At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 5th day of November 2015, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0910 hours with board members Craig Joel, Kelly Simmons, Phillip McClain, Charlie Thomason, and Less Lee. Vickie Haley attended the meeting as the Mayor’s representative. Attorney Bill Robinson was also present.
Motion by Kelly Simmons and seconded by Less Lee to approve the minutes of October 15, 2015 meeting. Motion carried unanimously.
Bill Robinson provided an update on the status of the current litigation.
Motion by Phillip McClain and seconded by Charlie Thomason to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Police Captain Paul Calloway, effective 10/31/2015, died 10/23/2015 (2-411)
Retired Firefighter Edward Kelley, effective 10/31/2015, died 10/23/2015 (2-412)
ADD TO THE ROLLS:
Fire Captain Andre Hicks, retiring with 28 years of service, adjusted to a 25 year pension rate and 36 month DROP, effective 11/01/2015, pension participation date of 10/23/1987 (2-411, 2-422)
Firefighter Freddie Brooks, retiring with 28 years of service, adjusted to a 25 year pension rate and 36 month DROP, effective 11/01/2015, adjusted pension participation date of 10/22/1987 (2-411, 2-422)
Police Sergeant Julia Dean, retiring with 27 years of service, adjusted to a 25 year pension rate and 24 month DROP, effective 11/01/2015, adjusted pension participation date of 11/01/1988 (2-411, 2-422)
REFUND CONTRIBUTIONS:
Former Police Officer Eric Hindmon, terminated 11/02/2015, pension participation date of 4/30/2004 (2-415)
Fire Captain James Henegar III, terminating 11/11/2015, pension participation date of 12/9/2004 (2-415)
PAY DEATH BENEFITS:
Betty Jane Kelley, designated beneficiary of Edward Kelley (2-412)
Linda Kirk, designated beneficiary of Paul Calloway (2-411)
Motion carried unanimously.
The Board reviewed the administrative expenses incurred since last meeting.
Frank Hamilton presented a report to the Board on the Fund’s administrative expenses, including a memorandum from Segal Actuary Jeff Williams and an educational conference chart from another actuary demonstrating administrative expenses of their clients. The Board discussed the Fund’s administrative expenses and concluded that its administrative expenses conform to the norms for public defined benefit plans.
The Board recessed the meeting at 0944 hours for a legal executive discussion on establishing a Retiree Advisory Committee. The meeting reconvened at 1005 hours with the Board discussing the establishment of the Advisory Committee. The Board determined that a Retiree Advisory Committee, consisting of nine members, would be nominated by attending sworn Board Members from the list of active and retired Members expressing interest in serving on the committee. The committee’s responsibility would be to research and report back to the Board on the role of retirees in the decision-making process of the Board of Directors. The Advisory Committee will consist of:
two sworn Board Members;
two retired Firefighters;
two retired Police Officers;
one active Firefighter;
one active Police Officer;
Board President Craig Joel, ex-officio voting only in case of a tie
Sworn Board Members nominated the following persons from the list of Members expressing interest:
Phillip McClain nominated Police retiree John Bishop;
Kelly Simmons nominated Fire retiree Ron Boyd;
Charlie Thomason nominated Fire retiree Charles Nichols;
Craig Joel nominated Corliss Cooper as Police retiree (12/31/2015) representative;
Phillip McClain nominated Police Sergeant Joe Shaw;
Charlie Thomason nominated Fire Battalion Chief Jeff Eldridge;
Kelly Simmons volunteered to sit as the Board’s Fire representative;
Craig Joel named Tommy Meeks as the Board’s Police representative.
Motion by Vickie Haley and seconded by Phillip McClain to approve the nominations for Advisory Committee members. Motion carried unanimously. The Board thanked all other volunteers for offering to serve and encouraged them to participate in the meetings of the Advisory Committee.
Motion by Phillip McClain and seconded by Charlie Thomason to adjourn at 1010 hours. Motion carried unanimously.
Notes:
Annual Benefit Statements have been delivered to active members
Fund has earned the Public Pension Coordinating Council’s 2015 Public Pension Standards Award for Funding and Administration
