Magistrates Retirement Fund of Georgia

The meeting addressed the introduction of new Fund Advisors from Morgan Stanley, who are replacing BMO. The new advisors plan to review the Board Investment Policy. A financial report and a membership report were presented and accepted by the Board. Future meeting dates were scheduled for May, August, and November of 2016, and February of 2017.

Key discussions during the meeting included the election of officers, where Mary Kathryn Moss was re-elected as Chair and Brendan Murphy as Vice-Chair unanimously. The Board approved the retirement of Lee Moss, Lincoln County Magistrate Judge, effective February 1, 2024. Financial reports were presented, including an Asset Liability Study by Callan, projecting a funded status of around 150% in 10 years under specific actuarial assumptions. The Investment Measurement Service 4th Quarter Review was also presented. Other business involved requests for an actuarial study on possible early retirement options and an analysis comparing payout guidelines between the Probate Retirement Fund and the Magistrate Retirement Fund.

The meeting included the presentation and acceptance of the June 30, 2024 Actuarial Valuation, along with the unanimous approval of a one-time 1.5% Cost-of-Living Adjustment (COLA) effective January 1, 2025. The Board reviewed proposed benefit improvements, including increasing dues, changing the retirement multiplier to 5%, raising the service cap to 24 and 28 years, and allowing early retirement at age 55. The Board requested a final proposal summarizing these options for discussion in March 2025. Legal matters addressed included finalizing amendments to the Investment Consultant Agreement with AmRET, adopting a legal position regarding filing fees, and reviewing eligibility and benefit accrual for suspended or maxed-out participating members. The Board also planned for an offsite retreat in February 2025 to conduct a deep dive on the IRS requirements. Financial reports indicated a Fund balance exceeding $50 million, and Crawford Investments was noted as performing strongly.

Key discussions during this regular meeting included the unanimous approval of retirements, specifically for an Armemarie O'Steen, whose case regarding potential retroactive disability payment required attorney review. Financial reports addressed the proposed benefit improvements, noting that the Fund could support a 1.5% Cost of Living Adjustment (COLA) effective July 1, 2023. The investment review indicated a 5.9% performance decline over twelve months, with Acadian being the weakest performer. The Board agreed to schedule a Special Called Meeting to hear presentations from two potential Private Equity Fund-of-Funds Managers, Mesirow and Abbott, to avoid missing the investment window in June. A new policy was adopted requiring judges arrested for or charged with a "public employment related crime" to inform the Fund in writing within five days. The Board ultimately voted unanimously to approve a 1.5% COLA effective July 2023. Other business involved updates on the ongoing revision of the Administrative Services Contract and coordination with POAB regarding the selection of a new custodian, with U.S. Bank expected to present to the POAB Board in June.

The key discussions during this regular meeting included reorganizing the agenda to interview candidates for the board attorney role, where Bryan A. Schivera and Robert W. Schivera were interviewed. The board also presided over the swearing-in of new and returning board members, followed by the unanimous election of Tommy Bobbitt as Chairperson and Judge Moss as Vice-Chairperson. In reports, the board received an update regarding the departure of the fund's financial consultant from Morgan Stanley and a quarterly performance review from the new representative, Andy Harbour, which included discussions on market outlook, inflation, fund value as of December 30, 2020, and manager recommendations. A motion to table any asset reallocations was approved pending manager meetings. Other reports covered income/expense and membership updates. During open session, the board approved retirements for January and February 2021, a refund for an individual from Mitchell County, and tabled items concerning the designation of the Secretary/Treasurer, Attorney, Financial Consultant, and signatories until a Special Called Meeting.