HomeMy WebLinkAbout1-18-2022 Police And Fire Retirement SystemOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES
CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting January 18, 2022
2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m.
The Board was called to order at 8:31 a.m.
Present: Trustees Kirkland, Moore, Taylor (8:36), R. Wilcox, Wohlfert, Wood – 6.
Absent: C. Wilcox - excused
Others: Karen E. Williams, Human Resources Department; Attorney Aaron Castle, Vanoverbeke,
Michaud & Timmony, P.C. (legal counsel); Attorney Abood, City Attorney’s Office.
It was moved by Trustee R. Wilcox and supported by Trustee Moore to approve the Official
Minutes of the Police and Fire Retirement System Board meeting of December 14, 2021.
Adopted by the following vote: 5 - 0
It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the official Joint
minutes the Employees’ Retirement System Board and Police and Fire Retirement System
Board of December 14, 2021.
Adopted by the following vote: 5– 0.
There were no public comments for items on the agenda.
Secretary's Report.
5 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0
transfers, 0 retired. Total: Active membership: 373. 3 death(s), Corinne K. Christensen, died
12/15/2021, age 68, spouse of fire retiree; Clifton S. Clevenger, Fire, died 12/15/2012, age
96, spouse to receive 50%; Carl W. Hufnagel, Fire, died 12/26/2021, age 89, spouse to
receive 50%. Refunds made since the last regular meeting amounted to $20,991.23.
Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid
for the month of December 2021, amounted to $3,011,247.59. Total retirement checks printed
for the P&F System: 769. Total retirement checks printed for both systems: 1,707. Domestic
relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations
Order Certified: 0.
There were no applications for regular age and service.
There were no requests for duty disability retirements.
Regular Meeting January 18, 2022
2nd Floor, Lansing Police Conference Room Tuesday, 8:30 a.m.
Page 2
There were no requests for non-duty disability retirement.
There were requests for refund of accumulated contributions.
It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to excuse Trustee
Chris Wilcox from the January Police and Fire Retirement System Board.
Adopted by the following vote: 6 -0.
There were no public comments for items not on the agenda.
Karen Williams provided retirement board January invoices (PBI, Vanoverbeke, Michaud &
Timmony, P.C., Northern Trust, Zoom) for approval in accordance with the authorized signer’s
policy.
It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the Police and
Fire Retirement System invoices.
Adopted by the following vote: 6-0
.
Attorney Aaron Castle provided an overview of the new 1 -year contract with PBI Research
Services that was negotiated and finalized in December at a rate of $2.00 per record (i.e., the 3-
year rate).
Attorney Castle reviewed that the Special projects sub-committee continues to meet and review
recommended policies and procedures as well as updates and amendments to the Retirement
Ordinances and the Boards’ existing policies. The subcommittee plans to update disability
retirement policy and procedures and discussed portfolio monitoring and securities litigation.
Attorney Castle updated the Police and Fire Retirement System Board regarding proposed
amendments of the Open Meeting Act with House Bill 5427. It would provide certain public
bodies could hold a meeting electronically under any circumstances. Attorney Castle stated the
likelihood of passage was low.
Karen Williams reported to the Police and Fire Retirement System Board that Boomershine
Consulting Group, the Board’s Actuary, provided notice that he was requested to perform an
actuarial study for the City’s Firefighters, (IAFF Local 421) to determine the impact of potential
benefit provisions.
Karen Williams distributed the FY2022 Police & Fire Annual pension contribution memo. The
memo indicated that on December 17, 2021, $18,263,635 was transferred by the City of Lansing
to the Police and Fire Retirement System for the fiscal year 2022 employer contribution, which
is 100% of the actuarially determined contribution from the 12/31/20- Police and Fire actuarial
valuation.
It was moved by Trustee Wood and supported by Trustee Kirkland to accept the FY 2022 Police
and Fire pension contribution.
Adopted by the following vote: 6 – 0.
Trustee Wood requested that at the next meeting the Finance Department representative could
attend the next meeting and discuss the contributions adjustments made in December. In
December, an audit discovered an underpayment to the Police and Fire System. Trustee Wood
was interested in what sate guards are in place and the Board discussed potential lost interest.
Karen Williams reviewed the subcommittee memberships and requested that members contact
the Retirement Office or the chairperson for additions or changes to the committees.
The Police and Fire Retirement System Subcommittee members for 2022:
Disability – R. Wilcox, C. Wilcox, T. Taylor, Wohlfert
Investment – Kirkland, Wohlfert, Wood, C. Wilcox
Education – C. Wilcox, R. Wilcox, Moore, Kirkland
Special Projects – R. Wilcox, Wood, Wohlfert, Ex-officio legal counsel
It was moved by Trustee Wood and supported by Trustee Kirkland to approve and accept Eric
Wohlfert as chairperson ad Ryan Wilcox as vice chairperson of the Police and Fire Retirement
System Board.
Adopted by the following vote: 6 – 0.
Karen Williams distributed the ACG transparency letter to comply with applicable laws,
regulations and policies concerning gifts and entertainments for public officials and Board
business that may cost between $25 -100 per person, per event.
Trustee Wood requested that legal counsel would review the ethic ordinance and add additional
language from the City be added to the letter.
Karen Williams reviewed the monthly investment report for the month ending December 31,
2021.
The meeting adjourned at 8:56 am.
Minutes approved on _2/15/2022___
_____________________
Desiree Kirkland, Secretary
Police & Fire Retirement System
______________________
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System