Pension Board

DRAFT MINUTES UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY PENSION BOARD SPECIAL CALLED MEETING WEDNESDAY, December 11, 2019, 9:00 AM The Athens-Clarke County Pension Board held a special called meeting on Wednesday, December 11, 2019 in the Satula Avenue Government Building Training Room. The following were in attendance: ACCUG Pension Board Ordinance - Section 1-14-15 Members: 1. Mike Hamby, Commissioner and Pension Board Chair 2. Blaine Williams, Manager 3. David Boyd, Finance Director 4. Jeff Hale, Human Resources Director 5. Kevin Gentry, General Employee Representative 6. Bob Snipes, Retiree Representative Absent: Mike Hunsinger, Public Safety Employee Representative Ex Officio Members: Judd Drake, Attorney Laura Welch, Secretary, Assistant HR Director Other ACCGov Professionals: Eric Griffin, Treasurer The meeting was called to order at 9:07 a.m. Representatives from PFM were present to assist the board in a discussion of updating and revising the current Investment Policy Statement, which was adopted June 1995 and has been amended four times since, the latest of which occurred February 7, 2018. Prior to the meeting, PFM had provided a new Draft Investment Policy Statement for the board’s review and comment. The board agreed by consensus that, rather than adopt a new IPS at this meeting, the original IPS should be reviewed, revised, and amended. Judd Drake recommended that the board retain the services of attorney Ed Emerson with Morris, Manning & Martin, LLP to properly advise the Board relative to the Board’s authority to invest in an investment fund for which the overall credit quality of the investment fund is investment grade, but the fund has some assets as part of its holdings which may be below investment grade. He provided the board with a summary of the Morris, Manning & Martin Georgia Local Governmental Plan Practice and indicated that Mr. Manning specializes in advising governmental pension plan clients. Mr. Drake further advised the board that it has the authority under Sec. 1-14-15. (6) of the Pension Plan, copied below, to retain the assistance of outside counsel. Minutes of the ACCGov Pension Board December 11, 2019 Page 1 of 2 DRAFT (6) Entitlement to professional assistance. The board and any member thereof shall be entitled to rely upon the correctness of any information furnished by the institution used as the funding media of the plan, the plan consultant or actuary, the investment advisor, the Athens-Clarke County Attorney and/or any attorney who may, from time to time, be retained by the board. Neither the board nor any of its members, nor the employer, nor any official or other representative of the employer shall be liable because of any act or failure to act on the part of the board or any of its members, to any person whatsoever; except that nothing therein shall be deemed to relieve any such individual from liability for his or her own fraud or bad faith. The board voted unanimously to retain the services of Morris, Manning & Martin, LLP. The meeting adjourned at 10:55 a.m. Respectfully submitted, Laura Welch, Assistant Human Resources Director Secretary to the Pension Board Minutes of the ACCGov Pension Board December 11, 2019 Page 2 of 2