MESSAGE FROM THE CHAIRMAN

Dear Fund Members,

It was great seeing those of you who attended the Retiree BBQ in May. Everyone seemed to really enjoy catching up with old friends in

person.

As we begin our new fiscal year, geopolitical dynamics, supply chain issues, and rising prices continue to impact economic uncertainty. The good news is that our portfolio is diversified to protect against volatility. While we cannot control markets nor foretell the future, our prudent investment practices put us in a position to make more and lose less. Time is the Fund’s greatest asset and, over time, we have always outperformed the markets.

It is an honor to serve as your chairman and I am proud to work with a group of trustees and staff who always put our members first. After years of dedicated service, the pension represents your future. We will not stop fighting for you. In fact, the board has been busy in legislative meetings, at the state and federal levels, to educate lawmakers on issues Houston firefighters face when they retire such as high healthcare expenses and increasing cost of living.

The city of Houston is paying the Fund approximately $10 million more than the actuarially estimated contribution as a result of the bill they passed in 2017. When we met with the city about this and tried to negotiate benefit increases, they asked us to drop our lawsuit. We will not cease our efforts to stop a state bill from violating HFRRF’s constitutional rights. We look forward to working with new COH administration in 2023.

My door is always open.
Happy Summer!

Brett Besselman
Chairman of the Board
Houston Firefighters' Relief and Retirement Fund