At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 18th day of February 2016, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0909 hours with board members Craig Joel, Kelly Simmons, Mark Coffman, Phillip McClain, Charlie Thomason, and Vickie Haley. Attorney Bill Robinson was also present.
Motion by Charlie Thomason and seconded by Phillip McClain to approve the minutes of February 4, 2016 meeting. Motion carried unanimously.
Bill Robinson updated the Board on the status of the Dodd lawsuit.
Motion by Mark Coffman and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Fire Battalion Chief Vance Edward Newell effective 02/29/2016, died 02/03/2016 (2-411)
Retired Fire Assistant Chief George E. Spencer effective 02/29/2016, died 02/08/2016 (2-411)
Retired Master Patrolman Thomas A. McDaniel effective 02/29/2016, died 02/15/2016 (2-412)
Barbara J. Griffith, surviving spouse of Retired Fire Captain Theodore Griffith, effective 02/29/2016, died 02/15/2016 (2-411)
ADD TO THE ROLLS:
Diane W. Newell, surviving spouse of retired Fire Battalion Chief Vance Edward Newell effective 3/1/2016 (2-411)
PAY DEATH BENEFITS:
Diane W. Newell, designated beneficiary of Vance Edward Newell (2-411)
Les Spencer, designated beneficiary of George E. Spencer (2-411)
Candrice Payne, designated beneficiary of Thomas A. McDaniel (2-412)
Motion carried unanimously.
The Board reviewed the bills received since the last meeting.
Retired Fire Captain Ron Boyd of the Retiree Advisory Committee presented the committee’s recommendations on adding retired Participants to the Board of Directors to the Board and audience.
The Board recessed at 0930 hours for a conference call with Wallace Johnson and Mark Hicks of Gerber Taylor Associates and Kojo McLennon of Gerber Taylor Management to discuss Gerber Taylor’s recommendation to make an allocation to Ascent Resources, LLC (Ascent), via a co-investment with Energy and Minerals Group. The Board also discussed a change in the fee structure for PRISA with Mr. Johnson. The Board reconvened at 1000 hours. Phillip McClain left the meeting at this time.
Motion by Mark Coffman and seconded by Kelly Simmons to adopt the recommendation of Gerber Taylor and allocate approximately $360,000 to the Ascent co-investment. Motion carried unanimously.
President Joel opened the floor to comments from the audience regarding the Retiree Advisory Committee recommendation. Among other comments that were made, Retired Fire Captains Darrell Burt and Bill Melhorn, Retired Police Sergeants Ralph Brown and Kirk Salter; Retired Police Officer Johnny Frazier; and Retired Police Captain Jon Bodkin expressed that they would like to see the recommendation to include allowing retirees to not only vote for retirees running for Board election, but active participants as well. Mr. Frazier cited his belief that voting retirees changed the outcome of two of the last four elections for active participants and does not want the retirees to lose their voting power. Bill Melhorn and Retired Police Sergeant Wayne Morris expressed support for replacing two current active Board seats with two retiree seats. Bill Melhorn and Jon Bodkin suggested that Mayoral and City Council appointees should be removed from the Board with Mr. Bodkin adding that survivors and beneficiaries should be allowed to run for a seat on the Board, but not Members who have not yet vested in the Pension Plan. Craig Joel, Kelly Simmons and Mark Coffman engaged in discussion with those appearing before the Board. President Joel stated that the Board will take the comments from the audience under advisement and will meet with the Retiree Advisory committee again, continuing discussions on this topic.
Motion by Mark Coffman and seconded by Charlie Thomason to adjourn at 1114 hours. Motion carried unanimously.
