HomeMy WebLinkAboutJoint Retirement System Board May 2024CITY OF LANSING
JOINT EMPLOYEES’ RETIREMENT SYSTEM
And POLICE AND FIRE RETIREMENT SYSTEM
MEETING MINUTES
Joint Meeting Minutes May 14, 2024
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 8:35 a.m.
Trustees present: (ERS) Bahr, Dedic (8:40), Ebright, Garza, Jeffries, Kraus,
O’Leary, Parker, Schor (8:39), Thomas – 10
(Police & Fire) Garza, Kreft, Moore, Schor (8:39), Taylor, Thomas, Wilcox,
Wohlfert – 8
Excused: (ERS) - 0
Excused: (Police & Fire) – 0
Others present: Karen Williams, Thomas Lindemann, Human Resources
Department, Attorney Aaron L. Castle, VanOverbeke, Michaud & Timmony, P.C.,
Thomas Villanova, Nicholas Moller, J.P. Morgan, Michael Norkus, Michael
Pistner, Jeff Murphy, Ullico, and Mr. Nathan Burk, Asset Consulting Group.
It was moved by Trustee Wilcox and supported by Trustee Moore to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of April
16, 2024.
Adopted by the following vote: 7 – 0.
It was moved by Trustee Ebright and supported by Trustee Jeffries to approve the
Official Minutes of the Employees’ Retirement System Board meeting of April 16,
2024, with corrections.
Adopted by the following vote: 9 – 0.
There were no public comments for items on the agenda.
Joint Retirement Minutes May 14, 2024
Page 3 Tuesday, 8:30 a.m.
Secretary’s Report (Police & Fire):
0 sworn fire member(s), 0 sworn police member(s), 0 reinstatements(s), 0
refund(s), 0 transfer(s), 4 retired. Total: Active membership 352. 4 death(s)
Nancy Wash, died 03/09/2024, Age 89, Beneficiary of Police retiree; Clarence
Dell, Fire, died 03/16/2024, Age 79, beneficiary to receive 50%. Edward Bedell,
Police, died 04/26/2024, age 78, beneficiary to get 50%; Gwendolyn Belen, died
4/16/2024, age 90, beneficiary of Police retiree. Refunds made since last regular
meeting amounted to $0.00. Reimbursements to the System year-to- date
amount to $0.00. Retirement allowances of April 2024 amounted to
$3,363,469.80. Total retirement checks printed for P&F System 815. Total
retirement checks printed for both systems: 1738. Domestic relations orders
received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations
Order Certified: 0.
Secretary’s Report (Employees’ Retirement System):
New Member(s) 4: 0 reinstatement(s), 0 refund(s), 0 transfers, 3 retired: Total
active membership: 427: death(s) Debra A Schenkel, Planning and
Neighborhood Development, UAW, retired 8/22/2014, died 3/25/2024, age 65,
NO Beneficiary: Muriel Reickel, died 04/16/2024, age 88. Beneficiary of Non-
Bargaining retiree Alfreda Schmidt, Elected Official, retired 01/01/2004, Died
04/12/2024, Age 97 and No Beneficiary. Gwendolyn Belen, died 4/16/2024, age
90, beneficiary of Teamsters retiree. Retirement allowances for the month of
April 2024 amounted to $2,032,140.93. Total retirement checks printed for ERS
System: 923. Total retirement checks printed for both systems: 1738. Eligible
domestic relations orders received: 0, Domestic relations orders pending: 1,
Eligible domestic relations orders certified: 0.
It was moved by Trustee Moore and supported by Trustee Kreft to approve the following applicant
for Regular Age and Service Retirement of the Police and Fire Retirement System:
Aaron R Ginsburg, (Battalion Chief, IAFF Firefighters) 25 years of Service
Credit, Age 50, Effective May 25, 2024. (with the purchase of 3 months of Military
Time)
Ralph Ortiz, (Deputy Chief , IAFF Firefighters) 25 years of Service Credit, Age
51, Effective June 7, 2024. (with the purchase of 4 months of Universal Time)
Adopted by the following vote: 8 – 0.
Joint Retirement Minutes May 14, 2024
Page 3 Tuesday, 8:30 a.m.
It was moved by Trustee Dedic and supported by Trustee Bahr to approve the following
applicants for Regular Age and Service Retirement of the Employees’ Retirement
System:
Michelle Mckenzie (District Court – Teamster 243), 30 years, 11 month of
service credit, age 56, effective May 10, 2024.
James D. Smiertka (City Attorney – Executive Management), 8 years of service
credits, age 78, effective July 1, 2024.
Joseph Velasquez (Public Service -UAW), 25 years of service credit, age 57,
effective May 28, 2024 (with the purchase of 5 months Universal time)
Adopted by the following vote: 9 – 0.
There were no requests for Duty Disability Retirement for the Police and Fire Retirement
System.
Karen Williams reported that Applicant #2023-E0621 had requested reconsideration of
their application for the Employees Retirement System. The Board is waiting for the
applicant to provide additional records for the medical director.
There were no requests for Non-Duty Disability Retirement for the Police and Fire
Retirement System.
There were no requests for Non-Duty Disability Retirement for the Employees’ Retirement
System.
There were no requests for refunds of accumulated contributions from the Police and Fire
Retirement System.
Ms. Williams reported that Ms. Treasha Bradley, Ms. Jade Killingsworth-Smith, and Ms. Heather White
has requested refunds of their accumulated contributions.
It was moved by Trustee Bahr and supported by Trustee Thomas to approve the following requests for
refund of accumulated contributions from the Employees’ Retirement System:
Treasha Bradley, Martin Anderson, IAFF, not vested, $14,194.01
Jade Killingsworth-Smith, Teamsters 243, District Court, not vested, $827.95.
Heather White, Teamster 243 CTP, not vested, $11,928.44.
Adopted by the following vote: 7-0.
Joint Retirement Minutes May 14, 2024
Page 4 Tuesday, 8:30 a.m.
Karen Williams reported that the MAPERS 2024 Spring Conference was scheduled for May and requested
that trustees who wished to attend to contact the retirement office. Karen Williams also reported that the
NCPERS 2024 Annual Conference would be held in Seattle, Washington, May 19 – 22. Ms. Williams
indicated if more than two members or if the chairperson wished to attend, the Boards would need to
approve the travel. Karen Williams reported that the Titan Investors, Michigan Institutional Roundtable
Meeting would be held in Birmingham, Michigan, August 15, 2024, for those who wished to attend.
There were no public comments for items not on the agenda.
Ms. Williams reported the Police and Fire Retirement System invoices for May: Integrity Asset
Management, $56,360.34; Income Research + Management, $21,575.08; VanOverbeke, Michaud and
Timmony, P.C., $1,794.00 with itemized services for the 1st quarter; and Mondrian, $40,989.60 and Segal
Select, $20,716.00.
It was moved by Trustee Wilcox and supported by Trustee Taylor to approve the Police and Fire
Retirement System invoices for May 2024.
Adopted by the following vote: 8 – 0.
Karen Williams provided the disability income verification report for the Police and Fire Retirement
System. Eleven retirees had submitted verification. Ms. Williams reported that those members who had
not report were sent a second request and explained that members who did not report were subject to having
their pension suspended with Board approval.
Ms. Williams reported the Operating Expenses for the 1sth Quarter from January thru March 31, 2024, for
the Police & Fire Retirement System. The gross payroll was $9,964,431.26. Investment fees for the quarter
was $174,926.42 contractual fees was $24,359.00. Total operating and administrative expenses for the
quarter was $10,167,397.
Ms. Williams reported the Employees’ Retirement System invoices for May: Integrity Asset Management,
$34,910.19; Income Research + Management, $12,020.70, VanOverbeke, Michaud & Timmony, P.C.,
$1,462.50 with itemized services for the 1st quarter; and Segal Select, $10,467.
It was moved by Trustee Bahr and supported by Trustee Ebright to approve payments for the Employees’
Retirement System invoices for May 2024.
Adopted by the following vote: 10 - 0.
Karen Williams provided the disability income verification report for the Employees’ Retirement System.
All retirees had submitted verification.
Ms. Williams reported the Operating Expenses for the 4th Quarter from January thru March 31, 2024, for
the Employees’ Retirement System. The gross payroll was $6,076,702.98, with year-to-date retirement
payroll at $24,947,204. Investment fees for the quarter was $108,825.52 contractual fees was $25,417.90.
Total operating and administrative expenses for the year was $6,215,670,.40
Attorney Castle reported that the RFIQ for investment consultant had been posted and responses were due
May 17, 2024
Attorney Castle reported and provided written notification of fee increase from VanOverbeke, Michaud
and Timmony for legal services for Board review and approval.
Joint Retirement Minutes May 14, 2024
Page 5 Tuesday, 8:30 a.m.
It was moved by Trustee Moore and supported by Trustee Wilcox to approve the fee increase from
VanOverbeke, Michaud and Timmony for legal services for the Police and Fire Retirement System Board.
Adopted by the following vote: 8 -0.
It was moved by Trustee Bahr and supported by Trustee Ebright to approve the fee increase from
VanOvebeke, Michaud and Timmony for legal services for the Employees’ Retirement System Board.
Adopted by the following vote: 10 – 0.
Karen Williams provided an update of Tegrit’s plans to update the pension administrative software. Tegrit
provide written priorities for the upgrade that includes working with the City as it moves to the BSA cloud
system. Ms. Williams will have Tegrit come to a future meeting to describe the plans for the upgrade.
Karen Williams provided an update for the Retirement and Health Care Conference scheduled for Thursday,
September 12, 2025. Ms. Williams discussed timelines for vendor letters and Save The Date cards to be
mailed to retirees.
Mr. Thomas Villanova, and Mr. Nicholas Moller, managing directors of JP Morgan Asset Management and
provided a presentation regarding its Infrastructure Investments Fund. Mr. Villanova provided an overview
on why investors would add private infrastructure to the portfolio. Mr. Moller described the JP Morgan
Infrastructure investment strategy. He reviewed the portfolio team and discussed the investor base.
Mr., Michael Norkus, Director, Mr. Micheal Pistner, Vice President, and Mr. Jeff Murphy, Managing
Director of Ullico provided a presentation regarding its Infrastructure Taxable fund. Mr. Norkus provided
an overview of Ullico Corporate structure. Mr., Pistner discussed the locations and sectors where the
company has assets. Mr. Murphy discussed the Taxable Portfolio Performance and described the
diversification of the portfolio. Mr. Murphy discussed assets and projects that Ullico has in Michigan.
Mr. Nathan Burk reviewed how infrastructure would fit in the asset classes and provide further
diversification in the City of Lansing retirement portfolios. Mr. Burk discussed the differences between
JP Morgan and Ullico.
It was moved by Trustee Wilcox and supported by Trustee Moore for the Police and Fire Retirement
System to select Ullico Infrastructure Taxable fund as an investment.
Adopted by the following vote: 8 – 0.
It was moved by Trustee Bahr and supported by Trustee Dedic for the Employees Retirement System to
select Ullico Infrastrucure Taxable fund as an investment.
Adopted by the following vote: 10 – 0.
Mr. Burk stated that he would contact Ullico for the paperwork and have it sent to Attorney Castle for
review. Mr. Burk discussed the Market Snapshot of the 1st Quarter Investment report. Mr. Burk
discussed the financial performance of the Employees’ Retirement System and the Police and
Fire Retirement System for the period ending April 31, 2024. Mr. Burk reviewed current market
environment and discussed the inflation, risk, and interest rates.
It was moved by Trustee Wilcox and supported by Trustee Moore to adjourn the Joint Retirement System
Board meeting for the Police and Fire Retirement System.
Adopted by the following vote: unanimous.
It was moved by Trustee Ebright and supported by Trustee Bahr to adjourn the Joint Retirement System
Board meeting for the Employees’ Retirement System.
Adopted by the following vote: unanimous.
The Meeting adjourned at 10:34 a.m.
Minutes approved on 6/18/2024.
________________________
Desiree Kirkland, Secretary
_____________________________ __________________________
Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson
Employees’ Retirement System Police and Fire Retirement System