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Board chair announces he will step down; trustees agree to revisit small Bitcoin exposure
Summary
President Chris Keoughan said this will be his last meeting after five years as chair. Trustees asked staff to produce data on a possible 2% Bitcoin spot‑ETF exposure for discussion at the December meeting.
President Chris Keoughan announced that after five years serving as chair this would be his final meeting in that role and thanked trustees and staff for their service. He said his job duties have changed and he needs to spend more time at the police department.
Why it matters: Leadership changes matter for board continuity and oversight of plan investments and administration. Trustees discussed a separate, technical matter: whether a limited (about 2%) spot‑Bitcoin allocation via an ETF would meaningfully affect returns and how the board would set rebalancing and risk controls.
Trustees asked the presenter and staff to bring back performance data for a spot‑ETF vehicle and options for rebalancing and risk parameters; the presenter said he would prepare historical performance and a six‑month/inception view for the December meeting.
What’s next: Staff will provide the requested Bitcoin spot‑ETF analysis and the board will consider the request at the next meeting.
