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Home My WebLink About2022-10-27 - Agendas - FinalLioneld Jordan Chairman Kara Paxton Secretary Roy Cate Position 1 Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 27, 2022 Pete Reagan Position 2 Retired Lonnie Napier Position 3 Retired Ron Wood Position 4 Retired Gene Warford Position 5 Retired A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be held at 3:00 p.m. on October 27, 2022, in Room 326 of the City Administration Building. Call to Order Roll Call Garrison Financial: • Quarterly reports ending 06/30/2022 • Quarterly reports ending 09/30/2022 • September 2022 Pension Statements Approval of the Minutes: • Approval of the April 28, 2022 Meeting Minutes Pension List Changes: • None Approval of the Pension List: • Approval of the November — December 2022, & January April 2023 Unfinished Business: None New Business: • Revenue and Expense Summary Reports for 06/30/2022 & 09/30/2022 Census Survey • Approval for City Clerk Treasurer to complete the Survey of Public Pensions Electronically Informational: 2022 Election — Results • Roy Cate (Position 1) & Pete Reagan (Position 2) (Term- 06/01 /2022-05/31 /2024) Osborn, Carreiro & Associates, Inc. • Estimated 2023 Tax Allocation 2023 Meeting Calendar • Next meeting April 27, 2023 Note: All meetings are tentative and subject to change. The City meetings calendar is located on www. fUetteville-ar. gov GARfusoN RECEIVED July 11, 2022 ASSET MANAGEMENT JUL 14 2022 CITY Ur rr, TTEVILLE CITY CLERKS OFFICE Ms. Kara Paxton City of Fayetteville 113 West Mountain Street Fayetteville, Arkansas 72701-6069 Dear Ms. Paxton, Enclosed is your quarterly report for the quarter ended June 30, 2022. Market turmoil continued into the second quarter as recession and stagflation risks ramped up, leading to declines in most every major asset class. Stocks clocked their worst first half in 52 years with the S&P 500 down - 16.1% in the second quarter, leaving year-to-date losses at-19.96%. Stocks around the globe did not fare much better with the MSCI EAFE international index down-14.3%, Japan's Nikkei down -5% and the emerging market index down -11.4% for the quarter. The risk -off trade also hit commodities and cryptocurrencies. Non -energy commodities like industrial metals, gold, silver and wheat were down -25%, -6.7%, -18.2% and -13.6% respectively in the second quarter. Bitcoin shed -59% in the second quarter which was its worst quarterly performance in over a decade. Bonds were not immune from the market swoon. For the quarter, the Barclay's Capital Intermediate Government/Credit Index (our benchmark index) was down-2.37%, bringing the year-to-date return to negative - 6.76%. In mid -June the Federal Reserve raised interest rates by +.75%, the most aggressive hike since 1994, while simultaneously reducing 2022 estimated GDP to +1.78%, down from +2.80% in March. Fed Chair Powell suggested another increase of +.50% to +.75% at their upcoming July meeting. Our thinking is another +.75%. They are aggressively trying to contain inflation rates not seen in the last 40 years. CPI inflation is currently running at +8.60% annually, with many individual items, most notably gasoline and food, being significantly higher. Inflation is no longer "transitory" as it was previously characterized by the Fed. It is beginning to significantly impact consumers and their spending ability. Rate hikes are expected to continue in the second half of 2022 and perhaps into 2023. The Fed is walking a tight line between countering inflation and having the least impact on financial markets as possible. So far, they have not been successful in either respect. Since the first of the year, the rate on our market barometer 10-year Treasury has risen from 1.51% to 3.02%, having peaked on June 14th at 3.48%, a remarkable move as bond prices are down significantly. Most of the move occurred in the March to June period. In the fixed income markets generally, the Bank of America index of 7-to-10-year maturity Treasury bonds was down -11%, marking the worst first-half performance since 1788 (seventeen eighty-eight), according to Deutsche Bank estimates. More broadly, 7-to-10 year German and Euro-zone government bonds are down -12.5% and - 13%, respectively in the first half. Energy and the US Dollar were the only two bright spots in the quarter. The continued war in Ukraine and strong demand put further upward pressure on energy prices with Brent crude up +6.4% and WTI crude +5.5% for the quarter. The dollar was the best -performing of the G10 currencies, up +9.4% so far this year, as investors expect the Fed to hike rates quicker and more aggressively than other central banks around the world. What does this mean for the markets? For equities, going into 2022 US stocks had been positive for seven consecutive quarters with an accompanying rise in valuation metrics. While timing is always unpredictable, some kind of pullback was statistically likely at some point and we have finally experienced it. The selloff has reset the market picture with the price -to -earnings multiple going from 25x at year end to a more attractive 16x currently. Given the economic backdrop earnings growth may be muted, we will learn more soon as earnings season gets underway. We are confident in the management of our portfolio companies and their ability to operate through the business cycle. While interest rate moves have been tough on bonds this year, fixed income investors can now reinvest maturities at higher rates. What's made this year particularly challenging is that both stocks and bonds have declined. While bear markets are difficult, it's always important to view the current period with perspective. Staying invested and diversified are the still the best ways to achieve financial goals in the years and decades to come. We are always happy to meet with you to review your financial goals and objectives. If anything has changed in your personal financial situation that we should be aware of, let us know. We will be happy to schedule a visit, or we can discuss your situation over the phone. Cordially, ""T Kerry Bradley, CFA, MBA Equity Portfolio Manager Garrisoit Asset Management 605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701 479-587-1045• 888-442-7637 ■ 479-587-1257 Facsimile www.GarrisonFinancial.com RECEIVED JUL 14 2022 CITY OF FAYE, TEVILLE CITY CLERK'S OFFICE #011" GARRISON ASSET MANAGEMENT City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 Quarter Ending June 30, 2022 PORTFOLIO SUMMARY City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 June 30, 2022 Cash & Equivalents 223,246.60 83.8% Account Fixed Income 1,150,652.18 Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 June 30, 2022 Adj Unit Total Adjusted Market Pet. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 223,246.60 223,246.60 16.2 0.010 22,32 0.0 223,246,60 223,246,60 16.2 22.32 0.0 CORPORATEBONDS 50,000 IBM Corp. 100.00 50,001.10 109.45 54,724.85 4.0 7.000 3,500.00 4.0 7.000%Due 10-30-25 Accrued Interest 583,33 0.0 50,001.10 55,308.18 4.0 3,500,00 4.0 MUTUAL FUNDS 12,366,035 Vanguard Admiral 12.13 150,025.00 10.41 128,730.42 9.4 0.140 1,731.24 1.3 Intermed-term Treasury 9,191.176 Vanguard Admiral 10,88 100,025.00 10.22 93,933.82 6.8 0.080 735.29 0.8 Short -Term Treasury 3,046,112 Vanguard Intermed 24,63 75,025.00 21,54 65,613,25 4.8 0.560 1,705.82 2.6 Bond Admiral 25,162.828 Vanguard Intermediate 10.39 261,463.57 8.57 215,645.44 15.7 0240 6,039,08 2.8 Admiral 58,672,725 Vanguard Short -Term 10.86 637,204,87 10.08 591,421.07 43.0 0.180 10,561,09 1.8 Admiral 1,223,743.44 1,095,344,00 79.7 20,772,53 1.9 TOTAL PORTFOLIO 1,496,991.14 1,373,898.78 100.0 24,294.86 1.7 You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies. Garrison Asset Management PURCHASE AND SALE City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 From 01-01-22 To 06-30-22 Trade Settle Unit Date Date Quantity Security Price Amount SALES 05-16-22 05-17-22 3,676.471 Vanguard Core Bond Admiral Shares 19.01 69,901.48 05-16-22 05-17-22 8,453.085 Vanguard Intermed-Term Bond Index 10.66 90,084.89 159,986.37 Garrison Asset Mmagelnent REALIZED GAINS AND LOSSES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 From 01-01-22 Through 06-30-22 Gain Or Loss Open Close Cost Amort. or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term 10-29-19 05-16-22 8,453.085 Vanguard Intenned-Term 100,025.00 90,084,89 -9,940.11 Bondlndex 12-18-19 05-16-22 3,676,471 Vanguard Core Bond 75,025.00 69,901.48 -5,123,52 Admiral Shares TOTAL GAINS 0.00 0,00 TOTAL LOSSES 0.00 -15,063.63 175,050.00 000 159,986.37 0.00 -15,063.63 TOTAL REALIZED GAIN/LOSS-15,063,63 CAPITAL GAIN DISTRIBUTIONS 03-31-22 Vanguard Intermed-Term 24.51 Bond Index TOTAL DISTRIBUTIONS 2451 0.00 24.51 0.00 -15,039.12 TOTAL GAIN/LOSS-15,039.12 Garrison Asset Management PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 June 30, 2022 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pct. Value Assets Yield Cash & Equivalents 223,246.60 16.2 0.0 Portfolio Value on 12-31-21 1,641,524.32 Money Market 0.00 0.0 - Accrued Interest 583.33 Account Fixed 1,150,652.18 83.8 2.0 Net Additions/Withdrawals -157,219.00 Income Account Equities 0.00 0.0 - Realized Gains -18,498.76 Account 0.00 0.0 - Unrealized Gains -106,320.49 Commodities Income Received 13,829.38 Change in Accrued Interest 0.00 Portfolio Value on 06-30-22 1,373,315.45 Accrued Interest 583.33 Total 1,373,898.78 100.0 1.7 1,373,898.78 TIME WEIGHTED RETURN Annualized Quarter Year Last 12 Inception To Date To Date Months To Date Account -2.76 -6.89 -7.20 4.08 Account Fixed Income -3.15 -7.85 -8.20 2.01 Barclays Capital Interned -2.37 -6.76 -7.12 1.50 Govt/Credit All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as percentages. This report is calculated using industry -standard accounting and perfonnance 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. 10*), GAMISON ASSET MANAGEMENT July 8, 2022 City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 113 West Mountain Street Fayetteville, AR 72701-6069 STATEMENT OF MANAGEMENT FEES For The Period April 1 through June 30, 2022 Portfolio Value as of 03-31-22 1,564,903 Portfolio Value as of 04-30-22 1,440,383 Portfolio Value as of 05-31-22 1,392,029 Portfolio Value as of 06-30-22 1,373,899 Average of 4 Months 1,442,804 1,442,804 @ 0.1500% per annum 541 Quarterly Management Fee 541 TOTAL DUE AND PAYABLE 541 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. 001�1, GARRISON ASSET MANAGEMENT City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 Quarter Ending September 30, 2022 PORTFOLIO SUMMARY City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 September 30, 2022 13.1% Cash & Equivalents 54,445.23 82.9 Money Market 175,166.15 goo Account Fixed Income 1,111,747.79 anison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 September 30, 2022 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 54,445.23 54,445.23 4.1 0.400 217.78 0.4 54,445.23 54,445.23 4.1 217.78 0.4 TRADED - MONEY MARKET 175,166 Schwab Govt Money 1.00 175,166.15 1.00 175,166.15 13.1 2.600 4,554.32 2.6 Fund Investor Shares 175,166.15 175,166.15 13.1 4,554.32 2.6 CORPORATE BONDS 50,000 IBM Corp. 100.00 50,001.03 105.66 52,830.40 3.9 7.000 3,500.00 5.1 7.000% Due 10-30-25 Accrued Interest 1,458.33 0.1 50,001.03 54,288.73 4.0 3,500.00 5.1 MUTUAL FUNDS 12,366.035 Vanguard Admiral 12.13 150,025.00 9.91 122,547.41 9.1 0.170 2,102.23 1.7 Intermed-term Treasury 9,191.176 Vanguard Admiral 10.88 100,025.00 9.95 91,452.20 6.8 0.140 1,286.76 1.4 Short -Tenn Treasury 3,046.112 Vanguard Intermed 24.63 75,025.00 20.37 62,049.30 4.6 0.590 1,797.21 2.9 Bond Admiral 25,162.828 Vanguard Intermediate 10.39 261,463.57 8.11 204,070.54 15.2 0.250 6,290.71 3.1 Admiral 58,672.725 Vanguard Short -Term 10.86 637,204.87 9.84 577,339.61 43.0 0.190 11,147.82 1.9 Admiral 1,223,743.44 1,057,459.06 78.8 22,624.72 2.1 TOTAL PORTFOLIO 1,503,355.85 1,341,359.17 100.0 30,896.82 2.2 You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies. Trade Settle Date Date PURCHASES 08-26-22 08-29-22 Garrison Asset Management PURCHASE AND SALE City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 From 01-01-22 To 09-30-22 Quantity Security 175,000 Schwab Govt Money Fund Investor Shares REINVESTED DIVIDENDS 09-15-22 09-15-22 166 Schwab Govt Money Fund Investor Shares SALES 05-16-22 05-17-22 3,676.471 Vanguard Core Bond Admiral Shares 05-16-22 05-17-22 8,453.085 Vanguard Intermed-Term Bond Index Unit Price Amount 1.00 175,000.00 1.00 166.15 166.15 19.01 69,901.48 10.66 90,084.89 159,986.37 Garrison Asset Management REALIZED GAINS AND LOSSES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 From 01-01-22 Through 09-30-22 Open Close Date Date Quantity Security 10-29-19 05-16-22 8,453.085 Vanguard Intermed-Term Bond Index 12-18-19 05-16-22 3,676.471 Vanguard Core Bond Admiral Shares TOTAL GAINS TOTAL LOSSES TOTAL REALIZED GAIN/LOSS -15,063.63 CAPITAL GAIN DISTRIBUTIONS 03-31-22 Vanguard Imenned-Term Bond Index TOTAL DISTRIBUTIONS 24.51 TOTAL GAIN/LOSS -15,039.12 Cost Amort. or Basis Accretion Proceeds 100,025.00 90,084.89 75,025.00 69,901.48 175,050.00 0.00 159,986.37 Gain Or Loss Short Term Long Term -9,940.11 -5,123.52 0.00 0.00 0.00-15,063.63 0.00-15,063.63 0.00 0.00 24.51 24.51 -15,039.12 Garrison Asset Management PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 September 30, 2022 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pet. Value Assets Yield Cash & Equivalents 54,445.23 4.1 0.4 Portfolio Value on 12-31-21 1,641,524.32 Money Market 175,166.15 13.1 2.6 Accrued Interest 583.33 Account Fixed 1,111,747.79 82.9 2.3 Net Additions/Withdrawals -157,760.00 Income Account Equities 0.00 0.0 - Realized Gains -18,498.76 Account 0.00 0.0 - Unrealized Gains -146,099.88 Commodities Income Received 20,735.16 Change in Accrued Interest 875.00 Portfolio Value on 09-30-22 1,339,900.84 Accrued Interest 1,458.33 Total 1,341,359.17 100.0 2.2 1,341,359.17 TIME WEIGHTED RETURN Annualized Quarter Year Last 12 Inception To Date To Date Months To Date Account -2.33 -9.06 -9.42 3.76 Account Fixed Income -2.82 -10.45 -10.84 1.69 Barclays Capital Intermed -3.06 -9.62 -10.00 1.17 Govt/Credit All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as percentages. This report is calculated using industry -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. ,,*)I GARRISON ASSET MANAGEMENT October 10, 2022 City of Fayetteville Firemen's Pension & Relief Fund Charles Schwab #7851-1206 113 West Mountain Street Fayetteville, AR 72701-6069 STATEMENT OF MANAGEMENT FEES For The Period July 1 through September 30, 2022 Portfolio Value as of 06-30-22 1,373,899 Portfolio Value as of 07-31-22 1,395,819 Portfolio Value as of 08-31-22 1,373,232 Portfolio Value as of 09-30-22 1,341,359 Average of 4 Months 1,371,077 1,371,077 @ 0.1500% per annum 514 Quarterly Management Fee 514 TOTAL DUE AND PAYABLE 514 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. Schwab One®Trusi Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE FIREMEN'S U/A DTD 08/26/1924 Need help reading this statement? Visit www.schwab.com/StatementHelp for more Information. U) M Z CD W WW o W� Z J J <W�ZCC ��,aW YWcDI—� �>- NZJ Zlaio=5. 0W�- �Q w O _ T �U�rW Account Number Statement Period 7851.1206 September 1-30, 2022 Your Independent Investment Manager and/or Advisor GARRISON ASSET MANAGEMENT 605 W DICKSON ST STE 201 FAYETTEVILLEAR 72701-5167 1 (479) 587-1045 The custodian of your brokerage account is: Charles Schwab & Co., Inc. Table of Contents Page Termsand Conditions ,,,,,,,,,,,,,,,,,,,,,•,..,.,.•,,,,.,..,,,,.,,•,,,,.,,,,,..,.,,.,,..........,............ ...... .•...2 Changein Account Value ................................................................ ..,......................2 AssetComposition ...,..,•,•„•,,,,,,,•,.,,.,•,••,,,,,,,,,,,,,,,,,,,,,,,,,,•......,,..,,,.........,•....................... 3 IncomeSummary...............................................••..,..,,.,.,,.,,.......................••..... ........4 Cash Transactions Summary...........................................•,....,,,,,,..,,.............................4 TransactionDetail................................•.,,.,,....,.,..,.,,.,,,,.,,.,.,,,,,..•,,.....,.....,.,,,.,,..,.....,8 Bank Sweep for Benefit Plans Activity...........................................................................9 Endnotes For Your Account .......................................................................................... 9 Page 1 of 10 DW3D-67D59-TTC E1303-151513' 1-2 91/Z l 619910 i•I�I'1•i ] l•:::. ;i. F- Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE FIREMEN'S U/A DTD 08/296/1824 Terms and Conditions GENE, RAL INFORMATION AND KEY TERMS: "171is AccuuliI statement is furnished solely. by Charles Selrvwb & Co., I.uc. ("Schwab") for y'ou.r Account at Schwab ("Account"). Unless ❑lhcrvvEse delimd hernia, capilolized terms hnve the sanic 1lrenrt.111g s ns 311 yntir Acrount Agn�emnnt. If you receive any imher ovnimunication 1r❑m any snnrce other than Schwab which purports to reppresent your h❑I dings at Schwnb (including Winnt:cs heId ut a DuposflmyIrslitution) you should vi�tify ills content with this slatenlent. AM (All tDID aIIc Investment .P1an) C11stDID er's: Schwnb rocaivcs terunneroiion in cone ction witli ce+lain tronsections efTuctud thrrntgh Si:Fiwnb, I#'yoa pnrticiprde i-rt n syslemnifc irtvzsiment pmgmm lhnxigh Schwirb, Ilse nddiiionai Information nw'mally drinilcd oil a tradc conttrniation wi11 b--, pruvidud upon requc�l. Average Daily Balance: Avorngo daily oonwsiw of nU ensh balances lhnt oarot interest and 01 ]onus fioni Schwnb that nre charged interest. Hank Sweep and Bank Sweep for Benulit Plans F�'uelart 5: Schwnb acts as your agent and Custodian in estnblishirsg read 1.unintainin'. )Carr Deposit Accouat(sl ns n fenhure of your bl'okerngy aceo+trnt s). Dc kMiI accoui19 .hotel Ili :mugh bank swoop features conaitlttlo direct oblf atinnS of one of inure FDIC insured banks ("AMtfaled Banks°) t.hnl n10 ailiat-d with Schwnb and arc not obligations oI' Schwab. Funds swept to ikitiIiated Banks ;ilia eligible for deposit insurance from the FDIC up to tho applienble limits fnrench bank for fiends ht:ld in the mine insurable cappaunty, The balanL:q in the Depnstt Accotrrris cars be ►rithdrawtl tin you I' ore. at' and the proceeds ruIarnrd Ice Your brokerage aCcauat or rumitted to You as provided ih your Account Agt.emunt. For i nflarniation oti FDIC: i r.Rum are it ad its Iiinit all well a outer ireport it nt di HClwwres abut ilia bnnk Sweep lbnturo(s) in your account, picnsu ruler to the Cash Faulting Di9clnstiro Slrricorient available ❑merle or ]Tom it Schwnb mpnsentaiive. Cash. Any Frre CrcdiI Balance awed by us to syoil Fly nbla upon demand which, aIthnugil are Dante d for or curixaoks i�f.Pecord. la not 0nted and in Coy be used in the cunduct Eyrthis Iimi's business. nd Reinvestment CuYl?tiers; Dividend minv'astnient trunsnciious vven effected by Schwnb acting ns a plincipol far its own ncclafnti, except far the reinv:;stmcni of Schwab dividend5, for which an iadependen I broker -do nlot ach,it nn the buying agent, Further iaftrrmntion on tfiilst` trazinictions will be furnished trps,in wrl Wit mctticst. Interest: Per the Schwa 0au Inwrast Bank Swoop, and Brink SwuLp for Benefit P]nns features, 1aten:Ht Is paid }or a pvriM that may diIler from the StntWnonI Puriod, 13aIanrgi; incltido intglx'st (arlid asinil icatort on your stulrrrteat by Sch3vab or ❑tie or mote of its Affi.liaLad $nnks, These bolnnces dti not I nclude interest that may have accrued duriit g the Siiiteiwnl Puritvi nflof inter-.st is paid. The itnI ivsI�ir ,it mayI hide interest doat accred in iha pour SlaWmonI Farhat. 1'n1- the Schwab C)ilo I111e1esl l'euturti, intertisl ncertres daily from the sccoad-lo-last business day of the prlor utonth nad is posted on the sco:u31d-lu-lList btlHiness day Or rile curi'eaI Moath. For the bnnk stvuep featuiv(s), iatcrust accrues d a I I Imm the 166 day Of thv or month and rs cr:di tod!puste i an t ie tits{ ixusiriess day after Ie 13th of the current moni r. 1f, on any giver day, The interest Thai Schwnb calculates for the F M-o C.tmdiI Tin Iancrs in III Schwab Ono Inleiest feature In your brokerage Due onnI is less than S.005 yoti will 1)ot ncunt a nny- interest on that day. For luulnnccs hold at lannks A111iittud with Schwnb in the Bank Swevii and Bank Sweepp for BCrieriI Plans fell tureso, intviest will accan.- cvm t1 thu amount Is loss than S.005, Margin Account Customtars. 17his is a combined staIunnent of your inargi n ancaunt +iitd special mum ornndLim acc❑unI mainlnined for you under Section?i0,5 of Regulation T isstied by tits Board of Gavarnors order Federal keyuive Syslem. Thre pernia=at record ofIIte separate itccoiLin I as required by Regulation -17 11; available for you r inspeziion, Securities ptirchnsed on margin aEv Schwob'S collateral filar lhu loan to You, 11 is Impt?rlant III nt ytxl fully undetSjand the risk9 involved is trading securities on rent liL Via Lie risks include: • You can lose mare himrs than you deposit in the margin occatlnt, ■ Schwab call font: the sale syf secmilies tar other assets in arty of your itccaunt(s) in innintaiit the fcgvired account equity wi out i:ontncting your, ■ Yon are .not cntrllod to choosewhicIt nssets me Iiquidata d'nor we sett Cut 10ed to an L'xteilsiOn of time on a margin call. • Schwab cn:n increase both its "house" mn.intenancu margi n raquii;;nionts and the nirrialrnnnce rnargiri n qui'l�lnerils far yiitir Account tit aIiyy- time w]thr:tlt adynnt:e wi'Itlen notice to syate. .Market ]glee: I he m❑rl tee :ril price ovaltintion available t❑ Schwab on the last business tiny of the report porllad, normally iht:• last untie price or bid as of markeI gloss:. 1. apiic;d see titities denote that nu market evaluation updato is currently availnb.le.1'rioc evaluations tin obtained from outside parties. Sc.hwtib shall have no responsibilityy i'or Ili accut'ny or timeliness of r:ny such valunUo'ns. Pricing of assets not held al Schwa is for i nfonnati nn a I ppurpplases only. Seale sct elilius, e,Tecially thinly traded equities in the OTC ainrkut or roo-lis' n arkets, may not report the most current price and nw bidicated it, 5"tldmc Priced. For Liruited Partnerships and Raul Estate Investment Trust (RE IT) securities, your miry Rw that the value tall aClod at1 your monthly account statement f❑rtllis securit is tmpriced. NASD tunes rLquire that ct!Anbi Limited Pnrtnershipps�direct pnrtfcrpali❑n programs) nad ReoI Estate Inyyeslme.at •I'mKI (RTS `l" securities, that hnve not been Nr'tct:d vvithiit lS months, taus: show as tin priced on customer Hlntcmenl ote that these securities are gencrn11y lllit uid, the value of the scciuitics will be different than its piuchirso price, and, if n�pspplicable that iicclrralc vnluoiion Infonni Lion finny not be avnilable. ?Ynrket alnc: The Market Valise is compilted by rnul11piying the Market Prico by the Qtinntity of Shares. This .is the dollar value r3J your present hnldiiigs is your speciRed .Schwab Account or a nlntntnry oftlia Markel Value sumined over multiple accmints, Non -Publicly Trailed ;Securities: All assets shown on this statement, lather ihitit v4rtnin direct taut rmynts'which may L+s lurld by a third �pnnr%, nw held is your A"ount. Values of certain Non -Publicly aerl 5 curitics may Yam be byy n third gaily as provided by Schwab's Acaouri Ag�reemort, Seltwab stroll hnve no rusFxiusibrility for ilia itcctirrcy. or Iim iiness of such valuations, The Securities lnveslor Prated Oil Gorpnmtian (SIPC:] dace not rover mnny limited ppattnorship intomaut . iir.hWAb Swcop lioneyy�funds: Includes the primary IIIoney to orkeL fluids into which Free redil Bniances ]tiny lipa itlUniatiCaity InvcSted P011FLltill t to your Ace ail in Ss hwab or tin affil4a to acts and I+:ce1VCn GAI15Ep1171�..ItH also" as lllc I11��4sInil=7kt Ad V16ar, Iran Hfel'AY,-,i'nt, Shntsholdox I ivice Agent and Distributor for the ,'Schwab Syvcp. r Moay FiIads, Tlie u am of such elh ornpcnsotion is disclosed in u }nnspechls, t7te yi21d iniorrrmtinn fur Schwan SweeMoney Funds is the ctuTont 7-day yield as of the statement period.-)'i ul& vary, If or any given dn}', Ili necttmri daily dividend for You selected swi- mane fund as calculated far y.aur account 1H less than ?� of 1 cent_50,00iyj your account w ll not enrn a dividend for that day, In add1Iion, Itlyati do nut accnre at least i daily dividend tit Sf1,i).1 during a pay liodtxi, yoti wiII aol 1'Cc- ive a money markcI dividcnit fur trial period. Solovali and the Schwab Sweep Money funds invuRim Lai Advisot may be volunta:6ly teducing appnn.rtion of a Schwnb Sweep -Money Fitnd's cxpenses. Without ihcsc rvdiiciiDins. yields would have be--n lower, Securities Products in ad 5crvices: Securities prtxiucls tend Services Account Number 7851-1206 Statement Period September 1-30, 2022 aiv tiffered by C'haries Schwaub & Co., Inc., Mamba SIPC, SS:Curi dcH PpA,jduotH gild SC1Yicos, inclntiing itnSwept I:atin dny funds laird act ciudiI balnnees hold in b.rokornggc accounts are not depnsils.or ❑thur ablrgatrons a ,, or gunmriieLd by, any hank, tiro not FDIC insu.t ill, and are subject to investment risk and may lnsr value. SIPC dLw s not covor balances held it ban k4 nffiIiat- d with Schwab in thu I3n:nk Sw�..pp and 13nnk.Swerp for Hearth Aansfell totus. Please sue your C'nsh. Pen Lit to Di soIORute Statomcnt for inm , itifietriiatiian on IasuInn ce coverage. Yield I Maturity: This 1s the itctuaI itvor+tgu annual return on a nose if held to toalu itsy Gain (ail' Loss): lJmmnhzrd Gnin or (Loss) and Realized Gain or (Loss) sections ("Gaiw1ogs Scel+on(s)") wntain a Qnin or n loss suninrntj' Of your ekccount, fhiH information has been tm3vitl`ed an this statement al the request of your Advisor+ if npplicnbly. I•his information is not a so icitntion or a mccirnmendalron to Lilly or sell. Subwrib does nol provide tax AdAce and encourages you to consult with your IAx professional. Please view the Cost t#xtiis Disclosure Statement for additional Iulurruntlon on how gain (or lass) Is calculated and bow Schwab repa HIS adlttilted coat bast% Informa I[an to the IRS. Accrued Income:.. coved Income is the sum ofthe total accrued interest and/or accrued dividends on positions held in your Accotini, but the interest andior dividends havo nmt bt,,n received onto yonr account, Schwab makes aonpttiseritatina that the. amounts shown (❑r any other amount) WilI be rweiYea, Accrued amounts are not uovered by SIPC aecounI prOWet1on Iuntil actua]I Y received and .held in the Account. IN CAE OF ERRORS OR DISCRP;PANCIES: Ifyou .find an error or discrepancy relating to your brokerage ac611([ . (niher than air electronic fund Ira nsIcy) you mast ratify us ratiopI Y, hurt no later III" 10 days after this statement is sent or matte Avatlalile to you. if this Slit lerneat shows that we Lave mailed or delivered weurlty cerifdcaIo(s) that vary have not recelYe(I notify' Sub we immediately. eas You tcall its xi 900-435-4000. (Outside into U.S, call +1415-667-9400.) It'vau'ro a client of an independent investment advisor, call DN al 800-515-2157. Any Orel communications should hu re -confirmed inn -riding to t'nrther protect your rights, inrJudin rdghts under the See u ies lavestor Protec�lon Art ("IPA}, yatt do not SO uollfy its, you n rue IhnI the slatemen t "llvily and Account balance are correel for all purposes with res act to those brokers a transactimils, IN'A3L OFCO:YFPI ANTS: If you hnve a cOlnplaint tEgni'dinrz ylanr Schwab sinLei tnenI ppltiitlIcts Or Hdivlc05, pleallo Write to the' Clem Advocacy Team tit Chnrtes 5ohwub 8: C.n., No., lkttun uon: Client Advocacy Team `I1 Main St., Son PritnciNro, CA 94105, L'SA, or gall Schwab f ri—vjmttiro Allinncc at 800-715-2157. Address CIL a np es: If you fail to notify Schwab in wining of* any. chnisga of address or phUaC ntunb:r, you may not receive impoll int notifications about yyour rlccntrnt, a�ld tnsding ❑r ot.her restrictions mtghl be placed na your :icCO11M. Additions! Information: We or, required by law to report to the Internal Revenue Service ndjiistcd cast basis i-10blInAti011 (if It plfcabte), certain prtyrnaals to you and ciedits to you:r-Accuun(tiering the calendar year. Retnin this statemmnt for iticume tax ppu:rposcs. A financial stnteinent for youxinspectinn is available nt Schwab's offices "a copy wi11 la: inailed to you upon vviitton ivLlncSt. .Lay third party Irndemw-ks in an an th properly' ofl3ietr'nsixctnuuvf'nuis. Seh►vrib anti C'harics Sclr vas hank nry affiliates 01'01101 altar and subsidiaries of the Charles Schwab Carporntion, ,C, 2016 Charles Schwnb & Co., Inc. ("Schwnb,"). All rights reserved. Member' SIPC. (0221-117W) 00111444W Page 2 of 10 Change in Account Value Starting Value Credits Debits Transfer of Securities (In/Out) Income Reinvested Change in Value of Investments Ending Value on 09/30/2022 .._...._.. .. Accrued Incomes s Ending Value with Accrued Income Total Change in Account Value t T Total Change with Accrued Income s Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE FIREMEN'S Account Number Statement Period U/A DTD 08/26/1924 7851.1206 September 1.30, 2022 Account Value as of 0913012022:$1,339,900.84 This Period Year to Date Account Value [in Thousands] $ 1,372,065.55 $ 1,643,257.92 2,391.39 20,735,16 2100 0.00 (159,493.39) 1750 0.00 0,00 1400 (166.15) (166.15) (34,389.95) (164,432.50) . 1050 1111 $ 1,339,900.64 $ 1,339,900.84 700 1,468.06 350 .... ... $ 1,341,368.90 0 12/21 3/22 6/22 9/22 $ (303,357.08) $ (30,696.65) Asset Composition Market Value % of Account Assets Overview Cash and Bank SwaepA'B $ 54,445.23 4% Money Market Funds [Non -Sweep] 175,166.15 13% Fixed Income 52,830.40 4% Bond Funds 1,057,459,06 79°Io Total Assets Long $ 1,339,900.84 Total Account Value .... $ 1,339,90..,_..._........._..........r....._.............. .................................... ..... ...._....._................. ` 0.84 100% ::.,..:..•,..,•,....._ �..._.•...�,...__..... ■ 790/. Bond Funds 0 4% Cash, Bank Sweep [A,B] ❑ 13% MMFs [Non -Sweep] I_ ] 4% Fixed Income Page 3 of 10 "III :��••; �; ::I.I.�.,,.,�. 91/E3 E1991D IR Schwab One® Tr Ast Account of L JORDAN & K PAXTON TTEE charIJ CITY OF FAYHTTEVILLE FIREMEN'S Account Number Statement Period SCHWAI U/A DTD 08/26/1924 7851-1206 September 1.30, 2022 This Period Year to Date Income Summary Federally Tax -Exempt Federally Taxable Federally Tax -Exempt Federally Taxable Bank Sweep Interest 0.00 26.43 0.00 92.82 Cash Dividends 0.00 2,364.96 0.00 18,867.83 Total Capital Gains Distributions 0.00 0.00 0,00 24.51 Corporate Bond and Other Interest 0,00 0.00 0.00 1,750.00 Total Income 0.00 2,391.39 0.00 20,735.16 Cash Transactions Summary This Period Year to Date Starting Cash* $ 52,219.99 $ 208.383.44 Deposits and other Cash Credits 0,00 0.00 Investments Sold 0,00 159,986,37 Dividends and Interest 2,391.39 19,001.57 Withdrawals and other Debits 0.00 (156,000,00) Investments Purchased (166.15) (175,166,15) Fees and Charges 0.00 (1,760.00) Total Cash Transaction Detail 2,225.24 (153,938.21) Ending Cash* $ 54,445.23 $ 54,445,23 *Cash (includes any cash debit balance) held in your accourt plus the value of any cash invested in a sweep money fund. Please see "Endnotes for Your Account" section for an explanation o : the endnote codes and symbols on this statement. Page 4 of 10 00111444W Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE FIREMEN'S U/A DTD 08/26/1924 Account Number Statement Period 7851-1206 September 1-30, 2022 Investment Detail - Cash and Bank Sweep %of Account Cash Starting Balance Ending Balance Assets Cash 2,254.12 2,198.81 <1% Total Cash 2,254.12 2,198.81 <1% % of Account Bank Sweep Starting Balance Ending Balance Assets CHARLES SCHWAB BANK 49,965.87 52,246.42 4% Total Bank Sweep AM 49.965.87 52,246.42 4% Total Cash and Bank Sweep 54,445.23 4% Investment Detail - Money Market Funds [Non -Sweep] % of Account Fund Name Quantity Market Price Market Value Assets SCHWAB GOVERNMENT MONEY: SNVXX 4 175,166,1500 1.0000 175,166.15 13% Total Money Market Funds [Non -Sweep] 175,166.1500 175,166.15 13% Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. 91/hl E19910 %�•1I4!!':IIS::•.i:i L Page 5 of 10 F- Schwab One® Ti ust Account of L JORDAN & K PAXTON TTEE CITY OF FAY=TTEVILLE FIREMEN'S U/A DTD 08/23/1924 Investment Detail - Fixed Income Corporate Bonds Par Market Price INTERNTNL BUSINESS 7%25 50,000.0000 105.66080 DUE 1013OY25 CUSIP: 459200AM3 MOODY'S: A3 S&P: A - Total Corporate Bonds 50,000.0000 Total Fixed Income 50,000.0000 Accrued Interest represents the interest that would be received if the fixed income investment was sold prior to the coupon payment. Yield to Maturity is the actual average annual return on a note if hek' to maturity. Investment Detail - Mutual Funds Bond Funds Quantity Market Price VANGUARD INTERM-TERM COR 3,046.1120 20.37000 P BD IDX ADMIRAL SYMBOL: VICSX VANGUARD INTERM-TERM INV 25,162.8280 8.11000 ESTMENT-GRDE ADM SYMBOL: VFIDX VANGUARD INTERM-TERM THE 12,366.0350 9.91000 ASURY ADM SYMBOL: VFIUX Account Number 7851-1206 Statement Period September 1-30, 2022 Market Value % of Account Assets 52,830.40 4% Accrued Interest: 1,468.06 52,830.40 4% Total Accrued Interest for Corporate Bonds: 1,468.06 52,830.40 4°o Market Value 62,049.30 204, 070.54 122,547.41 % of Account Assets 5% 15% 9% Please see "Endnotes for Your Account" section for an explanation cf the endnote codes and symbols on this statement. 00111444W Page 6 of 10 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE cha e) CITY OF FAYETTEVILLE FIREMEN'S SCHWWA U/A DTD 08/26/1924 Investment Detail - Mutual Funds (continued) Bond Funds (continued) Quantity VANGUARD SHORT-TERM INVE 58,672.7250 STMENT-GRADE ADM SYMBOL:VFSUX VANGUARD SHORT-TERM TREA 9,191.1760 SURY ADM SYMBOL: VFIRX Total Bond Funds 108,438.8760 Total Mutual Funds 106,438.8760 Account Number Statement Period 7851.1206 September 1-30, 2022 % of Account Market Price Market Value Assets 9,84000 577,339.61 43 ,-o 9.95000 91,452.20 7% 1,057,459.06 79% Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. 91/91 619910 ��L :9.1•: IS ;'; $.'I lI 1,057,469.06 79% Total Investment Detail 1,339,900.84 Total Account Value 1,339,900.84 Page 7 of 10 lk Schwab One® Trt ist Account of L JORDAN & IC PAXTON TTEE CITY OF FAYEiTTEVILLE FIREMEN'S Account Number Statement Period U/A DTD 08/2E,/1924 7851-1206 September 1-30, 2022 Transaction Detail - Purchases & Sales Money Market Fund [Non -Sweep] Activity Charges and Settle Date Trade Dat Transaction Description Quantity Unit Price Interest Total Amount 09/15/22 09/15/22 Reinvested Shares SCHWAB GOVEF',NMENT MONEY 166.1500 1.0000 0,00 (166.15) INV: SNVXX Total Money Market Fund [Non -Sweep] Activity (16615) Total Purchases & Sales (166.15) Transaction Detail - Dividends & Interest (including Money Market Fund dividends reinvested) Transaction Process Date Date Activity Description Credit/(Debit) 09/15/22 09/15/22 Div For Reinvest SCHWAE GOVERNMENT MONEY: SNVXX 166.15 09/15/22 09/16/22 Bank InterestA,B BANK IN- 081622-091522: SCHWAB BANK 26.43 09/30/22 09/30/22 Cash Dividend VANGUARD INTERM-TERM COR: VICSX 171.50 09/30/22 09/30/22 Cash Dividend VANGUARD INTERM-TERM INV: VFIDX 577.41 09/30/22 09/30/22 Cash Dividend VANGUARD INTERM-TERM TRE: VFIUX 208.28 09/30/22 09/30/22 Cash Dividend VANGUARD SHORT-TERM INVE: VFSUX 1,065.61 09/30/22 09/30/22 Cash Dividend VANGUARD SHORT-TERM TREA: VFIRX 176.01 Total Dividends & Interest 2,391.39 Total Transaction Detail 23225.24 Please see "Endnotes for Your Account" section for an explanation o the endnote codes and symbols on this statement. Page 8 of 10 00111444W Schwab One® Trust Account of L JORDAN & K PAXTON TTEE / CITY OF FAYETTEVILLE FIREMEN'S Account Number Statement Period SCHWA] U/A DTD 08/26/1924 7851-1206 September 1-30, 2022 Bank Sweep for Benefit Plans Activity Transaction Date Transaction Description Withdrawal Deposit Balance A,B Opening Balance AaB 49,965.87 09/01/22 Auto Transfer BANK CREDIT FROM BROKERAGE A 2,254.12 52,219.99 09/15/22 Interest PaidA,g BANK INTEREST - CHARLES SCHWAB BANK 26.43 52,246.42 09/15/22 Auto Transfer BANK TRANSFER TO BROKERAGE 26.43 52,219.99 09/19/22 Auto Transfer BANK CREDIT FROM BROKERAGE A 26.43 52,246.42 Total Activity 26.43 2,306.98 Ending Balance A,B Bank Sweep for Benefit Plans: Interest Rate as of 09130122 was 0.40%. e Endnotes For Your Account 52,246.42 Symbol Endnote Legend Dividends paid on this security will be automatically reinvested. d Accrued Income is the sum of the total accrued interest and/or accrued dividends on positions held in your brokerage account, but the income and/or dividends have not been received into your account and Schwab makes no representation that they will. Accrued amounts are not covered by SIPC account protection until actually received and held in the account. A Bank Sweep deposits are held at FDIC -insured bank(s) ("Banks") that are affiliated with Charles Schwab & Co., Inc. B For Bank Sweep and Bank Sweep for Benefit Plans features, interest is paid for a period that differs from the Statement Period, Balances include interest paid as indicated on your statement by Schwab or one or more of its affiliated banks. These balances do not include interest that may have accrued during the Statement Period after interest is paid, The interest paid may include interest that accrued in the prior Statement Period. Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 9 of 10 91)9161991D i�r,IiI1S i?i Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAY =TTEVILLE FIREMEN'S U/A DTD 08/2 i/1924 Account Number Statement Period 7851-1206 September 1-30, 2022 Schwab Institutional is a division of Charles Schwab & Co„ Irc„ and provides back office brokerage and related services to independent investment advisors and retirement plan providers, Schwab is a registered broker -dealer and is not aff Hated with your Investment Advisor whose name appears on this statement ("Advisors") except in the case of Charles Schwab Investment Advisory, Inc, ("CSIA"), Schwab Private Client Investment Advisory, Inc. ("SPCIA"), or an affiliated company that may act as the investment advisor on a fund. Schwab neither endorses nor recommends any particular Advisor or its investment strategy and has no responsibility to monitor trading by any Advisor in your Account. Schwab has not verified any statement accompany! ig any Advisor's logo appearing on this statement. Not all of these products and services may benefit your Account, and Schwab may provide them to Advisors on the Advisor's commitment to place a certain amount of its clients' assets in brokerage accounts at Schwab within a certain period of time. This commitment could influence an Advisor's recom nendation or requirement that its clients establish brokerage accounts at Schwab. For questions about this statement, or if there is a change in your financial situation, investment objectives, or risk profile, please contact your Independent Investment Manager and/or Advisor. Please see "Endnotes for Your Account" section for an explanation cf the endnote codes and symbols on this statement. 00111444W Page 10 of 10 Lioneld Jordan Chairman Kara Paxton Secretary Roy Cate Position 1 Retired Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 28, 2021 Firemen's Pension & Relief Fund Board of Trustees Minutes April 28, 2022 Pagel of 3 Pete Reagan Position 2 Retired Lonnie Napier Position 3 Retired Ron Wood Position 4 Retired Gene Warford Position 5 Retired A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 p.m. on April 28, 2022, in Room 326 of the City Administration Building. Board Member Pete Reagan called the meeting to order. Board Members Present: Roy Cate, Lonnie Napier, Pete Reagan, Gene Warford, Ronnie Wood, City Clerk Treasurer Kara Paxton, City Attorney Kit Williams and Chief Financial Officer Paul Becker. Absent: Mayor Lioneld Jordan Staff and Others Present: James Bell with Garrison Financial. Garrison Financial: Quarterly Reports ending 12/31/2021 and 03/31/2022 James Bell, Garrison Financial spoke and expressed his gratitude for being able to attend an in - person meeting. He went on to explain the financial information covering the last 6 months. James explained that the current balance of the portfolio is around $6.5 million. He then provided a history of what changes have happened since 2020. He explained that bond prices are down and said Garrison Financial had expected higher interest rates and had anticipated this change. He went on and provided additional charts and explained each page. Paul Becker, Chief Financial Officer: Do you know what the T-bell rate was today? James Bell: It was 2.853. The other thing that we have, and Kara will address it later. When we had our phone meeting and changed our investment policy, two years ago now, we all agreed that it would get signed once we were all in the same room. She has that for you to sign today and I will stick around to collect it. Pete Reagan, Board Member: Thank you for what you do for us. Approval of the Minutes: Firemen's Pension & Relief Fund Board of Trustees Minutes April 28, 2022 Page 2 of 3 Approval of the October 28, 2021 Meeting Minutes Board Member Gene Warford moved to approve the October 28, 2021 meeting minutes. Board Member Lonnie Napier seconded the motion. Upon roll call the motion passed 6-0. Mayor Lioneld Jordan was absent. Pension List Changes: Howard Boudrey DOD 03/15/2022 Pete Reagan, Board Member: His widow, Irma, is now receiving his benefit. We need to re - approve the April 2022 Pension List. Approval of the Pension List: Re -approval of the April 2022 Pension List adding Irma Boudrey Board Member Gene Warford moved to re -approve the April 2022 Pension Lists. Board Member Lonnie Napier seconded the motion. Upon roll call the motion passed 6-0. Mayor Lioneld Jordan was absent. Approval of the May — October 2022 Pension Lists. Board Member Gene Warford moved to approve the May — October 2022 Pension Lists. Board Member Roy Cate seconded the motion. Upon roll call the motion passed 6-0. Mayor Lioneld Jordan was absent. Unfinished Business: None New Business• Revenue and Expense Report 12/34/2021 & 03/31/2022 Informational: 2022 Election — Board Members Firemen's Pension & Relief Fund Board of Trustees Minutes April 28, 2022 Page 3 of 3 Kara Paxton, City Clerk Treasurer: We have the ballots ready and they will be mailed on April 29th and will be due back in our office on the 13th of May. The ballot needs to be postmarked or received in our office by the 13th for the vote to count. Pete Regan, Board Member: So, to make the election legal, there must be one ballot in for each person running? Kara Paxton: That is correct. As of right now no one notified our office that they want to run so it is the same individuals running that are already in those positions. 2022 Meeting Calendar Kara Paxton, City Clerk Treasurer: The next meeting will be October 27, 2022. Paul Becker, Chief Financial Officer: While I am here, I wanted to do since Lioneld is not here. Remember if there is interest in going to the Council to ask for consolidation, the period to do that is roughly now and I believe October. Pete Reagan, Board Member: I don't believe there is any interest in that. Paul Becker: Just so you know, you would have to get an evaluation. I wanted to make sure that you all are aware of that. Adjournment: 3:11 PM FIREMEN'S RELIEF AND PENSION Nov 11 2022 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 28,804.05 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 32,876.36 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 27,251.62 88830 45 9/86 BOUDREY, HOWARD deceased 3/15/22 0.00 6,267.84 88830 43 9/87 BOUDREY, IRMA 2,089.28 16,714.24 88830 49 7/88 BOUDREY, JACK 1,647.63 18,123.93 88830 57 5/90 CATE, ROY 1,788.90 19,677.90 88830 188 12/05 DOSS, MARION H 5,376.91 59,146.01 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 8,047.71 192 4/06 FARRAR, DANNY 4,155.36 45,708.96 88830 170 5/03 FREEDLE, LARRY 3,816.75 41,984.25 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 1,555.07 92 03/02 GAGE,TOMMY 2,596.69 28,563.59 88830 182 10/04 JENKINS, EILEEN 1,788.75 19,676.25 93 06/02 JENKINS, JOHN 1,788.76 19,676.36 88830 86 07/01 JOHNSON,ROBERT 3,073.47 33,808.17 88830 219 4/95 JORDAN, SANDRA K 2,274.95 25,024.45 88830 76 5/88 JUDY, JAN 1,647.63 18,123.93 88830 37 3/84 KING, ARNOLD D. 1,522.37 16,746.07 88830 54 5/89 KING, ARVIL 1,711.21 18,823.31 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 41,533.80 88830 51 10/88 LEWIS, CHARLES 1,647.63 18,123.93 88830 202 02/08 MAHAN, MARSHALL 4,077.28 44,850.08 88830 MASON, DONNA 1,631.25 17,943.75 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 1,201.97 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 14,344.77 88830 73 2/00 MILLER,KENNETH 3,180.02 34,980.22 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 1,876.60 217 2/86 MOORE, BETTY L 109.27 1,201.97 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 24,104.30 88830 184 3/05 NAPIER, LONNIE 3,518.28 38,701.08 88830 196 01/02 ONEAL, TEDDY 4,120.99 45,330.89 88830 5/88 OSBURN, VERNA 1,899.66 20,896.26 88830 81 02/01 PHILLIPS,LARRY 2,765.09 30,415.99 88830 203 02/08 PIERCE, JOEY 3,647.18 40,118.98 88830 53 2/89 POAGE, LARRY 2,346.70 25,813.70 88830 186 06/05 REAGAN, PETE 3,535.71 38,892.81 88830 41 9/85 SCHADER, TROY 1,524.99 16,774.89 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 40,118.98 88830 SPRINGSTON, BARBARA 806.19 8,868.09 88830 165 12/02 TATE, RALPH 3,668.10 40,349.10 88830 71 1/00 WARFORD,THOMAS 2,502.72 27,529.92 88830 88 01/02 WOOD,RONNIE D 3,077.15 33,848.65 88830 208 9/88 WRIGHT, Barbara 1,691.34 18,604.74 88830 101,184.14 1,113,025.54 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2022\11 - November 2022 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 1113025.54 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2022\11 - November 2022 Fire WM FIREMEN'S RELIEF AND PENSION Dec 12 2022 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 31,422.60 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 35,865.12 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 29,729.04 88830 45 9/86 BOUDREY, HOWARD deceased 3/15/22 0.00 6,267.84 88830 43 9/87 BOUDREY, IRMA 2,089.28 18,803.52 88830 49 7/88 BOUDREY, JACK 1,647.63 19,771.56 88830 57 5/90 CATE, ROY 1,788.90 21,466.80 88830 188 12/05 DOSS, MARION H 5,376.91 64,522.92 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 8,779.32 192 4/06 FARRAR, DANNY 4,155.36 49,864.32 88830 170 5/03 FREEDLE, LARRY 3,816.75 45,801.00 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 1,696.44 92 03/02 GAGE,TOMMY 2,596.69 31,160.28 88830 182 10/04 JENKINS, EILEEN 1,788.75 21,465.00 93 06/02 JENKINS, JOHN 1,788.76 21,465.12 88830 86 07/01 JOHNSON,ROBERT 3,073.47 36,881.64 88830 219 4/95 JORDAN, SANDRA K 2,274.95 27,299.40 88830 76 5/88 JUDY, JAN 1,647.63 19,771.56 88830 37 3/84 KING, ARNOLD D. 1,522.37 18,268.44 88830 54 5/89 KING, ARVIL 1,711.21 20,534.52 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 45,309.60 88830 51 10/88 LEWIS, CHARLES 1,647.63 19,771.56 88830 202 02/08 MAHAN, MARSHALL 4,077.28 48,927.36 88830 MASON, DONNA 1,631.25 19,575.00 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 1,311.24 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 15,648.84 88830 73 2/00 MILLER,KENNETH 3,180.02 38,160.24 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 2,047.20 217 2/86 MOORE, BETTY L 109.27 1,311.24 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 26,295.60 88830 184 3/05 NAPIER, LONNIE 3,518.28 42,219.36 88830 196 01/02 ONEAL, TEDDY 4,120.99 49,451.88 88830 5/88 OSBURN, VERNA 1,899.66 22,795.92 88830 81 02/01 PHILLIPS,LARRY 2,765.09 33,181.08 88830 203 02/08 PIERCE, JOEY 3,647.18 43,766.16 88830 53 2/89 POAGE, LARRY 2,346.70 28,160.40 88830 186 06/05 REAGAN, PETE 3,535.71 42,428.52 88830 41 9/85 SCHADER, TROY 1,524.99 18,299.88 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 43,766.16 88830 SPRINGSTON, BARBARA 806.19 9,674.28 88830 165 12/02 TATE, RALPH 3,668.10 44,017.20 88830 71 1/00 WARFORD,THOMAS 2,502.72 30,032.64 88830 88 01/02 WOOD,RONNIE D 3,077.15 36,925.80 88830 208 9/88 WRIGHT, Barbara 1,691.34 20,296.08 88830 101,184.14 1,214,209.68 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2022\12 - December 2022 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 1214209.68 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2022\12 - December 2022 Fire WM FIREMEN'S RELIEF AND PENSION Jan 1 2023 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 2,618.55 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 2,988.76 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 2,477.42 88830 43 9/87 BOUDREY, IRMA 2,089.28 2,089.28 88830 49 7/88 BOUDREY, JACK 1,647.63 1,647.63 88830 57 5/90 CATE, ROY 1,788.90 1,788.90 88830 188 12/05 DOSS, MARION H 5,376.91 5,376.91 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 731.61 192 4/06 FARRAR, DANNY 4,155.36 4,155.36 88830 170 5/03 FREEDLE, LARRY 3,816.75 3,816.75 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 141.37 92 03/02 GAGE,TOMMY 2,596.69 2,596.69 88830 182 10/04 JENKINS, EILEEN 1,788.75 1,788.75 93 06/02 JENKINS, JOHN 1,788.76 1,788.76 88830 86 07/01 JOHNSON,ROBERT 3,073.47 3,073.47 88830 219 4/95 JORDAN, SANDRA K 2,274.95 2,274.95 88830 76 5/88 JUDY, JAN 1,647.63 1,647.63 88830 37 3/84 KING, ARNOLD D. 1,522.37 1,522.37 88830 54 5/89 KING, ARVIL 1,711.21 1,711.21 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 3,775.80 88830 51 10/88 LEWIS, CHARLES 1,647.63 1,647.63 88830 202 02/08 MAHAN, MARSHALL 4,077.28 4,077.28 88830 MASON, DONNA 1,631.25 1,631.25 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 109.27 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 1,304.07 88830 73 2/00 MILLER,KENNETH 3,180.02 3,180.02 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 170.60 217 2/86 MOORE, BETTY L 109.27 109.27 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 2,191.30 88830 184 3/05 NAPIER, LONNIE 3,518.28 3,518.28 88830 196 01/02 ONEAL, TEDDY 4,120.99 4,120.99 88830 5/88 OSBURN, VERNA 1,899.66 1,899.66 88830 81 02/01 PHILLIPS,LARRY 2,765.09 2,765.09 88830 203 02/08 PIERCE, JOEY 3,647.18 3,647.18 88830 53 2/89 POAGE, LARRY 2,346.70 2,346.70 88830 186 06/05 REAGAN, PETE 3,535.71 3,535.71 88830 41 9/85 SCHADER, TROY 1,524.99 1,524.99 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 3,647.18 88830 SPRINGSTON, BARBARA 806.19 806.19 88830 165 12/02 TATE, RALPH 3,668.10 3,668.10 88830 71 1/00 WARFORD,THOMAS 2,502.72 2,502.72 88830 88 01/02 WOOD,RONNIE D 3,077.15 3,077.15 88830 208 9/88 WRIGHT, Barbara 1,691.34 1,691.34 88830 101,184.14 101,184.14 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\01 - January 2023 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 101184.14 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\01 - January 2023 Fire WM FIREMEN'S RELIEF AND PENSION Feb 2 2023 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 5,237.10 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 5,977.52 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 4,954.84 88830 43 9/87 BOUDREY, IRMA 2,089.28 4,178.56 88830 49 7/88 BOUDREY, JACK 1,647.63 3,295.26 88830 57 5/90 CATE, ROY 1,788.90 3,577.80 88830 188 12/05 DOSS, MARION H 5,376.91 10,753.82 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 1,463.22 192 4/06 FARRAR, DANNY 4,155.36 8,310.72 88830 170 5/03 FREEDLE, LARRY 3,816.75 7,633.50 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 282.74 92 03/02 GAGE,TOMMY 2,596.69 5,193.38 88830 182 10/04 JENKINS, EILEEN 1,788.75 3,577.50 93 06/02 JENKINS, JOHN 1,788.76 3,577.52 88830 86 07/01 JOHNSON,ROBERT 3,073.47 6,146.94 88830 219 4/95 JORDAN, SANDRA K 2,274.95 4,549.90 88830 76 5/88 JUDY, JAN 1,647.63 3,295.26 88830 37 3/84 KING, ARNOLD D. 1,522.37 3,044.74 88830 54 5/89 KING, ARVIL 1,711.21 3,422.42 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 7,551.60 88830 51 10/88 LEWIS, CHARLES 1,647.63 3,295.26 88830 202 02/08 MAHAN, MARSHALL 4,077.28 8,154.56 88830 MASON, DONNA 1,631.25 3,262.50 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 218.54 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 2,608.14 88830 73 2/00 MILLER,KENNETH 3,180.02 6,360.04 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 341.20 217 2/86 MOORE, BETTY L 109.27 218.54 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 4,382.60 88830 184 3/05 NAPIER, LONNIE 3,518.28 7,036.56 88830 196 01/02 ONEAL, TEDDY 4,120.99 8,241.98 88830 5/88 OSBURN, VERNA 1,899.66 3,799.32 88830 81 02/01 PHILLIPS,LARRY 2,765.09 5,530.18 88830 203 02/08 PIERCE, JOEY 3,647.18 7,294.36 88830 53 2/89 POAGE, LARRY 2,346.70 4,693.40 88830 186 06/05 REAGAN, PETE 3,535.71 7,071.42 88830 41 9/85 SCHADER, TROY 1,524.99 3,049.98 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 7,294.36 88830 SPRINGSTON, BARBARA 806.19 1,612.38 88830 165 12/02 TATE, RALPH 3,668.10 7,336.20 88830 71 1/00 WARFORD,THOMAS 2,502.72 5,005.44 88830 88 01/02 WOOD,RONNIE D 3,077.15 6,154.30 88830 208 9/88 WRIGHT, Barbara 1,691.34 3,382.68 88830 101,184.14 202,368.28 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\02 - February 2023 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 202368.28 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\02 - February 2023 Fire WM FIREMEN'S RELIEF AND PENSION Mar 3 2023 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 7,855.65 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 8,966.28 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 7,432.26 88830 43 9/87 BOUDREY, IRMA 2,089.28 6,267.84 88830 49 7/88 BOUDREY, JACK 1,647.63 4,942.89 88830 57 5/90 CATE, ROY 1,788.90 5,366.70 88830 188 12/05 DOSS, MARION H 5,376.91 16,130.73 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 2,194.83 192 4/06 FARRAR, DANNY 4,155.36 12,466.08 88830 170 5/03 FREEDLE, LARRY 3,816.75 11,450.25 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 424.11 92 03/02 GAGE,TOMMY 2,596.69 7,790.07 88830 182 10/04 JENKINS, EILEEN 1,788.75 5,366.25 93 06/02 JENKINS, JOHN 1,788.76 5,366.28 88830 86 07/01 JOHNSON,ROBERT 3,073.47 9,220.41 88830 219 4/95 JORDAN, SANDRA K 2,274.95 6,824.85 88830 76 5/88 JUDY, JAN 1,647.63 4,942.89 88830 37 3/84 KING, ARNOLD D. 1,522.37 4,567.11 88830 54 5/89 KING, ARVIL 1,711.21 5,133.63 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 11,327.40 88830 51 10/88 LEWIS, CHARLES 1,647.63 4,942.89 88830 202 02/08 MAHAN, MARSHALL 4,077.28 12,231.84 88830 MASON, DONNA 1,631.25 4,893.75 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 327.81 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 3,912.21 88830 73 2/00 MILLER,KENNETH 3,180.02 9,540.06 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 511.80 217 2/86 MOORE, BETTY L 109.27 327.81 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 6,573.90 88830 184 3/05 NAPIER, LONNIE 3,518.28 10,554.84 88830 196 01/02 ONEAL, TEDDY 4,120.99 12,362.97 88830 5/88 OSBURN, VERNA 1,899.66 5,698.98 88830 81 02/01 PHILLIPS,LARRY 2,765.09 8,295.27 88830 203 02/08 PIERCE, JOEY 3,647.18 10,941.54 88830 53 2/89 POAGE, LARRY 2,346.70 7,040.10 88830 186 06/05 REAGAN, PETE 3,535.71 10,607.13 88830 41 9/85 SCHADER, TROY 1,524.99 4,574.97 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 10,941.54 88830 SPRINGSTON, BARBARA 806.19 2,418.57 88830 165 12/02 TATE, RALPH 3,668.10 11,004.30 88830 71 1/00 WARFORD,THOMAS 2,502.72 7,508.16 88830 88 01/02 WOOD,RONNIE D 3,077.15 9,231.45 88830 208 9/88 WRIGHT, Barbara 1,691.34 5,074.02 88830 101,184.14 303,552.42 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\03 - March 2023 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 303552.42 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\03 - March 2023 Fire WM FIREMEN'S RELIEF AND PENSION Apr 4 2023 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 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 177 4/04 BACHMAN, EDDIE 2,618.55 10,474.20 88830 68 7/99 BONADUCE, MICHAEL 2,988.76 11,955.04 88830 44 9/86 BOUDREY, BETTY MRS. 2,477.42 9,909.68 88830 43 9/87 BOUDREY, IRMA 2,089.28 8,357.12 88830 49 7/88 BOUDREY, JACK 1,647.63 6,590.52 88830 57 5/90 CATE, ROY 1,788.90 7,155.60 88830 188 12/05 DOSS, MARION H 5,376.91 21,507.64 88830 188 12/05 DOSS, MARION H plus 25 additional pay 731.61 2,926.44 192 4/06 FARRAR, DANNY 4,155.36 16,621.44 88830 170 5/03 FREEDLE, LARRY 3,816.75 15,267.00 88830 170 5/03 FREEDLE, LARRY plus 25 additional pay 141.37 565.48 92 03/02 GAGE,TOMMY 2,596.69 10,386.76 88830 182 10/04 JENKINS, EILEEN 1,788.75 7,155.00 93 06/02 JENKINS, JOHN 1,788.76 7,155.04 88830 86 07/01 JOHNSON,ROBERT 3,073.47 12,293.88 88830 219 4/95 JORDAN, SANDRA K 2,274.95 9,099.80 88830 76 5/88 JUDY, JAN 1,647.63 6,590.52 88830 37 3/84 KING, ARNOLD D. 1,522.37 6,089.48 88830 54 5/89 KING, ARVIL 1,711.21 6,844.84 88830 173 12/03 LEDBETTER, DENNIS 3,775.80 15,103.20 88830 51 10/88 LEWIS, CHARLES 1,647.63 6,590.52 88830 202 02/08 MAHAN, MARSHALL 4,077.28 16,309.12 88830 MASON, DONNA 1,631.25 6,525.00 88830 35 2/82 MC CHRISTIAN, DWAYNE 109.27 437.08 88840 209 8/81 MILLER, ALICE GAYLE 1,304.07 5,216.28 88830 73 2/00 MILLER,KENNETH 3,180.02 12,720.08 88830 73 2/00 MILLER,KENNETH plus 25 additional pay 170.60 682.40 217 2/86 MOORE, BETTY L 109.27 437.08 88840 48 7/88 MULLENS, DENNIS W. 2,191.30 8,765.20 88830 184 3/05 NAPIER, LONNIE 3,518.28 14,073.12 88830 196 01/02 ONEAL, TEDDY 4,120.99 16,483.96 88830 5/88 OSBURN, VERNA 1,899.66 7,598.64 88830 81 02/01 PHILLIPS,LARRY 2,765.09 11,060.36 88830 203 02/08 PIERCE, JOEY 3,647.18 14,588.72 88830 53 2/89 POAGE, LARRY 2,346.70 9,386.80 88830 186 06/05 REAGAN, PETE 3,535.71 14,142.84 88830 41 9/85 SCHADER, TROY 1,524.99 6,099.96 88830 190 04/06 SHACKELFORD, GLEN 3,647.18 14,588.72 88830 SPRINGSTON, BARBARA 806.19 3,224.76 88830 165 12/02 TATE, RALPH 3,668.10 14,672.40 88830 71 1/00 WARFORD,THOMAS 2,502.72 10,010.88 88830 88 01/02 WOOD,RONNIE D 3,077.15 12,308.60 88830 208 9/88 WRIGHT, Barbara 1,691.34 6,765.36 88830 101,184.14 404,736.56 0.00 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\04 - April 2023 Fire WM DATE OF Regular Mo Year To Date Act 1373 Hours EMP# RETIREMENT NAME Benefit Reg Benefit Future Codes Supplement for Fut Supp 0.00 Double check -- should be zero WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST 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 THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES SECRETARY ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF NOTARY PUBLIC MY COMMISSION EXPIRES: 0.00 CHAIRMAN AND PRESIDENT YTD 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 404736.56 #REF! "(should be off Supplemental amount for DROP par 10/17/2022 K:\Fire Pension\Pension List\Pension List 2023\04 - April 2023 Fire WM Fire Pension Fund Revenue and Expense Summary 6/30/2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Revenues: Employee Contributions $ $ $ $ $ $ $ $ Employer Contributions $ $ $ $ $ $ - $ - $ State Insurance Tax $ $ 317,033.11 $ 282,432.97 274,560.98 229,664.81 $ 240,791.01 $ 221,627.01 $ 221,178.00 $ 231,280.75 $ 220,080.96 Local Millage (A mills) $ 351,884.81 $ 685,875.24 $ 640,639.48 624,223.49 587,536.68 $ 581,045.07 $ 551,507.74 $ 539,827.31 $ 527,589.73 $ 494,749.58 Interest and Dividends $ 12,095.79 $ 39,452.33 $ 56,404.66 69,100.21 81,065.76 $ 77,227.20 $ 94,574.56 $ 107,886.76 $ 132,617.08 $ 138,740.86 Gain (Loss) on Sales $ (15,063.63) $ (568.53) $ 152,203.52 69,678.92 115,744.70 $ 87,484.39 $ 538,693.95 $ 209,397.20 $ 144,875.98 $ 93,762.08 Future Supplement $ - $ 74,104.43 $ 68,828.73 66,300.00 54,390.00 $ 64,680.00 $ 73,224.00 $ 63,560.00 $ 56,563.00 $ 44,215.00 Misc Revenue $ 1.26 $ - $ 306.82 356.00 3,002.68 $ 8.16 $ 83.12 $ 8.00 $ 365.41 $ 10.70 Total Revenue $ 348,918.23 $ 1,115,896.58 $ 1,200,816.18 $ 1,104,219.60 $ 1,071,404.63 $ 1,051,235.83 $ 1,479,710.38 $ 1,141,857.27 $ 1,093,291.95 $ 991,559.18 Expenditures Regular Monthly Benefits $ 607,104.84 $ 1,245,963.68 $ 1,257,842.64 1,268,580.70 1,288,442.29 $ 1,289,776.80 $ 1,320,279.04 $ 1,355,680.14 $ 1,358,340.86 $ 1,388,308.71 Future Supplement $ - $ 72,220.48 $ 68,826.00 65,400.00 54,390.00 $ 64,680.00 $ 71,280.00 $ 63,280.00 $ 56,316.00 $ 44,215.00 Drop Expense $ - $ - $ - - - $ - $ - $ - $ - $ - Investment Manager Fees $ 1,219.00 $ 2,732.00 $ 7,676.00 12,878.00 14,860.00 $ 15,928.00 $ 17,201.00 $ 19,989.00 $ 21,988.00 $ 22,846.00 Other Expenses: $ - $ - $ - - - $ - $ - $ - $ - Audit Fees $ $ 3,500.00 $ 3,500.00 3,500.00 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,400.00 Professional Services $ $ - $ - - - $ - $ - $ 1,240.00 $ - $ - Legal Fees $ $ - $ - - - $ - $ - $ - $ - $ - Bank Fees $ 221.04 $ 354.91 $ 270.65 136.74 100.82 $ 84.07 $ 60.70 $ 54.58 $ 49.88 $ 53.55 Publications and Dues $ 275.00 $ - $ 260.00 260.00 250.00 $ 500.00 $ 250.00 $ - $ 250.00 $ 250.00 Travel and Training $ - $ - - - $ - $ - $ - $ - $ - Total Expenses $ 608,819.88 $ 1,324,771.07 $ 1,338,375.29 $ 1,350,755.44 $ 1,361,543.11 $ 1,374,468.87 $ 1,412,570.74 $ 1,443,743.72 $ 1,440,444.74 $ 1,459,073.26 Net Income (Loss) Before Market Adj $ (259,901.65) $ (208,874.49) $ (137,559.11) $ (246,535.84) $ (290,138.48) $ (323,233.04) $ 67,139.64 $ (301,886.45) $ (347,152.79) $ (467,514.08) Market Adjustment $ - $ (54,071.25) $ (431,623.25) 301,976.14 (339,512.60) $ 200,386.66 $ (339,573.29) $ (406,301.39) $ 101,904.76 $ 376,760.23 Net Income (Loss) $ (259,901.65) $ (262,945.74) $ (569,182.36) $ 55,440.30 $ (629,651.08) $ (122,846.38) $ (272,433.65) $ (708,187.84) $ (245,248.03) $ (90,753.85) Book Value Total Reserve Assets * 1,686,687.07 1,917,261.40 2,123,664.93 2,258,784.31 2,488,088.30 $ 29778,226.78 $ 39043,527.57 $ 3,021,845.48 $ 3,322,086.79 $ 3,668,717.01 Market Value Total Reserve Assets * $ 1,373,315.45 $ 1,643,257.92 1,984,177.37 2,608,561.62 2,585,684.35 $ 3,271,521.14 $ 3,2739057.94 $ 3,576,563.72 $ 4,2809570.15 $ 4,534,331.93 *Assets less any liabilities ** Market Value calculated at year end 10/14/2022 C:\Users\kapaxton\Desktop\l02722 FP Agenda\Fire Pension Summary 06.30.22 Fire Pension Fund Revenue and Expense Summary 9/30/2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Revenues: Employee Contributions $ $ $ $ $ $ $ $ Employer Contributions $ $ $ $ $ $ - $ - $ State Insurance Tax $ 325,746.25 $ 317,033.11 $ 282,432.97 274,560.98 229,664.81 $ 240,791.01 $ 221,627.01 $ 221,178.00 $ 231,280.75 $ 220,080.96 Local Millage (A mills) $ 388,441.32 $ 685,875.24 $ 640,639.48 624,223.49 587,536.68 $ 581,045.07 $ 551,507.74 $ 539,827.31 $ 527,589.73 $ 494,749.58 Interest and Dividends $ 19,876.57 $ 39,452.33 $ 56,404.66 69,100.21 81,065.76 $ 77,227.20 $ 94,574.56 $ 107,886.76 $ 132,617.08 $ 138,740.86 Gain (Loss) on Sales $ (15,063.63) $ (568.53) $ 152,203.52 69,678.92 115,744.70 $ 87,484.39 $ 538,693.95 $ 209,397.20 $ 144,875.98 $ 93,762.08 Future Supplement $ 75,568.92 $ 74,104.43 $ 68,828.73 66,300.00 54,390.00 $ 64,680.00 $ 73,224.00 $ 63,560.00 $ 56,563.00 $ 44,215.00 Misc Revenue $ 1.26 $ - $ 306.82 356.00 3,002.68 $ 8.16 $ 83.12 $ 8.00 $ 365.41 $ 10.70 Total Revenue $ 794,570.69 $ 1,115,896.58 $ 1,200,816.18 $ 1,104,219.60 $ 1,071,404.63 $ 1,051,235.83 $ 1,479,710.38 $ 1,141,857.27 $ 1,093,291.95 $ 991,559.18 Expenditures Regular Monthly Benefits $ 910,657.26 $ 1,245,963.68 $ 1,257,842.64 1,268,580.70 1,288,442.29 $ 1,289,776.80 $ 1,320,279.04 $ 1,355,680.14 $ 1,358,340.86 $ 1,388,308.71 Future Supplement $ 75,568.92 $ 72,220.48 $ 68,826.00 65,400.00 54,390.00 $ 64,680.00 $ 71,280.00 $ 63,280.00 $ 56,316.00 $ 44,215.00 Drop Expense $ - $ - $ - - - $ - $ - $ - $ - $ - Investment Manager Fees $ 1,760.00 $ 2,732.00 $ 7,676.00 12,878.00 14,860.00 $ 15,928.00 $ 17,201.00 $ 19,989.00 $ 21,988.00 $ 22,846.00 Other Expenses: $ - $ - $ - - - $ - $ - $ - $ - Audit Fees $ 3,500.00 $ 3,500.00 $ 3,500.00 3,500.00 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,400.00 Professional Services $ - $ - $ - - - $ - $ - $ 1,240.00 $ - $ - Legal Fees $ - $ - $ - - - $ - $ - $ - $ - $ - Bank Fees $ 236.24 $ 354.91 $ 270.65 136.74 100.82 $ 84.07 $ 60.70 $ 54.58 $ 49.88 $ 53.55 Publications and Dues $ 275.00 $ - $ 260.00 260.00 250.00 $ 500.00 $ 250.00 $ - $ 250.00 $ 250.00 Travel and Training $ - $ - - - $ - $ - $ - $ - $ - Total Expenses $ 991,997.42 $ 1,324,771.07 $ 1,338,375.29 $ 1,350,755.44 $ 1,361,543.11 $ 1,374,468.87 $ 1,412,570.74 $ 1,443,743.72 $ 1,440,444.74 $ 1,459,073.26 Net Income (Loss) Before Market Adj $ (197,426.73) $ (208,874.49) $ (137,559.11) $ (246,535.84) $ (290,138.48) $ (323,233.04) $ 67,139.64 $ (301,886.45) $ (347,152.79) $ (467,514.08) Market Adjustment $ - $ (54,071.25) $ (431,623.25) 301,976.14 (339,512.60) $ 200,386.66 $ (339,573.29) $ (406,301.39) $ 101,904.76 $ 376,760.23 Net Income (Loss) $ (197,426.73) $ (262,945.74) $ (569,182.36) $ 55,440.30 $ (629,651.08) $ (122,846.38) $ (272,433.65) $ (708,187.84) $ (245,248.03) $ (90,753.85) Book Value Total Reserve Assets * 1,749,161.99 1,917,261.40 2,123,664.93 2,258,784.31 2,488,088.30 $ 29778,226.78 $ 39043,527.57 $ 3,021,845.48 $ 3,322,086.79 $ 3,668,717.01 Market Value Total Reserve Assets * $ 1,339,900.84 $ 1,643,257.92 1,984,177.37 2,608,561.62 2,585,684.35 $ 3,271,521.14 $ 3,2739057.94 $ 3,576,563.72 $ 4,2809570.15 $ 4,534,331.93 *Assets less any liabilities ** Market Value calculated at year end 10/14/2022 C:\Users\kapaxton\Desktop\l02722 FP Agenda\Fire Pension Summary 09.30.22 June 1, 2022 Dear Firemen's Pension & Relief Fund Pensioner, The Firemen's Pension and Relief Fund Board of Trustees has completed the 2022 Board Elections. Based on a count of the ballots Roy Cate (Position 1) and Pete Reagan (Position 2) have been re-elected. Their term began June 1, 2022 and will end May 31, 2024. Enclosed is the current list of Board Members with their term end dates. The next Firemen's Pension Board meeting will be on October 27, 2022 at 3:00 p.m. in Room 326 of City Hall. This meeting is subject to change. If you have any questions, please call the Office of the City Clerk Treasurer at (479) 575-8323. Sincerely, Kara Paxton, MSISM, CIVIC, CMO City Clerk Treasurer Firemen's Pension & Relief Fund Board of Trustees Treasurer Osborn, Carreiro & Associates, Inc. ACTUARIES • CONSULTANTS • ANALYSTS September 19, 2022 Mr. David Clark, Executive Director Arkansas Fire and Police Pension Review Board 620 West Third Street, Suite 200 Little Rock, AR 72201 RE: Fayetteville Fire Pension Fund Estimated 2023 Premium Tax Allocation Mr. Clark: One Union National Plaza, Suite 1690 124 West Capitol Avenue Little Rock, Arkansas 72201 (501)376-8043 fax (501)376-7847 We have estimated the base benefit calculations needed for the Premium Tax Allocation formula created by Act 979 of 2011 and PRB Board Rule 12. This letter will provide these estimates for the above referenced Local Plan. Actual Benefits Valued 1/l/2022 $1,214,210 Base Benefits Valued 1/l/2022 $679,663 Actuarial Cost of Base Benefits $736,167 Estimated Premium Tax 2023 30% of Actuarial Cost $220,850 Estimated Additional Allocation 2023, if eligible 15% of Actuarial Cost $110,425 2022 Employer Contributions for Additional Allocation 2022 Eligibility 80% of Actuarial Cost) $588,933 Actual 2021 Reported Em to er Contribution $715,916 Shortfall based on 2021 contributions $0 Expected Eligibility based on 2021 contributions Yes The premium tax formula allocates monies based on an Actuarial Cost derived from a Local Plan's Base Benefits (that is, 50% of Final Salary, minimum $350 per month for paid members, and $100 per month for volunteer members). Each Local Plan receives 30% of this calculated Actuarial Cost as Premium Tax. A Local Plan is also eligible for an Additional Allocation equal to 15% of this Actuarial Cost, provided that the Employer Contributions other than Premium Tax made by the location are equal to at least 80% of the Actuarial Cost. The contributions made during calendar year 2022 will determine eligibility for Additional Allocation for 2023. We have included last year's contributions and the estimated shortfall to become eligible for the Additional Allocation if Employer Contributions were to remain level in 2022. As a reminder, these numbers constitute estimates and may vary materially from the actual premium tax allocation. In particular, an additional employer contribution equal to the shortfall estimate shown will not guarantee Additional Allocation eligibility in 2023. Please note that the Additional Allocation may be proportionally reduced due to a shortfall in Premium Tax revenues. Such a reduction last occurred in 2018, but has not occurred in recent years.