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HomeMy WebLinkAboutEmployees Retirement System March 19, 2024 MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES’ RETIREMENT SYSTEM MEETING MINUTES Regular Meeting March 16, 2024 10th Floor Conference Room Tuesday, 9:30 a.m. The meeting was called to order at 9:35 a.m. Present: Trustee Bahr, Dedic, Ebright, Jeffries, Kraus, O’Leary, Parker, Schor, Thomas – 9. Absent: Garza (Excused) Others present: Karen E. Williams, Human Resources Department, Attorney Lisa Hagen, City Attorney’s Office; Attorney Aaron Castle, VanOverbeke, Michaud and Timmony. It was moved by Trustee Bahr and supported by Trustee Jeffries to approve the Joint Employees’ Retirement System and Police and Fire Retirement Board Meeting minutes of February 20, 2024, with corrections. Adopted by the following vote: 9 – 0. There were no public comments for items on the agenda. Secretary’s Report: 5 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active membership: 428. Total deferred: 68. 0 death(s) . Retirement allowances paid for the month of February 2024, amounted to $ 2,029,632.65. Total retirement checks printed for the ERS System: 920. Total Retirement checks printed for both systems: 1732. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Bahr and supported by Trustee Dedic to approve the following request for Regular Age and Service Retirement: Maria Kay (Assessor’s Office – Executive Management), 4 years of service credit with the City of Lansing, age 61, effective March 1, 2024 (with 12 years, 2months of service credits from MERS-Lenawee County) George Brian Shields (Planning – Teamster 214), 23 years, 3months of service credit, age 65, effective April 6, 2024. Curt Staszuk (Public Service – UAW) 25 years of service credit, age 53, effective April 16, 2024 (with the purchase of 2 universal years of service credits) Adopted by the following vote: 9 - 0. Applicant #2023-E0621 Request for Reconsideration was tabled to allow the applicant time to provide additional documents requested by the medical director. Employees’ Retirement System March 19, 2024 Meeting Minutes Tuesday, 8:30 a.m. Page 2 There were no requests for Non-Duty Disability Retirement. Trustee Dedic provided an oral report for his attendance at the MAPERS One Day Seminar. He reported that topics included actuarial issues and, the Michigan Tax Changes. Trustee Dedic noted that copies of the handouts were available on the MAPERS website. It was moved by Trustee Schor and supported by Trustee Bahr to allow the Secretary of the Board permission to attend the NCPERS Annual Conference. Adopted by the following vote: 9 -0 There were no public comments for items not on the agenda. Karen Williams reported that Trustee Garza requested to be excused from the March meeting. It was moved by Trustee Bahr and supported by Trustee Ebright to excuse Trustee Garza from the March 2024 meeting. Adopted by the following vote: 9 -0. Ms. Williams provided the following invoices for approval: from Boomershine Consulting Group, $962.50; William Blair, $33,488.26. Attorney Castle provided an overview professional services review schedule. Both boards have the same investment consultant that is subject to review this year. The Boards have discretion regarding how formal a process is needed. The Police and Fire Retirement Board requested a Request for Information (RFI), which is less formal than a Request for Proposal (RFP). If the Board uses the RFI, it can be expanded to an RFP. Attorney Castle would include that binding fees be listed in the RFI. Attorney Castle will provide a draft for the next meeting. Trustee Kraus inquired about the use of Request for Information instead of the Request for Proposal which generally has pricing that is binding. She expressed concern that there was a lack of distinction between the two requests. Attorney Castle indicated that the Request for Information was less formal. Trustee Schor stated that he was comfortable with a comprehensive Request for Information that provided pricing. It was moved by Trustee Ebright and supported by Trustee Schor to have a Request for Information drafted for the Investment Consultant. Adopted by the following vote: 9-0. Employees Retirement System March 19, 2024 Meeting Minutes Tuesday, 8:30 a.m. Page 3 Karen Williams reported that she contacted the City’s Payroll Administrator. The City’s payroll software vendor, Central Square stated that they could put a message of 74 characters on the retiree check but could not put a message on the employee portal. Ms. Williams noted that the Police and Fire Retirement System voted to remain silent on providing a message on changes in the State of Michigan tax law. Trustee Kraus was disappointed that the City and pension boards did nothing to provide information for the retirees on this issue. Trustee Kraus wanted to put links on the website to the State of Michigan. Trustee Kraus expressed concern that the retirees had no standing with the pension board. Attorney Castle recommended that the Boards not provide tax advice but would not be opposed to providing a link to the State of Michigan. Trustee Schor recommended sending language to the Office of the City Attorney regarding the message regarding the new State of Michigan tax law and then providing a link to the State. Attorney Hagen indicated that the OCA would review the language before it is posted. Trustee O’Leary stated that she was not opposed to a link to the State of Michigan going on the webpage with language provided from legal counsel. Ms. Williams updated the Employees’ Retirement System regarding the Retirement Conference 2024. Ms. Williams reported that the Joint Retirement Board committee had met and was working on sponsorship forms to be mailed to its vendors. Trustee Kraus suggested having a dinner or beverage sponsor. Ms. Williams reviewed the Monthly Investment Report for the month ending February 29, 2024. Karen Williams reported that the Police and Fire Retirement System Board requested that an investment consultant be available at the monthly meeting to answer questions. It was moved by Trustee Bahr and supported by Trustee Ebright to adjourn the Employees’ Retirement System February meeting. Adopted by the following vote: unanimous. The meeting ended at 10:01 a.m. Minutes approved on 4/16/2024. ________________________ Desiree Kirkland, Secretary Employees’ Retirement System _____________________________ Dennis R. Parker, Chairperson Employees’ Retirement System