8/14/2019 November 20th Pension Meeting Minutes
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November 20th ,2008 Pension Board Meeting Update
The Home Rule Amendment has not been submitted to the Board of
Commissioners as ofNovember 20th, 2008 but will be submitted
shortly per Paul Wright, This recommendation fromthe Pension Board
to the Board of Commissioners is that anytime a raise is given to
retirees thepercentage will be given equally to all retirees and
would amend the county code to reflect this
change. This change requires two readings and approval of the
B.O.C.The November 20th, 2008 pension Board meeting went as
follows:Approval of the minutes of the September 11, 2008
meetingApproval of the paying of invoices to money managers,
consultants, etc... all normal business
expenses.Appointment of Trustee to the Pension Board by the
Pension Board members. The board is madeup of 9 positions two of
which are non voting members: The County CEO, Two
EmployeeRepresentatives, One Retiree Representative, Two Board of
Commissioner Appointees, and OnePension Board Appointee. The
Non-voting members are the Finance Director and HumanResources
Director.
Ed Wall who has been on the Board for approximately 12 years was
a Board of CommissionerAppointee. Ed Resigned from this position at
the start of the meeting and was immediatelynominated by Robbie
Robertson to fill the board appointee position. Ed was voted on
andappointed as the Pension Board member. Ed has been a good member
of the board and a friendof the Employee/Retirees for many years.
This will leave two positions for the new CEO and BOC
to fill.
Review of 3rd Quarter investments by Callan Consulting, although
we are down approximately14% as of September 30th, we are
performing better than our peers, most of Georgia plans aredown
about 17%. We are about 82% funded as of April 1,2008, with
approximately $1.035
Billion.Segal went over the Actuarial Valuation of the Fund.
Just as a point of information to maintain agood funding level it
is going to require a increased contribution from the Employee and
Employerfor the Future, The average contribution for Public safety
Employees nationwide is around 8 to9%, I do not believe we will go
this high but with these markets who knows where we will end up.The
history of the Fund has been 1/3rd by employee and 2/3rds by the
county but this is just thehistory.
With these decreased funding levels it is going to be hard to
give Retirees a raise, as trustees it isour fiduciary
responsibility to only approve benefits that we can fund. So I
recommended thatSegal tell us what it will cost to have a built in
cost of living raise for the retirees and that we go up
on the contribution level to ensure these cost of living raises
for the future.The Board handled normal request of Rehired
Employees to buy back into the fund.The Board approved three
Disability Claims.
