City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 2, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Appointment of a Firefighter and Police Officer Representative to the City of Alexandria Firefighters and Police Officers Pension Plan Retirement Board.
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ISSUE: Appointment of Firefighter and Police Officer Representatives to the Retirement Board ("Board") of the City of Alexandria Firefighters and Police Officers Pension Plan ("Plan").
RECOMMENDATION: That City Council appoint the following individuals to the City of Alexandria Firefighters and Police Officers Pension Board:
* Michael Cross as Firefighter Representative; and
* Al Tierney as Police Officer Representative.
Assuming City Council appointment, the effective dates of these terms will be January 1, 2017 to December 31, 2020.
DISCUSSION: In accordance with Plan rules, Firefighter and Police Officer Plan participants held separate elections for the two expiring terms. The Firefighter Plan participants voted to re-appoint Mr. Cross in a contested election. The Police Officer Plan participants voted to re-elect Mr. Tierney, who is a retired police officer, in an uncontested election.
BACKGROUND: The Board consists of eight members and three alternates who serve as the trustees of the trust and fiduciaries of the Plan and its assets. The Board acts for the City on matters concerning the assets of the Plan, including selecting and monitoring investment funds and appointing investment managers, custodians, and advisors. The Board is also charged with consulting with City management to recommend modifications to the Plan. The Plan requires Board meetings to be held each quarter of the calendar year, but meetings are generally held more often.
City Council has the authority to appoint Board members. The Bo...
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