CITY OF KNOXVILLE PENSION BOARD

MINUTES

June 9, 2005

8:15 A.M.

917B E. 5TH AVENUE

 

 

The regular meeting of the City of Knoxville Pension Board was held in the Pension Board Conference Room at 917 E. 5th Avenue at 8:15 a.m. on June 9, 2005.

 

Present were:  Mayor Bill Haslam, Mr. Scott Calloway, Mr. Buddy Harrell, Mr. Stephen King, Mr. Christopher Kinney, Ms. Barbara Pelot, Mr. Michael Cherry and Attorney C. C. “Bud” Gilbert.

 

CALL TO ORDER:

           Mr. Calloway presided and called the meeting to order at 8:22 a.m.

 

APPROVAL OF REGULAR MEETING MINUTES FOR May 12, 2005

Motion:  Mr. Harrell made a motion to approve the May 12, 2005, meeting minutes.  Ms. Pelot seconded the motion.  The motion carried unanimously by the members present.      

APPROVAL OF REVISED AGENDA:  Exhibit 1

          

           The Revised Agenda was approved without objection.

 

CONTRACTS:  None

 

ADMINISTRATIVE MATTERS:

 

           Knox County Valuation – Exhibit 2

 

Mr. Cherry presented the Board a copy of Knox County’s annual Valuation Summary as of January 1, 2005, which the Board reviewed.  Mr. Cherry advised the Board that the county portion of the city Plan A benefits for certified teachers was being properly funded.

 

Mayor Haslam arrived at 8:26 a.m. and presided

 

           Financial Plan for 2005-2006 – Exhibit 3

 

Motion:  Ms. Pelot made a motion to approve the financial plan for the current fiscal year beginning July 1, 2005, as presented by Mr. Cherry, which was first distributed to the Board at the May 12, 2005, Pension Board meeting.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

           Confirmation of receipt of employer’s letter (Gary Mabry) – Exhibit 4

 

Mr. Cherry confirmed for the Board, the receipt of the employer letter from Mr. Mabry’s department, stating they did not have a job that the employee could perform.  Mr. Mabry’s not in line of duty disability benefit was approved at the May 12, 2005, Pension Board Meeting contingent upon the receipt of the letter from the department.

 

           Ophelia Martin – Exhibit 5

 

Mr. Cherry informed the Board that he had performed an interest calculation on the distribution of Ms. Martin’s funds, and he had received a court document which indicated that a small bond would need to be posted and a letter of conservatorship received, before funds could be dispersed.  Mr. Cherry advised the Board that he was waiting to hear from Ms. Martin’s daughter, Judy Burke, regarding this matter, and hoped to have the transfer of funds completed in July. 

 

           Personnel Committee Report & Recommendation

 

Mr. Cherry and Nancy Curnutt were excused from the meeting while the Board discussed salary adjustments for Mr. Cherry and staff.  Following a report from Mr. Kinney and based on his recommendation, the following motion was made:

 

Motion:  Mr. Calloway made a motion to increase Mr. Cherry and staff’s salaries by 2.5% effective with the across the board increase for all city employees in July 2005 and to include Mr. Cherry and staff in the incentive based salary plan to be adopted by City Council for other city employees.  Ms. Pelot seconded the motion.  The motion carried unanimously by the members present. 

 

Mr. Cherry and Nancy Curnutt rejoined the meeting following the motion’s approval.

 

Summons from Knox County Chancery Court – Exhibit 6

 

Attorney Gilbert distributed to the Board a copy of a summons regarding the in line of duty disability benefit for Ms. Glenda Fields. The Board had denied the application for this benefit in April 2005. Attorney advised that the Board had 30 days to answer the summons and that his firm would proceed to answer and defend the matter.

 

EXECUTIVE DIRECTOR COMMENTS:  None

          

ATTORNEY COMMENTS:  None

 

ENROLLMENTS:

 

The following General Government employees have filed applications to become members of the Plan G1 pension system.      

 

           Amanda K. Bowness

           Wayne B. Brister

           Robin S. Bryant

           Charles W. Cannon, Jr.

           Christopher M. Coyle

           William H. Denton

           Cheri Hollifield

           Abdal Salam Mustafa

           Wanda F. Neal

Robert Russell

Tyler J. Wylie

 

 

Motion:  Mr. Harrell made a motion to approve these applications for enrollment in the Plan G1 pension system.  Mr. Kinney seconded the motion.  The motion carried unanimously by the members present.

 

WITHDRAWALS:

The following employee(s) have filed applications to withdraw employee pension contributions plus 4% interest and the supplemental retirement account as applicable in Plan G Option 1.

 

           Randal Buckner, General Government – G1 – vested

           Benton C. Dinsmore, III, General Government – G1 – non-vested

           Lonnie L. Ellison, General Government – G1 – non-vested

           Charles B. Flood, General Government – G1 – non-vested

           Jack W. Housewright, General Government – G1 – non-vested

           Charlene H. Landry, General Government – G1 – non-vested

 

Motion:  Mr. Kinney made a motion to approve these applications for withdrawal of employee contributions.  Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

APPEALS:  None

 

RETIREMENTS:

 

APPLICATION FOR INJURY IN LINE OF DUTY:  PLAN C

CHARTER SECTION 1390.11

 

           Terry A. Hill, Fire Department – Uniformed             No Option

           Date of birth, May 24, 1961:  44 years of age

           Total credited service:  4 years 6 months

Average monthly salary for 2 highest – 12 month periods, $2,558.11 x 50% =

           $1,279.06 pension effective June 1, 2005.

 

Motion:  Mr. Calloway made a motion to approve this application for a permanent disability in line of duty pension, based on Dr. Cooper’s report.  Ms. Pelot seconded the motion.  The motion carried unanimously by the members present.

 

APPLICATION FOR RETIREMENT:  PLAN A

CHARTER SECTION 1360.12

 

           Lewis E. Overbey, Schools Certified                              Option A-7

                                                                                           50% with reinstatement          

           Date of birth, January 28, 1943:  62 years of age

           Total City credited service:  22 years

           Total County credited service:  18 years

           Total credited service:  40 years

           Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years, $400.00 x .75% = $3.00

           Average excess earnings for 4 years, $1,378.12 x 1.50% = $20.67

           making a total of $23.67 benefit per year of service.  $23.67 x 22 =

$520.74.  Mr. Overbey chose Option A-7 – 50% Joint & Survivor with reinstatement to Carol E. Overbey, spouse.  $520.74 x .9034 =

           $470.44 pension effective June 1, 2005

 

The City benefit payment is determined using City only salaries and City Service time.  The City benefit does not include any County service.

           The total amount of the combined City & County benefit is $1,860.28.

 

Motion:  Mr. Calloway made a motion to approve this application for retirement payable under Option A-7.  Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

David M. Pollard, Schools Certified                                          No Option

Date of birth, April 13, 1943:  62 years of age

           Total City credited service:  21 years

           Total County credited service:  18 years

           Total credited service:  39 years

           Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years, $400.00 x .75% = $3.00

           Average excess earnings for 4 years, $1,494.72 x 1.50% = $22.42

           making a total of $25.42 benefit per year of service.  $25.42 x 21 =

$533.82 pension effective June 1, 2005

 

The City benefit payment is determined using City only salaries and City Service time.  The City benefit does not include any County service.

           The total amount of the combined City & County benefit is $2,256.54.

 

Motion:  Mr. Calloway made a motion to approve this application for retirement.   Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

Gwendolyn W. Sweeden, Schools Certified                              No Option

Date of birth, January 6, 1939:  66 years of age

           Total City credited service:  11 years

           Total County credited service:  18 years

           Total credited service:  29 years

           Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years, $400.00 x .88% = $3.52

           Average excess earnings for 4 years, $1,110.76 x 1.76% = $19.55

           making a total of $23.07 benefit per year of service.  $23.07 x 11 =

$253.77 pension effective June 1, 2005

 

The City benefit payment is determined using City only salaries and City Service time.  The City benefit does not include any County service.

           The total amount of the combined City & County benefit is $1,847.01.

 

Motion:  Mr. Calloway made a motion to approve this application for retirement.   Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

APPLICATION FOR EARLY RETIREMENT:  PLAN A

CHARTER SECTION 1360.17

 

           Patty Avriett, Schools Certified                                          Option B-11

                                                                                                       10 Yr. Certain & Life

           Date of birth, November 13, 1947:  57 years of age

           Total City credited service:  12 years

           Total County credited service:  18 years

           Total credited service:  30 years

           Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,402.09 x 1.50% = $21.03

           making a total of $24.03 benefit per year of service.  $24.03 x 12 =

$288.36 x ER factor .6853 = $197.61.  Ms. Avriett chose Option B-11 – 10 Yr. Certain & Life to David Avriett.  $197.61 x .9725 =

           $192.18 pension effective June 1, 2005

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,221.81.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement payable under Option B-11.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Gregory A. Bell, Schools Certified                                          No Option

           Date of birth, March 10, 1948:  57 years of age

           Total City credited service:  12 years

           Total County credited service:  18 years

           Total credited service:  30 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,246.95 x 1.50% = $18.70

           making a total of $21.70 benefit per year of service.  $21.70 x 12 =

           $260.40 x ER factor .6260

$163.01 pension effective June 1, 2005.

          

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $960.22.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

 

Kathy G. Burnett, Schools Certified                             No Option

Date of birth, April 29, 1950:  55 years of age

Total City credited service:  12 years 5 months

Total County credited service:  18 years

Total credited service:  30 years 5 months

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,254.58 x 1.50% = $18.82

           making a total of $21.82 benefit per year of service.  $21.82 x 12.41667 =

           $270.93 x ER factor .5245

$142.10 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $909.03.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

John C. Helms, Schools Certified                                        Option A-6

                                                                                        100% without reinstatement

Date of birth, September 12, 1949:  55 years of age

Total City credited service:  17 years

Total County credited service:  18 years

Total credited service:  35 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,502.13 x 1.50% = $22.53

           making a total of $25.53 benefit per year of service.  $25.53 x 17 =

$434.01 x ER factor .5726 = $248.51.  Mr. Helms chose Option A-6 – 100% without reinstatement to Dorothy B. Helms.  $248.51 x .8684 =

$215.81 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,013.94.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement payable under Option A-6.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Ellen C. Keith, Schools Certified                                        No Option

Date of birth, November 26, 1946:  58 years of age

Total City credited service:  19 years

Total County credited service:  18 years

Total credited service:  37 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,370.14 x 1.50% = $20.55

           making a total of $23.55 benefit per year of service.  $23.55 x 19 =

           $447.45 x ER factor .7513

$336.17 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,431.05.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Alice B. McKenzie, Schools Certified                                          No Option

Date of birth, April 23, 1949:  56 years of age

Total City credited service:  15 years 3 months

Total County credited service:  18 years

Total credited service:  33 years 3 months

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,404.12 x 1.50% = $21.06

           making a total of $24.06 benefit per year of service.  $24.06 x 15.250 =

           $366.92 x ER factor .5726

$210.10 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,082.17.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Sandra C. Murrin, Schools Certified                             Option A-9

                                                                                        100% with reinstatement

Date of birth, November 2, 1949:  55 years of age

Total City credited service:  16 years

Total County credited service:  18 years

Total credited service:  34 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,386.07 x 1.50% = $20.79

           making a total of $23.79 benefit per year of service.  $23.79 x 16 =

           $380.64 x ER factor .5726

$217.95.  Ms. Murrin chose Option A-9 – 100% with reinstatement to Chester R. Murrin.  $217.95 x .8799 =

$191.77 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,162.97.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement payable under Option A-9.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Dian Nabors, Schools Certified                                        Option A-7

                                                                                        50% with reinstatement

Date of birth, November 26, 1948:  56 years of age

Total City credited service:  12 years

Total County credited service:  18 years

Total credited service:  30 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,306.23 x 1.50% = $19.59

           making a total of $22.59 benefit per year of service.  $22.59 x 12 =

           $271.08 x ER factor .6260

$169.70.  Ms. Nabors chose Option A-7 – 50% with reinstatement to Thomas Edwin Nabors.  $169.70 x .9425 =

$159.94 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $971.56.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement payable under Option A-7.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Glenn A. Noah, Schools Certified                                        No Option

Date of birth, July 15, 1945:  59 years of age

Total City credited service:  12 years

Total County credited service:  18 years

Total credited service:  30 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,246.95 x 1.50% = $18.70

           making a total of $21.70 benefit per year of service.  $21.70 x 12 =

           $260.40 x ER factor .8250

$214.83 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,273.64.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Mary J. Pennycuff, Schools Certified                             No Option

Date of birth, July 9, 1944:  60 years of age

Total City credited service:  18 years

Total County credited service:  18 years

Total credited service:  36 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,370.14 x 1.50% = $20.55

           making a total of $23.55 benefit per year of service.  $23.55 x 18 =

$423.90 x ER factor .9075

$384.69 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,681.85.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

E. Jane Pollard, Schools Certified                                        No Option

Date of birth, June 22, 1946:  58 years of age

Total City credited service:  16 years 3 months

Total County credited service:  18 years

Total credited service:  34 years 3 months

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,246.95 x 1.50% = $18.70

           making a total of $21.70 benefit per year of service.  $21.70 x 16.250 =

$352.63 x ER factor .7513

$264.93 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,380.52.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Trudy Swicegood, Schools Certified                                        Option A-9

                                                                                                   100% with reinstatement

Date of birth, February 19, 1950:  55 years of age

Total City credited service:  13 years 5 months

Total County credited service:  18 years

Total credited service:  31 years 5 months

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,255.61 x 1.50% = $18.83

           making a total of $21.83 benefit per year of service.  $21.83 x 13.41667 =

$292.89 x ER factor .5245

$153.62.  Ms. Swicegood chose Option A-9 – 100% with reinstatement to Daniel W. Swicegood.  $153.62 x .8698 =

$133.62 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $791.74.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement payable under Option A-9.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

Frances K. Williams, Schools Certified                             No Option

Date of birth, June 25, 1945:  59 years of age

Total City credited service:  20 years

Total County credited service:  18 years

Total credited service:  38 years

Last date of employment with City:  June 1987

           Last date of employment with County:  May 2005

           Average base earnings for 4 years:  $400.00 x 75% = $3.00

           Average excess earnings for 4 years, $1,529.92 x 1.50% = $22.95

           making a total of $25.95 benefit per year of service.  $25.95 x 20 =

$519.00 x ER factor .8250

$428.18 pension effective June 1, 2005.

 

The City benefit payment is determined using City only salaries and City service time. 

The City benefit does not include any County service.

The total amount of the combined City and County benefit is $1,715.16.

 

25 years required for Early retirement.  Supreme Court ruling entitles retiree to combine City & County credited service.

 

Motion:  Mr. Harrell made a motion to approve this application for retirement.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

APPLICATION FOR DEFERRED RETIREMENT:  PLAN G2

CHARTER SECTION 1360.28

 

           Roger E. Post, General Government                        Option A-9

                                                                                                       100% with reinstatement

           Date of birth, May 2, 1943:  62 years of age

           Total credited service:  15 years 3 months

           Average monthly salary for 2 – highest 12 month periods, $3,001.85 x 2.0% =

$60.04 x 15.250 = $915.61.  Mr. Post chose Option A-9 – 100% with reinstatement to Catherine Anne Post, spouse.  $915.61 x .7783 =

           $712.62 pension effective June 1, 2005

          

Motion:  Mr. Calloway made a motion to approve this application for a deferred retirement benefit payable under Option A-9.  Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

APPLICATION FOR PARTICIPATION IN THE DELAYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO CHARTER SECTION 1371.8 – PLAN G2.

The following employee has chosen a Delayed Retirement Option and will receive a one-time payment of the accumulated monthly benefits on termination of employment with the City of Knoxville.

 

Barbara L. Born, General Government                        Option A-7

                                                                                                       50% with reinstatement

           Date of birth, June 8, 1935:  69 years of age

           Total credited service:  38 years

           Average monthly salary for 2 highest – 12 month periods, $3,185.07 x 2.1% =

$66.89 x 38 = $2,541.82.  Ms. Born chose Option A-7 – 50% with reinstatement to Taylor Lee Edington, granddaughter.  $2,541.82 x .7121 =

           $1,810.03 pension effective June 1, 2005

DROP complete May 31, 2007.

 

Motion:  Mr. Harrell made a motion to approve this application for DROP retirement payable under Option A-7.  Ms. Pelot seconded the motion.  The motion carried unanimously by the members present.

 

           Denny W. Edwards, General Government             No Option

           Date of birth, July 10, 1950:  54 years of age

           Total credited service:  25 years 10 months 20 days

           Average monthly salary for 2 highest – 12 month periods, $4,849.46 x 2.1% =

           $101.84 x 25.88813 =

           $2,636.45 pension effective June 1, 2005

           DROP complete May 31, 2007.

          

Motion:  Mr. Harrell made a motion to approve this application for DROP retirement.  Ms. Pelot seconded the motion.  The motion carried unanimously by the members present.

 

APPLICATION FOR LEAVE OF ABSENCE FOR MILITARY SERIVCE:

 

           Matthew D. Cataline, Fire Department – Uniformed:  June 22, 2005 – May 31, 2006

 

Motion:  Mr. Kinney made a motion to approve this application for leave of absence for military service.  Mr. Calloway seconded the motion.  The motion carried unanimously by the members present.

 

APPROVAL OF INVOICES FOR PROFESSIONAL SERVICES:   

          

Bryan, Pendleton, Swats & McAllister – Actuary (April 2005)                  948.00

Kennerly, Montgomery & Finley – Attorney (May 2005)                 1,487.50

INTECH – money manager (1st Qtr. 2005)                                        95,770.77

State Street – Custodial (April 2005)                                                14,199.88

State Street Global – money manager (1st Qtr. 2005)                               4,680.40                             

Sterling Johnston – money manager (1st Qtr. 2005)                       76,487.10

Summit Strategies – investment consultant – 2nd Qtr. 2005)            31,250.00

 

Mr. Cherry, Executive Director, has reviewed the bills and certifies that they are consistent with the services provided and are within the budgeted figures of the FY 2005 financial plan.

 

Motion:  Mr. Kinney made a motion to approve payment of these bills.  Mr. Harrell seconded the motion.  The motion carried unanimously by the members present.

 

INVESTMENT MATTERS:

 

           Fund Transfer

 

Mr. Cherry informed the Board that the transfer on June 1, 2005, of $9 million had been completed from Calamos to Principal Financial Group as recommended by Summit Strategies and previously approved by the Board.

 

Investment Policy

 

Mr. Cherry reminded the Board about the revisions to the Investment Policy and informed the Board that he would meet with Attorney Gilbert and Investment Consultant, Dan Holmes to incorporate these changes to the Investment Policy and asked the Board for their direction on when to submit the revised Investment Policy to City Council.  Mr. Cherry advised the Board that he would proceed to get a final revised copy, with the changes incorporated, to the Board at the July Pension Board meeting.

 

OTHER:

 

Charter Protection Measures

 

Attorney Gilbert advised the Board that the new Charter Protection Measures also needed to be submitted to City Council for approval, and it was the consensus of the Board to try and submit both the revised Investment Policy and the Charter Protection Measures at the July 19, 2005, City Council meeting for approval.

 

PUBLIC COMMENTS:  None

 

ADJOURNMENT:

 

           There being no further business, Mayor Haslam adjourned the meeting without objection at 8:54 a.m.

 

 

 

                                                                                                       _________________________

                                                                                                       Chair

 

                                                                                                       _________________________

                                                                                                       Date