HomeMy WebLinkAbout09- 19- 2023 Employees' Retirement System Board September 2023 MinutesOFFICIAL PROCEEDINGS OF
THE BOARD OF TRUSTEES CITY OF LANSING
EMPLOYEES’ RETIREMENT SYSTEM
Regular Meeting September 19, 2023
10th Floor, City Council Conference Room Tuesday, 9:30 a.m.
The meeting was called to order at 9:33 a.m.
Present: Trustee Bahr, Dedic, Garza, Jeffries, Kirkland,, Kraus (8:39), O’Leary, Parker, Schor –
8.
Absent: Excused: Ebright
Others present: Karen Williams, Human Resources Department; Attorney Joseph Abood, City
Attorney’s Office; Attorney Frank Judd, VanOverbeke, Michaud & Timmony, P.C.
It was moved by Trustee Jeffries and supported by Trustee Bahr to approve the Official Minutes
of the Joint Employee Retirement System and Police and Fire Retirement System Boards
meeting of August 15, 2023 with corrections.
Adopted by the following vote: 8 -0
Secretary’s Report
4 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active
membership: xxx. Total deferred: 68. 2 death(s) Terry L. Medlock (Public Service – UAW,
retired 3/19/2004), died 8/19/2023, age 76, 100% to beneficiary; Tedford Tycocki (Public
Service – NonBargaining, retired 12/10/1998, age 58, no benefciary. Refunds made since
the last regular meeting amounted to $258.53. Retirement allowances paid for the month
of August 2023, amounted to $2,021,970.23. Total retirement checks printed for the ERS
System: 923. Total Retirement checks printed for both systems: 1719. Eligible domestic
relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic
relations orders certified: 0.
It was moved by Trustee Dedic and supported by Trustee Kirkland to approve the following
Request for Age and Service Retirement.:
Michelle Greko (Fire/Civilian – Teamster 243) 21 years, 9 months of service
credits, age 58, effective September 9, 2023
Alec A. Malvetis (Public Service – Teamster 214), 16 years, 6 months of service
credits, age 62, effective September 13, 2023
Gregg A. Rosenbery (Police/Civilian -Teamster 243), 12 years, 3 months of service
credits, age 58, effective September 1, 2023 (From Deferred)
Adopted by the following vote: 8 – 0.
Employees’ Retirement System September 19, 2023
Meeting Minutes Tuesday, 9:30 a.m.
Page 2
Ms. Williams reported that Applicant #2023 – E0321 had seen the medical director. The
medical report had been received and forwarded to the disability subcommittee for review.
The Employees’ Retirement System Board recessed at 9:37 am.
The Employees’ Retirement System Board resumed at 9:41 a.m
It was moved by Trustee Bahr and supported by Trustee O’leary to approve the applicant
#2023-E0321’s request for duty disability as recommended by the medical director.
Adopted by the following vote: 9-0
Ms. Williams reported that the Retirement Office has received the medical documents for
applicants’ #2023 -E0620 and #2023 -E0621. Ms. Williams have contacted the medical
director’s office for scheduling.
Trustee Bahr provided the oral report for the MAPERS Fall Conference that was held at
Shanty Creek, Bellaire, Michigan from September 9-12. Trustee Bahr highlighted a
workshop that discussed labor force and the aging population, He noted that in
Michigan, there was approximately 18-19% of populations over 65 years of age with a
declining birthdate. The workshop discussed how to hire and retain younger
employees.
Ms. Williams announced the IFEBP Annual Conference would be held October 1-4,
2023, in Boston. Ms. Williams encouraged those members that wished to attend to
contact the Retirement Office.
It was moved by Trustee Bahr and supported by Trustee Kirkland to excuse Trustee Ebright and
Trustee Garza from the September Employees’ Retirement System Board meeting.
Adopted by the following vote: 9-0.
There were no public comments for items not on the agenda.
Ms. Williams provided the following invoices for approval: from MES, $550; Northern
Trust, $14,060.16.
It was moved by Trustee Bahr and supported by Trustee Dedic to approve the payment
of the invoices for the month of September.
Adopted by the following vote: 9 -0
Employees’ Retirement System September 19, 2023
Regular Meeting Tuesday, 9:30 a.m.
Page 3
Attorney Castle reported on the MOVEit Transfer Software Cybersecurity Breach.
Attorney Castle reviewed the communication from PBI. Attorney Castle opined that the
Police and Fire Retirement Board has a legal obligation to notify the affected individuals
pursuant to Michigan ‘s Identity Theft Protection Act, Act 452 of 2004, as amended (MCL
445.61 et seq.)
Karen Williams provided an update on the MOVEit Transfer Software Cybersecurity
Breach. Letters were sent to affected retirees from PBI through a third party (Kroll) that
provided call center support, one year of credit monitoring, fraud consultation and identify
theft restoration. Ms. Williams also reported that returned letters were re-addressed and
mailed.
Trustee Schor requested that the Kroll Frequently Asked Questions be sent to Augustine
Martinez who heads the 311 Center.
.
Trustee Kraus recommended that if a breach ever happened again, the letters should be
sent in City envelopes.
Karen Williams distributed rebalance recommendations from Asset Consulting Group for
the State of Michigan Pension Grant that was received by the Employees’ Retirement
System. Asset Consulting Group recommended that $4 million be allocated to Integrity
Asset Management; $3 million to Earnest Partners; $2 million to ABS; and $2.5 million to
Western Asset Management.
It was moved by Trustee Bahr and supported by Trustee Kirkland to rebalance the City
of Lansing Employees’ Retirement System as recommended by Asset Consulting Group.
Adopted by the following vote: 9 – 0.
The Employees Retirement System received a letter from Dale Abronowitz who
requested reconsideration of his approved non-duty disability retirement. He requested
that his disability be changed to duty disability.
It was moved by Trustee Dedic and supported by Trustee Bahr to refer Mr. Abronowitz’s
reconsideration request to legal counsel for review.
Karen Williams reported that a memo was received by the Finance Department for the
Quarter 4 FY 2023 Employees’ Retirement System Employee Contributions. The memo
indicated that on August 17, 2023, $105,771.91 was transferred by the City to the
Employees’ Retirement System for the Net Employee Contributions for the period of
4/1/2023 thru 6/30/2023.
Karen Williams reported the proposal to update the minute master from Gabriel, Roeder,
Smith had a fee not to exceed $3,300.
Ms. Williams reviewed the Monthly Investment Report for the month ending August 2023.
Ms. Ellen Jeffries requested a breakdown of the monies in the reserve account.
It was moved by Trustee Bahr and supported by Trustee Dedic to adjourn the Employees’
Retirement System Board September meeting.
The meeting ended at 10:02 a.m.
Minutes approved on 10/17/2023.
________________________
Desiree Kirkland, Secretary
Employees’ Retirement System
_____________________________
Dennis R. Parker, Chairperson
Employees’ Retirement System