HomeMy WebLinkAbout2017/01/24-Minutes-Joint Meeting CC w/ Retirement Fund bd CITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL—FORT WORTH EMPLOYEES' RETIREMENT FUND
BOARD MEETING
JANUARY 24, 2017
Present:
Mayor Betsy Price
Mayor Pro tem Dennis Shingleton, District 7
Council Member Salvador Espino, District 2
Council Member W.B. "Zim" Zimmerman, District 3
Council Member Cary Moon, District 4
Council Member Gyna Bivens, District 5
Council Member Jungus Jordan, District 6
Council Member Kelly Allen Gray, District 8
Council Member Ann Zadeh, District 9
Fort Worth Employees' Retirement Fund Board Members Present:
Rick Van Houten, Vice Chair, Place 1
Margaret Wise, Place 3
Steve Streiffert, Place 4
Tom Lewis, Place 5
Kevin Foster, Place 6
Marsha Anderson, Place 7
Jesus Payan, Place 8
Jarod Cox, Place 9
Jason Brown, Place 10
Bill Crawford, Jr., Place 11
Scott Wade, Place 12
Aaron Bovos, Place 13
Absent:
Todd Cox, Chair, Place 2
Staff Present:
David Cooke, City Manager
Sarah Fullenwider, City Attorney
Mary J. Kayser, City Secretary
Joelle Mevi, Fund Executive Director
I. Call to Order—Mayor Betsy Price and Chair Todd Cox
With a quorum present, Mayor Price and Vice Chair Van Houten called the joint meeting of the
Fort Worth City Council and the Fort Worth Employees' Retirement Fund (ERF) Board to order
at 1:32 pm., on Tuesday, January 24, 2017, in the City Council Conference Room 290, 200
Texas Street, Fort Worth, Texas.
CITY OF FORT WORTH,TEXAS
JOINT CITY COUNCIL—FORT WORTH EMPLOYEES' RETIREMENT FUND
JANUARY 24,2017
Page 2 of 3
II. Welcome and Introductions—Mayor Betsy Price and Chair Todd Cox
Mayor Price and Vice Chair Van Houten welcomed the members and audience to the meeting.
Both boards were introduced.
III. Update on Investment Performance—Joelle Mevi, Fund Executive Director/CIO
Ms. Joelle Mevi, Fund Executive Director, presented the Investment Performance Update. She
reviewed the highlights of 2016. For the year ending 2016 the one year performance of the fund
was 8.01% and since inception it was 8.56%. She reviewed the performance of all the portfolios
and compared them to their benchmarks.
IV. Progress Report for City Manager's Pension Review Committee—David Cooke, City
Manager
City Manager David Cooke provided an update on the work of the Pension Review Committee.
Mr. Cooke presented the current state of the fund. He noted that we are not Dallas or Houston
with respect to the way the City of Fort Worth pension fund is administered. He noted that in
2017 we need to submit a Funding Soundness Restoration Plan to the Texas Pension Review
Committee. He reviewed the pension plan reforms since 2007 and the associated results.
Mr. Cooke reviewed what the Pension Review Committee is currently looking at:
Interest Rate for Fund Withdrawals
Fund's DROP Annuity Option
Service Purchase of all forms
Sick Leave/Major Medical Service Credit
Analysis of separating Police and Fire from General Employees
Movement of future General employees to a cash balance, defined contribution, hybrid or
TMRS plan
Complete analysis of further multiplier reduction or employee contribution increases for
employees remaining in legacy plan
V. Next Meeting—To be determined
The next meeting date will be determined.
VI. Request for Future Agenda Items
Council Member Moon requested a review of the Retirement Fund's annual expenses, what
services are provided to employees, and a mechanism for employees to address the Board.
CITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL—FORT WORTH EMPLOYEES' RETIREMENT FUND
JANUARY 24, 2017
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VII. Adjourn
There being no further business, Mayor Price and Vice Chair Van Houten adjourned the joint
meeting at 2:12 p.m.
These minutes were approved by the Fort Worth City Council on the 7`h of February, 2017.
Attest: Appr
;A
Maly J• etsy Price
City Secre ary Mayor