HomeMy WebLinkAbout9.9.25 Employees Retirement System MinutesFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
EMPLOYEES’ RETIREMENT SYSTEM
MEETING MINUTES
Regular Meeting September 9, 2025
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 9:33 a.m.
Present: Trustee Bahr, Dedic, Ebright, Jeffries, Kalis, Schor, –6
Absent: Garza, O’Leary, Sanchez-Gazella, Thomas (Excused)
Others present: Karen E. Williams, Thomas Lindemann, Human Resources Department, City Attorney
Joseph Abood, City Attorney’s Office; Attorney Aaron Castle, VanOverbeke, Michaud and Timmony;
Nathan Burk (via phone), Asset Consulting Group.
It was moved by Trustee Jeffries and supported by Trustee Kalis to approve the Joint Official Minutes
of the Employees’ Retirement System Board and the Police and Fire Retirement System Board of
August 19, 2025, with corrections.
The board clarified that the 5% private equity allocation approved was open-ended and did not
specify a particular fund type.
Adopted by the following vote: 6 – 0.
There were no public comments for items on the agenda.
Secretary’s Report:
6 new members, 0 reinstatement(s), 2 refund(s), 0 transfers, 0 retired. Total active
membership: 424. Total deferred: 67; 1 Death(s); Arlene Hoover, (Beneficiary of Retired
UAW), died 08/28/2025, age 95; Refunds made since last regular meeting amounted to
$18,503.08; Retirement allowances for the month of August 2025 amounted to
$2,030,375.86. 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
It was moved by Trustee Kalis and supported by Trustee Ebright to approve the following application
for retirement:
Denise Allen ( Non-Bargaining Supervisors) 26 years 10 months of benefit service, Age 61, effective
09/27/2025
Adopted by the following vote: 6 – 0.
Karen Williams reported that the Retirement Office was waiting for medical documentation from
workers’ compensation for Applicant #2025-E0617 request for duty disability.
Employees’ Retirement System September 9, 2025
Meeting Minutes Tuesday, 8:30 a.m.
Page 2
It was moved by Trustee Ebright and supported by Trustee Kalis to approve the following request for
refund of accumulated contributions:
Cody Schleicher (UAW) NOT Vested $3,104.66
Adopted by the following vote: 6- 0.
The Retirement Office asked permission for retirement technician, Thomas Lindemann, to attend the
Fall MAPERS conference.
Attorney Castle reported that both boards’ education and travel policies contemplate non-board
members or staff attending conferences. It is an appropriate plan expense. Attorney Castle stated that
Mr. Lindeman serves both plans, so if the plans are going to cover the costs, those costs should be
split between both plans.
It was moved by Trustee Dedic and supported by Trustee Kalis to approve Mr. Lindemann’s attendance
at MAPERS Fall Meeting and for the costs to be split between Police and Fire Retirement System and
the Employees’ Retirement System.
Adopted by the following vote: 6 – 0.
Karen Williams also reminded members that the NCPERS Annual Fall Conference will be held October
26-29, 2025, in Ft. Lauderdale, Florida.
There were no public comments on items nor on the agenda.
Karen Williams reported that Trustees Dedic, Garza and O’Leary that the members contacted the
Retirement Office and requested to be excused from the meeting.
It was moved by Trustee Dedic and supported by Trustee Schor to excuse Trustee Garza, Trustee
Sanchez-Gazella, and Trustee O’Leary from the September 2025 meeting.
Trustee O’Leary and Trustee Thomas are ex-officio members.
Adopted by the following vote: 6 -0.
,
There were no public comments for items not on the agenda.
Ms. Williams provided the following September invoices for approval: from Integrity, $31,159.11;
Northern Trust, $671.84.
It was moved by Trustee Dedic and supported by Trustee Jeffries to pay the September invoices for
the Employees’ Retirement System Board.
Adopted by the following vote: 6 - 0.
Employees’ Retirement System September 9, 2025
Meeting Minutes Tuesday, 8:30 a.m.
Page 3
Attorney Castle provided a high-level summary of the Request for Proposals (RFP) responses from the
actuarial firms. Attorney Castle reviewed that the Boards received seven responses. Each firm
provided the team members that would be working on accounts, if they have a Michigan office and if
they were members of NCPERS or MAPERS, the ability to utilize their software for administrative
purposes such as calculating pensions. Attorney Castle indicated that there are some differences in
fees. Attorney Castle indicated that the current actuary, Boomershine’s fees were competitively priced
and reasonable, with costs falling in middle of the RFP responses.
Trustee Dedic inquired if Attorney Castle could renegotiate fees.
Attorney Castle reported that Police and Fire Retirement System Board planned to have trustees rank
top candidates and discuss at the next meeting. At that point, the Boards can decide if they would like
to proceed further and bring in firms.
It was moved by Trustee Dedic and supported by Trustee Kalis to follow the evaluation process of the
Police and Fire Retirement System.
Adopted by the following vote: 6 - 0
The Police and Fire Retirement System Board receive a memo from the City Controller, Charles Randall
that started on August 27, 2025, for fiscal year 2025, Quarter 4, $278,780.11 was the net employee
pension contribution for period 4/1/2025 through 6/30/2025.
It was moved by Trustee Kalis and supported by Trustee Ebright to accept the net employee pension
contribution for fiscal year 2025, quarter 4.
Adopted by the following vote: 6 – 0.
Asset Consulting Group provided the following recommendation for the Employees’ Retirement System
quarterly cash withdrawal: Lazard, $2.4million; Northern Trust $4.0 million.
It was moved by Trustee Kalis and supported by Trustee Dedic to approve the quarterly cash flow
withdrawal as recommended by Asset Consulting Group.
Adopted by the following vote: 6 – 0.
Nathan Burk, via phone, reviewed the amendments to the Investment Policy Statement that included a
5% target for private equity.
It was moved by Trustee Dedic and supported by Trustee Ebright to approve the amendments to the
Employees’ Retirement System Investment Policy Statement as recommended by Asset Consulting
Group.
Adopted by the following vote: 6 -0.
Mr. Nathan Burk reviewed the Monthly Investment Report for the month ending August 31, 2025.
It was moved by Trustee Kalis and supported by Trustee Dedic to adjourn the Employees’ Retirement
System September meeting.
Adopted by the following vote: unanimous.
The meeting ended at 10:13 a.m.
Minutes approved on 10/21/2025.
________________________
Crystal Thomas, Secretary
Employees’ Retirement System
_____________________________
Matthew Bahr, Chairperson
Employees’ Retirement System