Abilene Firemen's Relief & Retirement Fund

The Board meeting focused on several key items, including the review and acceptance of the FY 25 audit, which resulted in an unmodified opinion and noted an increase in the net position restricted for pensions. The Board approved payment for the preparation of the FY 25 audit, authorized the termination of benefits for a deceased beneficiary, and approved the refund of contributions for two individuals who resigned from the department.

The meeting included the appointment of a new trustee, the approval of annual memberships for NCPERS and TEXPERS, the authorization of retirement benefits for a plan member, and a status report on a committee formed by the City Manager.

The board reviewed the 3rd quarter FY 2025 financial results, noting a strong performance with a portfolio market value of approximately $66 million and discussed strategic adjustments regarding equity allocations and divestment from specific funds. A new contract for management services with Mariner was approved, featuring an adjusted annual fee and an annual escalation clause. Additionally, the board accepted the resignation of a trustee and subsequently elected a replacement to fill the vacant position.

The Board of Trustees certified the election of a new trustee for a three-year term and addressed public comments regarding the funding of the pension fund. The Board conducted an election for officer positions, specifically selecting a Chairman, Vice-Chairman, and Secretary/Treasurer. Furthermore, the board reviewed and approved financial statements from the previous quarter and authorized the disbursement of retirement benefits for a specific individual.

The meeting included the review and approval of monthly financial statements. A presentation was provided by Mariner Institutional regarding fiscal year results, market performance, and fund asset allocation, with no immediate changes recommended. Additionally, the board received an update from legal counsel concerning a class action lawsuit against Western Asset Management.