MINUTES OF THE
FIRE FIGHTERS’ RELIEF AND RETIREMENT FUND BOARD OF TRUSTEES
AUSTIN, TEXAS
The regular meeting convened at the pension office at 4101 Parkstone Heights Drive, Suite 270, Austin, Texas, on April 16, 2014 at 8:30 a.m., with the following present:
Keith Johnson Vice-Chair Faria Akram
Art Alfaro Secretary/Treasurer Randy Aylieff
James Fedro Trustee Donald G. Lowe
Jeremy Burke Trustee Ken McLain
Bill Stefka Administrator Randy Moreno
Linda Adney Adm. Asst.
Minutes of the regular meeting held March 12, 2014 were reviewed by the Board. A motion was made by James Fedro to approve the minutes of the regular meeting held March 12, 2014. With a second from Jeremy Burke, the Board unanimously approved.
Agenda item 2 was approval of retirement benefits for Kenneth D. Crooks and Michael D. Low. After review of the benefit information, a motion was made by Jeremy Burke to approve benefits as stated on the benefit calculation form. With a second from James Fedro, the Board unanimously approved.
The next items on the agenda were spousal benefits for Lillian M. Beach, widow of deceased retiree Lawrence A. Beach. After review of the benefit information, a motion was made by Jeremy Burke to approve benefits as stated on the benefit calculation form. With a second from Art Alfaro, the Board unanimously approved.
The next item up for discussion was a review of the plan’s code of ethics/travel policy. Chuck Campbell, the Fund’s legal counsel, presented a revised Board of Trustees Code of Ethics document with the updates as discussed at the last meeting. After further review, Art Alfaro made a motion to approve the Board of Trustees Code of Ethics as revised. With a second from James Fedro, the Board unanimously approved.
Ken McLain with Greater Texas Insurance, the plan’s insurance agent, reviewed a summary of the insurance policies, coverage, and costs that the Fund has in place currently. After examining the insurance coverage it was decided to get a quote on increasing office content coverage as well as a fiduciary insurance quote for the plan. Mr. McLain noted he will get back to the pension office with that information. No motion was necessary at this time.
Agenda item number 5 was pension ramifications of a proposed consent decree between the City of Austin and the Department of Justice. Pursuant to Texas Government Code Section 551.071, the Board went into a closed executive session at 9:44 a.m. to discuss this item with legal counsel. At 10:15 a.m. the Board concluded the closed session and reconvened the regular meeting. A motion was then made by
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April 16, 2014
Jeremy Burke that the Fund respond to a letter of March 25, 2014 from the City of Austin by stating that the proposed recognition of retroactive service credit providing relief to certain non-hired applicants from AFD’s 2012 hiring process, is not permitted under the Fund’s governing statute and other applicable law. With a second from James Fedro, the Board unanimously approved.
Next on the agenda was potential statute wording changes. Bill Stefka prepared a list of our statute provisions that may need addressing including possible legislative revisions. These items included prior trustee and membership input that have been discussed from time to time as needing clarification or possible amendments. It was decided to maintain this list of items and continue to add any possible modifications necessary to maintain the integrity of the system and to include input from the plan’s actuary on some of the items as well. No action was necessary at this time.
The Board next reviewed the financial statements and fund expense reports for February and March 2014. No action was necessary.
Under old business, new business, future agenda items, some future agenda items are presentations from portfolio monitoring/security litigation firms, investment performance reports, and the initial fund review from Meketa Investment Group, the plan’s new investment consultant.
A motion was made by James Fedro to adjourn. With a second from Jeremy Burke, the Board unanimously approved.
BOARD MEMBERS
Mayor Lee Leffingwell, Chair
Keith Johnson, Vice-Chair
Art Alfaro, Secretary-Treasurer
James Fedro, Trustee
Jeremy Burke, Trustee
4101 Parkstone Heights Drive, Suite 270 454-9567/FAX 453-7194
E-mail: afdpension@ austin.rr.com
Website: WWW.AFRS.ORG
April 16, 2014
Minutes