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At a glance: board approved compensation study recommendation, IPS update and staffing steps
Summary
At the June 17 meeting trustees approved acceptance of the Gallagher compensation study and to forward pay‑range recommendations to City Council; revised IPS asset allocation (multi‑sector bond consolidation) was adopted; board also approved a temporary overstrength benefits manager to allow overlap for a planned retirement, and formed a joint ad‑hoc budget committee.
The board took a series of formal actions on June 17: it accepted Gallagher's investment‑team compensation study and authorized forwarding recommended pay‑range adjustments to the city council; it approved an IPS revision consolidating multiple bond categories into a multi‑sector bond allocation (resolution 4853); it approved a temporary overstrength benefits division manager position to allow a phased handover ahead of a planned January 2027 retirement; and it formed a joint ad‑hoc budget committee (appointed trustees Gretchen and Franco) to review administrative budget policy and allocations.
Votes were taken by voice on each item; motions were made and seconded in each case and carried without recorded opposition. Staff indicated the compensation and staffing decisions would be coordinated with city HR and budget offices and that the asset allocation change memorializes a strategic allocation approved in May.
