Police & Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington-Fayette Urban County Government Police and Fire Retirement Fund Board held a meeting on August 12, 2026. The board addressed three agenda items during the meeting, all of which were informational in nature: a Quarterly Report, a Treasurer's Report, and Financial Reports Training. The board took 15 motions and votes throughout the meeting. No public comments were received during this session.

Attendance

Present: - John Jackson - Jim O'Connor - Chief Weathers - Susan Combs - Chad - Erin

Absent: - Trey

Late: - Erin

Votes and Decisions

All matters brought to a vote during the August 12, 2026 Board meeting passed by voice vote.

Investment and Financial Matters

The Board approved the collective investment trust for MFS Core Plus Fixed Income 29:24. A full redemption request for JP Morgan Strategic Property Fund was also approved 32:31. The Board approved the manager mix and treasurer's report, with a second by Commissioner 37:15. August disbursements were approved 39:24.

Administrative Actions

The Board approved the minutes for July, seconded by Chief Weathers 37:46. A purchase for Casey Hoag and John Robinson was approved 38:19.

Hearings and Scheduling

A rehearing for Derek Des Money was scheduled for September 9, 2026 38:52.

Retirement and Disability Matters

Service retirements for four police officers were approved 40:26.

Randall Combs' application to convert retirement to occupational disability was sent to appropriate doctors for review 43:01. Tim Dawson's application to convert service retirement to total occupational disability was sent to appropriate doctors 43:32. Dean Hammond's application was returned to the physician for clarification 44:03.

John McMinn's medical reports were approved and his rate was set appropriately 44:34. Jonathan Coal was sent for a functional evaluation for further testing 45:08. Scott Marshall's medical reports were approved and his rate was set appropriately 46:13.

Committee Actions

The audit discussion was moved to the organizational subcommittee 1:07:45.

Contested Items

Audit of Fund

A procedural dispute arose regarding the need for an audit of the fund. The discussion centered on addressing past financial discrepancies that prompted calls for a formal audit process.

Rather than resolving the matter during the full board meeting, a motion was made to defer the discussion to the organizational subcommittee for further review and deliberation. This motion to move the item to the subcommittee level represented the outcome of the contested discussion, allowing the matter to receive more focused attention in a smaller committee setting before any final board decisions were made.

Quarterly Report

John Jackson and Jim O'Connor presented the quarterly report on capital markets and fund performance as of June 30th 2:03.

The presentation covered capital markets conditions and fund performance metrics for the quarter ending June 30th. This was an informational presentation to the Board.

The outcome of this agenda item was informational in nature, with no formal action required.

Treasurer's Report

Chad presented the treasurer's report during the meeting 35:09. The report was informational in nature and covered the financial status for the period ending in June.

Key points from the presentation included:

• A credit balance was reported for June
• The absence of a transfer letter was noted

The presentation concluded without further debate or action items, serving as an informational update to the Board.

Financial Reports Training

Erin provided training on the financial reports during this agenda item, focusing on two key areas: the flow of funds and the reconciliation process. 49:24

This presentation was informational in nature, designed to educate board members on financial reporting procedures and practices. Erin walked through how funds move through the organization's financial systems and explained the reconciliation process used to ensure accuracy and accountability in financial records.

The session concluded with an informational outcome, providing the board with foundational knowledge on these critical financial management functions.