HomeMy WebLinkAboutPolice and Fire Retirement Board April 2024 MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
MEETING MINUTES
Regular Meeting April 16, 2024
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 8:36 a.m.
Present: Trustee Kreft, Moore, Schor (8:41), Thomas, Wilcox, Wohlfert – 5.
Absent: Garza, Taylor (Excused)
Others present: Karen E. Williams, Human Resources Department, Attorney Lisa Hagen, City
Attorney’s Office; Attorney Frank Judd, VanOverbeke, Michaud and Timmony.
It was moved by Trustee Wilcox and supported by Trustee Kreft to approve the Police and Fire
Retirement System Board Meeting minutes of March 19, 2024.
Adopted by the following vote: 5 – 0.
There were no public comments for items on the agenda.
Secretary’s Report:
0 new sworn fire member(s), 0 new sworn police member(s), 0 reinstatement(s), 2 refund(s), 0
transfers, 0 retired. Total: Active membership: 360. 3 death(s) Anne Burnett, died 2/22/2024, age
84, beneficiary of Police retiree; Margaret Clevenger, died 1/21/2024, age 97, beneficiary of Fire
retiree; Maureen Sartor, died 2/10/2024, age 87, beneficiary of Police retiree. Refunds made since
the last regular meeting amounted to $48,707.93. Reimbursements to the System year-to-date
amount to $0.00. Retirement allowances paid for the month of January 2024, amounted to
$3,321,671.22. Total retirement checks printed for the P&F System: 812. Total retirement checks
printed for both systems: 1,732. Domestic relations order received: 0. Domestic relations orders
pending: 0. Eligible Domestic Relations Order Certified: 0.
There were no requests for Regular Age & Service Retirement.
There were no requests for Duty Disability Retirement.
There were no requests for Non-Duty Disability Retirement.
There were no requests for Refunds of Accumulated Contributions.
Karen Williams reported the following upcoming conferences: NCPERS Annual Conference, May 19 -22,
Seattle, Washington and MAPERS Annual Conference, May 18-21, Soaring Eagle, Mt. Pleasant
There were no public comments for items not on the agenda.
Karen Williams reported that Trustee Garza and Trustee Taylor requested to be excused from the
March meeting.
Police and Fire Retirement System April 16, 2024
Meeting Minutes Tuesday, 8:30 a.m.
Page 2
It was moved by Trustee Kreft and supported by Trustee Wilcox to excuse Trustee Garza and Trustee
Kreft from the April 2024 meeting.
Adopted by the following vote: 5 -0.
Ms. Williams provided the following invoices for approval: from T Rowe Price, $32,564.45; Asset
Consulting Group, $21,768.00.
It was moved by Trustee Wilcox and supported by Trustee Moore to approve the Police and Fire
Retirement System Board invoices for payment for the month of March.
Adopted by the following vote: 5- 0.
Attorney Judd provided an overview of the Request for Information and Quotes for Investment
Consulting Services. The hard copy responses would be due by May 17. Attorney Judd provided
options for the Board: stay with current investment consultant; renegotiate fees and services with
current consultant or interview other companies.
Trustee Schor inquired about how often the investment consultant should be at the Board meetings.
Attorney Judd reported that the Board can require the investment consultant to attend meetings as
often as the Board would want.
It was moved by Trustee Wilcox and supported by Trustee Moore to approve the Request for
Information and Quotes and distribute the proposal for responses.
Adopted by the following vote: 6 – 0.
Attorney Judd reviewed the Segal’s Fiduciary Liability Insurance renewal letter. He explained that
instead of completing an application every year and since there were no claims, Segal will maintain the
same rate. Segel requested an updated list of trustees.
It was moved by Trustee Wilcox and supported by Trustee Moore to renewal the Segal Fiduciary
Liability insurance.
Adopted by the following vote: 6 – 0.
Karen Williams reported that each year Asset Consulting Group provides a transparency letter
regarding gifts, and meals limits to the retirement boards. ACG requested that the letter be
acknowledged and signed. Ms. Williams reported that the Boards would add a copy its ethic policy to
the signed letter.
Karen Williams reviewed the memo from Tegrit detailing hours used for the Arrivos Software. The list
included an overview of hours used for mandatory items and help desk hours. Tegrit noted that the
800 hours purchased by the Boards have not been used and they have been banked for future services.
Police and Fire Retirement System April 16, 2024
Meeting Minutes Tuesday, 8:30 a.m.
Page 3
The Police and Fire Retirement System discussed a portal that retirees and employees could use for
simple tasks, such as pension verification letters, looking up pension information and other self-service
items. Trustee Wohlfert inquired if the retirement office could keep track on frequent questions and
services that the office receives.
The Police and Fire Retirement System recommend that Tegrit come to a future meeting to discuss
updates and possible upgrades for the pension administration system.
Ms. Williams updated the Police and Fire Retirement System regarding the Retirement Conference
2024. Ms. Williams reported that the Joint Retirement Board committee had met and was working on
sponsorship forms, and dinner selections and building an itinerary.
Mr. Nathan Burk reviewed the Monthly Investment Report for the period ending March 31, 2024, 2024.
It was moved by Trustee Taylor and supported by Trustee Wilcox to adjourn the Police and Fire
Retirement System March meeting.
Adopted by the following vote: unanimous.
The meeting ended at 9:11 a.m.
Minutes approved on 5/14/2024.
_______________________
Desiree Kirkland, Secretary
Police and Fire Retirement System
_____________________________
Eric P. Wohlfert, Chairperson
Police and Fire Retirement System