HomeMy WebLinkAbout2023/05/16-Minutes-Joint Meeting CC w/ Retirement Fund bdCITY OF FORT WORTH, TEXAS
JOINT FORT WORTH CITY COUNCIL / FORT WORTH EMPLOYEES'
RETIREMENT FUND BOARD MEETING
MAY 16, 2023
Present:
Mayor Mattie Parker
Council Member Carlos Flores, District 2
Council Member Michael D. Crain, District 3
Council Member Alan Blaylock, District 4
Council Member Jared Williams, District 6
Council Member Leonard Firestone, District 7
Council Member Chris Nettles, District 8 (Arrived at 10:16 a.m.)
Council Member Elizabeth Beck, District 9 (Arrived at 10:23 a.m.)
Absent:
Mayor Pro tem Gyna Bivens, District 5
Fort Worth Emvlovees' Retirement Fund Board Members Present:
Doug Wilson, Chair, Place 9
Andrea Wright, Vice Chair, Place 4
Lloyd Cook, Place 1
Stephen Stegint, Place 2
Loraine Coleman, Place 3
Landon Stallings, Place 5
Kevin Foster, Place 6
Marsha Anderson, Place 7
Jesus Payan, Place 8
Steve Litke, Place 10
Steve Purvis, Place 11 (Absent)
Jim Lacamp, Place 12
Reginald Zeno, Place 13
Staff Present:
David Cooke, City Manager
Leann Guzman, City Attorney
I. Call to Order — Mayor Mattie Parker and Chairman Doug Wilson
With a quorum present, Mayor Parker and Chairman Wilson called the Joint Meeting of the Fort
Worth City Council and the Fort Worth Employees' Retirement Fund (ERF) Board to order at
10:05 a.m., on Tuesday, May 16, 2023, in the City Council Conference Room 2020, 200 Texas
Street, Fort Worth, Texas.
CITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL — FORT WORTH EMPLOYEES' RETIREMENT FUND
MAY 16, 2023
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II. Welcome and Introductions — Mayor Mattie Parker and Chairman Doug Wilson
Mayor Parker and Chairman Wilson welcomed the members and audience to the meeting.
Members of both boards introduced themselves.
III. Actuarial Valuation as of December 31, 2022
Joseph P. Newton, Pension Market Leader and Actuary, appeared before Council and the Board
and provided an overview of the Fund's valuation results as of December 31, 2022. He
summarized this presentation by stating that the trajectory of plan funding was consistent with
prior valuations and that the funding period incorporating anticipated risk -sharing contributions
and Ad Hoc COLA was now 36 years.
IV. Presentation on the Investment Performance of the Fund
Mr. Derrick Dagnan, CFA, CIO, FWERF, provided an update of the Investment Program for 2022
which included information on Fort Worth Bond Ratings, the Investment Performance Review,
and the Investment Outlook.
V. Discuss the Performance of the Fund and Determine How to Address the Unfunded
Liabilities, if any, as Required by Section 5.11 of Article 6243i of the Texas Revised
Civil Statutes
There was no discussion by the Council or Board on this agenda item.
VI. Next Meeting — To be determined
The next meeting date is to be determined.
VII. Request for Future Agenda Items
VIII. Adjourn
There being no further business, Mayor Parker and Chairman Wilson adjourned the joint meeting
at 10:58 a.m.
These minutes approved by the Fort Worth City Council o e 6th day of June, 2023.
Attest: Ap d:
J nnette S. Goodall Maitie arker
ity Secretary Mayor