One notable issue discussed during the meeting was the performance of the Eaton Vance portfolio, which has lagged behind its benchmarks, with a reported underperformance nearing 10% over the past two years. This underperformance has negatively affected the pension fund’s overall financial health, prompting the board to reassess its investment strategy. Board members deliberated on the implications of maintaining the current investment amid changing market dynamics, which have seen a reversal in the typical performance trends of small-cap investments. Historically, profitable companies have outperformed unprofitable ones, but recent trends have seen the opposite, contributing to the struggles of funds like Eaton Vance.

A motion was initially proposed to transfer half of the mid-cap investments from Eaton Vance to Vanguard. However, after confirming the total funds involved, the proposal was revised to move all assets to Vanguard. The decision followed a discussion about the benefits of Vanguard’s larger portfolio and its ability to capture more of the upward market movement while mitigating downward losses. The motion to terminate the Eaton Vance investment and redirect the assets to Vanguard was passed unanimously.

In addition to the significant investment decision, the meeting addressed the transition of legal counsel. The board considered the engagement of Pedro Barrera from Jones Walker, following the departure of a previous legal representative. Concerns regarding workload management and the adequacy of support at Barrera’s new firm were discussed, with Barrera affirming his confidence in the firm’s resources.

The board also delved into fiscal planning, with discussions on the anticipated increase in expenses for the fire fund. This is due to previous underestimations and the expected retirement of personnel, which will necessitate budget adjustments. The board reviewed and approved the proposed 2027 annual budgets.

Another topic was compliance with federal regulations, specifically the Americans with Disabilities Act (ADA). The board’s legal counsel highlighted the Department of Labor’s new rule requiring public agencies to ensure web content and mobile applications are accessible to individuals with disabilities. This rule will take effect in 2026 for larger populations and in 2027 for smaller ones, with the board advised to request ADA-compliant documents from service providers to facilitate compliance.

The meeting also addressed the proof of life verification process for retirees, which has been burdensome due to its requirements. The board proposed simplifying the process, reducing the need for notarized signatures or multiple witnesses, which received favorable feedback. A motion to revise the form was passed.