# Police & Fire Pension Board Meeting - June 11, 2025 > Auto-transcribed civic record · Board · June 11, 2025 - **Permalink**: https://meetings.lexingtonky.news/meeting/6454 - **Source video**: https://lfucg.granicus.com/player/clip/6454?view_id=14&redirect=true - **Date**: 2025-06-11 - **Body**: Board - **Last revised**: March 1, 2026 - **Length**: 1,931 words > ⚠️ **Auto-generated content.** Audio from the official Granicus video was auto-transcribed by OpenAI Whisper-1, with speaker labels folded in from Granicus closed-captioning. Structured facts were extracted with GPT-4o; the narrative summary was written by Anthropic Claude Sonnet. Speaker labels and verbatim wording may contain errors. See [methodology](https://meetings.lexingtonky.news/about/methodology) or [report a correction](mailto:editor@lexingtonky.news). --- ## Meeting Overview The Police and Fire Retirement Fund Board convened on June 11, 2025, with the Mayor presiding over the session. The board worked through 6 agenda items during the meeting, approving all items brought before it. Business conducted included approval of the Treasurer's Report, the minutes from the May meeting, a purchase of military time for Christopher Carrington, a rescheduling of a rehearing for Stephen Buxton, disbursements for May, and a disability application for Shannon Gayhafer. The board took a total of 6 votes during the meeting, all resulting in approval, and heard 2 public comments. ## Attendance The following individuals were recorded for the Board meeting held on **June 11, 2025**: **Present:** - Chad - Tommy Puckett - Tanya - Commissioner - Director George **Absent:** - Susan - Trey **Late arrivals:** None A total of five members were present at the meeting, with two members — Susan and Trey — absent. ## Votes and Decisions All six motions brought before the Board on June 11, 2025 passed by voice vote. No roll call votes were taken, and no individual vote counts or mover/seconder information was recorded for any item. - **Accept the treasurer's report and approve the transfer letter** — Passed by voice vote. [timestamp: 0:05:43] - **Approve minutes for the May meeting** — Passed by voice vote. [timestamp: 0:06:18] - **Purchase of military time for Christopher Carrington** — Passed by voice vote. [timestamp: 0:06:49] - **Reschedule the rehearing for Stephen Buxton to July 9, 2025** — Passed by voice vote, subject to confirmation of quorum. [timestamp: 0:08:57] - **Approve disbursements for May** — Passed by voice vote. [timestamp: 0:09:28] - **Accept the disability application for Shannon Gayhafer and send to the appropriate physicians** — Passed by voice vote. [timestamp: 0:10:00] ## Budget and Financial Actions At the June 11, 2025 Board meeting, one financial figure was presented for the Board's awareness: - **Plan Valuation:** The value of the plan as of the morning prior to the meeting was reported at **$994,916,116.44**. No additional vendors, recipients, resolution numbers, or other financial action items were included in the available data for this meeting. ## Public Comment Two speakers addressed the Board during the public comment period at the June 11, 2025 meeting, both offering tributes to individuals who had passed. - **Tommy Puckett** [timestamp: 11:00] spoke in memory of **Jim Garnett**, sharing personal recollections of working alongside him. Puckett highlighted Garnett's depth of knowledge and calm demeanor as qualities that stood out during their time together. - **The Mayor** [timestamp: 13:09] offered remarks expressing gratitude for the years of service rendered by officers and a widow who had passed, acknowledging their dedication to public safety. Both comments were commemorative in nature, with no policy concerns or action items raised during the public comment period. ## Treasurer's Report [timestamp: 02:31] Chad presented the Treasurer's Report to the Board, covering the current value of the plan and outlining cash management strategies. Tommy Puckett also participated in the discussion of this agenda item. The presentation addressed the overall value of the plan and included discussion of approaches to cash management. No additional details regarding specific figures, concerns raised, or points of debate are available from the meeting record. The Board approved the Treasurer's Report. ## Minutes for the May meeting [timestamp: 06:18] The board reviewed and approved the minutes from the May meeting. No key speakers were noted in connection with this item, and the record reflects no debate or concerns raised during the review. The minutes were approved as presented. ## Purchase of Military Time for Christopher Carrington [timestamp: 06:49] The board considered a resolution authorizing the purchase of military time for Christopher Carrington. - The resolution was brought before the board for approval, allowing Christopher Carrington to purchase credited military service time, a benefit available to eligible pension members who have served in the military. - No key speakers or debate are recorded in the available meeting data for this item. - No concerns or objections are noted in the record. **Outcome:** The board approved the resolution authorizing the purchase of military time for Christopher Carrington. ## Reschedule Rehearing for Stephen Buxton [timestamp: 08:57] The board took up the matter of rescheduling a rehearing for Stephen Buxton. Director George and a Commissioner led the discussion, which centered on selecting a new date for the rehearing and ensuring the board would have sufficient membership present to proceed. The board agreed to reschedule the rehearing to **July 9, 2025**, with the condition that quorum be confirmed before the date is finalized. The quorum check was noted as a necessary step to ensure the rehearing could be conducted properly once convened. The resolution was **approved** by the board. ## Disbursements for May [timestamp: 09:28] The board reviewed the disbursements for the month of May. No detailed discussion, debate, or concerns were recorded for this agenda item. The board approved the May disbursements. ## Disability Application for Shannon Gayhafer [timestamp: 10:00] The board considered a disability application submitted by Shannon Gayhafer. The application was presented for board review and acceptance, with the next step being referral to the appropriate physicians for further evaluation. No key speakers were identified in the record for this item, and no debate or concerns were noted during the discussion. The board approved the disability application and agreed to forward it to the appropriate physicians for review. --- ## Decisions - **Motion** — passed (0-0): Accept the treasurer's report and approve the transfer letter - **Motion** — passed (0-0): Approve minutes for the May meeting - **Motion** — passed (0-0): Purchase of military time for Christopher Carrington - **Motion** — passed (0-0): Reschedule the rehearing for Stephen Buxton to July 9th, 2025 - **Motion** — passed (0-0): Approve disbursements for May - **Motion** — passed (0-0): Accept the disability application for Shannon Gayhafer and send to the appropriate physicians --- ## Full transcript ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ Police and Fire Retirement Fund Board, June 11th, 2025. And first up is our treasurer's report, and you should have received an updated letter of transfer about 4 o'clock yesterday. Chad is here with us. And, Chad, do you have any words of wisdom for us? None. You should have in your packet all the various financial reports as well as the amended letter of transfer. The value of the plan as of yesterday morning was $994,916,116.44, which compares to last month at $982,890,992.23. It's going in the right direction, or at least it was. Do I have a motion? Motion to accept the report and approve the transfer letter. Is there a second? Second. Thank you. Are there any questions at all while we have Chad here? Yes. Tommy Puckett. Chad, we got $8 million in cash. Is that correct? Yes. Okay. Where is that going to go? The south. That's what I thought. It hasn't been transferred yet? That has not. We've done one buy-in. It's a quarter. Oh, you do it on a quarter? Yes. It's a quarter basis. That's what you all picked. So we have to do it every quarter. What's going to happen in July is they're going to give us an amount that we can move again. And part of that will be this $8 million. And then Callen will direct us on pulling some money from one of the equity funds or multiple funds to move even more. Right now we have requested, put in their queue, $21 million. So we'll see what amount they allow us to buy into. So, once again, this is going to be a process. Okay. And this money is in what kind of an account? Are we making interest on it? Yes. It's getting four-something percent. It's cash. Okay. So, yes. To be fair, right now is the best time since 2022 to have money in cash. If you're going to do it, the timing couldn't be better. Prior to 2022, we were getting maybe 20 or 30 basis points for cash. And now it's getting some interest, so that just builds in it as well. What I will point out also, and you will see this, it's going to be in August. Because not only are we going to do what they call it a call into LaSalle, but we have another call for JPMorgan that will move cash again. But that cash will happen after we do the call for LaSalle. So it will be more money going into the cash fund. Okay. All right. I just wanted an explanation to make sure that we. Yeah. Oh, yeah. And it's going to take three, four years? And maybe longer. And maybe longer. It just depends on what. You know, we're not the only ones in the queue for LaSalle. So they just do chunks of everybody. And it's going to depend on JPMorgan selling, you know. Exactly. Yeah. Exactly. Okay. All right. Thank you. All those in favor, please say aye. Aye. Aye. Anyone opposed? All right. That passes. Thank you very much. And next we have minutes for the May meeting. And I'll entertain a motion to approve. Second. Thank you. Second. All right. We have a motion and a second. Are there any corrections, additions, questions, anything at all? All right. All those in favor of approving, say aye. Aye. Anyone opposed? All right. That motion passes. Thank you. We have new business. And Susan is out today. So Tanya will walk us through the business. Thank you, Mayor. The first item on the new business is purchase of military time for Christopher Carrington. I need a motion. All right. Do I hear a motion? Motion to accept. Approve. Approve. Yes. Thank you. Second. All right. We have a motion and a second. Are there any questions? All those in favor, say aye. Aye. Anyone opposed? All right. That motion passes. The second item is a request to reschedule the rehearing for Stephen Buxton. Requested the date of July 9th, 2025, which is our next board meeting. I need a motion. All right. Is there a motion? Move to approve. Okay. Is there a second? Second. We have a motion and a second. Is there any discussion? All right. Commissioner? The only thing is I will not be available on the 9th, so I'm just advising early. Okay. Anyone else have a comment? I will also not be available on the 9th. So, and Director George, you will not be available. So, I guess what I'm thinking is you'll need to confirm that we have a quorum. Will do. Mayor, let's just move it to a different date so I can withdraw. If you'll withdraw a second, I will withdraw my motion and we'll, you know, if not everybody's going to be here, let's do it, you know, in August. We have five people who aren't here. Right. So, we don't know whether they'll be here or not. I know. I mean, we might have a quorum. It's up to the board, of course, I think. We can do this one or two ways. We can proceed as if we're going to. Send out an email to see if anybody knows they're going to be gone. Yes. Or we can go his route and postpone it. The problem with his route is we have no idea of the attorneys available. That's exactly right. And this gentleman has requested that date. So, I think if you could check, if we pass this, if you could check and be sure we have a quorum. Absolutely. We can do that. And then, if not. And then, if not, we can reschedule for August meeting. Does that work for everybody? All right. Anything else about the motion? All right. All those in favor, say aye. Aye. Is anyone opposed? All right. That motion passes. The next item on the agenda is Patrick McMullen. He has withdrew his disability application. This is just listed on the agenda as an FYI. Okie doke. Thank you. Item number four is disbursements for May. They are listed on your agenda. I need a motion. Move to approve. Second. Thank you. Any questions about the disbursements? All right. All those in favor, say aye. Aye. Is anyone opposed? All right. That motion passes. The next item on the agenda are disabilities. We have Shannon Gayhafer, Division of Police. I need a motion. Do I hear a motion? Motion to accept the application and send to the appropriate physicians. All right. Second. All right. We have a second. Is there any discussion? All right. All those in favor, say aye. Aye. Aye. Is anyone opposed? All right. That motion passes. Next item is tributes. All right. All those in favor, say aye. Aye. Aye. Aye. Is anyone opposed? All right. That motion passes. Next item is tributes. We have James Garnett, Division of Police, passed away on May 24, 2025. Richard Faulkner, Division of Fire, passed away on May 28, 2025. Jill Winings, Widow of Harold Winings, Division of Police, passed away on May 28, 2025. And Stuart Brashear, Division of Fire, passed away on June 5, 2025. Thank you very much. Before we go on to subcommittee updates, we'll pause a minute and see if anyone has any comments. Yeah. Tommy? Jim Garnett came from the old county. And I worked with him for years. At the beginning of my career, he was a very knowledgeable, very calm, very calming type person. I know he worked in K-9 for a while and everything, but he was a really friend and a great officer. He will be missed. Thank you for that. Jill Winings. I didn't know Jill, but Harold, when I came on centuries ago, he was in narcotics and was a narcotics officer for years and years and years. So, you know, his family, you know, just one of our condolences toward them. Okay? Thank you. Does anyone else have? You want to do the fire? All right. Mayor, I had no, did not work with Richard Faulkner, but I've heard from a number of colleagues, and they expressed what a great guy he was. Our condolences to his family. Didn't know Stuart Beshear, even though we were on different shifts. We were like ships passing in the night. Again, tributes from all of his acquaintances. Our condolences to his families. Thank you for that. I will also add my voice to thank and honor the officers who, and widow, who have passed. And, you know, I always kind of miss, Chief Wells would have had the years all added up, right? And this does represent a lot of years of service to our community. And I so appreciate that, because they, I think when you serve in public safety, whether it's police, fire, corrections, E911, emergency management, you always put your job first and the people first in service. And so I honor these folks. And my thoughts are with their families. So that will bring us to subcommittees. And it looks like Mr. Puckett is on the line here for two of them. The continuation of benefits, no report, which is always a good thing. The legislative subcommittee, we are meeting on Monday the 16th at 2 p.m. And since Trey is not here and I'm on the organizational subcommittee, I might as well cover that one, too. We've got a meeting scheduled for the 25th at 1030 a.m. Okay. Very good. All right. Is there, does anyone have anything else for the good of the whole here? Yes. Mayor, the May CPI came out just as we got here. Increased, the inflation increased 2.4% from a year ago, increased 0.22% in May. Again, I point out that the cost of livings that we provide to retirees do not and have not kept up with the consumer price index since the changes to the COLA. And, again, I want to just make you aware, and hopefully there will be a recommendation coming from the legislative subcommittee, and I ask for you to carefully consider some type of increase for our retirees. Thank you. Thank you. Any other? Yes. For the two subcommittees, I'm out on both of them. The two subcommittees. Yes, I think I'm on both of those subcommittees, and I'm out on both of those days. Okay. Do you think you have a quorum for them? You do? I think we will. Okay. All right. All righty. Anything else? Well, I will wrap us up by saying happy Father's Day. I know we have some fathers on the board, and we have a lot of fathers in our police and fire services. So I want to wish everyone a great day on Sunday for Father's Day, and thank you all for serving. So with that, I'll entertain a motion to adjourn. I'll move. Second. Thank you. All those in favor, say aye. Aye. All right. Well, there were a couple in favor. We are adjourned. Thank you very much. see you Monday, June 15th at 11 a.m. Good night. Thank you, everybody. Have a great day. Come on, everybody. Thank you. Have a great day. Bye. Bye. Thanks. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Good night. Good night. Bye. Bye. Bye. Good night. Bye. Bye. Bye. Bye.