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HomeMy WebLinkAbout2021-10-28 - Minutes Firemen's Pension&Relief Fund Board of Trustees Minutes October 28,2021 Page 1 of 3 FAME? / o. _•rt- oneld Jordan Chairman •- Pete Reagan Position 2 Retired Kara Paxton Secretary 'o -. ' Lonnie Napier Position 3 Retired Roy Cate Position 1 Retired ;; _'� '� ' ' Ron Wood Position 4 Retired ,, rf / Gene Warford Position 5 Retired \ 4gkq NS PS Firemen's Pension and Relief Fund Board of Trustees Meeting Minutes October 28,2021 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees was held at 3:00 p.m. on October 28, 2021, in Room 326 & via teleconference of the City Administration Building. Mayor Jordan called the meeting to order. Board Members Present: Roy Cate, Lonnie Napier, Pete Reagan, Gene Warford, Ronnie Wood, City Clerk Treasurer Kara Paxton, Mayor Jordan, City Attorney Kit Williams Absent: Gene Warford Staff and Others Present: Kerry Watkins-Bradley & Glenn Atkins with Garrison Financial. 411 Garrison Financial: Quarterly Reports ending 06/30/2021 and 09/30/2021 Glenn Atkins,Garrison Financial spoke about the fact that fixed income is still challenging. He went on to explain that the market is still volatile, and rates are still low. He stated that the withdraws have been about$356,000. During that time Garrison Financial sold$470,000 in order to fund those distributions. He went on to explain that the market was flat for the quarter ending in September 2021. The portfolio is down.39%YTD. Glenn stated he wants to monitor withdraws and ensure that the portfolio is based around that. Board Member Regan: I just want to thank the Garrison Financial Group for all they do. Glenn Atkins: we really appreciate that. Approval of the Minutes: Approval of the April 29,2021 Meeting Minutes Board Member Pete Reagan moved to approve the April 29, 2021 meeting minutes. Board 4111 Member Roy Cate seconded the motion. Upon roll call the motion passed 6-0. Firemen's Pension&Relief Fund Board of Trustees Minutes October 28,2021 Page 2 of 3 • Gene Warford was absent Pension List Changes: None Approval of the Pension List: Approval of the Revised Pension Lists for November—December 2021 and January through April 2022 Pension Lists Board Member Pete Reagan moved to approve the November—December 2021 and January — April 2022 Pension Lists. Board Member Roy Cate seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. Unfinished Business: None • New Business: Revenue and Expense Report 06/30/2021 & 09/30/2021 Kara Paxton, City Clerk Treasurer: that is informational only. It is a report that the Accounting Department puts together. Paul Becker would be able to provide additional information, but he is not here today. Osborn, Carreiro & Associates, Inc. Kara Paxton, City Clerk Treasurer explained that this information was sent from the Accounting Department as well. She went on to explain that there is an email in the packet that shows who sent them the information. Kara went on to explain why several updates were made to the packet and that the right documents had been sent regarding this item. Board Member Pete Reagan: can we get, or do you have the information for the last 5 or 10 years about what our pension fund has been received. I know we get a big check and then it is divided up. Kara Paxton: Pete just to go back and answer the first question, the letter included in the packet came from the PRAB staff. Regarding the second question, all of that is sent to the Accounting • Firemen's Pension&Relief Fund Board of Trustees Minutes October 28.2021 Page 3 of 3 • Department and we do not receive any notification for that. I can send this information to Paul and ask that they get all that information to you. Board Member Pete Regan: Mr. Chairman do you think that is a possibility. Mayor Jordan: Yes, I think that is a possibility. There has to be a record there somewhere. Board Member Pete Reagan: I think it is something that we need to keep tabs on. NCPERS Invoice Kara Paxton, City Clerk Treasurer: this is the invoice that we received from NCPERS today. Notice that it has gone up from last year. It has now increased to$275.00. If you want to continue to be a member of this group, we will need to pay this invoice for 2022. Board Member Pete Regan: I would like to hear from the other Board Members. This is our only advocacy group in Washington for public pension funds. The information contains good information about what they are looking to do to our funds. Board Member Ronnie Wood: I think it has a lot of great information in it. I would be in favor of keeping it. Board Member Roy Cate: I concur. I think it is money well spent. • Board Member Lonnie Napier: Likewise here. I think we need all the help we can get. Board Member Pete Reagan moved to approve to pay the NCPERS Invoice. Board Member Lonnie Napier seconded the motion. Upon roll call the motion passed 6-0. Gene Warford was absent. Informational: 2022 Meeting Schedule Next Meeting—April 28, 2022 Adjournment: 3:16 PM •