At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 1st day of June 2017, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0906 hours with board members Craig Joel, Kelly Simmons, Tommy Meeks, Phillip McClain, Vickie Haley and Charlie Thomason. Attorney Bill Robinson was also present. Mark Coffman was an excused absence.
Motion by Tommy Meeks and seconded by Vickie Haley to approve the minutes of the May 18, 2017 meeting. Motion carried unanimously.
Attorney Bill Robinson presented the Board with the draft of the Qualified Domestic Relations Orders Policy to establish rules to determine what constitutes a “Qualified Domestic Relations Order.” Motion by Phillip McClain and seconded by Charlie Thomason to adopt the Qualified Domestic Relations Orders Policy. Motion carried. Kelly Simmons opposed.
Motion by Tommy Meeks and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
- Wilma Guinn, surviving spouse of Retired Police Captain Lewis N. Guinn Sr., effective 05/31/2017, died 05/26/2017 (2-411)
ADD TO THE ROLLS:
- Police Sergeant Jennifer Davis, retiring with 25 years of service and 4 months DROP, effective 06/01/2017, participation date of 01/24/1992 (2-411, 2-423)
REFUND CONTRIBUTIONS:
- Former Fire Staff Captain Kelvin Strickland, terminated effective 05/12/2017, adjusted participation date of 06/04/2000 (2-413 – elected not to remain vested)
- Former Police Officer Erik Smith, terminated effective 05/22/2017, adjusted participation date of 06/10/2014 (2-413)
- Former Police Officer Cristina Henderson, terminated effective 05/26/2017, adjusted participation date of 02/27/2009 (2-413)
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
Fund Administrator Katrina Abbott presented the Board with a proposed operating budget. It was noted that the budget is merely to provide an estimate of expenses throughout the year and is subject to change as different issues arise, as well as is subject to change with any pending personnel committee recommendations.
The Board recessed for an executive legal session at 0941. The Board reconvened at 1005.
Steve Roth of Dahab Associates presented the 1Q-2017 Investment Performance report to the Board. As of March 31, 2017, the Fund has returned 3.6 for the quarter and 11.6 for the trailing year. Dahab Associates recommends the following allocations with the pending hedge fund redemptions scheduled for July 1, 2017:
- $8M purchase of PIMCO All Asset Authority
- $4M purchase of Vanguard Large-Cap Index
- $4M purchase of Vanguard Mid-Cap Index
Motion by Phillip McClain ad seconded by Charlie Thomason to accept Dahab’s recommendations concerning the funds that will be received from the pending hedge fund redemption requests July 1, 2017. Motion carried unanimously.
Motion by Phillip McClain and seconded by Vickie Haley to adjourn at 1106 hours. Motion carried unanimously.
Notes: The Disability Hearing for Police Officer Charles G. Blankenship has been scheduled for June 15, 2017 at 11 a.m.
Visitors Not Appearing Before the Board: Michael Hart, Ron Boyd, Don Bickford
Craig Joel Kelly Simmons
President Vice President