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[0:00] 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.
[0:16] I hereby call it to order and I will now call the role.
[0:20] Marcus Smith.
[0:21] President.
[0:21] Ted Davis.
[0:22] Here.
[0:23] Shuronda Hampton.
[0:25] Cometrius Wyatt.
[0:26] Here.
[0:27] Mike Rael.
[0:28] Here.
[0:28] Contanga Evans.
[0:29] Here.
[0:30] Mari Albertson.
[0:31] We have Attorney Kimberly Perry as the pension board attorney.
[0:36] Fondafoe Shay, ex officio member.
[0:39] And we have Phoebe McLean, representative for Councilwoman Janika White.
[0:43] 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.
[0:54] We will now move to item number two, approval of the July 23rd, 2026 Pension Board Minutes. Are there any additions or corrections?
[1:04] Do I have a motion?
[1:05] the motion.
[1:06] Mark Smith, so move.
[1:08] Ted Davis, second.
[1:09] Any discussions?
[1:11] As I call the roll, please offer your vote.
[1:13] Mark Smith.
[1:14] Ted Davis.
[1:16] Hi.
[1:16] Come to me.
[1:17] It's Wyatt.
[1:18] Mike Raell.
[1:19] Hi.
[1:19] Continue Evans.
[1:21] Hi.
[1:22] It is moved that the July 23rd pension board minutes are approved.
[1:26] We will now move to the item number three.
[1:29] Pension fund update.
[1:31] Mr. Michael Burrows will now present.
[1:34] 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.
[1:43] 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.
[1:55] market conditions, the S&P fell 1% for the month of July is up 10.1% year-to-date. The
[2:04] Russell 3000 was also down a half a percent for the month and up 10.3% year-to-date.
[2:11] Economic activities remained solid while underlying U.S. growth was up 2.6% year-over-year despite
[2:19] by higher oil prices.
[2:21] The labor market stayed healthy.
[2:23] The unemployment falling to 4.2%
[2:26] and job growth averaging 111,000 jobs per month.
[2:31] The latest CPI index rose one-temperer percent,
[2:35] seasonally adjusted, and rose 3.4% year-to-date.
[2:40] Finally, globally, major central banks including
[2:43] the Bank of Japan, the Bank of England,
[2:45] the Bank of Canada, and the European Central Union Bank.
[2:49] Health interest rate steady as policy makers continue to monitor inflation and economic conditions.
[2:56] The monthly performance for the month of July, 2026, the pension fund had an ending value of $2 billion,
[3:04] $864 million,
[3:08] $526,664, with a negative $0.92% return for the month.
[3:13] So moving on to the combined statement of cash flows within House Pension Cash at Monthly
[3:19] End, the cash account had a beginning balance of $2 million, $247,625, an ending balance
[3:28] of $1 million, $760,900, and $52.
[3:33] The trust account had a beginning balance of $12 million, $51,788, and $0.30, an ending
[3:41] balance of $40 million, $121,000, $275.93. The total amount of cash and trust account
[3:50] balance at month end was $41 million, $890,328 cents. Moving on to the benefit payments
[4:00] to participants with a month of July, the payouts were $17 million, $635,000. Any conclusion
[4:10] The U.S. economy continued to expand at a solid pace in the month of July, supported
[4:15] by healthy consumer and business activity.
[4:18] Inflation, however, remained a concern with inflation rising to 3.3 percent, while above
[4:24] the Federal Reserve's 2 percent target.
[4:26] Finally, persistent inflation is increasing pressure on the Fed to tighten its monetary policy,
[4:33] which some officials warned that the current rates may not be restricted enough in this conclusion
[4:38] of my presentation.
[4:39] Thank you.
[4:40] Thank you, manager. Are there any questions for Mr. Barrows?
[4:44] We will now move to item number four, the resolution to provide an allowance to the
[4:50] spouse or dependent of a deceased retiree for one need of James, Atlas Hodge, Connie
[4:56] Paterson and Myra Flipping are the thousands of people living in the city of
[5:00] Any questions in order?
[5:02] Do I have a motion? Ted Davis will move.
[5:07] Demetrius Wyatt's second. Are there any discussions? As I call the roll, please offer your vote. Marcus Smith. Ted Davis.
[5:17] 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.
[5:30] 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?
[5:45] Do I have a motion?
[5:47] Marcus Smith, so moved.
[5:49] Ted Davis, second.
[5:50] Are there any discussions?
[5:53] As I call the roll, please offer your vote, Marcus Smith.
[5:57] Ted Davis.
[5:58] I come here is why it Mike Rayell continue Evans. It is moved that the resolution to provide a service retirement is approved.
[6:08] 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,
[6:25] County Shepard, Elyseus, Tardugno, are the files in order.
[6:37] Do I have a motion?
[6:40] Demetrius Wyatt so moved.
[6:42] I growl second. Are there any discussions? As I call the role, please offer your vote,
[6:50] Marcus Smith, Ted Davis, Demetrius Wyatt, Mike Rael,
[6:55] continue Evans it is moved that the resolution to provide a reduced
[7:00] retirement is approved we will now move to item number seven resolution to
[7:05] provide a deferred visted retirement for Chad Brown and Warren Hogue are the
[7:11] files in order do
[7:15] I have a motion to Davis to move let me trust Wyatt's second as
[7:22] I call the role please offer your excuse me are there any discussions as I
[7:28] Call the roll, please offer your vote.
[7:29] Mark Smith, Ted Davis,
[7:32] Cometrice Wyatt, I, Mike Rael,
[7:36] Kuntania Evans, it is moved
[7:38] that the deferred vested retirement is approved.
[7:41] We will now move to item number eight,
[7:44] a resolution to provide an ordinary disability retirement
[7:47] to Mike Lewis.
[7:49] I must state that a participant receiving
[7:51] a disability retirement benefit
[7:53] may be required to undergo a medical examination
[7:56] at least once a year. The examination must be conducted by a physician appointed by the Board of
[8:02] Administration. Retirement benefits for any disabled participant who refuses to submit to a medical
[8:08] examination shall be discontinued until the withdrawal of such refusal. We have one ordinary disability
[8:16] retirement request for item number eight and the Pitch and Board Administration members have been
[8:21] provided the necessary medical records in advance of the pension board meeting and an
[8:26] explanation of the decision to make a determination as to the right of any person to a benefit.
[8:33] We will not present the applicant's private medical information to those attending the
[8:37] open session of the City of Memphis Pension Administration Board meeting.
[8:42] We will now move to a closed session until the medical information has been reviewed by
[8:47] the pension board.
[8:48] Okay,
[8:51] we will now prepare to hear the medical report for
[12:08] Disability Retirement for Mr. Mike Lewis. Are the files on order?
[12:14] Is there an OJI report?
[12:18] 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,
[12:32] All right.
[12:33] Contanga, Evan, it is moved at the resolution
[12:36] for an ordinary disability retirement
[12:38] for Mr. Mike Lewis is approved.
[12:40] This concludes today's pension board meeting.
[12:42] I want to personally thank you all
[12:44] for accommodating the reschedule meeting today.
[12:47] We will continue with our regular schedule meeting
[12:52] on September the 24th.
[12:54] Do I have a motion to adjourn?
[12:56] Ted Davis removed.
[12:59] The 딱o Communications Research Committee.
[13:01] All right,iente gasps.
[13:01] Thank you.
[13:02] Let's talk next time.