Agenda Packet

Agenda items

• 1. Doug Lozen reviewed the summary of the report with the
• 1. Inez Garcia introduced herself and gave a background of her
  • General Contractor
  • Site Prep, Grading & Hardscape
  • Concrete & Masonry
  • Electrical
  • HVAC & Climate Control
  • Plumbing
  • Carpentry & Cabinetry
  • Drywall & Insulation
  • Painting & Flooring
  • Roofing
  • Building & Industrial Supply
  • Real Estate Development
  • Engineering & Architecture
  • Landscaping & Lawn Service
• 1. John Thinnes presented the Schedule of Investable Assets for
• 1. John Thinnes reviewed the investment consultant fee
• 1. Manager outperformed the index over the trailing three year period.   
• 1. Manager outperformed the index over the trailing three year period. 
• 1. Manager outperformed the index over the trailing three year period.   
• 1. Pedro Herrera discussed the newly approved Valley Bank
• 1. Pedro Herrera reviewed the updated travel policy with the
• 1. The Total Plan return equaled or exceeded the Net 7.25% actuarial earnings assumption over the trailing three year period. 
• 1. Total domestic equity returns equaled or exceeded the benchmark over the trailing three year period. 
• 1. Total domestic fixed income returns equaled or exceeded the benchmark over the trailing three and five year periods. 
• 1. Troy Jenne reviewed the upcoming educational opportunities
• 1. Troy Jenne stated Bob Virtue’s Commission appointed term
• 1. Troy Jenne stated Steven Gibb’s term as 5th Trustee was set
• 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
• 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
• 2. Bob Virtue confirmed he would like to serve another term.
• 2. Doug Lozen advised that there was an actuarial loss for the
• 2. Inez Garcia explained the functions of their daily duties for the
• 2. John Thinnes discussed moving back to a flat fee of 15 basis
• 2. John Thinnes reviewed the asset allocation and commented
• 2. Manager outperformed the index over the trailing five year period. 
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Manager outperformed the index over the trailing five year period.    
• 2. Pedro Herrera advised the policy would be renamed from
• 2. Steven Gibb confirmed he would like to serve another term.
• 2. The Total Plan return equaled or exceeded the Net 7.25% actuarial earnings assumption over the trailing five year period. 
• 2. Total domestic equity returns equaled or exceeded the benchmark over the trailing five year period. 
• 2. Total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 3. Doug Lozen explained the reasons for the changes, both
• 3. Inez Garcia and Ferrell Jenne explained the option to have a
• 3. John Thinnes advised this adjustment would revert back to
• 3. John Thinnes reviewed the managers’ performances with the
• 3. Manager ranked within the top 40th percentile over trailing three year period. 
• 3. Manager ranked within the top 40th percentile over trailing three year period.   
• 3. Manager ranked within the top 40th percentile over trailing three year period. 
• 3. Pedro Herrera advised that on section 2, the word exclusively
• 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 
• 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 3. Total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 3. Troy Jenne commented he would send to the city for
• 4. All fixed income investments had a rating of investment grade or higher. 
• 4. Manager ranked within the top 40th percentile over trailing five year period. 
• 4. Manager ranked within the top 40th percentile over trailing five year period.   
• 4. Manager ranked within the top 40th percentile over trailing five year period.  
• 4. Susan Carless advised the wording in section 7 would need
• 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 
• 4. The market value of assets of the fund as of December 31,
• 4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 5. Less than four consecutive quarters of under performance relative to the benchmark.   
• 5. Less than four consecutive quarters of under performance relative to the benchmark. 
• 5. Less than four consecutive quarters of under performance relative to the benchmark. 
• 5. NEW BUSINESS
• 5. NEW BUSINESS
• 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 5. Total international equity returns equaled or exceeded the benchmark over the trailing three year period. 
• 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 6. Three year down market capture ratio less than the index.   
• 6. Three year down market capture ratio less than the index. 
• 6. Three year down market capture ratio less than the index.   
• 6. Total international equity returns equaled or exceeded the benchmark over the trailing five year period. 
• 7. Five year down market capture ratio less than the index. 
• 7. Five year down market capture ratio less than the index.   
• 7. Five year down market capture ratio less than the index.   
• 7. REPORTS (ATTORNEY/CONSULTANTS)
  • Accounting & Tax
  • Business Consulting
  • Legal Services
• 7. REPORTS (ATTORNEY/CONSULTANTS)
  • Legal Services
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• 7. Total foreign securities were less than 25% of the total plan assets at market. 
• 7. Total international equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 8. CONSENT AGENDA
• 8. CONSENT AGENDA
• 8. Manager reports compliance with PFIA. 
• 8. Manager reports compliance with PFIA.   
  • Accounting & Tax
  • Business Consulting
  • Legal Services
  • Investment & Securities
• 8. Manager reports compliance with PFIA.    
• 8. Total international equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 9. STAFF REPORTS, DISCUSSION, AND ACTION
• 9. STAFF REPORTS, DISCUSSION, AND ACTION
• 9. The total equity allocation was less than 75% of the total plan assets at market. 
• T. Rowe Price LCG (TPLGX)
• T. Rowe Price LCG (TPLGX)
• T. Rowe Price LCG (TPLGX) -11.17 (82) -9.27 (58) 16.31 (50) 22.67 (13) 9.16 (50) N/A N/A 12.31 (60) 06/01/2020
  • Business Consulting
  • Real Estate Development
  • Building & Industrial Supply
  • General Contractor
  • Site Prep, Grading & Hardscape
  • Concrete & Masonry
  • Electrical
  • Plumbing
  • HVAC & Climate Control
  • Roofing
  • Painting & Flooring
  • Drywall & Insulation
  • Windows, Doors & Glass
  • Carpentry & Cabinetry
  • Restoration & Waterproofing
• T. Rowe Price LCG (TPLGX) -9.27 (58) 23.41 (34) 46.19 (9) 28.83 (19) -34.66 (82) 22.39 (84) N/A N/A
  • Investment & Securities
• T. Rowe Price LCG (TPLGX) 2,005,006 4.97 2,257,020 5.51 2,209,774 5.56 2,045,085 5.43 1,723,850 4.97
  • Financial Planning & Advisory
  • Investment & Securities
  • Business Consulting
  • Accounting & Tax
• T. Rowe Price LCG (TPLGX) 2,005,006 5.0¢£
  • Business Consulting
  • Accounting & Tax
  • Investment & Securities
  • Real Estate Development
  • Commercial Brokerage
  • Residential Brokerage
• T. Rowe Price LCG (TPLGX) 2,209,774 - - - - - 379,160 -583,929 2,005,006
  • Business Consulting
  • Accounting & Tax
• T. Rowe Price LCG (TPLGX) 2,257,020 - - - - - - -252,014 2,005,006
  • Accounting & Tax
  • Business Consulting
  • Legal Services
  • Investment & Securities
• T. Rowe Price LCG (TPLGX) 2,257,020 5.5¢£
• T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
  • Business Consulting
• T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
• VII. Reports (Attorney/Consultants)
• X. Trustee Reports, Discussion and Action
• a. August 14, 2025, quarterly meeting
• a. Cost study
• a. Foster & Foster, Troy Jenne, Plan Administrator
• a. Payment ratification
• a. Salem Trust, Inez Garcia, Plan Custodian
• a. Susan Carless complimented Inez Garcia for the smooth custodian
• a. Update on Trustee terms
• b. Foster & Foster, Doug Lozen, Plan Actuary
• b. Fund activity report
• b. November 13, 2025, quarterly meeting
• b. Valley Bank purchase card
• c. Mariner Institutional, John Thinnes, Investment Consultant
• d. Sugarman, Susskind, Braswell & Herrera, Board Attorney, Pedro Herrera,
• i. Bob Virtue, Commission appointed
• i. Credit card policy
• i. Doug Lozen presented his cost study for the Board, comparing the
• i. Ferrell Jenne reviewed the previously discussed Valley Bank
• i. From period November 7, 2025 through February 5, 2026
• i. October 1, 2025 actuarial valuation report
• i. Quarterly report as of December 31, 2025
• i. Troy Jenne reviewed the options available to the Board.
• i. Upcoming education opportunities
• i. Update on custodial services transition
• i. Warrant #41
• ii. Doug Lozen discussed the options available to address the issue
• ii. Fee comparison discussion
• ii. Ferrell Jenne advised the proposed $2 ,500 deposited balance per
• ii. Steven Gibb, 5th Trustee
• ii. The Board asked Troy Jenne for any known specifics about the
• ii. Updated travel policy
• iii. The Board asked questions about the use and processes of the
• iii. The Board discussed it and asked questions of D oug Lozen and
• iii. The Board discussed the topic further.