RETIREMENT COMMISSION MINUTES

The Retirement Commission met on Wednesday, May 25, 2022. The following members were
present: Ashley Marshall, Joe Hatter, David Hughes, Jason Vandever, Al Elias, Scott Hendrix,
Ben Cullop, Chris Cullinan, Brian Pinkston, Mary Ann Hardie. Absent: Markell Henderson,
Michael Rogers. Others present: Sara Butler, Lisa Burch, Krisy Hammill, Barry Schmitt, Fran
Slacum.

Call to Order
Jason Vandever called the meeting to order at 8:37 AM.

Introduction of New Human Resources Director
Mary Ann Hardie was introduced as new member and as new Human Resources Director for the
City.

Approval of Minutes
The minutes from the April 2022 meeting were approved unanimously with Mary Ann Hardie
abstaining because she did not attend the April meeting.

Investment Review
Barry Schmitt and Fran Slacum from CapTrust gave an industry update and a market/economic
update. They also presented the investment review for the 401a and 457b plan investment line-
up. City staff will ensure new RMD rules are incorporated into plan documents and will
determine if plan restatement is needed by July 31, 2022. At Commission request, CapTrust will
prepare review of Target Date Funds for an upcoming meeting.

Member Contribution Interest Rate
A motion was made that the member contribution accounts of each active member shall be credited
on June 30, 2022 with interest at a rate of 3% in accordance with City Code. The motion was
approved unanimously.

Financial Update
Jason Vandever updated the Commission on the transition of the Fund’s Large Cap Growth
assets.

New Business
The Commission agreed to cancel the July meeting unless an urgent matter arises.

Adjournment
The meeting adjourned at 9:39 AM.