HomeMy WebLinkAboutPension & Audit Committee May 20, 2021
PENSION & AUDIT COMMITTEE VIRTUAL/TELECONFERENCE
May 20, 2021
10:00 A. M.
PRESENT: Hons. Hardie Davis, Jr., Mayor; B. Williams, Mayor Pro Tem; Sias, Finance
Committee Chairman; Odie Donald, Administrator; Donna Williams, Finance Director, members;
Tim Schroer, Asst. Finance Director; Zena McClain, Sr. Staff Attorney; Lena Bonner, Clerk of
Commission.
1. Presentation of First Quarter ending March 31, 2021 investment reports for 1945 and
1949 Pension Plans along with April 2021 update. (Heather J. Seigler, Morgan
Stanley)
Ms. Seigler gave a presentation regarding the investment reports for the 1945 and 1949
Pension plans and the April, 2021 update.
It was the consensus of the committee that this item be received as information
without objection.
2. Resolution adopting an amendment made by the Board of Trustees of the Georgia
Municipal Employees Benefit System (“GMEBS”) to the restated GMEBS Defined
Benefit Retirement Plan (“Master Plan”) in the year 2021.
Mr. Mayor: Let me hear from Donna regarding the changes. This has been discussed
and worked through with GMA for some time. Donna.
Ms. Williams: Yes, sir. This is routine procedure requiring any time GMEBS makes any
changes either for IRS compliance or some other routine change that does not individually affect
anything that we have done in the plan we are required to just adopt what the Board has adopted
for their changes to their Master agreement which would affect all the plans. This doesn’t do
anything that changes the benefit levels or anything for our employees. This is a routine procedure
that just requires a formal adoption from the governing body.
The Clerk: There was a cover letter attached to the agenda item from GMA outlining what
Director Williams just stated.
Mr. Mayor: I’m tracking that. We did something similar to this last year so with that, Ms.
McClain, you can speak to the resolution.
Ms. McClain: The changes actually update the actuarial factors and interest rates used to
calculate the offset for re-retirement. And so the resolution would have to be presented to the full
Commission to be approved.
Mr. Mayor: We’ll adopt the resolution in the Pension Committee and then we will forward
that to the Commission for ratification.
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Mr. Sias: Move to adopt.
Ms. Williams: Second.
Motion carries 5-0.
Mr. Mayor: Madam Clerk.
The Clerk: That’s it for me, sir. That concludes our agenda.
Mr. Mayor: There is no additional business before us, the pension committee stands
adjourned.
Lena J. Bonner
Clerk of Commission
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