At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 7th day of July 2016, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0905 hours with board members Craig Joel, Kelly Simmons, Mark Coffman, Charlie Thomason, Tommy Meeks, and Vickie Haley. Attorney Bill Robinson was also present.
Motion by Mark Coffman and seconded by Tommy Meeks to approve the minutes of the June 16, 2016 meeting. Motion carried unanimously.
Attorney Bill Robinson updated the Board on the status of the Frazier and Dodd lawsuits.
Police Officer Joseph Sabba appeared before the Board to submit his application for job related disability.
Motion by Mark Coffman and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Police Captain Marshall Allan Lutes, effective 06/30/2016, died 06/25/2016 (2-411)
ADD TO THE ROLLS:
Police Captain Kimberley Noorbergen, with 28 years of service, reduced to 25 year pension and 36 month DROP, effective 07/01/2016, terminated 06/30/2016, participation date of 05/06/1988 (2-411, 2-422)
Gerri Lutes, surviving spouse of Marshall Allan Lutes, effective 07/01/2016 (2-411)
PAY DEATH BENEFITS:
Gerri Lutes, designated beneficiary of Marshall Allan Lutes (2-411)
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
The Board reviewed and discussed the recommendation of the Personnel Committee. Motion by Tommy Meeks and seconded by Kelly Simmons to approve the recommendation and include it in the proposed Fund Administrative Budget for fiscal year 2017. Motion carried unanimously.
The Board reviewed and discussed the proposed Fund Administrative Budget for FY2017. Motion by Charlie Thomason and seconded by Mark Coffman to approve the Budget. Motion carried unanimously.
The Board conducted a conference call with Wallace Johnson and Mark Hicks of Gerber Taylor Associates regarding their recommendation to terminate the Fund’s relationship with Victory Capital. Mr. Johnson cited Victory’s long-term underperformance of the S&P and lack of confidence in Victory’s management to correct the underperformance, and stated that they are making this recommendation to all GTA clients. Mr. Johnson recommends dividing the proceeds from the sale of Victory between Vanguard Institutional Index Fund and I-Shares Russell Mid-Cap. The Board discussed the recommendation of Mr. Johnson. Motion by Tommy Meeks and seconded by Kelly Simmons to accept the recommendation of Gerber Taylor Associates. Motion carried unanimously.
Motion by Kelly Simmons and seconded by Vickie Haley to adjourn at 1003 hours. Motion carried unanimously.
Craig Joel Mark Coffman
President Secretary
