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HomeMy WebLinkAbout1998 Employee's Retirement System Board MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM �; 0 ��, 2 9 LArsSIN.G CITY CLERK RFebruary 19,1998 Regular Meeting Thursday, 8:30 a.m. 8th Floor Conference Room City Hall Lansing, Michigan 48933 The Board met in regular session and was called to order at 8:30 am. Present: Trustees Adado, Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley - 8. A h4&,4- : 7-1a,,4 a e4AV Others: Jim Smiertka, Jack Jordan, Law Department; Robert Swanson, Susan Brownlee, Finance Department. It was moved by Trustee Hollister, supported by Trustee Antekeier to approve the minutes of the regular meeting of January 22, 1998. Trustee Rossi wished to amend the minutes to reflect that she was unable to attend that meeting. Adopted by the following vote: Unanimous. Mr. Rubley requested to add to Other Items a report on the selection of a new Investment Counseling firm, and to make that report at this time, since the current Investment Counseling firm would be here for a joint meeting at 9:30 am. Mr Rubley provided a summary overview of the top candidates in the selection process. The Police and Fire Retirement system Board had voted on Tuesday February 17, 1998 to have the subcommittee continue the interview process with the final six candidates. Interviews will be conducted the afternoons of March 17 and 19 in the 8th floor conference room, and will be open to other Board members. Moved by : Rhode, seconded by Hollister. Adopted by the following vote: Unanimously. The Secretary reported: 0 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 3 retired. Total active membership: 522. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of January 1998: $693,911.70. Total number of ERS retirement checks printed: 594. Total retirement checks printed for all three systems: 1,096. Domestic Relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Requests for regular Age and Service Retirement: Moved by Hollister, seconded by Brodie, to approve the request for Regular Age and Service Retirement for Susan K. Raab, District Court, 21 years 7 months service credit, age 43, effective February 18, 1998. Based on Rule of 65 (District Court Teamster, 2.0% Factor). Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Rhode, seconded by Hollister, to approve the request for Regular Age and Service Retirement for Consuelo Reed, Finance Department, Income Tax Division, 21 years 1 month service credit, age 44, effective March 17, 1998. Yeas: Antekeld, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Antekeier, seconded by Brodie, to approve the request for Regular Age and Service Retirement for Neil Coppins, Public Service Department, 32 years 9 months service credit, age 53, effective January 16, 1998. Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Brodie, seconded by Antekeier, to approve the request for Regular Age and Service Retirement for Russell Lee Barnes, Parks and Recreation Department, 29 years 3 months service credit, effective February 1, 1998. Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado The Board received their copies of the ruling from the U.S. Court of Appeals in the matter of McKane vs. City of Lansing. 76 9 ✓t Mr. Rubley provided the Investment Report or December 1997. Additional detail on investment returns in �. the Joint Meeting upstairs on IOth floor at 9:30 am. The topic of Ethics training for Board members was briefly discussed. n Mr. Rubley reported on the issue of minimum benefit payments for ERS retirees - still awaiting response from actuarial firm. Mr Luczynski, chairperson of the Police and Fire Board, has suggested that he and Mr. Rubley go to Southfield to meet with Mr. Sonnenstine on this question. A suggestion of separating the minimum benefit question from the issue of a COLA improvement was made but not acted on, as there remains concern about the fact that both benefits are based on a change in the assumed rate of return, and the Board wishes to assure that if they in fact change that assumption, then the additional funds will go to cover costs associated with both the minimum benefit and the COLA issues. Mr. Rubley also noted that either of those changes and/or the issue of prefunding health care costs might be construed as a significant enough change in the retirement plan as to require requalification of the Plan by the IRS. Moved by Trustee Rhode, seconded by Trustee Rossi, to re-elect Mr. Rubley and Mr. Brodie as chairperson and vice -chairperson for 1998. Adopted by the following vote: Unanimously. Mr. Brodie raised the question of fiduciary liability insurance. Mr. Jordan suggested that, as a voluntary Board, the exercise of due diligence is all that is needed in terms of fulfilling fiduciary responsibilities. Mr. Rubley suggested that costs could be shared with the Police and Fire Retirement System, but that members should discuss the issue with members of other retirement Boards at the upcoming MAPERS conference. Mr. Rubley further noted that coverage is not generally retroactive unless the insurance was in force at the time of any disputed event and also remains in force at the time of any lawsuit. Mr. Swanson announced tliat the MAPERS conference. would be held May 17-19 at Shanty Creek, but that the fall meeting venue had been changed to Grand Traverse Resort. Registration materials will be available to the Board when received. Early notification of interest should make it possible to make reservations by individual names as well as for City of Lansing, to avoid any missed reservations. T ling w adj ed at 9:23 am. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: ` ` Douglas Rubley, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES il�}._ CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM 1020 CITY CLERK RFebruary 19,1998 Regular Meeting Thursday, 8:30 a.m. 8th Floor Conference Room City Hall Lansing, Michigan 48933 The Board met in regular session and was called to order at 8:30 am. Present: Trustees kdadb, Antekeicr, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley - 8. Ah4s.,i' Others: Jim Smiertka, Jack Jordan, Law Department; Robert Swanson, Susan Brownlee, Finance Department. It was moved by Trustee Hollister, supported by Trustee Antekeicr to approve the minutes of the regular meeting of January 22, 1998. Trustee Rossi wished to amend the minutes to reflect that she was unable to attend that meeting. Adopted by the following vote: Unanimous. Mr. Rubley requested to add to Other Items a report on the selection of a new Investment Counseling firm, and to make that report at this time, since the current Investment Counseling firm would be here for a joint meeting at 9:30 am. Mr Rubley provided a summary overview of the top candidates in the selection process. The Police and Fire Retirement system Board had voted on Tuesday February 17, 1998 to have the subcommittee continue the interview process with the final six candidates. Interviews will be conducted the afternoons of March 17 and 19 in the 8th floor conference room, and will be open to other Board members. Moved by : Rho, sec6nded by ollister . Adopted by the following vote: Unanimously. The Secretary reported: 0 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 3 retired. Total active membership: 522. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of January 1998: $693,911.70. Total number of ERS retirement checks printed: 594. Total retirement checks printed for all three systems: 1,096. Domestic Relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. • Moved by Hollister, seconded by Brodie, to approve the request for Regular Age and Service Retirement for Susan K. Raab, District Court, 21 years 7 months service credit, age 43, effective February 18, 1998. Based on Rule of 65 (District Court Teamster, 2.0% Factor). Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Rhode, seconded by Hollister, to approve the request for Regular Age and Service Retirement for Consuelo Reed, Finance Department, Income Tax Division, 21 years 1 month service credit, age 44, effective March 17, 1998. Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Antekeier, seconded by Brodie, to approve the request for Regular Age and Service Retirement for Neil Coppins, Public Service Department, 32 years 9 months service credit, age 53, effective January 16, 1998. Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado Moved by Brodie, seconded by Antekeier, to approve the request for Regular Age and Service Retirement for Russell Lee Barnes, Parks and Recreation Department, 29 years 3 months service credit, effective February 1, 1998. Yeas: Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: none Absent: Adado The Board received their copies of the ruling from the U.S. Court of Appeals in the matter of McKane vs. City �of Lansing. 'e-c.— Mr. Rubley piovided the Investment Report for December 1997. Additional detail on investment returns m �. the Joint Meeting upstairs on 1 Oth floor at 9:30 am. The topic of Ethics training for Board members was briefly discussed. atik Mr. Rubley reported on the issue of minimum benefit payments for ERS retirees - still awaiting response from actuarial firm. Mr Luczynski, chairperson of the Police and Fire Board, has suggested that he and Mr. Rubley go to Southfield to meet with Mr. Sonnenstine on this question. A suggestion of separating the minimum benefit question from the issue of a COLA improvement was made but not acted on, as there remains concern about the fact that both benefits are based on a change in the assumed rate of return, and the Board wishes to assure that if they in fact change that assumption, then the additional funds will go to cover costs associated with both the minimum benefit and the COLA I Mr. Rubley also noted that either of those changes and/or the issue of prefunding health care costs might be construed as a significant enough change in the retirement plan as to require requalification of the Plan by the IRS. Moved by Trustee Rhode, seconded by Trustee Rossi, to re-elect Mr. Rubley and Mr. Brodie as chairperson and vice -chairperson for 1998. Adopted by the following vote: Unanimously. Mr. Brodie raised the question of fiduciary liability insurance. Mr. Jordan suggested that, as a voluntary Board, the exercise of due diligence is all that is needed in terms of fulfilling fiduciary responsibilities. Mr. Rubley suggested that costs could be shared with the Police and Fire Retirement System, but that members should discuss the issue with members of other retirement Boards at the upcoming MAPERS conference. Mr. Rubley further noted that coverage is not generally retroactive unless the insurance was in force at the time of any disputed event and also remains in force at the time of any lawsuit. Mr. Swanson announced that the MAPERS conference. would be held May 17-19 at Shanty Crock, but that the fall meeting venue had been changed to Grand Traverse Resort. Registration materials will be available to the Board when received. Early notification of interest should make it possible to make reservations by individual names as well as for City of Lansing, to avoid any missed reservations. ting w adj cdi at 9:23 am. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on: iw�� Douglas Rubley, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUST.�ES CITY OF LANSING - `- ':r i , Izt: 20 EMPLOYEES' RETIREMENT SYSTEM LAMS ? G CITY CLERK( Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 March 19, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8.:30 a.m. Present: Trustees Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley - 6. Absent: Trustees Adado, Hollister, - 2. Others: Robert W. Swanson, Gary E. Gustafson Finance; Jack Jordan, Law Department. It was moved by Trustee Brodie supported by Trustee Rossi to approve the minutes of the regular meeting of December 18, 1997, as amended. Adopted by the following vote: Unanimously The Secretary reported: 0 new members(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 1 retired. Total active membership: 521. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of February, 1998: $703,072.74. Total number of ERS retirement checks printed: 598. Total retirement checks printed for all three systems: 1,097. Domestic relations orders received: 2. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Motion was made by Trustee Brodie and supported by Trustee Bommarito to terminate the Hanna Investment Group. Adopted by the following vote: Unanimously. The board discussed Public Act 55 plus Amendment 485. It was referred to the law department to make sure we are in compliance with these Acts. Mr. Rubley provided the Investment Report for January 1998.. The Actuarial Report was discussed and will be brought up again next month. Motion by Trustee Brodie and Seconded by Trustee Antekeier to excuse Trustee Hollister and Trustee Adado. Employees' Retirement System Minutes from Regular meeting January 22, 1998 page 2 The meeting adjourned t 9:20 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on G 8 Douglas Rubley, Chairpe son n ; -- t� 1VEr) OFFICIAL PROCEEDINGS OF THE BOARD OF TR , TEES CITY OF LANSING Pr j:16 EMPLOYEES' RETIREMENT SYSTEM L NSJ,IG CIT I CLER Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 April 23, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 9:05 a.m. Present: Trustees Antekeier, Bommarito, Brodie, Rossi, Hollister, Rubley - 6. Absent: Trustees Adado, Rhode, - 2. Others: Robert W. Swanson, Gary E. Gustafson Finance; Jack Jordan, Law Department; and two retirees. It was moved by Trustee Rossi supported by Trustee Brodie to approve the minutes of the regular meeting of April 23, 1998. Adopted by the following vote: Unanimously The Secretary reported: 2 new members (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 1 retired. Total active membership: 522. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of March, 1998: $707,523.28. Total number of ERS retirement checks printed: 599. Total retirement checks printed for all three systems: 1,097. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Antekeier supported by Trustee Brodie to approve the request for Regular Age & Service Retirement for Nancy Logan, Parks & Recreation Department, 16 years 6 months service credits, age 60 years, effective May 2, 1998. Adopted unanimously. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the request for Regular Age & Service Retirement for Robert Larson, Parks & Recreation Department, 30 years 4 months service credits, age 54 years, effective May 2, 1998. Adopted unanimously. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the request for Regular Age & Service Retirement for Bruce Meck, Deferred Retirement from Computer and Communication Services Employees' Retirement System Minutes from Regular meeting April 23, 1998 page 2 Department, 17 years 11 months service credits, age 47 years, effective May 9, 1998. - 1992 Early Retirement Adopted unanimously. Motion was made by Trustee Brodie supported by Trustee Antekeier to hire Asset Consulting subject to SEC review. Sonja Kellogg request for appeal was denied and Jack Jordan of law department will write to her. Motion was made by Trustee Hollister supported by Trustee Antekeier to set up an appointment with our medical director to evaluate Deborah Welch in regards to her duty disability request. Adopted unanimously. Motion was made by Trustee Hollister supported by Trustee Antekeier to send up to three people to Asset Consulting in Missouri for an on site inspection of their facility. Adopted unanimously. Motion was made by Trustee Brodie supported by Trustee Antekeier to excuse Trustee Adado and Trustee Rhode. Adopted unanimously. Mr. Rubley provided the Investment Report for February 1998. The meeting adjourne at 9:30 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chairper f�Ri � _���r OFFICIAL PROCEEDINGS OF THE BOARD OF TRUST ZIVi._lyi CITY OF LANSING `-' ' i.!r! 19 I'M 4: 32 EMPLOYEES' RETIREMENT SYSTEM LASING CITY CLERK Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 May 21, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:35 a.m. Present: Trustees Adado,Antekeier,Bommarito, Brodie, Rhode, Rossi, Rubley - 7. Absent: Trustee Hollister, - 1. Others: Robert W.Swanson,Gary E. Gustafson, John McComb Finance; Jack Jordan, Law Department; and six retirees. It was moved by Trustee Rossi supported by Trustee Brodie to approve the minutes of the regular meeting of April 23, 1998. Adopted by the following vote: Unanimously The Secretary reported: 0 new members (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 522. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of April, 1998: $706,427.09. Total number of ERS retirement checks printed: 597. Total retirement checks printed for all three systems: 1,111. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Rossi supported by Trustee Brodie to approve the request for Regular Age & Service Retirement for Stanley E. Wolever Jr., Public Service Department, 24 years 6 months service credits, age 45 years, effective May 16, 1998. Yeas: Adado, Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley Nays: None Motion was made by Trustee Adado supported by Trustee Brodie to excuse Trustee Hollister. Adopted unanimously. Mr. Rubley provided the Investment Report for March 1998. Employees' Retirement System Minutes from Regular meeting April 23, 1998 page 2 Prefunded Health Care was discussed and action will be taken next month. Trustee Adado discussed about employees who had switched from Employees Retirement System to the Defined Contribution Money Purchase Pension Plan. The meeting adjourned at 9:45 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on� v Douglas Rubley, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 June 18, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees Adado,Antekeier,Bommarito, Brodie,Hollister Rhode, Rubley - 7. Absent: Trustee Rossi, - 1. Others: Robert W.Swanson,Gary E.Gustafson, Finance; Wendell Hall, Law Department; Amy Fraser, Personnel; and 3 retirees. It was moved by Trustee Adado supported by Trustee Brodie to approve the minutes of the regular meeting of May 21, 1998. Adopted by the following vote: Unanimously The Secretary reported: 2 new members(s), 0 reinstatement(s), 0 refund (s), 0 transfer (s), and 4 retired. Total active membership: 520. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of May, 1998: $712,106.05. Total number of ERS retirement checks printed: 600. Total retirement checks printed for all three systems: 1,120. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Motion was made by Trustee Brodie supported by Trustee Antekeier to excuse Trustee Rossi. Adopted unanimously. Mr. Rubley provided the Investment Report for April, 1998. Employees' Retirement System Minutes from Regular meeting June 18, 1998 U3 page 2 rr, .. CO Motion was de by Trustee Adado suppo�ted by Trustee Hollister to approve the'.Prefunding of Health Care�and forward to the City Council P � for action. Yeas: Adado, Antekeier, Bommarito, Brodie, Hollister, Rhode, Rubley Nays: None The request for Duty Disability by Debra Welch was denied. Motion made by Trustee Brodie supported by Trustee Hollister. Adopted by the following vote: Unanimously The meeting adjourned at 9:04 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chairperson (; yIVET) OFFICIAL PROCEEDINGS OF THE BOARD OF TRUS Spi; U CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM LApdSING CiiY CLER�i Regular Meeting City Clerk Conference Room City Hall Lansing, MI 48933 July 23, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees,Antekeier,Bommarito, Brodie, Rossi, Rubley - S. Absent: Trustee Adado, Hollister, Rhode - 3. Others: Gary E.Gustafson, Finance; Jack Jordan, Law Department; and 3 retirees. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the minutes of the regular meeting of June 18,1998. Adopted by the following vote: Unanimously The Secretary reported: 1 new members (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 0 retired. Total active membership: 521. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of June, 1998: $713,092.70. Total number of ERS retirement checks printed: 599. Total retirement checks printed for all three systems: 1,123. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Antekeier supported by Trustee Brodie to approve the request for Regular Age & Service Retirement for Larry Theisen, District Court, 26 years 3 months service credits, age 47 years, effective July 18, 1998. Yeas: Antekeier, Bommarito, Brodie, Rossi, Rubley Nays: None It was moved by Trustee Antekeier supported by Trustee Brodie to approve the request for Regular Age & Service Retirement for Edward Osmar, Police E.E.M.V., 20 years 5 months service credits, age 49 years effective July 7, 1998. Yeas: Antekeier, Bommarito, Brodie, Rossi, Rubley Nays: None Employees' Retirement system Minutes from Regular meeting July 23, 1998 page 2 It was moved by Trustee Antekeier supported by Trustee Brodie to approve the request for Regular Age & Service Retirement for Rebecca Gesselman, Public Service (Transportation), 22 years 11 months service credits, age 58 years, effective August 1, 1998. Yeas: Antekeier, Bommarito, Brodie, Rossi, Rubley Nays: None It was moved by Trustee Brodie supported by Trustee Antekeier to approve the request for Regular Age & Service Retirement for Kim Stuut, Gier Community Center, 20 years 10 months service credits, age 45, effective August 7, 1998. Yeas: Antekeier, Bommarito, Brodie, Rossi, Rubley Nays: None Motion was made by Trustee Brodie supported by Trustee Bommarito to excuse Trustees Adado, Hollister, Rhode. Adopted unanimously. Mr. Rubley provided the Investment Report for May, 1998. Motion was made by Trustee Brodie supported by Trustee Antekeier to approve the fees of Actuary Gabriel, Roeder, Smith & Company which were increased by the rate of inflation. Adopted unanimously. "Minute Master" was discussed by Doug Rubley and it was decided to have a presentation next month at the joint meeting. A standard "EDRO" form from Gabriel, Roeder, Smith & Company was proposed and Doug Rubley will follow up on to get a proposal. Dr. Tellis, medical director, submitted a letter of resignation which was referred to sub -committee. The meet' n adfj�our d at 9:50 a.m. V Robert W. Swanson, Secretary l Employees' Retirement System Minutes approved on C�-?�� Douglas Rubley, Chairperson C .IVE D OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING AN 9: 51 EMPLOYEES' RETIREMENT SYSTEM LANSIN G Ci (y CLERK Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 August 20, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees,Adado,Antekeier, Brodie,Rhode, Rossi, Rubley - 6. Absent: Trustee Bommarito, Hollister, - 2. Others: Gary E.Gustafson, John McComb Finance; Jack Jordan, Law Department; 1 intern from Treasures Office: and 2 retirees. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the minutes of the regular meeting of July 23,1998. Adopted by the following vote: Unanimously The Secretary reported: 0 new members(s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 2 retired. Total active membership: 520. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of July, 1998: $715,506.44. Total number of ERS retirement checks printed: 599. Total retirement checks printed for all three systems: 1,127. 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 Antekeier to approve the request for Regular Age & Service Retirement for Claudia Heinman, Data Processing, 15 years 2 months service credits, age 58 years, effective August 31, 1998. Yeas: Adado,Antekeier, Brodie,Rhode, Rossi, Rubley Nays: None It was moved by Trustee Brodie supported by Trustee Rossi to approve the request for Regular Age & Service Retirement for Barbara Judge, Deferred Retirement from Planning Department, 11 years 5 months service credits, age 58 years effective August 31, 1998. Yeas: Adado, Antekeier, Brodie,Rhode, Rossi, Rubley Nays: None Employees' Retirement system Minutes from Regular meeting August 20, 1998 page 2 Motion was made by Trustee Adado supported by Trustee Brodie to excuse Trustees Bommarito, Hollister. Adopted unanimously. Motion was made by Trustee Brodie supported by Trustee Adado to authorize 1 or 2 members to attend educational conferences. Adopted unanimously. Mr. Rubley provided the Investment Report for June, 1998. Motion was made by Trustee Rhode divide the 1998 City Contribution managers. Adopted unanimously. supported by Trustee Antekeier to 50/50 between the existing bond Motion was made by Trustee Adado supported by Trustee Brodie to send Ronald Swan to our doctor for an evaluation concerning his Duty Disability Request. Adopted unanimously. The mee adj u ed at 9:18 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on l I7> Douglas Rubley, Chairperso OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting September 17, 1998 Council Conference Room Thursday, 8:30 a.m. 10th Floor City Hall City Hall Lansing, MI 48933 The Board met in regular session and was called to order at 8:30 a.m. Present: Trustees,Adado,Antekeier,Bommarito,Brodie,Hollister,Rhode, Rossi, Rubley - 8. Absent: None Others: Gary E.Gustafson,Finance; Jack Jordan,Law Department. It was moved by Trustee Adado supported by Trustee Hollister to approve the minutes of the regular meeting of August 20,1998. Adopted by the following vote: Unanimously The Secretary reported: 0 new members(s), 0 reinstatement(s), 0 ref und(s), 0 transfer(s), and 3 retired. Total active membership: 517. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of August, 1998: $719,847.77. Total number of ERS retirement checks printed: 601. Total retirement checks printed for all three systems: 1,128. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Adado supported by Trustee Rossi to approve the request of William Norris for a Deferred Retirement. Adopted by the following vote: Unanimously It was moved by Trustee Hollister supported by Trustee Antekeier to approve Mr. Adado and one other to attend a conference paid for from securities lending. Adopted by the following vote: Unanimously It was moved by Trustee Hollister supported by Trustee Antekeier to approve the purchase of the "Minute Master" service. Adopted by the following vote: Unanimously Employees' Retirement system Minutes from Regular meeting September 17, 1998 page It was moved by Trustee Adado supported by Trustee Antekeier to approve the purchase of a Standard EDRO Form. Yeas: Adado, Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: None Mr. Rubley provided the Investment Report for July, 1998. Motion was made by Trustee Rhode supported by Trustee Adado to delay the 1998 City Contribution between the existing bond managers a month until we talk with our consultants. Adopted unanimously. Motion was made by Trustee Adado supported by Trustee Brodie to allow for temporary help to be hired to assist in implementing the new provisions of the retirement Ordinance. Cost is not to exceed $10,000.00. Yeas: Adado, Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: None It was moved by Trustee Rubley supported by Trustee Rossi to pass a resolution of appreciation for Council's and Mr Adado's support of the recent revisions to the Retirement Ordinance. Adopted by the following vote: Unanimously The m W jo ned at 9:25 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Cha�Iperson OFFICIAL PROCEEDINGS OF THE BOARD OF Tl �-4 ( , CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM LANSING CITY CLERIK Regular Meeting October 22, 1998 8th Floor Conference Room Thursday, 8:30 a.m. City Hall Lansing, MI 48933 The Board met in regular session and was called to order at 8:35 a.m. Present: Trustees,Adado,Antekeier,Bommarito,Hollister,Rhode,Rossi, Rubley - 7. Absent: Brodie, - 1 Others: Gary E. Gustafson, Robert Swanson Finance; Jack Jordan, Law Department; and 3 retirees. It was moved by Trustee Adado supported by Trustee Hollister to approve the minutes of the regular meeting of September 17,1998. Adopted by the following vote: Unanimously The Secretary reported: 2 new members (s), 0 reinstatement (s), 0 refund (s), 0 transfer (s), and 0 retired. Total active membership: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of September, 1998: $722,327.90. Total number of ERS retirement checks printed: 602. Total retirement checks printed for all three systems: 1,129. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Hollister supported by Trustee Antekeier to have Larry Grissom examined by Dr. Chiodo to evaluate his condition in response to his request for a non duty Disability Retirement. Motion was made by Trustee Adado supported by Trustee Antekeier to excuse Trustee Brodie. Adopted Unanimously. It was moved by Trustee Rhode supported by Trustee Adado to authorize the chair -person to sign an agreement with Northern trust for tliee- procedure to authorize the Deputy Finance Director, Finance Director, Deputy Controller, Principal Operation Analyst, or Senior Principal Accountant to be the authenticators) (under Default Option I) for transactions with Northern Trust. Adopted by the following vote: Unanimously. Employees' Retirement system Minutes from Regular meeting October 22, 1998 page 2. Mr. Rubley provided the Investment Report for August, 1998. It was moved by Trustee Antekeier supported by Trustee Rossi to Hire Dr. Chiodo on a one year basis as medical eensu'_t� funded by Securities Lending. Yeas: Adado, Antekeier, Bommarito, Hollister, Rhode, Rossi, Rubley Nays: None The me i g j4z=S a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chai rson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM C; C, Regular Meeting 8th Floor Conference Room City Hall Lansing, MI 48933 November 19, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:35 a.m. Present: Trustees Antekeier,Bommarito,Brodie, Rhode,Rossi, Rubley - 7. Absent: Adado, Hollister - 2 Others: Gary E.Gustafson,Robert Swanson Finance; and 2 retirees. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the minutes of the regular meeting of October 22,1998. Adopted by the following vote: Unanimously The Secretary reported: 1 new members(s), 0 reinstatement(s), 0 refund (s), 0 transfer (s), and 0 retired. Total active membership: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of October, 1998: $722,133.22. Total number of ERS retirement checks printed: 601. Total retirement checks printed for all three systems: 1,129. Domestic relations orders received: 1. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. It was moved by Trustee Rhode supported by Trustee Brodie to postpone the acceptance of the Actuary Annual Report until the December meeting when the Actuary will submit new report changing the assumed rate of return from 7% to 80. Yeas: Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley Nays: None It was moved by Trustee Brodie supported by Trustee Antekeier to approve the request for regular Age & Service Retirement for Cy Clark, Parks & Recreation, 22 years service credits, age 58, effective January 5, 1998. Motion was made by Trustee Rossi supported by Trustee Brodie to excuse Trustees Adado, Hollister. Adopted Unanimously. Employees' Retirement system Minutes from Regular meeting October 22, 1998 page 2. Mr. Rubley provided the Investment Report for October, 1998. The mee Uad't:2at= a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chair on J OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTFbl CITY OF LANSING `"`� .ir ij EMPLOYEES' RETIREMENT SYSTELTy Sjj�C C11 Y CLERK Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 December 17, 1998 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees Antekeier,Bommarito,Brodie, Rhode,Rossi, Rubley - 7. Absent: Adado, Hollister - 2 Others: Gary E. Gustafson, Robert Swanson Finance: Jack Jordan, Law Department: It was moved by Trustee Rhode supported by Trustee Brodie to approve the minutes of the regular meeting of November 19,1998. Adopted by the following vote: Unanimously The Secretary reported: 6 new members (s), 0 reinstatement (s), 0 refund (s), 0 transfer (s), and 0 retired. Total active membership: 525. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of November, 1998: $722,293.54. Total number of ERS retirement checks printed: 601. Total retirement checks printed for all three systems: 1,128. Domestic relations orders received: 0. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. The Board agreed to vote in total on the following Regular Age & Service Retirements: Marcos Jimenez, Public Service, 29 years 2 months service credits, age 50 years, effective January 7, 1999. Pedro A. Alicea, Public Service, 31 years 1 month service credits, age 53 years, effective January 8, 1999. Michael Aldrich, Computer and Communication Services, 18 years 6 months service credits, age 46 years, effective November 25, 1998. Tedford J. Tycocki, Deferred Retirement from Public Service, 12 years 11 months service credits, age 58 years, effective December 10, 1998. Employees' Retirement System Minutes from Regular meeting December 19, 1998 page 2. Michael D. Baird, Public Service, 27 years 5 months service credits, age 52 years, effective January 4, 1999. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the above Age and Service Retirements. Yeas: Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley Nays: None It was moved by Trustee Rossi supported by Trustee Antekeier to approve Larry Grissom Non Duty Disability Request after reviewing Dr. Chiodo Medical Evaluation. Adopted Unanimously. Motion was made by Trustee Brodie excuse Trustees Adado, Hollister. Adopted Unanimously. supported by Trustee Antekeier to It was moved by Trustee Brodie supported by Trustee Antekeier to have Trustee Rubley continue on as Chair for 1999. Adopted unanimously. It was moved by Trustee Antekeier supported by Trustee Rhode to have Trustee Brodie continue on as Vice -Chair for 1999. Adopted unanimously. It was moved by Trustee Rhode supported by Trustee Brodie to approve the Meeting Dates for 1999. Yeas: Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley Nays: None Mr. Rubley provided the Investment Report for November, 1998. The meet'n ad' ur ed at 10:05 a.m. Robert . Swanson, Secretary Employees' Retirement System Minutes approved on 4 Douglas Rubley, Chair rson