Police & Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington Fayette Urban County Government Police and Fire Retirement Fund Board held its regular meeting on February 12, 2025, presided over by the Mayor. The board worked through a full agenda of 13 items covering individual member benefit actions, legislative updates, contractual matters, and investment presentations. Across the meeting, the board took 13 votes, approving items that included military service purchases, a widow's annuity, a contract extension, February disbursements, retirements and disabilities, and a position on House Bill 146. Three public comments were heard during the course of the meeting.

In addition to its action items, the board received two formal presentations — one from Bailey Gifford and one from Cowan — and heard informational updates on topics including data requests from the prior board meeting, subcommittee activity, tributes, and the Social Security Fairness Bill. 0:00

Attendance

The following individuals were present at the February 12, 2025 Board meeting:

• Mayor
• Commissioner Hensley
• Commissioner Armstrong
• Commissioner
• Chief
• Susan
• Chad
• Officer Jennings
• John Jackson
• Jim O'Connor

Absent: Trey, Tommy Puckett

No members were recorded as late.

Votes and Decisions

All votes at the February 12, 2025 Board meeting were conducted by voice vote and passed. No roll call votes were taken, and no individual vote counts were recorded. The following motions were approved:

• Reorder agenda 0:02: The Mayor moved, and Commissioner Hensley seconded, to move all agenda items requiring voting to the beginning of the docket. Passed by voice vote.

• Treasurer's Report 0:03: The Mayor moved to approve the Treasurer's Report and transfer letter. Passed by voice vote.

• January Minutes 0:04: The Chief moved to approve the January minutes. Passed by voice vote.

• Military purchases for Daniel Meyer 0:04: Susan moved to approve military purchases for Daniel Meyer. Passed by voice vote.

• Ghost time purchases for Jason Wallace 0:05: Motion to approve ghost time purchases for Jason Wallace. Passed by voice vote.

• Widow's annuity for Carolyn Meadows 0:05: Motion to approve a widow's annuity for Carolyn Meadows, seconded by the Chief. Passed by voice vote.

• Calen contract extension 0:06: The Chief moved to approve a two-year contract extension for Calen. Passed by voice vote.

• February disbursements 0:07: Chief Wells moved, and the Chief seconded, to approve disbursements for February. Passed by voice vote.

• Catherine Sullivan disability application 0:08: Motion to send Catherine Sullivan's application for total impairment occupational disability to appropriate doctors. Passed by voice vote.

• David Baker disability application 0:09: The Chief moved, and Director George seconded, to send David Baker's application to convert an existing service retirement to a total and permanent occupational disability to appropriate doctors. Passed by voice vote.

• Gregory Lingle disability application 0:10: The Chief moved to send Gregory Lingle's application to convert an existing service retirement to a total and permanent occupational disability to appropriate doctors. Passed by voice vote.

• Jamie Tinsley disability application 0:11: The Chief moved to send Jamie Tinsley's application to convert an existing service retirement to a total and permanent occupational disability to appropriate doctors. Passed by voice vote.

• Support for House Bill 146 0:19: Commissioner Armstrong moved, and Chief Wells seconded, to express support for House Bill 146, contingent upon board members reading the bill. Passed by voice vote.

Public Comment

Public comment at the February 12, 2025 Board meeting was devoted entirely to expressions of condolence for the Meadows family. Three speakers addressed the Board on this topic.

• Chief Wells opened the public comment period by extending condolences to the Meadows family. Chief Wells highlighted Chief Ron Meadows' contributions to the Division of Fire and recognized his role in EMS innovation. 12:09

• Chief Feathers followed with condolences offered on behalf of the Police Department, acknowledging Chief Ron Meadows' outstanding service. 12:40

• The Mayor also addressed the Board, adding personal condolences and emphasizing the significance of Chief Ron Meadows' service to the broader community. 13:44

No other topics were raised during public comment. The remarks collectively reflected appreciation for Chief Ron Meadows' legacy across multiple departments and levels of local government.

Contested Items

• Baillie Gifford Performance Review: The board engaged in a heated discussion regarding Baillie Gifford's recent underperformance. The conversation centered on questions about the firm's investment strategy and its future outlook. The extracted data does not specify which individual board members were involved in the exchange, nor does it record a definitive outcome or resolution from the discussion.

Military purchases for Daniel Meyer

4:51

The board considered a resolution regarding military purchases for Daniel Meyer. Susan was the key speaker on this agenda item, presenting the matter to the board for consideration.

The resolution was approved by the board.

*Note: Limited detail is available in the source data regarding the specific items discussed, any debate or concerns raised, or the particulars of the military purchases involved.*

Ghost time purchases for Jason Wallace

5:21

The board considered a resolution regarding ghost time purchases for Jason Wallace. The item was brought forward for board review and action.

No specific speakers, presentations, or debates are recorded in the available data for this agenda item. The board approved the resolution.

Widow's Annuity for Carolyn Meadows

5:51

The board considered a resolution to approve a widow's annuity for Carolyn Meadows. The item was presented by the Chief, who brought the matter before the board for consideration and approval.

The board approved the widow's annuity for Carolyn Meadows. No additional details regarding the specific terms of the annuity, the amount, or any debate or concerns raised during the discussion are reflected in the available record.

Calen contract extension

6:21

The board took up Agenda Item 4, a resolution regarding a contract extension for Calen. The Chief presented the item to the board, proposing a two-year extension to Calen's existing contract.

The board discussed the proposed extension before moving to a vote. The resolution was ultimately approved.

*Note: The available data does not include details on specific arguments made, concerns raised, or vote tallies from this portion of the meeting. Readers seeking the full discussion are encouraged to consult the meeting transcript or recording beginning at approximately the 6:21 mark.*

Data requests from the last board meeting

6:51

Commissioner Armstrong presented data in response to requests made at the previous board meeting. The presentation focused on individuals falling under the threshold of 1,750, which identified 11 individuals — all of whom were widows.

The item was informational in nature, with no formal action taken or decision required from the board.

Disbursements for February

7:21

The board took up Agenda Item 6, covering the disbursements for February. Chief Wells presented the item to the board, referencing the disbursements as listed on the agenda.

The board considered the February disbursements and moved to a vote on their approval. The resolution was approved by the board.

Retirements disabilities

8:21

The board discussed applications for total and permanent occupational disability for several individuals. The Mayor led the discussion on this agenda item. Following the review of the applications, the board approved the motion to send the cases to appropriate doctors for further evaluation.

No additional details regarding the specific individuals involved, the nature of the disabilities under consideration, or any concerns raised during the discussion are available from the meeting record.

Tributes

11:38

The Board paid tribute to Ronald Meadows, recognizing his contributions to the Division of Fire and EMS. Chief Wells, Chief Feathers, and the Mayor were among the key speakers who participated in acknowledging Meadows during this portion of the meeting. The tribute was informational in nature, with no action or vote required from the Board.

Subcommittees

14:19

The Mayor briefly addressed the Subcommittees agenda item, noting that no updates were available from any subcommittees at this meeting. The absence of updates was attributed to key members not being present at the meeting. No subcommittee reports were presented or debated, and no concerns were raised regarding subcommittee matters. The item was informational in nature, with no action taken or decisions made.

Social Security Fairness Bill

14:53

The Board received an informational update on the Social Security Fairness Bill during this portion of the meeting. The Mayor led the discussion, noting that the bill has passed. However, the Mayor indicated that there is currently no established timeline for when payouts associated with the bill will be distributed.

No formal action was taken on this item, as it was presented for informational purposes only.

House Bill 146

19:23

The board discussed House Bill 146, a proposed state measure that would increase the dollar amount of pensions excluded from state taxes. Commissioner Armstrong was the key speaker on this item.

The board considered whether to formally express support for the legislation. Following discussion, the board approved sending a letter of support for House Bill 146, with the condition that board members read the bill prior to the letter being sent.

Bailey Gifford Presentation

21:24

Representatives Ian Campbell and Kelly Cameron appeared before the Board to deliver a presentation on behalf of Bailey Gifford, covering the firm's investment strategy, recent performance, and future outlook.

The presentation addressed concerns about recent underperformance, with Campbell and Cameron providing context around Bailey Gifford's investment approach and the factors contributing to results. The discussion was informational in nature, giving Board members an opportunity to hear directly from the firm's representatives on these topics.

No formal action was taken as a result of the presentation. The item was received as an informational update.

Cowan Presentation

1:10:26

John Jackson and Jim O'Connor from Cowan appeared before the Board to deliver an overview covering the fund's performance, current market conditions, and manager updates. The presentation was informational in nature.

The discussion addressed the fund's recent performance results alongside an assessment of broader market conditions. Jackson and O'Connor also provided updates on the fund's investment managers as part of their review.

No action was taken as a result of this item; the presentation served as an informational update for the Board.