It was an honest mistake.
That’s the way John Thompson describes how he became part of the conversation City Council member Matt Schellenberg started about replacing the city’s two members of the Police and Fire Pension Fund board.
Schellenberg wanted Thompson, a Wells Fargo Advisors senior vice president, to be one of two to replace Walt Bussells or Adam Herbert. The two have served on the fund’s board since 2012. Schellenberg said he hasn’t been happy with the results.
Schellenberg also wants George Robbins to serve on the board.
When Schellenberg texted Thompson about the possible pension appointment, Thompson agreed — thinking it was for a position on the still-to-be-created investment advisory committee. That group of volunteer financial experts will help the board with investment strategies and selection of outside services providers, among other duties.
“That’s where my real expertise is,” Thompson said Tuesday.
But, Schellenberg meant as a member of the five-person board.
“It was just a miscommunication,” Thompson said.
Schellenberg on Tuesday afternoon said Thompson was one of two names he submitted to former Council President Stephen Joost when the appointments were made.
The investment committee, Schellenberg said, would only be viable should the deal struck between Mayor Alvin Brown and the fund’s leadership be approved by council.
Schellenberg said he will remove Thompson’s name from the resolution. In Thompson’s place, he will insert “someone else who is suitable” or someone other council members suggest.
“We need a representative to the board who understands the private industry,” he said.
In a Monday interview, Schellenberg said Bussells and Herbert both draw public pensions and don’t understand the changes to the system that have happened over time.
The city’s two appointments serve at the pleasure of the council president.
Schellenberg’s resolution was filed last week and introduced Tuesday.
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