HomeMy WebLinkAbout2021-04-29 - Minutes Firemen's Pension&Relief Fund
Board of Trustees Minutes
April 29.2021
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OF 41.Y ETTe
L.
Lioneld Jordan Chairman c; � Pete Reagan Position 2 Retired
Kara Paxton Secretary ' 1
-+F� Lonnie Napier Position 3 Retired
Roy Cate Position 1 Retired +' Ron Wood Position 4 Retired
Gene Warford Position 5 Retired
14.KANS�S
Firemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 29,2021
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at
3:00 p.m. on April 29, 2021, in Room 326 & via teleconference of the City Administration
Building.
Mayor Jordan called the meeting to order.
Board Members Present: Pete Reagan, Gene Warford, Lonnie Napier, City Clerk Kara
Paxton
Absent: Roy Cate and Ronnie Wood
Staff and Others Present:James Bell&Glenn Atkins with Garrison Financial,City Attorney
• Kit Williams,Chief Financial Officer Paul Becker and Kristin Cavette Accounting Manager.
Garrison Financial:
4th Quarter 2020 and 1st Quarter 2021 Reports
Glenn Atkins, spoke about each quarter report and explained that the 03/31/2021 portfolio has a
market value of 1.8 Million with about$95,000 in cash. He went on to explain that all investments
are very liquid, and he would continue to watch those. He also explained the performance page
and stated that the first quarter of 2021 was the worst performance for the treasury market in a
decade. Glenn went on to state that the Firemen's Pension and Relief Fund portfolio is down by
1.62% and the market was down 1.87%. For the twelve-month performance that ended in March
2021 is up over 8%. Glenn went on to explain the process of how they determine what businesses
to invest in.
James Bell, spoke about the spike in interest rates in the first quarter. He went on to explain that
the interest rates are still historically low.
Glenn Atkins: There is talk about an inflation market, you can see this especially when you go
to the grocery store or try to buy a used car. The government still says there is not any. I have a
hard time believing that from my own personal experience. Inflation is typically bad for the bond
market. It causes rates to go up, this is what we have seen in the past six months. Given the
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Firemen's Pension&Relief Fund
Board of Trustees Minutes
April 29.202I
Page 2 of 3
maturities on our portfolio it is still right where it should be. I think being right at the 4-year
maturity rate is right where we should be. I think we about as good as we can be.
Kara Paxton,City Clerk asked who was now on the call and verified that Pete Reagan and Gene
Warford were in attendance via teleconference.
Board Member Pete Reagan: Did you say the average maturity rate is now at 4 years.
Glenn Atkins: Yes. That is about where the index is when we measured the reports. We are
trying to keep it right there for interest rate risks like we talked about.
Approval of the Minutes:
Approval of the October 29,2020 Meeting Minutes
Board Member Pete Reagan moved to approve the October 29,2020 meeting minutes. Board
Member Gene Warford seconded the motion. Upon roll call the motion passed 5-0.
Roy Cate and Ronnie Wood were absent.
Pension List Changes:
Troy Osburn DOD 11/10/2020
Imogene W. Stout DOD 04/05/2021 •
Approval of the Pension List:
Approval of the revised pension lists for December 2020 and January through April 2021
Pension Lists
Board Member Pete Reagan moved to approve the revised pension lists. Board Member
Gene Warford seconded the motion. Upon roll call the motion passed 5-0.
Roy Cate and Ronnie Wood were absent.
Approval of the May through October 2021 Pension Lists
Board Member Pete Reagan moved to approve the May through October 2021 pension lists.
Board Member Lonnie Napier seconded the motion. Upon roll call the motion passed 5-0.
Roy Cate and Ronnie Wood were absent.
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Firemen's Pension&Relief Fund
Board of Trustees Minutes
April 29.2021
Page 3 of 3
• Unfinished Business:
None
New Business:
Revenue and Expense Report 12/31/2020 & 03/31/2021
Paul Becker, CFO: These reports are informational only. I will answer any questions if there
are any. As we have seen in the first quarter, we have drawn down $296,000 to make payments.
We are not making the investment returns as we had expected.
Informational:
2022 Meeting Schedule
Next Meeting—April 28, 2022
Kara Paxton, City Clerk: I have one item I would like to mention. Our office is currently
working on the elections for this year. As you have noticed you have gotten the letters in the
mail. The ballots will go out at the beginning of this next week. We had to look into all the
• changes that were made last year. The ballots will go out Monday, May 3, 2021 and the deadline
will be Monday, May 17, 2021. If there is any difficulty at all or if you hear of somebody that
has missed something or has not gotten their letter that is supposed to, please reach out to us so
we can contact them.
Board Member Pete Reagan: Ok Kara. Do we have anyone running?
Kara Paxton, City Clerk: The deadline isn't until Friday at 4:30 PM for anyone is interested in
running. So far, we have heard from everyone that is already a board member now that wants to
run again in 2021. As far as I know, no one else has called in. It is just the current board
members that are going to be running.
Board Member Pete Reagan: Ok, great. Mayor I would just like to thank you and the staff for
all your due diligence.
Adjournment: 3:15 PM