5-18-23 PBOT Adopted MinutesMINUTES
Police Officers' Pension Board of Trustees
1
Ij } Meeting
Thursday, May 18, 2023 - 6:30 PM
Commission Chamber
Present: Chase Jamison, Member
John Miller, P-PBOT Member
Tim Anderson, Member
Robert (Bob) Liggero, P-PBOT Chair
Absent: Ed Peck, Member
Also Present: Melissa Burns, Director of Finance (DF)
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
3. APPROVAL OF MINUTES
A. Approve minutes of the February 9th, 2022 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION.
Motion to approve minutes as presented
Motion: Tim Anderson
Second. Robert (Bob) Liggero
Chase Jamison For
John Miller For
Tim Anderson (Moved By) For
Robert (Bob) Liggero (Seconded By) For
Motion passed 4 to 0.
4. REPORTS
A. Recap of investment performance for the period ended March 31, 2023.
David Wheeler of Graystone Consultants presented the 1 st Quarter 2023 Performance
Report. The total market value at the end of the quarter was $15,332,000.
Quarter to Date (01/01/2023 - 03/31/2023) - 3.51%
Performance Since Inception (4/1/2010 - 3/31/2023) - 7.11%
Police Officers' Pension Board of Trustees
May 18, 2023
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5.
6.
Mr. Wheeler recommended some redistribution of funds to realize a better rate of
return.
MOTION. Motion to approve recommended changes.
Motion: Tim Anderson
Second: Robert (Bob) Liggero
Chase Jamison For
John Miller For
Tim Anderson (Moved By) For
Robert (Bob) Liggero (Seconded By) For
Motion passed 4 to 0.
B. Annual Actuarial Valuation Report as of October 1, 2022
Nicolas Lahaye of Gabriel, Roeder, Smith and Company presented the annual actuarial
valuation report as of October 1, 2022. He highlighted the actuarially determined
contribution that the City has to make in FY2024, and that the Police Officers' Pension
Fund's current funded ratio is 94.9% up from 93.6% last year.
MOTION: Motion to accept actuarial valuation report as presented.
Motion: Tim Anderson
Second: Robert (Bob) Liggero
Chase Jamison For
John Miller For
Tim Anderson (Moved By) For
Robert (Bob) Liggero (Seconded By) For
Motion passed 4 to 0.
C. Fund Balance and Expenditure Reports for the period ended March 31, 2023.
DISCUSSION WITH PENSION BOARD ATTORNEY
Pedro Herrera of Sugarman, Susskind, Braswell and Herrera reminded the board that the Form
1 disclosure forms are due July 1. He also discussed the effects the ESG Legislation (House
Bill 3) effect July 1, would have on the Board's investments. Specifically, investment decisions
can only be made using pecuniary factors.
OLD BUSINESS
A. Discussion on changing the target rate of return.
Police Officers' Pension Board of Trustees
May 18, 2023
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A discussion ensued regarding reducing the actuarial rate of return from 6.75% to 6.25%
with Mr. Lahaye and Pension Board Attorney Herrera.
MOTION. Motion to lower the actuarial rate of return from 6.75% to 6.25% to be in effect
for the annaul actuarial valuation as of October 1, 2023.
Motion: Tim Anderson
Second. Robert (Bob) Liggero
Chase Jamison For
John Miller For
Tim Anderson (Moved By) For
Robert (Bob) Liggero (Seconded By) For
Motion passed 4 to 0.
7. NEW BUSINESS
None.
8. ADJOURNMENT
There being no further discussion, Chair Liggero declared the meeting adjourned at 8:11 p.m.
Attest:
6"ea -7 �,� - ,- �
Brittany Percell, Plan Administrator Robert (Bob) UYgeVo\,<14air
Police Officers' Pension Board of Trustees
May 18, 2023
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