Knox County

The meeting commenced with a determination regarding the continuation of electronic meetings pursuant to executive orders related to the COVID-19 outbreak, which was unanimously approved. Agenda items included the approval of the minutes from the November 16, 2020 meeting. The board also addressed and approved applications for retirement under the defined benefit plan, the defined contribution plan, and the uniformed officers pension plan. A significant portion of the meeting involved a report of audit from Pew and Company, detailing findings for eight plans, including defined benefit, defined contribution, and other post-employment benefit plans. The auditors noted a standard clean opinion, with a qualification regarding undefined contribution balances prior to 2011 that require future testing. Discussions also covered the funding status of defined benefit plans, noting a slight decrease in funding percentages due to investment performance in the fiscal year. The executive director provided updates on COVID-19 distributions, noting they were scheduled to end in December 2020, and reported on the calculation of cost-of-living adjustments (COLAs) for defined benefit plans, including a 1.4% COLA for the teachers plan and a 3% COLA for others. Furthermore, plans for upcoming board member elections in February 2021 were discussed, and the timeline for the next valuation process was established. The investment committee report highlighted quarterly returns, noting an exceptional market performance in November 2020 for the DB plans.

The agenda for the meeting included the call to order, amendments to the agenda, and applications for retirement benefits under both the Asset Accumulation Plan and the Uniformed Officers Pension Plan, effective February 1, 2026, for multiple members. The board was scheduled to receive reports from the Disability Committee, Executive Director (covering plan amendments, state funding policy compliance, and valuations), Investment Committee (regarding monthly rates of return), and Legal Counsel. The Actuary's report included confirmation of no direct investments in majority-owned Chinese companies as of December 31, 2025. The session also covered approval for payment statements of account and a period for public comment.

The meeting agenda included several key items for discussion and action. The board addressed applications for retirement under both the Asset Accumulation Plan and the Uniformed Officers Pension Plan, with numerous effective dates set for January 1, 2026. Other discussions involved the Audit Report from Pugh and Company, the report from the Executive Director covering the 2026 Board Meeting Schedule, IRS Limits for 2026, and the administration of the SECURE 2.0 Roth 457 Catch-Up for High Earners. The Investment Committee and Legal Counsel also presented reports. Furthermore, the board reviewed information regarding deceased retirees and active employees, along with current loan status details for both the Asset and STAR plans, and disability suspension metrics.

The key discussion topics for the meeting included reviewing applications for retirement under both the Asset Accumulation Plan and the Uniformed Officers Pension Plan, with several effective dates set for December 1, 2025. The board was scheduled to receive reports from the Document Committee, Investment Committee, and Executive Director. Executive Director reports covered deferring plan amendments, the audit update, required minimum distributions, 457 anniversary letters, the COLA report, approval for the Teachers Plan COLA, and retiree medical insurance. The Investment Committee's report was scheduled to include monthly rates of return. The board also planned to review the report of Legal Counsel and the Actuary, authorize payments based on the Statement of Account, and conduct a public comment session before adjournment.

The meeting involved the swearing in of new board members, Mr. Jim Snowden and Ms. Joni Joyce, and recognition of Mr. Chris Simon's service. Officers were nominated and retained, and committee vacancies were filled, including additions to the Disability Committee and leadership changes in the Document and Investment Committees. Key actions included the approval of one application for a disability benefit under the Employee Disability Plan. The Board also approved multiple applications for retirement across the Defined Benefit Plan, Uniformed Officers Pension Plan, and Asset Accumulation Plan, with effective dates set for October 1, 2025. Reports covered upcoming October retirement education seminars, committee meeting schedules, open enrollment dates, an election update, and a report on litigation status, including confirmation that the UOPP suit was dismissed without prejudice. Legal counsel provided an update on Secure 2.0 regulations and agreed to provide summaries of relevant provisions from the One Big Beautiful Bill. The Actuary presented GASB and Funding Projections, noting a recommendation to change an underperforming fund will be made soon. Finally, the Board authorized payments for professional services incurred in September 2025.