Pension Board - Regular Meeting

27 2026 to ensure we capture accurate and comprehensive minutes for this meeting i ask that you state your name before you address the board members and other speakers on the agenda please mute your phones during the meeting i hereby call it to order and i will now call the roll marcus smith present ted davis here sharonda hampton Cometrius Wyatt. Here. Mike Rael.

Here.

Contania Evans. Here. Mari Albertson. We have Attorney Kimberly Perry as the Pension Board Attorney, Fonda Fouché, ex-officio member, and we have Phoebe McLynn, representative for Councilwoman Janika White, Mayor Paul Young, Chairman of the Board, and I am Melody Scott, Board Secretary, and I will serve as the Chairperson of the Pension Board Administration meeting today. We will now move to item number two, approval of the July 23rd, 2026 Pension Board Minutes. Are there any additions or corrections? Do I have a motion?

Marcus Smith, so moved. Ted Davis, second.

Any discussions? As I call the roll, please offer your vote. Marcus Smith?

Aye.

Ted Davis? Aye. Cometrius Wyatt. Aye. Mike Rael. Aye. Contania Evans.

Aye.

It is moved that the July 23rd pension board minutes are approved. We will now move to item number three, pension fund update. Mr. Michael Burroughs will now present.

Good morning. Thank you, Madam Chair. I'm going to provide the Pension Board with an update on the performance for the month of July 2026. I'm going to address market conditions, the monthly performance, the combined statement of cash flows for in-house pension cash, pension benefit payments to participants, and a conclusion. Market conditions. Excuse me. The S&P fell 1% for the month of July. It was up 10.1% year to date. The Russell 3000 was also down 0.5% for the month and up 10.3% year to date. Economic activities remained solid while underlying U.S. growth was up 2.6% year over year despite higher oil prices. The labor market stayed healthy, unemployment falling to 4.2% and job growth averaging 111,000 jobs per month. The latest CPI index rose one-tenth of a percent, seasonally adjusted, and rose 3.4% year to date. Finally, globally, major central banks, including the Bank of Japan, the Bank of England, the Bank of Canada, and the European Central Union Bank, held interest rates steady as policymakers continued to monitor inflation and economic conditions. The monthly performance for the month of July 2026 The pension fund had an ending value of $2,864,526,664 with a negative 0.92% return for the month. Moving on to the combined statement of cash flows with in-house pension cash at month end, the cash account had a beginning balance of $2,247,625, an ending balance of $1,769,052. The trust account had a beginning balance of $12,051,788.30, an ending balance of $40,121,275.93. The total amount of cash and trust account balance at month end was $41,890,328.38. Moving on to the benefit payments to participants for the month of July, the payouts were $17,635,000. In conclusion, the US economy continued to expand at a solid pace in the month of July, supported by healthy consumer and business activity. Inflation, however, remained a concern with inflation rising to 3.3%, well above the Federal Reserve's 2% target. Finally, persistent inflation is increasing pressure on the Fed to tighten its monetary policy, with some officials warning that the current rates may not be restrictive enough. And this concludes my presentation.

Thank you.

Thank you, Madam Chair.

Are there any questions for Mr. Barrows? We will now move to item number four, the resolution to provide an allowance to the spouse or dependent of a deceased retiree for Juanita James, Atlas Hodge, Connie Patterson, and Myra Flipping. Are the files in order? Do I have a motion?

Ted Davis so moved.

Demetrius Wyatt second. Are there any discussions? As I call the roll, please offer your vote. Marcus Smith.

Aye.

Ted Davis.

Aye.

Cometrius Wyatt. Aye. Mike Rael. Aye. Catania Evans. Aye. It is moved that the resolution to provide an allowance to the spouse or dependent of a deceased retiree is approved. We will now move to item number five, resolution to provide a service retirement to Dennis Evans, Stephen Larkin, and Derek Macklin. Are the files in order? Do I have a motion?

Marcus Smith so moved. Ted Davis second.

Are there any discussions? As I call the roll, please offer your vote. Marcus Smith.

Aye.

Ted Davis. Aye. Cometrius Wyatt. Aye. Mike Rael.

Aye.

Contania Evans.

Aye.

It is moved that the resolution to provide a service retirement is approved. We will now move to item number six, the resolution to provide a reduced retirement for John Baskin, Lawrence Hamilton, Linda Hollandsworth, Ricky Lewis, Jacqueline Owens, Keith Schnagelbach, Connie Shepherd, Eliseus Tardugno. Are the files in order? Do I have a motion? Let me trust why it's so moved.

Mike Ryle, second.

Are there any discussions? As I call the roll, please offer your vote. Marcus Smith. Aye. Ted Davis. Aye. Commitress Wyatt. Aye. Mike Rael. Aye. Contania Evans. Aye. It is moved that the resolution to provide a reduced retirement is approved. We will now move to item number seven, resolution to provide a deferred vested retirement for Chad Brown and Warren Hogue. Are the files in order? Do I have a motion?

Ted Davis so moved.

Demetrius Wyatt, second. As I call the roll, please offer your, excuse me, are there any discussions? As I call the roll, please offer your vote. Marcus Smith? Aye. Ted Davis?

Aye.

Demetrius Wyatt? Aye. Mike Rael? Aye. Contania Evans? Aye. It is moved that the deferred vested retirement is approved. We will now move to item number eight, a resolution to provide an ordinary disability retirement to Mike Lewis. I must state that a participant receiving a disability retirement benefit may be required to undergo a medical examination at least once a year. The examination must be conducted by a physician appointed by the Board of Administration. Retirement benefits for any disabled participant who refuses to submit to a medical examination shall be discontinued until the withdrawal of such refusal. We have one ordinary disability retirement request for item number eight, and the Pension Board Administration members have been provided the necessary medical records in advance of the Pension Board meeting and an explanation of the decision to make a determination as to the right of any person to a benefit. We will not present the applicant's private medical information to those attending the open session of the City of Memphis Pension Administration Board meeting. We will now move to a closed session until the medical information has been reviewed by the Pension Board. We will now prepare to hear the medical report. disability retirement for Mr. Mike Lewis. Are the files in order? Is there an OJI report? Do I have a motion?

Marcus Smith, so moved. Mike Ryle, second.

As I call the roll, please offer your vote. Marcus Smith?

Aye.

Ted Davis. Aye. Comitris Wyatt. Aye. Mike Rael. Aye. Contania Evans. Aye. It is moved that the resolution for an ordinary disability retirement for Mr. Mike Lewis is approved. This concludes today's pension board meeting. I want to personally thank you all for accommodating the rescheduled meeting today. We will continue with our regular scheduled meeting on September the 24th. Do I have a motion to adjourn?

Ted Davis will move.

Matrice Whyte is second. Thank you. The meeting is adjourned.