CITY OF KNOXVILLE PENSION BOARD

 AGENDA

THURSDAY – November 10, 2011

8:15 A.M.

917B E. 5^TH AVENUE

 

 

CALL TO ORDER:

 

APPROVAL OF REGULAR MEETING MINUTES FOR October 13, 2011:

 

APPROVAL OF REVISED AGENDA:

 

EXECUTIVE DIRECTOR COMMENTS:

 

Pension Board Representatives for the term 2012 -2014

 

Police Seat A and General Government Seat A

 

ADMINISTRATIVE MATTERS:

 

Actuary Presentation

 

                        Alan Pennington – June 30, 2011, Actuarial Valuation Summary

 

                        De-risking Discussion

 

            Post Retirement Benefit Adjustment Resolution – (see folder)

 

Schedule Pension Board Meetings for First Quarter 2012

 

                        Thursday, January 12, 2012 – 8:15 a.m.

            Thursday, February 9, 2012 – 8:15 a.m.

            Thursday, March 8, 2012 – 8:15 a.m.

 

Donald Sams – request to establish prior service as creditable service

 

ATTORNEY COMMENTS:

 

G1 Litigation Discussion - Mike Kelly awaiting notification from Board to come to meeting

 

CONTRACTS: 

 

 

APPLICATION FOR NORMAL RETIREMENT:  PLAN A

CHARTER SECTION 1360.12

 

Margaret Garner, Schools Certified                                               Option A-9

                                                                                                            100% with reinstatement

            Date of birth, May 28, 1947:  64 years of age

            Total City credited service:  16 years 8 months

            Total County credited service:  24 years 4 months

            Total credited service:  41 years (combined City & County)

$337.80 pension effective November 1, 2011.

 

 

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

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.

 

Charles Wilson, III, General Government – Plan G2                      Option A-9

                                                                                                            100% with reinstatement

Date of birth, March 28, 1947:  64 years of age

            Total credited service:  15 years 8 months 10 days

            $1,010.13 pension effective November 1, 2011.

            DROP complete October 31, 2013.

 

APPLICATION FOR REINSTATEMENT OF PRIOR SERVICE:

 

            Matthew B. Bradburn, General Government – G1

            October 31, 2005 – January 11, 2008

            November 9, 2009 – June 18, 2010

            $9,617.85.

 

 

APPROVAL OF INVOICES FOR PROFESSIONAL SERVICES:  - Invoice copies in folder

           

Bryan, Pendleton, Swats & McAllister – Actuary (Sept 2011)             $ 6,661.00        

Kennerly, Montgomery & Finley – Attorney (General – August 2011)    5,440.00   

Kennerly, Montgomery & Finley – Attorney (G1 – August 2011)          10,865.30    

Kennerly, Montgomery & Finley – Attorney (Frye Lit. – August 2011)       624.00    

State Street – Custodial (Sept 2011)                                                             8,516.63

State Street – Trustee (Sept 2011)                                                                3,443.74

            Acadian – Money Manager (3rd Qtr. 2011)                                               59,446.00

            AQR – Money Manager (3^rd Qtr. 2011)                                                        35,398.00

            Eagle Capital – Money Manager (3^rd Qtr. 2011)                                         72,273.37

            IRM – Money Manager (3rd Qtr. 2011 – Core Fund)                                  18,182.34

            IRM – Money Manager (3rd Qtr. 2011 – TIPS Fund)                                   2,864.46

Pinnacle – Money Manager (3^rd Qtr. 2011)                                                  29,408.00

           

 

STW – Money Manager (3^rd Qtr. 2011)                                                      25,204.42

            Tortoise Capital – Money Manager (3^rd Qtr. 2011)                        42,305.89                

 

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 system’s financial plan.

 

 

INVESTMENT MATTERS:

 

Dan Holmes – Summit Strategies

 

3Q 2011 Performance Report

           

Investment Committee Minutes

 

OTHER:

 

            Request from General Government Retiree – Vance R. Shown

 

PUBLIC COMMENTS:

 

ADJOURNMENT:

 

ESTIMATE OF TIME FOR MEETING: 3 ½ hrs.