Loading...
HomeMy WebLinkAbout03-24-2022 MinutesPOLICE PENSION BOARD MINUTES OF SPECIAL MEETING MARCH 24, 2022 Call to Order -- Chairman Tim Wood called the meeting to order at 5:02 p.m. Roll Call Present: Board Members: Mr. Puscher Detective McDonough Captain Wood Ms. Ring Also Present: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for the Board of Trustees — Zoom Ken Killgore, Plan Administrator Andy Mcllvaine, Morgan Stanley — Zoom Cynthia Watson, Human Resources Director Barbara Brooke -Reese, MIS Manager Janet Graham, Technical Writer III. Vote to Excuse Absent Board Members — None IV. Old Business Chairman Wood asked if there was any objection to changing item B under Old Business to item A and changing item A to item B. There was no objection by the Board members. A. Consider Divestment of all Investments Holdings with Russian Exposure Mr. Mcllvaine reviewed that at the last meeting the question was brought up as to whether the international managers had any Russian exposure. Renaissance has actually divested of their only Russian holdings in mid -January. Regarding the Highland International Value Manager, they did have a small amount of Russian exposure of 2.15% exposure to Russian companies. In doing the math, that means there is $21,520.00 of the international value allocated to emerging markets, and it is only 2.15% of that. So the only exposure to Russian companies is about $462.00. So it is veryminute. He contacted Highland and asked, if the Pension Board wanted to get out of that market, could it be done. Highland said yes. Mr. Puscher asked if there is any exposure other than the POLICE PENSION BOARD PAGE 2 MINUTES OF SPECIAL MEETING OF MARCH 24, 2022 2.15% somewhere else that the Board is not aware of. Mr. Mcllvaine said not to his knowledge. Ms. Ring asked what it would cost to sell the stock vs. staying in and taking a loss on what happens with Russia. Mr. Mcllvaine said it would be very minute. After discussion, it was the consensus of the Board members that the situation be left as is for the time being. B. Vote on Choice to Submit to the City Council for an Appointment to Replace Paul Williamson as the Fifth Pension Board Trustee Mr. Killgore stated that the City Clerk's office has recruited three applicants for this position. Those three applicants are here tonight to introduce themselves and speak to their experiences and histories. Douglas Schara introduced himself and reviewed his history and experience, as did Mr. Marshall and Mr. Reeves following which there was discussion among the Board members. Mr. Puscher asked if each applicant understands that this position is a fiduciary position on the Board. All stated they understood what a fiduciary is, and all three have held fiduciary positions. After general discussion by the Board, Chairman Wood called for nominations. Mr. Marshall was nominated by Ms. Ring. There was no second. Mr. Reeves was nominated by Detective McDonough, seconded by Mr. Puscher. Mr. Killgore explained that the Board's job is to recommend a candidate to City Council, and the City Council then decides to appoint that candidate or not. Ms. Jensen clarified that the candidate will not be in service until City Council appoints him. Chairman Wood called for a vote. Roll Call Ms. Ring — No Chairman Wood — Yes Detective McDonough — Yes Mr. Puscher — Yes Vote was 3-1 in favor. Motion passes. Chairman Wood thanked everyone who applied. VI. Public Input — None VII. New Business — None POLICE PENSION BOARD PAGE 3 MINUTES OF SPECIAL MEETING OF MARCH 24, 2022 VIII. Leaal Uodates -- None IX. Board Member Reports and Comments Mr. Puscher stated he would be attending the classes regarding trustees. Mr. Killgore said he will take care of registering Mr. Puscher if he sends Mr. Killgore all his information. Mr. Killgore said registration does not begin until April, and he will monitor that. Captain Wood stated that he did speak with Ireland's uncle (regarding the Grimmich matter). The uncle has been having some communication with Ireland. Ms. Jensen said that Ireland will need to reach out to one of the Board members. Ms. Jensen also stated that distribution needs to be made within five years of Mr. Grimmich's death. If the Board happens to be in the position to make the distribution, the hearing will need to be held on the forfeiture of the benefits. If Jack and Ireland waive their rights to a benefit, we can pay them a refund of contributions and can avoid going through a forfeiture proceeding. After five years, a forfeiture proceeding will have to be held. Ms. Jensen said she believes the five-year deadline is at the end of this year. She will verify that. She stated that both beneficiaries must agree on how they want the distribution to be made. She also said that she will attempt to contact Jack's mother before the next Board meeting. X. Plan Administrator Reports and Comments -- None XI. Next Scheduled Quarterly Meetina: June S. 2022 XII. Adjournment There being no further business, Chairman Wood adjourned the meeting at 5:35 p.m. By: Date: 6IZL/Z7- jg