RETIREMENT COMMISSION MINUTES

The Retirement Commission met on Wednesday, April 27, 2022. The following members were
present: Ashley Marshall, Joe Hatter, David Hughes, Jason Vandever, Markell Henderson, Scott
Hendrix, Ben Cullop, Chris Cullinan, Brian Pinkston. Absent: Al Elias, Michael Rogers. Others
present: Remy Trail, Sara Butler, Lisa Burch, Krisy Hammill, David Plunkett (by phone).

Call to Order
Jason Vandever called the meeting to order at 8:32 AM.

Approval of Minutes
The minutes from the March 2022 meeting were approved unanimously.

Defined Contribution Rate Change Proposal
Jason Vandever provided the Commission members with requested information regarding the
age demographics of the retirement participants. Members discussed changing the contribution
rate for general employees. A motion was made to recommend to the City Manager a change to
the contribution rates as follows:

0-4 Years of Service: 8% Contribution
5-9 Years of Service: 9% Contribution
10+ Years of Service: 10% Contribution

The motion was approved with one opposing vote from Ben Cullop.

Member Contribution Interest Rate
Lisa Burch explained that City Code requires the Commission to vote on the interest rate for
member contributions each year. The Commission members discussed the interest rate and will
take a vote at the May meeting.

Financial Update
Jason Vandever updated the Commission on the Retirement Fund’s investment returns through
March. He also gave an update on the transition of the Fund’s Large Cap Growth assets.

New Business
Four members of the Commission have terms expiring in June 2022. Lisa Burch will email the
members with information about re-applying.

Adjournment
The meeting adjourned at 9:37 AM.