HomeMy WebLinkAboutPolice and Fire Retirement Board September 17 2024 MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
MEETING MINUTES
Regular Meeting September 17, 2024
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 8:31 a.m.
Present: Trustee Garza, Kreft, Moore, Schor, Thomas, Taylor, Wilcox, Wohlfert – 8.
Absent: 0 (Excused)
Others present: Karen E. Williams, Thomas Lindemann, Human Resources Department, Attorney
Joseph Abood, City Attorney’s Office; Attorney Aaron Castle, VanOverbeke, Michaud and Timmony;
Nathan Burk, Asset Consulting Group, Gregory Stump, Boomershine Consulting Group.
Mr. Nathan Burk, Asset Consulting Group provided an overview of the Fixed Income Manager Search
to replace Western Asset Management. Mr. Burk recommended three managers for review and
discussion: Janus Henderson Core Plus, Loomis Sayles Core Plus and Aristotle Pacific Capital
LLC/Core Plus.
The Police and Fire Retirement Board directed Asset Consulting Group to coordinate interviews with
the recommended managers for the November Joint Meeting.
Mr. Burk discussed the financial performance of the Police and Fire Retirement System for the period
ending August 31, 2024.
It was moved by Trustee Taylor and supported by Trustee Kreft to approve the Official Minutes of the
Joint Employees’ Retirement System and Police and Fire Retirement System Board Meeting for August
20, 2024.
Adopted by the following vote: 8 – 0
There were no public comments for items on the agenda.
Secretary’s Report:
7 sworn police/fire member(s), 0 reinstatements(s), 0 refund(s), 0 transfer(s),
1 retired. Total: Active membership 347. 0 death(s) Refunds made since
last regular meeting amounted to $0.00. Reimbursements to the System
year-to-date amount to $0.00. Retirement allowances of August 2024
amounted to $3,396,396.76. Total retirement checks printed for P&F System
817. Total retirement checks printed for both systems: 1735. Domestic
relations orders received: 0. Domestic relations orders pending: 0. Eligible
Domestic Relations Order Certified: 0.
Police and Fire Retirement System September 17, 2024
Meeting Minutes Tuesday, 8:30 a.m.
Page 2
It was moved by Trustee Moore and supported by Trustee Taylor to approve the following request for
Regular Age and Service Retirement:
Rodney Anderson, (Captain, CCLP Supervisory) 25 years’ Service Credit, Age 47, Effective
October 15, 2024. Sworn date 11/15/1999
Natalia Litkewycz, (Captain, IAFF Firefighters) 25 years of Service Credit, Age 51, Effective
September 15, 2024, Sworn Date 12/29/1999
Kris Doerr, (Seargent, CCLP Supervisory) 25 years of Service Credit, Age 46, Effective Date
October 15, 2024, Sworn Date 11/15/1999
Craig Wade, (Captain, IAFF Firefighters) 25 years of service credit (with purchase 2.5 years
of Military Time and 6 months of Universal service), Age 49, Effective Date 10/1/2024 Sworn
Date 4/15/2002
Adopted by the following vote: 8 – 0.
There were no requests for Duty Disability Retirement.
There were no requests for Non-Duty Disability Retirement.
There were no requests for Refund of Accumulated Contributions.
Ms. Williams updated the following upcoming conferences:
MAPERS FALL CONFERENCE – September 21-24, 2024, Grand Traverse Resort
NCPERS Public Safety Conference – October 27-30, 2024, Indian Wells, CA
IFEBP Conference – November 10-13, 2024, San Diego, CA
There were no public comments for items not on the agenda.
Ms. Williams provided the following invoices for approval: from Boomershine Consulting Group,
$1,505.50; Northern Trust, $11,954.74; Mondrian, $41,453.19.
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 September.
Adopted by the following vote: 8- 0.
Greg Stump, Boomershine Consulting Group, provided an overview of the actuarial valuation for
December 31, 2023. Mr. Stump noted that the OPEB Health data has a separate valuation that will be
ready in December 2024. Mr. Stump reviewed the valuation results, demographic summary and
funding outlook.
Mr. Stump reviewed the effects of the actuarial liability, assets and unfunded amounts on the funding
ratio that deceased to 61%. Mr. Stump discussed that normal cost, member contributions, amortization,
total city cost and percentage of payroll increased.
Police and Fire Retirement System September 17, 2024
Meeting Minutes Tuesday, 8:30 a.m.
Page 3
Mr. Stump reviewed that total employees, average age and average service deceased while the
average salary, number of retirees, and average benefit increased.
Attorney Castle updated the Police and Fire Retirement System Board on the transition from the Core
Bond to Core Bond Plus strategy. The transition will have the same contractual terms that were in the
previous management company
Ms. Karen Williams provided an update of the Northern Trust web cash management. Ms. Williams
explained that the web cash management was electronic banking. Expenses would be paid through
Northern Trust. Northern Trust also suggested paying retiree payroll through the custodian bank.
Attorney Castle indicated that he was working with Clay Robinson at Northern Trust to prepare the
appropriate the paperwork. Attorney Castle stated that there are fees for wire transfers.
Ms. Williams reported that Human Resources Deputy Director has requested that a Medicare Insert be
included with the retirement application. Attorney Castle read through the letter and did not have an
issue.
Karen Williams provided a preliminary report regarding the Retirement Conference scheduled for
September 12, 2024. Karen Williams provided the Lansing Center estimate of charges. The Retirement
Conference did receive two sponsorships and had an estimated attendance of 187 people and six
vendor tables.
It was moved by Trustee Moore and supported by Trustee Taylor to adjourn the Police and Fire
Retirement System September meeting.
Adopted by the following vote: unanimous.
The meeting ended at 9:18 a.m.
Minutes approved on 10/15/2024.
_______________________
Desiree Kirkland, Secretary
Police and Fire Retirement System
_____________________________
Eric P. Wohlfert, Chairperson
Police and Fire Retirement System