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2026-11-03 - General Pension Board of Trustees

Summary

Built from the posted agenda and the machine-generated captions of the roughly 2-hour recording; figures are as captioned and may be misheard. Minutes were not posted. All motions passed unanimously by voice unless noted.

  • The August 12, 2026 minutes were approved with minor corrections.
  • Pension Plans Experience Study and Custody Agreement: the board approved an updated Regions custody agreement (fee rising from 3.5 to 4 basis points after about 18 months of delay) and authorized an informal search for custodians.
  • The actuary reported a funded ratio of 91.1 percent, a $14.8 million unfunded liability and a $6.16 million city contribution. The expected nominal return on the current allocation is about 7.28 percent against a 7 percent assumption; cutting the rate by 50 basis points would add about $800,000 to the contribution and $7.5 million to the liability. He suggested raising salary growth assumptions by about 100 basis points. The board voted to table the recommendations until the February 2027 meeting, as the Police board did.
  • The cost study of possible plan changes priced doubling the cost-of-living caps (about $19 million more unfunded liability and $2 million a year in contributions over 15 years), restoring a 2.1 percent benefit multiplier for service after October 1, 2012, and an 80 percent spousal benefit. Trustees asked for scenarios on a 3 percent or 2 percent cost-of-living increase for all retirees, the 2.1 percent multiplier for those who retired after October 2012, and a spousal benefit going forward. Decisions were deferred pending the outcome of Amendment 3 on the election ballot.
  • Fixed income manager and consultant reports to September 30, 2026: a weak quarter with small caps down about 7 percent and a one-year plan return of 5.7 percent against the 7 percent assumption. The manager favored locking in higher bond yields. The board approved moving about $7.5 million out of equity and real estate holdings into the fixed income manager, taking fixed income to about 40 percent of the plan.
  • The revised Investment Policy Statement was approved with lower targets for large cap (to 24 percent), mid cap (7), real estate (8) and international (7), and a 40 percent fixed income target.
  • Invoices and several notices of pension (normal, in-service and survivor) were approved, along with trustee attendance at the 2027 winter school, annual conference and fall school.

Agenda

I. Call to order. II. Determination of a quorum. III. Approval of minutes: August 12, 2026
IV. Officer and member reports
V. Money managers' report: Integrity Fixed Income, quarterly performance to September 30, 2026
VI. Actuarial report: Joseph Griffin, Foster & Foster, experience study
VII. Money monitor's report: Larry Cole, Burgess Chambers, quarterly performance; Investment Policy Statement, revised
VIII. Attorney's report: Regions custody agreement
IX. Administrator's report. X. Unfinished business
XI. New business

  • a. Management fee invoices for the period ending September 30, 2026: Advent Capital Management ($11,717.13); DePrince, Race and Zollo ($9,149.85); Fiduciary Management ($7,785.00); Frontier Capital Management ($9,852.04); Integrity Fixed Income ($26,747.32); Sawgrass Asset Management ($13,720.82); SSI Investment Management ($11,449.00); Vulcan Value Partners ($7,789.79)
  • b. Burgess Chambers & Associates invoice, $12,500.00
  • c. Leuchtman Law invoice, $9,400.00
  • d. Evergreen invoice, $304.34
  • e. FPPTA invoice, $750.00
  • f. Notice of pension for one member
  • g. In-service participant notice of pension for one member
  • h. Widow's notices of pension for three beneficiaries
  • i. Winter Trustee School, January 31 to February 3, 2027 (Rosen Centre)
  • j. 43rd Annual Conference, June 27 to 30, 2027 (Signia by Hilton Bonnet Creek)
  • k. Fall Trustee School, September 26 to 29, 2027 (Sawgrass Marriott Resort)
    XII. Requests from the public / employees present. XIII. Information items. XIV. Adjournment

Sources

Video

Watch the recording (City meeting portal; not on YouTube).

Transcript

No transcript available.