RETIREMENT COMMISSION MINUTES

The Retirement Commission met on Wednesday, May 26, 2021. The following members were
present: Chip Boyles, Ben Cullop, Chris Cullinan, Jason Vandever, Scott Hendrix, Heather Hill.
Absent: Joe Hatter, Markell Henderson, David Hughes. Others present: Sara Butler, Lisa Burch,
Brian Wheeler.

Call to Order
Jason Vandever called the meeting to order at 8:34 AM.

Approval of Minutes
The minutes from the April 2021 meeting were approved unanimously.

Financial Update
Jason Vandever gave the Commission a report on his meeting with Davenport, the Fund’s mid-cap
manager. Dahab Associates will work with Davenport to update the investment guidelines to
incorporate the City’s fossil fuel restrictions.

Interest Credit Rate
Jason Vandever explained that the Commission must vote on the interest rate for member
contributions each year. A motion was made that the member contribution accounts of each active
member shall be credited on June 30, 2021 with interest at a rate of 3% in accordance with City
Code. The motion was approved unanimously.

Term Lengths of Commission Members
Heather Hill addressed the Commission regarding changing the length of the terms for Retirement
Commission members. The recommendation is for members to serve up to 4 terms of 2 years each.
The appointments should be staggered so that all members do not rotate off at once. This issue will
be discussed further at the June meeting.

New Business
No new business was discussed.

Adjournment
The meeting adjourned at 8:49 AM.