At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 16th day of June 2016, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0913 hours with board members Craig Joel, Kelly Simmons, Mark Coffman, Phillip McClain, Charlie Thomason, Tommy Meeks, and Vickie Haley. Attorney Bill Robinson was also present.
Motion by Mark Coffman and seconded by Charlie Thomason to approve the minutes of May 5, 2016 meeting. Motion carried unanimously. There were no meetings held on May 19 and June 2 due to a lack of quorum.
Attorney Bill Robinson updated the Board on the status of the Frazier and Dodd lawsuits.
Motion by Mark Coffman and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Master Patrol Officer Albert Donald Chandler, effective May 31, 2016, died May 15, 2016 (2-411)
Retired Fire Captain Jack H. Babb, effective May 31, 2016, died May 26, 2016 (2-411)
Retired Fire Captain Danny L. Irvin, effective 06/30/2016, died 06/02/2016 (2-411)
ADD TO THE ROLLS:
Hilda H. Babb, surviving spouse of Jack H. Babb, effective June 1, 2016 (2-411)
Police Sergeant Douglas R. Stone, retiring with 30 years of service, reduced to 27-year pension rate and 36-month DROP, effective 07/01/2016, participation date of 06/06/1986, terminated 06/05/2016 (2-411, 2-422)
Police Captain Brian M. Cotter, retiring with 30 years of service, reduced to a 27-year pension rate and 36-month DROP, effective 07/01/2016, participation date of 06/06/1986, terminated 06/05/2016 (2-411, 2-422)
PAY DEATH BENEFITS:
Donna Griffin, designated beneficiary of Don Chandler (2-411)
Hilda H. Babb, designated beneficiary of Jack H. Babb (2-411)
Christina Irvin, designated beneficiary of Danny L. Irvin (2-411)
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
Frank Hamilton presented the proposed Fund Administrative Budget for fiscal year 2017. The Board reviewed and discussed the proposed budget. Mark Coffman asked to be able to review the budget until the next meeting and the other Directors agreed.
Craig Joel presented and discussed his written report from the NCPERS Trustees Education Seminar and the Annual Conference. Kelly Simmons and Phillip McClain stated that they would turn in their written reports at the next meeting. The Board discussed the Fund’s Educational Policy and the importance of education in fulfilling their fiduciary obligation to the Fund. The Board discussed and expressed concern over Less Lee’s lack of, and failure to obtain, relevant education related to investments, governmental retirement plans, or governmental accounting. President Joel stated that he will explore means of addressing the Board’s concerns and present those to Board members as soon as practical.
President Joel also informed the Board that the next presentation to Council is tentatively scheduled for July 26, 2016. Katrina Abbott informed the Board that we could have 2Q-2016 update from Gerber Taylor around July 20th.
Motion by Phillip McClain and seconded by Charlie Thomason to adjourn at 1024 hours. Motion carried unanimously.
