Pension Board

DRAFT MINUTES UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY PENSION BOARD MEETING WEDNESDAY, November 13, 2019, 3:30 PM The Athens-Clarke County Pension Board held its regular meeting on Wednesday, November 13, 2019 in the Training Room of the Satula Avenue Government Building. The following were in attendance: ACCGov Pension Board Ordinance - Section 1-14-15 Members: 1. Mike Hamby, Commissioner and Pension Board Chair 2. Blaine Williams, Manager (ABSENT) 3. David Boyd, Finance Director 4. Jeff Hale, Human Resources Director (ARRIVED 4:15 PM) 5. Bob Snipes, Retiree Representative 6. Kevin Gentry, General Employee Representative 7. Mike Hunsinger, Public Safety Employee Representative Ex Officio members: Judd Drake, Attorney Laura Welch, Assistant Human Resources Director Traci Mason, Benefits & Wellness Administrator Other ACCGOV Professionals: Eric Griffin, Treasurer John Hawkins, ACCGov Chief Assistant Attorney The meeting was called to order at 3:38 p.m. David Boyd moved to approve the minutes of the August 14, 2019 meeting, seconded by Bob Snipes. The motion passed unanimously. David Boyd moved to approve the minutes of the October 23, 2019 Special Called Meeting, seconded by Bob Snipes. The motion passed unanimously. David Boyd summarized the investment activity of the Pension Fund for the third quarter of the year: July 1, 2019 through September 30, 2019. The plan assets were at $257.7 million as of September 30, 2019. The plan return for the quarter was 2.08% and the return was 8.34% for the last 12 months. Beginning market value for the quarter was $252,430,043. Net investment change totaled $5,262,432. Laura Welch submitted a revised quote from US Bank for Pension Fund custodial services. US Bank originally quoted an annual rate of $47,125 for custodial services, mistakenly including payments to retirees as part of the service. Pension payments to retirees are made via SunTrust Bank as part of ACCGov payroll. The revised quote from US Bank is for $24,412. The documents required to transfer funds from State Street Bank to US Bank and to establish authorized signers have been submitted. ACCGov PENSION BOARD Minutes – Regular Meeting, November 13, 2019 Page 1 of 2 DRAFT PFM Representatives Allison Corbally and Biagio Manieri addressed the Pension Board, providing a firm overview, investment philosophy and process, current economic and market update, asset allocation modeling, and portfolio implementation plan. Judd Drake asked that PFM request to him in writing an interpretation of Georgia laws and regulations regarding public pension funds and that he would write an opinion for purposes of guiding asset allocation and development of a revised Investment Policy Statement. The Board agreed by consensus to hold a Special Called Meeting December 11 at 9 a.m. at the Satula Avenue Training Room to discuss investment strategy and revision of the Investment Policy Statement. Board members requested that the secretary send the current Investment Policy Statement and latest Actuarial Report/Experience Study, once it is finalized by Aon. David Boyd moved to adjourn the meeting, seconded by Kevin Gentry. The meeting adjourned at 5:05 p.m. Respectfully submitted, Laura Welch, Assistant Human Resources Director Secretary to the Pension Board ACCGov PENSION BOARD Minutes – Regular Meeting, November 13, 2019 Page 2 of 2