Chadrick Kennedy

The board discussed and adopted a funding policy for the pension plan, including an update to the mortality table used in actuarial evaluations. They also addressed a corrective resolution concerning the appointment of global infrastructure managers, specifically Brookfield and IFM, and clarified the asset classification in the investment policy statement.

The Board of Directors meeting included discussion items related to the Executive Leadership Emergency Succession Plan and Governance Modernization regarding Board policies and committee charters. Several resolutions were authorized, including amendments to maintenance and support agreements with Cogsdale Corporation and various contract renewals and change orders for water plant and sewer rehabilitation projects. The Board also entered executive sessions to discuss legal matters involving various petitions for liability and other legal proceedings. Additionally, the committee received reports on financial performance, safety, HR, and FEMA updates. Public comments addressed concerns about contract awards and employee personnel actions.

The committee discussed the actuary valuation report for the employees' retirement system, focusing on funding valuation results, mortality assumption updates, and a history of contributions and benefit payments. Discussions included an explanation of how the present value of future benefits and liabilities are determined, the current funding policy utilizing a smooth value of assets, and the impact of the updated mortality tables on plan liabilities. Additionally, the committee reviewed plan membership trends and the effect of investment returns on the trust.

The committee meeting covered three primary discussion items. First, the members discussed the current grievance policy, addressing concerns regarding its visibility to employees, the need for controls when the policy administrator is the subject of a grievance, and plans to engage an external third party to evaluate and revise HR policies. Second, the committee addressed the progressive discipline policy, focusing on ensuring equitable application across departments and the necessity of supervisor training. Finally, the meeting touched upon capital project accountability, contract performance, and the ongoing efforts to strengthen compliance with public bid laws and internal policies following the implementation of a new system.

The meeting featured a presentation on the development process for stormwater and right-of-way fees, including the use of an equivalent residential unit approach and the consultant's timeline for submitting a proposal. The committee also discussed the green infrastructure workshop series, which aims to provide residents and industry professionals with knowledge on projects such as bio-retention and permeable pavement, and reviewed a customized tree training program for utility staff.