Police & Fire Pension Board Meeting

Summary

Meeting Overview

The City Council met on January 8, 2025, with the Mayor presiding over the session. The meeting covered two agenda items, both of which were informational in nature: a Treasurer's Report and Authorization Letter, and a CAVMAC Report. Across the course of the meeting, a total of 10 motions and votes were taken. No public comments were heard during the session.

Attendance

The following individuals were present at the January 8, 2025 Board meeting:

• Mayor
• Chad Hancock
• Susan
• Chief Weathers
• Commissioner Hensley
• Trey Abel
• Todd Green

Absent: Tommy Puckett

No members were recorded as arriving late.

Votes and Decisions

The Board took the following actions at the January 8, 2025 meeting, all by voice vote:

• Agenda Amendment: The Board voted to amend the agenda to move the class map presentation to the end of the meeting. The motion passed. 0:04

• Treasurer's Report: The Board voted to accept the treasurer's report for the manager's mix. The motion passed. 0:06

• December Meeting Minutes: The Board voted to approve the minutes from the December meeting. The motion passed. 0:07

• Widow's Annuity: The Board voted to approve widow's annuity benefits for Deborah Giles and June Verney. The motion passed. 0:07

• January Disbursements: The Board voted to approve disbursements for January. The motion passed. 0:08

• Service Retirements – Division of Fire: The Board voted to approve service retirements for members of the Division of Fire. The motion passed. 0:09

• Service Retirements – Division of Police: The Board voted to approve service retirements for members of the Division of Police. The motion passed. 0:10

• Disability – Otis Sevekian (Division of Fire): The Board voted to approve a disability benefit for Otis Sevekian of the Division of Fire. The motion passed. 0:11

• Disability – Dustin Spillman (Division of Fire): The Board voted to approve a disability benefit for Dustin Spillman of the Division of Fire. The motion was seconded by Chief Weathers and passed, with 2 nays recorded. 0:11

• Fiscal Year 2026 Rate: The Board voted to set the contribution rate for fiscal year 2026 at 50.06%. The motion was seconded by a Commissioner and passed. 1:09

All motions passed by voice vote. The disability application for Dustin Spillman was the only item that drew recorded opposition, with 2 nays. No roll call votes were taken, so individual member votes for or against are not available in the record.

Contested Items

• Disability Approval for Dustin Spillman: A motion to approve a disability determination for Dustin Spillman was brought before the Board and resulted in a split vote. The motion ultimately passed, though it drew opposition from two Board members who voted against it. The structured data available does not detail the specific grounds for the dissenting votes or the arguments made on either side. The outcome was approval of the disability, despite the two nay votes indicating that the decision was not unanimous.

Treasurer's Report and Authorization Letter

5:01

Chad Hancock presented the Treasurer's Report during the January 8, 2025 Board meeting. Hancock noted that no transfer authorization letter was included with the report, attributing the absence to the timing of the meeting.

Hancock discussed the current financial status of the organization as well as anticipated future transfers. No further details regarding specific figures, account balances, or transfer amounts are reflected in the available record of this discussion.

This item was informational in nature, and no vote or formal action was taken as a result of the presentation.

CAVMAC Report

16:33

Todd Green presented the CAVMAC Report, providing the Board with an actuarial evaluation of the retirement system. The presentation covered the core methodologies used to fund benefits, measure assets and liabilities, and assess the impact of various actuarial assumptions on the system.

Green's presentation was informational in nature, walking the Board through the technical framework underlying the retirement system's financial evaluation. Key topics included the approaches used to determine funding requirements for member benefits, how assets and liabilities are measured and reported, and how different assumptions factor into the overall actuarial analysis.

No vote or formal action was taken on this item. The report served as an informational briefing for the Board.