Police & Fire Pension Board Meeting

Summary

Meeting Overview

The Lexington Fayette County Urban County Government Police and Fire Retirement Fund Board held its meeting on May 13, 2026. The board worked through 7 agenda items during the session, taking a total of 12 votes and hearing 1 public comment. Key actions included the approval of the April meeting minutes, new business items, and service retirements and disabilities, while the Treasurer's Report, Subcommittees update, Presentations, and Callan Quarterly Report were received as informational items. The meeting also included presentations, among them a Callan Quarterly Report briefing for the board's review.

Attendance

The following members were present at the May 13, 2026 Board meeting:

• Chad
• Susan
• Tommy Puckett
• Jonathan Cole
• John Minima
• Ronnie Bastion
• Billy Ray Morgan
• Robert Somers
• Betty Begly
• Jennifer
• Katie

No members were recorded as absent or late.

Votes and Decisions

The Board took the following actions at the May 13, 2026 meeting, all by voice vote:

• Transfer letter and manager's mix: Approved by voice vote. 4:28

• April minutes with correction: Approved by voice vote. 6:08

• Ghost time purchase: Approved by voice vote. 6:40

• Widow's annuity for Charlene Summers: Approved by voice vote. 7:10

• May disbursements: Approved by voice vote. 7:43

• Service retirement of Captain Joseph Sexton: Approved by voice vote, with 2 nays recorded. 8:13

• Service retirement of Officer Ronald Corbrough: Approved by voice vote. 8:44

• Jonathan Cole disability application: The Board approved sending Cole's application for permanent and total disability to the appropriate doctors for review. Passed by voice vote. 9:16

• John Minima disability conversion: The Board approved sending Minima's application to convert his temporary disability to total disability to the appropriate doctors for review. Passed by voice vote. 9:50

• Ronnie Bastion's medical reports: Approved at the appropriate rate by voice vote. 9:50

• Real estate asset transfer from J.P. Morgan to LaSalle: The Board approved moving all assets from J.P. Morgan real estate to LaSalle. Passed by voice vote. 2:21:36

• MFS contract: The Board approved issuing a contract with MFS, with the vehicle decision to be made at a later time. Passed by voice vote. 2:37:04

All twelve motions passed. The only dissent recorded was 2 nays on the service retirement of Captain Joseph Sexton; all other votes were unanimous. No mover, seconder, or individual roll call votes were recorded for any item.

Public Comment

At the Board meeting on May 13, 2026, the public comment portion of the meeting included the following:

• Condolences 10:22: The Board offered condolences to the families of Billy Ray Morgan, Robert Somers, and Betty Begly, acknowledging their service and legacy.

No additional public speakers or topics were recorded during this portion of the meeting.

Contested Items

• Selection of Core Plus Manager: The board faced a contested decision regarding the selection of a core plus investment manager, with the choice coming down to two finalists: J.P. Morgan and MFS. The item resulted in a split vote among board members, indicating meaningful disagreement over which firm to award the contract. The board ultimately voted to issue a contract with MFS as the selected core plus manager.

Treasurer's Report

3:56

Chad presented the Treasurer's Report to the Board. The presentation included financial reports covering fiduciary net assets as well as fund reconciliation activity. The report was informational in nature, and no action was required from the Board.

No additional details regarding specific figures, concerns raised, or debate on this item are available from the meeting record.

April Minutes

4:59

The board took up the April meeting minutes for review and approval. During the discussion, a correction was identified in the draft minutes: Tommy Puckett had been incorrectly marked as absent, when he was in fact present at the April meeting. This error was noted and addressed before the minutes were finalized.

The board approved the April minutes as corrected.

New Business

6:08

The board took up several items under New Business, all of which were approved.

Susan presented the following items for board consideration:

• Ghost Time Purchase — The board reviewed and approved a ghost time purchase request.
• Widow's Annuity — A widow's annuity was presented and approved by the board.
• Disbursements for May — The board reviewed and approved the disbursements for the month of May.

All items under New Business were approved by the board.

Service Retirements and Disabilities

7:43

The board took up the agenda item covering service retirements and disabilities. Susan presented the item, which addressed retirement applications and disability cases for several individuals. Following the presentation, the board approved the service retirements and discussed the disability applications.

No additional detail on the specific individuals involved, the nature of any concerns raised, or the outcomes of individual disability applications is available in the meeting record.

Subcommittees

12:31

The Board received reports from its subcommittees during this portion of the meeting. Tommy Puckett presented updates covering two subcommittee areas: continuation of benefits and legislative matters.

The reports were informational in nature, with no votes or formal actions taken as a result of the subcommittee updates. No additional detail on specific findings, recommendations, or concerns from either subcommittee is available from the meeting record.

Presentations

14:08

The Board received presentations from J.P. Morgan and MFS covering their respective core plus fixed income strategies, including discussions of their investment approaches and performance. Key speakers during this portion of the meeting were Katie Hammond and Josh Marston.

The presentations were informational in nature, providing the Board with an overview of how each firm manages its core plus strategy. No action was taken as a result of these presentations.

Callan Quarterly Report

2:04:55

Jim O'Connor presented the Callan quarterly report to the Board, covering performance and asset allocation. The presentation was informational in nature, and no formal action or vote was taken as a result.

No additional detail regarding specific performance figures, asset allocation percentages, benchmarks, or concerns raised during the discussion is available in the provided materials.