At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 15th day of December 2016, 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, Kelly Simmons, Mark Coffman, Charlie Thomason, Tommy Meeks, and Vickie Haley. Attorney Bill Robinson was also present. Phillip McClain was an excuses absence.
Motion by Tommy Meeks and seconded by Charlie Thomason to approve the minutes of the November 17, 2016 meeting. Motion carried unanimously.
Motion by Charlie Thomason and seconded by Mark Coffman to approve the following membership items:
REMOVE FROM THE ROLLS:
- Retired Police Officer Bill W. Pomeroy, effective 12/31/2016, died 12/11/2016 (2-412)
ADD TO THE ROLLS:
- Master Patrol Officer Harold L. Diaz, retiring with 26 years of service, reduced to a 25 year pension and 15 month DROP, effective 12/01/2016, participation date of 08/24/1990 (2-411, 2-423)
- Fire Captain Tally Glover, Jr., retiring with 29 years of service, reduced to a 26 year pension and a 36 month DROP, adjusted for 100% J&S Pop-up Option (Sherry Glover), effective 12/01/2016, adjusted participation date of 04/23/1987 (2-411, 2-418, 2-422)
- Police Officer David A. Huggins, Jr., retiring with 25 years of service and 1 month DROP, adjusted for 10 Year Certain Option A (Rebecca Huggins), effective 12/01/2016, adjusted participation date of 10/11/2016 (2-411, 2-418, 2-423)
- Fire Lieutenant Kelly Schroyer, vesting with 10 years of service effective 10/07/2016, adjusted participation date of 04/20/2006. Benefit to commence effective 04/01/2027 (2-415)
- Police Sergeant Thomas G. Layne II, retiring with 25 years of service and 2 months DROP, effective 01/01/2017, adjusted participation date of 10/07/1991 (2-411, 2-423)
- Jewell F. Pomeroy, surviving spouse of Retired Police Officer Bill W. Pomeroy, effective 01/01/2017 (2-412)
REFUND CONTRIBUTIONS:
- Former Police Officer Daniel Beach, terminated effective 11/25/2016, participation date of 04/18/2014 (2-413)
- Former Police Officer Stephen Huckabee, terminated effective 11/21/2016, participation date of 06/10/2011(2-413)
- Former Firefighter Stephan N. Trent, terminated effective 06/06/2016, participation date of 09/05/2014 (2-413)
- Former Senior Firefighter Jamie L. Evers, terminated effective 09/06/2016, adjusted participation date of 05/15/2007(2-413)
- Former Police Officer Leroy Wright, Jr., terminated effective 06/01/2016, adjusted participation date of 05/15/2005 (2-415)
- Former Police Officer Lukasz Balazy, terminated effective 10/23/2015, participation date of 01/13/2014 (2-411)
PAY DEATH BENEFITS:
- Jewell Pomeroy, designated beneficiary of Bill W. Pomeroy (2-412)
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
Board President Craig Joel, Vickie Haley, and Frank Hamilton discussed the meeting that they had with CFO Daisy Madison regarding the Fund’s Assumed Rate of Return and Amortization Method.
The Board discussed postponing the final review of the RFP for Investment Consultant Services in light of Frank Hamilton’s letter notifying the Board of his retirement. Motion by Mark Coffman and seconded by Kelly Simmons to postpone rendering a final decision in the RFP for Investment Consultant Services until the Fund Administrator position has been filled. Motion carried unanimously.
The Board discussed the recommendations from Gerber Taylor in regards to reducing the Fund’s allocation to Hedge Funds. Motion by Mark Coffman and seconded by Tommy Meeks to approve the recommendations. Motion carried unanimously.
The Board recessed for an executive legal session at 1025 hours and reconvened at 1120 hours. Motion by Kelly Simmons and seconded by Charlie Thomason to acknowledge Fund Administrator Frank Hamilton’s retirement effective 12/25/2016. Motion carried unanimously. Motion by Mark Coffman and seconded by Tommy Meeks to appoint Deputy Administrator Katrina Abbott as the Interim Fund Administrator effective 12/25/2016. Motion carried unanimously. Personnel Committee is to convene as soon as possible.
Motion by Charlie Thomason and seconded by Mark Coffman to adjourn at 1125 hours. Motion carried unanimously.
Notes:
- The Fund was awarded the Public Pension Coordinating Council’s 2016 Public Pension Standards Award for Fund and Administration
- The 2016 appraisal of the Fund Office is $975,000
- The following graduated from the Police Academy and became members of the Plan on 12/02/2016
- New:
- William Belnitt, David Brelsford, Stevin Burton, Harold B. Cole, IV, Brandon Crowe, Benjamin B. Dessalines, Trevor Durham, Joseph Fagan, David T. Gerity, Corey Holloway, Keith L. Hooper, Dakota D. Layne, Tiffany L. Lentz, Jose Meneses, Jonah Odenthal, Kayla Panganiban, Anthony Pier, Matthew Robinson, Sarah A. Rogers, Zachary L. Smith, Veronica Thomas, Garrett Woody
- Returning:
- Jeremy Chad Yates (Former Sworn Fire – Not repaying previously refunded contributions)
- New:
- Received CGM Qualified Settlement ($31,225.80)
- Received CARTA Parking Fees for October ($4,870.00)
- Vernon Lane disability hearing scheduled for 12/21/2016 at 9 a.m.
Visitors Not Appearing Before the Board: Ron Boyd and Michael Hart
Craig Joel Mark Coffman
President Secretary