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Board member signals upcoming move; board to seek council legal review of contract with Principal

5763628 · May 2, 2025
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Summary

A board member informed trustees they expect to move within 12–18 months and may no longer be eligible to serve; a trustee said they will ask the city council for permission to consult an attorney about the pension plan’s contract with Principal.

During new‑business the board heard two governance items: a board member said they expect to move within 12–18 months and may need to step down when no longer a resident, and a trustee said they would ask council for authorization to consult an attorney about the board’s contract with Principal.

A trustee notified the board that they will “likely [move] 12 to 18 months from now,” and said they were “happy to serve until I move” but flagged the need for a potential replacement when their residency changes. The board acknowledged the notice and said they would “take a look” at backfilling the position when the time comes.

Separately, Jennifer Yackley told the board she had not yet asked council but planned to ask at an upcoming work session whether the council would permit the board to consult with outside counsel about the plan’s contract with Principal. She said she had been referred to several attorneys and would ask the question at the council work session on Tuesday.

The board took no formal action at the meeting on either item; both were recorded as notifications and direction to pursue the council inquiry. The board’s secretary indicated she would raise the contract‑review request with council as planned.