Houston Firefighters Relief and Retirement Fund Board of Trustees met Jan 17

Houston Firefighters Relief and Retirement Fund Board of Trustees met Jan 17.

Here are the minutes provided by the board:

A regular meeting of the Houston Firefighters’ Relief and Retirement Fund (HFRRF) Board of Trustees convened at the Fund offices at 4225 Interwood North Parkway, Houston, Texas 77032 on Tuesday, January 17, 2023, at 10:00 a.m.

Trustees present were Brett R. Besselman (Chair), Stephen R. Whitehead (Vice Chair), Lisa R. Slagle (Secretary), Gerard L. Daniels, Pete Ng, David O. Lantrip, Earnest W. Wotring, and Albertino Mays. Trustees absent were David Riegor and Arif Rasheed. Also present were staff members Timothy Schauer (Executive Director), Ajit Singh (Chief Investment Officer), Claudia McInnis (Director of Finance & Administration), Dalia De La Cruz (Director of Member Services), Andrea Sharayha (Director of Human Resources), John D. Moore II (Director of Technology and Building Services), and Adam E. Smith (General Counsel).

The Chair called the meeting to order at 10:00 a.m.

The Board recited the Pledge of Allegiance and observed a moment of silence.

The Chair invited comments from the public. No comments were received.

The Chair administered the oath of office to newly elected and appointed Board members for their new terms: Gerard L. Daniels (Position V) and Albertino Mays (Citizen Member).

The following nominations were held for the Board of Trustees Officers for calendar year 2023.

David O. Lantrip nominated Lisa R. Slagle for Secretary, Stephen R. Whitehead for Vice Chair, and Brett R. Besselman for Chair.

Gerard L. Daniels nominated Pete Ng for Secretary.

Stephen R. Whitehead nominated Brett R. Besselman for Chair.

Brett R. Besselman nominated Stephen R. Whitehead for Vice Chair.

No further nominations.

There was a motion by Stephen R. Whitehead, seconded by Pete Ng, to approve the following items listed on the consent agenda:

A. Approval of the minutes of the regular Board meeting held on Tuesday, December 13, 2022.

B. Approval of the minutes of the Pension Benefits Committee meeting held on Tuesday, December 13, 2022.

C. Approval of the minutes of the Investment Committee meeting held on Tuesday, December 13, 2022. The motion carried.

The Chief Investment Officer reviewed the Allocation and Activity Summary showing the market value of the Fund’s assets as of December 31, 2022, to be approximately $4.964 billion. He also noted that as of December 31, 2022, the estimated Fiscal Year 2023 rate of return is -0.39%. He then reviewed the Fiscal Year 2023 Private Market and Real Estate targets and the monthly investment actions taken.

The Chair reviewed the proposed changes to the pension benefits policy section 6.06 on informal marriage (attached hereto as Exhibit A).

There was a motion by Stephen R. Whitehead, seconded by Gerard L. Daniels to approve the changes to the pension benefits policy 6.06 on informal marriage as presented. The motion carried.

The General Counsel provided updates on the Fund’s lawsuits against the City of Houston and City officials related to Senate Bill 2190 in the 85th Texas legislature and on the declaratory judgment relating to informal marriage.

The meeting adjourned at 10:33 a.m. on a motion by David O. Lantrip, seconded by Gerard L. Daniels. The motion carried.

https://www.hfrrf.org/files/lists/7103/Minutes%20Board%20January%2017,%202023.pdf