HomeMy WebLinkAbout11.18.25 Employees Retirement System Minutes
CITY OF LANSING
JOINT EMPLOYEES’ RETIREMENT SYSTEM
And POLICE AND FIRE RETIREMENT SYSTEM
MEETING MINUTES
Joint Meeting Minutes November 18, 2025
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 8:34 a.m.
Trustees present: (ERS) Bahr, Dedic (8:39), Ebright, Jeffries, Kalis, O’Leary, Sanchez-
Gazella, Wright – 8
(Police & Fire) Moore, Taylor, Wilcox, Wohlfert, Wright – 5
Excused: (ERS), Garza, Schor
Excused: (Police & Fire), Garza, Schor
Others present: Karen Williams, Thomas Lindemann, Human Resources Department;
Crystal Thomas, Finance Department; Attorney Aaron L. Castle, VanOverbeke, Michaud
& Timmony, P.C., and Mr. Nathan Burk, Asset Consulting Group.
Karen Williams reported that Trustee Garza and Trustee Schor contacted the Retirement
Office and requested to be excused from the November Joint Meeting.
It was moved by Trustee Wilcox and supported by Trustee Taylor to excuse Trustee Garza
and Trustee Schor from the November Joint Meeting for the Police and Fire Retirement
System.
Adopted by the following vote: 5 - 0
It was moved by Trustee Kalis and supported by Trustee Sanchez-Gazella to excuse
Trustee Garza and Trustee Schor from the November Joint Meeting for the Employees’
Retirement System.
Adopted by the following vote: 8 – 0.
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 October 21, 2025,
with corrections.
Adopted by the following vote: 5 – 0.
Joint Minutes November 18, 2025
Page 2 Tuesday, 8:30 a.m.
It was moved by Trustee Kalis and supported by Trustee Sanchez-Gazella to approve the
Official Minutes of the Employees’ Retirement System Board meeting of October 21,
2025, with corrections.
Adopted by the following vote: 8 – 0.
There were no public comments for items on the agenda.
Secretary’s Report (Police & Fire):
0 Sworn Police/ Fire Fighter , 0 reinstatements(s), refund(s), 0 transfer(s), 0 retired.
Total: Active membership 319. 2 Death(s): Wendy Prince (FOP Non-Supervisor)
died 10/25/2025, age 58, Beneficiary to get 50%; Deborah Brown (DRO- FOP
Supervisory) died 10/20/2025, age 63, Beneficiary to receive 50%. Refunds made
since last regular meeting amounted to $0.00. Reimbursements to the System year-
to-date amount to $48,874.66. Retirement allowances for the month of October
$3,514,130.92 Total retirement checks printed for P&F System 830. 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):
5 new members, 0 reinstatement(s), 1 refund(s), 0 transfers, 1 retired. Total active
membership: 425. Total deferred: 67; 2 Death(s); Paul Carr, (Non-Bargaining
Supervisor), died 10/23/2025, age 97, NO Beneficiary; Nancy Cunningham
(Retired Executive Plan), died 10/23/2025, age 74, NO Beneficiary; Refunds made
since last regular meeting amounted to $23,869.98; Retirement allowances for the
month of October 2025 amounted to $2,058,182.58. Total retirement checks printed
for ERS System: 908. Total retirement checks printed for both systems: 1738. Eligible
domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible
domestic relations orders certified: 0
Karen Williams reported that Mr. Kevin Walkington submitted a letter to the Retirement Office to
rescind his request for regular age and service retirement. The retirement request had been
approved at the last meeting, so the Board needs to vote to rescind the request.
Joint Retirement Minutes November 18, 2025
Page 3 Tuesday, 8:30 a.m.
It was moved by Trustee Wilcox and supported by Trustee Taylor to reconsider and rescind the
following applicant for Regular Age and Service Retirement of the Police and Fire Retirement
System:
Kevin Walkington (IAFF Firefighter) 23 years 7 months of service, Age
55, effective 11/13/2025 Sworn Date 04/15/2002
Adopted by the following vote: 5 – 0.
It was moved by Trustee Kalis and supported by Trustee Ebright to approve the following
applicants for Regular Age and Service Retirement of the Employees’ Retirement
System:
Angel Garcia (UAW), 21 years 3 months of service credits, age 60,
effective 11/15/2025
Michael Sullivan (Teamsters 243 Supervisory) 35 years and 2 months
service credits, Age 62 effective 1/1/2026
Adopted by the following vote: 8 – 0.
Karen Williams reported that the Retirement Office received a request from Applicant
#2025-F1118 for Duty Disability Retirement. The disability subcommittee met to review
the application request, and they had a recommendation for the Police and Fire
Retirement System Board.
It was moved by Trustee Wilcox and supported by Trustee Taylor to send Applicant
#2025-F1118 of the Police and Fire Retirement System to the medical director for
disability evaluation.
Adopted by the following vote: 5 - 0
Karen Williams reported that Applicant #2025 – E0715 saw and was evaluated by the
medical director. The medical director has provided a report and his recommendation to
the subcommittee. The subcommittee reviewed the report, and they have a
recommendation for the Employees’ Retirement System Board.
It was moved by Trustee Kalis and supported by Trustee Ebright to approve the duty
disability request of Applicant #2025-E0715 for the Employees’ Retirement System
Board.
Adopted by the following the vote: 8 – 0
There were no requests for Non-Duty Disability Retirement for the Police and Fire
Retirement System.
Joint Retirement Minutes November 18, 2025
Page 4 Tuesday, 8:30 a.m.
There were no requests for Non-Duty Disability Retirement for the Employees’ Retirement
System.
Ms. Williams reported that Ms. Charlsey Cavric CCLP was not vested and had requested a refund
of his accumulated contributions of $7,379.85 from the Police and Fire Retirement System.
It was moved by Trustee Moore and supported by Trustee Taylor to approve the following requests
for refund of accumulated contributions from the Police and Fire Retirement System:
Charlsey Cavric (CCLP Non-Supervisory) Not Vested, $7,379.85
Adopted by the following vote: 5-0.
There were no requests for refunds of accumulated contributions for the Employees’ Retirement
System.
Trustee Moore provided an oral report of his attendance at the NCPERS Fall Conference. Trustee Moore
reported that he attended sessions regarding funding policy best practices and litigation policy, Artificial
Intelligence in health and investment in farmland.
Trustee Dedic provided an oral report of his attendance at the IFEBP Conference. Trustee Dedic attended
sessions regarding health care and drug costs. He also attended workshops regarding Artificial Intelligence
within healthcare. Trustee Dedic attended workshops regarding mental health, and he attended the ABS
Investment manager session. Trustee Dedic discussed water bottles that were distributed. He noted that
every time that you filled the water bottle, it showed the impact on the environment, the costs and that the
company donated to 25,000 different charities.
Ms. Williams reported the Police and Fire Retirement System invoices for November: Boomershine,
$1,400, NCPERS membership, $475.
It was moved by Trustee Moore and supported by Trustee Wilcox to approve the Police and Fire
Retirement System invoices for November 2025.
Adopted by the following vote: 5 – 0.
Mr. Lindemann reviewed the Police and Fire Retirement System quarterly expense report for the period
ending September 30, 2025.
Karen Williams updated the Police and Fire Retirement System Board regarding the special election for the
Police Trustee to replace Matthew Kreft. Nominating petitions were due Wednesday, November 26, 2025.
Ms. Williams reported the Employees’ Retirement System invoices for November: Boomershine, $2,000
and NCPERS membership, $475.
It was moved by Trustee Kalis and supported by Trustee Dedic to approve payments for the Employees’
Retirement System invoices for November 2025.
Adopted by the following vote: 8 - 0.
Joint Retirement Minutes November 18, 2025
Page 5 Tuesday, 8:30 a.m.
Mr. Lindemann presented the Quarterly Expense Report of the Employees’ Retirement System for the
quarter ended September 30, 2025.
Attorney Castle reviewed the request for proposal for the pension administration software. The proposal
was reviewed by the Information Technology department regarding security protocols or technology
requirements. Attorney Castle stated that he would have the proposal posted on the MAPERS site and
inquired if it could be posted by the City’s purchasing office.
Karen Williams distributed a notice from Tegrit and a balance of mandator hours, help desk hours, annual
hours and prepaid hours. Ms. Williams updated the boards regarding the Tegrit/BSA integration progress.
Trustees expressed concern with Tegrit’s proposal to add additional hours without an itemized list of usage
of the current hours. Trustees discussed system integration issues between BSA, Tegrit and City’s
Information Technology. Trustee expressed concern about being billed for vendor time spent upgrading
the software.
Attorney Castle indicated that the request for proposal (RFP) could be back for the January retirement
boards for review. The proposals could post the RFP through professional organizations.
It was moved by Trustee Moore and supported by Trustee Taylor to approve the RFP pension software for
the Police and Fire Retirement System Board.
Adopted by the following vote: 5 – 0.
It was moved by Trustee Ebright and supported by Trustee Sanchez-Gazella to approve the RFP for pension
software for the Employees’ Retirement System Board.
Attorney Castle reported regarding portfolio monitoring and securities litigation. Attorney Castle provided
a copy of one of the quarterly reports. He reviewed the three top monitoring firms. Attorney Castle
discussed that it was the custodial bank’s responsibility for filing settlement claims. Attorney Castle
explained how the securities litigation process worked, how to read the quarterly reports and settlement
opportunities.
The Retirement Boards requested notification and reporting on filed claims from Northern Trust. The
Retirement Board discussed adding another securities monitoring firm, Labaton, Keller, and Sucharow,
LLP.
It was moved by Trustee Dedic and supported by Trustee Ebright to add Labaton, Keller and Sucharow to
its monitoring list. Trustee Wright moved to amend the motion to have Labaton, Keller and Sucharow on
the City’s outside legal counsel list. The amendment was accepted by Trustee Dedic.
Adopted by the following vote: 8 – 0.
It was moved by Trustee Wilcox and supported by Trustee Taylor add Labaton, Keller and Sucharow to
add the firm to the City’s outside counsel list and include the company with its portfolio monitoring list of
companies.
Adopted by the following vote: 5 – 0
Joint Retirement Minutes November 18, 2025
Page 6 Tuesday, 8:30 a.m.
Attorney Castle provided an overview of the review process for actuarial services, Attorney Castle indicated
that the Retirement Boards selected Boomershine to continue as its actuary. He added that Public Act 202
required an audit for OPEB/retiree healthcare trusts every eight years. Attorney Castle reviewed the three
audit levels: Level 1 required full replication, and it was the highest cost, Level 2 required targeted sampling
and Level 3 required a review of the data and a report on whether Boomershine’s conclusions are
reasonable.
Secretary Crystal Thomas explained that since there were no concerns with Boomershine, Level 3 would
be appropriate.
The retirement boards recommended using Foster actuarial firm for a level 3 audit and the costs would be
paid by the City of Lansing.
It was moved by Trustee Wilcox and supported by Trustee Moore of the Police and Fire Retirement System
Board to recommend Foster actuarial firm to perform a level 3 audit and have the City of Lansing pay the
expense.
Adopted by the following vote: 5- 0
It was moved by Trustee Kalis and supported by Trustee Ebright of the Employees’ Retirement System
Board to recommend Foster actuarial firm to perform a level 3 audit and have the City of Lansing pay the
expense.
Adopted by the following vote: 8 - 0
Mr. Thomas Lindemann provided a schedule of 2026 Board meetings. The Boards approved moving the
May meeting to May 12 and moving the June meeting to June 9.
It was moved by Trustee Taylor and supported by Trustee Wright to approve the amended 2026 Board
meeting schedule for the Police and Fire Retirement System Board.
Adopted by the following vote: 5 – 0.
It was moved by Trustee Ebright and supported by Trustee Wright to approve the amended 20206 Board
meeting schedule for the Employees’ Retirement System Board.
Adopted by the following vote: 8 – 0.
Mr. Burk provided an investment performance and market update of the Employees’ Retirement System
and The Police and Fire Retirement System. Mr. Burke reviewed the portfolio performance and provided
that both portfolio long term had exceeded the 7% rate of return. He reviewed the portfolio’s goals and
objectives and revisited and confirmed strategic asset allocation targets and expectation of continued
uncertainty and focus on the longer term.
Mr. Nathan Burk referred to the Market Snapshot of the 3rd 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 September 30, 2025. Mr. Burk reviewed current
market environment and discussed the inflation, risk, and interest rates
Mr. Burk reviewed the private equity and indicated that both boards have approved a 5% target allocation.
Two implementation options were discussed: Direct investments that have lower fees, with more
administrative complexity; and Fund to Fund that would require higher fees, simpler operations and
broader diversification.
Mr. Burk explained that reaching the 5% allocation was expected to take approximately five years, with
capital calls gradually overtime. Private equity funds are long term closed end vehicles with capital
deployment and distributions occurring over roughly a decade.
It was moved by Trustee Wilcox and supported by Trustee Moore to select the direct fund private equity
investment subject to legal counsel review and an allocation of $7.5 million for the Police and Fire
Retirement System Board.
Adopted by the following vote: 5-0
It was moved by Trustee Jeffries and supported by Trustee Sanchez-Gazella to select the direct fund
private equity investment subject to legal counsel review and an allocation of $4.5 million for the
Employees Retirement System Board.
Adopted by the following vote: 8-0
.
It was moved by Trustee Moore and supported by Trustee Wilcox 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 Sanchez-Gazella to adjourn the Joint Retirement
System Board meeting for the Employees’ Retirement System.
Adopted by the following vote: unanimous.
The Meeting adjourned at 10:40 a.m.
Minutes approved on 3/18/2024.
________________________
Desiree Kirkland, Secretary
_____________________________ __________________________
Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson
Employees’ Retirement System Police and Fire Retirement System