Bi Monthly Pension Board Meeting May 2009

We held our bi-monthly Pension Board meeting on 5-8-2009. Payment of 18 invoices was approved. A new contract with Callan Associates was tabled. A review of the 1st quarter 2009 investment results was done by Callan Associates. Callan stated that the financial sector had rallied since April. A review of the April 21, 2009 Investment Committee meeting showed some positives and negatives in our different asset managers. There are new investment guidelines under Georgia House Bill 371 that could help maintain and grow our pension fund in the future. We asked Callan to do a new asset allocation study using the new HB371 guidelines. We also asked Callan to perform a search for new fixed income managers. The results of the Board of Commissioners action on the home rule ordinance requested by the pension board (any time retirees receive a pension raise that all retirees receive an equal percentage raise) was turned down. Request for 1 employee to purchase service for time while serving in the military was approved. Request for 1 employee applying for disability pension was approved. Request for 1 employee applying for disability pension (appeal) was denied. A request was made by Robbie Robertson for better disclosure of payments made out from the pension fund. Please post the attachment for employees that don’t have email.

James Butler Pension Board Member