmXuijdag ension funds of our size to use 25 ;,,.ear
V, - illl l4lffi
the unfunded liability. And they are raising the rate from 5% to 8% on investment income.
Paul Becker: That has nothing to do with GASB. That's a LOPFI rule. That was a LOPFI
administration decision that they would change and do the actuarial study based on a 25 year
assumption, it was 15 before and they could use the LOPFI discount rate which was 8. That was
not promoted by GASB, that's an administration decision.
Paul Becker: If that's the case and LOPFI does that that would change the actuarial study, Any
lengthening in your time period is going to change dramatically the actuarial study.
Pete Reagan: At one time we were at 8% on our investment and it was reduced to 5%. There was
not any good reason given other than that it was going to hurt the bottom line on our fund.
W 311 "1
-111ill llil ITO
I =-ws
I W
gR
L MUM 11-11VI-V S U11011ldly 7 out toe issue is ii LOT was Lneir rule, ff7y con WinUe a
rule. That's why they pushed it to 5%. We have not had 8% returns in a long time.
Paul Aecker: I've been down there and been vocal about that. However, what David Clark told
you, and I verified, I talked to David myself, he said that the LOPFI board has determined to
lengthen the time period to 25 years and to use an 8% rate, which LOPFI uses. That's their
decision.
is the group that does LOPFFS.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page 6 of 9
Paul Becker: That is the difference where he is saying there would be a different number. I just
wanted to be clear. GASB just sets accounting principles.
Pete Reagan: For some reason in the telephone conference, I assumed it was GASB, they were
conforming •
to new GASB regulations.
0
Email from David Clark regarding Consolidation Valuation 04/06/15
Pete Reagan: To do this actuary with Gabriel, Roeder, Smith the cost is per person or based on
the number of retirees on the fund. It says $1,320, what they've determined it to be. Paul, I think
you had one ran five years ago.
Kit Williams: That was this fluid that had it run. You all financed it.
Pete Reagan: There was a time when you had one, whether it was Carrerio or GRS, I'm not sure.
I thought you all had one done on consolidation.
Sondra Smith: No,
H
Paul Becker: There was one done, I believe the pension board paid for it. The city has not paU
for one since I've been here.
Paul Becker: That's not the same. If you want it done, that's the estimated cost. We have never
paid for one since I've been here.
Mayor Jordan: In his letter it talks about summarized information and that the local plan will
need to send a check.
M1 1111
Jifflj I !1111ff
Pete Reagan: I sure don't recall us doing it the first time.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2415
Page 7 of 9
Sondra Smith: I don't think we've ever had LOPFI do it. We paid for Osborn and Carrerio to do
a special one.
Kit Williams: That's because he was working for them at that point in time. That's why we had
to use him then.
Iiit
IT
11��
- - - MITM
Kit Williams: He was the actuary at that point.
Sondra Smith: The board paid for a special study. We had a meeting with the Aldermen and
anybody on the pension fund that wanted to come and he went over the special study. It was Jody
Carrerio and David Clark that came.
but then they decided not to do that and they did away with the resolution. That's been numerous
years ago. We never did go through with the study.
U-nifil- Me IU i
have to go to the City Council. I don't have the authority to do that.
Pete Reagan moved for the board to spend $1,320 for a consolidation evaluation with
Gabriel, Roeder, and Smith. Roy Cate seconded the motion. Upon roll call the motion passed
6-0.
!IIIIIIIIIIIIi 11115111 � I a ; III a a
Kit Williams: That's just money to be sent down to do the study. Last time we also talked about
what kind of benefits would be able to be paid off by the fund so that if it was going down to
LOPFI there wouldn't be an inal payment by the city. But that's not what you're asking for now.
You're asking for a standard one.
11 Is RE1,111.111111 1171111111Mi�
Mayor Jordan: We'll have an answer on the cost in two months?
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page 8 of 9
Sondra Smith: It takes a little bit of time to get the check cut. I won't be here tomorrow. It will
be Monday before we can work on it. We can request a check. We can get it done within the week.
Do you want a letter to go with it?
I �i I I . t"R.MEMM
1111111111iov M
Informational:
2015 meetine schedule
not L�
tW.4 , t', W." - 11111111 1
41 ., , 1. rmte-, I I
sUil 11UTF-j"91 (114, Llrc-rmwk 7KV11 -* g I I a,17—.r etc, a L* j*1
the board set up, we have to open those ballots in open session. Do you want a special meeting to
open the ballots?
mmmzc�*
I I I III 1 1111 1
MOPE; I NEOPRENE I I I - 11 4
Sondra Smith: No, that's why I'm asking you today. Usually we open them during the special
meeting.
MEMSM
T-e=VTer4-`=7 Yor FTT-q- P, is in on or I
May. We'll give it a week after that and we'll call Ron to come over.
IN =-
Sondra Smith: The two that's currently serving. Nobody else was willing to serve.
Mayor Jordan: The next meeting is scheduled for?
Pete Reagan: July 30'h.
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 30, 2015
Page 9 of 9
Sondra Smith: We'll have to put that out as a public meeting because I'm a voting member of the
board, and Ron is too. We'll have to schedule a time a few days in advance so we can get the
meeting on the public calendar because it will be a public meeting.
I
Board Members
Mayor Jordan
Chairman
Sondra E, Smith
Secretary
Roy Cate
Position 1/Retired
Pete Reagan
Position 2/Refired
Dennis Mullen
Position 3/Refired
Ronnie Wood
Position 4/Ratircd
Special Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
June 2, 2014
Page I of I
Special Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
May 27, 2015
Sondra Smith called the meeting to order.
Present: Sondra Smith, Kim Johnson, and Dee McCoy all with the City Clerk office.
I
Sondra Smith and Kim Johnson opened each ballot. The ballots and envelopes were shuffled
according to the ballot procedure that was approved by the Board.
Meeting adjourned at 4:07 p.m.
113 West Mountain 72701 (479)575-8323
TDD (Telecommunications Device for the Deaf) (479) 521-1316
FIREMEN'S RELIEF AND PENSION
August 8 8
2046 8 8
8 a
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.
813/2015 K:\Fire Pension\Penson List\Pension List 20154FP 080115 Whil
DATE OF
Regular Mo
Year To Date Art 1373
EMP# RETIREMENT NAME
Benefit
Reg Benefit Future Supplement
177
4104
BACHMAN, EDDIE
2,618.55
20,948,40
74
3186
BAIRD, JULIA
1,802.08
14,4116.64
63
5/72
BOLAIN, ANN
109.27
874.16
68
7199
BONADUCE, MICHAEL
2,98876
23,910,08
44
9186
BOUDREY, BETTY MRS.
2,477,42
19,819,36
45
9186
BOUDREY, HOWARD
2,089.28
16,71414
49
7188
BOUDREY, JACK
1,647.63
13,181,04
57
5190
CATE, ROY
1,788.90
14,311.20
188
12/05
DOSS, MARION H
6,376,91
43,01$,25
188
12105
DOSS, MARION H plus 25 additional pay
731J31
5,852.88
11
2/76
FARRAR,ALONZO
998.86
7,990.88
192
4/06
FARRAR, DANNY
4.1 65.36
33.242.88
220
5184
FRALEY, LORA 0.
1,768,12
14,144,96
170
5/03
FREEDLE, LARRY
3,81675
30,534k()
170
5103
FREEDLE, LARRY plus 25 additional pay
14137
1,130.96
92
03/02
GAGE,TOMMY
2,596,69
20,773.52
70
11/99
HARRIS, MARY RUTH
109,27
874.16
182
10/04
JENKINS, EILEEN
1,78875
14,310.00
93
06102
JENKINS, JOHN
1,788.76
14,310,08
86
07101
JOHNSON,ROBERT
3,073.47
24,587.76
219
4/95
JORDAN, SANDRA K
2,274.95
18,199,60
76
5188
JUDY, JAN
1,647.63
13,1181 .04
37
3184
KING, ARNOLD D.
1,522,37
12,178,96
54
5189
KING, ARVIL
1,711.21
13,689,68
173
12/03
LEDBETTER, DENNIS
3,775,80
30,206.40
51
10188
LEWIS, CHARLES
1,647.63
13,181 .04
40
9/85
LOGUE, PAUL D.
2,868.28
22,94614
202
02108
MAHAN, MARSHALL
4,077.28
32,618,24
50
9/88
MASON, LARRY
1,631.25
13,050.00
39
4/85
MC ARTHUR, RONALD A.
1,753,74
14,029.92
35
2/82
MC CHRISTIAN, DWAYNE
109,27
874,16
15
4/77
MC, WHORTER, CHARLES
1,334,51
10,676.08
209
8181
MILLER, ALICE GAYLE
1,304.07
10,432.56
73
2100
MILLER,KENNETH
3,1 80.02
25,440.16
73
2100
MILLER,KENNETH plus 25 additional pay
170S0
1,364,80
217
2/86
MOORE, BE L
109,27
87416
176
4104
MORRIS, DIXIE E. deceased 311
0.00
376.98
48
7/88
MULLENS, DENNIS W
2,19130
17,530.40
184
3/05
NAPIER, LONNIE
3,518.28
28,146.24
196
01102
ONEAL, TEDDY
4,120.99
32,967.92
46
5188
OSBURN, TROY
1,899,66
15,197-28
81
02101
PHILLIPS,LARRY
2,765.09
22,120.72
203
02108
PIERCE, JOEY
3,647.18
29,177.44
53
2J89
POAGE, LARRY
2,346.70
18,77160
186
06105
REAGAN, PETE
3,535.71
28,285,68
201
102108
REED, JUNE
109.27
874,16
41
9/85
SCHADER, TROY
1,524.99
12,1199.92
190
04106
SHACKELFORD, GLEN
3,647.18
29,177.44
36
5/76
SPRINGSTON, CARL
806,19
6,449.52
90
03102
STOUT, IMOGENE W.
767Z0
6,142,40
165
12/02
TATE, RALPH
3,668.10
29,344,80
65
3166
TUNE, BILLIE SUE
136,59
1,092,72
71
I100
WARFORD,THOMAS
2,60212
20,02116
88
01102
WOOD,RONNIE D
3,077.15
24,617.20
208
9/88
WRIGHT, Barbara
1,e91,34
13,53072
112,941,93
903,912.42
813/2015 K:\Fire Pension\Penson List\Pension List 20154FP 080115 Whil
DATE OF Regular Mo Year To Date Act 1873
EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
,LUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT 0.00
THE PENSION PAYMENTS $O CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF ,
NOTARY PUBLIC
813/2015 KAFire Pension'Pens on List%Pension List 20151FP 080115 WM
YTL1
sato-sale baa
a0o
903912,42
6610-5810-5665-06
0.00
#REFI
Drop PeyouVlntrest Checks to Drop Retirees
0.00
YTD Column
0.00
Difference
0.00
"(should be off Supplemental amount for DROP part)
813/2015 KAFire Pension'Pens on List%Pension List 20151FP 080115 WM
FIREMEN'S RELIEF AND PENSION
September 9 9
2015 9 9
9 9
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.
8/312015 K:\Fire PensionWension Ust)Pensjon List 20151FP 090115 WM
DATE OF
Regular Me
Year To Date Act 1373
EMP#RETtREMENT NAME
Benefit
Reg Benefit Future Supplement
177
4/04
BACHMAN, EDDIE
2,618:55
23,566,95
74
3/86
BAIRD, JULIA
1,802m
16,218.72
63
5172
BOLAIN, ANN
109,27
983,43
68
7/99
BONADUCE, MICHAEL
2,98$36
26,898.84
44
9186
BOUDREY, BETTY MRS.
2,477.42
22,296,78
45
9/86
BOUDREY, HOWARD
2,089.28
18,803,52
49
7/88
BOUDREY, JACK
1,647.63
14,828,67
57
5190
LATE, ROY
1,788,90
16,100.10
188
12105
DOSS, MARION H
5,376,91
48,392,19
188
12105
DOSS, MARION H plus 25 additional pay
731.61
6,584.49
11
2176
FARRAR,ALONZO
998.86
8,989,74
192
4106
FARRAR, DANNY
4,115526
37,398.24
220
5/84
FRALEY, LORA D.
1,768.12
15,91108
170
5/03
FREEDLE, LARRY
3,816.75
34,350.75
170
5103
FREEDLE, LARRY plus 25 additional pay
141.37
1,272.33
92
03/02
GAGE,TOMMY
2,596.69
23,37011
70
11/99
HARRIS, MARY RUTH
10927
983.43
182
10104
JENKINS, EILEEN
1,78875
16,09875
93
06/02
JENKINS, JOHN
1,788.76
16,098.84
86
07101
JOHNSON,ROBERT
3,073.47
27,661.23
219
4195
JORDAN, SANDRA K
2,274.95
20,474.55
76
5/88
JUDY, JAN
1,647,63
14,828.67
37
3/84
KING, ARNOLD D.
1,52227
13,70123
54
5189
KING, ARVIL
1,711.21
15,40019
173
12103
LEDBETTER, DENNIS
3,775.80
33,982.20
51
10188
LEWIS, CHARLES
1,647.63
14,828.67
40
9185
LOGUE, PAUL D.
2,868,28
25,814.52
202
02/08
MAHAN, MARSHALL
4,07728
36,695.52
50
9186
MASON, LARRY
1,631,25
14,681.25
39
4/85
MC ARTHUR, RONALD A.
1,75174
15,783.66
35
2182
MC CHRISTIAN, DWAYNE
109,27
983.43
15
4/77
MC WHORTER, CHARLES
1,334,51
12,010,59
209
8181
MILLER, ALICE GAYLE
1,304.07
11,736.63
73
2100
MILLER,KENNETH
3,180,02
28,620.18
73
2100
MILLERXENNETH plus 25 additional pay
170.60
1,535.40
217
2186
MOORE, BETTY L
109,27
983,43
176
4104
MORRIS, DIXIE E. deceased 3/1
0.00
376:98
48
7/88
MULLENS, DENNIS W.
2,19130
19,72110
184
3/05
NAPIER, LONNIE
3,518.28
31,664,52
196
01102
ONEAL, TEDDY
4,120.99
37,088,91
46
5/88
OSBURN, TROY
1,899'66
17,0915,94
81
02/01
PHILLIPS,LARRY
2,765.09
24,885.81
203
02108
PIERCE, JOEY
3,647.18
32,824,62
53
2/89
POAGE, LARRY
2,346.70
21,120.30
186
06105
REAGAN, PETE
3,53571
31,821,39
201
^02108
REED, JUNE
1 09.27
983.43
41
9165
SCHADER, TROY
1,524.99
13,724,91
190
04106
SHACKELFORD, GLEN
3,647,18
32,824.62
36
5176
SPRINGSTON, CARL
80619
7,255,71
90
03IO2
STOUT, IMOGENE W.
767,80
6,910.20
165
12102
TATE, RALPH
3,668.10
33,012,90
65
3/66
TUNE, BILLIE SUE
136.59
1,229.31
71
1/00
WARFORD,THOMAS,
2,502.72
22,524.48
88
01/02
WOOD,RONNIE D
3,077.15
27,694.35
208
9188
WRIGHT, Barbara
1,69124
15,222.06
112,941.93
1,016,85425
8/312015 K:\Fire PensionWension Ust)Pensjon List 20151FP 090115 WM
DATE OF Regular Mo Year To Date Act 1373
EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement
E, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT 0.00
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND', THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED: AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
NOTARY PUBLIC
ZWIROIMM•�
8/312015 KAFire Pension'Pension ListTension List 20157P 090115 WM
YTD
6610-9814-.5335-441
0.00
1016854.35
6610-9810-5335-08
0.00
#REFI
Drop Payoulfintrest Checks to Drop Retirees
0.00
YTD CoNumn
0,00
Difference
4,44
"(should be off Supplemental amount for DROP part)
8/312015 KAFire Pension'Pension ListTension List 20157P 090115 WM
FIREMEN'S RELIEF AND PENSION
October 10 10
2015 10 10
10 10
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.
813/2016 K:\Fire Pension\Pension List\Pension List 2015\FP 100115 WM
DATE OF
Regular Mo
Year To Date Art 1373
EMP# RETIREMENT
NAME
Benefid
Reg Benefit Future Supplement
177
4104
BACHMAN, EDDIE
2,618.55
26,185,50
74
3186
SAiRD, JULIA
1,802.08
18,020.80
63
5/72
BOLMN, ANN
109,27
1,092,70
68
7199
BONADUCE, MICHAEL
2,98876
29,887,60
44
9)(86
BOUDREY, BETTY MRS.
2,477.42
24,774,20
45
9/86
BOUDREY, HOWARD
2,089.28
20,89180
49
7/88
BOUDREY, JACK
1,647.63
16,47630
57
5/90
CATE, ROY
1,788.90
17,889.00
188
12/05
DOSS, MARION H
5,376.31
53,76910
188
12105
DOSS, MARION H plus 25 additional pay
731.61
7,316,10
11
2/76
FARRAR,ALONZO
998.86
9,988.60
192
4/06
FARRAR, DANNY
4,155:36
41,553,60
220
5/84
FRALEY, LORA D.
1,768.12
17,681.20
170
5/03
FREEDLE, LARRY
3,816,75
38,167.50
170
5103
FREEDLE, LARRY plus 25 additional pay
141.37
1,413.70
92
03102
GAGE,TOMMY
2,696,69
25,966.90
70
11/99
HARRIS, MARY RUTH
109,27
1,09270
182
10/04
JENKINS, EILEEN
1,78875
17,887.50
93
06102
JENKINS, JOHN
1,788.76
17,887.60
86
07/01
JOHNSON,ROBERT
3,07147
30,73410
219
4195
JORDAN, SANDRA K
2,274.95
22,749.50
76
5/88
JUDY, JAN
1,647.63
16,47630
37
3/84
KING, ARNOLD D.
1,522,37
15,223.70
54
5/89
KING, ARVIL
1,711.21
17,112,10
173
12t03
LEDBETTER, DENNIS
3,775.80
37,758.00
51
10/88
LEWIS, CHARLES
1,647.63
16,476,30
40
9185
LOGUE, PAUL D.
2,86828
28,682,80
202
02/08
MAHAN, MARSHALL
4,077.28
40,772,80
50
9188
MASON, LARRY
1,631,25
16,312.50
39
4185
MC ARTHUR, RONALD A.
1,753.74
17,537,40
35
2182
MC CHRISTIAN, DWAYNE
109.27
1,092,70
15
4177
MC WHORTER, CHARLES
1,334.51
13,345.10
209
8181
MILLER, ALICE GAYLE
1,304.07
13,04030
73
2t00
MILLER,KENNETH
3,150,132
31,800.20
73
2/00
MILLER,KENNETH plus 25 additional pay
170,60
1,706,00
217
2/86
MOORE, BETTY L
109.27
1,09270
176
4/04
MORRIS, DIXIE E. deceased 311
O.OG
376.98
48
7188
MULLEINS, DENNIS W.
2,191:30
21,913.00
184
3105
NAPIER, LONNIE
3,518.28
35,182.80
196
01/02
ONEAL, TEDDY
4,120.99
41,209.90
46
5/88
OSBURN, TROY
1,899,66
18,996,60
81
02/01
PHILLIPSLARRY
2,765.09
27,650.90
203
02108
PIERCE, JOEY
3,647.18
36,471.80
53
2f89
POAGE, LARRY
2,346,70
23,467.00
186
06/05
REAGAN, PETE
353571
35,35710
201
A02108
REED, JUNE
109.27
1,092,70
41
9185
SCHADER,TROY
1,524.99
15,249A0
190
04/06
SHACKELFORD, GLEN
3,647,18
36,471,80
36
5/76
SPRINGSTON, CARL
80619
8,061.90
90
03102
STOUT, IMOGENE W.
767.80
7,678.00
165
12/02
TATE, RALPH
3,668.10
36,681,00
65
3166
TUNE, BILLIE SUE
136.59
1,365.90
71
1100
WARFORD,THOMAS
2,50212
25,027,20
88
01102
WOOD,RONNIE D
3,07715
30,771,50
208
9188
WRIGHT, Barbara
1,691 .34
16,91140
112,941.93
1,129,796.28
813/2016 K:\Fire Pension\Pension List\Pension List 2015\FP 100115 WM
MATE OF Regular Me Year To Date Act 1573
EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement
E, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT 0.00
THE PENSION PAYMENTS $0 CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE 00 NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
0007 2 f00TRa 1iTc3 9 cIFi l 4 r l l �
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE -DAY O
NOTARY PUBLIC
MY COMMISSION EXPIRES:
8l3t2015 K.tFire PensiontPension LlstNPenslon List 2015XFP 100115 WM
YTD
6810-9810-5335-00
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1128786.28
8810-9810-5335-06
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o.0o
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w
FIREMEN'S
RELIEF AND
PENSION
Aupure
8
8
2015
8
8
8
8
THE FOLLOWING ARE
THE OBLIGATIONS OF THE FIREMEN'S RELIEF
FUND FOR THE
MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
DATE OF
Regular Mo
Year To Date Act 1373
EMP# RETIREMENT NAME
Benefit
Reg Benefit Future Supplement
R
177
4/04
BACHMAN, EDDIE
2,618.55
20,948.40
S
74
3/86
BAIRD, JULIA
1,802.08
14,416.64
V
63
5/72
BOLAIN, ANN
109.27
874.16
R
68
7/99
BONADUCE, MICHAEL
2,988.76
23,910.08
S
44
9/86
BOUDREY, BETTY MRS.
2,477.42
19,819.36
R
45
9/86
BOUDREY, HOWARD
2,089.28
16,714.24
R
49
7/88
BOUDREY, JACK
1,647.63
13,181.04
R
57
5/90
CATE, ROY
1,788.90
14,311.20
R
188
12/05
DOSS, MARION H
5,376.91
43,015.28
R
188
12/05
DOSS, MARION H plus 25 additional pay
731.61
5,852.88
R
11
2/76
FARRAR,ALONZO
998.86
7,990.88
R
192
4/06
FARRAR, DANNY
4,155.36
33,242.88
S
220
5/84
FRALEY, LORA D.
1,768.12
14,144.96
R
170
5/03
FREEDLE, LARRY
3,816.75
30,534.00
R
170
5/03
FREEDLE, LARRY plus 25 additional pay
141.37
1,130.96
R
92
03/02
GAGE,TOMMY
2,596.69
20,773.52
V
70
11/99
HARRIS, MARY RUTH
109.27
874.16
Q
182
10/04
JENKINS, EILEEN
1,788.75
14,310.00
R
93
06/02
JENKINS, JOHN
1,788.76
14,310.08
R
86
07/01
JOHNSON,ROBERT
3,073.47
24,587.76
S
219
4/95
JORDAN, SANDRA K
2,274.95
18,199.60
S
76
5/88
JUDY, JAN
1,647.63
13,181.04
R
37
3/84
KING, ARNOLD D.
1,522.37
12,178.96
R
54
5/89
KING, ARVIL
1,711.21
13,689.68
R
173
12/03
LEDBETTER, DENNIS
3,775.80
30,206.40
R
51
10/88
LENS, CHARLES
1,647.63
13,181.04
R
40
9/85
LOGUE, PAUL D.
2,868.28
22,946.24
R
202
02/08
MAHAN, MARSHALL
4,077.28
32,618.24
R
50
9/88
MASON, LARRY
1,631.25
13,050.00
R
39
4/85
MC ARTHUR, RONALD A.
1,753.74
14,029.92
V
35
2/82
MC CHRISTIAN, DWAYNE
109.27
874.16
R
15
4/77
MC WHORTER, CHARLES
1,334.51
10,676.08
S
209
8/81
MILLER, ALICE GAYLE
1,304.07
10,432.56
R 73
2/00
MILLER,KENNETH
3,180.02
25,440.16
73
2/00
MILLER,KENNETH plus 25 additional pay
170.60
1,364.80
217
2/86
MOORE, BETTY L
109.27
874.16
V
176
4/04
MORRIS, DIXIE E. deceased 3/1
0.00
376.98
R
48
7/88
MULLENS, DENNIS W.
2,191.30
17,530.40
R
184
3/05
NAPIER, LONNIE
3,518.28
28,146.24
R
196
01/02
ONEAL, TEDDY
4,120.99
32,967.92
R
46
5/88
OSBURN, TROY
1,899.66
15,197.28
R
81
02/01
PHILLIPS,LARRY
2,765.09
22,120.72
R
203
02/08
PIERCE, JOEY
3,647.18
29,177.44
R
53
2/89
POAGE, LARRY
2,346.70
18,773.60
R
186
06/05
REAGAN, PETE
3,535.71
28,285.68
V
201
^02/08
REED, JUNE
109.27
874.16
R
41
9/85
SCHADER, TROY
1,524.99
12,199.92
R
190
04/06
SHACKELFORD, GLEN
3,647.18
29,177.44
R
36
5/76
SPRINGSTON, CARL
806.19
6,449.52
S
90
03/02
STOUT, IMOGENE W.
767.80
6,142.40
R
165
12/02
TATE, RALPH
3,668.10
29,344.80
V
65
3/66
TUNE, BILLIE SUE
1 136.59
1,092.72
R
71
1/00
WARFORD,THOMAS
2,502.72
20,021.76
R
88
01/02
WOOD,RONNIE D
3,077.15
24,617.20
S
208
9/88
WRIGHT, Barbara
1,691.34
13,530.72
112,941.93
903,912.42
•
8/3/2015 K:\Fire Pension\Pension ListXPension List 2015\FP 080115 WM
DATE OF Regular Mo Year To Date Act 1373
tMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement
THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
ST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT 0.00
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE D NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FO SIMILA�
SERVICES OR SUPPLIES
jank&g, . ,JwwW -
SECRETARY
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
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•
8/3/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 080115 WM
FIREMEN'S RELIEF AND PENSION
September .9 9
2015 9 9
9 9
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES, IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
• DATE OF Regular Mo Year To Date Ad 1373
•
8/3/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 090115 WM
EMP# RETIREMENT
NAME
Benefit
Reg Benefit Future Supplement
R
177
4/04
BACHMAN, EDDIE
2,618.55
23,566.95
S
74
3/86
BAIRD, JULIA
1,802.08
16,218.72
V
63
5/72 .
BOLAIN, ANN
109.27
983.43
R
68
7/99
BONADUCE, MICHAEL
2,988.76
26,898.84
S
44
9/86
BOUDREY, BETTY MRS.
2,477.42
22,296.78
R
45
9/86
BOUDREY, HOWARD
2,089.28
18,803.52
R
49
7/88
BOUDREY, JACK
1,647.63
14,828.67
R
57
5/90
CATE, ROY
1,788.90
16,100.10
R
188
12/05
DOSS, MARION H
5,376.91
48,392.19
R
188
12/05
DOSS, MARION H plus 25 additional pay
731.61
6,584.49
R
11
2/76
FARRAR,ALONZO
998.86
8,989.74
R
192
4/06
FARRAR, DANNY
4,155.36
37,398.24
S
220
5/84
FRALEY, LORA D.
1,768.12
15,913.08
R
170
5/03
FREEDLE, LARRY
3,816.75
34,350.75
R
170
5/03
FREEDLE, LARRY plus 25 additional pay
141.37
1,272.33
R
92
03/02
GAGE,TOMMY
2,596.69
23,370.21
V
70
11/99
HARRIS, MARY RUTH
109.27
983.43
Q
182
10/04
JENKINS, EILEEN
1,788.75
16,098.75
R
93
06/02
JENKINS, JOHN
1,788.76
16,098.84
R
86
07/01
JOHNSON,ROBERT
3,073.47
27,661.23
S
219
4/95
JORDAN, SANDRA K
2,274.95
20,474.55
S
76
5/88.
JUDY, JAN
1,647.63
14,828.67
R
37
3/84
KING, ARNOLD D.
1,522.37
13,701.33
R
54
5/89
KING, ARVIL
1,711.21
15,400.89
R
173
12/03
LEDBETTER, DENNIS
3,775.80
33,982.20
R
51
10/88
LEWIS, CHARLES
1,647.63
14,828.67
R
40
9/85
LOGUE, PAUL D.
2,868.28
25,814.52
R
202
02/08
MAHAN, MARSHALL
4,077.28
36,695.52
R
50
9/88
MASON, LARRY
1,631.25
14,681.25
R,
39
4/85
MC ARTHUR, RONALD A.
1,753.74
15,783.66
V
35
2/82
MC CHRISTIAN, DWAYNE
109.27
983.43
R
15
4/77
MC WHORTER, CHARLES
1,334.51
12,010.59
S
209
8/81
MILLER, ALICE GAYLE
1,304.07
11,736.63
R
73
2/00
MILLER,KENNETH
3,180.02
28,620.18
73
2/00
MILLER,KENNETH plus 25 additional pay
170.60
1,535.40
217
2/86
MOORE, BETTY L
109.27
983.43
V
176
4/04
MORRIS, DIXIE E. deceased 3/1
0.00
376.98
R
48
7/88
MULLENS, DENNIS W.
2,191.30
19,721.70
R
184
3/05
NAPIER, LONNIE
3,518.28
31,664.52
R
196
01/02
ONEAL, TEDDY
4,120.99
37,088.91
R
46
5/88
OSBURN, TROY
1,899.66
17,096.94
R
81
02/01
PHILLIPS,LARRY
2,765.09
24,885.81
R
203
02/08
PIERCE, JOEY
3,647.18
32,824.62
R
53
2/89
POAGE, LARRY
2,346.70
21,120.30
R
186
06/05
REAGAN, PETE
3,535.71
31,821.39
V
201
^02/08
REED, JUNE
109.27
983.43
R
41
9/85
SCHADER, TROY
1,524.99
13,724.91
R
190
04/06
SHACKELFORD, GLEN
3,647.18
32,824.62
R
36
5/76
SPRINGSTON, CARL
806.19
7,255.71
S
90
03/02
STOUT, IMOGENE W.
767.80
6,910.20
R
165
12/02
TATE, RALPH
3,668.10
33,012.90
V
65
3/66
TUNE, BILLIE SUE
136.59
1,229.31
R
71
1/00
WARFORD,THOMAS
2,502.72
22,524.48
R
88
01/02
WOOD,RONNIE D
3,077.15
27,694.35
S
208
9/88
WRIGHT, Barbara
1,691.34
15,222.06
112,941.93
1,016, 854.35
•
8/3/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 090115 WM
DATE OF
EMP# RETIREMENT NAME
Regular Mo Year To Date Act 1373
Benefit Reg Benefit Future Supplement
THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
ST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES M,
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTC
SERVICES OR SUPPLIES
af
SECRETARY
ACKNOWLEDGEMENT
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STATE OF ARKANSAS )
COUNTY OF WASHINGTON) `� J,( �
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NOTARY PUBLIC
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8/3/2015 K:1Fire Pension\Pension List\Pension List 2015\FP 100115 WM
PIREMEN'S RELIEF AND PENSION
6ctober
10
10
2015
10
10
10
10
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH LISTED ABOVE
YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE PAYEES,
IN THE AMOUNTS SHOWN,
AND FOR THE PURPOSE SO STATED.
•
DATE OF
Regular Mo
Year To Date Act 1373
EMP# RETIREMENT
NAME
Benefit
Reg Benefit Future Supplement
R
177
4/04
BACHMAN, EDDIE
2,618.55
26,185.50
S
74
3/86
BAIRD, JULIA
1,802.08
18,020.80
V
63
5/72
BOLAIN, ANN
109.27
1,092.70
R
68
7/99
BONADUCE, MICHAEL
2,988.76
29,887.60
S
44
9/86
BOUDREY, BETTY MRS.
2,477.42
24,774.20
R
45
9/86
BOUDREY, HOWARD
2,089.28
20,892.80
R
49
7/88
BOUDREY, JACK
1,647.63
16,476.30
R
57
5/90
CATE, ROY
1,788.90
17,889.00
R
188
12/05
DOSS, MARION H
5,376.91
53,769.10
R
188
12/05
DOSS, MARION H plus 25 additional pay
731.61
." 7,316.10
R
11
2/76
FARRAR,ALONZO
998.86
9,988.60
R
192
4/06
FARRAR, DANNY
4,155.36
41,553.60
S
220
5/84
FRALEY, LORA D.
1,768.12
17,681.20
R
170
5/03
FREEDLE, LARRY
3,816.75
38,167.50
R
170
5/03
FREEDLE, LARRY plus 25 additional pay
141.37
1,413.70
R
92
03/02
GAGE,TOMMY
2,596.69
25,966.90
V
70
11/99
HARRIS, MARY RUTH
109.27
1•,092.70
Q
182
10/04
JENKINS, EILEEN
1,788.75
17,887.50
R
93
06/02
JENKINS, JOHN
1,788.76
17,887.60
R
86
07/01
JOHNSON,ROBERT
3,073.47
30,734.70
S
219
4/95
JORDAN, SANDRA K
2,274.95
22,749.50
S
76
5/88
JUDY, JAN
1,647.63
16,476.30
R
37
3/84
KING, ARNOLD D.
1,522.37
15,223.70
R
54
5/89
KING, ARVIL
1,711.21
17,112.10
R
173
12/03
LEDBETTER, DENNIS
3,775.80
37,758.00
R
51
10/88
LEWIS, CHARLES
1,647.63
16,476.30
R
40
9/85
LOGUE, PAUL D.
2,868.28
28,682.80
R
202
02/08
MAHAN, MARSHALL
4,077.28
40,772.80
R
50
9/88
MASON, LARRY
1,631.25
16,312.50
R
39
4/85
MC ARTHUR, RONALD A.
1,753.74
17,537.40
V
35
2/82
MC CHRISTIAN, DWAYNE
109.27
1,092.70
R
15
4/77
MC WHORTER, CHARLES
1,334.51
13,345.10
S
209
8/81
MILLER, ALICE GAYLE
1,304.07
13,040.70
R 73
2/00
MILLER,KENNETH
3,180.02
31,800.20
73
2/00
MILLER,KENNETH plus 25 additional pay
170.60
1,706.00
217
2/86
MOORE, BETTY L
109.27
1,092.70
V
176
4/04
MORRIS, DIXIE E. deceased 3/1
0.00
376.98
R
48
7/88
MULLENS, DENNIS W.
2,191.30
21,913.00
R
184
3/05
NAPIER, LONNIE
3,518.28
35,182.80
R
196
01/02
ONEAL, TEDDY
4,120.99
41,209.90
R
46
5/88
OSBURN, TROY
1,899.66
18,996.60
R
81
02/01
PHILLIPS,LARRY
2,765.09
27,650.90
R
203
02/08
PIERCE, JOEY
3,647.18
36,471.80
R
53
2/89
POAGE, LARRY
2,346.70
23,467.00
R
186
06/05
REAGAN, PETE
3,535.71
35,357.10
V
201
"02/08
REED, JUNE
109.27
1,092.70
R
41
9/85
SCHADER, TROY
1,524.99
15,249.90
R
190
04/06
SHACKELFORD, GLEN
3,647.18
36,471.80
R
36
5/76
SPRINGSTON, CARL
806.19
8,061.90
S
90
03/02
STOUT, IMOGENE W.
767.80
7,678.00
R
165
12/02
TATE, RALPH
3,668.10
36,681.00
V
65
3/66
TUNE, BILLIE SUE
136.59
1,365.90
R
71
1/00
WARFORD,THOMAS
2,502.72
25,027.20
R
88
01/02
WOOD,RONNIE D
3,077.15
30,771.50
S
208
9/88
WRIGHT, Barbara
1,691.34
16,913.40
112,941.93
1,129, 796.28
•
8/3/2015 K:1Fire Pension\Pension List\Pension List 2015\FP 100115 WM
DATE OF Regular Mo Year To Date Act 1373
EMP# RETIREMENT NAME Benefit Reg Benefit Future Supplement
THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
ST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE'
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMAR
SERVICES OR SUPPLIES
44� 4&� Irn,&
SECRETARY
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS _eDAY 04vot pZ015,
NOTr PUBLIC
MY COMMISSION EXPIRES: (J 0 Z
•
8/3/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 100115 WM
0.00
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1129796.28
#REF!
"(should be off Supplemental amount for DROP part)
YTD
6810.9810-5335.00
0.00
6810-9810-5335-06
0.00
Drop PayouVIntrest Checks to Drop Retirees
0.00
YTD Column
0.00
Difference
0.00
8/3/2015 K:\Fire Pension\Pension List\Pension List 2015\FP 100115 WM
0.00
1111111D11//ISIjo
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#REF!
"(should be off Supplemental amount for DROP part)
Sondra E. Smith - City Clerk Treasurer
Lisa Branson - Deputy City Clerk
xmgilff��
Fayetteville, AR 72701
David Clark, Executive Director
Arkansas Fire & Police Pension Review Boari
620 W. 3rd, Suite 200
® Rock, AR 72201-2223
RE: Firemen's Pension and Relief Fund Board of Trustees
Arkansas Local Police and Fire Retirement System (LOPFI)
Consolidation Study
Dear Mr. Clark,
Phone 479.575.8323
cityclerk@fayetteville-ar,gov
The Firemen's Pension and Relief Fund Board of Trustees met on April 30, 2015 and approved
the payment for a LOPFI consolidation. Enclosed is a check in the amount of $1,240.00 tv
complete the study. When the study is complete please mail it to
Sondra E. Smith, City Clerk Treasurer
City of Fayetteville ,
113 West M ou ntain, Suite 308
Fayettevillej AR 72701
Sincerely,
A'4, ("�, IJA*A&
iondra E. Smith, City Clerk Treasurer
Firemen's Pension and Relief Fund
Ioard of Trustees Secretary
CITY of FAYETTEVILLE, ARKANSAS CHECK NO. w w
I DETACH HERE FOR YOUR RECORDS
F-11 V IM -Al 0141T,
Board of Trustees
"etteville Fire Pension Fund
7A TEV
CTITYCLERK'S A ILE
OF r
Y 'E
F
M-1 NMW MT, MWA V1 WA W
Telephone: 501 M2.1745
Toll -Free: 866-859.1745
Fax: 501.682.1751
email: info@lopfi-prb.com
website: www.lopfi-prb.com
Enclosed is the consolidation report that lists revised employer contribution rates
to assign administration of the local fire pension fund to LOPFL Pages four through
seven, for paid service, and page 17, for volunteer service, provide the employer
contribution rates for Local Plan and LOPFI benefits. The rates are:
Paid Service: Using a 15 -year amortization results in 36.96% of payroll without
a Cost Of Living Adjustment (COLA) for the Local Plan or 42.94% of payroll with a
Local Plan COLA.
Using a 25 -year amortization results in 33.37% of payroll without
a Local Plan COLA or 37.63% of payroll with a Local Plan COLA.
Volunteer Service*: Using a 15 -year amortization results in a monthly dollar employer
contribution of $314.72 without a Local Plan COLA or $394.88 with a Local Plan
COLA.
Using a 25 -year amortization results in a monthly dollar employer
contribution of $253.78 without a Local Plan COLA or $318.42 with a Local Plan
COLA.
If the Local Plan has its administration assigned to LOPFI this year the above
employer contribution rates will be used through the 2016 calendar year.
As stated earlier the valuation provides costs for a 15 -year and 25 -year
amortization period for the Local Plan liabilities. Once the amortization period is
properly completed (all actuarial assumptions met), the Local Plan portion of the
employer contribution rate will be satisfied. This will then leave the ongoing LOPFI
employer contribution costs. This report is valid until October 30, 2015, which means
LOPF1 must receive all documents discussed in the next paragraph by October 30, 2015
in order to use these results.
*-Since Fayetteville Fire does not currently have any active LOPH volunteer firefighters, the employer contribution
rates for volunteer service do not include a rate for LOPE volunteer coverage. Should volunteer firefighters be
enrolled in LOPFI, the applicable required employer contribution rate would be added to the volunteer rates in use at
that time, For reference purposes, the required employer contribution rate for LOPFI volunteer coverage is currently
$5.60 per member, per month.
Fayetteville Fire Pension Fund
June 11, 2015
Page 2 of 2
Should your Board and city officials wish to proceed with consolidation, please
execute the enclosed Resolution, Ordinance, and both originals of the Administrative
Services Agreement. Do not alter or rolace the Agreements. Both originals must be
received by L One will be returned to you after approval of the LOPH Board of
Trustees. Lastly, please be certain the Ordinance stipulates which amortization period
was approved (I 5 -year or 25 -year) and if a COLA was approved for the Local Plan.
- I.
M
WMIX4
M-3
Gabriel Roeder Smith & Company One Towne Square 248.799.9000 phone
Consultants 8C Actuaries Suite 800 248.799.9020 fax
Southfield, MI 48076-3723 wwwgabrielroedetcom
Mr. David B. Clark
Executive Director
e4�--
620 W. 3d, Suite 200
Little
'• Arkansas 72201-2212
Re: Actuarial Analysis of Proposed Combined Contribution Rates for the
City of Fayetteville Paid and Volunteer Fire
Dear Mr. Clark:
Respectfully submitted,
Wn , V Kit
amtolk
David L. Hoffman
Heidi G. Barry, ASA, MAAA
jimm
LA T4 W I IKAI- t 1, E. I q W31 R so 0
AS OF DECEMBER 319 2014
Requested By: Mr. David B. Clark, Executive Director
Arkansas Local Police and Fire Retirement System
Date: June 10, 2015
Submitted By: David L. Hoffman and Heidi G. Barry, ASA, MAAA
Gabriel, Roeder, Smith & Company
Submitted in this report are the results of actuarial valuations which determine the combined employer
contribution rates which would result from having the City of Fayetteville Paid and Volunteer Firemen's
f'closed plan" (The Local Relief and Pension Fund for Employees Hired Before January 1, 1983)
administered by x Local Police and Fire Retirement System (LOPFI).
The date of the study was as of December 31, 2014, This supplemental valuation does not predict the
result of the December 31, 2015 valuation or of any other future actuarial valuation. (Future activities can
affect future valuation results in an unpredictable manner.) Rather, the supplemental valuation gives an
indication of the probable effect of the proposed changes on future valuations without comment on the
complete end result of the future valuations.
In accordance with LOPFI Board policy, the employer contribution rates established by this
valuation report are valid for purposes of joining the System until October 30, 2015.
This report is intended to describe the financial effect of the proposed plan changes. No statement in this
report is intended to be interpreted as a recommendation in favor of the changes, or in opposition to them.
Heidi G. Ban -,I is a Member of the American Acade % of Actuaries �MAAA) and meets the Qualification
Standards of the American Academy of Actuaries required to render the actuarial opinion contained
herein.
The calculations are based upon assumptions regarding future events, which may or may not materialize.
They are also based upon present and proposed plan provisions that are outlined in the report. If you have
reason to believe that the assumptions that were used are unreasonable, that the plan provisions are
incorrectly described, that important plan provisions relevant to this proposal are not described, or that
conditions have changed since the calculations were made, you should contact the authors of this report
prior to relying on information in the report.
If you have reason to believe that the information provided in this report is inaccurate, or is in any way
4x*uTQft"u-xAf,00u need further information in order to make an inf�rrned decision on the subject matter
of this report, please contact the authors of the report prior to making such decision.
In the event that more than one plan change is being considered, it is very important to remember that the
6 2-itt'i
the combined effect of all of the changes. The total can be considerably greater than the sum of the parts
due to the interaction of various plan provisions with each other, and with the assumptions that must be
used.
— 6/10/2015 Gabriel Roeder Smith & Company -I-
ARKANSAS LOCAL POLICE AND FiRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
The actuarial methods and assumptions were the same as those used in the regular valuation as of
December 31, 2014. In particular, the economic assumptions used in the supplemental actuarial
valuation were net investment return of 8.0% per year and wage inflation of 4.0% (price inflation of
3.0%) per year.
Major Local Fund Benefit Provisions:
VoluntaEE Retirement - Eligibility at 20 years of service regardless of age.
Paid: Annual benefit is equal to 90% of the highest year's pay. If the member has acquired more than 20
creased b2a&,240 annuallw, for each additional ear of service credit (to
a maximum annual addition of $1,200). If acquired more than 25 years of service credit, the benefit is
increased at age 60 by 1.25 % of highest year's pay for service over 25 years. (Maximum benefit is 100% of
final salary).
Volunteer: The minimum benefit for volunteer members is $1,200 per year. If the member has acquired
more than 20 years of service credit, the benefit is increased by $120 annually for each additional year of
service credit (to a maximum annual addition of $600).
Member Contributions — 6.0% of salary for paid members. $12 per year for volunteer members. Member
contributions are refundable without interest if termination of employment occurs before monthly benefits
are payable.
Automatic !l +, increases
6/10/2015 Gabriel Roeder Smith &- Company -2-
Valuation Data
Ave es
Average
Active
Age
Serv.
Retired
Monthly
Age
Group
Members
Payroll
Pay
(Yrs.)
(Yrs.)
Members
Benefit
rs.)
Paid
LOPFI
106
$ 6,079,826
$ 57,357
37.7
16.0
57
$ 87,75 3
49.3
LOPFI DROP
2
72,893
36,447
58.3
KO
2
3,523
58.3
Local
-
-
-
N/A
N/A
45
112,259
68.4
Total
108
6,152,719
56,970
38.1
16.0
104
203,535
57.7
Volunteer
LOPFI
-
N/A
N/A
N/A
N/A
-
N/A
N/A
LO
N/A
N/A
NIA
N/A
6
$ 683
82.8
Total
N/A
N/A
N/A
N/A
6
683
818
Major Local Fund Benefit Provisions:
VoluntaEE Retirement - Eligibility at 20 years of service regardless of age.
Paid: Annual benefit is equal to 90% of the highest year's pay. If the member has acquired more than 20
creased b2a&,240 annuallw, for each additional ear of service credit (to
a maximum annual addition of $1,200). If acquired more than 25 years of service credit, the benefit is
increased at age 60 by 1.25 % of highest year's pay for service over 25 years. (Maximum benefit is 100% of
final salary).
Volunteer: The minimum benefit for volunteer members is $1,200 per year. If the member has acquired
more than 20 years of service credit, the benefit is increased by $120 annually for each additional year of
service credit (to a maximum annual addition of $600).
Member Contributions — 6.0% of salary for paid members. $12 per year for volunteer members. Member
contributions are refundable without interest if termination of employment occurs before monthly benefits
are payable.
Automatic !l +, increases
6/10/2015 Gabriel Roeder Smith &- Company -2-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATIOIIJ
AS OF DECEMBER 31,2014
Asset information:
I WIMM
7-n K
14
IT r"
rates. For purposes of our calculations, we assumed that the $4,377,557 Local Fund balance was
$4,361,699 for paid members and $15,858 for volunteer members. The computed employer contribution
rates are sensitive to changes in overall asset value. The actual amount transferred to LOPFI will
depend on the market value of Local Fund assets when they are actually liquidated and may differ
substantially from the value as of December 31, 2014. This will likely impact the actual rate
computed in the next valuation of the combined plans.
No COLA 3% COLA
Actuarial Accrued Liabilities (AAL)
Active Members
Other Benefit Recipients $13,727,400 $17,960,748
Total AAL $13,727,400 $17,960,748
------------------------ --------
Assets
Available to Fund AAL $ 4,361,699 $ 4,361,699
Member DROP Balance -
Total Assets $ 4,361,699 $ 4,361,699
---------------------
�1� . ........ L%J, 41 �61 M, 1
6/10/2015 Gabriel Roeder Smith & Company -3-
AS OF DECEMBER 319 R.
15 -YEAR AMORTIZATION, 0 % COLA
ACTUARIAL STATEMENT
Proposed Provisions:
No post-retirement benefit increases for Local Plan members with unfunded liabilities amortized over a
15 -year closed period.
Actuarial Information:
The following shows the computed employer contribution rate applicable to Local Plan unfunded liabilities:
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 36.96% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
6/10/2015 Gabriel Roeder Smith & Company -4-
ARKANSAS LOCAL POLICE AND FiRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
4-CTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31,2014
Proposed Provisions:
No post-retirement benefit increases for Local Plan members with unfunded liabilities amortized over a
25 -year closed period.
Actuarial Information:
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPH administration, would be 33.37% for calendar years 2015 and 2016.
Comment B — The results shown R• are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
•. year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above • actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
Comment D — The reader should note that the cash flow projection on page 10 shows the group running
out of money and • borrowing from LOPH for a number of years. The financial reporting for this
group will be affected significantly as a result.
6/10/2015 Gabriel Roeder Smith &_ Company -5-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID ADNVOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATIO1
AS OF DECEMBER 319 2014
R-Wor", 09twWwou"'A
ACTUARIAL STATEMENT
Proposed Provisions:
3% compounded post-retirement benefit increases for Local Plan members with unfunded liabilities
amortized over a 15 -year closed period.
Actuarial Information:
I
IIIIIII 1�11�1�1��Iig�IqIIIIII iiiiiiiiiiiii� illillilillillilillilillillillillillillIlliiI 1, IIIIIIIqIJIIIIIIIII 111111111111 1
M= I I L 11MIN I'd I I
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 42.94% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
Comment D — The reader should note that the cash flow projection on page 10 shows the group running
out of money and therefore borrowing from LOPFI for a number of years. The financial reporting for this
group will be affected significantly as a result.
6/10/2015 Gabricl Raeder Smith & Company -6-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF
■ 319 2014
ACTUARIAL STATEMENT
Proposed Provisions:
3% compounded post-retirement benefit increases for Local Plan members with unfunded liabilities
amortized over a 25 -year closed period.
Actuarial Information:
M "w'iat i 11 � 6 1 V *CA'dertt Lwc!?l Plan unfunded liabilititz
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 37.63% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality •
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
of as benefits are payable there is a possibility that employer contributions will •'. needed.
6/10/2015 Gabriel Roeder Smith & Company -7-
ARKANSASPOLICE AND FIRE
CITY OF a PAID i i
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS
DECEMBER
31, I
0% COLAj 15 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
6/1012015 Gabriel Roeder Smith & Company -8-
Pro'ected in thousansJs
Year Ended
investment
December31
Payroll'
Benefits
Contributions
Earnings,-,
Assets (Mw
2014
$ 4,362
2015
$ 6,399 S
1,343
765
$ 326
4,110
2016
6,655
1,334
829
309
3,914
2017
6,921
1,323
862
2'95
3,747
2018
7,198
1,311
897
284
3,617
2019
7,486
1,297
932
275
3,.527
2020
7,785
1,282
970
270
3,485
2021
8,097
1,265
1,008
269
3,497
2022
8,420
1;246
1,049
272
3,571
2023
8,757
1,226
1,091
280
3,716
2024
1,108
1,205
1,134
295
3,940
2025
9,472
1,182
1,180
315
4,253
2026
9,851
1,157
1,227
343
4,665
2027
10,245
1,131
1,276
379
5,189
2028
10,655
1,104
1,327
424
5,1336
2029
11,081
1,074
1,380
479
6,621
2030
11,524
1,043
1,435
545
7,559
2031
11,985
1,010
-
565
7,114
2032
12,464
975
-
531
6,669
2033
12,963
939
-
497
6,227
2034
13,481
901
-
463
5,789
2035
14,021
861
-
429
5,357
2036
14,581
819
-
396
4,934
2037
15,165
777
-
364
4,522
2038
15,771
733
-
333
4,122
2039
16,402
688
-
303
3,737
2040
17,458
642
-
274
3,369
2041
17,741
596
-
246
3,019
2042
18,450
551
-
220
2,688
2043
19,188
505
-
195
2,378
2044
19,956
460
172
2,090
2045
20,754
417
-
151
1,824
2046
21,584
375
-
131
1,581
2047
22,447
334
-
113
1,360
2048
23,345
296
-
97
1,161
2049
24,279
260
-
83
984
2050
25,250
226
-
70
828
2051
26,260
196
-
59
691
2052
2.7,311
168
-
49
572
2053
28,403
143
-
40
469
2054
29,539
120
-
33
381
6/1012015 Gabriel Roeder Smith & Company -8-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 2014
r
M.. Active member countassumed to stay'#
2. Local plan contributions only; 12.46Yo ofpay in 2015 and thereafter in a"fion to the LOPFI rate. The first year
contribution assumes that the City will be under LOPH administration for the last sbc months of 2015. Thelastyear
contribution based on F amortizationwould be applied to calendaryear 2030,
I Reported market value ofassets, Assets are projected at the assumed rate ofreturn of8% peryear
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6110/2015 Gabriel Roeder Smith & Company -9-
Projected
$ in thousands)
YearEnded
Investment
December31
Payroll'
Benefits Contributions' Earnings
Assets (MY)`
2055
$ 30,721
$ 101
- $ 27
$ 3€17
2056
31,954
83
- 21
245
2657
33,228
68
- 17
194
2658
34,557
56
13
151
2459
35,939
45
- 10
117
2466
37,377
35
- 8
90
2461
38,872
28
- 6
68
2462
46,427
22
- 5
51
2463
42,444
17
- 3
38
2464
43,725
13
- 3
28
2065
45,474
10
- 2
20
2466
47,293
7
- 1
14
2467
49,185
5
- 1
10
2468
51,153
4
- 1
7
2669
53,199
3
- 0
5
2474
55,327
2
' 0
3
2071
57,540
1
- 0
2
2472
59,841
1
- 0
1
2473
62,235
1
' 0
1
2674
64,724
0
- 0
1
2675
67,313
0
- 0
0
2676
74,466
0
- 0
0
2077
72,806
0
- 0
0
2078
75,718
0
0
0
2679
78,747
0
- 0
0
2486
81,897
0
- 0
0
2681
85,173
0
- 0
0
2682
88,580
0
_ 0
2683
92,123
-
- -
-
M.. Active member countassumed to stay'#
2. Local plan contributions only; 12.46Yo ofpay in 2015 and thereafter in a"fion to the LOPFI rate. The first year
contribution assumes that the City will be under LOPH administration for the last sbc months of 2015. Thelastyear
contribution based on F amortizationwould be applied to calendaryear 2030,
I Reported market value ofassets, Assets are projected at the assumed rate ofreturn of8% peryear
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6110/2015 Gabriel Roeder Smith & Company -9-
ARKANSAS * AND FIRE RETIREMENT SYSTEM
VOLUNTEERCITY OF FAYETTEVILLE PAID AND r
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
'{ COLA, 25 -YEAR AMORTIZATION OF o IN
f
P,411D FIRE PROJECTED* ■ FLOW
6110/2015 Gabriel Raeder Smith & Company -1.0-
Projected
$ in thousands
Year Ended
Investment
December31
Payroll'
Benefits Contribntionsz
Ea s
Assets ( q
2014
$ 4,362
2015
$ 6,399
$ 1,343 $
707
$ 324
4,050
2016
6,655
1,334
594
295
3,602
2017
6,921
1,323
614
264
3,153
2418
7,198
1,311
639
226
2,706
2419
7,486
1,297
664
192
2,265
2020
7,785
1,282
691
158
1,832
2021
8,097
1,265
718
12.5
1,410
2422
8,420
1,246
747
93
1,004
2423
8,757
1,226
777
63
617
2024
9,108
1,205
808
34
254
2025
9,472
1,182
844
7
(81)
2026
9,851
1,157
874
(18)
(382)
2027
10,245
1,131
909
(39)
(643)
2428
14,655
1,104
945
(58)
(859)
2029
11,081
1,074
983
(72)
(1,023)
2030
11,524
1,443
1,422
(83)
(1,126)
2031
11,985
1,014
1,063
(88)
(1,164)
2032
12,464
975
1,106
(88)
(1,118)
2033
12,963
939
1,150
(81)
(988)
2034
13,481
941
1,196
(67)
(760)
2035
14,021
861
1,244
(46)
(423)
2036
14,581
819
1,294
(15)
36
2437
15,165
777
1,345
25
630
2038
15,771
733
1,399
77
1,373
2039
16,402
688
1,455
140
2,281
2040
17,458
642
1,513
217
3,369
2041
17,741
596
-
246
3,019
2442
18,454
551
-
224
2,688
2043
19,188
545
-
195
2,378
2044
19,956
464
-
172
2,494
2045
20,754
417
-
151
1,824
2046
21,584
375
-
131
1,581
2047
22,447
334
-
113
1,360
2048
23,345
296
-
97
1,161
2049
24,279
264
-
83
984
2450
25,250
226
-
70
828
2451
2.6,264
196
-
59
691
2052
27,311
168
-
49
572
2053
28,403
143
-
40
469
2054
29,539
120
-
33
381
6110/2015 Gabriel Raeder Smith & Company -1.0-
a • j i LOCAL i.LICE w.. RETIREMENT
CITY OF FAYETTEVILLE PAILD AND VOLUNTEER FIRE
ACTUARIAL
♦ Ri VALUATION PROPOSALS UNDER
AS -OF DECEMBER 31,) 2014
0%
PAID
i D PROJECTED CASH FLOW
(CONCLUDED)
YearEnded
Investment
)ecember3l
Payrolls
Benefits
2055
S 30,721
S 101
2056
31,950
83
2057
33,228
68
2058
34,557
56
2059
35,939
45
2060
37,377
35
2061
38,872
28
2062
40,427
22
2063
42,044
17
2064
43,725
13
2065
45,474
10
2066
47,293
7
2067
49,185
5
2068
51,153
4
2069
53,199
3
2070
55,327
2
2071
57,540
1
2072
59,841
1
2073
62,235
1
2074
64,724
0
2075
67,313
0
2076
70,006
0
2077
72,806
0
2078
75,718
0
2079
78,747
0
2080
81,897
0
2081
85,173
0
2082
88,580
0
2083
92,123
-
ted ($ in thousands)
Investment
Contributions Earnings
Assets (MV
_
s" - $ 27
$ 307
- 21
245
- 17
194
- 13
151
_ 10
117
- 8
90
- 6
68
- 5
51
- 3
38
- 3
28
- 2
20
- 1
14
- 1
10
- 1
7
- 0
5
0
3
_ 0
2
_ 0
1
= 0
1
- 0
1
_ 0
0
0
0
_ 0
0
_ 0
0
_ 0
0
= 0
4
_ 0
0
- 4
_
1. LOPF[Active member count is assumed to stay level infuture years,
2. Local plan R i R only;8,87% pay in 2015
e thereafter in addition #' ' year
contribution assumes thatbe under LOPFIadministraflonfor the lastR R 20astyear
contribution based on i 25 -year amortization schR be applied to calendaryearl
40.
3, Reported marA�e_t value ofassetsAssets are projected at the assumed rate ofreturn tj`8%peryear
Note: The actual future contributions for this ,group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
d assumed future experience. These differences can have a significant effect on these results,
6/10/2415 Gabriel Roeder Smith & Company -il=
ARKANSAS LOCAL AND
Y RETIREMENT
CITY OF FAYETTEVILLE
FIRE
ID AND OF
yDECEMBER r y
y. a ! ♦ tTION OF ! t Mi. S t S - i ! !
AS
1
1
COLA,
AMORTIZATION i !. UAL IN LOPF1
PAID ■ PROJECTED
611412415 Gabriel Roeder Smith & Company -12-
Projected $ in thousands
Year Ended
Investnient
December3l
Payrolls
Benefits
Contribtians2
Earnim
Assets (MV
2014
$ 4,362
2415
$ 6,399 $
1,343
$ 860
$ 330
4,209
2416
6,655
1,374
1,227
331
4,393
2417
6,921
1,444
1,276
346
4,612
2018
7,198
1,433
1,327
365
4,871
2419
7,486
1,464
1,384
387
5,177
2424
7,785
1,486
1,435
412
5,539
2421
8,497
1,510
1,493
442
5,963
2022
8,420
1,533
1,552
478
6,461
2023
8,757
1,554
1,614
519
7,441
2024
9,148
1,572
1,679
567
7,715
2025
9,472
1,589
1,746
623
8,496
2026
9,851
1,602
1,816
688
9,398
2027
14,245
1,613
1,889
763
14,436
2428
14,655
1,621
1,964
848
11,628
2429
11,081
1,625
2,443
947
12,993
2434
11,524
1,625
2,125
1,459
14,552
2431
11,985
1,621
-
1,141
14,431
2432
12,464
1,612
-
1,459
13,478
2433
12,963
1,599
-
1,416
12,895
2434
13,481
1,580
-
974
12,285
2435
14,421
1,555
-
922
11,652
2436
14,581
1,525
-
872
11,444
2437
15,165
1,488
-
822
14,334
2438
15,771
1,446
-
774
9,658
2439
16,442,
1,398
-
718
8,977
2040
17,458
1,344
-
6+65
8,298
2041
17,741
1,286
-
613
7,626
2042
18,450
1,223
-
562
6,965
2043
19,188
1,156
-
512
6,321
2444
19,956
1,085
-
463
5,699
2445
24,754
1,412,
-
416
5,144
2446
21,584
937
-
372
4,539
2047
22,447
860
-
329
4,007
2448
23,345
784
-
290
3,513
2449
24,279
749
-
253
3,057
2454
25,254
+637
-
224
2,639
2451
26,264
567
-
189
2,261
2452
27,311
541
-
161
1,921
2453
28,443
439
-
136
1,619
2454
29,539
382
-
115
1,352
611412415 Gabriel Roeder Smith & Company -12-
ARKANSAS LOCAL RETIREMENT
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31,2014
I EAR ■ r T
PAID FIRE PROJECTED
(CONCLUDED)
1, LOPFIActive member count is assumedassumedto stay`t LO
ii. ticontributions
/ 18.44% of!/. 2015 t /: addition i to I+
contribution assumes that be under LOPFI achninistrationfor the last six monthst tyear
e i -
contributionbased on i 15 -year amortization schi be applied to calendar year
Projected ($1n thousands)
YearEnded
Investment
Dece r31
Payroll'
$merits Contributions mens
Assets
(MV)
2055
$ 30,721
$ 324 - $
95 $
1,118
2056
31,950
280 -
78
916
2057
33,228
237
64
743
2058
34,557
198 -
52
547
2054
35,934
164 -
41
475
2060
37,377
134 -
33
374
2061
38,872
108 -
26
292
2062
40,427
87 -
20
225
2063
42,044
69 -
15
172
2064
43,725
54 -
12
124
2065
45,474
42 -
9
96
2066
47,293
32 -
6
70
2067
49,185
24 -
5
51
2068
51,153
18 -
3
36
2064
53,144
13 -
2
25
2070
55,327
10 -
2
17
2071
57,540
7 -
1
12
2072
59,841
5 -
1
8
2073
62,235
3 -
0
5
2074
64,724
2 -
0
3
2075
67,313
1 -
0
2
2076
70,006
1 -
0
1
2077
72,806
1 -
0
1
2078
75,718
0 -
0
0
2074
78,747
0 -
0
0
2080
81,847
0 -
0
0
2081
85,173
0 -
0
0
2082
88,580
0 -
0
0
2083
42,123
0 -
0
0
2084
95,808
0 -
0
0
2085
99,640
0 -
0
nsi
ina 4174
- -
-
-
1, LOPFIActive member count is assumedassumedto stay`t LO
ii. ticontributions
/ 18.44% of!/. 2015 t /: addition i to I+
contribution assumes that be under LOPFI achninistrationfor the last six monthst tyear
e i -
contributionbased on i 15 -year amortization schi be applied to calendar year
ARKANSAS
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 a
o pAMORTIZATION
LOPF]
PAID FIRE PROJECTED CASH FLOW
fM,
Year Ended I Investment
embe1311 Payroll, Beuelits counibutions,
2014
2015
U 6,399 P
1,343
2016
6,655
1,374
2017
6,921
1,404
2018
7,198
1,433
2019
7,486
1,460
2020
7,785
1,486
2021
8,097
1,510
2022
8,420
1,533
2023
8,757
1,554
2024
9,108
1,572
2025
9,472
1,589
2026
9,851
1,602
2027
10,245
1,613
2028
10,655
1,621
2029
11,081
1,625
2030
11,524
1,625
2031
11,985
1,621
2032
12,464
1,612
2033
12,963
1,599
2034
13,481
1,580
2035
14,021
1,555
2036
14,581
1,525
2037
15,165
1,488
2038
15,771
1,446
2039
16,402
1,398
2040
17,058
1,344
2041
17,741
1,286
2042
18,450
1,223
2043
19,188
1,156
2044
19,956
1,085
2045
20,754
1,012
2046
2.1,584
937
2047
22,447
860
2048
23,345
784
2049
24,279
709
2050
25,250
637
2051
26,260
567
2052
27,311
501
2053
28,403
439
2054
29,531
382
E
776 $ 327
874 310
909 2'95
945 279
983 263
1,022 247
1,063 230
1,106 213
1,15{, 197
1,196 182
1,244 167
1,244 154
1,345 144
1,399 136
1,455 131
1,513 130
1,574 134
1,637 144
1.,702 160
1,770 185
1,841 219
1_,915 263
1,991 320
2,071 390
2,154 477
2}240 581
- 613
- 562
- 512
- 463
- 416
- 372
- 329
- 290
- 253
- 220
- 189
- 1.61
- 136
_ tts
Assets (1yIVj"
4,362
4,121
3,931
3,731
3,523
3,304
3,092
2,$75
2,661
2,454
2,259
2,082
1,928
1,804
1,718
1,679
1,698
1,785
1,953
2,217
2,592
3,097
3,751
4,574
5,589
6,822
8,298
7,626
6,965
6,321
5,69'9
5,104
4,539
4,007
3,513
3,057
2,631
2,261
1.,921
1,619
6110/21115 Gabriel Roeder Smith & Company -14-
ARKANSASAND
FIRE RETIREMENT
CITY OF FAYETTEVILLE 1 AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS 1ER CONSIDERAT
AS 7 DECEMBER
319 II
--------------
Y AMORTIZATION
PAID PROJECTED
(CONCLUDED)
LOPHActive memberr assumedto,
Local plan r r only; ofpay in 2015and thereafter in addition tr the LOPFIr r
contribution assumes that the City will be under LOPHadministration fr rst six months of 2015, Thelastyear
contribution based on r 25 -year amortization scher r s be applied r *r year
3. Reported r ofassets. Assets are projected r r rate r +e t year.
Note:contributions 4.group. investment return, 4 i' i
expectancy. life
"i does not• on i i contributions of differences between
i assumed future experience, These differences can have a significanton
Projected
$ in thousands
Year Ended
Investment
)ecember3l
Payroll,
Benefits Contributions2 Ea mins
Assets (Mv
2055
$ 30,721 $
329
- $ 95
$ 1,118
2056
31,950
280
- 78
916
2057
33,228
237
64
743
2058
34,557
198
- 52
597
2059
35,939
164
- 41
475
2060
37,377
134
- 33
374
2061
38,872
108
- 26
242
2062
40,427
87
- 20
225
2063
42,044
69
- 15
172.
2064
43,725
54
- 12
129
2065
45,474
42
- 9
96
2066
47,293
32
- 6
70
2067
49,185
24
5
51
2068
51,153
18
3
36
2069
53,149
13
- 2
25
2070
55,327
10
- 2
17
2071
57,540
7
- 1
12
2072
59,841
5
- 1
8
2073
62,235
3
- 0
5
2074
64,724
2
- 0
3
2075
67,313
1
- 0
2
2076
70,006
1
- 0
1
2077
72,806
1
- 0
1
2078
75,718
0
- 0
0
2079
78,747
0
- 0
0
2080
81,897
0
- 0
0
2081
85,173
0
- 0
0
2082
88,580
0
- 0
0
2083
92,123
0
- 0
0
2084
45,808
0
- 0
0
2085
99,640
0
- 0
-
2086
103,626
-
-
-
LOPHActive memberr assumedto,
Local plan r r only; ofpay in 2015and thereafter in addition tr the LOPFIr r
contribution assumes that the City will be under LOPHadministration fr rst six months of 2015, Thelastyear
contribution based on r 25 -year amortization scher r s be applied r *r year
3. Reported r ofassets. Assets are projected r r rate r +e t year.
Note:contributions 4.group. investment return, 4 i' i
expectancy. life
"i does not• on i i contributions of differences between
i assumed future experience, These differences can have a significanton
ARKANSAS LOCAL POLICE r RETIREMENT
CITY OF FAYETTEVILLE
PAID
r r Ir
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS
DECEMBER J
Asset information.
Asset information LocalPension & Reliefiwas derived from the Fund'sreport
provided to us. The date of "iirt was December 31, 2014. The reported market value o
rates.f assets,
$4,377,557, for the Local Fund, as of December 31, 2014 was used in computing the employer contribution
For purposes of our i assumed
$4,377,557 Local Fund balance
$4,361,699 for paid membersand $15,858 or volunteer bi:. he computed '.iemployer
rates are sensitive to
changes overallttransferred i LOPF1
substantiallydepend on the market value of Local Fund assets when they are actually liquidated and may differ
of i`impactill
FR-MMcomputed in the next valuation of the combined plans.
6/10/2015 Gabriel Roeder Smith & Company -16-
No COLA
3% COLA
Actuarial Accrued Liabilities. (AAL)
Active Members
-
-
Other Benefit Recipients
49,948
$
58,068
Total AAL
$
49,908
$
58,468
Assets
Available to Fund
15,858
$
15,858
Member DROP Balance
-
-
Total Assets
$
15,858
$
15,858
Unfunded AA11,
$
34,454
42,210
6/10/2015 Gabriel Roeder Smith & Company -16-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31,2014
L. the Local Fund becomes administered by LOPFI, the per month employer contribution* for calendar year
2015 and thereafter would be as follows:
These contributions are in addition to the contribution determined for LOPFI members only. As of
December 31, 2014 there are no LOPFI Volunteer Firemen. These are the estimated contributions needed
to pay off the unfunded accrued liability associated with Closed Plan benefits and would be deposited in
the Local Fund Employer Accumulation Account.
Readers of this report may have an expectation that the contribution shown above will be paid for 15 or
25 years and the employer will be relieved of all liability at that time. That is not the case, as long as
benefits are payable there is a possibility that employer contributions will be needed.
Contributions were calculated on a dollars per month basis since there are no active volunteers in LOPFI and the Local
Plan to calculate a per member per month rate.
6/10/2015 Gabriel Roeder Smith & Company -17-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATIO1
AS OF DECEMBER 31,2014
0% COLA,) 15 -YEAR AMORTIZATION OF UAL IN LOPFL
VOLUNTEER FIRE PROJECTED CASH FLOW
Year Ended
PR Active
Investment
)ecernber3l
counti
Benefits
Conhibutions 2
Earnings
2014
2015
NA
7,956
3,001
1,074
2016
NA
7,464
3,777
813
2017
NA
6,972
3,777
603
2018
NA
6,468
3,777
415
2019
NA
5,964
3,777
253
2020
NA
5,484
3,777
117
2021
NA
5,004
3,777
9
2022
NA
4,560
3,777
(71)
2023
NA
4,128
3,777
(123)
2024
NA
3,732
3,777
(145)
2025
NA
3,348
3,777
(138)
2026
NA
2,976
3,777
(100)
2027
NA
2,652
3,777
(32)
2028
NA
2,340
3,777
68
2029
NA
2,040
3,777
200
2030
NA
1,764
3,777
366
2031
NA
1,512
-
418
2032
NA
1,284
339
2033
NA
1,068
272
2034
NA
876
216
2035
NA
720
169
2036
NA
576
131
2037
NA
456
100
2038
NA
348
76
2039
NA
276
-
57
2040
NA
204
-
42
2041
NA
168
-
31
2042
NA
108
-
22
2043
NA
94
-
16
2044
NA
60
-
11
2045
NA
48
-
8
2046
NA
36
-
5
2047
NA
24
-
3
2048
NA
12
-
2
2049
NA
12
-
1
2050
NA
12
-
0
2051
NA
- ----------
-
0
144
1,649
3,586
5,964
4,870
3,925
3,129
2,469
1,918
1,473
1,117
845
626
464
326
240
172
124
84
53
32
22
12
0
0
1, As ofDecember 31, 2014 there were no Active LOPFI Volunteer Firemen.
2, Localplan contributions only; $314. 72 per month in 2015 and thereafter in addition to the LOPH rate, Thefirstyear
contribution assumes that the City will he under LOPF[administrationfor the last six months of2015. Thelastyear
contribution based on a 15 -year amortization schedule would be applied to calendar year 2030.
3. Reported market value ofassets, Assets are projected at the assumed rate of return qf8% peryear.
Note, The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
MY OF FAYETTEVIULLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATIO1
AS OF DECEMBER2014
0% COLA, 25 -YEAR AmoRTIZATION OF UAL IN LOPF1
1 161 61 1 1 a I
Year Ended
LA)PR Active
Investment
December3l
Count
Benefits
Contributions 2
Eanli!g
Assets (MW
2014
15,858.00
2015
NA
7,956
2,818
1,067
11,787
2016
NA
7,464
3,045
770
9,138
2017
NA
6,972
3,045
497
4,708
2018
NA
6,468
3,045
242
1,528
2019
NA
5,964
3,045
8
(1,383,
2020
NA
5,484
3,045
(206)
(4,028'
2021
NA
5,004
3,045
(399)
(6,385'
2022
NA
4,560
3,045
(570)
(8,470:
2023
NA
4,128
3,045
(720)
(10,273:
2024
NA
3,732
3,045
(849)
(11,808:
2025
NA
3,348
3,045
(957)
(13,068'
2026
NA
2,976
3,045
(1,043)
(14,041
2027
NA
2,652
3,045
(1,108)
(14,755
2028
NA
2,340
3,045
(1,153)
(15,203
2029
NA
2,040
3,045
(1,177)
(15,374'
2030
NA
1,764
3,045
(1,180)
(15,272
2031
NA
1,512
3,045
(1,162)
(14,901
2032
NA
1,284
3,045
(1,123)
(14,262'
2033
NA
1,068
3,045
(1,063)
(13,348
2034
NA
876
3,045
(983)
(12,162
2035
NA
720
3,045
(882)
(10,718,
2036
NA
576
3,045
(761)
(9,009
2037
NA
456
3,045
(619)
(7,039
2039
NA
348
3,045
(457)
(4,799
2039
NA
276
3,045
(275)
(2,305
2040
NA
204
3,045
(73)
464
2041
NA
168
-
31
326
2042
NA
108
-
22
240
2043
NA
84
-
16
172
2044
NA
60
-
11
124
2045
NA
48
-
8
84
2046
NA
36
-
5
53
2047
NA
24
-
3
32
2048
NA
12
-
2
22
2049
NA
12
-
1
12
2050
NA
12
-
0
0
2051
NA
- -------
0
0
1, As ofDecember 31, 2014 there were no Active LOPH Volunteer Firemen.
2. Localplan contributions only; $253.78per month in 2015 and thereafter in addition to the LOPH rate. Thefirstyear
contribution assumes that the City will be under LOPHadministrationfor the last six months of 2015� Thelastyear
contribution based on a 25 -year amortization schedule would be applied to calendar year 2040.
3. Reported market value ofassets. Assetsare projected at the assumed rate ofreturn ofM per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -19-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31,2014
3% COLAq 15 -YEAR AMORTIZATION OF UAL IN LOPFI
YearEnded
LOPR Active
hwestroent
3eceniber31
count'
Benefits
ContdbutionS2
n_s-
sets (Mv
2014
$15,858
2015
NA
$7,956
$3,241
$1,084
12,227
2016
NA
7,692
4,739
862
10,136
2017
NA
7,392
4,739
707
8,189
2018
NA
7,068
4,739
564
6,423
2019
NA
6,720
4,739
436
4,878
2020
NA
6,348
4,739
127
3,590
2021
NA
5,988
4,739
239
2,585
2022
NA
5,604
4,739
173
1,892
2023
NA
5,232
4,739
132
1,531
2024
NA
4,860
4,739
its
1,527
2025
NA
4,488
4,739
132
1,910
2026
NA
4,128
4,739
177
2,697
2027
NA
3,780
4,739
253
3,909
2028
NA
3,432
4,739
364
5,579
2029
NA
3,084
4,719
511
7,745
2030
NA
2,760
4,739
697
10,421
2031
NA
2,424
-
739
8,735
2032
NA
2,112
-
616
7,239
2033
NA
1,824
-
508
5,923
2034
NA
1,548
-
413
4,788
2035
NA
1,296
-
312
3,824
2036
NA
1,068
-
264
3,020
2037
NA
864
-
208
2,364
2038
NA
696
-
162
1,830
2039.
NA
552
-
125
1,403
2040
NA
444
-
95
1,053
2041
NA
336
-
71
789
2042
NA
264
-
53
577
2043
NA
204
-
38
411
2044
NA
144
-
27
295
2045
NA
108
-
19
206
2046
NA
84
-
13
135
2047
NA
60
-
8
84
2049
NA
36
-
5
53
2049
NA
24
-
3
32
2050
NA
12
-
2
22
2051
NA
12
-
1
12
2052
NA
12
-
0
2053
NA
-
-------------
L As ofDecember 31, 2014 there were no Active LOPH Volunteer Firemen,
2. Localplan contributions only; $394,88 per month in 2015 and thereafter in addition to the LOPH rate. Thefirstyear
contribution assumes that the City will be under LOPMadministrationfor the last six months of 2015. Thelastyear
contribution based on a 15 -year amortization schedule would be applied to calendar year 2030.
3, Reported market value ofassem Assets are projected at the assumed rate of return of8%per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -20-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATIO1
-AS OF DECEMBER 31,2014
3% COLAq 25 -YEAR AMORTIZATION OF UAL IN LOPFI
Year Ended
LOPRActive
1"Vesuttent
Deceniber3l
count'
Benefits
Contributions'
Eamw
Assets (MV),
2014
$15,858
2015
NA
$7,956
$3,012
$1,075
11,988
2016
NA
7,692
3,821
807
9,925
2017
NA
7,392
3,821
574
5,928
2018
NA
7,068
3,821
347
3,028
2019
NA
6,720
3,821
128
257
2020
NA
6,348
3,821
(79)
(2,348)
2021
NA
5,988
3,821
(273)
(4,788)
2022
NA
5,604
3,821
(453)
(7,024)
2023
NA
5,232
3,821
(617)
(9,052)
2024
NA
4,860
3,921
(765)
(10,856)
2025
NA
4,488
3,821
(895)
(12,418)
2026
NA
4,128
3,821
(1,005)
(13,730)
2027
NA
3,780
3,821
(1,097)
(14,786)
2028
NA
3,432
3,821
(1,168)
(15,565)
2029
NA
3,094
3,821
(1;216)
(16,044)
2030
NA
2,760
3,821
(1,242)
(16,225)
2031
NA
2,424
3,821
(1,243)
(16,071)
2032
NA
2,112
3,821
(1,219)
(15,580)
2033
NA
1,824
3,821
(1,168)
(14,751)
2034
NA
1,548
3,821
(1,091)
(13,569)
2015
NA
1,296
3,821
(986)
(12,031)
2036
NA
1,068
3,821
(854)
(10,132)
2037
NA
864
3,821
(695)
(7,870' ,
2038
NA
696
3,821
(507)
(5,251;
2039
NA
552
3,821
(292)
(2,274;
2040
NA
444
3,821
(49)
1,053
2041
NA
336
-
71
788
2042
NA
264
53
577
2043
NA
204
38
411
2044
NA
144
27
295
2045
NA
108
19
206
2046
NA
84
13
135
2047
NA
60
8
94
2048
NA
36
5
53
2049
NA
24
3
32
2050
NA
12
2
22
2051
NA
12
1
12
2052
NA
12
0
2053
NA
----------- -
_-
1, As ofDecember 31, 2014 there were no Active LOPF! Volunteer Firemen
I Localplan contributions only, $318.42 per month in 2015 and thereafter in addition to the LOPH rate. Thefirstyear
contribution assumes that the City will be under LOPFI administration for the last six months of 2015Thelastyear
contribution based on a 25 -year amortization schedule would be applied to calendar year 2040.
3Reported market value ofassets. Assets are projected at the assumed rate of return of8% per year,
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -21-
Whereas, the Board of Trustees (the Board) of the FAYETTEVILLE FIRE Pension and Relief
Fund (the Local Plan), desires to assign administration of the Local Plan to the Arkansas Local
Police and Fire Retirement System (LOPFI) pursuant to Act 3 64 of 198 1, as amended; and
Whereas, such action shall not change the benefit structure unless a benefit increase is approved
by the governing body of FAYETTEVILLE, Arkansas; and
Whereas, the Board received and reviewed the latest actuarial report from LOPFI, which states
the initial required employer contribution rate(s); and
member payroll plus +• average annual assets of the Local Plan; and
Whereas, the Board finds it is in the best interest of the Local Plan and its participants to have
LOPH administer the Local Plan; therefore,
BE IT RESOLVED, the Board hereby elects to assign administration of the Local Plan to
LOPFI.
viii�1111111r�
Ealt2LSILTAF.Itsis 11MIRTMt M.-ty"11*0144 . � I �
01 It
We certify this Resolution accurately states the action of said Board of Trustees. Approved this
— day of 2015.
Chair
See/Treasurer
Member
Member
Member
Member
Member
r i � x * ♦ i
x x t a
r_
* xthe sections thereof may be re -numbered and re -lettered as necessary to accomplish suchSECTION 4. Due to the need to consolidate administration of the FAYETTEVILLE FirePension and Relief Fund with LOPFI, an emergency is hereby declared to exist anOrdinance shall be in full force from and after the date of its passage and approv
r M `7►'�i'��
IM
•
LOPF1
vol
The City of FAYETTEVILLE, a political subdivision, currently has and administers a
Fire Pension Fund.
LOPFI is an agency created by statute (A.C.A. 24- 10-10 1, et. seq.) for the purpose of
providing a statewide retirement system with pooled administration.
Agreement
obligations hereinafter enumerated the parties agree as follows:
1. This Agreement is made pursuant to the authority of Act 364 of 1981, as
amended, of the General Assembly of the State of Arkansas.
2. This Agreement shall be effective sixty (60) days from the date affixed hereto,
provided, however, at any time during the sixty (60) day period the LOPFI Board
of Trustees may reject this Agreement.
3. This Agreement is for the administration of the Fire Pension Fund and its benefit
structure shall not change, unless a benefit increase is approved bof
FAYETTEVILLE.
4. The actuaries for LOPFI have computed an initial employer contribution rate(s) to
be paid by the City of FAYETTEVILLE to support the benefits paid by the Fire
Pension Fund and will provide eligible participants with the benefits described in
Act 397 of 1983 (applies to Fire plans). The City of FAYETTEVILLE agrees to
always remit payment at the level established by the actuaries for LOPFI.
C The annual fee paid to LOPFI for administration of the Fire Pension Fund shall
not exceed one half (1/2) of one percent (1%) of the annual payroll of the Fire
Pension Fund and one percent (I%) of the average annual Fire Pension Fund
assets. However, this fee is subject to change by legislative action. The fiscal
year shall be January 1 through December 3 1.
6. Benefits and member refunds shall be paid on the first business day of each month
and in accordance with LOPF1 procedures.
0
5 LOPF1
ZN
LOPH
City of FAYETTEVILLE
Page 2 of 3
7, LOPFI covenants and agrees to provide the following services:
a. investment of Fire Pension Fund assets and the award of annual interest to the
employer reserve account at the end of each fiscal year in an amount consistent
with the interest awarded to other LOPFI employer accounts;
b. process retirement applications including determination of eligibility,
calculation of service credit and benefit payment amounts, payment of benefits
to eligible benefit recipients, and satisfaction of state and federal tax
withholding requirements, all in accordance with LOPFI procedures and
guidelines;
c. disability determinations, provided the employer submits appropriate materials
for said determinations. All disability determinations shall conform to LOPFI
procedures;
d. refund of member contributions to eligible terminating members; and
8, The City of FAYETTEVILLE covenants and agrees as follows:
a. upon execution of this Agreement all Fire Pension Fund assets and records
0 shall be transferred to LOPFL In the sole discretion of LOPFI certain
M
In investments may be allowed to mature to avoid penalties;
b. all employer and applicable employee contributions shall be remitted to LOPFI
in time to be recorded by the tenth (I 01h ) day of each month following the
month in which services were rendered. Remittance shall be made in the
manner and amounts prescribed by LOPFI, which shall include the use of
LOPFI's electronic reporting and LOPFI's e -Payment;
c. the City of FAYETTEVILLE shall execute all documents required by LOPFI to
aid in the administrative process;
d. all active members and beneficiaries of the Fire Pension Fund have been
deemed eligible pursuant to the standards prevailing at the time of the
determination of eligibility. The parties agree that LO4F1 is bound by any
determination of eligibility or ineligibility made by the Board of Trustees of
the Fire Pension Fund as long as such determination(s) conform to state law.
The Fire Pension Fund and the City of FAYETTEVILLE indemnify and hold
LOPFI harmless for any eligibility decisions made by the Fire Pension Fund.
e. the City of FAYETTEVILLE has disclosed to LOPFI all pending claims,
actions, suits, and threatened liabilities to the Fire Pension Fund.
a
1. Upon the passage of sixty (60) days following the execution of this document,
unless rejected by the LOPS Board of Trustees, this Agreement shall become
permanent.
lm�u
^94`� LOPM eqo
%VV "
Page 3 of 3
10. FAYETTEVILLE Fire Pension and Relief Fund Board of Trustees' Resolution
dated ., 2015, and Ordinance No. , dated
12015, of the City of FAYETTEVILLE, are incorporated by
reference herein as though set forth word for word.
This Agreement executed in duplicate originals this _ day of � 2015
ATTEST:
ssgaa
BY:
Chief Administrative Officer
I At's
LOPFI xv
LOPF1
-VO
The City of FAYETTEVILLE, a political subdivision, currently has and administers a
Fire Pension Fund.
LOPFI is an agency created by statute (A.C,A. 24-10-101, et. seq.) for the purpose of
providing a statewide retirement system with pooled administration.
The Mayor and City Council of FAYETTEVILLE desire to enter into an irrevocable
Agreement with LOPFI to administer its Fire Pension Fund and in consideration of the mutual
obligations hereinafter enumerated the parties agree as follows:
1. This Agreement is made pursuant to the authority of Act 364 of 1981, as
amended, of the General Assembly of the State of Arkansas.
0
M
2. This Aueement shall be effective sixty (60) days from the date affixed hereto,
provided, however, at any time during the sixty (60) day period the LOPFI Board
of Trustees may reject this Agreement.
3. This Agreement is for the administration of the Fire Pension Fund and its benefit
structure shall not change, unless a benefit increase is approved by the City of
FAYETTEVILLE.
4. The actuaries for LOPFI have computed an initial employer contribution rate(s) to
be paid by the City of FAYETTEVILLE to support the benefits paid by the Fire
Pension Fund and will provide eligible participants with the benefits described in
Act 397 of 1983 (applies to Fire plans). The City of FAYETTEVILLE agrees to
always remit payment at the level established by the actuaries for LOPFI.
5. 1 The annual fee paid to LOPFI for administration of the Fire. Pension Fund shall
not exceed one half (1/2) of one percent (1%) of the annual payroll of the Fire
Pension Fund and one percent (t %) of the average annual EiKe Pension Fund
assets. However, this fee is subject to change by legislative action. The fiscal
year shall be January I through December 3 1.
6. Benefits and member refunds shall be paid on the first business day of each month
and in accordance with LOPFI procedures.
1VO
LOPF1
Page 2 of 3
LOPH eo
7. LOPF1 covenants and agrees to provide the following services:
a. investment of Fire Pension Fund assets and the award of annual interest to the
employer reserve account at the end of each fiscal year in an amount consistent
with the interest awarded to other LOPFI employer accounts;
b. process retirement applications including determination of eligibility,
calculation of service credit and benefit payment amounts, payment of benefits
to eligible benefit recipients, and satisfaction of state and federal tax
withholding requirements, all in accordance with LOPFI procedures and
guidelines;
c. disability determinations, provided the employer submits appropriate materials
for said determinations. All disability determinations shall conform to LOPFI
procedures;
d. refimd of member contributions to eligible terminating members; and
8. The City of FAYETTEVILLE covenants and agrees as follows:
a. upon execution of this Agreement all Fire Pension Fund assets and records
•shall be transferred to LOPFL In the sole discretion of LOPFI certain
V investments may be allowed to mature to avoid penalties;
b. all employer and applicable employee contributions shall be remitted to LOPFI
in time to be recorded by the tenth (I 01h) day of each month following the
month in which services were rendered. Remittance shall be made in the
manner and amounts prescribed by LOPFI, which shall include the use of
LOPFI's electronic reporting and LOPFI's e -Payment;
c. the City of FAYETTEVILLE shall execute all documents required by LOPF1 to
aid in the administrative process;
d. all active members and beneficiaries of the Fire Pension Fund have been
deemed eligible pursuant to the standards prevailing at the time of the
determination of eligibility. The parties agree that LOPFI is bound by any
determination of eligibility orineligibility made by the Board of Trustees of
the Fire Pension Fund as long as such determination(s) conform to state law.
The Fire Pension Fund and the City of FAYETTEVILLE indemnify and hold
LOPFI harmless for any eligibility decisions made by the Fire Pension Fund.
e. the City of FAYETTEVILLE has disclosed to LOPFI all pending claims,
actions, suits, and threatened liabilities to the Fire Pension Fund.
9. Upon the passage of sixty (60) days following the execution of this document,
unless rejected by the LOPFI Board of Trustees, this Agreement shall become
perinarient.
IN
0
1VO
LOPF1 S�p
Is
LOPFI
'oe
C71-ty -0 rPWTE--i4�T=
Page 3 of 3
10. FAYETTEVILLE Fire Pension and Relief Fund Board of Trustees' Resolution
dated 1 2015, and Ordinance No. - . dated
2015, of the City of FAYETTEVILLE, are incorporated by
reference herein as though set forth word for word.
This Agreement executed in duplicate originals this — day of 12015.
BY:
Chief Administrative Officer
RUM
M
11
A N
zV
011 P
0
Revenues:
Employee Ccnidbutions
Employer Conbributons
State Insurance Tax
Lmal Mnage (A mift)
Interest and Dividends
Gain (l-osg) on Sales
Future S4 mean.
Miso Revenue
Total Revenue
Expeartitures
Regular Montirly Bansfits
Future Supplienwt
Drop Expense
Investment MaNW Foes
Met Expanwse
Audit Foos
Professional Services
Legal Fees,
Bank Fees
putdication% and Clues
Travel and Training
Total Experreas
Net tn,—e (Loss) Before M&fkax Adj
Market Ad�uslmenl
Net Irroams (Loss)
813012015 2014
$ 422,%2,60 $ 1.093.291.95 3
$
$
1,3S8.43 S
- S
231,284,75
224,265.66 3
527,599,73 1$
51,584.61 $
132,017.06 $
S 146,610,33 $
144,875,98 $
- S
66.663,00 $
2.00 5
365.41 $
$ 422,%2,60 $ 1.093.291.95 3
251,569,18 S 1,049,158.21 $
Fire pension Fund Revenue Expense Summary.
2011 2010 2049 2508 2007
$
$
1,3S8.43 S
220,080.95 $
229,120.75 $
404,749.58 $
511,96122 S
136,740,86 S
162J08.46 S
93,762.0 S
10.847,79 S
44,215.00 S
Xm-fro It
10.70 ;
600 tP
251,569,18 S 1,049,158.21 $
Fire pension Fund Revenue Expense Summary.
2011 2010 2049 2508 2007
e76,10584 $ 1,1W671-89 S 36&,197,25 3 160,179,19 $ 1.313.939-44 S
Fowl
255952 00
151,560,04
370,64900
311.217.00
383 393;00
27,060-00
541,00
1,282,135.00
$678.028,56 $
$
$
1,3S8.43 S
6,987,00 $
1,43426878 S
$
- 0
2.712.85 S
13,973.00 S
131,537.45 $
122,96458 $
126.710,67 S
146,031,32 $
150,087,CO $
498,380.57 $
508,192.08 S
485.345.06 It
441,696.50 $
398,877.00 $
171,812.69 S
177,926.35 Il
179,204.26 S
295,704-47 $
292,444,00 $
144,M,49 Il
327'S52.15 S
84,355.52 $
(728.656.79) S
421,630.00 $
29,618,03 3
20,664.00 $
24,192.00 $
31,333,44 $
38,91700 $
33,64 $
07273 It
UlLU $
0,96 $
1,044.00 6
e76,10584 $ 1,1W671-89 S 36&,197,25 3 160,179,19 $ 1.313.939-44 S
Fowl
255952 00
151,560,04
370,64900
311.217.00
383 393;00
27,060-00
541,00
1,282,135.00
$678.028,56 $
1X8.340,86, $
1,388,306.71 It
1,420,654.61 $
1,432,673.42 $
1,43426878 S
1,434A87-32 $
1,00,083.26 Il
1,430,846.00 S
1,281,954.00
S
56,316,00
44,215.00 5
35.90.00 3
29,618,00 $
20,664,00 S
24,192.00 $
31,333.44 $
36766,00 S
26,749,00
S
$
-$
2,973,17 S
43.81616 $
125,419,00 S
238,801,00
14 `565.00 $
21,93&00
22.846.00 $
14,968,53 S
61,1354,29 $
52,757.01 $
53,323,12 S
67,758.33 S
713.454.00 $
78,764,00
g. . $
a
S
- $
0.00
42.00
$ $
3,500,00 $
3,400,00 S
3,00U0 3
3,500,00
3.500.04
3,500.00 $
3.500.00 $
3,500,00
3,300,00
Il 1,240,. 00 $
S
2,00,00 S
- $
-
2,204,00
Il - $
S
- $
- $
1.025.00
S 40.97 $
49 88 $
63.65 $
16.69
31,87 $
110.90 S
20754 S
228-60 a
205,00 It
20200
3
250.00 S
250,00 a
225.00 $
22500 $
300.00 $
-
15D00
150,00
150.00
$
5
2.548.80
3,462,00
$ 580,874-53 $ 1,440,444,74 $ 1,459,073,26 $ 1,475,428.83 $ 1,527,802-58 It 1.514,54859 $ 1.518,725.16 $ 1,585,419,37 $ 1,675,140,00 S 1,636.W,00
S (267,311 93) $ (347,152.79) S (467.61408) $ (4:25,270,52) $ (561,096 74) $ (355,876.80) S (610,527.130) S (1,425,249,18) $ (261.241.99) S (354,47200)
$ 101,994"76 $ 370,760.23 $ 93,78127 Ir (6;698.14) S 142.277-16 $ 583,85106 S (1,87119-37) $ 3,521,71 $ 280,562,00
(267,311.93) $ (245.248.03) S (90,753.B5) S (332,489.35) Is (556,394.88) $ (213,599.64) 5 (36,674,84) S (2,982359,55) S (367,579 29) (73.910,00)
Sook Value Total Reser" Assets * $ 3,056,420.00 $ 3,322,0&5,79 $ 31860,717RI $ 4,jpr7,en,38 $ 4,634,05410 I 6.0W7150.74 $ 6,441,627.54 $ 6,061,1166A14 S 7,06,396.00 S 7,047,697,00
Market ValUerotal Reserve ASSets 3,107,661,40 $ 4,20,870,16 It 4,634,331.93 $ 4,641,0005 $ 4,877,238.82 $ 6,884,763.66 $ 6,759,826.37 & 6X9193.74 $ 8,216,544.00 S 8,673,123.00
Less any 11ab0ities
Market Value calculated at year enO
711512015 KAFire Fsrisioa%Revenue & Expense SumffwrYqG1 Fr RU%enuO & Expense RsTort%R"—`o and Exper,60 Report 083015
Tumback 2015
Per the General Ledger these are the amounts we received from LOPFI for insurance turnback—
We received the following insurance turnback funds for the old police and fire pension funds:
2015 2014 2013 2012 2011
Fire $ 165,88150 $ 182,589,75 $ 220,080.96 $229,129,75 $131,637.45 $
Fire additional allocation $ 550294.50 $ 48,691,00
Fire Future Supplement $ 63,560.00 $ 56,56100 $ 44,215M $ 36,105 00 $ 29,618,00 $
Pensioner Classification
Volunteers
Volunteer Spouse
QDRO
DIE#P
al"IRI&M M -111011,111 -IM
Number of
individual
Total Payment
Pensioners Payment per
per
per Classification
Classification
Classification
36 $
1,400.00
$
50,400.00
8 S
1,460.40
$
11,200.00
1 $
280.00
$
280,00
5 $
280,00
$
1,400.00
1 $
$
0 $
$
1 $
280.00
$
280-00
1
$
53
$
63,560.00
2010 2009 2008
122,964.58 $ 125,710.67 $ 146,031-32
20,664.00 $ 24,19100 $ 31,333-44
KIF ire Pensitin7urnback and Supplemental BenefiW2015 Fire Pension SupplementNTurnbark Funds from State 2015 713112015 tl
FRIM11116"M
Department of Finance
and Administration
OFFICE OF ADMINISTRATIVE SERVICES
Fiscal Accounting
1515 West Seventh Street, Suite 700
Post Office Box 2485
Little Rock, AR 72203-2485
Phone. {50 1) 324-9060
Fax: (501) 224-9070
RECEIVEDlittp://www.ai,katisas.gov/dfi
CITY OF FAYETTEVILLE
MAYOR'S OFFICE
Enclosed are payments for your Fire or Police pension program. The payments include
the following checked items,
/Old Plan Fire Pension Program
,"'Old Plan Police Pension Program
Police Supplement Program
re Future Supplement Program
,,,,Police Future Supplement Program
The payments to the LOPFI plans have been directly remitted to them. ILOPFI will apply
the funds to your account.
Funds for this payment were collected by the Arkansas Insurance Department, certified
by the Arkansas Fire & Police Pension Review Board, and disbursed by the Department
#f Finance and Administration.
Thank you for your assistance, Questions concerning the payments should be directe"16'
to Arkansas Fire & Police Pension Review Board at (501) 682-1745 or myself at the
numWer below.
Eric.
Sincerely,
U
001) 324-9062
e-mail: richard.drilling@dfa.arkansas.gov
IMMI=
620 W. 3rd, Suite 200
uttle Rock, Arkansas 72201-2223
Telephone: (501) 682-1745
Toll -Free: (866) 859-1745
Fax: (501) 682-1751
email: info@lopfi-prb.com
website: www.lopfj-prb.corr
Enciosea is 11 '77, IMI k " W, 1 -9 �
from the Department of Finance and Administration. The distribution complies with Act
1373 of 2003. The amounts listed below are to be distributed equally to each retiree,
beneficiary, and DROP participant as reflected on the Annual Financial Report for the
Local Plan at December 31, 2014. The effective date for the distribution is July 1, 2015.
Please remember that the amount available for distribution will vary from Year-to-year.
may increase or decrease; therefore, to avoid errors we recommend a single one-time
payment be made to each eligible participant. I
The total one-time amount to distribute to each pdd participant is: $1,400.00
The total one-time amount to distribute to each vol participant is: $280.00
For eligible participant(s) who have deceased, those monies are to be placed into the
Local Plan. This will ensure each eligible person receives the correct allocation,
Should you have questions, please contact Denise Collins at one of the above phone
numbers. Thank you.
EMMEMMERM
620 W. 3rd, Suite 200
LiTle Vor*, 4rkam_--->7221t-2M,
Telephone: (501) 682-1745
Toll -Free. (866) 859-1745
Fax: (501) 682-1751
email: info@lopfi-prb.com
website,. www.lopfi-prb.com
Enclosed is the Future Supplement Fund distribution for your POLICE pension fund
mailed from the Department of Finance and Administration. The distribution complies
with Act 1373 of 2003. The amount listed below is to be distributed equally to each
retiree, beneficiary, and DROP participant as reflected on the Annual Financial Report
for the Local Plan at December 31, 2014. The effective date for the distribution is July 1,
2015.
Please remember that the amount available for distribution will vary ftorn. year-to-year.
may increase or decrease; therefore, to avoid errors we recommend a single one-time
payment be made to each eligible participant.
F.ocal Plan. This will ensure each eligible person receives the correct allocation.
ql
numbers. Thank you.
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
To: Local Police Pension Fund Board of Trustees
p IP as re e•
2014.
Although, the Local Plan received the annual amount • the Police Supplement, the
distribution should occur as a month payment to each eligible participant. This
distribution is not available to an alternate payee under a Qualified Domestic Relations
Order (QDROFAn alternate payee is an ex-spouse who receives a portion of a retiree's
benefit pursuant to a divorce. Again, only the participants identified in paragraph one of
this memo are eligible for this distribution.
RM&i-Y of the abo)Mr
numbers. Thank you. I
Smith, Sondra
From: Leach, Trish
Sent: Tuesday, June 02, 2015 1:24 PM
To: Smith, Sondra; Becker, Paul; Hertweck, Marsha
Subject: FW: Evaluating Investments
Attachments: Evaluating Investments 2015,docx
Emportance: High
Sent:
• June 02, 2015 11:38 AM
Cc: Denise Collins; Jen Sines
Subject: Evaluating Investments
importance: High
Good morning -
Attached you willfind the 2015 Evaluating Local Plan Investments Memo.
Please provide the information to the Local Fire and Police Pension Plan's Board of Trustees.
Ifyou should have any questions please call our office tollfree at 866-859-1745.
E�
mom
ARKANSAS FIRE & POLICE PENSION REVIEW BIO 620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2223
Telephone: (501 682-1745
To: Local Fire and Police Pension Fund Boards' of Trustees )
Toll -Free: (866) 859-1745
From: Arkansas Fire and Police Pension Review Board (PRB) Fax: (501) 682-1751
email: info@lopfi-prb.com
Re: Evaluating Local Plan Investments website: www.lopfi-prb.com
a re- lar review o
the Local Plan's investment portfolio, which is an essential ftmction as a trustee.
Trustees must ensure all holdings and fees comply with the local board's investment
policy and state law. The local board should seek advice from their investment
professional(s) and legal counsel to verify compliance with ACA 24-11-805 (fire funds
and 24-11-410 (police funds). Local Plans that uze an investment advisor should also
review ACA 24-10-402 for additional restrictions on allowable investments. The PRB
A
OM awakulaw-UltoLums L -V M I iM W T U I
T117), M77
sales or redemption charges for mutual fnnds). Annuity products are not an allowable
investment. I
• Liquidily-Is an asset able to be sold with relative ease? Will the Local Plan incur
surrender charges or other costs to exit a holding? If so, were such charges fully
disclosed to the trustees when the asset(s) were purchased?
• Performance -Does each investment produce the expected return and is
performance consistent with an asset's benchmark (index)?
• Index -What information was provided to the local board to demonstrate that a
specific index is the correct one to use?
• Allocation -Is each style (equities, bonds, domestic, international, etc.) operating
� �ithin the board's investment policy or is rebalancing the portfolio necessary?
• Fees -Clear disclosure of all investment related fees must be on all monthly,
quarterly, and annual statements prepared for the board. Trustees should be able
to easily identify the total amount the Local Plan spends on all fees.
• Prohibited investments -Do all assets conform to the board's investment policy?
Were assets purchased in violation of the policy or, in the case of a bond holding,
was the bond downgraded? Are there any assets not allowed under the above
referenced code sections?
This memo is not a coMplete checklist or a legal opinion. It should be used as a guide
assist local boards with a regular review of their investment program. Please feel free
contact Denise Collins with any questions. I
620 W. 3rd, Suite 200
Telephone: 501.682.1745
Toll-Freeo 866.859.1745
Fax: 50 1.682.1751
email: info@lopti-prb.com
website: www.lopti-prb.com
To: Board of Trustees
FAYETTEVILLE Fire Pension Fund
Re: 2014 Annual Actuarial Valuation
Under state law the actuary for the PRB tests each local fire and police pension fund for actuarial
soundness. The PRB, uses an annual valuation cycle to assist each Local Plan in monitoring the funding
progress of their plan. The enclosed valuation for December 31, 2014, answers the following questions
about your plan:
I Does income meet or exceed the Necessary
Employer Contribution (see page 4)? XX
2. Is the funded percentage at least 97% (see page 10),
OR are there enough assets to coven all active
member contributions; all payments to current
beneficiaries; and 100% of all future payments
earned by active member (see page 11)? XX
3. Is the Local Plan actuarially sound?
(YES response to items 1 and 2) XX
*sbom, Carreiro & Associates, Inc -
Actuaries Consultants Analysts
Little Rock, Arkansas
M
REMA
May 8 201
Board of Trustees
Fayetteville Firefighters Pension Fund
Gentlemen:
124 West Capitol Avenue, Suite 1690
Little Rock, Arkansas 72201
(501) 376-8043
This report presents the results of our actuarial valuation of the assets and liabilities of the
Fayetteville Firefighters Pension Fund as of December 31, 2014,
This valuation is required by Arkansas Code Annotated 24-11-205 . The purpose of this
606*.Ut ' 9 I'll Ti7l stAis ioif tke Fund. (2) detennine the level contribution
4) PTUNCHL QVI LUXI 41mrMe
Standards. This report is not intended for any other purpose.
The Arkansas Fire & Police Pension Review Board reviewed the experience study we
performed and a change in the assumed interest discount rate was made to 5%. If your plan
assumed something other than 5% in previous valuations, the effect of this change in
assumption is disclosed on page 5 of this report.
4 77,"ZOAMA 191-1, twh%a-
67) is included in this report for the first time. GASB 68 will be added in the next valuatiol
report. There are four Appendices added to this report to disclose the necessary items for
GASB 67. 1
The mem?*,er ?aLgazAcial mset h& tkis re-iirx wm su,*,#Iie,i 4y Af, Arl-,?-xs?s Fire L -
Police Pension Review Board. We did not audit this information, although we did review it for
,► and consistency.
I certify that this report has been prepared in accordance with generally accepted actuarial
principles and practices. In my opinion, the actuarial methods used are appropriate and the
actuarial assumptions produce results which, in the aggregate, are reasonable.
Sincerely,
A -f
Jody Carreiro, A.S.A., M.A.A.A.
Actuary
IQ
EXHIBIT I CONTRIBUTIONS
EXHIBIT 2 COST AND LIABILITIES
EXHIBIT 3 SUMMARY OF FINANCIAL INFORMATION
EXHIBIT 4 COMPARISON WITH PRIOR YEARS
EXHIBIT! "CONDITION
PROFILESEXH1131T 6 EMPLOYEE AND RETIREE
EXHIBIT 7 PRINCIPLE PROVISIONS OF THE PLAN
EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS
APPENDIX 2
NOTES TO THE FINANCIAL STATEMENTS
APPENDIX 3
REQUIRED SUPPLEMENTARY INFORMATION
APPENDIX
CALCULATION OF SINGLE DISCOUNT RATE
io
The following contribution level reflects the payment of the current year Normal Cost for benefits
Liability over a 5 -year period. These costs DO NOT include the contributions due to the Local
Police and Firefighters Retirement System ("LOPFI") for persons hired after 1982.
Full Volunteer or
Paid Part -Paid Total
2015 Necessary Annual Contribution to pay:
I Normal Cost, plus
2 Pay off the Unfunded Actuarial
Accrued Liability
3 Total necessary
Less
4 Expected Employee Contribution
(6.00% of salary. $12 per active volunteer)
Necessary Employer Contribution
(This is the amount needed in
addition to investment income)
Covered Payroll
Necessary Employer Rate
0 $ 0 $ 0
3,214,908 11,271 3,226,179
$ 3,214,908 $ 11,271 $ 3,226,179
0 - 0 - 0
$ 3,214,908_ $ 11,271 $ 3,226179
$ 0 N/A $ 0
N/A N/A N/A
These contributions assume that the dollar contribution grows at a rate of 4% per year. The
contributions are assumed to be made continuously throughout the year.
The actual 2014 contribution was $756,819 from the employer.
M
A Normal Cost
(Cost to fund current active members)
1 Regular Retirement Benefits
2 Voluntary Termination Benefits
3 Survivors' Benefits
4 Disabty Benefits
TOTAL
B, Actuarial Accrued Liability
I Active Lives
Regular Retirement Benefits
Voluntary Termination Benefits
Survivors' Benefits
Disability Benefits
TOTAL ACTIVE LIVES
2 Deferred Retirement Option
DROP Accounts
Future DROP Payments & Pensions
TOTAL DROP
3 Inactive Lives
Retirees
Disability Retirees
Widows & Children
TOTAL INACTIVE LIVES
4 Total Liability
C Assets
D Unfunded Actuarial Accrued Liabilijy
9
December 31, 2014
Dollar Percent
Amount ofpa
$ 0 N/A
0 N/A
0 N/A
0N/A
0 N/A
$0y
0
0
0
$ 0
0
$ 0
$ 16,113,941
537,648
1,705,373
$
18,356,962
$
18,356,962
$
4,048,620
$
14,308,342
EYMB 17 3
5-17MMARY Off PINANCIALINEQRHAIM
(dams C- 6 -Fd, -d I d.m-irwd by O.,b-, C-iro nrid Ag�ve im.e, J..)
ye. F"dd
Year Enftlj
Year Edd
Y- td.d
Year F.d.d
Y20, pridd
You 18hd.d
Year Bmdo4
Yar Eatdtd
Year Endrd
A, INCOME
12i31/2014
1V-'W2Ul3
125162012
92131,2011
12!31/200
12131!200
1213 U2004
12811207
12/31{200
1231.12005
0 s
0 $
0 8
1,356 s
6.981 S,
11,863 S
23,439
2 Fan
EmPI.YWO.- ri-09her
a
0
0
0
0
0
13,523
25,834
46,918
L -d Mdh9 N
325,11P,
527,430
499,381
U8,192
485,345
441.697
399,477
370,4549
339,416
aggipwmg. PmJRv, T
A,
11-i- T- Alt -d-
182"590
ls1,715
171,948
133,537
122,965
125.710
146,031
150,07
t5t,560
225,492
Additi-I All.catio,
48,651
39.366
57,282
0
0
0
0
0
Ommwaw Fmd
0
0
0
0
0
G
0
a
4 Q&LIMMW
LOPH Stibwdy
0
0
0
0
a
Puli...S.ppImml (Act 1412 of 195
a
0
0
0
0
q
0
0
it
a
ftlokor SUppleMent (ACt 1373 of 00
56,56
44,215
36,105
29,619
20,664
24,142
31'1"
38,917
27,060
24,480
Other IneomeManatians
1
6
34
973
-;go
0
1,044
540
116
Adj"nora to prior yeas val..
0
0
0
0
b
0
0
0
0
0
255,505
209,657
256,998
453.121
210,237
(510,711)
617,620
415,84
522,144
TOTAL INCOME s
1,0691,152 It
1,001,303 s
1,034,100 S
914,451 S
1,101915 s
$45,874 S
92,419 s
LBIASN It
1,203,372 s
11182.225
11. EXPENSES
I AtimmWatvs: S
3,550 s
3,454 S
3,617 S
3,505 S
6,9" $
3.750 8
6,427 S
3,855 s
10,341 S
5106
2 flmsfiq2W
MmWy rkocrus
059,341
1,368„509
8,420,659
1,432,673
1,434,20
1,434,497
1,43063
1A30X46
1,291,954
1,097,421
PQhuSvPP,lgmms
0
0
0
0
9
0
n
0
0
0
Fuwv Supp1mmis
54,314
44,215
35S0
29,619
20,664
24,192
31,333
39,766
26.749
24,3."
DKOP ftyams
0
0
Q
a
0
2,473
553,503
4,589
811tw4
459,092
Paid twat Teen for f".vio- Yes','
0
0
0
11
a
0
0
0
0
0
3 Bgfia.&
0
0
0
0
0
0
0
0
0
0
4 0A=-EX2tr=
260
250
225
357
a
0
0
0
0
0
TOTAL EXPENSES s
1,4111,4,,7 S
1,436,227 S
1,460,"l S
1466,243 S
1,461,792 s
1,465,402 S
2,01-7,346 S
1,471,956 $
2,157,9218 S
1,585,785
C. N -I -t-1 Ch Fl- s
(604,709) S
(644,491) S
(683,255) S
(806,673) 5
(800,498) s
(829,761) $
S
S
(1,570,462) S
(92519")
EXIUBJT $
D. ASSETS (mtbol,-tt)
12nV2014
12131n013
]2131!1412
12882411
1213171010
IV34009
1213xn0"
IMI � 1700,17
I2!3112046
I2±31mE5
E Cash A CimckiRg A-ta S
86,120 $
96,761 S
120,98 1. S
143,279
3001
5
0 S
a
2 Bak Deposits
0
0
0
0
0
14,441l
5A57
81,179
4,575
48J4}6
3 Savings and Loon 15.pw,m
0
0
0
0
0
0
0
0
a
0
4 Oil- C -h 14.ivalants
23k�57
295,726
163,334
256,499
275,104
117,108
573,102
I81.B73
288,565
234,940
5 US Goyt Sen vnii ca
212,,439
421.+188
421,698
621,688
927,518
1,426,060
1,839,474
3,245p30
1,144,514
3.441„918
6 Nm,US Govt SmmO-s
0
0
11
0
0
0
0
0
0
0
7 mo"g.8.
0
a
0
0
1 0
4
0
0
G
0
8 C.T.,ate B..d.
731,111
731.111
731,111
774,928
606,136
519,Jsdg
248,938
315,394
533,3!0
533.910
9 C- St -ss
2,044j-19
2,121,259
2.642,932
2,718,779
3,225,906
3,219,060
3,'437,250
4 13b,9g8
4,185,381
071,992
10 Othes
13,447
16,304
27.5g3
13,892
E9,146
45,304
56,351
65,476
79,510
57,944
11 payables
43,500
16)
.....1, �04
[1 7)
...... QW)
TOTAL ASSETS S
V23,6250 S
3,672,854 S
4,107,683 $
4,533,959 5
5X517SI S
5,441,529 $
6,061,156 S
7,996,010
8"236,454 $
9,191,070
L TOTAL MARKET VALVE $
4,177,557 S
4,624,851 S
4,682,930 S
5,035,419 $
SST.1,909 S
51237,509 S
5823,185 S
81725123I
9,961,990 A
9,436:034
F, RATIO OF ASWrS TO ANNUAL EXPENSES
Book Valve Basis
2,3
26
2.8
3.1
33
97
5.0
5.4
1-8
Sp
"wk.t VA0. B"s
5.1
3,7
32
5.4
3,1
3.9
2.9
5.9
4,2
6,1
G. RATIO OF ASSETS To r44N-(NVVSTMFNT CASH OUTFLOW
BOOR Value Bmis
5.5
5.7
6,0
56
6.3
Cf,
43
9A
5,.2
9'4
Nferkcl Vales flasig
7,2
72
6,9
6.2
69
?-G
4.1
9, a
53
10A
14, SUMMARY OFNETINVESTMENTRETVRNS
Bonk VA -pale efRei.0
7.581/6
5,.54%
6.11-4
544%
9.00%
372%
-72834
9,1 MA
7,33%
5.72%
11) Year A-ge Rcwn
5:04%
Market Val -Rte. fRe-
8,27-A
1345%
1.51%
d,sw.
11.065'
14.68%
-1861%
7,52%
1013%
1,91%
0 Y.. A -g. Rew.
Nqu: Th. ..semed limbal Cy diw..w "d. is
5%. Ifthe pl- docz asu3 Aulv2. A. iolmm retdra 45% or mot. - dic
long ttm, the uldmas eQm of qlr, pians will te gy- these de. liabituftm shin
time Fpm.
Tbm bye 9b. plan ...Id -d - Pi ty w nnm iu oblipti-ne
EXHIBIT 3 (Continued)
1. TOTAL MARKET VAL
I. Market Value, end ofyear
(Used for GASB calculations, page 9)
2. Market Value, beginning of year
12/31120 1213112013 12/31/20 12/31/2011 12/31/2010
4,377,557 4,624,857 4,682,930 5,015,419 5,573,909
4,624,857 4,682,930 5,015,419 5,573,909 5,787,509
J. DEVELOEM--EN1 OF ACTUARIAL VALUE OF ASSETS
1. Actuarial Value of Assets, beginning of year 4,280,264 4,514,274 5,244,338 6,454,749 6,764,712
2. Non Investment Net Cash Flow (604,709) (644,491) (683,259) (806,673) (808,998)
3. Development of Investment income
(a) Total Market investment Income (I1 -12-J2)
(b) Assumed hate for Immediate Recognition
(c) Amount for Immediate Recognition (JI x b)
(d) Amount for Phased In Recognition (a -c)
(e) Phased In Recognition
Current year: 20410 of 3 (d)
First Prior Year
Second Prior Year
Third Prior Year
Fourth Prior Year
Total Phased In Recognition
(fj Actuarial Value Investment Income
( 3(c) + 3(e) )
4. Actuarial Value of Assets, End of year
(I+2+3(f))
5. Net Investment Return on the
Actuarial Value of Assets
357,409
586,418
350;770
248,183
595,398
214,013
225,714
262,217
302,737
338,236
143,396
360,704
88,553
(54,554)
257,162
28,679
72,141
17,711
(10,911)
51,432
72,141
17,711
(10,911)
51,432
54,394
17,711
(10,911)
51,432
54,394
(421;648)
(10,911)
51,432
54,394
(421,648)
20,258
51,432
54,394
(421,648)
20,258
56,363
159,452
184,767
(349,422)
(306,475)
(239,241)
373,465
414,481
(46,845)
(3,737)
99,435
4,048,620 4,280,264 4,514,274 5,244,338 6,054,749
9.4% 9.8% -1.0% -0.1% 1.6%
Note. The Pension Review Hoard's Board Rule #11 first applies this methodology to deterarine the Actuarial Value
of Assets for the 12131199 actuarial valuation report. Different methods were used to determine the Actuarial
Value of Assets for the 12/31/98 and earlier reports.
This page is included to provide the information required by the Governmental Accounting Standards Board
Statement No. 25 and 27. The values below are based on the assumptions contained in Exhibit 8.
The Annual Pension Cost disclosed in this exhibit will almost always differ from the actual cash
contribution to the fund, We must emphasize that these disclosures are shown in the city's financial
statements; Sound actuarial projections should be used to determine the actual cash contribution
requirements.
a includes change in assumptions to 7% discount rate and 83GAM mortality.
b Includes change in assumptions to 5% discount rate and 83GAM mortality.
c Includes change in assumptions to 5% discount rate and 83GAM mortality.
0
2012
2013
2014
1
Actuarially Required Contribution
—
3,414,645
—
3,380,092
3,188,219
2,
Interest on NPO
479,197
528,788
567,628
3,
Adjustment to (1)
2,160,944
2,384,572
2,559,721
4,
Annual Pension Cost (1)+(2)-(3)
1,732,898
1,524,307
1,196,125
5,
Actual Contribution Made
741,091
747,511
756,819
6.
Increase in NPO (4)-(5)
9915807
776,796
439,306
7,
NPO Beginning of Year
9,583,948
10,575,755
11,352,552
8.
NPO End of Year
10,575,755
11,352,552
11,791,858
REQUIRED SUPPLEMENTARY
INFORMATION
(a)
(b) (c)
(d)
(e)
W
(g)
Unfunded
Entry Age
Accrued
UAL as a %
Actuarial
Market Actuarial
Liability
Funded
Annual
of Covered
Valuation
Value of Accrued
(UAL)
Ratio
Covered
Payroll
Date
Plan Assets Liability
(c) -(b)
(b)/(c)
Payroll
(d)/(f)
12/31/2003
10,625,689 19,833,848
9,208,159
53.6%
52,016
17702.7%
12/31/2005
9,636,034 205119,597
10,483,563
47.9%
0
N/A
12/31/2007
a 8,725,231 18,566,993
9,841,762
47.0%
0
N/A
12/31/2008
5,823,185 17,521,460
11,698,275
33.2%
0
N/A
12/31/2009
b 5,787,509 20,849,028
15,061,519
27.8%
0
N/A
12/31/2010
5,573,909 20,511,098
14,937,189
27.2%
0
N/A
12/31/2011
5,015,419 20,159,623
15,144,204
24.9%
0
N/A
12/31/2012
4,682,930 19,673,887
14,990,957
23.8%
0
N/A
12/31/2013
c 4,624,857 18,764,842
14,139,985
24.6%
0
N/A
12/31/2014
4,377,557 18,356,962
13,979,405
23.8%
0
N/A
a includes change in assumptions to 7% discount rate and 83GAM mortality.
b Includes change in assumptions to 5% discount rate and 83GAM mortality.
c Includes change in assumptions to 5% discount rate and 83GAM mortality.
0
Valuation
Date
12/31/1984
1213111986
12/31/1987
12/3111989
12/31/1991
12/31/1993
12/31/1995
12/31/1997
12131/1999
12/31/2001
12/31/2003
12/31/2005
12/31/2007
12131/2008
12/31/2009
12/31/2010
12/31/2011
12/31/2012
12/31/2013
12131/2014
Valuation
Date
12/31/1999
12/31/2001
12/31/2003
12131/2005
12/31/2007
12/31/2008
12/31/2009
12/31/2010
12/31/2011
12/3112012
12/31/2013
12/31/2014
Part-Paid/Volunteer
Active Members
0
* 0
* 0
0
0
0
* 0
0
0
0
0
0
Actuarial Computed
[wMAIUAIQ_,ffkI�IWi
0
3,123
14,807
18,412
16,368
16,918
20,310
19,135
16,374
15,797 .
15,241
11,271
Funded
Percent
72.1%4
74.4%
75.4%
772:4%
80.8%4
93.0%
98.4%
89.3%
95.5%
74.9%
60.2%
50.9%
47.0%
42.6%
32.4%
29.5%
26.0%a
22.9%
22.8%
22.1%
Full Paid
Actuarial Computed
Active Members
EmI21gyer Contribution
Total Plan
Unfunded
Normal
Annual
Percent
Dollar
Actuarial
Cost
No.
Payroll
of Pay
Amount
Assets
liability
Percent
45
807,438
27.7%
223,455
3,078,619
1,193,660
22.1%
37
723,894
29.6%
213,935
4,006,484
1,379,340
21.8%
* 38
788,348
31.3%
246,479
4,460,948
1,455,161
23.4%
27
639,962
36.0%
230,328
5,189,846
1,976,463
26.6%
23
585,898
33.3%
195,273
5,999,964
1,427,422
25.5%
22
620,116
25.2%
156,484
7,271,255
544,779
25.4%4
* 21
676,847
25.6%
173,401
8,897,591
148,392
29.8%0
* 17
608,602
55.9%
339,974
10,797,686
1,295,764
38.0%
10
367,188
53.7%
117,315
12,352,474
588,369
37.7%
* 6
234,765
405.5%
952,076
12,920,017
4,319,925
55.4%
* 1
52,016
3270.0%
1,700,905
11,936,657
7,897,191
54.6%
* 0
0
0.0%
2,095,694
10,243,228
9,876,369
0.0%
* 0
0
0.0%
2,140,648
8,720,172
9,846,821
0.0%
0
0
0.0%
2,187,385
7,458,831
10,062,629
0.0%
* 0
0
0.0%
3,155,357
6,764,710
14,084,318
0.0%
0
0
0.0%
3,240,353
6,055,027
14,456,071
0.0%
0
0
U%
3,346,655
5,244,338
14,915,285
0.0%
0
0
0.0%
3,402,323
4,514,274
15,159,613
0.0%4
0
0
0.0%
3,250,675
4,280,264
14,484,578
0.0%Q
0
0
0.0%
3,2145908
4,048,621
14,308,341
0,0%0
*Benefits
or assumptions
changed
Valuation
Date
12/31/1999
12/31/2001
12/31/2003
12131/2005
12/31/2007
12/31/2008
12/31/2009
12/31/2010
12/31/2011
12/3112012
12/31/2013
12/31/2014
Part-Paid/Volunteer
Active Members
0
* 0
* 0
0
0
0
* 0
0
0
0
0
0
Actuarial Computed
[wMAIUAIQ_,ffkI�IWi
0
3,123
14,807
18,412
16,368
16,918
20,310
19,135
16,374
15,797 .
15,241
11,271
Funded
Percent
72.1%4
74.4%
75.4%
772:4%
80.8%4
93.0%
98.4%
89.3%
95.5%
74.9%
60.2%
50.9%
47.0%
42.6%
32.4%
29.5%
26.0%a
22.9%
22.8%
22.1%
The Arkansas General Assembly has stated that the funding objective for these plans is to pay
for benefits with contributions that remain level as a percentage of employee payroll. Thus, the
long-term condition test is met when the actual contributions are fairly level and are paid when
due.
A short condition test can be used to measure a plan's progress. Linder the short condition test,
the fund's assets are compared with:
1) Active member contributions;
2) The liabilities for future benefits to the present retirees and inactive members,
3) The liabilities for service already rendered by active members.
rt
portion of liability (3) should be steadily increasing.
IF
Computed Actuarial Liabilities
Portion of Liabilities
(1)
(2)
(3)
covered by Assets
Active
Retirees,
Actives -
Valuation
Members
Inactives,
Employer
Valuation
Date
Contributions
and DROPS
Financed
Assets
(1)
(2)
(3)
12/31/1984
236,541
1,464,696
2,571,042
3,078,619
100%
100%
54%
12/31/1986
263,129
2,753,772
2,368,923
4,006,484
100%
100%
42%
12/3111987
308,829
2,754,276
2,853,004
4,460,948
100%
100%
49%
1213111989
274,405
4,560,672
2,331,232
5,189,846
100%
100%
15%
12/31/1991
292,477
5,072,169
2,062,740
5,999,964
100%
100%
31%
12/3111993
353,891
5,005,131
2,457,012
7,271,255
100%
100%
78%
12131/1995
418,412
5,101,995
3,525,576
8,897,591
100%
100%
96%
12/31/1997
401,937
7,315,705
4,375,808
10,797,686
100%
100%
70%
12/31/1999
267,239
10,017,182
2,656,421
12,352,474
100%
100%
78%
12/31/2001
171,157
14,565,274
250,351
12,920,017
100%
88%
00x'0
12/3112003
33,201
19,228,546
57,210
11,936,657
100%
62%
0%
12/3112005
0
20,119,597
0
10,243,2.28
100%
51%
0%
12/31/2007
0
18,566,993
0
8,720,172
100%
47%
0%
12/31/2008
0
17,521,460
0
7,458,831
100%Q
43%
0%
12/31/2009
0
20,849,028
0
6,764,710
100%
32%
0%
12/31/2010
0
20,511,098
0
6,055,027
100%
30%
0%
12/31/2011
0
20,159,623
0
5,244,338
100%
26%
0%
12/31/2012
0
19,673,887
0
4,514,274
100%
23%
0%
12/31/2013
0
18,764,842
0
4,2.80,264
100%
23%
0%
12/3112014
0
18,356,962
0
4,048,621
100%
%0
0%
IF
Exhibit 6
Emptoyee aaTa neeaeILMMU T F I&N a Fill,
the Arkansas Fire and Police Pension Review Board. The following table shows a
detailed breakdown of the present participants by the number of participants and
total salary.
Actives
12
MMMOMMUM
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present participants by the number of participants.
Years of Service
M
Exhibit 6
#
9 —Pon -1.
Retirees and Survivors
Years Since Retirement
14
10 and
0-1
1-2
2-3
3-4
4-5
5-10
Over Total
Under
Count
0
0
0
0
0
0
0
40
Benefit
0
0
0
0
0
0
0
i 40-44
Count
0
0
0
0
0
0
0 "'o
Benefit
00
0
0
0
0
__45-49 -.
- —
.....
Count
0
0
0
0
0
0
0
Benefit
0
0-
0
0----0
0
0 flf
50-54
Count
0
-----
0
0
0
0
0
1
Benefit
0
0
0
0
0
0
21,465
55-59
Count
0
0
0
0
0
6
3 9
Benefit
0
0
0
0
0
271,496
86,069
66-64—
Count
0
0
0
0
0
1
6 7-
Benefit
0
0
0
0
0
48,927
213,442
65-69
Count
0
0
0
0
0
0
9
Benefit
0
0
0
0
0
0
251,7491,49`
70-74
Count
0
0
0
0
0
1
6
Benefit
0
0
0
0
0
73,302
143,039
75-79
Count
0
0
0
0
0
0
9
Benefit
0
0
0
0
0
0
158,933
80-84
Count
0
0
0
0
0
0
4
Benefit
0
0
0
0
0
0
57,390
85 &
Count
0
0
0
0
0
0
6
Over
Benefit
0
0
0
0
0
0
30,997
iw–Uowu
Count
0
0
0
0
0
0
0
Age
Benefit
0
0
0
0
0
0
0
Total
Count oun
Benefit
iyi "Y"
This
includes
36
retirees
with annual
benefit of
$1,143,507
This
includes
2
disableds
with annual
benefit of
$40,110
This
includes
14
survivors
with annual
benefit of
$173,192
14
Fire
and Police Pension Review Board, The following table shows a detailed breakdown of the current
participants on DROP by the number of participants and total annual DROP benefit.
Years Since Electing DROP
Age0-1
1 -2
2- 3 3-4
4-5 5-10
Total
[_Urder
_COU_rlt
-
0
0
0
0
0
40
Benefit
0
0
0
0
0
0
40-44
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
45-49
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
50-54
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
55-59
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
011
_&O--64–
Count
0
0
0
0
0
Benefit
0
0
0
0
0
0,0.
65-69
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
70-74
Count
0
0
0
0
0
0
10
Benefit
0
0
0
0
0
0
0
75 &
Count
0
o
0
0
0
0
4
Over
Benefit
0
0
0
0
0
0
tcnowl
Count
---
0
0
0
0
0
0
... ...... .. ..
0"
Age
Benefit
0
0
0
0
0
0
Total
Count
77 777 'T
—Benefit
IR
IWA21,116,31
I
mmm• r� ZHMMMEMMZ�* �
[KOX41101,11001
Employee6% of salary. Volunteers contribute $12/year. Refundable if member
terminates before retirement eligibility.
Emplo,�er 1. Matching contribution equal to employee contribution
1 State Insurance Premium Tax tumback
1 Local Millage
FINAL SALARY Salary attached to the rank of the member at time of retirement, based
on regularly scheduled work -week.
DEFERRED This plan has elected to participate in the Deferred Retirement Option
RETIREMENT OPTION Plan effective 0 1/25/1996. Members who elect to participate have a
PLAN DROP account that is increased by the monthly amount of their
retirement as if they had retired as of the date DROP was elected. Has
not elected coverage under Act 1457 of 1999.
Benefit 90% of Final Salary, but not less than $4,200. ($1,200/year for
volunteer/part-paid). If service exceeds 20 years, the annual benefit is
increased by $240 for each year over 20, up to $1,200/year extra. ($120
for each year over 20 up to $600/year for volunteer/part-paid).
If service is more than 25 years, member receives an extra 1 .25% (for
each year over 25) of Final Salary, payable once the retiree reaches age
60. The benefit cannot exceed 100% of Final Salary.
In
WHOM
NTM 0
Eligibility Death before 20 Years of Service not occurring while performing work
in gainful employment outside the fire department, or death after 20
years.
Benet I Widow receives same amount as member is receiving or
eligible for.
2. Each child under age 19 receives $1,500/year. ($300/year for
volunteer/part-paid), If no surviving spouse, child receives
spouse's benefit to age 19.
rol M.11 101
Eligibi Permanent physical or mental disability not acquired while perform
work in gainful employment outside the fire department. I
Bene Full Paid Non-dja disabilily
Retirement benefit but not less than 'a4 0i
Full Paid Dujy related.disabil
Retirement benefit but not less than 65% of Final Salary and
nM1/year.
Volunteer/Part-Paid:
Computed as voluntary retirement benefit
M
9- 11 RUVININ
ACTUARIAL COST METHOD The "entry age nonnal" cost method has been used,
PRE -RETIREMENT MORTALITY Deaths have been projected on the basis of the 1983 Group
Annuity Table for Males, set back five years for females.
Mortality rates at a few sample ages are:
Age Mortality rate 12er 1,000
25 0,464
35 0.860
45 2.183
55 6.131
POST RETIREMENT MORTALITY The 1983 Group Annuity Mortality Table was used. For
females, the male table was used with a five-year setback. The
life expectancy according to this table is as follows:
Age Males Females
55 24.87 29.23
65 16.74 20.68
MORTALITY BASIS AND PROJECTION The mortality assumptions do not include a projection for
mortality improvement. These rates were chosen after an
experience study for 2007-2012. No projection was deemed
necessary at this time since the recent experience study did not
show significant improvement over an experience study for
2000-2006 deaths.
The 1971 Group Annuity Table for Males, set back five years
for females was used before the 12/31/2007 Valuation.
Annual termination rates at a few sample ages are:
Age Termination rate per 1,000
20 40
25 35
30
29
35
15
40
6
45
5
50
5
55
5
En.
WR�___q
When a person had less than 4 years of service, we assumed
that his chances of voluntary termination were a multiple of
thereafter rates, with the following multiples being used:
1st year 2.85
2nd year 2.00
3rd year 1.50
4th year 1.15
5.0%
The reports for the valuations as of 12/31/2009 through 12/31!
2012 were completed using an assumed discount rate of 5%.
the 2006-2012 experience. The components and variations of
appropriate portfolios were also reviewed. The Pension
Review Board determined that for comparison with previous
years and with other similar plans that a single discount
assumption of 5% should be used.
Disability rates at a few sample ages are:
Age
Disability rate per 1,000
20
0.8
25
0.8
30
0.8
35
0.8
40
2.0
45
2.6
50
4,9
55
8.9
60
14.1
One third of the disabilities were assumed to be service related.
R M-MUMNIMMUMVITIMM
Eleventh Aituarial Valuation of the Railroad Retirement
System, for occupational disabilities
See Exhibit 3, Part J
IN
11m:11
We have used the salary scale used in prior reports. Annual
assumed growth at a few sample ages is:
EXPECTED RETIREMENT AND DROP. Since the plan allows full benefits at ages younger than the
PAT traditional "65", an assumption that will have an important
impact is what percentage of people who are eble for this
early retirement will actually take advantage of it.
work patterns. Based on recent experience, we are using the
follNwing assumed rates:
Retirement rate per 1,000
AU Retirement DROP
40-59 100 200
60+ 1,000 0
Note: A member was assumed to be eligible for
retirement or DROP after attaining age 40 with
20 years of service. It is also assumed that twice
the normal number will retire or elect DROP in
the first year of eligibility.
911
ANNUAL SALARY -INCREASE
Au
Base
Merit
Total
20
4.0%
4.0%
8.0%
25
4.0%
3.2%
7.2%
30
4.0%
2.8%
6.8%
35
4.0%
2.5%
6.5%
40
4.0%
2.2%
6.2%
45
4.0%
1.7%
53%
50
4.0%
1.2%
5.2%
55
4.0%
0.7%
4.7%
60
4.0%
02%
4.2%
EXPECTED RETIREMENT AND DROP. Since the plan allows full benefits at ages younger than the
PAT traditional "65", an assumption that will have an important
impact is what percentage of people who are eble for this
early retirement will actually take advantage of it.
work patterns. Based on recent experience, we are using the
follNwing assumed rates:
Retirement rate per 1,000
AU Retirement DROP
40-59 100 200
60+ 1,000 0
Note: A member was assumed to be eligible for
retirement or DROP after attaining age 40 with
20 years of service. It is also assumed that twice
the normal number will retire or elect DROP in
the first year of eligibility.
911
r • •
follows:RETIREMENT PATTERN AFTER Once a person is on DROP (Deferred Retirement Option
ELECTION OF DROP Program), they were assumed to retire from the department as
Retirement rate per 1,,000
1
100
2
200
3
200
4
300
5 or more
1,000
21
Accounting Standard
Tan ements, Govermentffl
Accounting Stands Board (GASB) Statement No. 67, "Financial Reporting for Pension Plans,'
(GASB 67) replaces Statements No. 25 and No. 50. GASB 67 establishes standards of financi
reporting and specifies the required approach for measuring the pension liability of employers
for benefits provided through the pension plan. I
This discussion provides a summary of the information that is required to be disclosed under
GASB 67. A number of these disclosure items are provided in this report as noted. However,
certain information, such as notes regarding accounting policies and investments, is not included
in this report, and your internal staff will be responsible for preparing that information to fully
comply with this accounting standard.
Financial Statements
'Iff I
NMI"*
On LnC -------- -
included in this report as Exhibit 3.
Notes to Financial Statements
required to provide additional disclosure. Many of these notes concern the plan provisions and
the actuarial assumptions used in making the calculations under this standard. Those items are
included as Exhibits 7 and 8 in this report.
amw owo M2, evii i i I SCODe of the included
A
MAN
x2h d -?re wri-iten in the format we
J JLF.M #I IM tq_LIIL-j.Mrt M&NUU
Wes e Mar e 4,511 Aly S "e -I Ce CO C U I 10 L U S d I I U I I I) A- IVIWIMMOMI
financial statements.
W
Required Supplementga Information
GASB 67 requires a I O -fiscal year history of various information about the pension liability.
These schetules-mar�-e Vy-ilt pr*s,,tectively siace the �,reseat?Aitz is A*,t tke s9me ?s 2.11 Xrpvitus
years under previous standards. The four schedules are:
• Schedule of changes in the net pension liability.
• Schedule of the components of net pension liability along with related ratios.
• Comparison of actual employer contributions to the actuarially determined contributions
based on the plan's funding policy.
• Schedule of the annual money -weighted rate of return on pension plan investments.
These compilations can be found in Appendix 4 of this report. Please note that the money -
weighted rate of return schedule is based on all transactions occurring at mid -year. The standard
calls for a monthly calculation of the weighted, but we do not have the data sufficient to make
that calculation.
Single Discount Rate
Projected benefit payments are required to be discounted to actuarial present values using a
single discount rate that reflects (1) a long-term expected rate of return on pension plan
.rT
benefits) and (2) a tax-exempt municipal bond rate based on an index of 20 -year general
obligation bonds with an average AA credit rating as of the measurement date (to the extent that
the plan's net position with contributions associated with current plan member and the long-term
expected rate of return are not sufficient to pay benefits).
For the purpose of this valuation, the expected rate of return on pension plan investments is
5.0%; the municipal bond rate is 4.29%; and the resulting single discount rate is 4.4224%. Thii
resulting demonstration of the single discount rate calculation is shown in Appendix 4.
Valuation Date, Effective Date and Transition
consiaeraTion for trus reporL is ZI-1114 Me Qorrf;;5,IIU1I Mug unamncial LE I I UFS LIX IINQUI J
from January 1, 2014 to December 31, 2014. We understand that the plan fiscal year and the
employer's fiscal year are the same. Therefore, the calculations included in this report are not
projected and reflect the beginning and the end of the above stated fiscal year.
MI
Notes to the Financial Statements
Cost of Livin2 Adiustment (COLAI
791 11
benefit improvements through a process that requires actuarial soundness and approval by the
Pension Review Board. Therefore, in the opinion of the actuary, any increases are not
substantively automatic, and no COLA is included in the determination of the Total Pension
Liability.
Long -Term Expected Return on Plan Assets
The long-term expected rate of return on pension plan investments was determined using a
building block method in which best -estimate ranges of expected future real rates of return. The
4RUO.W.O* It for an
individual fund will vary within the guidelines of Arkansas law and regulation. The target
allocation and the long-term expected rates of return are shown in the table below:
Asset Class
Domestic Fixed Income
Mit-ing
Domestic Equity
Sinale Discount Rate
Long-terml
Expected R&T
Allocation of Return
r.11 �M1
10% 1 7.8%
A single discount rate of 4.4224% was used to measure the Total Pension Liability. This single
discount rate was based on the expected rate of return on pension plan investments of 5.0%. The
projection of cash flows, based on the assumptions made, found that the pension plan's net
position was insufficient to make all projected future benefit payments of current plan members.
Therefore, the single discount rate was applied to all periods of projected benefit payments to
determine the Total Pension Liability.
discount rate, the
follow presents the plan's net pension liability, calculated using a single discount rate of 4.42%,
as well as what the plan's net pension liability would be if it were calculated using a single
discount rate that is I -percentage point lower or I -percentage point higher:
1% Current Single 1%
Decrease Rate Assumed Increase
3.42% 4.42% 5.42%
Total Pension Liability 21,269,266 19,118,634 17,318,206
Net Pension Liability 16,891,709 14,741,077 12,940,649
0
GASB 67 requires a I O -fiscal year history of various information about the pension liaiility.
years under previous standards. The four schedules are:
• Schedule of changes in the net pension liability.
• Schedule of the components of net pension liability along with related ratios.
• Comparison of actual employer contributions to the actuarially determined contributions
based on the plan's funding policy.
• Schedule of the annual money -weighted rate of return on pension plan investments.
14ease note that tne money-weigntect rate ol return scffc—=Fr-#�-417 1 in TO
at mid -year. The standard calls for a monthly calculation of the weighted, but we do not have the
data sufficient to make that calculation.
77 =J_ i i Morwagy-"M
,C111111p
I ne actuariawyc=x I I F41 , & '47
historically. Therefore, that schedule will be completed prospectively.
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedules of Required Supplementary Information
schedule of Changes in the Employers" Net Pension Liability and Related Ratios
Fiscal Year en ding December 3 1,
2014
2013
2012
2011
2010
2009 2009 2007 2,006 2005
Total Pension Ujability
Service Cost
0
0
0
0
a
a 0
Interest
904,284
948,987
972,465
989,738
1,006,595
840,137 878,110
Benefit Changes
0
0
0
0
0
0 0
Difference between Actual & Expected
Experience
46,177
-469,723
-37,542
91,460
89,744
79,729 75,943
Assumption changes
761,664
0
0
0
0
3,845,153 0
Benefit Payments
-1,358,341
-1,388,309
-1,420,659
-1,432,673
-1,434,269
-1,437,4150 -1,989,586
Not Change in Total Pension Liability
353,784
-909,045
-485,736
-351,475
-337,930
3,327,568 -1,035,533
Total Pension Liability -Beginning
18,764,842 19,673,887
20,159,623 20,511,098
20,849,028
17,521,460 18,556,993
Total Pension Liability - Ending
19,118,626 18,764,842 19,673,887 20,159,623 20,511,098 20,849,028 17o521,460
Plan Fiduciary Net Position
Contributions - Employee
0
0
0
0
0
0 1,356
Contributions - Employer
525,903
527,441
511,967
498,415
509,165
485,735 590,441
Net Investment Income
.588,688
806,249
579,820
379,363
718,363
919,799 -1,497,830
Benefit Payments
-1,358,341
-1,388,309
-1,420,659
-1,432,673
-1,434,269
-1,437,460 -1,989,586
Administrative Expense
-3,550
-3,454
-3,617
-3,595
-6,859
-3,750 -6,427
Reconciliation
0
0
0
0
0
0 0
Net Change in Plan Net Position
-247,300
-58,073
-332,489
-558,490
-213,600
-35,676 -2,902,046
Plan Fiduciary Net Position - Beginning
4,624,957
4,682,930
5,015,419
5,573,909
5,787,509
5,923,185 8,725,231
Plan Fiduciary Net Posit -ton - Ending
4,377,557
4,624,857
4,682,530
5,015,419
5,573,909
5,797,509 5,923,185
Plan Fiduciary Net Position as a
Percentage of Total Pension Liability
22,90%
24.65%
2320%
24-83%
27,18%
27.76% 33,23%
Covered Employee Payroll
0
a
0
0
U
0 0
Net Pension Liability as a Percentage of
Covered Employee Payroll
N/A
N/A
N/A
N/A
N/A
N/A N/A
is
City of Fayetteville, Arkansas Firefir Pension i
Schedule ! Required Supplementary Information
Schedulei MLiability
Dote: a full 10 year schedule will be completed as information is available.
mm
r i
ri
r
FY ending
Pension
Covered
as%of
December 31—
Liability
4yroll
Payroll
L 8,725 231
!L 9,841762
I wr
r* '
+
A �� �'
•
IIIUY oil
�
VIA] M
20,511,098
2-0,159,623
R
EN
VIII
u 4
W,
*'Y�I
Dote: a full 10 year schedule will be completed as information is available.
mm
Appendix 3 — Continued
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedule of Required Supplementary Information
Schedule of Contributions
Cost Method
Actuarially
Amortization Method
Contribution
Remaining amortization
Contribution
FY ending
Determined
Actual
Deficiency
Covered
as % of
December 3 1,
Contribution
Contribution
(Excess)
Ealroll
Payroll
2005
2006
2007
2008
2009
2010
2011
2012
3,414,645
741,091
2,673,554
N/A
N/A
2013
3,380,092
747,511
2,632,581
N/A
N/A
2014
3,188,219
756,819
2,431,400
N/A
N/A
Cost Method
Ent Age Normal
Amortization Method
Level dollar, open
Remaining amortization
5 years
Asset Valuation
Market Value
Investment rate of return
500%
Mortality
1983 Group Annuity Mortality
110
28
Appendix 3 — Continud
city 01 e, ArKansas r ireia
1
Schedule of Required Supplementary Information
Schedule of Investment Returns 1
The actuary calculated these rates with the information that was provided, therefore, these rates are annual
money -weighted. Monthly money-weighied returns are not available.
0
MN
0-
The actuary calculated these rates with the information that was provided, therefore, these rates are annual
money -weighted. Monthly money-weighied returns are not available.
0
APPENDIX 4
GASB 67 includes a specific requirement for the discount rate that is used for the purpose of
the measurement of the Total Pension Liability. This rate considers the ability of the fund to
meet benefit obligations in the future. To make this determination, employer contributions,
employee contributions, benefit payments, expenses and investment returns are projected ints
the future. The Plan Net Position (assets) in future years can then be projected and compared
to the obligation to make benefit payments in those years. As long as assets are projected to
be on hand in a future year, the assumed valuation discount rate is used. In years where
MMM -M, the use of a "risk-free" rate
is required. The single discount rate is equivalent to applying these two rates to the benefits
that are projected to be paid during the different time periods.
of the single discount rate:
• Projection of Benefit Payments and Actuarially Determined Contributions
• Projection of Contributions. Since this plan is frozen with no new participants, there
are no expected contributions projected for new participants
• Projection of Plan Fiduciary Net Position
• Present Values of Projected Benefit Payments
The Local Police and Fire Pension Funds do not have formal funding policies. They
typically contribute the amounts required by law as outlined in Exhibit 7. For purposes of
ilai6q is assumed to increase bi,,, 1% annuall',iji the premium tam
and additional allocation revenues, if any, are changed in proportion to the Net Pension
Liability; all other sources are assumed to remain level.
These projections are generated under the guidelines of GAS13 67 and the related
implementation guide. They should be used solely to determine the single discount rate as
defined in the GASB statements. Any implication beyond that determination is beyond the
scope of this report.
RK
Year
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection
of Benefit Payments Beginning January 1, 2015
Projected
Projected
Projected Benefit Payments
Net Pension
Actuarially
Current
Current
Liability at
Determined
Retirees
DROP
Actives
Total
Beg of Year
Contribution
1
1,343,422
0
0
1,343,422
13,663,428
3,080,767
2
1,335,052
0
0
1,335,052
13,565,988
3,058,796
3
1,325,172
0
0
1,325,172
13,460,019
3,034,903
4
1,313,820
0
0
1,313,820
13,345,196
3,009,013
5
1?301,050
0
0
1,301,050
13,221,179
2,981,051
6
1,286,874
0
0
1,286,874
13,087,621
2,950,937
7
1,271,232
0
0
1,271,232
12,944,160
2,918,590
8
1,254,038
0
0
1,254,038
12,790,422
2,883,925
9
1,235,235
0
0
1,235,235
12,626,021
2,846,857
10
1,214,725
0
0
1,214,725
13,232,757
2,983,661
11
1,192,387
0
0
1,192,387
12,644,602
2,851,047
12
1,168,123
0
0
1,168,123
12,050,021
2,716,983
13
1,141,852
0
0
1,141,852
11,450,675
2,581,846
14
1,113,545
0
0
1,113,545
10,848,393
2,446,046
15
1,083,087
0
0
1,083,087
10,245,119
2,310,022
16
1,050,438
0
0
1,050,438
9,643,019
2,174,264
17
1,015,723
0
0
1,015,723
9,044,406
2,039,291
18
978,968
0
0
978,968
8,451,580
1,905,623
19
940,281
0
0
940,281
7,866,928
1,773,799
20
899,867
0
0
899,867
7,292,848
1,644,358
21
857,923
0
0
857,923
6,731,644
1,517,820
22
814,728
0
0
814,728
6,185,535
1,394,686
23
770,492
0
0
770,492
5,656,562
1,275,416
24
725,426
0
0
725,426
5,146,654
1,160,444
25
679,845
0
0
679,845
4,657,617
1,050,178
26
633,971
0
0
633,971
4,191,026
944,973
27
588,015
0
0
588,015
3,748,304
845,150
28
542,261
0
0
542,261
3,330,728
750,997
29
497,010
0
0
497,010
2,939,349
662,751
30
452,514
0
0
452,514
2,574,958
580,590
31
409,017
0
0
409,017
2,238,128
504,643
32
366,807
0
0
366,807
1,929,210
434,989
33
326,183
0
0
326,183
1,648,273
371,645
34
287,340
0
0
287,340
1,395,086
314,558
35
250,498
0
0
250,498
1,169,206
263,627
36
216,016
0
0
216,016
969,936
218,697
37
184,200
0
0
184,200
796,181
179,519
38
155,170
0
0
155,170
646,471
145,763
39
129,051
0
0
129,051
519,145
117,055
40
106,001
0
0
106,001
412,326
92,969
41
85,988
0
0
85,988
323,881
73,027
42
68,850
0
0
68,850
251,604
56,730
43
54,406
0
0
54,406
193,346
43,595
44
42,480
0
0
42,480
147,037
33,153
45
32,806
0
0
32,806
110,682
24,956
46
25,052
0
0
25,052
82,463
18,593
47
18,915
0
0
18,915
60,811
13,711
48
14,146
0
0
14,146
44,391
10,009
49
10,486
0
0
10,486
32,055
7,228
so
7,690
0
0
7,690
22,869
5,156
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
Projected Benefit Payments
Current Current
Year Retirees DROP Actives Total
51
5,569
0
0
5,569
52
3,980
0
0
3,980
53
2,803
0
0
2,803
54
1,941
0
0
1,941
55
1,321
0
0
1,321
56
882
0
0
882
57
578
0
0
578
58
372
0
0
372
59
235
0
0
235
60
146
0
0
146
61
89
0
0
89
62
54
0
0
54
63
32
0
0
32
64
19
0
0
19
65
11
0
0
11
66
6
0
0
6
67
3
0
0
3
68
2
0
0
2
69
1
0
0
1
70
0
0
0
0
71
0
0
0
0
72
0
0
0
0
73
0
0
0
0
74
0
0
0
0
75
0
0
0
0
76
0
0
0
0
77
0
0
0
0
78
0
0
0
0
79
0
0
0
0
80
0
0
0
0
81
0
0
0
0
82
0
0
0
0
83
0
0
0
0
84
0
0
0
0
85
0
0
0
0
86
0
0
0
0
87
0
0
0
0
88
0
0
0
0
89
0
0
0
0
90
0
0
0
0
91
0
0
0
0
92
0
0
0
0
93
0
0
0
0
94
0
0
0
0
95
0
0
0
0
96
0
0
0
0
97
0
0
0
0
98
0
0
0
0
99
0
0
0
0
100
0
0
0
0
0
Projected
Projected
Net Pension
Actuarially
Liability at
Determined
Beg of Year
Contribution
16,101
3,630
11,176
2,520
7,640
1,723
5,139
1,159
3,398
766
2,209
498
1,412
318
887
200
549
124
334
75
201
45
119
27
69
16
40
9
22
5
11
3
6
1
2
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate 0evleopment
Projection of Benefit Payments Beginning January 1, 2015
M
Payroll for
Employee
Employer
Employer
Employer
Employer
Current
Contributions
Contributions
Contributions
Contributions
Contributions
Total
Year
Employees
Current Emps.
Millage
tither
Prem Tax
Add Alloc
Contribuitons
1
0
0
525,000
0
182,500
49,000
756,500
2
0
0
530,250
0
181,199
48,651
760,099
3
0
0
535,553
0
179,783
48,271
763,606
4
0
0
540,908
0
178,249
47,859
767,016
5
0
0
546,317
0
176,593
47,414
770,324
6
0
0
551,780
0
174,809
46,935
773,524
7
0
0
557,298
0
172,893
46,421
776,612
8
0
0
562,871
0
170,839
45,869
779,580
9
0
0
568,500
0
168,644
45,280
782,423
10
0
0
574,185
0
176,748
47,456
798,388
11
0
0
579,927
0
168,892
45,346
794,165
12
0
0
585,726
0
160,950
43,214
789,890
13
0
0
591,583
0
152,945
41,065
785,592
14
0
0
597,499
0
144,900
38,905
781,304
15
0
0
603,474
0
136,842
36,741
777,057
16
0
0
609,509
0
128,.800
34,582
772,891
17
0
0
615,604
0
120,805
32,435
768,844
18
0
0
621,760
0
112,886
30,309
764,955
19
0
0
627,977
0
105,077
28,213
761,267
20
0
0
634,257
0
97,409
26,154
757,820
21
0
0
640,600
0
89,913
24,141
754,654
22
0
0
647,006
0
82,619
22,183
751,808
23
0
0
653,476
0
75,554
20,286
749,315
24
0
0
660,011
0
68,743
18,457
747,211
25
0
0
666,611
0
62,211
16,703
745,525
26
0
0
673,277
0
55,979
15,030
744,286
27
0
0
680,010
0
50,065
13,442
743,517
28
0
0
686,810
0
44,488
11,945
743,242
29
0
0
693,678
0
39,260
10,541
743,479
30
0
0
700,615
0
34,393
9,234
744,242
31
0
0
707,621
0
29,894
8,026
745,541
32
0
0
714,697
0
25,768
6,919
747,384
33
0
0
721,844
0
22,016
5,911
749,771
34
0
0
729,062
0
18,634
5,003
752,699
35
0
0
736,353
0
15,617
4,193
756,163
36
0
0
743,716
0
12,955
3,478
760,150
37
0
0
751,154
0
10,634
2,855
764,643
38
0
0
758,665
0
8,635
2,318
769,618
39
0
0
766,252
0
6,934
1,862
775,048
40
0
0
773,914
0
5,507
1,479
780,900
41
0
0
781,653
0
4,326
1,162
787,141
42
0
0
789,470
0
3,361
902
793,733
43
0
0
797,365
0
2,582
693
800,641
44
0
0
805,338
0
1,964
527
807,830
45
0
0
813,392
0
1,478
397
815,267
46
0
0
821,526
0
1,101
296
822,923
47
0
0
829,741
0
812
218
830,771
48
0
0
838,038
0
593
159
838,790
49
0
0
846,419
0
428
115
846,962
50
0
0
854,883
0
305
82
855,270
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
MI
Payroll for
Employee
Employer
Employer
Employer
Employer
Current
Contributions
Contributions
Contributions
Contributions
Contributions
Total
Year
Employees
Current Emps.
Millage
Other
Prem Tax
Add Alloc
Contribultons
51
0
0
863,432
0
215
58
863,705
52
0
0
872,066
0
149
40
872,255
53
0
0
880,787
0
102
27
880,916
54
0
0
889,595
0
69
18
889,682
55
0
0
898,490
0
45
12
898,548
56
0
0
907,475
0
30
8
907,513
57
0
0
916,550
0
19
5
916,574
58
0
0
925,716
0
12
3
925,731
59
0
0
934,973
0
7
2
934,982
60
0
0
944,323
0
4
1
944,328
61
0
0
953,766
0
3
1
953,769
62
0
0
963,303
0
2
0
963,305
63
0
0
972,936
0
1
0
972,938
64
0
0
982,666
0
1
0
982,666
65
0
0
992,492
0
0
0
992,493
66
0
0
1,002,417
0
0
0
1,002,418
67
0
0
1,012,442
0
0
0
1,012,442
68
0
0
1,022,566
0
0
0
1,022,566
69
0
0
1,032,792
0
0
0
1,032,792
70
0
0
1,043,120
0
0
0
1,043,120
71
0
0
1,053,551
0
0
0
1,053,551
72
0
0
1,064,086
0
0
0
1,064,086
73
0
0
1,074,727
0
0
0
1,074,727
74
0
0
1,085,474
0
0
0
1,085,474
75
0
0
1,096,329
0
0
0
1,096,329
76
0
0
1,107,292
0
0
0
1,107,292
77
0
0
1,118,365
0
0
0
1,118,365
78
0
0
1,129,549
0
0
0
1,129,549
79
0
0
1,140,845
0
0
0
1,140,845
80
0
0
1,152,253
0
0
0
1,152,253
81
0
0
1,163,775
0
0
0
1,163,775
82
0
0
1,175,413
0
0
0
1,175,413
83
0
0
1,187,167
0
0
0
1,187,167
84
0
0
1,199,039
0
0
0
1,199,039
85
0
0
1,211,029
0
0
0
1,211,029
86
0
0
1,223,140
0
0
0
1,223,140
87
0
0
1,235,371
0
0
0
1,235,371
88
0
0
1,247,725
0
0
0
1,247,725
89
0
0
1,260,202
0
0
0
1,260,202
90
0
0
1,272,804
0
0
0
1,272,804
91
0
0
1,285,532
0
0
0
1,285,532
92
0
0
1,298,387
0
0
0
1,298,387
93
0
0
1,311,371
0
0
0
1,311,371
94
0
0
1,324,485
0
0
0
1,324,485
95
0
0
1,337,730
0
0
0
1,337,730
96
0
0
1,351,107
0
0
0
1,351,107
97
0
0
1,364,618
0
0
0
1,364,618
98
0
0
1,378,264
0
0
0
1,378,264
99
0
0
1,392,047
0
0
0
1,392,047
100
0
0
1,405,968
0
0
0
1,405,968
MI
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1,
2015
Projected
Projected
Beginning
Projected
Projected Projected
Investment
Ending
Plan Net
Total
Benefit Admin
Earnings
Plan Net
Year
Position
Contributions
Payments Expenses
5M%
Position
1
4,377,557
756,500
1,343,422
0 204,205
3,994,840
2
3,994,840
760,099
1,335,052
0 185,368
3,605,256
3
3,605,256
763,606
1,325,172
0 166,224
3,209,914
4
3,209,914
767,016
1,313,820
0 146,826
2,809,936
5
2,809,936
770,324
1,301,050
0 127,229
2,406,439
6
2,406,439
773,524
1,286,874
0 107,488
2,000,578
7
2.,000,578
776,612
1,271,232
0 87,663
1,593,620
8
1,593,620
779,580
1,254,038
0 67,820
1,186,982
9
1,186,982
782,423
1,235,235
0 48,029
0
10
0
798,388
1,214,725
0 -10,408
0
11
0
794,165
1,192,387
0 -9,956
0
12
0
789,890
1,168,123
0 -9,456
0
13
0
785,592
1,141,852
0 -8,906
0
14
0
781,304
1,113,545
0 -8,306
0
15
0
777,057
1,083,087
0 -7,651
0
16
0
772,891
1,050,438
0 -6,939
0
17
0
768,844
1,015,723
0 -6,172
0
18
0
764,955
978,968
0 -5,350
0
19
0
761,267
940,281
0 .4,475
0
20
0
757,820
899,867
0 -3,551
0
21
0
754,654
857,923
0 -2,582
0
22
0
751,808
814,728
0 -1,573
0
23
0
749,315
770,492
0 -529
0
24
0
747,211
725,426
0 545
0
25
0
745,525
679,845
0 1,642
0
26
0
744,2.86
633,971
0 2,758
0
27
0
743,517
588,015
0 3,888
0
28
0
743,242
542,261
0 5,025
0
29
0
743,479
497,010
0 6,162
0
30
0
744,242
452,514
0 7,293
0
31
0
745,541
409,017
0 8,413
0
32
0
747,384
366,807
0 9,514
0
33
0
749,771
326,183
0 10,590
0
34
0
752,699
287,340
0 11,634
0
35
0
756,163
250,498
0 12,642
0
36
0
760,150
216,016
0 13,603
0
37
0
764,643
184,200
0 14,511
0
38
0
769,618
155,170
0 15,361
0
39
0
775,048
129,051
0 16,150
0
40
0
780,900
106,001
0 16,872
0
41
0
787,141
85,988
0 17,529
0
42
0
793,733
68,850
0 18,122
0
43
0
800,641
54,406
0 18,656
0
44
0
807,830
42,480
0 19,134
0
45
0
815,267
32,806
0 19,562
0
46
0
822,923
25,052
0 19,947
0
47
0
830,771
18,915
0 20,296
0
48
0
838,790
14,146
0 20,616
0
49
0
846,962
10,486
0 20,912
0
50
0
855,270
7,690
0 21,190
0
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit
Payments Beginning January 1,
2015
Projected
Projected
Beginning
Projected
Projected Projected
investment
Ending
Plan Net
Total
Benefit Admin
Earnings
Plan Net
Year
Position
Contributions
Payments Expenses
5.00%
Position
51
0
863,705
5,569
0
21,453
0
52
0
872,255
3,980
0
21,707
0
53
0
880,916
2,803
0
21,953
0
54
0
889,682
1,941
0
22,194
0
55
0
898,548
1,321
0
22,431
0
56
0
907,513
882
0
22,666
0
57
0
916,574
578
0
22,900
0
58
0
925,731
372
0
23,134
0
59
0
934,982
235
0
23,369
0
60
0
944,328
146
0
23,605
0
61
0
953,769
89
0
23,842
0
62
0
963,305
54
0
24,081
0
63
0
972,938
32
0
24,323
0
64
0
982,666
19
0
24,566
0
65
0
992,493
11
0
24,812
0
66
0
1,002,418
6
0
25,060
0
67
0
1,012,442
3
0
25,311
0
68
0
1,022,566
2
0
25,564
0
69
0
1,032,792
1
0
25,820
0
70
0
1,043,120
0
0
26,078
0
71
0
1,053,551
0
0
26,339
0
72
0
1,064,086
0
0
26,602
0
73
0
1,074,727
0
0
26,868
0
74
0
1,085,474
0
0
27,137
0
75
0
1,096,329
0
0
27,408
0
76
0
1,107,292
0
0
27,682
0
77
0
1,118,365
0
0
27,959
0
78
0
1,129,549
0
0
28,239
0
79
0
1,140,845
0
0
28,521
0
80
0
1,152,253
0
0
28,806
0
81
0
1,163,775
0
0
29,094
0
82
0
1,175,413
0
0
29,385
0
83
0
1,187,167
0
0
29,679
0
84
0
1,199,039
0
0
29,976
0
85
0
1,211,029
0
0
30,276
0
86
0
1,223,140
0
0
30,578
0
87
0
1,235,371
0
0
30,884
0
88
0
1,247,725
0
0
31,193
0
89
0
1,260,202
0
0
31,505
0
90
0
1,272,804
0
0
31,820
0
91
0
1,285,532
0
0
32,138
0
92
0
1,298,387
0
0
32,460
0
93
0
1,311,371
0
0
32,784
0
94
0
1,324,485
0
0
33,112
0
95
0
1,337,730
0
0
33,443
0
96
0
1,351,107
0
0
33,778
0
97
0
1,364,618
0
0
34,115
0
98
0
1,378,264
0
0
34,457
0
99
0
1,392,047
0
0
34,801
0
100
0
1,405,968
0
0
35,149
0
RE
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devieopment
Projection of Benefit Payments Beginning January
1, 2015
Present Value Present Value Present
Value
Beginning
Projected
Funded
Unfunded
Funded
Unfunded
Projected
Plan Net
Benefit
Portion of
Portion of
Portion of
Portion of
Payments at
Year
Position
Payments
Payments
Payments
Payments
Payments Single
Disc. Rate
1
4,377,557
1,343,422
1,343,422
0
1,316,387
0
1,319,416,
2
3,994,840
1,335,052
1,335,052
0
1,245,891
0
1,255,665
3
3,605,256
1,325,172
1,325,172
0
1,177,781
0
1,193,587
4
3,209,914
1,313,820
1,313,820
0
1,112,088
0
1,133,245
5
2,809,936
1,301,050
1,301,050
0
1,048,836
0
1,074,702
6
2,406,439
1,286,874
1,286,874
0
988,008
0
1,017,974
7
2,000,578
1,271,232
1,271,232
0
929,523
0
963,012
8
1,593,620
1,254,038
1,254,038
0
873,286
0
909,754
9
1,186,982
1,235,235
1,186,982
48,253
787,228
33,883
858,161
10
0
1,214,725
0
1,214,725
0
817,886
808,172
11
0
1,192,387
0
1,192,387
0
769,821
759,713
12
0
1,168,123
0
1,168,123
0
723,133
712,733
13
0
1,141,852
0
1,141,852
0
677,792
667,197
14
0
1,113,545
0
1,113,545
0
633,800
623,102
15
0
1,083,087
0
1,083,087
0
591,106
580,391
16
0
1,050,438
0
1,050,438
0
549,705
539,056
17
0
1,015,723
0
1,015,723
0
509,673
499,166
18
0
978,968
0
978,968
0
471,023
460,728
19
0
940,281
0
940,281
0
433,799
423,779
20
0
899,867
6
899,867
0
398,077
388,389
21
0
857,923
0
857,923
0
363,910
354,604
22
0
814,728
0
814,728
0
331,372
322,488
23
0
770,492
0
770,492
0
300,489
292,062
24
0
725,426
0
725,426
0
271,276
263,334
25
0
679,845
0
679,845
0
243,772
236,336
26
0
633,971
0
633,971
0
217,972
211,055
27
0
588,015
0
588,015
0
193,856
187,465
28
0
542,261
0
542,261
0
171,417
165,557
29
0
497,010
0
497,010
0
150,650
145,315
30
0
452,514
0
452,514
0
131,520
126,702
31
0
409,017
0
409,017
0
113,988
109,673
32
0
366,807
0
366,807
0
98,020
94,189
33
0
326,183
0
326,183
0
83,579
80,211
34
0
287,340
0
287,340
0
70,597
67,666
35
0
250,498
0
250,498
0
59,014
56,492
36
0
216,016
0
216,016
0
48,797
46,652
37
0
184,200
0
184,200
0
39,898
38,097
38
0
155,170
0
155,170
0
32,228
30,733
39
0
129,051
0
129,051
0
25,700
24,478
40
0
106,001
0
106,001
0
20,242
19,254
41
0
85,988
0
85,988
0
15,745
14,958
42
0
68,850
0
68,850
0
12,088
11,469
43
0
54,406
0
54,406
0
9,159
8,679
44
0
42,480
0
42,480
0
6,857
6,490
45
0
32,806
0
32,806
0
5,078
4,800
46
0
25,052
0
25,052
0
3,718
3,510
47
0
18,915
0
18,915
0
2,692
2,538
48
0
14,146
0
14o146
0
1,930
1,818
49
0
10,486
0
10,486
0
1,372
1,290
50
0
7,690
0
7,690
0
965
906
RE
M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devieopment
Projection
of Benefit Payments Beginning January 1, 2015
Present Value
Present Value Present Value
Beginning
Projected
Funded Unfunded Funded
Unfunded
Projected
Plan Net
Benefit
Portion of Portion of Portion of
Portion of
Payments at
Year
Position
Payments
Payments Payments Payments
Payments
Single Disc. Rate
51
0
5,569
0 5,569
0
670
628
52
0
3,980
0 3,980
0
459
430
53
0
2,803
0 2,803
0
310
290
54
0
1,941
0 1,941
0
206
192
55
0
1,321
0 1,321
0
134
125
56
0
882
0 882
0
86
so
57
0
578
0 578
0
54
so
58
0
372
0 372
0
33
31
59
0
235
0 235
0
20
19
60
0
146
0 146
0
12
11
61
0
89
0 89
0
7
7
62
0
54
0 54
0
4
4
63
0
32
0 32
0
2
2
64
0
19
0 19
0
1
1
65
0
11
0 11
0
1
1
66
0
6
0 6
0
0
0
67
0
3
0 3
0
0
0
68
0
2
0 2
0
0
0
69
0
1
0 1
0
0
0
70
0
0
0 0
0
0
0
71
0
0
0 0
0
0
0
72
0
0
0 0
0
0
0
73
0
0
0 0
0
0
0
74
0
0
0 0
0
0
0
75
0
0
0 0
0
0
0
76
0
0
0 0
0
0
0
77
0
0
0 0
0
0
0
78
0
0
0 0
0
0
0
79
0
0
0 0
0
0
0
80
0
0
0 0
0
G
0
81
0
0
0 0
0
0
0
82
0
0
0 0
0
0
0
83
0
0
0 0
0
0
0
84
0
0
0 0
0
0
0
85
0
0
0 0
0
0
0
86
0
0
0 0
0
0
0
87
0
0
0 0
0
0
0
88
0
0
0 0
0
0
0
89
0
0
0 0
0
0
0
90
0
0
0 0
0
0
0
91
0
0
0 0
0
0
0
92
0
0
0 0
0
0
0
93
0
0
0 0
0
0
0
94
0
0
0 0
0
0
0
95
0
0
0 0
0
0
0
96
0
0
0 0
0
0
0
97
0
0
0 0
0
0
0
98
0
0
0 0
0
0
0
99
0
0
0 0
0
0
0
100
0
0
0 0
0
0
0
9,479,029
9,639,597
19,118,634
19,118,626
M
DESCRIPTION: The Firemen's Pension and Relief Fund Board of Trustees was established
pursuant to the provisions of A.C.A. 24-11-801.
The Board was created to provide for the disbursement of the Firemen's Relief and Pension Fund
and shall designate its beneficiaries as directed in this act. The Board shall have the power to make
all rules and regulations needful of its guidance to implement the provisions regarding Board
composition.
TERMS: Two-year terms, ending May 3 1.
1WEMBERS- The Board shall be composed of six members as follows -
The chief executive, who shall serve as chairman of the board;
The city or district clerk or recorder, who shall serve as secretary of the board;
Four (4) active or retired members of the pension fund.
APPOINTMENT: When no active member is available to serve on the board, all four (4)
positions shall be held by retired members of the pension ftind and shall be elected for two-year
terms as provided in subsection (e) of A.C.A. 24-11-801.
each year, with the member or members to be chosen in alternate years by a method to be
determined by the board.
MKMMM 6
PUBLIC NOTIFICATION: A weekly meetings list is prepared by the Office of the City Clerk
Treasurer which is distributed to the press and posted on the City's web site: www.fayetteville-
ar.gov
MEETING TIMES: Regular meetings are held quarterly on the last Thursday in January, April,
July and October at 3:00 p.m. in Room 326 at the City Administration Building.
Due to elections not being held until May of each year, the term end date was changed to May 31
at the Fire Pension meeting on April 24, 2003.
An Election Policy was adopted on February 23, 2006 creating position numbers for each board
member to simplify the election process. At the April 28, 2011 Firemen's Pension Board Meeting
a motion was made to do away with position numbers on the election ballot
As of March 2008 there are no longer any active members of this plan they are all retired. State
code 24-11-801 changed the number of Board members from seven (7) to six (6) when the last
person retired.
27