05-12-22 Police Officers' Pension Board of Trustees Adopted Minutes0?.a,,1 jlr MINUTES
Police Officers' Pension Board of Trustees
1 Meeting
Thursday, May 12, 2022 - 6:30 PM
Commission Chamber
Present: Tim Anderson, Member
Robert (Bob) Liggero, P-PBOT Chair
John Miller, P-PBOT Member
Absent: Chase Jamison, Member
Ed Peck, Member
Also Present: Melissa Burns, Director of Finance
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
3. APPROVAL OF MINUTES
A. Approve minutes of the February 10, 2022 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION.
Motion to approve minutes as written
Motion: Robert (Bob) Liggero
Second: Tim Anderson
Tim Anderson (Seconded By) For
Robert (Bob) Liggero (Moved By) For
John Miller For
Motion passed 3 to 0.
4. REPORTS
A. Recap of investment performance for the period ended March 31, 2022 and
subsequent activity.
David Wheeler and Timothy Haugaard with Graystone Consulting discussed the
performance of the plan's investments for the quarter ending March 31, 2022. They also
provided and Asset Allocation and Alternative Investment Education report.
Police Officers' Pension Board of Trustees
May 12, 2022
Page 1 of 3
Report Summary
Quarter to Date (01/01/2022-03/31/2022) - (4.35%)
Performance Since Inception (03/10/2010-03/31/2022)-8.19%
B. Presentation of the Annual Actuarial Valuation Report as of October 1, 2021
Nicolas Lahaye with the actuarial firm of Gabriel, Roeder, Smith & Company presented
the Actuarial Valuation report as of October 1, 2021. The funded ratio of the plan is
93.6% up from 87.4% the previous year. The required employer contribution decreased
to $345,236 from $441,409. A discussion took place over lowering the target rate of
return on investments from 6.75%, and requesting the actuary perform a study on the
effect of lowering the rate of return.
MOTION: Motion to approve the actuarial valuation report as presented, and direct the
actuarial firm to perform an investment rate study with a cost not to exceed $2,000.
Motion: Robert (Bob) Liggero
Second. John Miller
Tim Anderson For
Robert (Bob) Liggero (Moved By) For
John Miller (Seconded By) For
Motion passed 3 to 0.
C. Expenditure report for the period ended March 31, 2022
Report for informational purposes only. No discussion on this item.
D. Fund balance report for the period ended March 31, 2022
Report for informational purposes only. No discussion on this item.
5. DISCUSSION WITH PENSION BOARD ATTORNEY
Pension Board Attorney Pedro Herrera updated the board on legislative bills that would affect
the pension boards, and none had passed that would. Also reminded the board members to
complete and send in the financial disclosure Form 1.
6. NEW BUSINESS
None.
7. ADJOURNMENT
There being no further discussion, Chair Liggero declared the meeting adjourned at 8:25 p.m.
Attest:
Police Officers' Pension Board of Trustees
May 12, 2022
Page 2 of 3
Melissa Burns, Plan Administrator
air
-ToLe, �- ` Jy e rJ
Police Officers' Pension Board of Trustees
May 12, 2022
Page 3 of 3