At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 4th day of May 2017, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0912 hours with board members Craig Joel, Kelly Simmons, Mark Coffman and Charlie Thomason. Attorneys Bill Robinson and Cameron Hill were also present. Vickie Haley, Tommy Meeks, and Phillip McClain were excused absences.
Motion by Mark Coffman and seconded by Charlie Thomason to approve the minutes of the April 20, 2017 meeting. Motion carried unanimously.
Attorney Bill Robinson updated the Board on the status of the IRS determination. The IRS has requested additional information and/or clarification, which was to be expected. The deadline to respond is May 12, 2017, however the Board can request additional times if needed.
Motion by Mark Coffman and seconded by Kelly Simmons to approve the following membership items:
REMOVE FROM THE ROLLS:
- Retired Master Police Officer Donald Wayne Holdbrook, effective April 30, 2017, died April 20, 2017 (2-411)
- Retired Fire Captain John P. Eldridge, effective April 30, 2017, died April 28, 2017 (2-411)
ADD TO THE ROLLS:
- Juanita Eldridge, surviving spouse of Retired Fire Captain John P. Eldridge, effective May 1, 2017 (2-411)
PAY DEATH BENEFITS:
- Glenda Davis, designated beneficiary of Donald W. Holdbrook (2-411)
- Juanita Eldridge, designated beneficiary of John P. Eldridge (2-411)
Motion carried unanimously.
The Board reviewed the bills paid since the last meeting.
Attorney Bill Robinson discussed the Employment Agreement for Fund Administrator Katrina Abbott. Motion by Mark Coffman and seconded by Charlie Thomason to accept the Employment Agreement for Katrina Abbott as the Fund Administrator effective April 5, 2017. Motion carried unanimously. Motion by Mark Coffman and seconded by Charlie Thomason to adopt the Educational Assistance Plan to provide tax favored tuition assistance for Katrina Abbott to further her degree in accordance with her Employment Agreement. Motion carried unanimously.
Barry Bryant of Dahab Associates appeared before the Board to discuss the upcoming timeline and process of reviewing the investments as the Fund’s new Investment Consultant. Laurie Adams of Wells Fargo appeared before the Board to provide a quarterly update on the Fund’s activities and fees.
The Board recessed for an executive legal session at 0948.
Motion by Charlie Thomason and seconded by Mark Coffman to adjourn at 1042 hours. Motion carried unanimously.
Notes: Received City Court Fees for March 2017 ($7,938.81)
Visitors Not Appearing Before the Board: Michael Hart, Ron Boyd, Chris Willmore
Craig Joel Mark Coffman
President Secretary