Police and Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington-Fayette Urban County Government Board held a meeting to conduct routine business and administrative matters. The meeting date, time, location, and presiding officer information were not available in the provided materials.

The Board addressed eight agenda items during the session, covering a range of administrative and financial matters. The meeting included a Treasurer's Report for informational purposes, approval of February meeting minutes, and several financial items including Ghost Time Purchases, Military Time Purchase, and March disbursements. Personnel matters were also handled, with the Board approving retirement disabilities and resignations as well as disability cases. The session concluded with Investment Manager Presentations.

The Board took eight votes during the meeting, with seven items receiving approval and one item being informational in nature. No public comments were recorded during this session. The meeting appeared to focus primarily on routine administrative functions, financial approvals, and personnel matters typical of a government board's regular business operations.

Attendance

The following board members were present at the meeting:

• Susan Marshall
• David
• Tom Mann
• Matt
• Chad
• Jonathan Bastian
• Clay Mason
• Drew Short
• Chris Sweat
• John Maxwell
• Larry Kennard
• Tommy Puckett

No board members were reported as absent or late for this meeting. All twelve listed members were in attendance.

Votes and Decisions

The Board conducted eight voice votes during the meeting, all of which passed unanimously.

Administrative Matters • Transfer Authorization Letter: Tommy Puckett motioned to approve the transfer authorization letter, seconded by Jonathan Bastian. The motion passed by voice vote.

• February Meeting Minutes: Jonathan Bastian motioned to approve the minutes for the February meeting, seconded by Clay Mason. The motion passed by voice vote.

• March Disbursements: Tommy Puckett motioned to approve disbursements for March, seconded by Jonathan Bastian. The motion passed by voice vote.

Service Credit Purchases • Ghost Time Purchases: Drew Short motioned to approve ghost time purchases for several individuals, seconded by Chris Sweat. The motion passed by voice vote.

• Military Time Purchase: Drew Short motioned to approve military time purchase for Raleigh Brown, seconded by John Maxwell. The motion passed by voice vote.

Personnel Actions • Service Retirements: Larry Kennard motioned to approve service retirements for Officer James Root and Detective Michael Sweeney, seconded by Jonathan Bastian. The motion passed by voice vote.

• Disability Cases: Tommy Puckett motioned to send disability cases to appropriate doctors, seconded by Larry Kennard. The motion passed by voice vote.

Future Business • Investment Presentations: Tommy Puckett motioned to invite Bailey Gifford and MFS for presentations, seconded by Drew Short. The motion passed by voice vote.

All motions were conducted as voice votes with no recorded individual vote counts or opposition. No transcript timestamps were available for the voting portions of the meeting.

Budget and Financial Actions

The Board received one financial update during this meeting.

Portfolio Valuation Update The Board was informed of the current portfolio value, which stood at $614,565,677.89 as of the morning of the meeting. This informational item provided Board members with the most recent valuation of the organization's investment holdings.

No formal financial resolutions, budget amendments, or expenditure approvals were presented for Board action during this meeting.

Treasurer's Report

Chad presented the financial report covering December and January activities during this agenda item.

Key Financial Updates: • Chad reviewed the portfolio value for the reporting period • The presentation noted a slight decline in portfolio value during January • Financial data for both December and January were covered in the presentation

Presentation Details: Chad served as the primary presenter for this informational item, walking the board through the financial position and recent performance metrics.

Outcome: This was an informational presentation with no action items or decisions required from the board. The report provided members with an update on the organization's financial status for the two-month period.

*Note: Specific dollar amounts, percentage changes, and detailed financial metrics were not available in the provided meeting materials.*

Minutes for the February meeting

The board reviewed the minutes from the February meeting during this agenda item. The minutes were presented for approval without any discussion of specific content or details from the previous meeting.

No board members raised questions, requested clarifications, or proposed additions or corrections to the February meeting minutes as presented. The review process proceeded without debate or concerns being voiced by any participants.

The minutes for the February meeting were approved without any modifications to the original document.

Outcome: Approved

*Note: No transcript timestamps are available for this agenda item.*

Ghost Time Purchases

The Board approved ghost time purchases for several individuals during this meeting. Ghost time purchases typically refer to the acquisition of service credit time that allows employees to buy back periods of service for retirement benefit calculations.

Outcome: The ghost time purchases were approved by the Board.

*Note: Specific details about the individuals involved, the amount of service time purchased, costs, or discussion points were not available in the meeting materials provided. Transcript timestamps were also not available for this agenda item.*

Military Time Purchase

The board considered and approved a military time purchase for Raleigh Brown during this meeting.

Outcome: • The military time purchase for Raleigh Brown was approved by the board

*Note: Detailed discussion points, speaker information, and transcript timestamps were not available in the meeting records for this agenda item.*

Disbursements for March

The board reviewed and approved the disbursements for March during this meeting. The agenda item was presented as a discussion item for board consideration.

The board examined the monthly disbursement records, which typically include payments made for operational expenses, vendor contracts, payroll, and other authorized expenditures during the March period.

Following their review of the disbursement documentation, the board voted to approve the March disbursements as presented. No specific concerns or objections were noted during the discussion of this routine financial matter.

The approval of monthly disbursements represents standard board oversight of the organization's financial operations, ensuring that all payments made during the reporting period were properly authorized and documented according to established procedures.

Retirement Disabilities and Resignations

The board reviewed and approved service retirements for two department personnel during this agenda item.

Approved Retirements: • Officer James Root - service retirement • Detective Michael Sweeney - service retirement

Both retirement requests were approved by the board without recorded discussion or concerns raised during the meeting.

The retirements represent routine personnel actions processed through the board's standard approval procedures for service retirements.

Disability Cases

The Board addressed disability cases during this meeting, focusing on the procedural handling of these matters. The discussion centered on ensuring proper medical evaluation for pending disability cases.

The Board determined that disability cases currently before them should be forwarded to appropriate medical professionals for comprehensive evaluation. This decision reflects the Board's commitment to ensuring that disability determinations are made with proper medical expertise and thorough assessment.

The agenda item was categorized as a discussion item, and the Board ultimately approved the proposed course of action to send these cases for medical review. This approach allows qualified doctors to provide the specialized medical opinions necessary for making informed decisions on disability matters.

The outcome represents a procedural step to ensure that disability cases receive appropriate medical scrutiny before final determinations are made by the Board.

Investment Manager Presentations

The board discussed the process for evaluating potential investment managers during this agenda item. Matt served as the key speaker leading the discussion on this topic.

The board made the decision to invite two investment management firms to present to the board as part of their evaluation process:

• Bailey Gifford - Selected to provide a presentation to the board
• MFS - Also selected to provide a presentation to the board

This agenda item focused on the selection process for identifying and vetting investment managers who could potentially manage portions of the organization's investment portfolio. The decision to invite these two specific firms suggests they have passed initial screening criteria and are being considered as finalists in the selection process.

The board approved moving forward with inviting both Bailey Gifford and MFS to make presentations, indicating consensus among board members to proceed with evaluating these two investment management options. This represents a standard due diligence process where potential investment managers present their investment philosophy, track record, fee structure, and proposed approach to managing the organization's assets.

The outcome was approved, meaning the board will schedule presentations from both firms as the next step in their investment manager selection process.

*Note: Specific transcript timestamps are not available for this agenda item.*