HomeMy WebLinkAbout12.16.25 Employees Retirement System MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
EMPLOYEES’ RETIREMENT SYSTEM
MEETING MINUTES
Regular Meeting December 16, 2025
10th Floor Conference Room Tuesday, 9:30 a.m.
The meeting was called to order at 9:33 a.m.
Present: Trustee Bahr, Ebright, Garza, Jeffries, Kalis ,O’Leary, Sanchez-Gazella, Schor (9:36) –8
Absent: Dedic, Wright (Excused)-2
Others present: Karen E. Williams, Thomas Lindemann, Human Resources Department, Crystal
Thomas, Finance Department; City Attorney Joseph Abood, City Attorney’s Office; Attorney Aaron
Castle, VanOverbeke, Michaud and Timmony; Gregory Stump, Boomershine Consulting Group,
Nathan Burk (via phone), Asset Consulting Group.
It was moved by Trustee Jeffries and supported by Trustee Ebright to approve the Employees’
Retirement System Board and the Police and Fire Retirement System Board Meeting Minutes of
November 17, 2025, with corrections.
Adopted by the following vote: 8 – 0.
There were no public comments for items on the agenda.
Secretary’s Report:
4 new members, 0 reinstatement(s), 1 refund(s), 0 transfers, 0 retired. Total active membership: 425.
Total deferred: 69; 0 Death(s); Refunds made since last regular meeting amounted to $7,379,85;
Retirement allowances for the month of November 2025 amounted to $2,058,182.58. Total
retirement checks printed for ERS System: 906. Total retirement checks printed for both systems:
1736. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible
domestic relations orders certified: 0
It was moved by Trustee Kalis and supported by Trustee Sanchez-Gazella to approve the following
application for retirement contingent on verification of service credits:
William Mays (UAW) 26 years and 8 months of service, Age 54, effective 12/20/2025
Trustee Kalis inquired about the reported credited service and seniority records. Staff advised that periods of
unpaid leave do not count toward credited service, but the staff will review the records.
Adopted by the following vote: 8 – 0
Employees’ Retirement System December 16, 2025
Meeting Minutes Tuesday, 9:30 a.m.
Page 2
It was moved by Trustee Ebright and supported by Trustee Kalis to approve the following application
for retirement contingent on verification of service credits:
Starr Hart (DEFERRED UAW) 17 years 2 months, age 58 , effective 1/1/2026
Adopted by the following vote: 7 – 0.
There were no requests for duty disability.
There were no requests for non-duty disability.
There were no requests for refund of accumulated contributions.
Karen Williams reported that Trustee Dedic and Trustee Wright contacted the Retirement Office and
requested to be excused from the December meeting.
It was moved by Trustee Ebright and supported by Trustee Kalis to excuse Trustee Dedic and Trustee
Wright from the December 2025 meeting.
Adopted by the following vote: 8 -0.
,
There were no public comments for items not on the agenda.
Ms. Williams provided the following December invoices for approval: from Boomershine, $1,920.00;
Northern Trust, $12,244.09.
It was moved by Trustee Garza and supported by Trustee Jeffries to pay the December invoices for
the Employees’ Retirement System Board.
Adopted by the following vote: 8 - 0.
Mr. Gregory Stump, Boomershine Consulting Group, presented the actuarial valuation for the period
ending December 31, 2024. Mr. Stump discussed the health care reserve funding. He noted that the
City of Lansing began making full actuarial contributions and the 2025 contribution would be
$5,257,763. He explained that the health care reserve assets were excluded from pension assets,
Mr. Stump provided an overview of the valuation asset smoothing, funding status and plan maturity.
He discussed the assumed rate of return of 7% and reviewed the funded ratio that was approximately
57-58%. Mr. Stump reviewed long-term projections that show eventual improvement toward full
funding. Mr. Stump indicated that benefit payments exceed liability growth. Mr. Stump also stated that
the total actuarial liability was expected to decline.
Mr. Stump added that the five-year experience study was scheduled for 2026 to review the actuarial
assumptions. He noted that mortality assumptions will be updated and future amortization methodology
option would be discussed.
Employees’ Retirement System December 16, 2025
Meeting Minutes Tuesday, 9:30 a.m.
Page 3
It was moved by Mr. Kalis and supported by Mr. Ebright to accept the Employees’ Retirement System
Actuarial valuation for the year ended December 31, 2024.
Adopted by the following vote: 8 – 0.
Attorney Castle indicated the Request for Proposal for pension administration software had been
issues. The responses were due January 9, 2026, for Board review. Attorney Castle reported that
there was significant vendor interest and he had received approximately 50 submitted questions.
Attorney Castle stated that he would work with staff to prepare written responses to the questions.
Attorney Castle indicated that potential action could be taken at the February Joint meeting.
Attorney Castle reviewed that the Employees’ Retirement System Board approved a new private equity
investment last month. Attorney Castle updated that he was working on contract negotiations and
anticipated investment documents would be ready for signature at the January meeting.
Mr. Nathan Burk reviewed the Monthly Investment Report for the month ending November 30, 2025.
It was moved by Trustee Garza and supported by Trustee Ebright to adjourn the Employees’ Retirement
System December meeting.
Adopted by the following vote: unanimous.
The meeting ended at 10:14 a.m.
Minutes approved on 1/20/2026.
________________________
Crystal Thomas, Secretary
Employees’ Retirement System
_____________________________
Matthew Bahr, Chairperson
Employees’ Retirement System