March 17, 2016 Minutes

At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 17th day of March 2016, President Craig Joel presided.  The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.

The meeting convened at 0908 hours with board members Craig Joel, Kelly Simmons, Phillip McClain, Charlie Thomason, Tommy Meeks, and Vickie Haley. Attorneys Bill Robinson and Cameron Hill were also present.

Motion by Phillip McClain and seconded by Kelly Simmons to approve the minutes of March 3, 2016 meeting. Motion carried unanimously.

Cameron Hill notified the Board that on 03/15/2016, the court issued Summary Judgement in favor of the Fund in the Dodd lawsuit. The Board thanked Mr. Hill and Mr. Robinson for their work on the case.

Luke Provenzano, relationship manager with Wells Fargo Bank appeared before the Board. Mr. Provenzano announced his retirement in July and introduced Laurie Adams, who will be the new relationship manager for the Fund.  The Board congratulated Mr. Provenzano and wished him well.

Jeffrey Williams, actuary with The Segal Company, presented a preliminary draft report on the anticipated Actuarially Determined Employer Contribution (“ADEC”) for FY2017, including scenarios that may increase the ADEC in the short-term and lessen the long-term liabilities on the Fund. The scenarios were included as a result of conversations that Less Lee reports having with City Council Members who have expressed an interest in increasing contributions to the Fund.  Mr. Williams will complete and present the actuarial valuation to the Board after he receives a finalized assets report from Energy and Minerals Group via Gerber Taylor Associates.  He anticipates providing the valuation at the April 21st meeting.

Vickie Haley left the meeting at 0939 hours.

The Board reviewed the bills received since the last meeting.

Tommy Meeks gave a report to the Board on his attendance at IFEBP’s Trustees Institute. Mr. Meeks received a certificate of attendance from IFEBP.

Motion by Phillip McClain and seconded by Charlie Thomason to adjourn at 1012 hours. Motion carried unanimously.

Notes:
  • Convergex Commission Recapture services credit for January received

Craig Joel                                           Mark Coffman

President                                           Secretary