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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: 0 I ITIMI II i 0 ....... ..... A t 1 • City of Fayetteville Firemen Is Pension & Relief Fund Charles Schwab #7851-1206 Quarter Ending June 30,, 2015 .; . • ' a + • r 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 ., S vk . 11111 IN ll! AS9 i` Apr 15 Apr 30 May 15 May 29 1 34h is Jun 30 Jul 15 1A 31 2015 Australia .. 0600 Brazil 2395 9000 .. p >. 44 t t t t' 69 9204 1210 Hong Kong 852 29?7 japa In 81 3 t 0900 Singapore ;, NE 5 2000 t `. SN i EDT GMT -q:00 = /. i 11. T xs 05/15/25 1.99— � -F : p `s, t= .0 � ��,.-r /L225 2015 Ru trglja 51 2 9777 8600 Brazil 5511 2395 9000 Europe 44 20 7390 7500 Germany 49 fig 9204 1210 Mang Kong 652 2977 6000 Japan 81 9 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2015 Bloomberg Finance L.P, SN 546930 EDT GMT -4100 G447-31-3 06 -Rug -2015 111M17 T 2 's 05/15/25 199 -04- + 124 i), -j 2014 2015 Aull trolla 61 2 97?7 860D erqztl $511 2395 90'00 Europe 44 RO 7330 7500 Germang 49 69 9204 1210 Hong Kong 05Z 297? 6000 Japan el 3 3 20, 8 900 8 Inoopora 65 6212 1000 00 Copyright NIS Sloomberg Finance L.F, SN 546930 EDT GNT-4100 G447-31-3 06 -Aug -2015 11,20,27 4�r if�tifii Si � it t 9� } Cfirr tU t1 ti 4 N ry� ?f i �$t If 'c a , i N t,' a .,.cc) C, a C, C) C, . C3W LO 0 0 0 w O? ' F N Cir Co N LO 14'N—O%rN P Cta r•4• N"^� C� C'r r C4 � iii 0 v ) M co µ N CS rn Co Cl! C c r Cob LU M C"d r- N [ }zfi rJ N N ifa a= G R- 0 - 0 Cis w w U) C, N In 0)—(D �! N Cr3 Nt'a cel w CIN N N (Si N N N N N N N NAt CL Cil 4C5 CKS C'�3 r-= CN ) h C - 0) r- M N cprCoNNr-.u7 N0ODCo 0 rk .0. r CL7 iw N LN7 OM CKS CTS... cor C 400 ui CpC3Ct5r�¢'s-d'e���'tii Q �3" C? ci} car C7? (Ci a 145 N e d"7 CL N 0 to I* M CD r C9I�- CCS in t4 Cl)til MSS C, tCi °Ft �'7 in CO0Nr ;;tet? 0C] 0 C�5y Ci CJ C7 n 0 0 0 C) CD O C",N N N N N N N o Q 0 0 0 C� Q Gc€ � Q U. Z c 4 ter ,- ± r N M I' LO 0 1- 0 0 r N 0 LO Co r- w 0 0 x- N 0 V LO Cir r -- � r N N N N N N e- 0 0 0 0 r 0 c5b o o d d >-'N N N N N N N N N N N N �t fn LN L Nay ' - N Cq tt Ln CS r ('+ co 0) 0 e- N T 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 o.o0 1128786.28 8810-9810-5335-06 e0o #REF! Drop Payoulflntrest Checks to Drop Retirees o.0o YTD Column 0.00 Difference 0.00 "(should be off Supplemental amount for DROP parr 8l3t2015 K.tFire PensiontPension LlstNPenslon List 2015XFP 100115 WM -> 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 ) COUNTY OF WASHINGTON) 71k N0��RLY 11111#11111 ���� SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF���CV �`` ��� ... * �J��092�0 O��gg10N OTA NOTARY PUBLIC C/) :)Z :i2 . PUSL`C o ` MY COMMISSION EXPIRES: J D �D �� �i� l0' .PS 8.- t;� 10 "'� v YTD 6810-9810-5335-00 0.00 903912.42 6810-9810-5335-06 0.00 #REF! Drop Payoutllntrest Checks to Drop Retirees 0.00 YTD Column 0.00 Difference 0.00 "(should be off Supplemental amount for DROP part) • 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 0.00 STATE OF ARKANSAS ) COUNTY OF WASHINGTON) `� J,( � SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY O NOTARY PUBLIC MY COMMISSION EXPIRES: S is -2022- • • -- 8/3/2015 K:1Fire Pension\Pension List\Pension List 2015\FP 090115 WM `,�����itrrrrr►,��► pOTAgyL9, ►i 0UNllit, 1016854.35 #REFI "(should be off Supplemental amount for DROP part) no 6810-9810-5335-00 0.00 6810-9810-5335.06 0.00 Drop Payouttintrest Checks to Drop Retirees 0.00 YTD Column 0.00 Difference 0.00 • • -- 8/3/2015 K:1Fire Pension\Pension List\Pension List 2015\FP 090115 WM `,�����itrrrrr►,��► pOTAgyL9, ►i 0UNllit, 1016854.35 #REFI "(should be off Supplemental amount for DROP part) • 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 1111111D11//ISIjo ,/ �F'•\�\ON # j139 40TAR.y�rno Z • U) ►cJ1 . • Z - �y• PUBLIC '�O •�e� 8_Io.'Ly Pte`\. //16 i o `N, ``\\\ 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 ,/ �F'•\�\ON # j139 40TAR.y�rno Z • U) ►cJ1 . • Z - �y• PUBLIC '�O •�e� 8_Io.'Ly Pte`\. //16 i o `N, ``\\\ 1129796.28 #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