At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 2nd day of March 2017, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0916 hours with board members Craig Joel, Kelly Simmons, Mark Coffman, Charlie Thomason, Phillip McClain and Vickie Haley. Attorney Bill Robinson was also present. Tommy Meeks was an excused absence.
Motion by Phillip McClain and seconded by Kelly Simmons to approve the minutes of the February 16, 2017 meeting. Motion carried unanimously.
Attorney Bill Robinson reported that he had not received an executed copy of the Group Health Insurance Agreement signed by the City representative. He will follow up with Valerie Malueg if it has not been received by Monday, March 6, 2017.
Motion by Mark Coffman and seconded by Phillip McClain to approve the following membership items:
REMOVE FROM THE ROLLS:
- Retired Police Sergeant Daniel Gray, Jr., effective 02/28/2017, passed away 02/22/2017 (2-411)
- Retired Fire Captain Kenneth Atkins, effective 02/28/2017, passed away 02/24/2017 (2-415)
ADD TO THE ROLLS:
- Juanita Gray, 100% Joint & Survivor of Retired Police Sergeant Daniel Gray, effective 03/01/2017 (2-411)
REFUND CONTRIBUTIONS:
- Former Police Officer David E. Campbell, terminated effective 02/16/2017, adjusted participation date of 01/31/2011 (2-413)
- Former Police Officer Ryan Vanderpool, terminated effective 03/01/2017, adjusted participation date of 06/06/2012 (2-413)
PAY DEATH BENEFITS:
- Juanita Gray, designated beneficiary of Daniel Gray, Jr.
- Eric Atkins, designated beneficiary of Kenneth Atkins
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
Interim Fund Administrator Katrina Abbott updated the Board on the status of engaging Chimicles & Tikellis, LLP as a second securities litigation monitor. Katrina Abbott also updated the Board regarding the removal of Section 2-169 from City Code that related to leave for job-related meetings. The City of Chattanooga removed all personnel related matters from City Code and created the Employee Information Guide (EIG). However, this topic does not appear to have been included in the new EIG. The Board requested Attorney Robinson and Katrina Abbott to review the matter further.
The Board discussed the recommendations received from Gerber Taylor to modify the redemption requests they originally proposed on November 3, 2016 in regards to lowering the Fund’s allocation to hedge funds. The Board decided not to accept the proposed modification and to continue with the redemption requests as originally approved.
Billy Pickens of Gerber Taylor Associates and Mary Nye, Ron Partain, and Mike Welker of AndCo Consulting appeared before the Board to make a final presentation for the RFP for Investment Consultant Services.
Motion by Phillip McClain and seconded by Charlie Thomason to adjourn at 1239 hours. Motion carried unanimously.
Notes: Received City Court Fees for January 2017 ($6,978.11)
Visitors Not Appearing Before the Board: Don Bickford and Michael Hart
Craig Joel Mark Coffman
President Secretary