Pension Trustees - Regular Meeting

This time we'll call to order the 11/03/2025 meeting of the city of Clearwater Pension Trustees. This time we'll move to item 2.1 of the agenda.

Approve the minutes of the 08/18/2025.

Is there a motion to approve the minutes? So moved. Second. All those in favor? Aye. Opposed? Names. At this time, we move to item three on the agenda. Are there any citizens to be heard regarding items not on today's pension trustees agenda? And seeing none, move to item 4.1.

Good afternoon, trustees. Jay Ravens, finance director. This item is requesting approval to terminate an underperforming pension investments money manager. Artisan Partners was hired in 2001 as a domestic equity mid cap growth money manager. Due to underperformance in recent years, the investment committee is recommending termination at this time. Be happy to answer any questions.

Okay. Does anyone here from the public desire to speak to this agenda? Hearing seeing none, is there any trustees to speak? If not, is there a motion? Move to approve agenda item 4.1. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.2.

Approve investment manager agreement with Northern Trust Investments Inc. For a separately managed mid cap growth equity index investment account and authorize the appropriate officials to execute soon.

Good afternoon, trustees. Jay Ravens, Finance Director. This item is a request for approval of an investment management agreement for a new passive mid cap growth index investment account with Northern Trust that will be indexed to the Russell Mid Cap Growth Index. This will replace an active manager, Artisan Partners, that the investment committee recommended for termination. The investment management fee for this passive product will be 4 basis points versus a fee of 80 basis points for the previous active manager. I'd be happy to answer any questions. Questions.

Does anyone here from the public desire to speak to this agenda item? Hearing seeing none, is there any trustee's discussion? If not, is there a motion?

Move to approve agenda item 4.2.

Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.3.

Approve changes to the City of Clearwater Employees Pension Fund statement of investment objectives and guidelines investment policy to update the funds investment benchmark index with just minimum allocation to fixed income and other minor changes as recommended by the plan's investment committee.

This item is a request to approve changes and updates to the pension investment policy as recommended by the investment committee and the plan's investment consultant, CAPTrust Advisors. This includes various changes as detailed in the agenda item and the red line version of the policy. I'd be happy to answer any questions.

Does anyone here from the public desire to speak for this agenda? Hearing seeing none, is there any trustees discussion?

If you don't mind, just a question for clarification. Clarification. If I read that the last time this was revisited was December '3, is it?

Yes, that is correct.

And how often do we revisit these?

Ideally, we do it annually. Okay. It's been a little bit longer than that, but the committee is reviewing it at least annually. If we don't have any substantive changes, we wouldn't typically bring it to you.

Gotcha. Appreciate it. Thank you.

Any further trustees discussion? If there's no further discussion, is there a motion? Motion or privilege on item 4.3.

Second.

All those in favor? Aye. Opposed? Unanimous. Agenda item 4.4.

Approve the new hires for acceptance into the pension plan as listed.

Good afternoon. Tiffany Macros, HR Director, here to answer any questions you may have.

Anyone here from the public desire to speak to this agenda item? Hearing seen none, is there any trustees discussion? No discussion, is there a motion?

Motion to approve agenda item 4.4.

Second. All those in favor? Aye. Opposed, unanimous. Agenda item 4.5.

Approve the following request of employee Michael Mora, police department's investment pension as provided in section 2.419 of the employee's pension plan.

Tiffany MacKerr, HR Director here for any questions.

Okay. Does anyone hear from the public desire to speak for this agenda item? Hearing seeing none, is there any trustees discussion? If there's no discussion, is there a motion? Move to approve agenda item 4.5. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.6.

Approve the following request of Steven Buginski, Police Department, Javon Graham, Fire Department, and Sandra Lear, Information Technology Department for regular pension as provided in sections two point four one six and two point four two four of the employee's pension plan.

Tiffany Macros, Human Resources Director, here for any questions.

Anyone here from the public desire to speak to this agenda item? Hearing saying none, is there any trustee's discussion? If there is no discussion, is there a motion?

Move to approve agenda item 4.6. Second.

All those in favor?

Aye.

Opposed? Unanimous. Thank you. Move to agenda item five. Is there a director's report today? I don't think we're normally don't have this on here. With no director's report, we'll move to item six, which is adjourned. At this time, we'll adjourn the 11/03/2025 meeting of the City of Clearwater Pension Trustees.