Kim Lee

The Board reviewed investment fund performance, noting market volatility and updates on equity and fixed income strategies. Key business items included the determination of the FY27 Cost-of-Living Adjustment (COLA) for retirees and a discussion regarding the online accessibility of meeting records.

The board discussed current financial performance and reviewed an update on a Deferred Retirement Option Plan (DROP) study, ultimately deciding to table further action on the proposal due to concerns regarding fiscal prudence, increased liabilities, and potential negative impacts on both the fund and employees. Additionally, the board reviewed and approved a non-occupational partial disability rating for an applicant case.

This Strategic Plan for Newport News Waterworks outlines key priorities for optimizing operations and projects, aiming to propel the organization into a future of resilience, collaboration, and innovation. The plan is structured around six strategic focus areas: Partner Confidence, Engaged and Valued Workforce, Innovative and Efficient Operations, Resilient Infrastructure, High-Quality Water, and Financial Sustainability. The overall vision is to be a trusted water leader recognized for collaboration, innovation, and its highly skilled and motivated employees, committed to reliably providing high-quality water, supporting public health and safety, and fostering regional economic growth.

The meeting included a review of financial performance for the Pension, Post Retirement, and LODA funds, noting positive year-to-date returns and the impact of geopolitical tensions on global markets. Meketa provided an overview of 2026 capital market expectations and reviewed the quarterly performance report for the period ending December 31, 2025. Updates were provided regarding the status of the DROP study and the scheduling of future committee meetings. Additionally, the Board reviewed a disability application, resulting in the approval of a 40% non-occupational partial disability rating for the applicant.

The Board conducted elections for the Chair and Vice Chair for the 2026 calendar year. The Investment Committee provided a review of the financial performance, market conditions, and a recap of fund activities from the previous year. Additionally, the Board re-adopted the electronic meeting policy in accordance with the Virginia Freedom of Information Act and reviewed the committee list for the upcoming year.