Police & Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington Police and Fire Pension Board convened on October 9, 2024, with the Mayor presiding over the session. The board addressed nine agenda items during the meeting, covering a range of pension-related matters including investment presentations, financial reports, and member benefits.

The board took action on 14 motions and votes throughout the meeting, with no public comments recorded during the session. Key accomplishments included approving the treasurer's report, authorizing various pension disbursements for October, and processing service retirements and disability cases. The board also received informational presentations on private real estate investment opportunities and heard tributes to pension system members.

Notable agenda items that received approval included ghost town purchases, a widow's annuity, and the results of retiring fire trust elections. The meeting demonstrated the board's ongoing work to manage pension benefits and investments for Lexington's police and fire personnel, with all actionable items receiving board approval during the session.

Attendance

The following individuals were present at the Board meeting:

Present: • Commissioner Hensley • Commissioner Armstrong • Chad • Susan • Chief Wells • Chief Withers • Tommy Puckett • Chief Weathers • Officer Jennings

No absences or late arrivals were recorded for this meeting.

Votes and Decisions

The Board conducted 14 votes during the meeting, all by voice vote except where noted. The following motions were considered:

Procedural Motion 0:10 • Commissioner Hensley moved to move item B Private real estate presentations to the end of the agenda, seconded by Commissioner Armstrong. The motion passed.

Financial and Administrative Matters [timestamp: 00:30-01:30] • Motion to accept the treasurer's report and approve the transfer letter passed. • Motion to approve ghost town purchases passed 1:00. • Motion to approve October disbursements passed 1:30.

Benefit Approvals [timestamp: 01:10-01:20] • Motion to approve widow's annuity for Robert Parker and Patricia Scully passed 1:10. • Motion to approve retiring fire trust election results passed 1:20.

Service Retirements [timestamp: 01:40-01:50] • Motion to approve service retirements for Sergeant Christopher Runson and Officer Matthew Smith passed 1:40. • Motion to approve service retirements for Lieutenant Christopher Oakley and Lieutenant Dustin Spillman passed 1:50.

Medical Evaluations [timestamp: 02:00-02:50] • Chief moved to send Michael O'Leary's application for total and permanent occupational disability to appropriate doctors, which passed 2:00. • Chief moved to approve and send medical reports at appropriate rates for Alejandro Zaglou 2:10, Jeremiah Asbury 2:20, and Justin Ray 2:30. All passed. • Motion to approve and send Shauna Hannon's third medical report at the appropriate rate passed, with Chief providing the second 2:40. • Motion to send Dustin Spillman's documentation to a third doctor passed with Rock providing the second, though Tommy Puckett voted against (1 nay) 2:50.

All motions passed, with only one dissenting vote recorded during the meeting.

Appointments

The Board made one appointment during this meeting.

• Rock Vance was appointed to the Fire Department.

Private real estate presentations

3:00

The board received presentations from three private real estate investment management firms during this informational session.

Clarion Partners presented first, with speakers including Gwen Murphy and Katie Voss discussing their real estate investment strategies and current market positioning. The firm outlined their approach to property investment and portfolio management.

LaSalle Investment Management followed with their presentation, featuring speakers Chadwick Cunningham and Jim Garvey. They provided insights into their investment philosophy, performance metrics, and strategic outlook for real estate markets.

Principal Asset Management concluded the presentations, with Freda Daly, Rich Pence, and Darren Kleiss representing the firm. They shared their real estate investment approach, highlighting their market strategies and performance track record.

Each firm presented their respective strategies for real estate investment, current market performance data, and positioning within the competitive landscape. The presentations covered various aspects of real estate portfolio management, including investment approaches, risk management strategies, and market outlook.

This was an informational session designed to provide the board with insights into different real estate investment management approaches and firm capabilities. No formal decisions or votes were taken during these presentations, as the purpose was to educate board members on the various options and strategies available in the private real estate investment space.

The session allowed board members to compare different firms' methodologies, performance histories, and strategic approaches to real estate investment management, providing valuable information for potential future investment decisions.

Treasurer's report

0:30

Chad presented the treasurer's report to the Board, providing an overview of the organization's current financial position. The presentation included financial statements and updates regarding redemptions from J.P. Morgan.

During the presentation, Chad outlined the key financial metrics and account balances, giving Board members insight into the organization's fiscal health. The report specifically addressed recent redemption activities involving J.P. Morgan accounts, providing transparency on these financial transactions.

Following Chad's presentation, the Board reviewed the financial information and discussed the contents of the treasurer's report. As part of the proceedings, a transfer letter related to the financial activities was also considered for approval.

The Board accepted the treasurer's report without recorded objections or concerns. Additionally, the transfer letter presented during the session received Board approval, allowing the recommended financial actions to proceed.

The acceptance of the treasurer's report and approval of the transfer letter demonstrates the Board's confidence in the current financial management and the proposed financial transactions outlined in Chad's presentation.

Ghost town purchases

1:00

The board considered and approved a resolution regarding the purchase of properties in ghost towns by several individuals.

The agenda item was presented as a resolution for board approval, though specific details about the properties, their locations, or the purchasing parties were not detailed in the available meeting materials. No key speakers were identified for this particular item during the discussion.

The board proceeded to approve the ghost town property purchases without recorded debate or concerns raised during the meeting. The resolution passed, allowing the specified individuals to move forward with their property acquisitions in these abandoned or sparsely populated communities.

The approval represents the board's endorsement of private investment in ghost town properties, though the strategic rationale, financial implications, or development plans associated with these purchases were not elaborated upon in the meeting record.

Widow's annuity

1:10

The board approved widow's annuities for two beneficiaries during this agenda item. The resolutions provided survivor benefits for Robert Parker and Patricia Scully.

No discussion or debate was recorded for this item, and the board approved both widow's annuities without objection. The specific details of the annuity amounts or the deceased spouses' service records were not provided in the meeting materials.

Outcome: Approved

Retiring fire trust election results

1:20

The board approved the election results for the retiring fire trust during this agenda item. Rock Vance was elected to represent the fire department for another two-year term on the trust.

The item was presented as a resolution requiring board approval, though no detailed discussion or debate was recorded in the available materials. No concerns were raised regarding the election results or Vance's continued service on the retiring fire trust.

The board voted to approve the election results, officially confirming Rock Vance's position as the fire department representative on the retiring fire trust for the upcoming two-year term.

Disbursements for October

1:30

The board reviewed and approved the disbursements for October as presented on the meeting agenda. The item was handled as a resolution requiring board approval.

No speakers were identified during the discussion of this agenda item, and no specific concerns or debates were recorded regarding the October disbursements. The board proceeded with a straightforward approval of the financial disbursements as listed.

The resolution was approved by the board, authorizing the October disbursements as presented in the meeting materials.

Service retirements

1:40

The board approved service retirements for four officers during this agenda item. The retirements included:

• Sergeant Christopher Runson
• Officer Matthew Smith
• Lieutenant Christopher Oakley
• Lieutenant Dustin Spillman

The resolution was approved by the board without recorded discussion or debate. No specific details were provided in the available materials regarding the length of service, retirement dates, or circumstances surrounding these retirements.

The item was processed as a standard administrative resolution, suggesting these were routine service retirements rather than disability or other special circumstances retirements that might require additional board consideration.

Disabilities

2:00

The board addressed several disability-related applications during this agenda item. The board took action on multiple cases involving occupational disability determinations and medical report approvals.

The primary case involved Michael O'Leary's application for total and permanent occupational disability. The board approved sending O'Leary's application to appropriate medical professionals for evaluation and determination.

Additionally, the board approved sending medical reports for four individuals at the appropriate rate:

• Alejandro Zaglou
• Jeremiah Asbury
• Justin Ray
• Shauna Hannon

The board approved all disability-related matters presented without recorded discussion or debate. No concerns were raised regarding any of the applications or medical report submissions.

All items under the disabilities agenda were approved as presented.

Tributes

3:30

The Board paid tribute to four community members who recently passed away, offering condolences to their families and recognizing their contributions.

Walker Parker Jr. was remembered for his service to the community. Chief Wells spoke about Parker's impact and legacy.

Timothy Scully was honored during the tribute portion, with Chief Wells providing remarks about his life and service.

Francine Drake was recognized for her contributions to the community. The Board acknowledged her passing and extended sympathies to her family.

Nolan Freeman was also remembered during the tributes. Tommy Puckett spoke about Freeman's life and the impact he had on those around him.

The key speakers during this tribute segment included: - Chief Wells, who provided remarks about multiple individuals - Chief Withers, who participated in the tribute presentations - Tommy Puckett, who spoke specifically about Nolan Freeman

This was an informational agenda item focused on honoring the memory of these four community members. The Board took time to formally recognize their passing and ensure their families knew of the community's appreciation for their contributions. No formal action was required, as this served as a ceremonial recognition of their lives and service to the community.

The tribute portion allowed Board members and community leaders to share memories and acknowledge the loss felt by families and the broader community.