Pension Board

MINUTES UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY PENSION BOARD REGULAR MEETING Thursday, September 1, 2022 The Athens-Clarke County Pension Board held its regular meeting on Thursday, September 1, 2022, via WebEx and YouTube Live Stream. The following were in attendance via WebEx: ACCGov 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. Jason Pierce, Public Safety Employee Representative 6. Alvin Miles, General Employee Representative - ABSENT 7. Retiree Representative – currently vacant Ex Officio Members: Judd Drake, Attorney Laura Welch, Secretary, Assistant HR Director – ABSENT Traci Mason, Acting Secretary, Benefits & Wellness Administrator Other Staff: Josh Edwards, Assistant Manager The meeting was called to order at 3:31 p.m. David Boyd moved to accept the minutes of the May 25, 2022, Regular Meeting. Jason Pierce seconded the motion. The motion passed unanimously. PFM Representatives Allison Corbally and Floyd Simpson presented the Investment Activity Summary through June 30, 2022, and review of Monthly Investment Activity through July 31, 2022. Investment activity of the Pension Fund for the second quarter of 2022, April 1, 2022 through June 30, 2022, is as follows: Beginning market value for the quarter on April 1, 2022 was $313,976,946. The plan assets were $269,649,237 as of June 30, 2022. The plan return for the second quarter was (12.11%), and year-to-date is (17.88)%. Return on investment was ($37,734,885) and net flows totaled ($6,592,825). Net investment change totaled ($44,327,709). Eric Atwater discussed the Aon Plan Review timeline. Minutes of the ACCGov Pension Board September 1, 2022 Regular Meeting Page 1 of 2 Jeff Hale advised one (1) application was submitted for consideration for the vacant Retiree Representative seat on the Pension Board. Christopher Kubas will join the Board at he November meeting. David Boyd provided an overview of the pension plan budget process. Jeff Hale made a motion to adopt the FY23 Budget Plan for the Pension Plan. Jason Pierce seconded. The motion passed unanimously. Traci Mason advised the board a Plan Participant Census Report was included with the meeting materials for their review. Ed Emerson, attorney with Morris, Manning, & Martin, LLP, provided an overview of the roles and responsibilities of Board members as trustees, per Georgia Code and ACCGov Code. Mike Hamby inquired if information presented during previous Pension Board meetings could be considered education hours as required by Georgia Code. Mr. Emerson advised meetings that included training/education about how investments work, how to read investment reports, etc. could count toward education hours. However, reviews of investment activity would not be considered. He further stated the time spent on his presentation during this meeting can be counted toward the requirement. Traci Mason advised the board of the upcoming GAPPT Annual Trustee School in Athens September 19-22, which would be considered education hours. A review of the Board’s Code of Ethics was postponed to a later date. Mike Hamby stated a retiree contacted him regarding the possibility of increasing the life insurance ACCGov provides to retirees. Traci Mason will research options and report back to the board. David Boyd moved to adjourn the meeting, seconded by Blaine Williams. The meeting adjourned at 4:53 p.m. Respectfully submitted, Traci Mason Benefits & Wellness Administrator Acting Secretary of the Pension Board Minutes of the ACCGov Pension Board September 1, 2022 Regular Meeting Page 2 of 2