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HomeMy WebLinkAbout1995 Employee's Retirement System Board MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting January 19, 1995 8th Floor Conference Room Thursday, 8:50 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 8:40 a.m. Present: Trustees Benavides, Bommarito, Brodie, Hollister, Kehler, Kruger, Pontz and Rubley - 8 Others: James Smiertka, Law Department and Teri Cook, Finance Operations, Steve Dougan, Budget. It was moved by Trustee Brodie, supported by Trustee Kehler that the minutes of the regular meeting of December 15, 1994. Adopted by the following vote: Unanimously. The Secretary reported 0 new member(s), 0 reinstatements, 0 refunds, 0 transfers, and 0 retired. Total active membership: 677. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of December, 1994: $598, 948. 44. Total number of ERS retirement checks printed: 585. Total retirement checks printed for all three systems: 1,031. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Kehler, supported by Trustee Bommarito that the following applications for regular age and service retirement be approved. Marion K. Hahn, City Assessor, 4 years 9 months (with 26 years 3 months) service credits, age 59, effective January 7, 1995. Barbara W. Holliday, Police Department -Dispatcher, 17 years 9 months service credits, age 52, effective January 21, 1995. Adopted by the following roll call: Yeas: Benavides, Bommarito, Brodie, Kehler, Kruger, Pontz, Rubley - 7. It was moved by Trustee Rubley, supported by Trustee Kehler that the request for refund of accumulated contributions for Gertrude M. Busdiecker, Beneficiary of Richard L. Busdiecker, Public Service - Wastewater be approved. Adopted by the following vote: Unanimously. Employees' Retirement System Regular Meeting of January 19, 1995 Page 2 Mr. Rubley submitted a schedule of dates in which the investment managers will come in to make their presentation. A representative from The Hannah Group will also be present. Mr. Rubley recommended that these joint meetings be held before the regular meetings on these days. February 23, 1995 May 18, 1995 August 15, 1995 November 16, 1995 MD Sass Lazard & ANB Loomis Sayles Harbor Capital The Board agreed to the above joint board meeting dates. Discussion was held regarding having The Hannah Group come in for a seminar for new Board members. Trustee Pontz asked if this could be setup before the first investment manager presentation. Other Business Mr. Rubley stated that the Board would like to update the assumption tables. Mr. Rubley indicated that Gabriel, Roeder recommends doing a 5 year 10 year study of actual results for both retirement systems to revise the assumption tables. The cost will be from $7,000 to $12,000. Mr. Rubley indicated that he could ask Gabriel, Roeder to do a breakdown on what staff will be assigned. The ordinance requires that the Board have these tables updated. It was moved by Trustee Rubley, supported by Trustee Brodie that the Secretary negotiate a contract with Gabriel, Roeder to perform the above study. The cost of these services to be paid out of the assets from security lending., Adopted by the following vote: Unanimously. The M tiV 9:20 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: Rita Pontz, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING L:iS;: CITY GLrf�i EMPLOYEES' RETIREMENT SYSTEM Regular Meeting February 23, 1995 8th Floor Conference Room Thursday, 10:50 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 10:50 a.m. Present: Trustees Benavides, Brodie, Kruger, Pontz and Rubley - 5. Absent: Trustees Bommarito, Hollister, Kehler - 3. Others: Steve Dougan, Budget; Teri Cook, Finance Operations; Margaret Herp and Winnifred May. It was moved by Trustee Brodie, supported by Trustee Rubley that the minutes of the regular meeting of January 19, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 0 new member (s), 0 reinstatement (s), 1 refund(s), 0 transfer(s), and 2 retired. Total active membership: 531. Refunds made since the last regular meeting: $1,029.92. Retirement allowances paid for the month of January, 1995: $631,919.86. Total number of ERS retirement checks printed: 588. Total retirement checks printed for all three systems: 1,037. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Trustee Rubley gave a Section 415 update. Trustee Rubley stated that Gabriel, Roeder notified him that recent legislation mandated the mortality tables and increased the limits. Trustee Rubley indicated that a number of retirees pensions have increased. The Council and the retirees have been notified. Trustee Benavides asked that a copy of the communication be sent to Ways and Means Committee. Discussion was held. It was moved by Trustee Rubley, supported by Trustee Benavides to excuse Trustees Bommarito, Hollister and Kehler. Adopted by the following vote: Unanimously. Trustee Rubley stated that ANB had changed management which caused a name change. They have sent an amendment to their contract. It was moved by Trustee Benavides, supported by Trustee Rubley to approve the contract upon approval by the City Attorney. Adopted by the following vote: Unanimously. Other Business Trustee Kruger asked to be excused from the March meeting. Employees Retirement Board Regular Meeting of February 23, 1995 Page 2 Trustee Kruger stated that a UAW employee asked him to check on his ability to buy credits for his seasonal work. The Board suggested that the employee check with Personnel. Trustee Rubley gave an overview of the performance of the fund managers. Public Comments Margaret Herp asked about the status of the prefunding of health care. Trustee Rubley gave an update of the status and indicated that Gabriel, Roeder is working on a health care report. The Mez ng Adj rned at 11:35 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: Z*-o/9� Rita Pontz,(�hairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES,, ; l; �, _! -: - v CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM CITY Y C-LER Regular Meeting March 23, 1995 8th Floor Conference Room Thursday, 8:40 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 8:40 a.m. Present: Trustees Benavides, Bommarito, Brodie, Kehler, Kruger, Pontz and Rubley - 7. Absent: Trustees Hollister - 1. Others: James Smiertka, Law Department; Steve Dougan, Budget; Teri Cook, Finance Operations; Susan Wage, Personnel Department; Peggy Clawson, Alexis. It was moved by Trustee Kehler, supported by Trustee Kruger that the minutes of the regular meeting of February 23, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 7 new member(s)(Debra Barber, Liepins Gunars, Mark Parker, Tom Traylor, Janice Wildermuth, Phillip Wilson, Public Service, Mark Stanley, Central Garage), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 538. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of February, 1995: $637,796.85. Total number of ERS retirement checks printed: 588. Total retirement checks printed for all three systems: 1,036. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Peggy Clawson, Alexis was present to review with the Board those employees currently on duty disability. After discussion, it was moved by Trustee Benavides, supported by Trustee Kehler not to send Macklin Fleming for a re -exam and to continue Mr. Fleming on duty disability. Adopted by the following vote: Unanimously. After discussion, it was moved by Trustee Rubley, supported by Trustee Kehler not to send Jack Jackson, Sr. for a re -exam and to continue Mr. Jackson on duty disability. Adopted by the following vote: Unanimously. After discussion, it was moved by Trustee Benavides, supported by Trustee Kehler to send Howard Evans for a re -exam. Adopted by the following vote: Unanimously. Employees Retirement Board Regular Meeting of March 23, 1995 Page 2 After discussion, it was moved by Trustee Kehler, supported by Trustee Benavides not to send John Lipka for re -exam and to continue Mr. Lipka on duty disability. Adopted by the following vote: Unanimously. Trustee Pontz suggested that when a employee initially goes for an examination for duty disability that the medical director make a recommendation on future rechecks or if they should have rechecks. Mr. Smiertka was present to give the Board an update on the Section 415 lawsuit. Mr. Smiertka also gave an update on the Terry McKane and James Blair lawsuits. Discussion was held regarding international investments. Mr. Smiertka stated that he would put his opinion in writing for both retirement boards. Discussion was held regarding the asset allocation report by The Hannah Group. It was moved by Trustee Rubley, supported by Trustee Kehler to have The Hannah Group come in to give an educational presentation regarding international investments. That would include a description of international investments, a explanation of the advantages or disadvantages of direct investments versus mutual funds including the associated risks and cost of each option, how international investments relate to derivatives, and a written procedure for implementation and manager selection. If we pursue this option, that consideration be given to local vendors, i.e. Lansing or Michigan. Adopted by the following vote: Unanimously. Discussion was held regarding the 1995 MAPERS Spring Conference which is being held May 22 through May 23, 1995. Chairperson Pontz stated that if anyone was interested in attending this conference should contact Teri Cook. It was moved by Trustee Kehler, supported by Trustee Rubley to excuse Trustee Hollister from the meeting. Adopted by the following vote: Unanimously. Other Business Trustee Rubley requested to have the insurable interest definition for dependents removed from pending items. Trustee Rubley felt that the Board had concluded their discussion on this item. Employees Retirement Board Regular Meeting of March 23, 1995 Page 3 Trustee Rubley gave an overview of the performance of the fund managers. The e ng dj urned at 10:15 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: 4la0/95- Rita Pontz, Phairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES:'; CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEMJ„ CLI- ER, Regular Meeting April 20, 1995 8th Floor Conference Room Thursday, 8:40 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 8:40 a.m. Present: Trustees Benavides, Bommarito, Brodie, Hollister, Kehler, Kruger, Pontz and Rubley - 8. Others: James Smiertka, Law Department; Steve Dougan, Budget; Teri Cook, Finance Operations; Susan Wager, Personnel Department; Margaret Herp and George Weeks. It was moved by Trustee Brodie, supported by Trustee Rubley that the minutes of the regular meeting of March 23, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 1 new member(s)(Clifford Ansley, Public Service -O&M), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 539. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of March, 1995: $635,160.17. Total number of ERS retirement checks printed: 588. Total retirement checks printed for all three systems: 1,038. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Brodie, supported by Trustee Rubley that the request for refund of accumulated contributions for Ora L. Young be approved. Adopted by the following vote: Unanimously. Discussion was held regarding a letter received from Karen L. Lalone requesting a duty disability retirement. It was moved by Trustee Rubley, supported by Trustee Brodie to send Ms. Lalone to the Medical Director of evaluation with a report back to the Board. Adopted by the following vote: Unanimously. Discussion was held regarding adopting a policy regarding payments to individuals over Section 415. It was moved by Trustee Rubley, supported by Trustee Brodie to table this item. Adopted by the following vote: Unanimously. It was moved by Trustee Pontz, supported by Trustee Brodie to have Alan Sonnanstine attend the next meeting to discuss Section 415. Adopted by the following vote: Unanimously. Employees Retirement Board Regular Meeting of April 20, 1995 Page 2 Other Business Margaret Herp was present and asked about the status of the prefunding of health care. Trustee Rubley gave an update on the status. It was moved by Trustee Rubley, supported by Trustee Brodie to removed Item C - Position Paper from Pending Items. Adopted by the following vote: Unanimously. Trustee Rubley gave an overview of the performance of the fund managers. The e ing djo ed at 9:45 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: Rita Pontz, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD .,TRIJS.'t_E�� CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting May 18, 1995 loth Floor Conference Room Thursday, 11:03 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 11:03 a.m. Present: Trustees Bommarito, Brodie, Kruger, Pontz and Rubley - 5. Absent: Trustees Benavides, Hollister, Kehler - 3. Others: Robert Swanson, Secretary; James Smiertka, Brian Bevez, Law Department; Steve Dougan, Budget; Teri Cook, Finance Operations; Margaret Herp and Winifred May. It was moved by Trustee Brodie, supported by Trustee Rubley that the minutes of the regular meeting of April 20, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 0 new member(s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 539. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of April, 1995: $633,909.04. Total number of ERS retirement checks printed: 587. Total retirement checks printed for all three systems: 1,042. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Mr. Smiertka and Mr. Bevez were present to go over a litigation settlement regarding Section 415 in which the Mayor, Council and the Employees' Retirement Board were named. The settlement would include all employees except Stephen Duarte. Janet Lazar's settlement would be effective October 1, 1995. Discussion was held. It was moved by Trustee Rubley, supported by Trustee Brodie that on page 7 item 8 state that if not agreeable to the parties that the Board Chairperson or Vice Chairperson be authorized to work out an agreement with the Law Department. Adopted by the following vote: Unanimously. It was moved by Trustee Brodie, supported by Trustee Rubley that the conversion from deferred retirement to regular age and service retirement for Donald F. Magyar, Public Service, 13 years 8 months service credits, age 58, effective May 1, 1995 be approved. Adopted by the following vote: Unanimously. Employees Retirement Board Regular Meeting of May 18, 1995 Page 2 Mr. Dougan informed the Board, regarding the request for duty disability retirement for Karen Lalone, that the Center for Occupational Health Services had referred Karen Lalone to the University of Michigan for evaluation. It was moved by Trustee Rubley, supported by Trustee Brodie to remove this item from the agenda until the Board receives the medical evaluation from the University of Michigan. Adopted by the following vote: Unanimously. The Board reviewed the medical evaluation for Howard Evans. It was moved by Trustee Rubley, supported by Trustee Brodie to continue Mr. Evans on duty disability retirement. Adopted by the following vote: Unanimously. It was moved by Trustee Rubley, supported by Trustee Bommarito to excuse Trustees Benavides, Hollister and Kehler from the meeting. Adopted by the following vote: Unanimously. The meeting adjourned for action items at 11:35 a.m. The meeting reconvened for informational items at 11:36 a.m. Other Business Trustee Rubley gave the Board an update on the pending items that Gabriel, Roeder, Smith & Company are currently working on. Trustee Rubley also informed the Board that he is working on the IRS determination and is planning on having it completed for submission by the end of May. The Meeting for Informational Items Ad' r d at 1 •50 a.m. Robert W. Swa son, Secretary Employees' Retirement System Minutes approved on: 6142,2/9,ti- �� 126, Rita Pontz, dhairperson t I ( J • J �J CITY Y CIER OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting 8th Floor Conference Room City Hall Lansing, MI June 22, 1995 Thursday, 8:40 a.m. The Board met in regular session and was called to order to Chairperson Rita Pontz at 8:40 a.m. Present: Trustees Benavides, Bommarito, Brodie, Kehler, Kruger, Pontz and Rubley - 7. Absent: Trustees Hollister - 1. Others: Robert Swanson, Secretary; James Smiertka, Law Department; Steve Dougan, Budget; Teri Cook, Finance Operations; Margaret Herp, Winifred May and George Weeks. It was moved by Trustee Brodie, supported by Trustee Rubley that the minutes of the regular meeting of May 18, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 0 new member (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 539. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of May, 1995: $633,029.35. Total number of ERS retirement checks printed: 585. Total retirement checks printed for all three systems: 1,042. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Kehler, supported by Trustee Rubley that the request for regular age and service retirement for Barbara Jean Mack, Police Department, 25 years 6 months service credits, age 44, effective June 28, 1995 be approved. Adopted by the following roll call vote: Yeas: Benavides, Bommarito, Brodie, Kehler, Kruger, Pontz, Rubley. Nays: None It was moved by Trustee Benavides, supported by Trustee Kehler that the requests for refund of accumulated contributions for Jeffrey D. Kilpatrick, Howard Parks (beneficiary of Cecilia Parks) and Paul Armstrong (beneficiary of Michael J. Armstrong) be approved. Adopted by the following vote: Unanimously. Employees Retirement Board Regular Meeting of June 22, 1995 Page 2 The Board reviewed a letter from Paul Novak, Chairperson, Committee on Economic Development and Intergovernmental Affairs regarding consolidation of City Boards and Commissions. Discussion was held. It was moved by Trustee Benavides, supported by Trustee Rubley that this communication be forwarded to the respective bargaining units for input. Adopted by the following vote: Unanimously. It was moved by Trustee Benavides, supported by Trustee Kehler to excuse Trustee Hollister from the meeting. Adopted by the following vote: Unanimously. Other Business Mr. Dougan gave an update on the status of Karen Lalone's request for duty disability. Mr. Rubley stated that The Hannah Group has a conflict on August 15, 1995 the next joint board meeting with Loomis Sayles. The Hannah Group would like to move this meeting to August 22, 1995. The Board received a conference call from Alan Sonnanstine, Gabriel, Roeder, Smith & Company. The discussion was regarding Section 415 for future payments using the half age method. Mr. Sonnanstine explained the method. The Board requested that Mr. Sonnanstine put the details of this method in a letter. Mr. Rubley gave an update on the pending issues that have been submitted to Gabriel, Roeder Smith & Company. Mr. Rubley indicated that the mortality tables may be completed by the July meeting or at the latest the August meeting. The study on the prefunding of health care will be completed along with the actuarial report by September. The actuary is still working on the IRS Letter of Determination. Discussion was held regarding pre -retirement death, spousal waiver and insurable interest. It was the Board's decision to have a sub- committee to draft language regarding pre -retirement death, spousal waiver and insurable interest. Volunteers for the sub -committee were Trustees Bommarito, Pontz and Rubley. Employees Retirement Board Regular Meeting of June 22, 1995 Page 3 Trustee Rubley gave an overview of the performance of the fund managers. The meeting adjourned at 9:56 a.m. f .,,Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on:C f/ �? , /9.5 42t Rita Pontz, airperson r: �� tl •_• � � J GLEMA OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting July 20, 1995 8th Floor Conference Room Thursday, 8:35 a.m. City Hall Lansing, MI The Board met in regular session and was called to order to Chairperson Rita Pontz at 8:35 a.m. Present: Trustees Benavides, Bommarito, Brodie, Hollister, Kehler, Kruger, Pontz and Rubley - 8. Others: Doug Rubley, Finance Operations; James Smiertka, Law Department; Steve Dougan, Budget; Teri Cook, Finance Operations; Margaret Herp. It was moved by Trustee Hollister, supported by Trustee Brodie that the minutes of the regular meeting of June 22, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 1 new member (s) (Rueben Mylander, Public Service) 0 reinstatement (s), 3 refund(s), 0 transfer(s), and 1 retired. Total active membership: 539. Refunds made since the last regular meeting: $21,913.07. Retirement allowances paid for the month of June, 1995: $632,240.00. Total number of ERS retirement checks printed: 585. Total retirement checks printed for all three systems: 1,043. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Benavides, supported by Trustee Hollister that the requests for refund of accumulated contributions for Dave Williams be approved. The Board asked that one more attempt be made to counsel Mr. Williams on what he is giving up by withdrawing this contribution. Adopted by the following vote: Unanimously. The Board reviewed a request for duty disability pension for Sidney J. Keupper. It was moved by Trustee Hollister, supported by Trustee Kehler to send Mr. Keupper to the Medical Director for a medical evaluation. Adopted by the following vote: Unanimously. Employees Retirement Board Regular Meeting of July 20, 1995 Page 2 The Board reviewed a Board of Ethics Opinion regarding alleged charter and ordinance violations - James Blair. It was moved by Trustee Rubley, supported by Trustee Hollister that the secretary communicate to the Ethics Board informing the Board of the action that the Board took in January, 1993 based on City Attorney opinion 94. The Board found nothing in the report to indicate that they should take any further action at this time. Adopted by the following vote: Unanimously. Trustee Rubley suggested that a subcommittee be established to review international investments. Trustees Brodie, Kruger, Pontz and Rubley volunteered to sit on this committee. Trustee Rubley stated that he would contact Dick Zacarro, The Hannah Group, and ask him to meet with the Board to discuss international investments. It was moved by Trustee Rubley, supported by Trustee Benavides that this item be put on pending items. Adopted by the following vote: Unanimously. The Board reviewed at letter form Alan E. Sonnanstine regarding 415 Limits - Age Interpolation (fractional age). Discussion was held. It was moved by Trustee Benavides, supported by Trustee Brodie to approve this method effective immediately subject to a confirmation from the City Attorney. Adopted by the following vote: Unanimously. Other Business Trustee Rubley informed the Board that due to conflicts the August 15, 1995 Joint Board meeting has been moved to September 21, 1995. Mr. Rubley also stated that Alan Sonnanstine will be present at the August board meeting. Trustee Rubley passed out a memorandum from Trustees Pontz, Bommarito and Rubley, the subcommittee on beneficiaries, regarding their recommendations. The memorandum was reviewed by the Board. It was moved by Trustee Benavides, supported by Trustee Hollister to send these recommendations to the bargaining units for their input and response before the August board meeting. Adopted by the following vote: Unanimously. Trustee Rubley wanted to thank Trustees Pontz and Bommarito for taking the time to sit on the subcommittee regarding beneficiaries. Employees Retirement Board Regular Meeting of July 20, 1995 Page 3 Trustee Rubley gave an overview of the performance of the fund managers. The meeting ad' urned at 9:30 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: �'-/ V �%�; Rita ontz, Chairperson OFFICIAL PROCEEDINGS; OF THE BOARD OF TRUSTEES CITkil k&' ,k9fMI 1 EMPLOYEES' RETIREMENT SYSTEM Regular Meeting 8th Floor Conference Room City Hall Lansing, MI August 17, 1995 Thursday, 8:45 a.m. The Board met in regular session and was called to order by Vice Chairperson John Brodie at 8:45 a.m. Present: Trustees Bommarito, Brodie, Hollister, Kruger, Rubley - 5. Absent: Trustees Benavides, Kehler, Pontz - 3. Others: Robert Swanson, Secretary; James Smiertka, Law Department; Steve Dougan, Budget; Alan Sonnanstine, Gabriel, Roeder, Smith & Company; Sidney J. Keupper. Alan Sonnanstine was present to discuss the Actuarial Investigation of Active Member and Retired Life Experience Report. Discussion was held. Action on this item was tabled until the next meeting. It was moved by Trustee Hollister, supported by Trustee Rubley that the minutes of the regular meeting of July 20 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported 0 new member(s) 0 reinstatement(s), 2 ref und(s), 0 transfer(s), and 0 retired. Total active membership: 539. Refunds made since the last regular meeting: $8,012.32. Retirement allowances paid for the month of July, 1995: $636,990.70. Total number of ERS retirement checks printed: 582. Total retirement checks printed for all three systems: 1,023. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Rubley, supported by Trustee Hollister that the request for regular age and service retirement for Robert L. Hopkins, Public Service Department, 28 years service credits, age 61, effective September 2, 1995 be approved. Adopted by the following roll call: Yeas: Bommarito, Brodie, Hollister, Kruger, Rubley - 5. Nays: None. Employees Retirement Board Regular Meeting of August 17, 1995 Page 2 The Board reviewed the medical evaluation for Sidney J. Keupper. Discussion was held. It was moved by Trustee Rubley, supported by Trustee Hollister that the Board receive a report regarding reasonable accommodations and any follow-up from our Third Party Administrator. This item to be placed on next month's agenda. Adopted by the following vote: Unanimously. Trustee Rubley gave an overview of the performance of the fund managers. The meeting adjourned at 9:30 a.m. V41 YZZ19�� Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: Rit Pontz, Chairperson a � tC,<<^, OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES '"""'' "�' ' =E r),I (I CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting 8th Floor Conference Room City Hall Lansing, MI September 21,1995 Thursday,12:10 p.m. The Board met in regular session and was called to order by Chairperson Rita Pontz at 12:10 p.m. Present: Trustees, Brodie, Kehler, Kruger, Pontz, Rubley - 5. Absent: Trustees Benavides, Bommarito, Hollister - 3. Others: Robert Swanson, Secretary; Steve Dougan, Budget; Teri Cook, Finance Operations. It was moved by Trustee Rubley, supported by Trustee Brodie that the minutes of the regular meeting of August 17,1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported: 1 new member(s)(Andy R. Watson, Parks & Recreation), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 540. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of August, 1995: $633,845.91. Total number of ERS retirement checks printed: 580. Total retirement checks printed for all three systems: 1,043. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Rubley, supported by Trustee Brodie that the request for regular age and service retirement for Wesley A. Allen, Public Service Department, 25 years service credits, age 59, effective November 1,1995 be approved. Adopted by the following roll call: Yeas: Brodie, Kehler, Kruger, Pontz, Rubley - 5. Nays: None. Employees' Retirement System Regular Meeting of September 21,1995 Page 2 It was moved by Trustee Rubley, supported by Trustee Kehler that the request for regular age and service retirement for Susan G. Wager, Personnel Services, 23 years 4 months service credits, age 46, effective September 16,1995 be approved. Adopted by the following roll call: Yeas: Brodie, Kehler, Kruger, Pontz, Rubley - 5. Nays: None. It was moved by Trustee Rubley, supported by Trustee Kruger that the request for regular age and service retirement from deferred for Lois J. Bennett, Mayor's Office, 8 years 5 months service credits, age 56, effective September 23,1995 be approved. Adopted by the following roll call: Yeas: Brodie, Kehler, Kruger, Pontz, Rubley - 5. Nays: None. It was moved by Trustee Rubley, supported by Trustee Kehler that the request for non -duty death retirement for Karen Merrifield, wife of Thomas B. Merrifield, Public Service, 27 years 9 months service credits, age 52, effective August 20,1995 be approved. Adopted by the following roll call: Yeas: Brodie, Kehler, Kruger, Pontz, Rubley - 5. Nays: None. Discussion was held regarding travel reimbursement for conferences. It was moved by Trustee Rubley, supported by Trustee Kehler to approve the cost of conferences and workshops to come out of security lending using existing City forms and City policy for travel expenses. Adopted by the following vote: Unanimously. Discussion was held regarding the request for duty disability retirement for Sidney J. Keupper. Mr. Dougan indicated that reasonable accommodations have been met. It was moved by Trustee Rubley, supported by Trustee Kehler to deny Mr. Keupper's request. Adopted by the following vote: Unanimously. Employees' Retirement System Regular Meeting of September 21,1995 Page 3 It was moved by Trustee Rubley, supported by Trustee Kehler to excuse Trustees Benavides, Bommarito and Hollister from the meeting. Adopted by the following vote: Unanimously. Minutes approved on Rita Pontz, Ch rperson ' G%19 /9 �5- Them eting adjour d at 12:45 p.m. Robert W. Swanson, Secretary Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Rego a 'Av'leet 0 Cl .A 10th Floor Conference Room City Hall Lansing, MI October 19,1995 Thursday, 8:50 a.m. The Board met in regular session and was called to order by Chairperson Rita Pontz at 8:50 a.m. Present: Trustees, Benavides, Bommarito, Brodie, Hollister Kruger, Pontz, Rubley - 7. Absent: Trustee Kehler -1. Others: Steve Dougan, Budget; Teri Cook, Finance Operations; James Smiertka, Law Department; Alan Sonnanstine, Gabriel, Roeder, Smith & Company; Margaret Herp, Lydia Heiden, Ed Piloske, George Weeks, Alice Weeks. It was moved by Trustee Hollister, supported by Trustee Brodie that the minutes of the regular meeting of September 21, 1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported: 0 new members(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 4 retired. Total active membership: 535. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of September,1995: $637,521.44. Total number of ERS retirement checks printed: 584. Total retirement checks printed for all three systems:1,047. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Alan Sonnanstine, Gabriel, Roeder, Smith & Company, was present to give an overview of the annual actuarial valuation for December 31,1994. Discussion was held. Discussion was held regarding the actuarial contract for 1995-96. It was moved by Trustee Brodie, supported by Trustee Rubley to accept the contract. Adopted by the following vote: Unanimously. Mr. Sonnanstine passed out a handout on the effect of alternate investment return assumptions on the computed City contribution requirement for the Boards information. It was moved by Trustee Rubley, supported by Trustee Hollister to use these new assumptions in preparing the Health Care Report. Adopted by the following vote: Unanimously. It was the Board's decision to table the actuarial tables - life expectancy until after the December meeting. Employees' Retirement System Regular Meeting of October 19,1995 Page 2 It was moved by Trustee Hollister, supported by Trustee Kruger to approve the request for regular age and service retirement for David E. Dickert, Parks & Recreation Department, 30 years service credits, age 52, effective November 4,1995. Adopted by the following roll call: Yeas: Benavides, Bommarito, Brodie, Hollister, Kruger, Pontz, Rubley - 7. Nays: None. It was moved by Trustee Kruger, supported by Trustee Hollister to approved the request for regular age and service retirement for Richard A. Seperic, Public Service Department, 33 years service credits, age 53, effective October 7,1995. Adopted by the following roll call: Yeas: Benavides, Bommarito, Brodie, Hollister, Kruger, Pontz, Rubley - 7. Nays: None. The Board received and placed on file the letter from Kathleen M. Fields requesting to defer her retirement until such time as she has sixty-five (65) points (age and service) and in the event of her death prior to her retirement that she nominates her son Mark R. Fields as beneficiary. It was moved by Trustee Hollister, supported by Trustee Rubley to excuse Trustee Kehler from the meeting. Adopted by the following vote: Unanimously. Other Business Trustee Rubley informed the Board that there is a Joint Board meeting scheduled for November 16, 1995. The regular board meeting will be at 8:30 a.m. followed by the joint meeting. Trustee Rubley gave an overview of the performance of the fund managers Th eting adjo4med at 12:45 p.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: i lit, / 9 5- Rita Pontz, dairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM �,�5, I"Y CLEF i 'eguiar eeting 10th Floor Conference Room City Hall Lansing, MI November 16,1995 Thursday, 8:35 a.m. The Board met in regular session and was called to order by Chairperson Rita Pontz at 8:35 a.m. Present: Trustees Benavides, Bommarito, Brodie, Hollister, Kehler, Kruger, Pontz, Rubley - 8. Others: Steve Dougan, Budget It was moved by Trustee Hollister, supported by Trustee Kruger that the minutes of the regular meeting of October 19,1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported: 2 new members(s)( Ramiro Garcia, Public Service; Michael Franks, Central Garage), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 1 retired. Total active membership: 536. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of October,1995: $638,268.28. Total number of ERS retirement checks printed: 583. Total retirement checks printed for all three systems:1,047. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Kehler, supported by Trustee Hollister that the application for regular age and service retirement for Nancy J. Carlson, Assessor's Office,16 years 2 months service credits, age 48, effective December 24,1995 be approved. Adopted by the following roll call: Yeas: Brodie, Hollister, Kehler, Kruger, Pontz, Rubley - 6. Nays: None. Discussion was held regarding the assignment of contract for Loomis Sayles. Trustee Rubley informed the Board that Loomis Sayles' current firm is to merge with another firm. The current contract does not cover this situation. The City Attorney has approved this assignment of contract. It was moved by Trustee Rubley, supported by Trustee Kehler to approved this item. Adopted by the following vote: Unanimously. Trustee Rubley gave an overview of the Commission Recapture Policy sent to the Board by The Hannah Group. Trustee Rubley informed the Board that he had received a release from MD Sass regarding Settlement of Bonds - Executive Life. The City Attorney had reviewed and approved this release. The City Attorney recommends that the Board wait until money in received before signing this release. Trustee Rubley recommends that no action be taken until all the monies are received. Employees' Retirement System Regular Meeting of November 16,1995 Page 2 The Board reviewed a consent form from MD Sass regarding a change in partnership. Trustee Rubley indicated that the City Attorney has reviewed and has no problem with the partnership change consent form from MD Sass. It was moved by Trustee Kruger, supported by Trustee Hollister to approve this consent form subject to review by The Hannah Group. Adopted by the following vote: Unanimously. Other Business Trustee Rubley informed the Board that the Retirement Office received information regarding a conference in December from the Ohio State Pension System in Columbus, Ohio if anyone was interested. Trustee Rubley gave the Board an overview of the subcommittee consisting of Trustees Brodie, Kruger, Pontz and Rubley regarding international investments. The committee wanted to know how our firms already achieved diversification prior to going to international. The subcommittee also would like to continue to work with The Hannah Group on international investments and with the actuary to develop some recommendations on the uses of the contingency reserve in lieu of the fact that the Board will be receiving the report on prefunding of health care. It was moved by Trustee Kehler, supported by Trustee Hollister for the committee to continue working on these issues. Adopted by the following vote: Unanimously. Trustee Rubley gave an overview of the performance of the money managers. The meeting adj ur at 9:15 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved Rita Pontz, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting 8th Floor Conference Room City Hall Lansing, MI December 21,1995 Thursday, 8:45 a.m. The Board met in regular session and was called to order by Chairperson Rita Pontz at 8:45 a.m. Present: Trustees Benavides, Brodie, Hollister, Kruger, Pontz, Rubley - 6. Others: Steve Dougan, Budget Division. It was moved by Trustee Rubley, supported by Trustee Brodie that the minutes of the regular meeting of November 16,1995 be approved. Adopted by the following vote: Unanimously. The Secretary reported: 1 new members(s)(Jesus Gonzalez, Central Garage), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 2 retired. Total active membership: 535. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of November,1995: $639,977.54. Total number of ERS retirement checks printed: 581. Total retirement checks printed for all three systems: 1,047. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Kruger, supported by Trustee Brodie to approve the application for Regular Age & Service Retirement for Lawrence L. Howison, Planning & Neighborhood Development, 10 years, 7 months service credits, age 63, effective January 13,1996. Adopted by the following roll call: Yeas: Benavides, Brodie, Kruger, Pontz, Rubley - 5. Nays: None. It was moved by Trustee Brodie, supported by Trustee Rubley to approve the application for Regular Age & Service Retirement for Sidney J. Keupper, Public Service Department, 25 years 1 month service credits, age 52, effective January 13,1996. Adopted by the following roll call vote: Yeas: Benavides, Brodie, Kruger, Pontz, Rubley - 5. Nays: None. It was moved by Trustee Brodie, supported by Trustee Benavides to approve the requests for refund of accumulated contributions for Georgina I. Heck, Building Maintenance; Elias Diaz, Housing Commission; Mark Canady, City Council. Adopted by the following roll call vote: Yeas: Benavides, Brodie, Kruger, Pontz, Rubley - 5. Nays: None. Employees' Retirement System Regular Meeting of December 21,1995 Page 2 It was moved by Trustee Rubley, supported by Trustee Brodie to approve the schedule of meeting dates for calendar year 1996. Adopted by the following vote: Unanimously. It was moved by Trustee Brodie, supported by Trustee Benavides to elect Trustee Rubley as Chairperson for 1996. Adopted by the following vote: Unanimously. It was moved by Trustee Benavides, supported Chairperson for 1996. Adopted by the following vote: Unanimously. by Trustee Rubley to elect Trustee Brodie as Vice It was moved by Trustee Rubley, supported by Trustee Brodie to excuse Trustees Bommarito and Kehler from the meeting. Adopted by the following vote: Unanimously. Trustee Hollister, as Mayor, presented a proclamation to Trustee Pontz, as this was her last meeting on the Board, stating that as Mayor he had proclaim December 21, 1995 as " Rita Pontz Day" and urged the citizens of Lansing to recognize the years of service and outstanding job Rita has done. Trustee Rubley gave an overview of the performance of the money managers. The eettin adjourned at 9:09 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved Douglas Rubley, Chairperson