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HomeMy WebLinkAbout1999 Employee's Retirement System Board MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEI-S2 3 A I i 8: 2 2 CITY OF LANSING LANSING CITY CLERK EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room loth Floor City Hall Lansing, MI 48933 January 21, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:38 a.m. Present: Trustees Antekeier,Bommarito,Brodie,Hollister, Rhode,Rossi, Rubley - 7. Absent: Adado, - 1 Others: Gary E.Gustafson, Finance: Jack Jordan, Law Department: It was moved by Trustee Rossi supported by Trustee Brodie to approve the minutes of the regular meeting of December 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 2 retired. Total active membership: 526. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of December, 1998: $894,878.17. Total number of ERS retirement checks printed: 603. Total retirement checks printed for all three systems: 1,135. Domestic relations orders received: 0. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. Motion was made by Trustee Brodie supported by Trustee Antekeier to excuse Trustee Adado. Adopted Unanimously. The m 'ng dj rned at 08:58 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Ch person OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING ! '3 EMPLOYEES' RETIREMENT SYSTEM;: r ;-CLERr� Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 February 18, 1999 Thursday, 8:47 a.m. The Board met in regular session and was called to order at 8:47 a.m. Present: Trustees Adado,Antekeier,Bommarito,Brodie,Hollister,Rhode, Rossi, Rubley - 8. Absent: None Others: Gary E.Gustafson, Finance: Margaret Vroman, Law Department: Leon Hilton, UAW. It was moved by Trustee Hollister supported by Trustee Antekeier to approve the minutes of the regular meeting of January 21,1999. Adopted by the following vote: Unanimously The Secretary reported: 1 new members(s), 0 reinstatement(s), 0 refund (s), 0 transfer (s), and 4 retired. Total active membership: 523. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of January, 1999: $750,191.57. Total number of ERS retirement checks printed: 605. Total retirement checks printed for all three systems: 1,139. Domestic relations orders received: 0. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. It was moved by Trustee Brodie supported by Trustee Hollister to approve the request for regular Age & Service Retirement for Kathleen Schafer, Emergency Management Program Manager, 20 years 6 months service credits, age 46, effective February 27, 1999. Adopted by the following vote: Unanimously It was moved by Trustee Rubley supported by Trustee Hollister to approve the request for regular Age & Service Retirement for Robert Clegg, Public Service, 21 years 1 month service credits, age 44, effective March 12, 1999. Yeas: Adado, Antekeier, Bommarito, Brodie, Hollister, Rhode, Rossi, Rubley Nays: None Employees' Retirement System Minutes from Regular meeting February 18, 1999 page 2. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the request for regular Age & Service Retirement for James White, Building Safety, 19 years 5 months service credits, age 49, effective March 8, 1999. Adopted by the following vote: Unanimously The committee tabled for 1 month the Ron Swan Duty Disability Medical Evaluation. It was moved by Trustee Hollister supported by Trustee Antekeier to table for 1 month the Russell Barnes Retirement Computation. Adopted Unanimously. It was moved by Trustee Hollister supported by Trustee Brodie to Re- balance the retirement fund per the Asset Consulting Report. It was adopted Unanimously. Mr. Rubley provided the Investment Report for January. The meeting adjour ed at 09:21 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Cha erson t/E O;EPIW A 1' ;Q�EEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING LANSI ;G CITY tMVLOYEES'RETIREMENT SYSTEM Regular Meeting Council Conference Room loth Floor City Hall Lansing, MI 48933 March 18, 1999 Thursday, 8:47 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, Rossi, Rubley - 8. Absent: None Others: Gary E.Gustafson, Bob Swanson, Finance: Jack Jordan, Law Department: Amy Fraser, Personnel. It was moved by Trustee Adado supported by Trustee Antekeier to approve the minutes of the regular meeting of February 18,1999. 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: 522. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of February, 1999: $749,947.23. Total number of ERS retirement checks printed: 604. Total retirement checks printed for all three systems: 1,141. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 1. The sub -committee met and drafted a set of rules concerning Duty Disability and they will continue to revise the rules per suggestions from the rest of the board. It was moved by Trustee Brodie and supported by Trustee Adado to use ERS funds for Trustee's desiring to attend the International Benefits Conference for Public Employees in June. Adopted Unanimously. It was moved by Trustee Adado and supported by Trustee Brodie to move Russell Barnes Retirement Computation to Pending for next month. Adopted Unanimously. Employees' Retirement System Minutes from Regular meeting March 18, 1999 page 2. It was moved by Trustee to refer Ron Swan (Duty possible jobs Mr. Swan Yeas: Adado, Antekeier, Rubley Nays: None It was moved by Trustee approve the request for Sonia's effective date Yeas: Adado, Antekeier, Rubley Nays: None Brodie and supported by Trustee Adado Disability) back to Dr. Chiodo for a list of would be able to do. Bommarito, Brodie, Hollister, Rhode,Rossi, Brodie and supported by Trustee Antekeier to Duty Disability Retirement for Sonia Kellogg. is March 19, 1999. Bommarito, Brodie, Hollister, Rhode, Rossi, Mr. Rubley provided the Investment Report for February. Minutes approved on 424W Douglas Rubley, Chairperson The meeting adjourned at 09:53 a.m. Robert W. Swanson, Secretary Employees' Retirement System m RESOLVED BY THE EMPLOYEE RETIREMENT SYSTEM BOARD WHEREAS, the Employee Retirement System Board has determined that pre -funding of Retirement Health Benefits is a major benefit and priority of the City of Lansing and its retirees; and WHEREAS, the Retirement Board has received numerous reports and conducted studies on the cost of pre -funding health care and on the funding vehicles possible under federal law; and WHEREAS, in conjunction with these studies the board has recommended that the normal cost for pre -funding of health care, as determined by the actuary, can be funded within the retirement system, and the City has adopted an ordinance to allow such funding within the system; and WHEREAS, the City has voluntarily started appropriating funds towards the normal cost of health care pre -funding and the Retirement Board has determined that changing the assumed rate of return within the retirement system could provide additional funding towards achieving this goal; and WHEREAS, the actual rate of investment return within the retirement system has consistently been greater than the 7% assumed rate and the actuary has stated that moving to an 8% assumed rate is prudent if the savings are used to pre -fund health care; NOW, THEREFORE, BE IT RESOLVED, that the Employee Retirement System Board approves changing the assumed rate of investment return from 7% to 8% and the assumed base portion of pay increases from 4% to 5% resulting in a real rate of return assumption of 3% effective December 31, 1997. BE IT FURTHER RESOLVED, that the annual savings in the City Contribution resulting from this change based on the unfunded liabilities and the normal cost of the system for current benefits as of December 31, 1997 shall be deposited annually to the Employee Retirement System for pre -funding of health care benefits, and that the assumed rate of return shall revert back to 7% if such annual deposit is not made. C'/dougl-1.1 OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING 9 P"i 2.34 EMPLOYEES' RETIREMENT SYSTEM I NSItiG CITY CLERIC Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 April 22, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:45 a.m. Present: Trustees Antekeier,Bommarito,Brodie,Rhode, Rossi, Rubley - 6. Absent: Adado, Hollister Others: Gary E.Gustafson, Finance Department: Jack Jordan, Law Department: Amy Fraser, Personnel Department. It was moved by Trustee Rossi supported by Trustee Antekeier to approve the minutes of the regular meeting of March 18,1999. Adopted by the following vote: Unanimously The Secretary reported: 1 new members (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 2 retired. Total active membership: 521. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of March, 1999: $753,340.09. Total number of ERS retirement checks printed: 607. Total retirement checks printed for all three systems: 1,145. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified:. 1. One eligible domestic relations order decertificated. Motion was made by Trustee Brodie supported by Trustee Antekeier to excuse Trustees Adado and Hollister. Adopted Unanimously. Motion was made by Trustee Brodie supported by Trustee Antekeier to split the cost of sending Jack Jordan to a conference in Washington D.C. with the Police & Fire Retirement Board. Adopted Unanimously. Motion was made by Trustee Rhode supported by Trustee Antekeier to approve Duty Disability Draft Procedure.No. 292.23 Adopted Unanimously. Employees' Retirement System Minutes from Regular meeting April 22, 1999 page 2. It was moved by Trustee Rossi and supported by Trustee Brodie to approve Ron Swan Duty Disability pending receipt of Dr. Chiodo approval certification. Yeas: Antekeier, Bommarito, Brodie, Rhode,Rossi, Rubley Nays: None Mr. Rubley provided the Investment Report for March. The meeting adjourned at 09:45 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chair rson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES' `' CITY OF LANSING _'_!'' 17 EMPLOYEES' RETIREMENT SYSTEM LA'fSilfG CITY CLERK, Regular Meeting MAY 20, 1999 Council Conference Room Thursday, 8:30 a.m. loth Floor City Hall Lansing, MI 48933 The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees Adado,Antekeier,Bommarito,Brodie,Rhode,Rossi, Rubley - 7. Absent: Hollister Others: Gary E.Gustafson, Finance Department: Jack Jordan, Law Department, Margaret Herp, Retiree. It was moved by Trustee Rhode supported by Trustee Brodie to approve the minutes of the regular meeting of April 22,1999. Adopted by the following vote: Unanimously. Margaret Herp, retiree, addressed the ERS Board about the possibility of having a retiree on the board. She was advised that this might take an Ordinance change plus there could be some union implications. The Secretary reported: 0 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 April, 1999: $757,332.82. Total number of ERS retirement checks printed: 603. Total retirement checks printed for all three systems: 1,145. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Motion was made by Trustee Adado supported by Trustee Brodie to excuse Trustee Hollister. Adopted Unanimously. Doug Rubley discussed Option A (Insurable Interest) plus Pension Procedures Form Revision. Mr. Rubley submitted a Department of Law Memorandum Dated September 15, 1993 which defined (Insurable Interest) as it pertained to the Carol Rapson Beneficiary Selection. The Memorandum substantiates Ms. Rapson's Beneficiary. Employees' Retirement System Minutes from Regular meeting May 20, 1999 page 2. Mr. Rubley did not give the investment report for April as the information was not yet available. The meeting adjou ned at 07 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Cha rperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM C1 Y CL " Regular Meeting Council Conference Room loth Floor City Hall . Lansing, MI 48933 June 17, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:42 a.m. Present: Trustees Adado,Antekeier,Bommarito,Brodie,Rhode Rubley - 6. Absent: Hollister, Rossi Others: Gary E.Gustafson, Finance Department: Jack Jordan, Law Department, Margaret Herp, Retiree. It was moved by Trustee Rhode supported by Trustee Brodie to approve the minutes of the regular meeting of May 20,1999. Adopted by the following vote: Unanimously. Margaret Herp, retiree, presented a petition signed by retirees asking that a retiree be added to the ERS Board. Jack Jordan stated that the ordinance would have to change plus the unions would have to concur. The Secretary reported: 1 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 May, 1999: $753,932.29. Total number of ERS retirement checks printed: 604. Total retirement checks printed for all three systems: 1,147. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. The Board agree to vote on the following applications for Regular Age and Service Retirement all together. Francesca E. Knot, City Council, 23 years 8 months service credits, age 42, effective July 1, 1999. Paul Bouldin, Police 911, 22 years 11 months service credits, age 42, effective July 1, 1999. Victoria Merrill, Computer and Communication Services, 22 years service credits, age 44, effective July 6, 1999. Employees' Retirement System Minutes from Regular Meeting June 17, 1999 page 2. Patty Trost, Computer and Communication Services, 23 years 11 months service credits, age 45, effective July 6, 1999. Karen L. Brewington, Deferred Retirement from Personnel, 10 years 3 months service credits, age 54, effective June 24, 1999. Deferred since January 1, 1994. It was moved by Trustee Brodie and supported by Trustee Antekeier to approve the above applications for Regular Age and Service Retirements. Yeas: Adado, Antekeier, Bommarito, Brodie, Rhode, Rubley Nays: None Motion was made by Trustee Adado supported by Trustee Brodie to excuse Trustees Hollister and Rossi. Adopted Unanimously. Mr. Rubley gave the investment report for April and May. Minutes approved on � ZZ �r Douglas Rubley, Chairpe"rson The meeting adjourned at 09:09 a.m. Robert W. Swanson, Secretary Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES 9" -0 0 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEAW�'!"I G CITY CLERK K Regular Meeting Council Conference Room loth Floor City Hall Lansing, MI 48933 July 22, 1999 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,Rossi, Rubley - 6. Absent: Hollister, Rhode Others: Gary E.Gustafson, Finance Department: Jack Jordan, Law Department, Margaret Herp and two other Retirees. It was moved by Trustee Adado supported by Trustee Antekeier to approve the minutes of the regular meeting of June 17,1999. Adopted by the following vote: Unanimously. Margaret Herp and two other retirees were present to support the petition concerning the adding of a retiree to the ERS Board. The Secretary reported: 0 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 June, 1999: $753,426.68. Total number of ERS retirement checks printed: 604. Total retirement checks printed for all three systems: 1,148. Domestic relations orders received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. The Board agreed to vote on the following applications for Regular Age and Service Retirement together. John P. Miller, Public Service Parking, 21 years 9 months service credits, age 51, effective July 15, 1999. Dale Dezess, Public Service 0&M, 20 years 6 months service credits, age 60, effective July 16, 1999. It was moved by Trustee Adado and supported by Trustee Bommarito to approve the above applications for Regular Age and Service Retirements. Adopted by the following vote: Unanimously. Employees' Retirement System Minutes from Regular Meeting July 22, 1999 page 2. Motion was made by Trustee Adado supported by Trustee Antekeier to excuse Trustees Hollister and Rhode. Adopted Unanimously. Motion was made by Trustee Adado and supported by Trustee Antekeier to rescind the old EDRO rules and approve the new EDRO form which would be reviewed by our Actuary Garbiel, Roeder, Smith & Company. Also that our Actuary only work with the individuals requesting an EDRO on a pre -paid basis. Adopted Unanimously. Brinton Butler's request for a Deferred Retirement was noted. Option A (Insurable Interest) was discussed and change is needed per the committee's recommendation. The ERS Board authorized Mr. Rubley to proceed with the Pension Form. Mr. Rubley gave the investment report for June. Minutes approved on The meeting adjourned at 09:44 a.m. Robert W. Swanson, Secretary Employees' Retirement System F//5/ ` cJ [ter" Douglas Rubley, Chairper n OFFICIAL PROCEEDINGS. OF THE BOARD OF TRUSTEES, CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM L''. ;5;';�; CID` CLERTI Regular Meeting Council Conference Room loth Floor City Hall Lansing, MI 48933 August 19, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:37 a.m. Present: Trustees Antekeier,Bommarito,Brodie,Rhode,Rossi, Rubley - 6. Absent: Adado,Hollister Others: Gary E.Gustafson, Bob Swanson, Finance Department: Margo Vroman, Law Department. It was moved by Trustee Rossi supported by Trustee Brodie to approve the minutes of the regular meeting of July 22,1999. Adopted by the following vote: Unanimously. The Secretary reported: 1 new members(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), and 4 retired. Total active membership: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of July, 1999: $762,014.89. Total number of ERS retirement checks printed: 609. Total retirement checks printed for all three systems: 1,161. 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 Trustees Adado and Hollister. Adopted Unanimously. Motion was made by Trustee Brodie supported by Trustee Bommarito to authorize sending Trustees to the National Conference for Employees Retirement Boards. Adopted Unanimously. Trustee Antekeier volunteered to be on the committee organizing informational meetings for employees and Trustee Rhode will be one of the speakers. Employees' Retirement System Minutes from Regular Meeting August 19, 1999 page 2. Trustee Rubley gave an update concerning the Petition for a Retiree to sit on the Employees Retirement Board. The following Retirees were in attendance to support the petition. Lydia Heiden, Margaret Herp, Walter Marcus, Edward Piloske, George Taylor, and George Weeks. Mr. Rubley gave the investment report for July. The meeting adjourned at 09:16 a.m. L Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chai`3;person OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSINGf` EMPLOYEES' RETIREMENT SYSTEM LANS(NIG CITY CLE ;�, Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 September 23, 1999 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,Bo=arito,Brodie,Rhode,Rossi, Rubley - 7. Absent: Hollister Others: Gary E.Gustafson, Bob Swanson, Finance Department: Jack Jordan, Law Department, Margaret Herp, Lydia Heiden, Retirees. It was moved by Trustee Brodie supported by Trustee Antekeier to approve the minutes of the regular meeting of August 19,1999. Adopted by the following vote: Unanimously. The Secretary reported: 2 new members (s), 0 reinstatement (s), 0 refund(s), 0 transfer(s), and 2 retired. Total active membership: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of August, 1999: $766,882.46. Total number of ERS retirement checks printed: 611. Total retirement checks printed for all three systems: 1,163. Domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Adado supported by Trustee Antekeier to approve the request for Regular Age & Service Retirement for Cindy S. VanNeste, Planning and Neighborhood Development, 23 years service credits, age 42, effective October 4, 1999. Yeas: Adado, 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 (From Deferred) for Karen K. Green, Police Department, 23 years service credits which includes 5 additional years, age 42, effective September 17, 1999. Karen has been deferred since January 4, 1993. Yeas: Antekeier, Bommarito, Brodie, Rhode, Rossi, Rubley Nays: Adado Employees' Retirement System Minutes from Regular Meeting September 23, 1999 page 2. Motion was made By Trustee Adado supported by Trustee Brodie to excuse Trustee Hollister. Adopted Unanimously. Motion was made by Trustee Antekeier supported by Trustee Brodie to authorize sending Jack Jordan to the Public Funds Board Forum in Dec. instead of the Washington D.C. Conference. Adopted Unanimously. Motion was made by Trustee Adado supported by Trustee Brodie to move the request for Service Credits from Teri Cook to pending. Adopted Unanimously. Motion was made by Trustee Adado supported by Trustee Rhode to approve the new fee structure from Gabriel, Roeder, Smith & Company. Adopted Unanimously. Doug Rubley briefed the Board on Option A (Insurable Interest) The Board noted the resignation of Jon Dowling from the Public Service Department. Mr. Dowling may eventually be eligible for Health Benefits. Mr. Rubley gave the investment report for August. The meeting adjour ed at 10:06 a.m. i T- Robert W. Swanson, Secretary Employees' Retirement System LG Minutes approved on lr / Douglas Rubley, Chairpers�bn OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room loth Floor City Hall Lansing, MI 48933 October 21, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:35 a.m. Present: Trustees Adado,Brodie,Rhode,Rossi, Rubley - 5. Absent: Antekeier,Bommarito,Hollister Others: Gary E.Gustafson, Finance Department: Jack Jordan, plus an intern, Law Department, Margaret Herp, Retiree. It was moved by Trustee Adado supported by Trustee Brodie to approve the minutes of the regular meeting of September 23,1999. 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: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of September, 1999: $767,357.31. Total number of ERS retirement checks printed: 612. Total retirement checks printed for all three systems: 1,164. Domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Brodie supported by Trustee Rossi to approve the request for Regular Age & Service Retirement for James D. Goodin, Deferred Retirement from City Treasure, 15 years 3 months service credits, age 49 years 9 months, effective November 1, 1999. Yeas: Adado, Brodie, Rhode, Rossi, Rubley Nays: None Motion was made By Trustee Adado supported by Trustee Rhode to excuse Trustees Antekeier, Bommarito, Hollister. Adopted Unanimously Motion was made by Trustee Adado supported by Trustee Brodie to authorize sending up to two people to the Public Funds Board Forum and pay one half of Jack Jordans expense to the Forum. Adopted Unanimously. Employees' Retirement System Minutes from Regular Meeting October 211 1999 page 2. It was moved by Trustee Adado and supported by Trustee Brodie to refer the Caproc Investment Company letter received by Trustee Rubley requesting a meeting to the Investment Sub Committee. Adopted Unanimously. Trustee Brodie briefed the Board on having an audit of the ERS Plan. It was moved by Trustee Adado and supported by Trustee Brodie to form a sub -committee to approve the concept of adding a 9th member to the board. Trustees Adado, Bommarito, and Rossi agreed to serve on the committee. It was adopted unanimously. Mr. Rubley gave the investment report for September. The meeting adjourned at 9:10 a.m. Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on Douglas Rubley, Chairperson D. OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTET�S- Al j , . 5 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM CITY CLERK Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 November 18, 1999 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:40 a.m. Present: Trustees Antekeier,Brodie,Hollister,Rhode,Rossi, Rubley - 6. Absent: Adado,Bommarito Others: Gary E.Gustafson, Bob Swanson, Finance Department: Jack Jordan, Law Department, Margaret Herp, Retiree. It was moved by Trustee Rossi supported by Trustee Antekeier to approve the minutes of the regular meeting of October 21,1999. Adopted by the following vote: Unanimously. The Secretary reported: 1 new members(s), 0 reinstatement(s), 0 ref und(s), 0 transfer(s), and 1 retired. Total active membership: 519. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of October, 1999: $768,195.61. Total number of ERS retirement checks printed: 612. Total retirement checks printed for all three systems: 1,165. Domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. Motion was made By Trustee Hollister supported by Trustee Antekeier to excuse Trustees Adado and Bommarito. Adopted Unanimously Travel Reimbursement was discussed and it was decided to obtain an estimate of cost before the board would approve. It was moved by Trustee Hollister and supported by Trustee Brodie to readopt the rate of assumed rate of investment return from 7% to 8% retro to December 31, 1998. Adopted Unanimously Trustee Brodie agreed to contact Paul Luzynski of the Police and Fire Retirement. Board to setup a meeting to discuss an Audit of the Retirement Plans. Employees' Retirement System Minutes from Regular Meeting November 18, 1999 page 2. Mr. Rubley discussed briefly the status of Option A (Insurable Interest) and.the Service Credit Request for Teri Cook. Mr. Rubley gave the investment report for October. C Minutes approved on A0- Douglas Rubley, Chair erson The meeting adjourned at 9:22 a.m. Robert W. Swanson, Secretary Employees' Retirement System RESOLVED BY THE EMPLOYEE RETIREMENT SYSTEM BOARD WHEREAS, the Employee Retirement System Board has determined that pre -funding of Retirement Health Benefits is a major benefit and. priority of the City of Lansing and its retirees; and WHEREAS, the Retirement Board has received numerous reports and conducted studies on the cost of pre -funding health care and on the funding vehicles possible under federal law; and WHEREAS, in conjunction with these studies the board has recommended that the normal cost for pre -funding of health care, as determined by the actuary, can be funded within the retirement system, and the City has adopted an ordinance to allow such funding within the system; and WHEREAS, the City has voluntarily started appropriating funds towards the normal cost of health care pre -funding and the Retirement Board has determined that changing the assumed rate of return within the retirement system could provide additional funding towards achieving this goal; and WHEREAS, the actual rate of investment return within the retirement system has consistently been greater than the 7% assumed rate and the actuary has stated that moving to an 8% assumed rate is prudent if the savings are used to pre -fund health care; NOW, THEREFORE, BE IT RESOLVED, that the Employee Retirement System Board approves changing the assumed rate of investment return from 7% to 8% and the assumed base portion of pay increases from 4% to 5% resulting in a real rate of return assumption of 3% effective December 31, 1997. BE IT FURTHER RESOLVED, that the annual savings in the City Contribution resulting from this change based on the unfunded liabilities and the normal cost of the system for current benefits as of December 31, 1997 shall be deposited annually to the Employee Retirement System for pre -funding of health care benefits, and that the assumed rate of return shall revert back to 7% if such annual deposit is not made. C'd.wr a. r-- OFFICIAL PROCEEDINGS OF THE BOARD OF I'ZUSTE CITY OF LANSING EMPLOYEES' RETIREMENT SYSU M ITIG CITY CLeF;1, Regular Meeting Council Conference Room 10th Floor City Hall Lansing, MI 48933 December 16, 1999 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,Hollister,Rhode,Rossi, Rubley - 6. Absent: Adado,Brodie Others: Gary E. Gustafson, Bob Swanson, Finance Margaret Herp, Retiree. It was moved by Trustee Antekeier and supported by Trustee Hollister to approve the minutes of the regular meeting of November 18,1999. Adopted by the following vote: Unanimously. The Secretary reported: 4 new members (s), 0 reinstatement (s), 0 refund (s), 0 transfer (s), and 0 retired. Total active membership: 523. Refunds made since the last regular meeting: $0. Retirement allowances paid for the month of November, 1999: $768,200.92. Total number of ERS retirement checks printed: 613. Total retirement checks printed for all three systems: 1,169. Domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. The Board agreed to vote on both of the Regular Age & Service Retirements together. Lannie R. Richmond, Parks and Recreation, 25 years service credits, age 52 years, effective January 3, 2000. Janet S. Miller, Parks and Recreation, 13 years 2 months service credits, age 65 years, effective January 3, 2000. It was moved by Trustee Hollister and supported by Trustee Antekeier to approve the above Age and Service Retirements. Adopted Unanimously Motion was made By Trustee Hollister supported by Trustee Antekeier to excuse Trustees Adado and Brodie Employees' Retirement System Minutes from Regular Meeting December 16, 1999 page 2. Adopted Unanimously Motion was made by Trustee Rhode and supported by Trustee Rossi to keep the same Chair and Vice -Chair as last year. Adopted Unanimously Motion was made by Trustee Rhode and supported by Trustee Antekeier to approve the Meeting Dates for year 2000 with the January Meeting subject to change to either January 13 or January 27. Adopted Unanimously It was moved Trustee Rhode and supported by Trustee Rossi to approve the selection of Forstmann Leff (Growth) and Ariel Capital (Value Manager) as Small to Mid Cap Managers with 50 of the Employees' Retirement Fund to be invested with each firm. Adopted Unanimously The investment report for November was not given as it was too early for the information to arrive. The meeti g adjo rned at 9:38 a.m. L Robert W. Swanson, Secretary Employees' Retirement System Minutes approved on 7- -Douglas Rubley, Chairperson