Police & Fire Pension Subcommittee Meeting
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Summary
Meeting Overview
The Pension Board convened to address three agenda items, all of which were informational in nature. The meeting covered an Asset Liability Study, a Private Credit Discussion, and a Fit for Duty Form, each presented for the board's awareness and review rather than requiring formal action. No votes were taken and no public comments were heard during the session. Presiding officer and location details are not available in the record for this meeting.
Attendance
The following members were present at the May 14, 2025 meeting:
- John Perrone
- Jim
- John Jackson
- Trey
- Erin
- Tommy
- Tanya
No members were recorded as absent or late.
Contested Items
- Fit for Duty Form: The board engaged in a heated discussion regarding the fit for duty form, focusing on the need for stricter enforcement of submission requirements. The discussion was prompted by concerns over inaccurate submissions. No additional details about specific individuals involved or the outcome of the discussion are available in the provided record.
Asset Liability Study
John Perrone and John Jackson delivered a presentation on an asset liability study at the May 14, 2025 meeting. The presentation addressed potential changes to the fund's asset allocation strategy, with key areas of focus including an increase in fixed income holdings and the possible introduction of private credit as an asset class.
The study examined the relationship between the fund's assets and its liabilities, a standard analytical framework used to assess whether a portfolio's investment strategy is appropriately aligned with its long-term obligations. The proposed allocation changes — shifting toward greater fixed income exposure and incorporating private credit — reflect considerations around risk management, return potential, and liability matching.
The outcome of the presentation was informational; no formal action or vote was taken as a result of the discussion.
*Note: Additional detail on specific allocation targets, data findings, concerns raised by board members, or further context from the discussion is not available in the provided source materials.*
Private Credit Discussion
The board took up a discussion on the potential introduction of private credit into the investment portfolio, examining how the asset class might fit alongside existing holdings.
Key speakers in this discussion included John Perrone and John Jackson, who led the conversation around the benefits and risks associated with private credit relative to other asset classes currently represented in the portfolio.
The discussion was framed around evaluating private credit as a potential portfolio addition, with participants weighing its characteristics — such as yield potential and diversification properties — against the risks it may introduce compared to more traditional asset classes. No specific allocation figures, manager names, or implementation timelines were presented in the materials associated with this item.
The item was informational in nature, and no formal vote or decision was taken. The discussion appears to have served as an introductory or exploratory conversation to inform the board as it considers whether private credit warrants further evaluation or action in future meetings.
Fit for Duty Form
The board held a discussion regarding the fit for duty form currently used in connection with disability retirement proceedings. Key speakers on this item were Tanya and Trey.
The discussion centered on concerns about the accuracy and integrity of the existing form. Specifically, the board examined issues with inaccuracies present in the form, as well as the potential for tampering with the document by employees. These concerns suggest that the current form may not be reliably capturing the information needed to properly evaluate disability retirement cases.
No formal action was taken on this item; the discussion was informational in nature, serving to bring the identified problems to the board's attention for further consideration.