HomeMy WebLinkAboutPension & Audit Committee February 16, 2021 (2)
PENSION & AUDIT VIRTUAL/TELECONFERENCE
COMMITTEE February 16, 2021
1:00 P.M.
PRESENT: Hons. Hardie Davis, Mr., Mayor; Bobby Williams, Mayor Pro Tem; Sammie
Sias, Finance Committee Chairman; Odie Donald, II, Administrator; Donna Williams, Finance
Director; Lena Bonner, Clerk of Commission.
Mr. Mayor: Good afternoon, everybody. We’re going to call the Augusta Pension
Committee meeting to order. The Chair recognizes Madam Clerk.
1. Presentation of Fourth Quarter ending December 31, 2020 Investment reports for
1945 and 1949 Pension Plans along with January 2021 update. (Heather J. Seigler,
Morgan Stanley)
Mr. Mayor: Heather, thank you for joining us this afternoon. The floor is yours.
Ms. Seigler: Thank you very much for having me. I hope everyone has a copy of my
presentation that I sent over last week. If you’ll flip over to page two we’ll talk about the markets
overall. I’ll give you an update on where we ended for the end of the year. We’ll talk about the
portfolio and the market overall if that’s okay with you.
Mr. Mayor: Please proceed.
Ms. Seigler gave a presentation regarding the investment reports for the 1945 and 1949
Pension plans and the January 2021 update.
Ms. Williams: I make a motion to receive the report as information.
Mr. Sias: Second.
Motion carries unanimously without objection.
2. Receive as information the amount of 1.4% for the COLA for the 1945 and 1949
Pension Plans, according to the plan documents in the amount published by the
Bureau of Labor and Statistics. The index for all items COI-U for the South Region
increased 1.4% for the 12 months ending December 2020. This increase will be
effective on March 1, 2021 benefit payments.
Ms. Williams: Essentially all the information is included in the motion. The plan
documents specify that beginning March 1 of each year that the cost of living raise be given in the
amount that is published by the Bureau of Labor and Statistics for the fourth quarter of the previous
year for the CPI for the South region. That amount was 1.4% and that amount will be increased
on the pension benefit checks that go out March 1 to the ’45 and the ’49 pension plan recipients.
It’s pretty much an information, sir.
Mr. Mayor: Okay, so we’ll receive it as information.
Mr. B. Williams: Mr. Mayor.
Mr. Mayor: Mayor Pro Tem.
Mr. B. Williams: That 1.4 comes out of the pension plan itself or it comes out of our
budget?
Ms. Williams: It comes from the funds that you just saw presented from Ms. Seigler from
the pension plans. At the end of the day should those plans ever come up short it falls back to the
government but there are sufficient funds to make these payments which are required according to
the plan documents.
Mr. B. Williams: Yeah, I just think if they can come out of our general overall accounts
from the city.
Ms. Williams: Now your regular required overall pension contributions do come from the
funds from the City that are your employer portion to keep this plan fully funded.
Mr. B. Williams: Thank you.
Mr. Mayor: Thank you. All right, so we’ll receive this as information and we’ll
formally adopt this in a Commission meeting, is that correct, Donna?
Ms. Williams: Yes, sir, I mean it doesn’t necessarily require adoption. It’s already
included, it’s just a matter of process and me bringing that information forward so that you guys
can know about it.
Mr. Mayor: All right, very good, well, we’ll receive as information again. Is there any
other business before us?
The Clerk: I believe that’s it, sir.
Mr. Mayor: All right, thank you very much. This meeting is adjourned.
ADJOURNMENT: There being no further business, the meeting was adjourned.
Lena J. Bonner
Clerk of Commission