Policemen's Pension And Relief Fund Board Of Trustees

City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Policemen's Pension & Relief Fund Board of Trustees Agenda Thursday, April 17, 2025 3:00 PM City Hall Room 326 Board of Trustees Molly Rawn - Mayor - Board Chair Kara Paxton - City Clerk Treasurer Eldon Roberts - Position 1 & Secretary Ruston Cole - Position 2 John Brown - Position 3 Melvin Stanley - Position 4 Rick Hoyt - Position 5 Policemen's Pension & Relief Policemen's Pension & Relief April 17, 2025 Fund Meeting Fund Board of Trustees Agenda ROLL CALL REPORTS 2024 - 4TH QUARTER REPORT & 2025 - 1ST QUARTER REPORT - PRESENTED BY MAI CAPITAL MANAGEMENT (2024-667) REVENUE & EXPENSE SUMMARY REPORT(S) - 2024 4TH QUARTER & 2025 1ST QUARTER - INFORMATIONAL ITEM (2024-668) UNFINISHED BUSINESS NEW BUSINESS REQUEST TO APPROVE - OCTOBER 17, 2024 AND DECEMBER 10, 2024, MEETING MINUTES. (2024-670) REQUEST TO APPROVE - MAY - OCTOBER 2025 PENSION LISTS (2024- 671) DISCUSS LOPFI CONSOLIDATION OPTIONS: OPTION 1: CONSOLIDATE WITH LOPFI WITH AN ANNUAL 3% COLA OPTION 2: CONSOLIDATE WITH LOPFI OPTION 3: DO NOT CONSOLIDATE WITH LOPFI (2024-681) NEXT MEETING INFORMATION THE NEXT MEETING WILL BE HELD ON OCTOBER 16, 2025 AT 3:00 PM. (2024-669) City of Fayetteville, Arkansas page 2 Happy New Year! I hope you had a joyous and relaxing holiday season. I’m thrilled to announce that, as of December 20, our merger with MAI Capital Management has been successfully completed. This strategic partnership marks an exciting new chapter for our firm, and we are truly grateful for your continued trust and support throughout this transition. As we move forward, we are eager to leverage the expanded resources and enhanced capabilities that this merger provides. With these new strengths, we are excited to offer you even more personalized services and investment solutions. We deeply appreciate your role in our journey, and we look forward to continuing to serve you with the dedication to service and investment expertise that you’ve come to expect. Our office address remains the same, and our main phone number remains unchanged at 479-587-1045. Our updated email and cell phone contacts are: Kerry Bradley Email: kerry.bradley@mai.capital Cell: 479-492-7159 James Bell Email: james.bell@mai.capital Cell: 479-492-7158 Melissa Nixon Email: melissa.nixon@mai.capital Cell: 479-492-7163 We kindly ask that you direct any business-related communications through these new channels or contact our office directly. This enables us to follow compliance regulations. Your quarterly reports will remain unchanged for the next few quarters as we integrate our portfolio management systems. The only noticeable updates will be the inclusion of the MAI Capital Management name and logo, as well as a change in the billing statement to reflect quarter-end valuation. The markets performed well once again in 2024, with some positive returns for both equities and bonds. We’ve included a detailed market recap along with your reports for your review. As we look ahead to 2025, we encourage you to take a moment to reflect on your financial goals. Your priorities and circumstances may have evolved, and it’s important that your investment strategy continues to align with where you are today and where you hope to be in the future. Whether you’re adjusting for life  changes, preparing for upcoming milestones, or reassessing your risk tolerance, a regular review will help ensure that your investments remain on track. Please don’t hesitate to reach out if you’d like to schedule a meeting or discuss any updates to your goals. We’re here to support you every step of the way. Wishing you and your loved ones a happy, healthy, and prosperous 2025. As always, we are deeply grateful for your trust and confidence in us, and we look forward to continuing to serve you in the years ahead. Sincerely, Kerry Bradley, CFA, MBA Senior Portfolio Manager We empower you to simplify, protect, & grow your wealth. Past performance is no guarantee of future results. All investments are subject to risk, including the loss of principal. This commentary has been compiled by MAI for information purposes only. Any statistics mentioned have been obtained from sources we believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. Statements contained herein are speculative and not a guarantee of future events. Any statements nonfactual in nature constitute only current opinions of the author which are subject to change without notice. It should not be assumed that this is a forecast of future events or that any security transactions, holdings, or sector discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal any investment performance discussed herein. This is not a recommendation to buy or sell any security. Any suggestions contained herein are general, and do not take into account an individual’s or entity’s specific circumstances. Distribution hereof does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors prior to acting on the information set forth herein. Diversification does not ensure a profit or protect against a loss in a declining market. Indexes are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly. MAI Capital Management | 6050 Oak Tree Blvd. Suite 500 | Cleveland, OH 44131 | MAI.Capital Unsubscribe Market Review Quarter 4 2024 There’s no investment that’s so attractive it can’t be ruined by a high enough entry price. – Howard Marks At first glance, 2024 was just like 2023, only more so. The U.S. stock market1 was up 25.0%, neck and neck with 2023’s 26.3% return. The Magnificent Seven stocks2 again led the way. In 2024 they were up “only” 67% versus 2023’s 107%. (Truly, they are magnificent, at least for the moment.) Like the year before, in 2024 growth stocks trounced value; mega caps beat smaller issues; China remained in the doldrums; and Europe trailed the U.S. It seems like we could just save ourselves the trouble and resend 2023’s year-end letter. But that wouldn’t tell the whole story. The narrative of 2024 has two parts. From the beginning of the year to July 10, the themes mentioned above are all present. But after July 10, the market was decidedly more even- handed. Since that day, value has outperformed growth, and small cap has almost doubled the performance of the S&P 500 (9.4% versus 5.0%). While the Mag 7 has continued to outperform, that’s largely because Tesla is up 61% in the seven weeks since the presidential election. Does this mean we’ll have a more balanced equity market in 2025? It’s hard to tell. Over the past few weeks, the exuberance for the incoming, pro-business administration has been driving the Mag 7 and growth stocks higher again. But we think once the new administration comes face to face with the reality of running the world’s largest economy, there’s a decent chance the euphoria fades. We think some underappreciated sectors of the market may return to favor. This would mean the tilt toward value, small cap and a broader market may continue. While we can’t say that for sure, one thing we can say with confidence is that the valuation of the current market is very high. Depending on which metrics you choose, this market is either the most expensive (based on price-to-book or price-to-sales) or the second most expensive (price-to-earnings) in decades (ignoring the pandemic period, where sales and earnings momentarily disappeared). That means if 2025 is going to be another strong year, some of the very expensive stocks are going to have to get even more expensive. While that may happen, we think it’s a risky bet. 1 As measured by the S&P 500 Index. 2 Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. MAI Capital Management www.mai.capital 202501-4124701 Nosebleed Territory: The Market’s Price-to-Sales Ratio We think it’s wiser to diversify, even if that means underperforming the S&P 500 Index if this top-heavy rally continues. We wouldn’t necessarily advocate selling terrific companies because they’ve gotten too expensive, provided they are long-term holdings. But for new investment, we would be wary of the risk/reward equation presented by even great companies with superb products. The saying we quoted at the top of this letter – There’s no investment so attractive that it can’t be ruined by a high enough entry price – is made for moments like this. Looking at valuation metrics like price-to-sales is a terrible timing tool. It won’t tell you when the market will peak – but it can be an effective measure of the risk you are taking at any given moment. We would urge you to be open to more neglected areas of the market, where valuations aren’t extreme. Healthcare may be a good example. The sector has lagged for two years and often has performed well in a more difficult economy. The fixed income markets present a more balanced risk profile than the equity markets, in large part because they have just finished another year of sub-par returns. Over the last four years, the U.S. investment grade bond market (as measured by the widely used Bloomberg Aggregate US Bond Index) is down -8.5%. That’s the worst streak in over 40 years. The reason for the poor performance is simple in our view: Interest rates have risen sharply as we have transitioned from zero-interest-rates in the pandemic to a robust economy now. As we close the year, the MAI Capital Management www.mai.capital 202501-4124701 yield on the 10-year U.S. Treasury bond stands at 4.5%. That’s up from 3.9% at the start of 2024, and a world of difference from the 0.5% yield available to investors in 2020. We believe a case can be made that interest rates are still too low for an economy that is at full-employment and where corporate earnings are estimated to grow at 15% in 2025. After all, throughout the 1990s – a period of similar economic strength and stock market appreciation – the yield on the 10-year bond averaged 6.5%, two percentage points higher than now. Even with a possible upside in rates (which means a downside to bond prices), we think select bond exposure can be an attractive low volatility option both on its own, and also as a prudent hedge if you also have equity exposure in the current high-flying market. If the economy continues to perform well, rates will likely continue to climb, and your bonds may suffer somewhat. But in such a robust economic scenario, your equities will probably perform well and potentially make up for lagging bonds. On the other hand, with valuations high and too much optimism, the equity market could be vulnerable to a downturn. In that case, rates may fall, and your bonds would stand a good chance of partially offsetting equity losses. In any case, we would generally advocate sticking to investment grade issues as there is so little fear (and so much greed) surrounding the markets right now that investors aren’t being offered an attractive premium to take the risk of less creditworthy issuers. In fact, the narrow spreads existing today between investment grade and high- yield bonds are another example of excess. In closing, this market makes us more cautious than we’ve been in a long while. While we don’t know the future, we do know the past, and if it is any guide, expensive markets can present good opportunities for harvesting. This is not a call to panic, but it is a time for unemotionally assessing the risk in popular investments. In the height of bull markets, even the best companies can contain risks that make them unattractive investments. The good news is that often the capital flooding into such popular sectors of the market leaves other areas high and dry – and potentially attractive. We look forward to reporting back to you in the Spring. Chris Grisanti, JD, CFA Chief Market Strategist Past performance is no guarantee of future results. All investments are subject to risk, including the loss of principal. This commentary has been compiled by MAI for information purposes only. Any statistics mentioned have been obtained from sources we believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. Statements contained herein are speculative and not a guarantee of future events. Any statements nonfactual in nature constitute only current opinions of the author which are subject to change without notice. It should not be assumed that this is a forecast of future events or that any security transactions, holdings, or sector discussed were or will be profitable, or that the investment recommendations or decisions we make MAI Capital Management www.mai.capital 202501-4124701 in the future will be profitable or will equal any investment performance discussed herein. This is not a recommendation to buy or sell any security. Any suggestions contained herein are general, and do not take into account an individual’s or entity’s specific circumstances. Distribution hereof does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors prior to acting on the information set forth herein. Diversification does not ensure a profit or protect against a loss in a declining market. Indexes are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly. MAI Capital Management www.mai.capital 202501-4124701 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 Quarter Ending December 31, 2024  MAI Capital Management PORTFOLIOSUMMARY City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 December 31, 2024 0.1% 8.2% 24.0% Cash & Equivalents 8,970.46 Money Market 505,499.82 67.7% Account Fixed Income 1,482,638.60 Account Equities 4,182,448.44  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 December 31, 2024 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 8,970.46 8,970.46 0.1 0.050 4.49 0.1 8,970.46 8,970.46 0.1 4.49 0.1 TRADED - MONEY MARKET 505,499.82 Schwab Govt Money 1.00 505,499.82 1.00 505,499.82 8.2 4.110 20,776.04 4.1 Fund Investor Shares 505,499.82 505,499.82 8.2 20,776.04 4.1 CERTIFICATE OF DEPOSIT 53,000 Wells Fargo Bank NT 100.00 53,000.00 100.02 53,012.30 0.9 4.800 2,544.00 4.4 SD 4.800% Due 01-29-25 49,000 Ally Bank 100.00 49,000.00 99.67 48,839.62 0.8 3.800 1,862.00 4.0 3.800% Due 09-28-26 Accrued Interest 2,831.61 0.0 102,000.00 104,683.52 1.7 4,406.00 4.2 TREASURY NOTE 150,000 US Treasury Note 99.93 149,892.39 99.80 149,695.31 2.4 4.125 6,187.50 4.3 4.125% Due 10-31-26 Accrued Interest 1,036.92 0.0 149,892.39 150,732.22 2.4 6,187.50 4.3 CORPORATE BONDS 110,000 JB Hunt Transport 101.39 111,524.48 99.01 108,905.72 1.8 3.875 4,262.50 4.8 Services, Inc. 3.875% Due 03-01-26 49,000 Hewlett Packard 100.21 49,103.21 99.24 48,627.01 0.8 4.450 2,180.50 5.0 Enterprise 4.450% Due 09-25-26 100,000 Adobe, Inc. 102.56 102,563.26 95.22 95,219.50 1.5 2.150 2,150.00 4.6 2.150% Due 02-01-27 110,000 Kroger Company 101.99 112,186.73 97.47 107,220.74 1.7 3.700 4,070.00 4.8 3.700% Due 08-01-27 60,000 Laboratory Corporation 102.31 61,383.68 97.21 58,328.58 0.9 3.600 2,160.00 4.8 of America Holdings 3.600% Due 09-01-27 110,000 General Dynamics 101.30 111,432.80 94.80 104,275.60 1.7 2.625 2,887.50 4.6 Corporation 2.625% Due 11-15-27 100,000 Tyson Foods, Inc. 111.30 111,302.76 97.12 97,119.30 1.6 4.350 4,350.00 5.2 4.350% Due 03-01-29 71,000 Polaris Inc. 105.03 74,568.43 105.33 74,782.95 1.2 6.950 4,934.50 5.6 6.950% Due 03-15-29 100,000 PepsiCo, Inc. 102.51 102,510.70 91.71 91,712.00 1.5 2.625 2,625.00 4.7 2.625% Due 07-29-29 110,000 FedEx Corporation 100.08 110,083.86 92.68 101,952.95 1.6 3.100 3,410.00 5.0 3.100% Due 08-05-29 82,000 Amazon.com, Inc. 100.96 82,786.29 100.63 82,517.42 1.3 4.650 3,813.00 4.6 4.650% Due 12-01-29 70,000 Avnet, Inc. 96.44 67,506.39 97.72 68,403.72 1.1 5.500 3,850.00 6.0 5.500% Due 06-01-32 70,000 Arrow Electronics, Inc. 99.12 69,380.67 100.28 70,198.38 1.1 5.875 4,112.50 5.9 5.875% Due 04-10-34 1  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 December 31, 2024 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield Accrued Interest 12,634.98 0.2 1,166,333.27 1,121,898.85 18.2 44,805.50 5.0 COMMON STOCK 1,680 AT&T, Inc. 21.31 35,806.37 22.77 38,253.60 0.6 1.110 1,864.80 4.9 525 AbbVie, Inc. 66.58 34,953.92 177.70 93,292.50 1.5 6.560 3,444.00 3.7 710 Abbott Laboratories 39.36 27,945.60 113.11 80,308.10 1.3 2.360 1,675.60 2.1 300 Accenture Plc. 90.81 27,241.91 351.79 105,537.00 1.7 5.920 1,776.00 1.7 600 Akamai Technologies, 55.76 33,454.45 95.65 57,390.00 0.9 0.000 0.00 0.0 Inc. 380 Alphabet, Inc. Class C 125.26 47,597.47 190.44 72,367.20 1.2 0.800 304.00 0.4 435 American Electric 78.40 34,102.70 92.23 40,120.05 0.6 3.720 1,618.20 4.0 Power 295 Amgen, Inc. 114.33 33,727.26 260.64 76,888.80 1.2 9.520 2,808.40 3.7 250 Ansys, Inc. 75.67 18,918.48 337.33 84,332.50 1.4 0.000 0.00 0.0 560 Apple, Inc. 17.86 10,002.18 250.42 140,235.20 2.3 1.000 560.00 0.4 685 AptarGroup, Inc. 63.47 43,477.91 157.10 107,613.50 1.7 1.800 1,233.00 1.1 1,920 Arista Networks, Inc. 13.04 25,035.29 110.53 212,217.60 3.4 0.000 0.00 0.0 33 AutoZone, Inc. 516.09 17,031.09 3,202.00 105,666.00 1.7 0.000 0.00 0.0 1,350 BCE, Inc. 24.40 32,934.20 23.18 31,293.00 0.5 2.900 3,915.00 12.5 200 Becton, Dickinson & 111.11 22,222.05 226.87 45,374.00 0.7 4.160 832.00 1.8 Company 1,250 Broadcom, Inc. 23.90 29,878.15 231.84 289,800.00 4.7 2.360 2,950.00 1.0 225 Broadridge Financial 41.33 9,298.79 226.09 50,870.25 0.8 3.520 792.00 1.6 Solutions, Inc. 385 Bunge Global SA 84.56 32,556.82 77.76 29,937.60 0.5 2.720 1,047.20 3.5 1,445 Cisco Systems, Inc. 19.70 28,470.99 59.20 85,544.00 1.4 1.600 2,312.00 2.7 1,400 Coca-Cola Company 30.98 43,374.60 62.26 87,164.00 1.4 1.940 2,716.00 3.1 865 ConocoPhillips 55.58 48,077.77 99.17 85,782.05 1.4 3.120 2,698.80 3.1 220 Deere & Co. 87.76 19,307.71 423.70 93,214.00 1.5 6.480 1,425.60 1.5 500 Disney, Walt Company 110.91 55,454.90 111.35 55,675.00 0.9 1.000 500.00 0.9 250 EOG Resources Inc 132.67 33,166.43 122.58 30,645.00 0.5 3.900 975.00 3.2 100 Eaton Corporation 320.42 32,042.23 331.87 33,187.00 0.5 3.760 376.00 1.1 600 Intel Corporation 20.53 12,320.72 20.05 12,030.00 0.2 0.000 0.00 0.0 560 Johnson & Johnson 64.70 36,229.62 144.62 80,987.20 1.3 4.960 2,777.60 3.4 365 Kimberly-Clark 107.07 39,079.82 131.04 47,829.60 0.8 4.880 1,781.20 3.7 Corporation 82 Kinsale Cap Group Inc. 449.60 36,866.92 465.13 38,140.66 0.6 0.600 49.20 0.1 335 Labcorp Holdings Inc. 108.13 36,221.93 229.32 76,822.20 1.2 2.880 964.80 1.3 450 Lincoln Electric 67.20 30,239.08 187.47 84,361.50 1.4 3.000 1,350.00 1.6 Holdings, Inc. 65 MSCI, Inc. 514.92 33,469.77 600.01 39,000.65 0.6 6.400 416.00 1.1 120 Mastercard, Inc. 295.65 35,477.92 526.57 63,188.40 1.0 3.040 364.80 0.6 640 Medtronic Plc. 77.60 49,662.77 79.88 51,123.20 0.8 2.800 1,792.00 3.5 755 Merck & Co., Inc. 49.00 36,994.17 99.48 75,107.40 1.2 3.240 2,446.20 3.3 420 Palo Alto Networks 63.13 26,514.23 181.96 76,423.20 1.2 0.000 0.00 0.0 475 Pepsico, Inc. 93.75 44,533.57 152.06 72,228.50 1.2 5.420 2,574.50 3.6 630 Phillips 66 72.18 45,473.90 113.93 71,775.90 1.2 4.600 2,898.00 4.0 570 Procter & Gamble 59.42 33,868.04 167.65 95,560.50 1.5 4.026 2,294.82 2.4 Company 100 Quanta Services, Inc. 269.38 26,938.22 316.05 31,605.00 0.5 0.400 40.00 0.1 500 Revvity, Inc. 97.03 48,515.80 111.61 55,805.00 0.9 0.280 140.00 0.3 825 Roche Holding, Ltd. 43.72 36,069.41 34.88 28,776.00 0.5 1.340 1,105.50 3.8 ADR 330 Rockwell Automation, 165.23 54,524.36 285.79 94,310.70 1.5 5.240 1,729.20 1.8 Inc. 470 Texas Instruments, Inc. 58.53 27,511.42 187.51 88,129.70 1.4 5.440 2,556.80 2.9 2  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 December 31, 2024 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 710 Ventas, Inc. 73.52 52,195.91 58.89 41,811.90 0.7 1.800 1,278.00 3.1 355 Verisk Analytics, Inc. 81.80 29,039.45 275.43 97,777.65 1.6 1.560 553.80 0.6 500 Vertiv Holdings 19.01 9,504.95 113.61 56,805.00 0.9 0.150 75.00 0.1 Company 1,785 WalMart, Inc. 20.70 36,953.86 90.35 161,274.75 2.6 0.830 1,481.55 0.9 510 Waste Management, Inc. 42.21 21,525.65 201.79 102,912.90 1.7 3.000 1,530.00 1.5 500 Xylem, Inc. 64.30 32,148.43 116.02 58,010.00 0.9 1.440 720.00 1.2 252 Zscaler, Inc. 243.08 61,256.26 180.41 45,463.32 0.7 0.000 0.00 0.0 1,709,215.44 3,879,968.78 62.8 66,742.57 1.7 MUTUAL FUNDS 3,073.008 Dodge & Cox Intl Stk 44.72 137,413.58 49.90 153,343.10 2.5 1.120 3,441.77 2.2 2,861.818 Invesco Oppenheimer 38.91 111,348.76 38.09 109,006.65 1.8 0.090 257.56 0.2 Developing Mkts Cl Y 248,762.34 262,349.75 4.2 3,699.33 1.4 UNIT TRUSTS 2,059 FT Energy Income ETF 38.85 79,999.27 19.49 40,129.91 0.6 1.500 3,088.50 7.7 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 31.44 105,324.00 1.7 1.800 6,030.00 5.7 208,421.77 145,453.91 2.4 9,118.50 6.3 TOTAL PORTFOLIO 4,099,095.49 6,179,557.31 100.0 155,739.93 2.7 You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies. 3  MAI Capital Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-24 To 12-31-24 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 09-18-24 09-26-24 49,000 Ally Bank 100.00 49,000.00 3.800% Due 09-28-26 10-31-24 11-01-24 82,000 Amazon.com, Inc. 100.99 82,810.54 4.650% Due 12-01-29 06-11-24 06-12-24 70,000 Arrow Electronics, Inc. 99.08 69,353.12 5.875% Due 04-10-34 06-11-24 06-12-24 70,000 Avnet, Inc. 96.23 67,359.81 5.500% Due 06-01-32 06-25-24 06-26-24 100 Eaton Corporation 320.42 32,042.23 01-25-24 01-26-24 80,000 Federal Home Loan Bank 100.00 80,000.00 5.500% Due 01-26-26 01-25-24 01-26-24 60,000 Federal Home Loan Bank 100.02 60,014.94 6.000% Due 11-28-28 07-29-24 08-27-24 60,000 Federal Home Loan Bank 100.00 60,000.00 5.750% Due 08-13-29 09-18-24 09-26-24 49,000 Hewlett Packard Enterprise 100.24 49,119.63 4.450% Due 09-25-26 11-07-24 11-08-24 82 Kinsale Cap Group Inc. 449.60 36,866.92 02-23-24 02-27-24 71,000 Polaris Inc. 105.92 75,200.36 6.950% Due 03-15-29 06-25-24 06-26-24 100 Quanta Services, Inc. 269.38 26,938.22 02-07-24 02-08-24 150,000.00 Schwab Govt Money Fund Investor 1.00 150,000.00 Shares 03-13-24 03-14-24 55,000.00 Schwab Govt Money Fund Investor 1.00 55,000.00 Shares 07-12-24 07-15-24 130,000.00 Schwab Govt Money Fund Investor 1.00 130,000.00 Shares 11-21-24 11-22-24 120,000.00 Schwab Govt Money Fund Investor 1.00 120,000.00 Shares 12-31-24 01-02-25 100,000.00 Schwab Govt Money Fund Investor 1.00 100,000.00 Shares 01-25-24 01-26-24 130,000 US Treasury Bill 97.68 126,978.09 0.000% Due 07-11-24 01-25-24 01-26-24 71,000 US Treasury Bill 99.47 70,620.15 4.250% Due 12-31-24 05-01-24 05-02-24 300,000 US Treasury Bill 97.39 292,159.72 0.000% Due 10-31-24 10-31-24 11-01-24 150,000 US Treasury Note 99.92 149,882.81 4.125% Due 10-31-26 1  MAI Capital Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-24 To 12-31-24 Trade Settle Unit Date Date Quantity Security Price Amount 01-25-24 01-30-24 53,000 Wells Fargo Bank NT SD 100.00 53,000.00 4.800% Due 01-29-25 1,936,346.54 REINVESTED DIVIDENDS 12-18-24 12-18-24 67.814 Dodge & Cox Intl Stk 49.81 3,377.84 12-12-24 12-12-24 7.225 Invesco Oppenheimer Developing 39.31 284.03 Mkts Cl Y 01-16-24 01-16-24 741.20 Schwab Govt Money Fund Investor 1.00 741.20 Shares 02-15-24 02-15-24 1,648.58 Schwab Govt Money Fund Investor 1.00 1,648.58 Shares 03-15-24 03-15-24 1,902.43 Schwab Govt Money Fund Investor 1.00 1,902.43 Shares 04-15-24 04-15-24 1,687.38 Schwab Govt Money Fund Investor 1.00 1,687.38 Shares 05-15-24 05-15-24 1,554.47 Schwab Govt Money Fund Investor 1.00 1,554.47 Shares 06-17-24 06-17-24 1,623.05 Schwab Govt Money Fund Investor 1.00 1,623.05 Shares 07-15-24 07-15-24 959.90 Schwab Govt Money Fund Investor 1.00 959.90 Shares 08-15-24 08-15-24 1,272.85 Schwab Govt Money Fund Investor 1.00 1,272.85 Shares 09-16-24 09-16-24 1,312.96 Schwab Govt Money Fund Investor 1.00 1,312.96 Shares 10-15-24 10-15-24 1,050.33 Schwab Govt Money Fund Investor 1.00 1,050.33 Shares 11-15-24 11-15-24 1,145.48 Schwab Govt Money Fund Investor 1.00 1,145.48 Shares 12-31-24 12-31-24 0.26 Schwab Govt Money Fund Investor 1.00 0.26 Shares 12-31-24 12-31-24 2,071.56 Schwab Govt Money Fund Investor 1.00 2,071.56 Shares 20,632.32 SALES 10-30-24 10-31-24 56 Aspen Technology 241.62 13,530.50 03-27-24 04-01-24 1,368 Brown-Forman Corp. Cl B 51.64 70,639.30 05-08-24 05-08-24 1 FT Energy Income ETF 18.50 16.04 07-28-24 07-29-24 60,000 Federal Home Loan Bank 100.00 60,000.00 6.000% Due 11-28-28 2  MAI Capital Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-24 To 12-31-24 Trade Settle Unit Date Date Quantity Security Price Amount 09-13-24 09-13-24 60,000 Federal Home Loan Bank 100.00 60,000.00 5.750% Due 08-13-29 09-26-24 09-26-24 80,000 Federal Home Loan Bank 100.00 80,000.00 5.500% Due 01-26-26 03-13-24 03-15-24 335 Fortrea Holdings, Inc. 38.76 12,983.80 02-23-24 02-26-24 100,000.00 Schwab Govt Money Fund Investor 1.00 100,000.00 Shares 03-14-24 03-15-24 25,000.00 Schwab Govt Money Fund Investor 1.00 25,000.00 Shares 04-03-24 04-04-24 45,000.00 Schwab Govt Money Fund Investor 1.00 45,000.00 Shares 04-16-24 04-17-24 22,000.00 Schwab Govt Money Fund Investor 1.00 22,000.00 Shares 06-10-24 06-11-24 95,000.00 Schwab Govt Money Fund Investor 1.00 95,000.00 Shares 06-25-24 06-26-24 30,000.00 Schwab Govt Money Fund Investor 1.00 30,000.00 Shares 07-09-24 07-10-24 84,000.00 Schwab Govt Money Fund Investor 1.00 84,000.00 Shares 07-17-24 07-18-24 2,000.00 Schwab Govt Money Fund Investor 1.00 2,000.00 Shares 09-24-24 09-25-24 20,000.00 Schwab Govt Money Fund Investor 1.00 20,000.00 Shares 06-25-24 06-26-24 250 Skyworks Solutions 107.08 26,771.15 01-25-24 01-25-24 400,000 US Treasury Bill 100.00 400,000.00 0.000% Due 01-25-24 07-11-24 07-11-24 130,000 US Treasury Bill 100.00 130,000.00 0.000% Due 07-11-24 10-31-24 10-31-24 300,000 US Treasury Bill 100.00 300,000.00 0.000% Due 10-31-24 12-31-24 12-31-24 71,000 US Treasury Bill 100.00 71,000.00 4.250% Due 12-31-24 01-31-24 01-31-24 150,000 US Treasury Note 100.00 150,000.00 2.500% Due 01-31-24 04-30-24 04-30-24 300,000 US Treasury Note 100.00 300,000.00 2.250% Due 04-30-24 2,097,940.79 3  MAI Capital Management REALIZED GAINS AND LOSSES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-24 Through 12-31-24 Gain Or Loss Open Close Cost Amort. or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term 12-19-22 01-31-24 150,000 US Treasury Note 146,663.78 3,336.22 150,000.00 0.00 2.500% Due 01-31-24 02-23-24 100,000.00 Schwab Govt Money Fund 100,000.00 100,000.00 0.00* Investor Shares 03-19-15 03-13-24 335 Fortrea Holdings, Inc. 5,942.06 12,983.80 7,041.74 03-14-24 25,000.00 Schwab Govt Money Fund 25,000.00 25,000.00 0.00* Investor Shares 12-31-14 03-27-24 1,368 Brown-Forman Corp. Cl B 48,596.98 70,639.30 22,042.32 04-03-24 45,000.00 Schwab Govt Money Fund 45,000.00 45,000.00 0.00* Investor Shares 04-16-24 22,000.00 Schwab Govt Money Fund 22,000.00 22,000.00 0.00* Investor Shares 09-25-23 04-30-24 300,000 US Treasury Note 294,417.02 5,582.98 300,000.00 0.00 2.250% Due 04-30-24 03-19-15 05-08-24 1 FT Energy Income ETF 33.68 16.04 -17.64 06-10-24 95,000.00 Schwab Govt Money Fund 95,000.00 95,000.00 0.00* Investor Shares 06-25-24 30,000.00 Schwab Govt Money Fund 30,000.00 30,000.00 0.00* Investor Shares 06-24-20 06-25-24 250 Skyworks Solutions 31,535.10 26,771.15 -4,763.95 07-09-24 84,000.00 Schwab Govt Money Fund 84,000.00 84,000.00 0.00* Investor Shares 07-17-24 2,000.00 Schwab Govt Money Fund 2,000.00 2,000.00 0.00* Investor Shares 01-25-24 07-28-24 60,000 Federal Home Loan Bank 60,014.94 -1.37 60,000.00 -13.57 6.000% Due 11-28-28 07-29-24 09-13-24 60,000 Federal Home Loan Bank 60,000.00 0.00 60,000.00 0.00 5.750% Due 08-13-29 09-24-24 20,000.00 Schwab Govt Money Fund 20,000.00 20,000.00 0.00* Investor Shares 01-25-24 09-26-24 80,000 Federal Home Loan Bank 80,000.00 0.00 80,000.00 0.00 5.500% Due 01-26-26 12-23-20 10-30-24 56 Aspen Technology 9,312.80 13,530.50 4,217.70 TOTAL GAINS 0.00 33,301.76 TOTAL LOSSES -13.57 -4,781.59 1,159,516.36 8,917.83 1,196,940.79 -13.57 28,520.17 TOTAL REALIZED GAIN/LOSS 28,506.60 CAPITAL GAIN DISTRIBUTIONS 12-31-24 Schwab Govt Money Fund 0.26* Investor Shares 12-31-24 FT Energy Income ETF 472.54 TOTAL DISTRIBUTIONS 472.80 472.80 0.00 459.23 28,520.17 TOTAL GAIN/LOSS 28,979.40 An '*' denotes an average cost transaction.  MAI Capital Management PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 December 31, 2024 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pct. Value Assets Yield Cash & Equivalents 8,970.46 0.1 0.1 Portfolio Value on 12-31-23 5,836,057.03 Money Market 505,499.82 8.2 4.1 Accrued Interest 11,733.02 Account Fixed 1,482,638.60 24.0 4.9 Net Additions/Withdrawals -278,544.42 Income Account Equities 4,182,448.44 67.7 1.8 Realized Gains -2,952.61 Account 0.00 0.0 - Unrealized Gains 453,000.55 Commodities Income Received 155,493.26 Change in Accrued Interest 4,770.48 Portfolio Value on 12-31-24 6,163,053.81 Accrued Interest 16,503.50 Total 6,179,557.31 100.0 2.7 6,179,557.31 TIME WEIGHTED RETURN Annualized Quarter Year Inception To Date To Date To Date Account 0.14 10.74 6.62 40% Fixed Income/60% 0.82 15.85 8.66 Equity Blended Index Account Fixed Income -0.53 4.77 2.22 Barclays Capital Intermed -1.60 3.00 1.71 Govt/Credit Account Equities 0.32 13.93 9.38 S&P 500 2.41 25.02 13.07  January 14, 2025 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 113 West Mountain Fayetteville, AR 72701 MAI Capital Management STATEMENT OF MANAGEMENT FEES For The Period October 1 to December 31, 2024 Portfolio Valuation with Accrued Interest as of 12-31-24 6,179,557 6,179,557 @ 0.5000% per annum 7,724 Quarterly Management Fee 7,724 TOTAL DUE AND PAYABLE 7,724 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. MAI Capital Management IMPORTANT DISCLOSURES Market Review Quarter 1 2025 There are decades when nothing happens, and then there are weeks when decades happen. - Vladimir Lenin Dear MAI Investor: What a quarter it’s been. When it started, Joe Biden was president and Elon Musk was a car salesman. That seems like a long time ago. Also, as the Trump administration was preparing to assume the levers of power, the market was licking its chops at the prospect of less regulation and lower taxes. Now the market is licking its wounds. But the wounds weren’t actually that deep – while the headlines sometimes got a bit panicked, the S&P 500 declined less than 5% (4.28%) in the quarter. It should be noted that in the prior two years (2023- 2024), it had risen 58%, and since the beginning of 2022, the market has had three worse quarters than this one. The real story is that this quarter witnessed an enormous amount of economic and political change. It is for moments like this that we construct diversified portfolios. Your investment team at MAI includes not only your advisor but behind-the-scenes professionals in the equity, fixed income, and alternative investment departments. We are focused not just on seeking to avoid the worst effects of this volatility, but also on attempting to take advantage of any opportunities created by the dislocation. Perspective is vital: In the 16 years since the global financial crisis, the market has declined more than 5% from its high thirty times. Corrections happen. They are often healthy, and while they cause investors stress, they also create opportunity. Let’s survey the investment landscape. At least in the short term, the most volatile development has been the threat of significant tariffs against both friend and foe alike. Often when a new administration comes to Washington, investors focus on the promise of new policies. In this light, tariffs were seen as a negotiating tool. They would be laid on the table to elicit concessions and, once obtained, put back in their holster. That was mostly the trade policy in the first Trump Administration, and it worked pretty well. But Trump 2.0 seems to have a different agenda. Wall Street, as well as our trading partners, are unsure of the ultimate goal of the tariffs. Is it to reduce illegal immigration, control fentanyl, level the playing field, or bring jobs back to America? Our research tells us even within the administration there appear to be competing narratives. The answer to this question is important, because immigration or drugs can be fixed relatively quickly, after which the tariffs would presumably go away. But if we want to retool the American economy and have automobile, steel, semiconductor, and other industries return production to the United States, that would take years of consistent tariffs so that businesses could safely rely on tariff protection before committing billions to build new plant and equipment. MAI Capital Management www.mai.capital info@mai.capital 202504-4369147 While tariffs will increase the cost of goods, that’s not an immediate problem for the economy. The issue right now is that fear and uncertainty may be making corporate planning next to impossible. If you are running a business that relies on imported goods, whether you’re a retailer like Walmart (clothes from Southeast Asia), an automaker like General Motors (parts from Mexico and Canada), or a home builder like Toll Brothers (lumber from Canada), or a railroad like Union Pacific (which transports all those things), you’re waiting to see how this all shakes out. Different tariff structures can have a huge impact on your bottom line, so you hit the “pause button” on hiring, on capital spending, etc. Even if the tariffs don’t end up materializing, this planning freeze can cause an economic slowdown all by itself. The market understands this and is taking notice. But the news may not be all bad. First of all, the market is notorious for being overly pessimistic when it comes to economic forecasting. (The old saying goes that the market has predicted 8 of the last 2 recessions.) Just because stocks are down that doesn’t mean the economy will slow. Second, tariffs are being overlayed on an otherwise strong economy. Unemployment is low, corporate earnings have been strong, and inflation seems to be under control. If tariffs are inducing volatility, at a certain point the administration can back off and let these strong underlying conditions come to the fore again. A market struggling because of tariffs has better prospects than one caught in an economic downturn. Finally, the recent downturn has been more extreme in the high growth stocks, bringing some of them into reasonable valuations for the first time in a while. As mentioned, the market as measured by the S&P 500 Index, was down 4.28% in the first quarter, but other measures fared better. Value stocks (as measured by the Russell 1000 Value Index), for example, were actually up 2.13% for the quarter. International equities (as measured by the MSCI EAFE Index), also came to the fore, up 7.03% for the quarter, giving a welcome boost to portfolios after having underperformed their U.S. peers going back several years. While we’ve highlighted the high valuations that have been present in pockets of U.S. equities, we have continued to see more attractive valuations in both U.S. value sectors like healthcare, as well as overseas equities. The fixed income markets fared better than the S&P 500 as well. Investors looking for a relative “safe haven” could have found one in bonds, with the broad-based Bloomberg USAgg index of investment grade bonds up 2.78% for the quarter. One benign consequence of the “tariff troubles” is that the fear of a stronger economy leading to higher interest rates seems to be off the table for now. The yield on the 10-year U.S. Treasury Bond touched 4.8% in January but is now more than a half a point lower. And bond prices rise as yields fall, so a diversified portfolio with bonds likely benefited from its bond exposure. Finally, at MAI we believe there is value in alternative investments for certain investors. At times like these, the added diversification of an investment that does not depend on the day-to-day fluctuations of the marketplace can bring some stability to a portfolio, and the goals can be as varied as steady income or long- term capital appreciation. In closing, parts of the stock market are having their first real challenge in several years, especially those sectors that had produced outsized gains in technology and communications. Without taking sides, most investors would probably agree that the current administration is implementing transformative trade policies. MAI Capital Management www.mai.capital info@mai.capital 202504-4369147 Such change is often accompanied by volatility and uncertainty. As we embark on this new course, be assured that we remain vigilant for both risks and opportunities. We look forward to reporting back to you at the end of the second quarter. Information as of 3/31/2025 MAI Capital Management, LLC (“MAI”) is an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Past performance is no guarantee of future results. All investments are subject to risk, including the loss of principal. Alternative Investments are not suitable for all investors. Diversification does not ensure a profit or protect against a loss in a declining market. This is not a recommendation to buy or sell any security. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested directly. Any statistics mentioned have been obtained from sources we believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. Any statement nonfactual in nature constitutes only the current opinion of this author and not necessarily that of MAI Capital and is subject to change without notice. It should not be assumed that this is a forecast of future events or that any security transactions, holdings, or sector discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal any investment performance discussed herein. Please consult your legal and/or tax advisor before implementing any legal or tax strategies. MAI Capital Management www.mai.capital info@mai.capital 202504-4369147 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 Quarter Ending March 31, 2025  MAI Capital Management PORTFOLIOSUMMARY City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2025 0.1% 3.7% 28.5% Cash & Equivalents 5,664.87 Money Market 224,851.23 67.7% Account Fixed Income 1,755,689.37 Account Equities 4,169,185.63  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2025 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 5,664.87 5,664.87 0.1 0.050 2.83 0.1 5,664.87 5,664.87 0.1 2.83 0.1 TRADED - MONEY MARKET 224,851.23 Schwab Govt Money 1.00 224,851.23 1.00 224,851.23 3.7 4.050 9,106.47 4.1 Fund Investor Shares 224,851.23 224,851.23 3.7 9,106.47 4.1 CERTIFICATE OF DEPOSIT 82,000 TBK Bank 100.00 82,000.00 99.93 81,940.06 1.3 4.250 3,485.00 4.4 4.250% Due 09-22-25 82,000 Safra National Bank of 100.00 82,000.00 100.04 82,035.34 1.3 4.150 3,403.00 4.1 NY 4.150% Due 03-18-26 49,000 Ally Bank 100.00 49,000.00 99.64 48,823.36 0.8 3.800 1,862.00 4.1 3.800% Due 09-28-26 82,000 Morgan Stanley Bank 100.00 82,000.00 100.47 82,381.46 1.3 4.150 3,403.00 4.0 4.150% Due 03-20-28 Accrued Interest 344.75 0.0 295,000.00 295,524.96 4.8 12,153.00 4.2 TREASURY BILL 77,000 US Treasury Bill 98.71 76,005.28 98.68 75,983.22 1.2 0.000 0.00 4.2 0.000% Due 07-24-25 Accrued Interest 0.00 0.0 76,005.28 75,983.22 1.2 0.00 4.2 TREASURY NOTE 150,000 US Treasury Note 99.94 149,906.42 100.25 150,375.00 2.4 4.125 6,187.50 4.0 4.125% Due 10-31-26 Accrued Interest 2,566.79 0.0 149,906.42 152,941.79 2.5 6,187.50 4.0 CORPORATE BONDS 110,000 JB Hunt Transport 101.10 111,204.78 99.34 109,273.12 1.8 3.875 4,262.50 4.7 Services, Inc. 3.875% Due 03-01-26 49,000 Hewlett Packard 100.18 49,088.98 99.71 48,859.27 0.8 4.450 2,180.50 4.7 Enterprise 4.450% Due 09-25-26 100,000 Adobe, Inc. 102.26 102,262.62 96.42 96,423.30 1.6 2.150 2,150.00 4.2 2.150% Due 02-01-27 110,000 Kroger Company 101.80 111,984.75 98.27 108,096.45 1.8 3.700 4,070.00 4.5 3.700% Due 08-01-27 60,000 Laboratory Corporation 102.10 61,259.80 97.68 58,605.36 1.0 3.600 2,160.00 4.7 of America Holdings 3.600% Due 09-01-27 110,000 General Dynamics 101.19 111,313.18 95.95 105,542.47 1.7 2.625 2,887.50 4.3 Corporation 2.625% Due 11-15-27 100,000 Tyson Foods, Inc. 110.65 110,653.41 98.50 98,499.40 1.6 4.350 4,350.00 4.8 4.350% Due 03-01-29 71,000 Polaris Inc. 104.76 74,381.13 104.93 74,499.87 1.2 6.950 4,934.50 5.6 6.950% Due 03-15-29 1  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2025 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 100,000 PepsiCo, Inc. 102.38 102,381.28 93.30 93,303.40 1.5 2.625 2,625.00 4.4 2.625% Due 07-29-29 110,000 FedEx Corporation 100.07 110,079.66 93.56 102,910.72 1.7 3.100 3,410.00 4.8 3.100% Due 08-05-29 82,000 Amazon.com, Inc. 100.92 82,750.77 101.88 83,538.07 1.4 4.650 3,813.00 4.2 4.650% Due 12-01-29 70,000 Avnet, Inc. 96.53 67,572.64 98.82 69,175.68 1.1 5.500 3,850.00 5.8 5.500% Due 06-01-32 70,000 Arrow Electronics, Inc. 99.13 69,393.12 101.14 70,795.62 1.2 5.875 4,112.50 5.8 5.875% Due 04-10-34 Accrued Interest 8,771.16 0.1 1,164,326.11 1,128,293.90 18.3 44,805.50 4.8 COMMON STOCK 1,680 AT&T, Inc. 21.31 35,806.37 28.28 47,510.40 0.8 1.110 1,864.80 3.9 525 AbbVie, Inc. 66.58 34,953.92 209.52 109,998.00 1.8 6.560 3,444.00 3.1 710 Abbott Laboratories 39.36 27,945.60 132.65 94,181.50 1.5 2.360 1,675.60 1.8 300 Accenture Plc. 90.81 27,241.91 312.04 93,612.00 1.5 5.920 1,776.00 1.9 600 Akamai Technologies, 55.76 33,454.45 80.50 48,300.00 0.8 0.000 0.00 0.0 Inc. 380 Alphabet, Inc. Class C 125.26 47,597.47 156.23 59,367.40 1.0 0.800 304.00 0.5 435 American Electric 78.40 34,102.70 109.27 47,532.45 0.8 3.720 1,618.20 3.4 Power 295 Amgen, Inc. 114.33 33,727.26 311.55 91,907.25 1.5 9.520 2,808.40 3.1 250 Ansys, Inc. 75.67 18,918.48 316.56 79,140.00 1.3 0.000 0.00 0.0 560 Apple, Inc. 17.86 10,002.18 222.13 124,392.80 2.0 1.000 560.00 0.5 685 AptarGroup, Inc. 63.47 43,477.91 148.38 101,640.30 1.7 1.800 1,233.00 1.2 1,920 Arista Networks, Inc. 13.04 25,035.29 77.48 148,761.60 2.4 0.000 0.00 0.0 33 AutoZone, Inc. 516.09 17,031.09 3,812.78 125,821.74 2.0 0.000 0.00 0.0 1,350 BCE, Inc. 24.40 32,934.20 22.96 30,996.00 0.5 2.760 3,726.00 12.0 200 Becton, Dickinson & 111.11 22,222.05 229.06 45,812.00 0.7 4.160 832.00 1.8 Company 1,250 Broadcom, Inc. 23.90 29,878.15 167.43 209,287.50 3.4 2.360 2,950.00 1.4 225 Broadridge Financial 41.33 9,298.79 242.46 54,553.50 0.9 3.520 792.00 1.5 Solutions, Inc. 1,445 Cisco Systems, Inc. 19.70 28,470.99 61.71 89,170.95 1.4 1.640 2,369.80 2.7 1,400 Coca-Cola Company 30.98 43,374.60 71.62 100,268.00 1.6 2.040 2,856.00 2.8 865 ConocoPhillips 55.58 48,077.77 105.02 90,842.30 1.5 3.120 2,698.80 3.0 220 Deere & Co. 87.76 19,307.71 469.35 103,257.00 1.7 6.480 1,425.60 1.4 500 Disney, Walt Company 110.91 55,454.90 98.70 49,350.00 0.8 1.000 500.00 1.0 250 EOG Resources Inc 132.67 33,166.43 128.24 32,060.00 0.5 3.900 975.00 3.0 100 Eaton Corporation 320.42 32,042.23 271.83 27,183.00 0.4 4.160 416.00 1.5 600 Intel Corporation 20.53 12,320.72 22.71 13,626.00 0.2 0.000 0.00 0.0 320 JPMorgan Chase & 241.32 77,221.28 245.30 78,496.00 1.3 5.600 1,792.00 2.3 Company 560 Johnson & Johnson 64.70 36,229.62 165.84 92,870.40 1.5 4.960 2,777.60 3.0 365 Kimberly-Clark 107.07 39,079.82 142.22 51,910.30 0.8 5.040 1,839.60 3.5 Corporation 82 Kinsale Cap Group Inc. 449.60 36,866.92 486.71 39,910.22 0.6 0.680 55.76 0.1 335 Labcorp Holdings Inc. 108.13 36,221.93 232.74 77,967.90 1.3 2.880 964.80 1.2 450 Lincoln Electric 67.20 30,239.08 189.16 85,122.00 1.4 3.000 1,350.00 1.6 Holdings, Inc. 65 MSCI, Inc. 514.92 33,469.77 565.50 36,757.50 0.6 7.200 468.00 1.3 120 Mastercard, Inc. 295.65 35,477.92 548.12 65,774.40 1.1 3.040 364.80 0.6 640 Medtronic Plc. 77.60 49,662.77 89.86 57,510.40 0.9 2.800 1,792.00 3.1 755 Merck & Co., Inc. 49.00 36,994.17 89.76 67,768.80 1.1 3.240 2,446.20 3.6 420 Palo Alto Networks 63.13 26,514.23 170.64 71,668.80 1.2 0.000 0.00 0.0 2  MAI Capital Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2025 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 475 Pepsico, Inc. 93.75 44,533.57 149.94 71,221.50 1.2 5.420 2,574.50 3.6 630 Phillips 66 72.18 45,473.90 123.48 77,792.40 1.3 4.600 2,898.00 3.7 570 Procter & Gamble 59.42 33,868.04 170.42 97,139.40 1.6 4.020 2,291.40 2.4 Company 100 Quanta Services, Inc. 269.38 26,938.22 254.18 25,418.00 0.4 0.400 40.00 0.2 500 Revvity, Inc. 97.03 48,515.80 105.80 52,900.00 0.9 0.280 140.00 0.3 825 Roche Holding, Ltd. 43.72 36,069.41 41.15 33,948.75 0.6 0.850 701.25 2.1 ADR 330 Rockwell Automation, 165.23 54,524.36 258.38 85,265.40 1.4 5.240 1,729.20 2.0 Inc. 470 Texas Instruments, Inc. 58.53 27,511.42 179.70 84,459.00 1.4 5.440 2,556.80 3.0 710 Ventas, Inc. 73.52 52,195.91 68.76 48,819.60 0.8 1.920 1,363.20 2.8 355 Verisk Analytics, Inc. 81.80 29,039.45 297.62 105,655.10 1.7 1.800 639.00 0.6 500 Vertiv Holdings 19.01 9,504.95 72.20 36,100.00 0.6 0.150 75.00 0.2 Company 1,785 WalMart, Inc. 20.70 36,953.86 87.79 156,705.15 2.5 0.940 1,677.90 1.1 510 Waste Management, Inc. 42.21 21,525.65 231.51 118,070.10 1.9 3.300 1,683.00 1.4 500 Xylem, Inc. 64.30 32,148.43 119.46 59,730.00 1.0 1.600 800.00 1.3 252 Zscaler, Inc. 243.08 61,256.26 198.42 50,001.84 0.8 0.000 0.00 0.0 1,753,879.90 3,847,554.65 62.5 67,845.21 1.8 MUTUAL FUNDS 3,073.008 Dodge & Cox Intl Stk 44.72 137,413.58 54.73 168,185.73 2.7 1.120 3,441.77 2.0 2,861.818 Invesco Oppenheimer 38.91 111,348.76 39.02 111,668.14 1.8 0.090 257.56 0.2 Developing Mkts Cl Y 248,762.34 279,853.87 4.5 3,699.33 1.3 UNIT TRUSTS 2,059 FT Energy Income ETF 38.85 79,999.27 20.29 41,777.11 0.7 1.520 3,129.68 7.5 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 30.73 102,945.50 1.7 2.000 6,700.00 6.5 208,421.77 144,722.61 2.4 9,829.68 6.8 TOTAL PORTFOLIO 4,126,817.93 6,155,391.10 100.0 153,629.53 2.7 You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies. 3  MAI Capital Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-25 To 03-31-25 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 03-21-25 03-24-25 320 JPMorgan Chase & Company 241.32 77,221.28 03-14-25 03-19-25 82,000 Morgan Stanley Bank 100.00 82,000.00 4.150% Due 03-20-28 03-14-25 03-19-25 82,000 Safra National Bank of NY 100.00 82,000.00 4.150% Due 03-18-26 03-14-25 03-21-25 82,000 TBK Bank 100.00 82,000.00 4.250% Due 09-22-25 01-24-25 01-27-25 77,000 US Treasury Bill 97.96 75,426.67 0.000% Due 07-24-25 398,647.95 REINVESTED DIVIDENDS 01-15-25 01-15-25 793.48 Schwab Govt Money Fund Investor 1.00 793.48 Shares 02-18-25 02-18-25 1,756.82 Schwab Govt Money Fund Investor 1.00 1,756.82 Shares 03-17-25 03-17-25 1,301.11 Schwab Govt Money Fund Investor 1.00 1,301.11 Shares 3,851.41 SALES 03-18-25 03-19-25 257 Bunge Global SA 74.70 19,163.80 03-18-25 03-19-25 128 Bunge Global SA 74.70 9,596.10 01-27-25 01-28-25 63,000.00 Schwab Govt Money Fund Investor 1.00 63,000.00 Shares 01-29-25 01-30-25 8,000.00 Schwab Govt Money Fund Investor 1.00 8,000.00 Shares 03-14-25 03-17-25 170,000.00 Schwab Govt Money Fund Investor 1.00 170,000.00 Shares 03-21-25 03-24-25 40,000.00 Schwab Govt Money Fund Investor 1.00 40,000.00 Shares 03-24-25 03-25-25 3,500.00 Schwab Govt Money Fund Investor 1.00 3,500.00 Shares 01-29-25 01-29-25 53,000 Wells Fargo Bank NT SD 100.00 53,000.00 4.800% Due 01-29-25 366,259.90  MAI Capital Management REALIZED GAINS AND LOSSES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-25 Through 03-31-25 Gain Or Loss Open Close Cost Amort. or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term 01-27-25 63,000.00 Schwab Govt Money Fund 63,000.00 63,000.00 0.00* Investor Shares 01-25-24 01-29-25 53,000 Wells Fargo Bank NT SD 53,000.00 0.00 53,000.00 0.00 4.800% Due 01-29-25 01-29-25 8,000.00 Schwab Govt Money Fund 8,000.00 8,000.00 0.00* Investor Shares 03-14-25 170,000.00 Schwab Govt Money Fund 170,000.00 170,000.00 0.00* Investor Shares 09-25-14 03-18-25 257 Bunge Global SA 21,693.84 19,163.80 -2,530.04 09-25-14 03-18-25 128 Bunge Global SA 10,862.98 9,596.10 -1,266.88 03-21-25 40,000.00 Schwab Govt Money Fund 40,000.00 40,000.00 0.00* Investor Shares 03-24-25 3,500.00 Schwab Govt Money Fund 3,500.00 3,500.00 0.00* Investor Shares TOTAL GAINS 0.00 0.00 TOTAL LOSSES 0.00 -3,796.92 370,056.82 0.00 366,259.90 0.00 -3,796.92 TOTAL REALIZED GAIN/LOSS -3,796.92 NO CAPITAL GAINS DISTRIBUTIONS An '*' denotes an average cost transaction.  MAI Capital Management PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 March 31, 2025 PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO Market Pct. Value Assets Yield Cash & Equivalents 5,664.87 0.1 0.1 Portfolio Value on 12-31-24 6,163,053.81 Money Market 224,851.23 3.7 4.1 Accrued Interest 16,503.50 Account Fixed 1,755,689.37 28.5 4.7 Net Additions/Withdrawals -7,958.62 Income Account Equities 4,169,185.63 67.7 1.8 Realized Gains -1,190.00 Account 0.00 0.0 - Unrealized Gains -51,089.29 Commodities Income Received 40,892.49 Change in Accrued Interest -4,820.80 Portfolio Value on 03-31-25 6,143,708.40 Accrued Interest 11,682.70 Total 6,155,391.10 100.0 2.7 6,155,391.10 TIME WEIGHTED RETURN Annualized Year Last 12 Inception To Date Months To Date Account -0.27 5.88 6.43 40% Fixed Income/60% -1.59 7.35 8.29 Equity Blended Index Account Fixed Income 1.56 5.49 2.31 Barclays Capital Intermed 2.42 5.65 1.90 Govt/Credit Account Equities -1.07 6.11 9.04 S&P 500 -4.27 8.25 12.30  April 10, 2025 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 113 West Mountain Fayetteville, AR 72701 MAI Capital Management STATEMENT OF MANAGEMENT FEES For The Period January 1 through March 31, 2025 Portfolio Valuation with Accrued Interest as of 03-31-25 6,155,391 6,155,391 @ 0.5000% per annum 7,694 Quarterly Management Fee 7,694 TOTAL DUE AND PAYABLE 7,694 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. MAI Capital Management IMPORTANT DISCLOSURES  Police Pension Fund Revenue Expense Summary 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Revenues: Employee Contributions $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Employer Contributions $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - State Insurance Tax $ 222,217.93 $ 163,826.78 $ 155,047.43 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57 $ 160,680.88 Local Millage (.4 mills) $ 959,182.71 $ 814,173.15 $ 751,097.07 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74 $ 539,827.30 10% City Fines and Forfeitures $ 126,747.98 $ 103,277.68 $ 107,376.50 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98 $ 124,486.54 Sale of Confiscated Goods $ 12,162.55 $ 2,930.95 $ 14,980.96 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56 $ 4,068.81 Interest and Dividends $ 152,009.40 $ 139,845.75 $ 128,457.59 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88 $ 175,768.80 Gain (Loss) on Sales $ 117,152.74 $ 60,125.51 $ 87,676.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71) $ 122,582.56 Police Supplement $ 29,600.00 $ 30,700.00 $ 30,700.00 $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00 $ 35,100.00 Future Supplement $ 83,633.88 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 Misc Revenue $ 1,100.00 $ - $ - $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ - $ 2.00 Total Revenue $ 1,703,807.19 $ 1,396,473.97 $ 1,354,939.52 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02 $ 1,205,806.89 Expenditures Regular Monthly Benefits $ 1,293,756.32 $ 1,358,104.92 $ 1,358,304.92 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21 $ 1,494,905.12 Police Supplement $ 19,150.00 $ 19,800.00 $ 19,800.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00 $ 23,250.00 Future Supplement $ 81,099.52 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 Investment Manager Fees $ 29,342.00 $ 27,429.00 $ 29,156.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01 $ 33,743.02 Other Expenses: $ - $ - $ - $ - $ - $ - $ - $ - $ - Office Supplies/printing $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 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 $ 3,500.00 Professional Services $ - $ - $ - $ - $ - $ - $ - $ - $ 1,160.00 $ - Legal Fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Bank Fees $ 20.16 $ 32.10 $ 288.94 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99 $ 43.39 Total Expenses $ 1,426,868.00 $ 1,490,460.17 $ 1,490,653.78 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21 $ 1,598,731.53 Net Income (Loss) Before Market Adj *** $ 276,939.19 $ (93,986.20) $ (135,714.26) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19) $ (392,924.64) Market Adjustment** $ 345,094.63 $ 484,445.91 $ (771,933.87) $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99 $ (491,233.44) Net Income (Loss) $ 622,033.82 $ 390,459.71 $ (907,648.13) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20) $ (884,158.08) Book Value Total Reserve Assets * $ 4,766,207.05 $ 4,436,885.81 $ 4,503,800.67 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 $ 6,249,168.46 Market Value Total Reserve Assets * $ 6,163,053.82 $ 5,835,520.73 $ 5,434,371.02 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 $ 6,134,675.67 *Assets less any liabilities ** Market Value calculated at year end *** 4/11/2025  Police Pension Fund Revenue Expense Summary 3/31/2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Revenues: Employee Contributions 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - Employer Contributions 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - State Insurance Tax 0.00 $ 222,217.93 $ 163,826.78 $ 155,047.43 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57 Local Millage (.4 mills) 3,960.78 $ 959,182.71 $ 814,173.15 $ 751,097.07 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74 10% City Fines and Forfeitures 32,525.43 $ 126,747.98 $ 103,277.68 $ 107,376.50 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98 Sale of Confiscated Goods (851.84) $ 12,162.55 $ 2,930.95 $ 14,980.96 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56 Interest and Dividends 37,509.44 $ 152,009.40 $ 139,845.75 $ 128,457.59 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88 Gain (Loss) on Sales (3,785.92) $ 117,152.74 $ 60,125.51 $ 87,676.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71) Police Supplement 9,300.00 $ 20,300.00 $ 30,700.00 $ 30,700.00 $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00 Future Supplement 0.00 $ 83,633.88 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 Misc Revenue 0.00 $ 1,100.00 $ - $ - $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ - Total Revenue $ 78,657.89 $ 1,694,507.19 $ 1,396,473.97 $ 1,354,939.52 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02 Expenditures Regular Monthly Benefits 313,421.76 $ 1,293,756.32 $ 1,358,104.92 $ 1,358,304.92 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21 Police Supplement 4,650.00 $ 19,150.00 $ 19,800.00 $ 19,800.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00 Future Supplement 0.00 $ 81,099.52 $ 81,594.15 $ 79,603.92 $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 Investment Manager Fees 7,724.00 $ 29,342.00 $ 27,429.00 $ 29,156.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01 Other Expenses: 0.00 $ - $ - $ - $ - $ - $ - $ - $ - Office Supplies/printing 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - Audit Fees 0.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 Professional Services 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,160.00 Legal Fees 0.00 $ - $ - $ - $ - $ - $ - $ - $ - $ - Bank Fees 0.00 $ 20.16 $ 32.10 $ 288.94 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99 Total Expenses $ 325,795.76 $ 1,426,868.00 $ 1,490,460.17 $ 1,490,653.78 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21 Net Income (Loss) Before Market Adj *** $ (247,137.87) $ 267,639.19 $ (93,986.20) $ (135,714.26) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19) Market Adjustment** 0.00 $ 345,094.63 $ 484,445.91 $ (771,933.87) $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99 Net Income (Loss) $ (247,137.87) $ 612,733.82 $ 390,459.71 $ (907,648.13) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20) Book Value Total Reserve Assets * 4,500,469.18 $ 4,766,207.05 $ 4,436,885.81 $ 4,503,800.67 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 Market Value Total Reserve Assets * 6,143,708.40 $ 6,163,053.82 $ 5,835,520.73 $ 5,434,371.02 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 *Assets less any liabilities ** Market Value calculated at year end *** 4/15/2025  Policemen’s Pension and Relief Fund Board of Trustees Minutes October 17, 2024 Page 1 of 3 Lioneld Jordan Chairman Ruston Cole Retired Position 2 Kara Paxton Treasurer John Brown Retired Position 3 Eldon Roberts Secretary Melvin Stanley Retired Position 4 Retired Position 1 Rick Hoyt Retired Position 5 Policemen’s Pension and Relief Fund Board of Trustees Meeting Minutes October 17, 2024 A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees was held on October 17, 2024, at 3:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Mayor Lioneld Jordan called the meeting to order. Board Members Present: John Brown, Ruston Cole, Eldon Roberts, Mayor Lioneld Jordan and City Clerk Treasurer Kara Paxton Staff and Others Present: City Attorney Kit Williams, and Chief Financial Officer Paul Becker. In addition, James Bell Kerry and Watkins Bradley with Garrison Financial were also present. Absent: Board Member Rick Hoyt and Melvin Stanley City Attorney Kit Williams provided verification that quorum had been met. Reports: Garrison Financial Report for June 30, 2024 & September 30, 2024: James Bell, Garrison Financial Representative began his report by referencing the data for the end of the 3rd quarter. The data reflected the portfolio balance of $6.18 million with 67% in equities. James explained his plan to ensure equities in the portfolio are reduced to meet the 60% equity policy. The 3rd quarter data also reflected the portfolio was up by 5.5% totaling an increase of 10.6% for the year. James also gave an overview of the current economy and interest rates. Board Member Eldon Roberts spoke about the mortality rate reducing the withdrawal rate of the pension funds. James Bell agreed with Board Member Roberts. James explained that 10 years ago $757,000 was being pulled from the pension funds yearly. The withdrawal rate has drastically reduced over the years. He provided 2023 as an example, explaining that only $277,000 was withdrawn to pay pension benefits. James also cited the fact that the withdrawal percentage rate has dropped from  Policemen’s Pension and Relief Fund Board of Trustees Minutes October 17, 2024 Page 2 of 3 12% to 4%. Garrison Financial has set a goal to keep the withdrawal rate around 5% in order to ensure the longevity of the portfolio. A brief discussion took place between James Bell and Chief Financial Officer Paul Becker regarding bond duration. James explained he would send an email to Kara Paxton, City Clerk Treasurer showing the average bond duration. Revenue & Expense Summary Report for June 30, 2024, and September 30, 2024: Documents created by the City’s Accounting Department and included in the agenda packet for the Board Members. Informational item only, no discussion. Unfinished Business: None New Business: Approval of the April 18, 2024, meeting minutes John Brown moved to approve the April 18, 2024, meeting minutes. Eldon Roberts seconded the motion. The motion passed 5-0. Ruston Cole, Eldon Roberts, John Brown, City Clerk Kara Paxton and Mayor Jordan voted yes. Rick Hoyt and Melvin Stanley were absent. Pension List Approval for the months of November 2024 – April 2025 Approval of the November 2024 – April 2025 Eldon Roberts moved to approve the November 2024 – April 2025 Pension Lists. Ruston Cole seconded the motion. The motion passed 5-0. Ruston Cole, Eldon Roberts, John Brown, City Clerk Kara Paxton and Mayor Jordan voted yes. Rick Hoyt and Melvin Stanley were absent. Announcement of the 2024 Election Results – Board of Trustees Kara Paxton, City Clerk Treasurer announced the 2024 Board of Trustees election results. Rick Hoyt will serve in Position 5 and Ruston Cole will serve in Position 2. The term period has been set as June 1, 2024 – May 31, 2026. Next Meeting Information April 17, 2025, at 3:00p.m. in City Hall  Policemen’s Pension and Relief Fund Board of Trustees Minutes October 17, 2024 Page 3 of 3 Note: All meetings are tentative and subject to change. The city meetings calendar is located at www.fayetteville-ar.gov . Paul Becker, Chief Financial Officer spoke and reminded the Board of Trustees of the increased communication he and City Clerk Treasurer Kara Paxton had been receiving from LOPFI about consolidation. Board Member Eldon Roberts asked about the yearly actuarial valuation the Board of Trustees received from PRB. He also explained past processes when it came to approving a pension increase. Due to the requirements set by PRB the pensioners are currently ineligible to approve an increase. Mr. Roberts felt it was time for the pensioners to receive an increase since they have continued to receive the same monthly amount for many years. Paul Becker explained that if the Board of Trustees were to move forward and approve an increase without the PRB’s approval, turnback funds could potentially be held and not paid to the City of Fayetteville. Kara Paxton, City Clerk Treasurer spoke about Mr. Becker’s earlier comments of increased communication from LOPFI. She explained that it would be in the best interest of the Board of Trustees to have a re-occurring discussion in April of each year to determine if the Board of Trustees wanted to consolidate. She also explained that LOPFI requests the minutes of the meetings and has asked that the topic of election results and consolidation be added to the agenda yearly. Once these topics are discussed, the information will be recorded within the minutes that will then be sent to LOPFI. Paul Becker agreed with Ms. Paxton’s recommendation. A brief discussion took place between Board Member Eldon Roberts, Kara Paxton, and City Attorney Kit Williams regarding the PRB determination requirement before an increase can be approved. The pensioners that serve on the Board of Trustees all agreed that they feel like it is time for a raise since it had been over 20 years since the last increase. The pensioners also stated they are not interested in consolidating at this point in time. Adjourn: 3:27 p.m.  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 1 of 23 Lioneld Jordan Chairman Ruston Cole Retired Position 2 Kara Paxton Treasurer John Brown Retired Position 3 Eldon Roberts Secretary Melvin Stanley Retired Position 4 Retired Position 1 Rick Hoyt Retired Position 5 Policemen’s Pension and Relief Fund Board of Trustees Meeting Minutes December 10, 2024 A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees was held on December 10, 2024, at 1:30 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Mayor Lioneld Jordan called the meeting to order. Board Members Present: John Brown, Ruston Cole, Eldon Roberts, Melvin Stanley, Mayor Lioneld Jordan and City Clerk Treasurer Kara Paxton Staff and Others Present: City Attorney Kit Williams, and Chief Financial Officer Paul Becker. In addition, James Bell and Kerry Bradley with Garrison Financial were also present. Absent: Board Member Rick Hoyt Reports: None Unfinished Business: None New Business: Approval of the MAI Capital Management, LLC Contract Due to system issues, the first few minutes of the meeting were not recorded. James Bell, “Should something happen to one of us or somewhere down the road? Should we retire that our business continues to operate service our clients and take care of them the way that we think they should be taken care of, and these people look  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 2 of 23 at the world the same way that we do. We're very much aligned as far as their values, their principles, the way they think about investing, taking care of their clients, giving back to their community. So we've found a partner that allows us to kind of solve both of those questions, takes off some of that regulatory burden, and lets them take care of that and make sure that our firm is here to continue working for you guys, as long as this board is in place and you will have us. So, all that said, nothing changes as far as the people who will be taking care of you, the investment management decisions, and who's making them, all of that stays in our office. So I think it's going to feel very seamless to you, as a board, that the people that you're dealing with and the people that are making the decisions about this portfolio remain unchanged. If anything, we have more resources at our disposal to make better decisions, get some better pricing on bond trades and some things like that. So we're very excited about the opportunity, and I think it positions us well to continue to serve you guys better than better than we have even in the past. But nothing changes as far as who's doing it and who's making the decisions about the portfolio. It's still right here in our office on Dixon Street, same phone number, same people. End of story there. So anything to add on that?” Kerry Bradley, “Yeah, I think to just point out the few changes that you that our clients will see going forward. MAI does not vote proxy statements. We have always voted proxy statements for the securities holdings in our portfolio. We will be giving that up. We've been telling clients that they will come to you. They can come to you electronically. You can vote them. You can call us. We'll be happy to tell you how we would have voted them, but they will not allow us to vote. They do not do that. And honestly, the regulatory burden on investment managers like us, for those who do vote proxies, has been up with new filings with the SEC and it's, it's, it's become very cumbersome and expensive to do so. So MAI does not vote proxy. So that's the main change. The only other change would be the way the fee is calculated, it's going to be the same fee structure and in arrears. But MAI, honestly, they do do it a little more industry standard, and then that they value that portfolio at the end of the quarter, rather than averaging it like we take month end this quarter will take month in September, October, November, December, and average that value. So certainly not a material change. Depending on how the markets do, it might be $1 or so more at the end of the quarter and an up quarter, or $1 or so less if the quarter happens to be, you know, the performance is if we go backwards a little bit. So again, nothing material. And honestly, that's much more industry standard to take the quarter in value. I couldn't tell you that we started doing the average, the average when I when I joined Garner, way back in 2000, so again, we've just kept it like that. But this certainly is much more industry standard. Our peers in the industry typically do it on quarter end value. So those are really the only two changes. The name will change, our emails will change, and certainly we'll send that out to the clients as soon as that all that happens, but the report, the reports we put together, might change in a few quarters. They do use a little different portfolio management system than we do, but we will still get those reports with the same kind of data that we feel is important to all our clients. They might look a little different this time next year.” Melvin Stanley, “What time frame are we looking at that we need to make these this decision.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 3 of 23 Kerry Bradley, “We're scheduled to close December 20. And I know that's kind of that's kind of early, that's kind of soon again, we did talk, reached out to Kit, I know you talked to Kara, and so again, I appreciate you guys calling a special meeting for this, and sorry to take up some of your afternoon, but we're scheduled to close December 20.” Kit Williams, “I think they wouldn't be able to handle anything until we've actually signed the contract, and that's why we needed a special meeting. So if you wanted to have continuity, you can approve at this meeting.” Kerry Bradley, “You can approve this meeting.” Melvin Stanley, “I am like Kara, I have only had 2 minutes to look at this.” Kerry Bradley, “I will tell you the biggest portion of that contract is their ADV part two, that's in there, right? That's the biggest part of it. That's what we as investment managers have to file with the SEC to do business, and we have to give that to each one of our clients when we take on a client. So that's the biggest part of it, the important, the important part of it is, to me, it's just very it's. Similar to our contract. If we've been telling our clients, if you decide you don't like us, you tell us, and we prorate the feet of that day. We're not locking anyone up or doing anything differently than we've done with our own contracts. Mai is a little larger. They do a few other things. They have a division that does financial planning, and they charge for that. We have always done that for our clients. Grab us, you know, just as a part of the investment management process. So there's a few other pages in that contract that that's that talk about different services that MAI offers that really aren't even relevant to our relationship with you guys.” James Bell, “That's what I was going to say. Just looking at this stack. Once you get to this the pages is client relationship summary, all of that is just, I want to say, boilerplate, but it's just static filings with the SEC. It's not part of the contract.” Paul Becker, “Well, I think I haven't had a real long time to look at it, our question is, within the contract, the contract exist? Is there an out cost?” Kerry Bradley, “You call us just like, just like our contract. Now you decide you want to do something different, you call us to that day, we will disengage your your account will stay as is at Schwab. Nothing changes. On that front, the accounts don't change. Numbers don't change. And again, it is just like our contract. You decide you you want to have a different manager, you tell us, we stop that day, prorate the fee to that day and that and then that's good. So again, to me, those that's the important part of the contract. We've seen some doozies in our day. So that's certainly the way we've always operated. And again, if we, if we have a client that decides they want to do something different, we're not, we're not going to penalize.” Eldon Roberts, “How long have you all known this is in the making, and then we don't find out back and how long have you? When did this start?” Kerry Bradley, “I would say we've been, we've been talking with them since probably August, dating, if you will, and getting to know them. And I feel like we've been through  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 4 of 23 an audit, and we've conducted an audit of them to know, you know, and then we, we signed the paperwork just late last month, actually. So again, it was kind of Thanksgiving, and so I know it's a very busy time of year, so maybe not the ideal timing to be getting all these things done. But yeah, we just, we just signed it a few weeks ago.” Eldon Roberts, “My next question is, did you merge with these people, or did you sell out to these people?” Kerry Bradley, “We are going to be shareholders in the new firm.” John Brown, “So who has control them?” Kerry Bradley, “No, no, no, that. Well, they have control of the firm. I don't, we won't have any saying as to, like, how they, you know, spend money up at the corporate office, but we have say over our clients and how that money is managed.” Eldon Roberts, “But if they have controlling interest, you don't either. If they have controlling it, have they got controlling interest? If this merges and this, this, yeah, withholding interest.” Kerry Bradley, “Actually, it's Galway, it's an it's an insurance company. I think that has about 60%.” Eldon Roberts, “Scares me. We're not necessarily a board that likes bigger. We've dealt with bigger as in Merrill Lynch, AG Edwards, Morgan Stanley, and we've never come out very well. We've come out really good, yeah, dealing with local people, but now we're getting unlocal.” Kerry Bradley, “Well, I mean, and again, I would say we're still local, that we're not we're not going anywhere.” Eldon Roberts, “I understand you're still local, as in right here, but is in business, and what you're going to be allowed to do, since this is going to be your boss, scares me.” Kerry Bradley, “Well yeah, the fees will not change again.” John Brown, “But if they decided to later on, you wouldn't have any control over saying other than you could strongly suggest, please don't be doing this to our clients.” Kerry Bradley, “Well, I guess that's that's probably true. They've been around for more than 50 years, and we've talked to many people that work with them, and we've, I mean, again, that was part of our due diligence process. No one that has joined them has has had any complaints about how they take care of their clients. It's all been the same. And there's another firm in Little Rock that joined them a few years ago, and honestly, that's one of the reasons we certainly went down this path. They're super, super nice folks, and again, treat their clients well, and I have mutual friends with Steve and Jason. And  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 5 of 23 again, I I respect them and their business and they, we have been assured that there's nothing will change as far as how we service the client.” Kit Williams, “If something, in fact, did change, like an increase in fees. Now, at that point, this board can say no we aren't going to pay those increased fees.” Kerry Bradley, “Or they you know, or if they fire James or me, you know again. I mean, we certainly wouldn't be sitting here and doing what we're doing if we, if we felt any of those things were in question, because that. That's one of the biggest things we do want. We want to be able to continue to run our business like we have been the last 25 years, and that those are assurances that we have gotten from them.” Ruston Cole, “How large is this?” Kerry Bradley, “MAI?” Ruston Cole, “Yes.” Kerry Bradley, “Well, they manage. I think the last I was told was about $29 billion so that they have, they have smaller folks like us all over the country that have joined the mothership there in Cleveland. So there are, there are, there are several folks like just like James and I all over the country in different cities and towns.” James Bell, “I'm sorry. I would just reiterate this is a contract with them. They can't unilaterally raise your fees or make any changes that you just have to accept.” Ruston Cole, “My concern is, and I would think some others would be, everything might be roses for six months, and then we get the hammer down, you know, and I understand it's, it's, we can do what we want, but right now, in such short notice, I think that me for one, because I am a slow reader, and sometimes it takes time to comprehend legally, When none of us are trained in and I just feel like we're getting pinched right now.” Kerry Bradley, “We certainly don't want you to feel like that.” Ruston Cole, “And don't get me wrong, I really appreciate the way you've handled this, but this is, well, we're all men who have had to go to things not knowing what we were going into, and we kind of had to figure out when we went along. And, you know, sometimes that gets tiring.” Kerry Bradley, “certainly don't want you guys to feel like that. We want to give you the time you need to think about this.” Ruston Cole, “My concern right now is we have been satisfied, pleased with the management y'all have provided. How are you different from these people? Or how are they different from you? What would the other $29 billion however many they represent what is their opinion?”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 6 of 23 Kerry Bradley, “They have several different folks like us, and again, there's a lot of different ways to skin a cat. So there are several managers that may just use ETFs or mutual funds. We buy stocks and bonds, individual stocks and bonds. Have we always done how we've always done it, how we will continue to do it? They have several folks on board with them, MAI that do it just like we do it. And we have talked to those people extensively. So again, as far as the again, I don't really know if I'm answering your question.” Ruston Cole, “I think you're answering with what you know, and I appreciate it.” James Bell, “I mean, they've just been very upfront about we, we're not looking to to partner with you and put you in a different box or change your mold. We're looking to identify advisors who do it the way we already like, like it done.” Ruston Cole, “And I suspect y'all since we've we've had a little bit of negative feedback. On a positive note, what would benefit our pension by staying? Will we see better days? Will it be the same? What can you say regarding the how is it this group of people has made for your investors?” Kerry Bradley, “To me to the biggest thing that I think for James and me personally, it's getting some of the things off our plate that really don't add value to our clients, the SEC filings, keeping up with the website. I mean, it's things that Glenn would take care of for us that honestly, I don't, I don't know how to change our website. You know, it's just things like that. I'm like, I don't really, I don't want to know. I don't, I don't care to know. Again, we can outsource that, but having the support up there to take care of things like that for us will certainly take some, take some of the, take some burden off us to honestly, just pay pay more time and attention to our portfolios and our and our clients. Again, we feel like we do that really well already. But again, there are some things that honestly, we have to do during the day that just aren't, aren't really fun or any help to our clients. They do have 37 CFAs in their organization, so we're CFAS as charter financial analyst. So what we're trying to do is look for good stocks and bonds. They have a lot more people that we can certainly talk to and help research and get ideas from. So I. I guess I will reserve judgment on where I think they're gonna if they help us, you know, I'll tell you that in a year, but I think they could again. There's only so much time in the day for us to research and look at securities. We've got a whole team of CFAs, and they have dedicated bond trader trading desks, and again, Glenn did most of that for us, but having two dedicated bond traders to go out and research bids, that takes a lot of our time to go get four or five competing bids on a bond we might buy for you guys, they have a team up there that can do that for us.” James Bell, “I think, given their size and volume, especially when it comes to bonds, they can probably get better pricing as well, because, you know.” Kerry Bradley, “They might be buying 20 million of them instead of 2 million.” Ruston Cole, “All right, so you're not familiar, or are you familiar? I guess would be less pointed with with their their past history, that what they've done in the previous fiscal years.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 7 of 23 Kerry Bradley, “Their performance?” Ruston Cole, “Right.” Kerry Bradley, “That's going to be all across the board, because, again, there are people like us all over that manage money different what you know, like they're they're not telling us to buy 2% of XYZ stock. They're not telling all their folks to do that. It's still up to us. So again, I guess that's there's no apples to apples.” Ruston Cole, “Please correct me if I'm wrong. So y'all can still manage locally.” Kerry Bradley, “We will still manage the portfolio. We're going to answer our phones. Our numbers aren't changing. Our office is not changing. James and I are going to be managing the portfolio and presenting to you just like we have been the last 10-12, years.” James Bell, “Absolutely, I would say, like that was a non-negotiable for us. We weren't even interested in going down the road with someone who said, you can no longer do what you do.” Kerry Bradley, “I mean, there that we've talked to said, look, oh, you've got to use these products, or you've got to use these, you know, you can buy these stocks that are coming from this outfit, and, you know, our research department in New York, like that's, that's not us. We're not going to operate like that. So again, I guess the performance of other managers at MAI, I don't know if that's super relevant, because, again, we're going to continue to manage the portfolio just like we always have. And by, you know, the stocks and bonds that we want to in the portfolio. Again, it'll just, it will be nice having a few more eyeballs looking for for good ideas, you know. So again, I think that and, and certainly they're much larger, you know, this, you guys probably won't see it on your end, but the service we get from like a Schwab, you know, will probably be a little better, because there's so much, so much larger.” Ruston Cole, “And another question, the ability to buy when you're in with this merger would go up?” Kerry Bradley, “The ability we invest?” Ruston Cole, “To invest. I'm sorry.” Kerry Bradley, “The ability to invest.” Ruston Cole, “In other words, if, if, if, however many businesses like you are merged with in a y'all can buy in mass, a lot cheaper?” Kerry Bradley, “Typically you can, if you're going out there on the street, especially, to buy bonds stocks, it's a really different story. You know, they're traded on, on listed exchanges. It's not, it's it's probably not an issue. But to get a big block of a bond, you  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 8 of 23 can get better pricing if you can go directly to to the dealers and get it so, so again, I do so the bond, I don't, I guess. I don't know for 100% sure, but it's not going to be worse. I know we can still buy them at Schwabs, like we do, or we can still buy them from the brokers we work with. I think it will open up, open up a vast array of other options for us to go find good bonds for our clients.” Ruston Cole, “Well, the last thing I'd like to say, and actually maybe even think of the question as I ask, is my concern, and I know you've touched upon it, is the fact that there is an outside agency, at least indirectly, indirectly involved, and me, as a person who represents the retired and their beneficiaries, my concern is there's not enough time to today to go through this and understand it, and I probably wouldn't understand it anyway, because if attorneys really talk the way they wrote things up, they would be outlawed themselves. I'm sure the fact that this is dropped today, and I know it's short notice, and I understand that constraint of time you guys are underneath, but we all have to answer to the people that we serve. We have to have answers that we are satisfied with, that we can explain, that those people, if they ask that we represent, they'll understand.” Kerry Bradley, “Absolutely, and we certainly understand that.” Ruston Cole, “Right.” Melvin Stanley, “So then what happens today, which I don't have to sign anything today, I saw something in here 13th, this merger was supposed to take place.” Kerry Bradley, “It was pushed back to the 20th from the 13th.” Melvin Stanley, “You said, by the 20th, what happens if we don't get this resolved?” Kerry Bradley, “Technically, the SEC will not let us manage your money if we're employees of MAI. If we're employees of MAI, so if we close the deal with MAI, we're at the SEC technically will not let us court over any clients to take care of until the contracts are signed. So I guess say we close on the 20th and you guys aren't comfortable signing it, we just have to delink you from Schwab. The account will still be out there, not actively being managed. But I guess I would tell you, there's not anything in your portfolio that I have the fear of going under in the next you know, six months for sure, two months then it if you were to, I guess you would have to go through the process, hire us back, and then we could link you back up and go through the process with the contract.” Paul Becker, “You remember, your assets are with Schwab. Okay? This contract allows them to give instructions to Schwab on what to do for trades. This contract is not signed at this point in time, those assets sit with Schwab in our current position. Correct?” Kerry Bradley, “Correct.” Paul Becker, “Correct?”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 9 of 23 Kerry Bradley, “Yep.” Paul Becker, “They will not be able to execute any transactions on your behalf or do anything. But those assets still remain with Schwab in our name. Excuse me, in the pension funds name.” Kerry Bradley, “I mean, they will be there. They're going to be titled the same. Again, one thing we do, we move money, occasionally, when you guys need it to for pension so again, we process that so we wouldn't be able to process that for you. We certainly could help you give you know, Kara could do it, or we could certainly help someone do we happy to help you guys facilitate all those on your own. If you want to do that, we're also happy to go over when you do have time any questions with this? Again, it is, it is kind of long. Most of it is kind of irrelevant to you, because it has to do with, you know, they have family, family office services. They offer some other services that, again, are not.” Eldon Roberts, “I so much wish this hadn't come up, but you all have a business to run, and you saw it in your you see it in your best interest to do what you're doing, and I cannot fault you for that, but in the same process that trickles down then to us, and I was quite comfortable, you all have provided us with a stellar performance. I've never argued differently, okay, but you were in charge at 100% to, of every move you made. And we were very comfortable with that, and it proved to work out for us both. But you can't tell me, and I don't think you have tried yet, too, you're going to be in charge 100% of your business. I don't think you can make me buy into that. I know, try as you may, try as you may. I don't think I could be sold.” Kerry Bradley, “I'm pretty sure we can get something from the president of MAI to say, sign something. I don't know. Again, I don't know. I don't again, I don't know if there's anything we can do to help get you comfortable with that.” Eldon Roberts, “There is nothing. There is nothing.” James Bell, “We're comfortable with it. We believe it.” Eldon Roberts, “I understand, you are not responsible to our beneficiaries as we are. We're the insulation between you and our people that we represent so that, like I told you, we've been big before, and we never come out pretty good. But anytime we've been with local people, you know, we have really done great. So I just, I've got some concern that I, along with with Melvin Stanley, I can't, I can't sign. I can't sign anything.” Mayor Jordan, “So y'all don't want to vote today, let's, let's put it where it is.” Ruston Cole, “Well I'm going to make sure we have the options that that I've, I've heard today, and if there's more or less, let me know. Number one, we signed today, and we leave.” Kerry Bradley, “Yes.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 10 of 23 Ruston Cole, “I've been writing all over this. Is this the one we sign in?” Kit Williams, “You would sign a clean copy. Okay, I finally had a chance. Lucas, I haven't seen this before today either. There's a couple things I'd like to call your host attention to, that that I don't particularly like, but probably is what we'll have to live with. This is a giant form contract. I imagine all of their people have to sign, and one of them is paragraph 12, which says MIA liability, indemnification, and it says we will indemnify it and hold them and all their affiliates and managers and employees, any and all losses in connection with MIA provision of services to the client here under unless it is ultimately determined by a court of competent jurisdiction and a non-appealable judgment, I guess, goes all the way to the Supreme Court before it becomes non- appealable anymore, or else have a term damage that such losses are a direct result in Act or remission taken or omitted by MIA during the terms of agreement, which constitutes a breach of fiduciary duty under applicable law, or fraud, gross negligence or willful misconduct, very high standards. I can tell you that from a law point, that's very high standards. Now that's probably going to be, you know, that's how they their lawyers protect them. One other thing I didn't like in here, it says if most things are going to have to have to be arbitrated, which we in the city don't agree to that, we don't agree to mandatory arbitration clauses, usually, but in this particular case, and this is not the city that's you, you probably don't have an option. You're going to have to agree to the arbitration clause. But then, when it talks about courts, if we're going to have a court, they say that, well, we'll have to go to Ohio, because that's what they say, is their court, and you can choose your venue and jurisdiction by contract. So our contracts say Arkansas, Washington County, but they're saying Ohio. And so those are three things I saw that I didn't particularly like it's probably stuff that can't be changed. I did look at termination, and termination seems to end everything at that point. I didn't see an explicit way how, normally you say how termination is to be accomplished. It just says written notice. Okay, so that's probably enough, and written notice means you terminate as of that date, anything you would still owe them in a way of fees would have to be paid, but there would be no new fees that would be generated. So termination is this very strong power to protect you all, and I think that's in here. I don't like the fact that jurisdictions in Ohio if we claim that we terminated. They say, Oh, no, you did. And then we have to go Ohio to prove that there's terminated correctly. But that, again, that's probably one of the things that MAI Capital Management, LLC is not going to change. So those are things I thought I should at least call to your attention that I've seen and like it's been a pretty cursory examination I've been reading this, but it's even for a lawyer, you have to watch all the all the words and all the different clauses and everything.” Eldon Roberts, “Because another lawyer has written it. None of those things existed when we were dealing with them in the matter that we are now.” James Bell, “I believe we had an arbitration clause.” Eldon Roberts, “We didn't have to go to Ohio.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 11 of 23 Kit Williams, “No, you didn't have to go to Ohio. Well, but on the other hand, the key thing is you've got people that have proven trustworthy here and worked for you for years. And this is a wealth management company that does have fiduciary duty to its clients, which you'd be one. And so they have that to protect in themselves too. They don't want to be found be fraudulent that can hurt future and current business. So I think that there are some protections worked into this, and even though there's some clauses I would rather not see. They're probably going to be in there most any contracts that you would sign for someone that's going to manage your portfolio.” Ruston Cole, “So that, clause is in to protect them?” Kit Williams, “Oh, yes.” Ruston Cole, “I totally, and I understand that, because that's what we're doing right now, trying to figure this out. So we sign it. The other option would be, we don't sign it and the account is suspended. It neither gains nor loses.” Kerry Bradley, “It's just static.” Kit Williams, “They can't do any more trades. We would have to then, or you all would have to, then be able to take enough money out of certain places to pay your pension benefits until you could get another manager. I really think that having an investment manager is a good thing. I think it's worth their fee to do that and handle all these other things for you. So if you didn't sign today and didn't sign in the future, then what you'd need to do is go through a search process and try to see if you can interview other people or get get applications from other people, and see who would want to manage you, and so that would be another option. The problem with that is that you're not going to have a very good, proven track record by somebody else on how they have dealt with pension plans with five to $6 million okay, that doesn't mean that you wouldn't get a good one, but you didn't, wouldn't have that prior record of performance.” Ruston Cole, “The final option we had today is just to sign if we like you, we love the new people, we keep them, and if we don't, we terminate. But we got to go to Ohio?” Kit Williams, “ No, no, no, yeah, if they said that's not a termination, which it would be a termination, we would draft up something that's clearly a termination, then that would be over. They don't want to fight unless there's something that, unless they're going to win. And so they wouldn't be fighting a termination in 99.9% of the cases, I'm sure, and we'll probably almost certainly not fight ours if we want to terminate them.” Kerry Bradley, “And we can certainly ask them how many they've had terminated or how many cases have gone to arbitration. I mean, we've, we've never, we've never, that's never happened in our whole career, as far as getting sideways with a client and getting having to go to arbitration with again.” Kit Williams, “That's just not good business for them.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 12 of 23 Kerry Bradley, “ And they've been around for 50 years. They've been in business for 50 years. It is a, it is a they've been around a long time, doing a long time, they wouldn't still be in business if they didn't treat clients and their people, right? I don't, I don't think and again, certainly happy to do whatever we can that would help you get comfortable with it. We certainly asked them about taking out the arbitration to go to Ohio. I don't think we would ever, I don't think that will ever come into play, honestly, but again, it's in there. So, we can ask.” Kit Williams, “Termination, I think, is a strong power that you have that set up here. I didn't see anything there said that you have to terminate, give them six months notice or anything like that. Just said termination.” Kerry Bradley, “Absolutely to the day.” Kit Williams, “Seems to me like it's going to be presumed to be ended, right then.” Kerry Bradley, “ It is.” Kit Williams, “And so it gives you a strong power that if you think that you're not being treated, right, I think you can end that contract quickly.” James Bell, “And again, that was a non-negotiable. We wouldn't be sitting here if it was any other way.” City Clerk Treasurer Kara Paxton, “I have a couple questions. So just to clarify what we talked about a minute ago, if this contract is not signed, and you all merge and you go on to MAI, as of the 20th you're no longer employees of Garrison Financial, the money sits there. It could drop or it could increase. It just stays invested in everything that its currently invested in.” Kerry Bradley, “We technically have to de link anyone that hasn't signed on the day before the closing, is what they've asked us to do. And so again, it doesn't change. It'll stay there at Schwab, but we will not be linked to it. We won't be able to help you with it, or trade or move money or any other things.” City Clerk Treasurer Kara Paxton, “My follow up question is, what type of assurances have you receive from MAI? I mean, will you be contract employees? Are you actual employees where you're getting a W2 are you self-employed where you're contracting?” Kerry Bradley, “We will be W2 employees, and we do have an employment contract, so that's part of the deal. They need us and want us to stay on. Obviously, our clients. I don't know how many clients would stay if James and I left them.” City Clerk Treasurer Kara Paxton, “How long on the contract that you have as employed before you have to renegotiate that?”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 13 of 23 Kerry Bradley, “It's two years. Yeah, and again, we don't plan on going anywhere. I've got one in eighth grade, maybe in 15 years, I'll be retiring. I don't know we'll see we're gonna be we're gonna be here doing this for a long time.” City Clerk Treasurer Kara Paxton, “I guess you know my number my number one concerns is leaving funds out there, not being managed. That that's my that's my fear, is you don't have anyone that can jump in right that minute and make changes if something is going south. But the other part is, you know, not having enough time, really, you know, investigate and looking. I guess my concern is not having enough time to research MAI and know what type of background that they have. Do they manage other type of pensions? I mean, there's lots of different states that have private pension plans that are a lot like this. You know, I believe, I think Texas has a teacher retirement one that also has to fall under the Windfall Elimination Provision for Social Security. So, you know, just understanding more of what they've managed and but it does give me, it does make me feel more comfortable knowing that your contract is for two years. I mean, unless they come in and buy out your contract, with which I don't see because they want they see that you've been working and you're bringing clients to them potentially.” Kerry Bradley, “It is in our contract they can, they can fire of us if we, if we don't perform, or if we, you know, if we do something wrong. But yes, I guess I'll just tell you right now, like James and I have never had anybody question our ethics or anything. And the 30 plus years we've been in the business.The other thing is, I mean, our clients are our clients because because of us. I mean, if they were to fire them, we our business might as well shut the doors. So that's just not going to happen. It's not in the cards.” City Clerk Treasurer Kara Paxton, “I think, you know, just thinking about the transitions that we're going through, and I first want to just say thank you to Mayor Jordan for his service to the pension and his service to the City of Fayetteville, for goodness, 16 plus years as mayor and as a council member, longer than that. And you know, even though you know we're going to be going through a transition period, you know now that he's moving on to, you know, his next step, you know, we're going to have an incoming Mayor that's going to be learning all of these things. And I guess what concerns me is when you know, when we do transfers and we, you know, make sure we have money into pension plans to pay those benefits. You know, there's this document that gets brought to you, and it's over $200,000 and you know, you have to sign it right then. I mean, I feel like I I can understand that a little bit more because I'm newer here than Mayor Jordan, and having that document ready to sign and needing to just sign it is very overwhelming, so knowing that we would have a financial manager that would continue to make sure that we can properly access those accounts, to make sure that we can get money to y'all. That's my number one concern. I do feel like this is too quick. I have to be honest, I appreciate y'all so much. Y'all are amazing. You know, when I first heard about it, I was on medical leave, and I thought, Oh, well, this. This sounds fairly easy, but the more I got into it, and the more research that I did, I was like, this is a huge change, so I want to lean towards what is, what keeps the pension the safest, and what keeps your benefits coming to you each month, because that's what you rely on to take care of your family and pay your bills, and just hearing what I'm  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 14 of 23 hearing now, knowing that that money and those investments wouldn't be no one would be managing them during the period of deciding to stay or deciding to go, and also the complicated process it sounds like we might possibly have in order to just move the money. To me, it sounds like it would be better to stay with the individuals that we know, just for the time period to see how that goes. That's what I would be leaning towards, even though this is so quick and it's happening so fast, I would hate to see something happen to the investments that were out there that were not being managed for some reason, and in that circumstance, that's what would happen.” Kerry Bradley, “I mean, I get, I could say, like, if you're if you aren't comfortable doing. It. Now, what could be done? Could we liquidate all the holdings in the portfolio and it not cost a whole lot of money? Probably we could money markets still paying about 440 I think it could set in money market be incredibly safe, liquid. You know, it's in short term fixed income, if, if you, or if we, if we could get you comfortable with this, if we, you know, maybe if you have, and I don't want you to have to call another special meeting to go over it, but certainly we're available to come back and answer any questions, or I'm happy to go back to MAI, and if you, if you want some assurances, you want me to see how many times they've gone to arbitration in Ohio, I'm happy to do that and get you that information again. One of the reasons we're here is we're we're very comfortable with them, and they seem like really great folks down to earth. They're not, you know, they don't wear $5,000 suits and cuff links. They're not the Wall Street types. They're just kind of down to earth Midwestern folks very again, we get along with them personally very well. And one thing that they just, you know, clients and their community, that's that's part of their that's part of their whole being. So again, I, I do think they treat their clients well. And again, we wouldn't be sitting here if we thought they were going to do anything, certainly, to change our business. Now, again, I can't give you a 1,000% guarantee that things aren't going to things will change for us internally, just logistically, kind of how we how we operate with our portfolio management system, things like that. But we certainly don't expect anything on the client end to look any different or feel any different at all, because we're still managing the money. We're still servicing the clients, we're still picking up the phones, you know, all the things. So again, we're happy to do whatever we can for you guys to make you comfortable. Again if you decide you don't want to, I'm happy to come over here and help you get online where you can move that money yourself. We can show you how to do all that on your own. Kara, again, we certainly want, we appreciate you guys, and all the years you've trusted us, and we want to make this as easy for you guys. We want to make you comfortable with it. We want to continue to work with you. And again, I guess I can tell you all day, I don't think anything will change, and we're going to be here taking care of it. We did this really. If we were to get hit by a bus, we have some backup support.” Eldon Roberts, “Let me see if I understood what you just said about Kara being able to move the money so we could get enough to pay our pensioners. That can be done if we still have a we're still in limbo here. Sure about what we're going to do.” Melvin Stanley, “Are you okay with that?”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 15 of 23 Kit Williams, “It would be more difficult. You'd have to figure out what is the right thing to sell to get the money, money market funds, is that the right thing to do or not. It is kind of a burden to put on someone that has not had a lot of experience with this stuff.” Ruston Cole, “That is going to add on to her plate if we do that.” City Clerk Treasurer Kara Paxton, “I want to be very honest and very clear. You know, my office is the primary one that you correspond with back and forth. However, you know, the individuals that are paying those benefits out each and every month, that's going to be the Accounting Department. So I don't have, nor have I ever had, direct access to the financial records, when it comes to that. I have access to the Schwab records. I have, you know, access to the quarterly reports. So, you know, in in that circumstance, I have to be very honest. No, I'm not comfortable doing that at all. I will. I will do everything that I can to take care of y'all and do everything that I can to make sure you're getting your benefits. However, I can't do that without proper knowledge or proper access.” Melvin Stanley, “So please say that that would be fairly simple to do?” Kerry Bradley, “An authorized agent on the account at Schwab can get online and process that money link that we have set up that's how we do it now? I mean it. It can be done. And again, I guess my apologies for you guys just seeing this today. It is a long document, so I guess I apologize that we maybe didn't do it quite the right way.” James Bell, “Well we started this ball rolling. It's been a while ago, but I think there was some research into who needs to vote on it? Who needs to approve it? How does it get supported? So that all took time, even though it was in process. So it was never our intention for you see this for the first time today?” Eldon Roberts, “Yeah, I'm getting forced to sign paperwork or our pensioners can't get paid.” Mayor Jordan, “Wait a minute. Okay. Now, before everybody gets their hair on fire, what we can do? We can wait another week, because that gets you within your time frame. That gives you, if we had a meeting, I'll call another meeting on Monday.” Melvin Stanley, “I'm out of town.” Mayor Jordan, “Well you need to get in town because this is your retirement.” Melvin Stanley, “It's been planned for six months.” Mayor Jordan, “Okay yeah, well, then you'll make a decision today what you want to do. I'm just going to give you time to read this document, if you don't want to do that, I'm out of here at the end of the month anyway. So that would give you about six days and over the weekend to look this document over, and that gets you within your time frame of hitting the 20th or we can set it up later than Monday. You can set it up next  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 16 of 23 Wednesday, sure, or something like that, as long as they have time. And then you can figure you've got a little time to think about it.” Kerry Bradley, “I mean, we've contacted 90 plus percent of our clients that have sent in. So I feel like what I told them, I said, we're not going to leave the police pensioners hanging. I'm not going to delink them with no help. If we have to push closing, we I can look at pushing closing, but again, if you decide you would like to hire another manager, I feel all investments will probably be fine. Now, again, there's a lot of things that can happen in the world that could make the market go sideways, but if you want it to be liquid and safe, you know we could help you put it in a T bill, if you want to put it out to bid for other folks. Again, we're here to help you, and we will do any anything we can to help you.” Melvin Stanley, “How long would that process take for us to put it out for bids to another money manager?” Paul Becker, “Well, you're going to put it out to bid, you're going to advertise. You're going to have to get together an RFP to do you put it out to advertise. You're probably talking, I'm gonna guess 90 days.” Melvin Stanley, “90 days.” Ruston Cole, “I have a suggestion to the men on the pension board for something open for discussion, if we sign today, everything trucks right along.” Kerry Bradley, “Right along.” Ruston Cole, “If we're dissatisfied at a later time with with the way things are going.” John Brown, “There's always that termination clause.” Ruston Cole, “Theres that termination clause but that would give us an adequate amount of time to advertise for a new one, while you still manage?” Kerry Bradley, “Absolutely, certainly help you with the transition process. If you, if you you know, wanted to go find someone else.” Ruston Cole, “My reasoning is this transition period for you guys and I'm sure it's being downplayed a little bit with what you would have to do. The reasoning, I'm suggesting we think about what I just said, If we sign today, if we're dissatisfied, we advertise, and in that same time period, our retirees are still getting the same.” City Clerk Treasurer Kara Paxton, “I have to be honest, I personally like that idea. And again, I want to support you all, and I want to make sure that your benefits are paid to you and your benefits are safe. And I've been here for five years, and we've always worked really well with, you know, Kerry and James, and Glenn, he was wonderful. So I mean, going through this transition period and knowing that you can write at any point that you want that termination, that you're ready to terminate, while keeping your  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 17 of 23 benefits safe and being monitored by someone, and the fact that they have a contract that says that they're going to be with MAI for two, at least two years, for their employment contract, barring any any severe issue. I think that's a wonderful idea. And, you know, and that gives you more time to say, hey, what else is out there?” Mayor Jordan, “I have a retirement meeting myself at 2:30.” Paul Becker, “If you want to make a motion about right now he can vote. Other than that, he's going to have to leave.” Ruston Cole, “I don't know if these men want to discuss it any.” Paul Becker, “Kara, do you have a quorum?” Mayor Jordan, “Yeah, they have a quorum if I leave.” Ruston Cole, “I mean, I've served with these men many years, and on the street, in every capacity I don't want to remember. And with the people on the collecting the pensions, the widows and men and women who served. And my reasoning is the best interest is to sign today, if we're not happy, fire later in the interim, you manage if we're dissatisfied, we'll put the advertisement out, see what comes up.” Kerry Bradley, “And I guess I don't want anybody to be forced to sign if you don't want to sign. So again, we're going to be here the next two weeks and can address any questions or give you any information you need, if that helps you get comfortable. I don't know. I mean again I feel again. I'm not sure.” Ruston Cole, “Well having people manage the account the way you have in the way the monthly pension has been distributed along with the historical record on file. I feel it's in the best interest of those drawing a pension. I think it's in the best interest to to represent the pensioners and and the board as a whole, to sign the document, but scrutinize it, and we can start doing that immediately. I don't know how you'd want it in the form of a motion. I think as far as we are concerned, monetarily, doing something like that could prohibit something unseen from happening in the next few days. I think when the new administration takes over, I'm talking about nationally, there will be things happen that that would be beneficial to have consistent management.” City Clerk Treasurer Kara Paxton, “Especially, if it's 90 days. That is a long time.” Melvin Stanley, “Quick meeting, Mayor? You said that you'd be willing to, I mean, I'm, I'm sorry I'm not signing anything today, but you said that you'd be willing for us to look this over and sometime?” Mayor Jordan, “Well okay, okay, we know that the deadline is the 20th. Yeah, right, yep, so you got from now until the 20th to read the document.” Melvin Stanley, “yep.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 18 of 23 Ruston Cole, “So do we need to decide on a day that we can reconvene?” Mayor Jordan, “Yes. I'll call another meeting.” Ruston Cole, “Don't be excited.” Kit Williams, “Let me read you the one sentence termination clause. This agreement will continue in effect until terminated by either party by providing prior written notice to the other signed by the terminating party. So termination at will is not a termination for cause. You don't have to prove anything. You just say it's terminated. That's right. It's one of pretty straightforward cause. I like that, I don't want to see a bunch of stuff with it to qualify it. So that's really pretty good protection for you, about as good as we're going to get.” Kerry Bradley, “That's exactly the way ours reads now. Which is the same.” Mayor Jordan, “So what did you all want to do? Kit Williams, “And the motion would be not for you all to sign, for the chairman and secretary to sign, but they'd have to have be authorized by this board.” Ruston Cole, “so they sign.” Kit Williams, “That's right. What only if they're authorized by majority vote? That's right.” Kerry Bradley, “There's, I mean, if there's anything we can do to, again, get you comfortable, I'm trying to just think through this, like, if we pick out, like, if we were to go through each section of the contract and again. I don't know if we can make it like a cliff notes version or not, but we can certainly try to, and again, to me, for ever since I've been in the business, the important part of the contract is, if you don't, if you decide you don't like us, you can tell us that day, and no harm, no foul, the account stays as is. That's always been the thing we point to in our contracts with any client, new client, old client. Its the way we have always operated.” Kit Williams, “What I was most interested in is your fees aren't changing” Kerry Bradley, “No sir.” Melvin Stanley, “And that is important. immediate termination if we as a board decide we don't want this anymore.” Kit Williams, “That's right, majority of the board to make that decision. And then at that point, then if you decide to terminate, we prepare a writing signed by the chairman and delivered to them, and at that point, upon delivery of that written termination, that contract would be terminated. You'd have to pay any fees up to that point, but nothing after.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 19 of 23 Melvin Stanley, “So, if we decide to get a different money manager that would give us an amount of time to hire somebody, and then, sad to say, terminate, you guys, because we don't want our money going to Ohio.” Kit Williams, “You don't have to have reason. You just terminate.” James Bell, “And in that event, we would, we would be absolutely helpful with whoever you do hire. We would make sure the transition goes smoothly. I'm hoping that doesn't happen, frankly, just because we care about you guys, and we've worked with you for so long, but if it were to come to that, no harm, no foul, we would make sure whoever takes over gets seamless and gets a transition.” Eldon Roberts, “Kara, whenever a draw is made on the pension plan monies to pay the pensioners. Is that not for a 90 day point of time do we not draw enough money out? I know the time the last three months.” Paul Becker, “We normally draw because we can do it easily. We just normally draw out the money we need for the next disbursement. We could always draw additional monies. We have enough on hand right now to last us a couple of months, probably. But we do that. We make the determination when we say we usually try to have enough for what Kristen is in the back. We usually try to have enough for about two months anyway to do that.” Mayor Jordan, “And I can tell you you don't want it just with nobody in charge of it. That would be a scary thing.” John Brown, “Well, that bothers me. Worse than anything, I think we owe it to all the beneficiaries of this pension to make sure that there is no interruption or no problems for them any way, shape or form, or take a risk of it, because it will hurt a lot of folks if they don't get their check. Okay. I mean, they are counting on that, and I, I personally, don't want to do anything that would jeopardize their monthly benefits.” Mayor Jordan, “But you but in this regard, yeah, you want to have somebody in charge, whether it's these folks or somebody else, and you got to have them ready to go. You can't wait 90 days to get somebody else in charge. And I agree with what Russ is saying. You've got to have somebody in charge of this. Because, I mean, certainly you don't want to put that, on, the city clerk, or me even, I'll just be a short time.” John Brown, “I heard Kerry talking about the possibility, you know, having to liquidate, yeah, to some to some degree, and things like that. And if we're doing that, then are we taking monies that could have been invested elsewhere and perhaps even helped our pension system. I mean, you're you're suspending so much stuff that your ability to continue to grow is going to start taking a hit.” Mayor Jordan, “But one thing I would you know, thing that bothers me too, is that I really haven't thoroughly read this thing. I hadn't scratch surface, and I usually like reading something before I vote on it.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 20 of 23 John Brown, “I agree. I would love to understand everything in that right now so I can make a much clearer decision.” Mayor Jordan, “Need to read it.” John Brown, “I would have to rely on someone like Kit to help me with this. But I don't know that we have that luxury okay to wait that long or dissect this, but we have that option. Like you said, the termination option. If this goes sideways on us for whatever reason, which I don't anticipate, it will, but if it did, we always have that to fall back on. So we have an out, yeah, if we need.” Mayor Jordan, “You can always fire them.” Eldon Roberts, “Then we run into this very same problem again.” Paul Becker, “I may have, I may have a suggestion for you. We could be, can't you tell me? Tell me how valid this may be. They, they could make a motion that the mayor and Kara say, sign it next Thursday, on that date or and have the opportunity, they would all have the opportunity to look at that, and if they had any good idea issues that they make this mistake, then we could come back and they would not sign the document. Is that a possibility?” City Clerk Treasurer Kara Paxton, “Well, I just want to say real quick before Kit responds to that is, you know, I would want to know, is it one person that has a problem with it that would prevent us from signing? Is that two? Is that three? Would that have to be a special meeting that's called? Would we be able to have quorum at that time? Because it's so close to Christmas. I think I love your idea, Paul, I think that's perfect. It's just those are the questions that come up in my mind. And it's just from past years that we've worked with city council, like during the pandemic, when we had a council member that wanted to call special meeting, is it one? Is it two? Is it three?” Kit Williams, “Well, obviously this board acts as a unitary policy, not one person, whether it be the mayor or the clerk, or, in our view, makes any decisions. You make a decision as one, right? Yeah, so and we're talking about something that needs to be done formally and correctly before we get something signed. So I think I would recommend what Russ has been talking about is to go ahead, get it signed. If there are problems in the future, we will terminate it promptly upon this board's not a single member, but this board's action, we would then terminate it promptly and move from there. But you know, we're dealing with, you know, a lot of money here, and so we need to make sure we cross every T and dot, every i. And so I don't want to have a complicated it might be approved, but kind of motion, I think it needs to be a motion to actually approve it. If you're not ready to do it yet, then schedule another meeting. But I would like to see a real clean motion to approve or to refuse to approve this contract.” Kerry Bradley, “Might help you guys, if either Kit or James and I go through the current contract that we have with you guys and point out the similarities or the differences, would that help you? Again, I know it's long, and again, if there's a cliff notes version, I certainly don't want to gloss over anything that's important. But again, I want you to be I  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 21 of 23 want you guys to be comfortable, and I want you to feel good about your decision. So if there's something we can do to help you get comfortable with at least a stop gap. If you you want to see how things go with us, and if it changes, certainly again, you can fire us anytime, any day you want to. You could have fired us the last dozen years.” Melvin Stanley, “That's what makes me comfortable. Yeah, with allowing signing this today. Again, as a quorum, would have to decide to fire, right?” Kit Williams, “That's right, it would still take a majority of the board to do that.” City Clerk Treasurer Kara Paxton, “You know, every so many years with any contract the city has. I mean, we have to go out and make sure that we're still receiving, you know, the best deal for the services that you know we're getting from that company. So you know, to me, to go on with this process and make sure that your pension benefits are safe and to make sure that there's individuals that are properly trained and also work in the industry on a daily basis that are watching that money makes sense to me. You know, not only that is I mean, even if we go out and we take a look at the differences between the Garrison Financial contract and the MAI contract comparing them. Would that mean the MAI would be willing to change anything, more than likely not, because this is what they've put forward.” Kerry Bradley, “This is their standard contract.” City Clerk Treasurer Kara Paxton, “So being able to compare the really, I mean, even though that's wonderful, thank you.” Kerry Bradley, “I. I'm happy to and again. Maybe it's more like, Okay, can I live with that difference versus what you're operating under now and again? If, if there's something in there, you would want us to go back to MAI, we're happy to go back to them and say, we want this changed, or they want this change.” Kit Williams, “Is probably the useless to do that.” Kerry Bradley, “It probably is. But I'm happy to ask, you don't get unless you ask, right? So happy to ask, right? Kit Williams, “Has anybody come to a conclusion here? Melvin Stanley, “Well, I think my conclusion Pension Board is that we sign today and to my fellow members right here. I would add that if we're not satisfied, we do have people who have managed our accounts for us, in our pitch and receivers. If we're not happy, we can advertise while y'all are still working for us. If we find a bigger solution or a better solution, we can let y'all go, and if we're happy with y'all, the way we've have been the past years. I make it as a motion.” Melvin Stanley, “I'll second it.”  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 22 of 23 Kit Williams, “We have a motion and a second to also authorize the mayor and Kara to sign the contracts.” Mayor Jordan, “Okay, Kara would you please call the roll.” Ruston Cole moved to approve the MAI Capital Mgmt. contract. Melvin Stanley seconded the motion. The motion passed 5-1. John Brown, Ruston Cole, Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Eldon Roberts voted no. Rick Hoyt was absent. Kit Williams, “Okay, so that motion passed where you have authorized the mayor and Kara to sign that contract, and that contractor, close of course, has that termination clause. If anything happens in the future that you want to end it, let us know, and it will be done. We'll have to call a special meeting or something. It has to be done by the meeting.” City Clerk Treasurer Kara Paxton, “And I just want to ask before we finish up the meeting, is, are you wanting to start the process now to go out there and look at other options?” Kit Williams, “That wasn't part of the motion.” City Clerk Treasurer Kara Paxton, “That wasn't part of the motion, that's correct. But is that something that you've decided you want to do now? And if so, that's something that we need to vote on today. Since we currently have quorum.” Paul Becker, “Okay, so takes you a lot of time. We're going to have to you're going to have to look at what the specs are.” Eldon Roberts, “Nothing is going to change in the interim, though, it's going to be business as usual. But that's good, so we'll go ahead and start this process.” Mayor Jordan,”There is a motion and a second. Kara, please call the roll.” Eldon Roberts moved to approve to begin the RFQ process. Melvin Stanley seconded the motion. The motion passed 2-2. Melvin Stanley and City Clerk Kara Paxton voted yes. John Brown and Eldon Roberts abstained. Ruston Cole and Mayor Jordan voted no. Rick Hoyt was absent. Mayor Jordan, “All right, I believe we're adjourned.” Next Meeting Information April 17, 2025, at 3:00 PM in City Hall  Policemen’s Pension and Relief Fund Board of Trustees Minutes December 10, 2024 Page 23 of 23 Note: All meetings are tentative and subject to change. The city meetings calendar is located at www.fayetteville-ar.gov . Adjourn: 2:42 PM POLICE PENSION FUND May 6800-9800 6800-9800 Month 5 Regular Mo 5335-00 5335-05 5 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 7,937.05 $ 50.00 $ 250.00 99820 BLACK, MILDRED $ 1,125.64 $ 5,628.20 $ 50.00 $ 250.00 99820 BRADLEY, GERALD $ 4,820.09 $ 24,100.45 $ 50.00 $ 250.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 14,300.85 $ 50.00 $ 250.00 99820 BROWN, JOHN $ 4,362.01 $ 21,810.05 $ 50.00 $ 250.00 99820 CARROLL,RONALD L $ 2,106.04 $ 10,530.20 $ 50.00 $ 250.00 99820 COLE, RUSTON $ 3,065.74 $ 15,328.70 $ 50.00 $ 250.00 99820 DUGGER,GARY $ 3,163.74 $ 15,818.70 $ 50.00 $ 250.00 99820 FOSTER, MARTHA $ 3,207.35 $ 16,036.75 $ 50.00 $ 250.00 99820 FRIEND, JERRY $ 1,970.42 $ 9,852.10 $ 50.00 $ 250.00 99820 HANNA, JANICE $ 1,368.59 $ 6,842.95 $ - $ - HANNA, MARK $ 1,368.59 $ 6,842.95 $ 50.00 $ 250.00 99820 HELDER, TIM $ 5,838.12 $ 29,190.60 $ 50.00 $ 250.00 99820 HOYT, RICK $ 7,460.01 $ 37,300.05 $ 50.00 $ 250.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,360.05 JOHNSON, FRANK $ 7,974.81 $ 39,874.05 $ 50.00 $ 250.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 12,277.50 $ 50.00 $ 250.00 99820 JONES, NORMA K. $ 3,300.45 $ 16,502.25 $ 50.00 $ 250.00 99820 JONES, MICHELE $ 1,182.26 $ 5,911.30 KILGORE, DONALD $ 2,046.48 $ 10,232.40 $ 50.00 $ 250.00 99820 MARTIN, CONNIE $ 3,692.85 $ 18,464.25 $ 50.00 $ 250.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 8,473.95 $ 50.00 $ 250.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 11,526.45 $ 50.00 $ 250.00 99820 MUNSON,ANGELA $ 4,198.15 $ 20,990.75 $ 50.00 $ 250.00 99820 MURPHY, MARGARET $ 405.75 $ 2,028.75 $ 50.00 $ 250.00 99820 PERDUE, LARRY $ 2,322.67 $ 11,613.35 $ 50.00 $ 250.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 7,625.35 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 8,006.85 $ 50.00 $ 250.00 99820 RICKMAN, LOREN $ 2,231.07 $ 11,155.35 $ 50.00 $ 250.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 8,346.85 $ 50.00 $ 250.00 99820 ROBERTS, ELDON $ 4,263.24 $ 21,316.20 $ 50.00 $ 250.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 2,935.45 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 16,080.65 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 2,214.45 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 7,793.40 $ 50.00 $ 250.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 7,793.40 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 24,400.35 $ 50.00 $ 250.00 99820 SURLES, VELMA $ 2,721.40 $ 13,607.00 $ 50.00 $ 250.00 TAYLOR, DENNIS $ 2,063.93 $ 10,319.65 $ 50.00 $ 250.00 99820 $ 104,473.92 $ 522,369.60 $ 1,550.00 $ 7,750.00 $ - POLICE PENSION FUND Jun 6800-9800 6800-9800 Month 6 Regular Mo 5335-00 5335-05 6 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 9,524.46 $ 50.00 $ 300.00 99820 BLACK, MILDRED $ 1,125.64 $ 6,753.84 $ 50.00 $ 300.00 99820 BRADLEY, GERALD $ 4,820.09 $ 28,920.54 $ 50.00 $ 300.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 17,161.02 $ 50.00 $ 300.00 99820 BROWN, JOHN $ 4,362.01 $ 26,172.06 $ 50.00 $ 300.00 99820 CARROLL,RONALD L $ 2,106.04 $ 12,636.24 $ 50.00 $ 300.00 99820 COLE, RUSTON $ 3,065.74 $ 18,394.44 $ 50.00 $ 300.00 99820 DUGGER,GARY $ 3,163.74 $ 18,982.44 $ 50.00 $ 300.00 99820 FOSTER, MARTHA $ 3,207.35 $ 19,244.10 $ 50.00 $ 300.00 99820 FRIEND, JERRY $ 1,970.42 $ 11,822.52 $ 50.00 $ 300.00 99820 HANNA, JANICE $ 1,368.59 $ 8,211.54 $ - $ - HANNA, MARK $ 1,368.59 $ 8,211.54 $ 50.00 $ 300.00 99820 HELDER, TIM $ 5,838.12 $ 35,028.72 $ 50.00 $ 300.00 99820 HOYT, RICK $ 7,460.01 $ 44,760.06 $ 50.00 $ 300.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,632.06 JOHNSON, FRANK $ 7,974.81 $ 47,848.86 $ 50.00 $ 300.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 14,733.00 $ 50.00 $ 300.00 99820 JONES, NORMA K. $ 3,300.45 $ 19,802.70 $ 50.00 $ 300.00 99820 JONES, MICHELE $ 1,182.26 $ 7,093.56 KILGORE, DONALD $ 2,046.48 $ 12,278.88 $ 50.00 $ 300.00 99820 MARTIN, CONNIE $ 3,692.85 $ 22,157.10 $ 50.00 $ 300.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 10,168.74 $ 50.00 $ 300.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 13,831.74 $ 50.00 $ 300.00 99820 MUNSON,ANGELA $ 4,198.15 $ 25,188.90 $ 50.00 $ 300.00 99820 MURPHY, MARGARET $ 405.75 $ 2,434.50 $ 50.00 $ 300.00 99820 PERDUE, LARRY $ 2,322.67 $ 13,936.02 $ 50.00 $ 300.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 9,150.42 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 9,608.22 $ 50.00 $ 300.00 99820 RICKMAN, LOREN $ 2,231.07 $ 13,386.42 $ 50.00 $ 300.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 10,016.22 $ 50.00 $ 300.00 99820 ROBERTS, ELDON $ 4,263.24 $ 25,579.44 $ 50.00 $ 300.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 3,522.54 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 19,296.78 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 2,657.34 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 9,352.08 $ 50.00 $ 300.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 9,352.08 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 29,280.42 $ 50.00 $ 300.00 99820 SURLES, VELMA $ 2,721.40 $ 16,328.40 $ 50.00 $ 300.00 TAYLOR, DENNIS $ 2,063.93 $ 12,383.58 $ 50.00 $ 300.00 99820 $ 104,473.92 $ 626,843.52 $ 1,550.00 $ 9,300.00 $ - POLICE PENSION FUND Jul 6800-9800 6800-9800 Month 7 Regular Mo 5335-00 5335-05 7 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 11,111.87 $ 50.00 $ 350.00 99820 BLACK, MILDRED $ 1,125.64 $ 7,879.48 $ 50.00 $ 350.00 99820 BRADLEY, GERALD $ 4,820.09 $ 33,740.63 $ 50.00 $ 350.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 20,021.19 $ 50.00 $ 350.00 99820 BROWN, JOHN $ 4,362.01 $ 30,534.07 $ 50.00 $ 350.00 99820 CARROLL,RONALD L $ 2,106.04 $ 14,742.28 $ 50.00 $ 350.00 99820 COLE, RUSTON $ 3,065.74 $ 21,460.18 $ 50.00 $ 350.00 99820 DUGGER,GARY $ 3,163.74 $ 22,146.18 $ 50.00 $ 350.00 99820 FOSTER, MARTHA $ 3,207.35 $ 22,451.45 $ 50.00 $ 350.00 99820 FRIEND, JERRY $ 1,970.42 $ 13,792.94 $ 50.00 $ 350.00 99820 HANNA, JANICE $ 1,368.59 $ 9,580.13 $ - $ - HANNA, MARK $ 1,368.59 $ 9,580.13 $ 50.00 $ 350.00 99820 HELDER, TIM $ 5,838.12 $ 40,866.84 $ 50.00 $ 350.00 99820 HOYT, RICK $ 7,460.01 $ 52,220.07 $ 50.00 $ 350.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 1,904.07 JOHNSON, FRANK $ 7,974.81 $ 55,823.67 $ 50.00 $ 350.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 17,188.50 $ 50.00 $ 350.00 99820 JONES, NORMA K. $ 3,300.45 $ 23,103.15 $ 50.00 $ 350.00 99820 JONES, MICHELE $ 1,182.26 $ 8,275.82 KILGORE, DONALD $ 2,046.48 $ 14,325.36 $ 50.00 $ 350.00 99820 MARTIN, CONNIE $ 3,692.85 $ 25,849.95 $ 50.00 $ 350.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 11,863.53 $ 50.00 $ 350.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 16,137.03 $ 50.00 $ 350.00 99820 MUNSON,ANGELA $ 4,198.15 $ 29,387.05 $ 50.00 $ 350.00 99820 MURPHY, MARGARET $ 405.75 $ 2,840.25 $ 50.00 $ 350.00 99820 PERDUE, LARRY $ 2,322.67 $ 16,258.69 $ 50.00 $ 350.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 10,675.49 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 11,209.59 $ 50.00 $ 350.00 99820 RICKMAN, LOREN $ 2,231.07 $ 15,617.49 $ 50.00 $ 350.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 11,685.59 $ 50.00 $ 350.00 99820 ROBERTS, ELDON $ 4,263.24 $ 29,842.68 $ 50.00 $ 350.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 4,109.63 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 22,512.91 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,100.23 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 10,910.76 $ 50.00 $ 350.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 10,910.76 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 34,160.49 $ 50.00 $ 350.00 99820 SURLES, VELMA $ 2,721.40 $ 19,049.80 $ 50.00 $ 350.00 TAYLOR, DENNIS $ 2,063.93 $ 14,447.51 $ 50.00 $ 350.00 99820 $ 104,473.92 $ 731,317.44 $ 1,550.00 $ 10,850.00 $ - POLICE PENSION FUND Aug 6800-9800 6800-9800 Month 8 Regular Mo 5335-00 5335-05 8 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 12,699.28 $ 50.00 $ 400.00 99820 BLACK, MILDRED $ 1,125.64 $ 9,005.12 $ 50.00 $ 400.00 99820 BRADLEY, GERALD $ 4,820.09 $ 38,560.72 $ 50.00 $ 400.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 22,881.36 $ 50.00 $ 400.00 99820 BROWN, JOHN $ 4,362.01 $ 34,896.08 $ 50.00 $ 400.00 99820 CARROLL,RONALD L $ 2,106.04 $ 16,848.32 $ 50.00 $ 400.00 99820 COLE, RUSTON $ 3,065.74 $ 24,525.92 $ 50.00 $ 400.00 99820 DUGGER,GARY $ 3,163.74 $ 25,309.92 $ 50.00 $ 400.00 99820 FOSTER, MARTHA $ 3,207.35 $ 25,658.80 $ 50.00 $ 400.00 99820 FRIEND, JERRY $ 1,970.42 $ 15,763.36 $ 50.00 $ 400.00 99820 HANNA, JANICE $ 1,368.59 $ 10,948.72 $ - $ - HANNA, MARK $ 1,368.59 $ 10,948.72 $ 50.00 $ 400.00 99820 HELDER, TIM $ 5,838.12 $ 46,704.96 $ 50.00 $ 400.00 99820 HOYT, RICK $ 7,460.01 $ 59,680.08 $ 50.00 $ 400.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,176.08 JOHNSON, FRANK $ 7,974.81 $ 63,798.48 $ 50.00 $ 400.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 19,644.00 $ 50.00 $ 400.00 99820 JONES, NORMA K. $ 3,300.45 $ 26,403.60 $ 50.00 $ 400.00 99820 JONES, MICHELE $ 1,182.26 $ 9,458.08 KILGORE, DONALD $ 2,046.48 $ 16,371.84 $ 50.00 $ 400.00 99820 MARTIN, CONNIE $ 3,692.85 $ 29,542.80 $ 50.00 $ 400.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 13,558.32 $ 50.00 $ 400.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 18,442.32 $ 50.00 $ 400.00 99820 MUNSON,ANGELA $ 4,198.15 $ 33,585.20 $ 50.00 $ 400.00 99820 MURPHY, MARGARET $ 405.75 $ 3,246.00 $ 50.00 $ 400.00 99820 PERDUE, LARRY $ 2,322.67 $ 18,581.36 $ 50.00 $ 400.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 12,200.56 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 12,810.96 $ 50.00 $ 400.00 99820 RICKMAN, LOREN $ 2,231.07 $ 17,848.56 $ 50.00 $ 400.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 13,354.96 $ 50.00 $ 400.00 99820 ROBERTS, ELDON $ 4,263.24 $ 34,105.92 $ 50.00 $ 400.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 4,696.72 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 25,729.04 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,543.12 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 12,469.44 $ 50.00 $ 400.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 12,469.44 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 39,040.56 $ 50.00 $ 400.00 99820 SURLES, VELMA $ 2,721.40 $ 21,771.20 $ 50.00 $ 400.00 TAYLOR, DENNIS $ 2,063.93 $ 16,511.44 $ 50.00 $ 400.00 99820 $ 104,473.92 $ 835,791.36 $ 1,550.00 $ 12,400.00 $ - POLICE PENSION FUND Sep 6800-9800 6800-9800 Month 9 Regular Mo 5335-00 5335-05 9 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 14,286.69 $ 50.00 $ 450.00 99820 BLACK, MILDRED $ 1,125.64 $ 10,130.76 $ 50.00 $ 450.00 99820 BRADLEY, GERALD $ 4,820.09 $ 43,380.81 $ 50.00 $ 450.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 25,741.53 $ 50.00 $ 450.00 99820 BROWN, JOHN $ 4,362.01 $ 39,258.09 $ 50.00 $ 450.00 99820 CARROLL,RONALD L $ 2,106.04 $ 18,954.36 $ 50.00 $ 450.00 99820 COLE, RUSTON $ 3,065.74 $ 27,591.66 $ 50.00 $ 450.00 99820 DUGGER,GARY $ 3,163.74 $ 28,473.66 $ 50.00 $ 450.00 99820 FOSTER, MARTHA $ 3,207.35 $ 28,866.15 $ 50.00 $ 450.00 99820 FRIEND, JERRY $ 1,970.42 $ 17,733.78 $ 50.00 $ 450.00 99820 HANNA, JANICE $ 1,368.59 $ 12,317.31 $ - $ - HANNA, MARK $ 1,368.59 $ 12,317.31 $ 50.00 $ 450.00 99820 HELDER, TIM $ 5,838.12 $ 52,543.08 $ 50.00 $ 450.00 99820 HOYT, RICK $ 7,460.01 $ 67,140.09 $ 50.00 $ 450.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,448.09 JOHNSON, FRANK $ 7,974.81 $ 71,773.29 $ 50.00 $ 450.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 22,099.50 $ 50.00 $ 450.00 99820 JONES, NORMA K. $ 3,300.45 $ 29,704.05 $ 50.00 $ 450.00 99820 JONES, MICHELE $ 1,182.26 $ 10,640.34 KILGORE, DONALD $ 2,046.48 $ 18,418.32 $ 50.00 $ 450.00 99820 MARTIN, CONNIE $ 3,692.85 $ 33,235.65 $ 50.00 $ 450.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 15,253.11 $ 50.00 $ 450.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 20,747.61 $ 50.00 $ 450.00 99820 MUNSON,ANGELA $ 4,198.15 $ 37,783.35 $ 50.00 $ 450.00 99820 MURPHY, MARGARET $ 405.75 $ 3,651.75 $ 50.00 $ 450.00 99820 PERDUE, LARRY $ 2,322.67 $ 20,904.03 $ 50.00 $ 450.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 13,725.63 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 14,412.33 $ 50.00 $ 450.00 99820 RICKMAN, LOREN $ 2,231.07 $ 20,079.63 $ 50.00 $ 450.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 15,024.33 $ 50.00 $ 450.00 99820 ROBERTS, ELDON $ 4,263.24 $ 38,369.16 $ 50.00 $ 450.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 5,283.81 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 28,945.17 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 3,986.01 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 14,028.12 $ 50.00 $ 450.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 14,028.12 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 43,920.63 $ 50.00 $ 450.00 99820 SURLES, VELMA $ 2,721.40 $ 24,492.60 $ 50.00 $ 450.00 TAYLOR, DENNIS $ 2,063.93 $ 18,575.37 $ 50.00 $ 450.00 99820 $ 104,473.92 $ 940,265.28 $ 1,550.00 $ 13,950.00 $ - POLICE PENSION FUND Oct 6800-9800 6800-9800 Month 10 Regular Mo 5335-00 5335-05 10 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 15,874.10 $ 50.00 $ 500.00 99820 BLACK, MILDRED $ 1,125.64 $ 11,256.40 $ 50.00 $ 500.00 99820 BRADLEY, GERALD $ 4,820.09 $ 48,200.90 $ 50.00 $ 500.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 28,601.70 $ 50.00 $ 500.00 99820 BROWN, JOHN $ 4,362.01 $ 43,620.10 $ 50.00 $ 500.00 99820 CARROLL,RONALD L $ 2,106.04 $ 21,060.40 $ 50.00 $ 500.00 99820 COLE, RUSTON $ 3,065.74 $ 30,657.40 $ 50.00 $ 500.00 99820 DUGGER,GARY $ 3,163.74 $ 31,637.40 $ 50.00 $ 500.00 99820 FOSTER, MARTHA $ 3,207.35 $ 32,073.50 $ 50.00 $ 500.00 99820 FRIEND, JERRY $ 1,970.42 $ 19,704.20 $ 50.00 $ 500.00 99820 HANNA, JANICE $ 1,368.59 $ 13,685.90 $ - $ - HANNA, MARK $ 1,368.59 $ 13,685.90 $ 50.00 $ 500.00 99820 HELDER, TIM $ 5,838.12 $ 58,381.20 $ 50.00 $ 500.00 99820 HOYT, RICK $ 7,460.01 $ 74,600.10 $ 50.00 $ 500.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 2,720.10 JOHNSON, FRANK $ 7,974.81 $ 79,748.10 $ 50.00 $ 500.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 24,555.00 $ 50.00 $ 500.00 99820 JONES, NORMA K. $ 3,300.45 $ 33,004.50 $ 50.00 $ 500.00 99820 JONES, MICHELE $ 1,182.26 $ 11,822.60 KILGORE, DONALD $ 2,046.48 $ 20,464.80 $ 50.00 $ 500.00 99820 MARTIN, CONNIE $ 3,692.85 $ 36,928.50 $ 50.00 $ 500.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 16,947.90 $ 50.00 $ 500.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 23,052.90 $ 50.00 $ 500.00 99820 MUNSON,ANGELA $ 4,198.15 $ 41,981.50 $ 50.00 $ 500.00 99820 MURPHY, MARGARET $ 405.75 $ 4,057.50 $ 50.00 $ 500.00 99820 PERDUE, LARRY $ 2,322.67 $ 23,226.70 $ 50.00 $ 500.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 15,250.70 $ - $ - PRESTON, NORMA J $ 1,601.37 $ 16,013.70 $ 50.00 $ 500.00 99820 RICKMAN, LOREN $ 2,231.07 $ 22,310.70 $ 50.00 $ 500.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 16,693.70 $ 50.00 $ 500.00 99820 ROBERTS, ELDON $ 4,263.24 $ 42,632.40 $ 50.00 $ 500.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 5,870.90 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 32,161.30 $ - ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 4,428.90 $ - SCHUSTER,JOHN H. $ 1,558.68 $ 15,586.80 $ 50.00 $ 500.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 15,586.80 $ - $ - STANLEY, MELVIN $ 4,880.07 $ 48,800.70 $ 50.00 $ 500.00 99820 SURLES, VELMA $ 2,721.40 $ 27,214.00 $ 50.00 $ 500.00 TAYLOR, DENNIS $ 2,063.93 $ 20,639.30 $ 50.00 $ 500.00 99820 $ 104,473.92 $ 1,044,739.20 $ 1,550.00 $ 15,500.00 $ - To: Fayetteville Local Police Pension Plan Board of Trustees and All Benefit Recipients From: Local Police and Fire Retirement System (LOPFI) Re: Consolidation of the Local Plan Date: 2025-Year Your Local Plan can legally assign its administration (consolidate) to LOPFI. Consolidation 1 means LOPFI serves as the administrator of the Local Plan. Legal benefits can only change if the municipality approves a benefit increase such as the addition of a three percent (3%) compound cost of living adjustment (COLA) for the Local Plan. As of January 1, 2025, LOPFI administers benefits and invests the assets for 255 consolidated Local Plans. One aspect that guides Local Plans to pursue consolidation is investment performance. Investment returns for your Local Plan and LOPFI for the following periods were: December 31, 2023 10-Year Return Fayetteville Local Police Plan 11.80% 5.66% LOPFI 15.90% 7.19% Achieving improved investment returns helps protect the benefits of all Local Plan participants, which makes safeguarding assets a prime responsibility of each person serving on the Local Plan board of trustees. These facts support consolidating your Local Plan. The initial step is to request an actuarial valuation2 to determine the first year’s employer contribution rate to fund Local Plan benefits. The valuation provides an employer contribution rate to implement a 3% compound COLA for the Local Plan and a rate without a COLA. The valuation fee is $850, and the check for this fee is to be payable to Gabriel, Roeder, Smith, & Co. and mailed to LOPFI. The valuation process takes about four (4) weeks to complete and will begin after the request and payment are received by LOPFI. LOPFI will send the completed valuation to the Local Plan along with guidance for the next steps to proceed with consolidation. Please contact Jen Sines or Lesley Weaver with questions about consolidation. 1 Consolidation is mandatory once a Local Plan has fewer than five members. “Member” does not include beneficiaries. Because mandatory consolidation stipulates that a Local Plan board of trustees may no longer exist, consolidation must begin without delay once there are fewer than five members. 2 LOPFI accepts consolidation valuation requests from April 1st through September 30th of each year.