Pension Board

MINUTES UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY PENSION BOARD REGULAR MEETING Wednesday, September 9, 2020, 3:30 p.m. The Athens-Clarke County Pension Board held its regular meeting on Wednesday, September 9, 2020 via WebEx and YouTube Livestream. 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. Public Safety Employee Representative - VACANT 6. Kevin Gentry, General Employee Representative 7. Bob Snipes, Retiree Representative Ex Officio Members: Judd Drake, Attorney Laura Welch, Secretary, Assistant HR Director Other ACCGov Professionals: Deborah Lonon, Assistant Manager Josh Edwards, Assistant Manager Chris Caldwell, Assistant Finance Director The meeting was called to order at 3:34 p.m. Bob Snipes moved to approve the June 24, 2020 meeting minutes with the following changes: • Change the date to June 24, 2020, when the meeting actually took place. • Strike the work ABSENT next to Bob Snipes name. He was present. • Provide summary of Pension Board discussion on the Investment Policy Statement • Provide Board Members with updated minutes by email and be sure to post on the website. The motion was seconded by Jeff Hale. The minutes were approved unanimously. Aon Hewitt Actuarial Consultants Eric Atwater, Ben Bedont, Emily Hayes, and Gracie Lattyak, and Benjamin Law were present to provide the Board with an overview of the following: • Employee Retirement Survey Results: Emily Hayes of Aon provided Board Members with a PowerPoint Summary of the Employee Survey conducted in the summer of 2019. The 23-question survey had 541 respondents and results with be Minutes of the ACCGov Pension Board Regular Meeting, September 9, 2020 Page 1 of 2  used as the basis for additional follow-up groups. Jeff Hale stressed that the purpose of the survey was to “take the pulse” of employees and Bob Snipes commented that the board should use the survey results to gain insight into how to attract and retain employees. • Real Deal Analysis: Grade Lattyak of Aon provided Board Members with a PowerPoint Summary an analysis designed to provide information about the ability of ACCGov Employees to maintain their standard of living in retirement. The Real Deal presents the assumptions of the defined benefits plan and analyzes scenarios of different types of employees to determine retirement adequacy, variations in plans, and ways to close shortfalls that individuals may experience. • Benchmark Analysis: Eric Atwater provided Board Members with a PowerPoint Presentation summarizing their methodology, findings and conclusions for retirement plan benchmarking, trends/innovations and focus groups to develop new retirement plan offerings. PFM Investment Consultants Allison Corbally, Scott Stitcher, Floyd Simpson, and Sean Gannon were present to provide the Board with an Investment Performance Review for the first two quarters of 2020 and the third quarter through July 31, 2020. Bob Sniptes made a motion to grant revised authority to PFM to assume full OCIO (Outsourced Chief Investment Officer) trading responsibilities including the authority to make adjustments in allocation without approval of the board, with the requirement that notice of changes being given to the Pension Board within two business days. Attorney Judd Drake agreed to review the contract to verify that the modification of the contract is not needed to implement the change approved by the board. Jeff Hale seconded the motion. The motion was passed unanimously. Finance Director David Boyd provided the Board with the FY21 Pension Board Operating Budget. Bob Snipes noted that the board should review the actuarial report in October and consider the General Fund Pension contribution for next fiscal year. He also noted that the actuarial assumption of 7.75% return may be aggressive. Bob Snipes moved to approve the FY21 Pension Board Operating Budget, seconded by Kevin Gentry. The motion was passed unanimously. Board Secretary Laura Welch reported that two applications have been received for Public Safety Representative with another week before the deadline to submit applications. An e- mail and paper vote will be held during September and October, with the new representative to be determined in time for their participation at the November meeting. Blaine Williams moved to adjourn the meeting, seconded by Kevin Gentry. The meeting was adjourned at 5:36 p.m. Respectfully submitted, Laura Welch, Assistant Human Resources Director Secretary to the Pension Board Minutes of the ACCGov Pension Board Regular Meeting, September 9, 2020 Page 2 of 2