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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.
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I hereby call it to order and I will now call the role.
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Marcus Smith.
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President.
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Ted Davis.
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Here.
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Shuronda Hampton.
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Cometrius Wyatt.
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Here.
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Mike Rael.
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Here.
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Contanga Evans.
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Here.
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Mari Albertson.
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We have Attorney Kimberly Perry as the pension board attorney.
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Fondafoe Shay, ex officio member.
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And we have Phoebe McLean, representative for Councilwoman Janika White.
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Mayor Paul Young, Chairman of the Board, and I am Melendi Scott, Board Secretary, and I will serve as the chairperson of the Pension Board Administration Meeting today.
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We will now move to item number two, approval of the July 23rd, 2026 Pension Board Minutes. Are there any additions or corrections?
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Do I have a motion?
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the motion.
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Mark Smith, so move.
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Ted Davis, second.
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Any discussions?
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As I call the roll, please offer your vote.
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Mark Smith.
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Ted Davis.
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Hi.
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Come to me.
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It's Wyatt.
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Mike Raell.
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Hi.
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Continue Evans.
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Hi.
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It is moved that the July 23rd pension board minutes are approved.
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We will now move to the item number three.
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Pension fund update.
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Mr. Michael Burrows will now present.
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Good morning. Thank you, Madam Chair. I'm going to provide the pension board an update on the performance for the month of July of 2026.
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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 conclusion.
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market conditions, the S&P fell 1% for the month of July is up 10.1% year-to-date. The
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Russell 3000 was also down a half a percent for the month and up 10.3% year-to-date.
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Economic activities remained solid while underlying U.S. growth was up 2.6% year-over-year despite
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by higher oil prices.
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The labor market stayed healthy.
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The unemployment falling to 4.2%
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and job growth averaging 111,000 jobs per month.
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The latest CPI index rose one-temperer percent,
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seasonally adjusted, and rose 3.4% year-to-date.
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Finally, globally, major central banks including
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the Bank of Japan, the Bank of England,
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the Bank of Canada, and the European Central Union Bank.
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Health interest rate steady as policy makers continue to monitor inflation and economic conditions.
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The monthly performance for the month of July, 2026, the pension fund had an ending value of $2 billion,
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$864 million,
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$526,664, with a negative $0.92% return for the month.
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So moving on to the combined statement of cash flows within House Pension Cash at Monthly
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End, the cash account had a beginning balance of $2 million, $247,625, an ending balance
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of $1 million, $760,900, and $52.
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The trust account had a beginning balance of $12 million, $51,788, and $0.30, an ending
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balance of $40 million, $121,000, $275.93. The total amount of cash and trust account
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balance at month end was $41 million, $890,328 cents. Moving on to the benefit payments
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to participants with a month of July, the payouts were $17 million, $635,000. Any conclusion
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The U.S. economy continued to expand at a solid pace in the month of July, supported
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by healthy consumer and business activity.
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Inflation, however, remained a concern with inflation rising to 3.3 percent, while above
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the Federal Reserve's 2 percent target.
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Finally, persistent inflation is increasing pressure on the Fed to tighten its monetary policy,
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which some officials warned that the current rates may not be restricted enough in this conclusion
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of my presentation.
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Thank you.
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Thank you, manager. Are there any questions for Mr. Barrows?
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We will now move to item number four, the resolution to provide an allowance to the
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spouse or dependent of a deceased retiree for one need of James, Atlas Hodge, Connie
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Paterson and Myra Flipping are the thousands of people living in the city of
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Any questions in order?
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Do I have a motion? Ted Davis will move.
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Demetrius Wyatt's second. Are there any discussions? As I call the roll, please offer your vote. Marcus Smith. Ted Davis.
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Aye. Demetrius Wyatt. Aye. Mike Rael. Aye. Contenga Evans. Aye. It is moved that the resolution to provide an allowance to the spouse or dependent of a deceased retiree is approved.
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We will now move to item number five, resolution to provide a service retirement to Dennis Evans, Steven Larkin, and Derek McLean, are the files in order?
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Do I have a motion?
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Marcus Smith, so moved.
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Ted Davis, second.
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Are there any discussions?
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As I call the roll, please offer your vote, Marcus Smith.
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Ted Davis.
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I come here is why it Mike Rayell continue Evans. It is moved that the resolution to provide a service retirement is approved.
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We will now move to item number six. The resolution to provide a reduced retirement for John Baskin, Lawrence Hamilton, Linda Hollinsworth, Ricky Lewis, Jacqueline Owens, Keith Schneggelbach,
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County Shepard, Elyseus, Tardugno, are the files in order.
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Do I have a motion?
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Demetrius Wyatt so moved.
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I growl second. Are there any discussions? As I call the role, please offer your vote,
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Marcus Smith, Ted Davis, Demetrius Wyatt, Mike Rael,
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continue Evans it is moved that the resolution to provide a reduced
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retirement is approved we will now move to item number seven resolution to
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provide a deferred visted retirement for Chad Brown and Warren Hogue are the
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files in order do
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I have a motion to Davis to move let me trust Wyatt's second as
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I call the role please offer your excuse me are there any discussions as I
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Call the roll, please offer your vote.
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Mark Smith, Ted Davis,
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Cometrice Wyatt, I, Mike Rael,
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Kuntania Evans, it is moved
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that the deferred vested retirement is approved.
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We will now move to item number eight,
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a resolution to provide an ordinary disability retirement
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to Mike Lewis.
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I must state that a participant receiving
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a disability retirement benefit
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may be required to undergo a medical examination
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at least once a year. The examination must be conducted by a physician appointed by the Board of
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Administration. Retirement benefits for any disabled participant who refuses to submit to a medical
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examination shall be discontinued until the withdrawal of such refusal. We have one ordinary disability
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retirement request for item number eight and the Pitch and Board Administration members have been
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provided the necessary medical records in advance of the pension board meeting and an
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explanation of the decision to make a determination as to the right of any person to a benefit.
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We will not present the applicant's private medical information to those attending the
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open session of the City of Memphis Pension Administration Board meeting.
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We will now move to a closed session until the medical information has been reviewed by
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the pension board.
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Okay,
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we will now prepare to hear the medical report for
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Disability Retirement for Mr. Mike Lewis. Are the files on order?
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Is there an OJI report?
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Do I have a motion? Marcus Smith, so moved. Mike Rao, second. As I call the roll, please offer your vote. Marcus Smith, Ted Davis, commuters, Wyatt, Mike Rao,
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All right.
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Contanga, Evan, it is moved at the resolution
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for an ordinary disability retirement
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for Mr. Mike Lewis is approved.
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This concludes today's pension board meeting.
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I want to personally thank you all
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for accommodating the reschedule meeting today.
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We will continue with our regular schedule meeting
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on September the 24th.
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Do I have a motion to adjourn?
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Ted Davis removed.
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The 딱o Communications Research Committee.
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All right,iente gasps.
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Thank you.
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Let's talk next time.