Appointment Work Session for Glenn Cipriano as Director of Police and Fire Retirement Trust - August 13, 2026
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Appointment Work Session for Glenn Cipriano as Director of Police and Fire Retirement Trust - August 13, 2026
This work session was held to consider the appointment of Glenn Cipriano as the Director of the Police and Fire Retirement Trust. The session included introductions, a presentation by the candidate, and a discussion of the role and its requirements.
Consent Calendar
- No items were on the consent calendar. The appointment is scheduled for the August 18, 2026 assembly meeting as a consent agenda item.
Public Comments & Testimony
- No public comments were made during this session.
Discussion Items
- Lance Wilbur, Chief Fiscal Officer, introduced Glenn Cipriano, noting his four years of service as Deputy Treasurer and Municipal Treasurer, and his experience on the 401/457 voluntary retirement committee. Wilbur expressed strong support for Cipriano's candidacy.
- Glenn Cipriano described his background, including prior service as chairman of the investment advisory commission for the MOA trust fund and over 40 years of fiduciary investment management experience. He emphasized his familiarity with the Police and Fire Retirement Trust board and its investment strategy.
- Assembly Member Jared Gerker commented that Cipriano is "imminently qualified" and asked about his leadership philosophy. Cipriano responded that the role requires executing the board's strategy, supporting a cash flow of about 10% per year (approximately $34 million in benefits from a $345 million portfolio), and minimizing the municipality's future liability.
- Assembly Member Anna Brawley asked for background on the Police and Fire Retirement Trust. Cipriano explained that the trust was created for police and fire members, and after 2017, new members are in a defined contribution plan (PERS). The trust manages a $345 million portfolio to cover benefits for about 640 current members and their families. He also described two related funds: the medical trust and a pre-funding account.
- Brawley also asked about code requirements regarding the municipal treasurer and acting treasurer. Lance Wilbur clarified that Cipriano's last day as treasurer was August 9 or 10, and that Deputy Treasurer Lauren Crawford is serving as acting treasurer. Wilbur noted that by code, only the treasurer or cash management investment advisor can sign certain checks, so the cash manager is currently handling that to avoid conflicts.
- No further questions were raised.
Key Outcomes
- The work session concluded with no objections or votes taken. The appointment of Glenn Cipriano as Director of the Police and Fire Retirement Trust is scheduled to be placed on the consent agenda for the August 18, 2026 assembly meeting. The swearing-in ceremony will occur at a later date, not at the meeting.
Meeting Transcript
Okay, everyone, let's go ahead and get started. Um, today is uh Thursday, August 13th. We are here for a uh work session and executive appointment confirmation hearing. Uh that's AM528 2026 for Mr. Glenn Cipriano, uh proposed for the direct director of the uh police and fire uh retirement trust. So uh we'll do member introductions and we'll go into our business. George Martinez. Donald Donald Handling, Jared Gerker, Zach Johnson. Anna Brawley. And uh currently we don't have anyone on the phone. I will note we were having some phone issues. So uh what we're gonna do is if folks were not able to be here in person but didn't intend to, and we're not able to get online. I think we're on the phone now. Uh, but otherwise, we're we're just gonna encourage folks to listen to this recording. Uh or fine. Oh, I'm sorry, go ahead. Oh, okay. Uh sorry, yeah, I heard you, Mr. Miller from the uh fired uh retirement board. So we'll we'll we'll come to you if there's any questions. Um and then also just note briefly that we're joined in the room by clerk's office, meeting staff, member of the public, um, and then our uh appointee and uh presenter for that. So um so I'm gonna go ahead and move to um those two, let them introduce themselves, and then we'll move into the business. And members just flag me down if you have um questions. So I'll turn to you, Mr. Wilbur. Go ahead. All right, thank you, Madam Chair, members of the assembly. My name's Lance Wilbur. I'm the chief fiscal officer for the municipality of Anchorage, and it's my pleasure to uh introduce Glenn Cipriano for those of you who have not had the privilege to meet him as a proposed candidate for the director of police and fire retirement on behalf of the administration and the board. Um, I've had some conversations with members of the board and their interest in having Glenn serve on them. Glenn's worked with municipality for about four years. He started in August of 2022 as the deputy treasurer hired by Dan Moore, then took the position as the director position in uh 2023 and has done an exceptional job as the municipal treasurer during that time. My experience in working with uh Mr. Cipriano prior to taking the CFO position as that we are both members of the 40147 voluntary retirement committee. So I've um uh you know had the uh the privilege to work with him in a similar situation to the job that he is actually um being recommended for, and that is you know, looking out for the best interest of the members and the fiduciary responsibility that the police and fire retirement trust has as well as the 401 and 457. Always been impressed with how he looks at the the purpose of that board and that and that responsibility. I think he will carry that. I know he'll carry that on to the police and fire retirement. And um as when I my time in working with Mr. Cipriano as the treasurer, not only working with him but members of his team, he just really does an excellent job in making sure that the duties of the res the duties of the position are met. And I just think he's gonna be uh an outstanding individual uh working there. About maybe six weeks ago, uh, Mr. Cipriano came to me with an idea, uh proposal, knowing that the uh former director of police and fire retirement was going to retire, Mr. Ed Jarvis, who I'd also had the pleasure to work with on 401k and 457. And Glenn let me know that he was interested in that position. I encouraged him to um put his, you know, put his name in the hat, reach out to the to the board, let them know that he was interested. And and in our conversations, I just generally think that um, you know, it's kind of where his heart's at, the things that really he likes to do. Um, that is in addition to some of the things that he's done at Treasury. I think the the police and fire retirement board is gonna be um fortunate to have his service. So I would really encourage you support to appoint him in that in that position.
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