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MINUTES PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM REGULAR SESSION March 20, 2020 KACHINA CONFERENCE ROOM 11000 N. LA CAÑADA DRIVE

REGULAR SESSION AT OR AFTER 2:00 PM

CALL TO ORDER

Chair Artz called the meeting to order at 2:03 p.m.

ROLL CALL

Present:	Kevin Artz, Chair
	Andrew Lopez, Member
	Carmen Trevizo, Member
	Richard Tracy, Member
	Katherine Beck, Member
Staff Present:	Carrie Rowley, Local Board Secretary
Attendees:	Thomas Benavidez, Local Board Attorney

Member Tracy attended via speakerphone
Member Beck attended via speakerphone

CALL TO AUDIENCE

Chair Artz opened the call to audience. No comments were received.

Notice of Possible Executive Session
Pursuant to ARS § 38-431.03 (A), the Board may vote to convene in executive session to discuss or consider
confidential records exempt by law from public inspection, and/or to consult with the Board’s attorney for legal
advice and to consider the Board’s position and to instruct the Board’s attorney regarding its position in
contemplated litigation regarding Agenda Items 4 and 5. The Board will take action on these items in open
session.

REGULAR SESSION AGENDA

REVIEW AND APPROVAL OF THE JANUARY 24, 2020 REGULAR SESSION MEETING MINUTES


				Motion by Member Andrew Lopez, seconded by Member Carmen Trevizo to approve the January 24, 2020 regular session minutes.

				Vote: 5 - 0 Carried

	2.			DEFERRED RETIREMENT OPTION PLAN (DROP) APPLICATION FOR MICHAEL WARREN EFFECTIVE APRIL 11, 2020


				Motion by Member Andrew Lopez, seconded by Member Katherine Beck to approve the application to enter DROP for Michael Warren effective April 11, 2020.

				Vote: 5 - 0 Carried

	3.			REVIEW OF THE DECEMBER 2019 RELEASE OF THE ACTUARIAL VALUATION FOR ORO VALLEY POLICE DEPT Chair Artz provided an overview of the fiscal year 2019 Actuarial Valuation released by PSPRS in December 2019. The Town's funded status increased from 59.9% to 60.8% which is a positive trend. The employer contribution rate also increase from 38.5% to 41.6%. Plan factors contributing to the increase include: the asset experience/return on investment being slightly lower than assumed, the actual payroll base growth being 1.3% versus an assumed rate of 3%, and the assumed interest rate dropping from 7.4% to 7.3%. Member Trevizo inquired how the Town's funded ratio compares to other agencies. Chair Artz confirmed the Town of Oro Valley's funded ratio is on average with other communities. The Town is on a positive trajectory to pay down its unfunded liability. The long term goal is to reach 100% funded status by 2036. Based on the current economy, staff is recommending a conservative approach in its pension funding policy for the next fiscal year, with the flexibility to adjust as the economy recovers from current events. There were no further questions and no board action was required.

	4.			REVIEW AND APPROVAL OF THE JANUARY 24, 2020 EXECUTIVE SESSION MEETING MINUTES


				Motion by Member Andrew Lopez, seconded by Member Carmen Trevizo to approve the January 24, 2020 executive session minutes.

				Vote: 5 - 0 Carried

	5.			REVIEW AND POSSIBLE ACTION ON PRE-EXITSITNG CONDITIONS FOR AUSTIN GRIJALVA
				Secretary Rowley summarized the board's previous findings and members reviewed the information from the January 24 meeting. Secretary Rowley confirmed Mr. Grijalva's receipt of certified letter dated January 29, 2020 outlining the specific possible findings of the board. This letter included an invitation for Mr. Grijalva to provide additional information for the board to consider. Mr. Grijalva did not provide additional information for the board's consideration.


				Motion by Member Andrew Lopez, seconded by Member Katherine Beck to approve the membership application and note the Board's finding of pre-existing conditions as noted in the medical examination reports for Austin Grijalva.

				Vote: 5 - 0 Carried

FUTURE AGENDA ITEMS No future agenda items were brought forth.

ADJOURNMENT


				Motion by Member Andrew Lopez, seconded by Member Carmen Trevizo to adjourn the meeting at 2:23 p.m.

Vote: 5 - 0 Carried

I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the Town of Oro Valley Public Safety Personnel Retirement System Board of Oro Valley, Arizona held on the 20 day of March, 2020. I further certify that the meeting was duly called and held and that a quorum was present.

Dated this 22 day of May, 2020.

___________________________
Carrie Rowley
Local Board Secretary