Police & Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington-Fayette Urban County Government's Police and Fire Retirement Fund Board held a meeting on August 13, 2025, presided over by the Mayor. The board worked through 3 agenda items during the session, each of which was approved: the Treasurer's Report, the Callen Reports, and a matter concerning International Equity Structure. A total of 12 motions and votes were taken over the course of the meeting. No public comments were heard.

Attendance

The following individuals were present at the Board meeting on 2025-08-13:

• Commissioner Hensley
• Commissioner Armstrong
• Commissioner Trey
• Officer Jennings
• Lieutenant Abel
• Tommy Puckett

No members were recorded as absent or late.

Votes and Decisions

The Board took the following actions at the August 13, 2025 meeting. All votes were conducted by voice vote.

• Agenda Reordering: Commissioner Hensley moved, seconded by Commissioner Armstrong, to move the Callen presentations to the end of the agenda. The motion passed. 2:57

• Treasurer's Report: Rock moved to accept the Treasurer's Report. The motion passed. 6:10

• July Meeting Minutes: Commissioner Hensley moved, seconded by Commissioner Armstrong, to approve the minutes for the July meeting. The motion passed. 6:40

• Military Time – Jackson Dameron: A motion to approve military time for Jackson Dameron passed. 7:11

• Widow's Annuities – Lida Rogers and Leslie Christman: A motion to approve widow's annuities for Lida Rogers and Leslie Christman passed. 7:41

• August Disbursements: Commissioner Hensley moved to approve disbursements for August. The motion passed. 8:11

• Service Retirement – Officer Christopher Buzzard: A motion to approve service retirement for Officer Christopher Buzzard, seconded by Officer Marlin, passed. 8:52

• Service Retirement – Officer Adam Rader: A motion to approve service retirement for Officer Adam Rader passed. 9:24

• Service Retirement – Firefighter Eddie Raymond: A motion to approve service retirement for Firefighter Eddie Raymond passed. 9:24

• Disability – Jacob Webster: A motion to approve disability for Jacob Webster passed. 9:55

• Asset Allocation – Mix 2 with U.S. Bias: Commissioner Trey moved, seconded by Tommy Puckett, to adopt Mix 2 with a U.S. bias for asset allocation. The motion passed with one nay vote from Officer Jennings. 1:00:51

• International Equity Structure – Mix 2: Commissioner Trey moved, seconded by Officer Jennings, to adopt Mix 2 for the international equity structure. The motion passed. The Board conditioned the approval on the subcommittee returning with manager selection and allocation recommendations. 1:34:03

Contested Items

• Asset Allocation Mix: The board held a split vote on the question of adopting Mix 2, a proposed asset allocation approach characterized by a US bias. The vote was not unanimous, with one board member voting against the proposal. The remaining members voted in favor, and Mix 2 with the US bias was adopted as the outcome of the vote. No additional details are available in the record regarding the specific objections raised by the dissenting member or the arguments advanced in support of the proposal.

Treasurer's Report

4:03

The Treasurer presented the financial reports for the month of June. The presentation noted a credit to the pension fund resulting from June being a three-payroll month. The Treasurer also reported on the balance held in the investment account.

No additional concerns or debate were noted during this portion of the meeting. The Treasurer's Report was approved by the Board.

Callen Reports

1:16:33

Callen presented two studies to the Board: an asset liability study and an international equity structure study. Key speakers on this item were John Perrone and Jim O'Connor.

The centerpiece of the presentation was a recommendation regarding asset allocation. Callen advised the Board to shift to Mix 2 with a US bias, based on the findings of the asset liability study. The international equity structure study accompanied this recommendation, providing additional context for how the portfolio's equity exposure should be oriented.

The Board approved the recommendation.

International Equity Structure

1:03:30

The Board took up a discussion item on restructuring the international equity portfolio, with John Perrone leading the presentation. The agenda item focused on evaluating the current composition of the international equity allocation, with consideration given to replacing underperforming managers and adjusting the overall structure of the portfolio.

The discussion centered on the performance of existing managers within the international equity sleeve and whether changes to manager selection or allocation weightings were warranted. The Board weighed the merits of the proposed restructuring as part of its ongoing oversight of the investment portfolio.

Following the discussion, the Board approved the item.

> *Note: Additional detail on the specific managers under review, proposed allocation changes, and any concerns raised during deliberations was not available in the source materials for this meeting.*