The city-side makeover of the Police and Fire Pension Fund board should be done by the end of the year.
City Council President Greg Anderson this week introduced a bill appointing Richard Patsy to the five-member group that has fiduciary responsibility for retirement plans of public safety members.
Patsy is assistant vice president of pensions and investments at CSX Corp. He’s responsible for the company’s $2.5 billion defined benefit plan, $2.2 billion 401(k), $1.3 billion operating fund and $100 million captive insurance and investment portfolio of the CSX Foundation.
With recent pension reform having the board work exclusively on financial and actuarial aspects of the plan, Anderson said he wanted to find someone who had “vast experience with public sector pensions.”
He found that in Patsy, who has 24 years of experience and currently serves as vice chairman of the city’s General Employee Pension Plan.
Patsy will replace Adam Herbert, who was appointed by former council President Stephen Joost in 2012. Herbert’s term was set to expire in 2016, but he said in a resignation letter he wanted to conclude his service by Dec. 31.
Anderson also replaced Walt Bussells, Joost’s other appointment, at the same time. Bill Scheu, who served as chair of former Mayor Alvin Brown’s Retirement Reform Task Force, was confirmed by council in September to replace Bussells.
Appointing Patsy to the public safety pension fund opened a hole on the general employee’s side, but Anderson has that covered. He’s appointing Augustine Asset Management CEO Jeffrey Bernardo to fill the role. Bernardo has led the company since 2008 and has experience with companies like Trinity Capital and JP Morgan Asset Management.
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