Bruce E. Wright

The meeting included a presentation by U.S. Bank regarding acting as Custodian and Benefits Payments Manager, which the Board unanimously approved. Financial reports were reviewed, noting that the Fund performed better than the Investment Policy benchmark, although valuations lagged this year. The Board discussed increasing funding and requested the attorney draft legislative options. The Board unanimously approved retirements on the agenda and a motion to approve the Designee for Service of Process to be added to the website. The Membership Report indicated 154 active members and pension distributions for July. A recommendation was made to review Financial Advisors every five years starting in 2025. Following a suggestion from Wells Fargo, the Board unanimously approved reallocating $8 million from Fixed Income to International and Emerging Markets. Finally, the Board requested that certified notice be sent regarding delinquent membership dues for the Jefferson County Judge, followed by suspension action if dues remain unpaid after 30 days.

The meeting included a Sub-Committee Report regarding Weapons Carry Licensing and additional funding options for the Judges of the Probate Retirement Fund. The committee recommended increasing monthly dues and possibly increasing fees on marriage licenses and fines/forfeitures. The Board ultimately decided to wait until 2025 to create a comprehensive bill for legislation regarding these funding options. Additionally, the Board unanimously approved a 1.5% Cost-of-Living-Adjustment (COLA) effective January 1, 2024, based on the recent actuary valuation and letter.

The key discussions included the unanimous approval of two retirements, referred to as the Moy Retirements. The Board received the Actuary Report, which recommended and subsequently approved a 1.5% Cost of Living Adjustment (COLA) effective July 1, 2024. Financial reports involved presentations from several Investment Managers, including Great Lakes Advisors, Polen, Sage Advisory, and Harding Loevner. Wells Fargo reported moving funds from Glovista to Harding Loevner and noted that both entities reduced their fees. The Board unanimously approved the income statement and the Fiscal Year 2025 budget based on Brandt Barlow's review. Other business addressed the Membership Report and noted delays in court reports and dues payments due to USPS delivery issues. Investment Manager presentations were recommended to be held annually at the February board meetings.

The Board of Commissioners re-elected the Chair and Vice Chair. Key discussions included adopting new actuarial equivalent assumptions for survivor benefits following a recent amendment to the Official Code of Georgia Annotated, recommending an interest rate of 6.5% and the Pub-2010 General retirees Amount-Weighted Mortality Table. The Quarterly Investment Report was reviewed, noting challenges in the market, including underperformance from the Polen strategy, leading to a reallocation of funds from Polen to Glovista to increase international equity exposure. The Income Statement ending December 31, 2022, was approved, confirming the fund is 127% funded. The Administrative Services Contract payment to POAB was approved for an increase from $60,000 to $90,000 annually. Additionally, the Board directed the attorney to draft proposed code changes to allow the Fund to receive a portion of pre-trial diversion fees, enable 100% Joint Life pension for Active/Vested Probate Judge survivors, and remove provisions allowing Board employees to become members of the Fund.

New business included the resignation of Chairman Garrison Baker due to retirement as a Probate Judge, effective at the conclusion of the meeting, and a suggestion for Judge Mike Greene as his replacement. The Board unanimously elected Judge Chase Daughtrey as the new Chairman and Judge Bruce Wright as the new Vice-Chairman. The Secretary/Treasurer announced his departure from related funds and recommended Homer Bryson as the new Secretary/Treasurer for the Probate Judges' Retirement Fund, which the Board moved to designate.