At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 17th day of September 2015, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0915 hours with board members Craig Joel, Mark Coffman, Kelly Simmons, Phillip McClain, Tommy Meeks, Charlie Thomason, and Less Lee. Attorney Bill Robinson was also present.
There was no quorum at the September 3, 2015 meeting and Board actions must be ratified by a majority of the Board of Directors.
Motion by Mark Coffman and seconded by Kelly Simmons to ratify approval of minutes from the August 20, 2015 and September 1, 2015 meetings. Motion carried unanimously.
Motion by Mark Coffman and seconded by Kelly Simmons to ratify approval of membership items.
Motion carried unanimously.
Motion by Less Lee and seconded by Mark Coffman to ratify approval of committees. Motion carried unanimously.
Motion by Charlie Thomason and seconded by Tommy Meeks to approve the minutes of September 3, 2015 meeting. Motion carried unanimously.
Motion by Mark Coffman and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Police Detective John C. Thatcher, III, effective 09/30/2015, died 09/03/2015 (2-410)
Retired Police Sergeant Frank Newson, effective 09/30/2015, died 09/09/2015 (2-411)
ADD TO THE ROLLS:
Debra Miller, surviving spouse of John C. Thatcher, III, effective 10/01/2015 (2-410)
Police Sergeant Robert L. Evans, with 28 years of service reduced to a 25 year pension rate and a 36 month DROP, effective 09/01/2015; participation date of 06/19/1987, termination date of 08/24/2015 (2-411 and 2-422). No J&S elected, Unmarried on effective date of retirement.
REFUND CONTRIBUTIONS:
Former Police Officer Justin M. Allen, terminated 09/10/2015, participation date of 02/17/2006 (2-413)
PAY DEATH BENEFITS:
Debra Miller, designated beneficiary of John C. Thatcher, III (2-410)
William E. Fain, designated beneficiary of Frank Newson (2-411)
Motion carried unanimously.
The Board reviewed the administrative expenditures and discussed FY2016 Administrative Budget.
The Board reviewed and discussed three finalists to act as Directed Trustee/Custodian of Assets: 1) Wells Fargo Bank; 2) US Bank; and 3) Regions Bank. Upon conclusion of discussion, motion by Less Lee and seconded by Phillip McClain to invite Wells Fargo and US Bank to make presentations before the Board.
Motion by Charlie Thomason and seconded by Tommy Meeks to adjourn at 0950 hours. Motion carried unanimously.
Notes:
Fund Staff has reviewed the results of the pension election and have found no discrepancies
Annual Directors Meeting to be held September 23-25, 2015
