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HomeMy WebLinkAbout12-20-2022 Police and Fire Retirement SystemOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM MEETING MINUTES Regular Meeting December 20,, 2022 10th Floor Conference Room Tuesday, 8:30 a.m. The meeting was called to order at 8:33 a.m. Present: Trustee Kirkland, Moore, Schor, Taylor, C. Wilcox, R. Wilcox, Wohlfert, Wood – 8 Absent: Excused:0. Others present: Karen Williams, Evangelina Hernandez, Human Resources Department, Attorney Joseph Abood, City Attorney’s Office; Attorney Aaron Castle, VanOverbeke.. It was moved by Trustee R. Wilcox and supported by Trustee Wood to approve the official minutes of the Joint Employees’ Retirement System Board and the Police and Fire Retirement System Board Meeting of November 8, 2022. Adopted by the following vote: 8 – 0. Secretary’s Report: 0 New sworn police member(s), 0 New sworn fire member(s), 0 Reinstatement(s), 0 Refund(s), 0 Transfer(s), 2 Retired. Total active membership: 358. 2 Death(s) Wanda D. Miller, died 11/5/2022, age 73, spouse of Police retiree; Phyllis E. Panetta, died 11/24/2022, age 92, spouse of Fire retiree. Refunds made since the last regular meeting amounted to $34,788.33. Reimbursements to the System year-to-date amounted to $0. Retirement allowances paid for the month of November 2022 amounted to $3,186,979.50. Total retirement checks printed for the P&F System: 790. Total retirement checks printed for both systems: 1715. Domestic relations order received: 0. Domestic relations order pending: 1. Eligible Domestic Relations Order certified: 0. It was moved by Trustee R. Wilcox and supported by Trustee C. Wilcox to approve the following Applications for Regular Age & Service Retirement: Christopher J. Baldwin, (Police – CCLP Supervisory) 25 years of service credits, age 49, Effective 1/21/2023; Hire date: 5/18/1998 (with purchase of 3 months of universal service credits) Adopted by the following vote: 8 - 0 Karen Williams reported that the medical report for Applicant #2022-F0720 has been received by the disability subcommittee. The disability subcommittee has met and has a recommendation for the Police and Fire Retirement System Board. It was moved by Trustee C. Wilcox and supported by Trustee Taylor to deny the request for duty disability for applicant #2022-F0720 in accordance with the medical director’s report. Adopted by the following vote: 8 - 0 Police and Fire Retirement System December 20, 2022 Meeting Minutes Tuesday, 8:30 a.m. Page 2 Ms. Williams reported that Retirement Board received a medical release from the non-duty disability for Applicant # 2022 -F1018. The applicant’s records have been forwarded to medical director for scheduling. There were no requests for refund of accumulated contributions. Ms. Williams provided the following invoices for approval: from Boomershine, $1,750, MES. $2,200, Northern Trust, $15, 075.58; Simply Voting, $200. It was moved by Trustee Wood and supported by Trustee C. Wilcox to approve the Police and Fire Retirement System Board invoices for payment for the month of December. Adopted by the following vote: 8 - 0 Attorney Aaron Castle provided a letter of notification for increase in billing rates for Vanoverbeke, Michaud & Timmony, PC legal services. The increase for the Board’s legal services would reflect a 3% fee increase to $195.00 for non-litigation legal services and $210 per hour for litigation legal services. It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the legal services fee increase for Attorney Aaron Castle. Attorney Abood opined that approval of ligation legal fees would be contrary to the City Charter. Attorney Abood indicated that Attorney Castle or his firm Vanoverbeke, Michaud & Timmoney could not represent the Police and Fire Retirement System Board in litigation, until the City Attorney has approved the law firm and City Council has added the firm to approved City Council list. Adopted by the following vote; 8 - 0 Trustee Wood inquired to Attorney Abood if the City Attorney has provided the written opinion for the need for fiduciary liability insurance for the Police and Fire Retirement System Board. Trustee Wood stated that she has emphasized that the written report was needed to show retirees how the monies were being spent. Attorney Abood responded that City Attorney’s office did provide an oral opinion at the meeting. The City Attorney had not authorized a written opinion for the Board. Attorney Abood indicated that he would reiterate the request and recommend a written report. . Karen Williams reported that the disability subcommittee met and reviewed re-evaluation reports for. Daniel Miller, Jeff Hinkle, Gilberteo Torres and Christopher Wheeler. It was moved by Trustee R. Wilcox and supported by Trustee C. Wilcox to receive and file the medical re-evaluation reports for Daniel Miller, Jeff Hinkle, Gilberteo Torres, and Christopher Wheeler. Adopted by the following vote; 8 -0 Police and Fire Retirement System December 20, 2022 Meeting Minutes Tuesday, 8:30 a.m. Page 3 Ms. Williams indicated that the Police and Fire Retirement System has received a request to update the Minute Master. The proposal set a fee not to exceed $3,100. Ms. Williams indicated that the last update was $1,860. It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the update of Minute Master with costs to not exceed $2,000. Adopted by the following vote; 8 -0 Karen Williams reported the results of the Police Trustee election to the Police and Fire Retirement System. Karen Williams indicated that the election was held electronically and with 66% of the vote, Mr. Matthew Kreft was elected as Police Trustee. His term would begin January 1, 2023 through December 31, 2027. It was moved by Trustee C. Wilcox and supported by Trustee Moore to accept and approve the election results with Mr. Matthew Kreft elected as Police Trustee. Adopted by the following vote: 8 -0 Trustee Wohlfert inquired if members could send emails to the Retirement Analyst indicating their vote instead of the Board paying to use a voting platform for elections. Attorney Castle opined that the Board has the ability to make the rules for Trustee election. Attorney Castle opined that the Board should have the elections be as independent and secure as possible. Attorney Castle recommended that no changes be made at this time. Karen Williams updated the Police and Fire Retirement System Board regarding the Northern Trust Account. The Board has a new account manager, Clayton Robinson. The Board has inquired about sending contributions directly to Northern Trust and paying Plan expenses through the custodian bank. Trustee Wohlfert inquired if Finance would prefer the use of Northern Trust and would it streamline operations. Trustee Kirkland responded that Finance would welcome working with Northern Trust to implement the system. The Police and Fire Retirement System Board requested that Mr. Clayton Robinson be invited to the Joint meeting in February. Ms. Williams reviewed the Monthly Investment Report for the month ending November 30, 2022. It was moved by Trustee R. Wilcox and supported by Trustee Chris Wilcox to adjourn the Police and Fire Retirement System December meeting. Adopted by the following vote: 8 - 0 The meeting ended at 8:54 a.m. Minutes approved on 1/17/2023 ________________________ Desiree Kirkland, Secretary Police and Fire Retirement System _____________________________ Eric P. Wohlfert, Chairperson Police and Fire Retirement System .