HomeMy WebLinkAbout2001-12-27 MinutesMINUTES OF A MEETING
OF THE
FIREMEN'S PENSION AND RELIEF FUND BOARD
A meeting of the Firemen's Pension and Relief Fund Board was held on December 27, 2001, at
11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain
Street, Fayetteville, Arkansas.
PRESENT: Marion Doss, Robert Johnson, Danny Farrar, Pete Reagan, Ronnie Wood, Heather
Woodruff, and Kit Williams.
MINUTES
Mr. Reagan moved to approve the minutes. Mr. Farrar seconded. The motion carried
unanimously.
PENSION LIST
Ms. Woodruff stated there was a notation that Ronnie Wood was going to be retiring January 4,
2002. He will not be included on January's pension list, but he will be included on February's
list.
Mr. Williams stated he had given the board members a memo explaining the ruling the judge had
given on the Skelton case. The judge affirmed their decision that the ex-wife was not entitled to
benefits and that they ended with Roy's death. They will continue to pay the two girls. They did
have thirty days to appeal. He did not believe they would, but they might.
Mr. Reagan moved to approve the pension list. Mr. Johnson seconded. The motion carried
unanimously.
INVESTMENT REPORT
Mr. Richard Yada, Merrill Lynch, presented their investment report as of the end of November.
The stock market was up and the bond market was up. Since then, the market was up a little and
the bond market was down. Interest rates have gone up a little, when that happened the bond
prices would go down. During the last two years the bond prices have gone up, which have
helped their fixed income account. Now, they were going to see that part decrease and hopefully
the stock market would be going up. CD's and Treasuries were paying about 2% right now.
There were record sells in the car market this year. He did not see how that could continue. The
technology was going to have to lead the way, and they were a long way from doing that. They,
were being very cautious right now. The Merrill Lynch Private Portfolio Group was at 2.23
million, they were down 13.88% for the year. Mercury Group was down 19.85% for the year,
they were at 1.62 million. The Income Account was at 5.5 million, which was up 6.16%.
Ashland 1.985 million was down 15.34%. Overall the Income Account was down $90,000,
which included the transfers. The Stock Account was down $25,000. Compared to the Dow
Jones which was down 7.24%. The S&P500 was down 12.66%. The NASDQ was down
21.86%. Long Term Treasuries were up 5.9%. Mercury Group was down 19.85% they should
be closer to the S&P500. They were under preforming. They had them on watch. They would