RETIREMENT COMMISSION MINUTES

The Retirement Commission met on Wednesday, January 26, 2022. The following members
were present: Ashley Marshall, Joe Hatter, David Hughes, Jason Vandever, Scott Hendrix, Al
Elias, Ben Cullop, Chris Cullinan, Markell Henderson, Brian Pinkston. Absent: None. Others
present: Lachen Parks, Sara Butler, Lisa Burch, Allyson Davies.

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

Approval of Minutes
The minutes from the December 2021 meeting were approved unanimously with Brian Pinkston
abstaining because he was not present at the December meeting.

Oversight of Defined Contribution Plans
Allyson Davies addressed the Commission regarding the Commission’s responsibility of
oversight of the City’s Defined Contribution Plans. It was agreed that the Commission needs
more information regarding the plans and fiduciary training at the February meeting.

COLA Discussion
The City assumes a 1% retiree COLA each year. The Commission discussed a recommendation
for Fiscal Year 2023 and a motion was made to recommend a COLA of at least 2% for retirees.
The motion was approved with one opposing vote from David Hughes.

New Business
Lisa Burch presented a tentative calendar for upcoming 2022 meetings.

Closed Session
Pursuant to section 2.2-3712 of the Virginia Code, Chris Cullinan made a motion that the
Charlottesville Retirement Commission should close the meeting and that the Investment Sub-
committee should convene in a closed session to discuss investment strategies of the Retirement
Fund which are subject to exclusion under § 2.2-3705.7 (24).

On a motion by Chris Cullinan, the Retirement Commission certified by a unanimous recorded
vote that to the best of each Commissioner’s knowledge only public business matters lawfully
exempted from the open meeting requirements of the Virginia Freedom of Information Act and
identified in the Motion convening the closed session were heard, discussed or considered in the
closed session.

Adjournment
The meeting adjourned at 10:21 AM.