Police and Fire Pension Fund Board Meeting

Summary

Meeting Overview

The Lexington Fayette Urban County Government Policemen's and Fire Fighters' Retirement Fund met on February 14, 2018, at 9:00 AM in the Council Chambers. The meeting addressed eight agenda items, including investment presentations, quarterly reports, and routine administrative matters. The board took 11 votes during the session, approving the Treasurer's Report, January 2018 minutes, new business items, and personnel actions related to retirements, disabilities, and resignations. Two informational presentations were delivered: a due diligence presentation by Jennison and a quarterly report from Callan. No public comments were received during the meeting, and the session included updates from sub-committees and tributes as informational items.

Votes and Decisions

The board conducted eleven votes during the February 14, 2018 meeting, all of which passed by voice vote with no recorded opposition.

Administrative Matters • Approved the Treasurer's Report and Transfer Authorization Letter • Approved the Minutes for January 2018 • Approved February disbursements

Personnel Benefits • Approved ghost time purchase for John Purdy • Approved military payback for Robert Larkin • Approved widow's annuities for Mrs. Donald Chumley, Mrs. Isaac Hart, Mrs. Barbara Kitchen, and Mrs. Linda Johnson • Addressed a COLA error affecting two widows, with the condition to leave the annuity as is until the appropriate date

Retirement Approvals • Approved service retirements for Officers Ryan Mays, Lorenzo Bueno, and Richard Rice

Disability Cases • Voted to gain further clarification on Bobby White's disability case • Approved sending Christopher Martin for evaluation by a third doctor

Hearing Matters • Approved rescheduling Kristopher Branham's rehearing to April 11

All votes were conducted by voice vote with unanimous approval. No roll call votes were taken, and no specific vote counts, individual member positions, or abstentions were recorded. The motions were made and seconded, though the specific members making and seconding the motions were not identified in the meeting records.

*Note: Transcript timestamps were not available for these voting actions in the provided meeting documentation.*

Budget and Financial Actions

The meeting addressed several financial disbursements totaling over $5.2 million in expenditures and professional service payments.

The largest financial item was payroll disbursements totaling $5,239,731.90. This represents regular employee compensation payments for the organization.

Three professional service contracts were also approved for payment:

• Cavanaugh Macdonald received $2,720.00 for updating actuarial factors. This appears to be related to pension or insurance calculations requiring specialized actuarial analysis.

• Hillswick was paid $16,848.54 as their quarterly management fee. This represents ongoing management services provided to the organization on a quarterly basis.

• Wallingford Law received $2,880.00 for legal services. The specific nature of the legal work was not detailed in the available materials.

The total disbursements approved during this meeting amounted to $5,262,180.44 across payroll and professional services. All items appear to be routine operational expenses, with the payroll representing the vast majority of the financial obligations addressed.

The meeting materials did not include specific resolution numbers or detailed vendor information beyond the company names and payment amounts listed above.

Jennison due diligence presentation

Rick Mastain delivered a presentation on Jennison's investment performance and strategy during this meeting session. The presentation served as a due diligence review of Jennison's investment activities and approach.

The agenda item was structured as an informational presentation, with Mastain providing details on the performance metrics and strategic direction of Jennison's investment portfolio. As the key speaker for this item, Mastain outlined the firm's investment methodology and reviewed recent performance data.

This presentation was part of the meeting's informational proceedings, designed to keep attendees updated on Jennison's investment activities and results. No specific action items or decisions resulted from this presentation, as it served primarily as a status update and performance review.

The due diligence presentation format suggests this was a regular reporting mechanism to provide transparency and oversight of Jennison's investment management activities to the meeting participants.

Callan quarterly report

John Jackson presented the quarterly report from Callan during this informational session. The presentation covered market performance and current fund status as part of the regular quarterly reporting cycle.

The agenda item was structured as a presentation format, with Jackson serving as the primary speaker to deliver Callan's quarterly findings and analysis to the meeting participants.

Key Topics Covered: • Market performance review for the quarter • Current status of fund operations • Quarterly analysis and metrics

The session was designated as informational, indicating that no formal action or decisions were required from the meeting participants following the presentation. The quarterly report represents part of the regular oversight and monitoring activities conducted through Callan's advisory services.

No specific concerns, questions, or follow-up actions were documented as part of this agenda item. The presentation concluded as a standard informational briefing on the fund's quarterly performance and market conditions.

Treasurer's Report

Mr. O'Mara presented the Treasurer's Report to the meeting, providing financial updates on the organization's current status. The report included statements showing changes in assets and portfolio balances, giving members a comprehensive view of the financial position.

The presentation covered the organization's asset movements and investment portfolio performance during the reporting period. Mr. O'Mara detailed the various components of the financial statements, allowing attendees to review the fiscal health and recent financial activity.

Following the presentation of the financial statements and portfolio information, the Treasurer's Report was approved by the meeting participants. No specific concerns or extended discussion points were noted during this agenda item.

The approval of the report indicates the meeting's acceptance of the financial information presented and the treasurer's stewardship of the organization's funds during the covered period.

Minutes for January, 2018

The meeting participants reviewed the minutes from the January 2018 meeting during this agenda item. The minutes were presented for approval as part of the standard meeting procedures.

Following the review process, the minutes from the January 2018 meeting were approved by the participants without recorded discussion or concerns raised during the proceedings.

Outcome: The January 2018 meeting minutes were approved.

New Business

During the New Business portion of the February 14, 2018 meeting, several items were brought forward for discussion and consideration by the board.

Susan Combs served as the key speaker for this agenda item, presenting various matters that required board attention. The discussion covered multiple topics including:

• Ghost time purchases - addressing issues related to service credit acquisitions
• Military payback provisions - reviewing policies for military service credit
• Widow's annuities - examining benefit provisions for surviving spouses

The board engaged in discussion of these various items, though specific details of the debate and any concerns raised during the deliberations were not detailed in the available materials.

Following the presentation and discussion of these new business items, the board approved the matters that were brought forward.

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

Retirements/Disabilities/Resignations

The board reviewed and discussed service retirements and disability evaluations for police and fire officers during this agenda item.

The meeting addressed various personnel matters related to officers seeking retirement benefits or disability determinations. These cases typically involve evaluating service records, medical documentation, and eligibility requirements for both police and fire department personnel.

The board approved the retirements, disabilities, and resignations that were presented for consideration. This approval allows the affected officers to proceed with their requested personnel actions, whether transitioning to retirement status, receiving disability benefits, or formally concluding their service.

Such personnel matters are routine business for the board, ensuring that officers who have served the community receive appropriate consideration for their requested benefits and status changes. The approval process helps maintain proper documentation and ensures compliance with applicable regulations governing police and fire department personnel.

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

Tributes

During the February 14, 2018 meeting, the council held a tribute session to honor deceased members of the police and fire divisions. This agenda item served as a formal recognition and remembrance of public safety personnel who had passed away.

The tributes were presented as an informational item, allowing the council and community to pay their respects to those who served in law enforcement and fire protection roles. This type of ceremonial agenda item is typically used to acknowledge the service and sacrifice of public safety officers and their contributions to the community.

No specific speakers were identified for this portion of the meeting, and no formal action was required as this was an informational tribute session. The item concluded without any votes or resolutions, serving its intended purpose as a moment of recognition and remembrance for the fallen members of the police and fire divisions.

Sub-Committee Updates

During the February 14, 2018 meeting, updates were provided from two sub-committees: the Continuation of Benefits sub-committee and the Legislative sub-committee.

Tommy Puckett served as the key speaker for this agenda item, delivering informational updates on the activities and progress of both sub-committees.

The discussion was informational in nature, with no specific actions taken or decisions made during this portion of the meeting. The updates served to keep the full committee informed about the ongoing work being conducted by these specialized sub-committees.

No transcript timestamps were available for this agenda item, and specific details about the content of the sub-committee reports were not provided in the available meeting materials.