HomeMy WebLinkAbout2021-10-21 - Minutes Policemen's Pension and Relief Fund
Board of Trustees Minutes
October 21,2021
Page 1 of 3
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Lioneld Jordan Chairman y� Ruston Cole Retired Position 2
Kara Paxton Treasurer John Brown Retired Position 3
Eldon Roberts Secretary ' Melvin Stanley Retired Position 4
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Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
October 21, 2021
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held
on October 21, 2021 at 3:00 p.m. via teleconference in Room 326 of the City Administration
Building located at 113 West Mountain Street, Fayetteville, Arkansas.
Mayor Jordan called the meeting to order.
Board Members Present: John Brown, Ruston Cole, Melvin Stanley, Mayor Jordan, and
City Clerk Treasurer Kara Paxton
• Staff and Others Present: Kim Johnson, Deputy City Clerk. In addition, Glenn Atkins and
James Bell with Garrison Financial were present via teleconference.
Absent: Frank Johnson and Eldon Roberts
Due to technical difficulty beyond Eldon Roberts control he was not able to join the meeting
via teleconference.
Garrison Financial:
Quarterly Reports ending June 30th, 2021 and September 30th, 2021
James Bell spoke about the most recently quarterly reports. He covered the most recent quarterly
report first and explained that the balances ended just above $6 million. He went on to explain
that we are over allocation due to the equity size but stated that they prefer equity over income.
He also went over the performance page and explained that income is down. Overall the account
is at 5.62% YTD. (Some parts of this audio section were inaudible.)
Glenn Atkins spoke about fixed income rates being low and explained it is difficult to make
money in this market. He went on to explain additional reasons why the current market is difficult
to work in. The current maturity for the entire portfolio is 4 years. Glenn explained that the
portfolio is right where they want it to be and the cash holdings are on target in order to fund
• distributions. He went on to explain that he foresees rates increasing one or two times. (Some
parts of this audio section were inaudible.)
Policemen's Pension and Relief Fund
Board of Trustees Minutes
October 21,2021
Page 2 of 3
•
Minutes:
Approval of the April 15th, 2021 meeting minutes
John Brown moved to approve the April 15th,2021 meeting minutes. Ruston Cole seconded
the motion. The motion passed 5-0. John Brown, Ruston Cole, Melvin Stanley, City Clerk
Kara Paxton and Mayor Jordan voted yes. Frank Johnson and Eldon Roberts were absent.
Pension List Changes:
None
Approval of the Pension List:
Approval of the November,December 2021 and January,February, March and April 2022 Pension
Lists.
Ruston Cole moved to approve the November - December 2021 and January — April 2022
• Pension Lists. John Brown seconded the motion. The motion passed 5-0. John Brown,
Ruston Cole, Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Frank
Johnson and Eldon Roberts were absent.
New Business:
Revenue Expense Summary 06/30/2021 and 09/30/2021
Kara Paxton, City Clerk Treasurer stated that the report is from the Accounting Department.
Osborn, Carreiro & Associates, Inc.:
Kara Paxton, City Clerk Treasurer: That information was sent to me by the Accounting
Department to provide to you all and includes the sales and tax information. There is an email
located in your packet from the Accounting Department. This email included information from
the PRAB Board along with the documents that show the premium for the Local or Fire or Police
Pension Fund. It goes on to say, may receive premium tax distribution.
Informational:
• Next Meeting—April 21, 2022
Note: All meetings are tentative and subject to change. The City meetings calendar is located on
www.fayetteville-ar.gov
Policemen's Pension and Relief Fund
Board of Trustees Minutes
October 21,2021
Page 3 of 3
• Adjourn: 3:11 p.m.
•