1 00:00:00,000 --> 00:00:16,000 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. 2 00:00:16,000 --> 00:00:19,900 I hereby call it to order and I will now call the role. 3 00:00:20,380 --> 00:00:20,960 Marcus Smith. 4 00:00:21,240 --> 00:00:21,460 President. 5 00:00:21,880 --> 00:00:22,560 Ted Davis. 6 00:00:22,960 --> 00:00:23,140 Here. 7 00:00:23,520 --> 00:00:24,340 Shuronda Hampton. 8 00:00:25,320 --> 00:00:26,340 Cometrius Wyatt. 9 00:00:26,700 --> 00:00:26,820 Here. 10 00:00:27,120 --> 00:00:27,820 Mike Rael. 11 00:00:28,000 --> 00:00:28,200 Here. 12 00:00:28,440 --> 00:00:29,320 Contanga Evans. 13 00:00:29,660 --> 00:00:29,840 Here. 14 00:00:30,060 --> 00:00:30,980 Mari Albertson. 15 00:00:31,740 --> 00:00:35,940 We have Attorney Kimberly Perry as the pension board attorney. 16 00:00:36,720 --> 00:00:38,660 Fondafoe Shay, ex officio member. 17 00:00:39,140 --> 00:00:43,100 And we have Phoebe McLean, representative for Councilwoman Janika White. 18 00:00:43,720 --> 00:00:53,360 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. 19 00:00:54,760 --> 00:01:03,040 We will now move to item number two, approval of the July 23rd, 2026 Pension Board Minutes. Are there any additions or corrections? 20 00:01:04,640 --> 00:01:05,900 Do I have a motion? 21 00:01:05,900 --> 00:01:06,000 the motion. 22 00:01:06,640 --> 00:01:07,900 Mark Smith, so move. 23 00:01:08,100 --> 00:01:08,940 Ted Davis, second. 24 00:01:09,620 --> 00:01:10,540 Any discussions? 25 00:01:11,500 --> 00:01:13,780 As I call the roll, please offer your vote. 26 00:01:13,940 --> 00:01:14,440 Mark Smith. 27 00:01:14,940 --> 00:01:15,900 Ted Davis. 28 00:01:16,060 --> 00:01:16,180 Hi. 29 00:01:16,540 --> 00:01:17,120 Come to me. 30 00:01:17,120 --> 00:01:17,700 It's Wyatt. 31 00:01:18,100 --> 00:01:19,240 Mike Raell. 32 00:01:19,440 --> 00:01:19,600 Hi. 33 00:01:19,820 --> 00:01:20,720 Continue Evans. 34 00:01:21,500 --> 00:01:21,640 Hi. 35 00:01:22,140 --> 00:01:26,060 It is moved that the July 23rd pension board minutes are approved. 36 00:01:26,880 --> 00:01:29,520 We will now move to the item number three. 37 00:01:29,840 --> 00:01:31,180 Pension fund update. 38 00:01:31,680 --> 00:01:33,360 Mr. Michael Burrows will now present. 39 00:01:34,700 --> 00:01:42,760 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. 40 00:01:43,680 --> 00:01:54,000 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. 41 00:01:55,560 --> 00:02:04,680 market conditions, the S&P fell 1% for the month of July is up 10.1% year-to-date. The 42 00:02:04,680 --> 00:02:11,040 Russell 3000 was also down a half a percent for the month and up 10.3% year-to-date. 43 00:02:11,720 --> 00:02:19,280 Economic activities remained solid while underlying U.S. growth was up 2.6% year-over-year despite 44 00:02:19,280 --> 00:02:20,540 by higher oil prices. 45 00:02:21,420 --> 00:02:22,760 The labor market stayed healthy. 46 00:02:23,700 --> 00:02:26,080 The unemployment falling to 4.2% 47 00:02:26,380 --> 00:02:30,800 and job growth averaging 111,000 jobs per month. 48 00:02:31,840 --> 00:02:35,020 The latest CPI index rose one-temperer percent, 49 00:02:35,380 --> 00:02:39,260 seasonally adjusted, and rose 3.4% year-to-date. 50 00:02:40,060 --> 00:02:43,640 Finally, globally, major central banks including 51 00:02:43,640 --> 00:02:45,500 the Bank of Japan, the Bank of England, 52 00:02:45,660 --> 00:02:48,640 the Bank of Canada, and the European Central Union Bank. 53 00:02:49,280 --> 00:02:55,400 Health interest rate steady as policy makers continue to monitor inflation and economic conditions. 54 00:02:56,880 --> 00:03:03,700 The monthly performance for the month of July, 2026, the pension fund had an ending value of $2 billion, 55 00:03:04,660 --> 00:03:05,800 $864 million, 56 00:03:08,460 --> 00:03:13,600 $526,664, with a negative $0.92% return for the month. 57 00:03:13,600 --> 00:03:19,700 So moving on to the combined statement of cash flows within House Pension Cash at Monthly 58 00:03:19,700 --> 00:03:28,660 End, the cash account had a beginning balance of $2 million, $247,625, an ending balance 59 00:03:28,660 --> 00:03:32,520 of $1 million, $760,900, and $52. 60 00:03:33,240 --> 00:03:41,240 The trust account had a beginning balance of $12 million, $51,788, and $0.30, an ending 61 00:03:41,240 --> 00:03:50,700 balance of $40 million, $121,000, $275.93. The total amount of cash and trust account 62 00:03:50,700 --> 00:04:00,640 balance at month end was $41 million, $890,328 cents. Moving on to the benefit payments 63 00:04:00,640 --> 00:04:10,520 to participants with a month of July, the payouts were $17 million, $635,000. Any conclusion 64 00:04:10,520 --> 00:04:15,660 The U.S. economy continued to expand at a solid pace in the month of July, supported 65 00:04:15,660 --> 00:04:17,820 by healthy consumer and business activity. 66 00:04:18,620 --> 00:04:24,500 Inflation, however, remained a concern with inflation rising to 3.3 percent, while above 67 00:04:24,500 --> 00:04:26,300 the Federal Reserve's 2 percent target. 68 00:04:26,980 --> 00:04:32,740 Finally, persistent inflation is increasing pressure on the Fed to tighten its monetary policy, 69 00:04:33,160 --> 00:04:38,220 which some officials warned that the current rates may not be restricted enough in this conclusion 70 00:04:38,220 --> 00:04:38,940 of my presentation. 71 00:04:39,500 --> 00:04:40,140 Thank you. 72 00:04:40,140 --> 00:04:43,400 Thank you, manager. Are there any questions for Mr. Barrows? 73 00:04:44,840 --> 00:04:50,080 We will now move to item number four, the resolution to provide an allowance to the 74 00:04:50,080 --> 00:04:56,980 spouse or dependent of a deceased retiree for one need of James, Atlas Hodge, Connie 75 00:04:56,980 --> 00:04:59,880 Paterson and Myra Flipping are the thousands of people living in the city of 76 00:05:00,000 --> 00:05:00,380 Any questions in order? 77 00:05:02,770 --> 00:05:06,450 Do I have a motion? Ted Davis will move. 78 00:05:07,710 --> 00:05:16,630 Demetrius Wyatt's second. Are there any discussions? As I call the roll, please offer your vote. Marcus Smith. Ted Davis. 79 00:05:17,350 --> 00:05:30,290 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. 80 00:05:30,290 --> 00:05:42,230 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? 81 00:05:45,340 --> 00:05:46,220 Do I have a motion? 82 00:05:47,060 --> 00:05:48,080 Marcus Smith, so moved. 83 00:05:49,140 --> 00:05:50,020 Ted Davis, second. 84 00:05:50,880 --> 00:05:52,020 Are there any discussions? 85 00:05:53,420 --> 00:05:56,520 As I call the roll, please offer your vote, Marcus Smith. 86 00:05:57,020 --> 00:05:58,060 Ted Davis. 87 00:05:58,060 --> 00:06:08,000 I come here is why it Mike Rayell continue Evans. It is moved that the resolution to provide a service retirement is approved. 88 00:06:08,700 --> 00:06:25,660 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, 89 00:06:25,660 --> 00:06:34,340 County Shepard, Elyseus, Tardugno, are the files in order. 90 00:06:37,610 --> 00:06:38,530 Do I have a motion? 91 00:06:40,860 --> 00:06:42,180 Demetrius Wyatt so moved. 92 00:06:42,480 --> 00:06:49,500 I growl second. Are there any discussions? As I call the role, please offer your vote, 93 00:06:50,040 --> 00:06:55,540 Marcus Smith, Ted Davis, Demetrius Wyatt, Mike Rael, 94 00:06:55,540 --> 00:07:00,280 continue Evans it is moved that the resolution to provide a reduced 95 00:07:00,280 --> 00:07:05,960 retirement is approved we will now move to item number seven resolution to 96 00:07:05,960 --> 00:07:11,400 provide a deferred visted retirement for Chad Brown and Warren Hogue are the 97 00:07:11,400 --> 00:07:13,160 files in order do 98 00:07:15,400 --> 00:07:21,880 I have a motion to Davis to move let me trust Wyatt's second as 99 00:07:22,560 --> 00:07:28,120 I call the role please offer your excuse me are there any discussions as I 100 00:07:28,120 --> 00:07:29,740 Call the roll, please offer your vote. 101 00:07:29,940 --> 00:07:31,920 Mark Smith, Ted Davis, 102 00:07:32,860 --> 00:07:35,560 Cometrice Wyatt, I, Mike Rael, 103 00:07:36,220 --> 00:07:38,300 Kuntania Evans, it is moved 104 00:07:38,300 --> 00:07:40,680 that the deferred vested retirement is approved. 105 00:07:41,520 --> 00:07:43,380 We will now move to item number eight, 106 00:07:44,020 --> 00:07:47,440 a resolution to provide an ordinary disability retirement 107 00:07:47,440 --> 00:07:48,320 to Mike Lewis. 108 00:07:49,220 --> 00:07:51,500 I must state that a participant receiving 109 00:07:51,500 --> 00:07:53,460 a disability retirement benefit 110 00:07:53,460 --> 00:07:56,540 may be required to undergo a medical examination 111 00:07:56,540 --> 00:08:02,520 at least once a year. The examination must be conducted by a physician appointed by the Board of 112 00:08:02,520 --> 00:08:08,960 Administration. Retirement benefits for any disabled participant who refuses to submit to a medical 113 00:08:08,960 --> 00:08:16,100 examination shall be discontinued until the withdrawal of such refusal. We have one ordinary disability 114 00:08:16,100 --> 00:08:21,380 retirement request for item number eight and the Pitch and Board Administration members have been 115 00:08:21,380 --> 00:08:26,600 provided the necessary medical records in advance of the pension board meeting and an 116 00:08:26,600 --> 00:08:32,180 explanation of the decision to make a determination as to the right of any person to a benefit. 117 00:08:33,210 --> 00:08:37,500 We will not present the applicant's private medical information to those attending the 118 00:08:37,500 --> 00:08:41,460 open session of the City of Memphis Pension Administration Board meeting. 119 00:08:42,870 --> 00:08:47,520 We will now move to a closed session until the medical information has been reviewed by 120 00:08:47,520 --> 00:08:48,320 the pension board. 121 00:08:48,320 --> 00:08:48,960 Okay, 122 00:08:51,320 --> 00:08:54,780 we will now prepare to hear the medical report for 123 00:12:08,300 --> 00:12:11,960 Disability Retirement for Mr. Mike Lewis. Are the files on order? 124 00:12:14,600 --> 00:12:15,860 Is there an OJI report? 125 00:12:18,760 --> 00:12:32,380 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, 126 00:12:32,380 --> 00:12:32,760 All right. 127 00:12:33,060 --> 00:12:36,160 Contanga, Evan, it is moved at the resolution 128 00:12:36,160 --> 00:12:38,400 for an ordinary disability retirement 129 00:12:38,400 --> 00:12:40,080 for Mr. Mike Lewis is approved. 130 00:12:40,700 --> 00:12:42,860 This concludes today's pension board meeting. 131 00:12:42,980 --> 00:12:44,440 I want to personally thank you all 132 00:12:44,440 --> 00:12:47,060 for accommodating the reschedule meeting today. 133 00:12:47,820 --> 00:12:52,000 We will continue with our regular schedule meeting 134 00:12:52,000 --> 00:12:54,320 on September the 24th. 135 00:12:54,320 --> 00:12:55,920 Do I have a motion to adjourn? 136 00:12:56,720 --> 00:12:58,000 Ted Davis removed. 137 00:12:59,700 --> 00:13:00,320 The 딱o Communications Research Committee. 138 00:13:01,040 --> 00:13:01,480 All right,iente gasps. 139 00:13:01,480 --> 00:13:01,680 Thank you. 140 00:13:02,300 --> 00:13:02,600 Let's talk next time.