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HomeMy WebLinkAbout2019 ERS MinutesOFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES RETIREMENT SYSTEM Regular Meeting January 24, 2019 City Council Conference Room Thursday, 8:30 a.m. 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:41 a.m. Present:, Dedic, Kraus, Munroe, D. Parker, M. Parker, Sanchez-Gazella— 6 Absent: Trustee Schor, Washington Others: Angela Bennett, Karen E. Williams, Finance Department; Attorney Joseph Abood, Law Department; Denise Estee, retiree; Lynne Meade, Teamster 243; Eric Hassett, employee. It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the Official Minutes of the Employees' Retirement System Board Regular Meeting of December 20, 2018. Adopted by the following vote: 6 - 0 Denise Estee, City of Lansing Teamster retiree, had public comments for items on the agenda. Ms. Estee retired in 2005. Ms. Estee stated that in June 2014, several retirees came to the Employees Retirement System Board to dispute the calculated of their health care premiums. At that time, the retiree group were informed that the Employees Retirement Board does not govern health care and that the Administration did. The retiree group took their complaint to the Internal Auditors, and the Way and Means Committees of 2014, 2015, 2016, 2017. In 2018, City Attorney Janene McIntyre and acting Human Resources Director provided a report that agreed with the retiree group. The City Council requested that Administration to supply documents to back up their premium costs. Ms. Estee stated that retirees under the same contract were paying different rates, with some retirees following actives, and others having no premium. Ms. Estee states that no legal documents to back up their premium costs. Ms. Estee requested that Employees Retirement System Board to request the document from the City Administration that supports the dollar amount taken for her premiums from her pension. Ms. Estee believes that she is owed a refund of $8,679.49 from 2010-2018. In March 22, 2019, the retiree complaint was reviewed by the current administration and was denied. Employees Retirement System Regular Meeting of January 24, 2019 Page 2 Trustee Dennis Parker stated that retiree health care is out of the Board's purview and the health care is determined under the collective bargaining agreement. The Employees Retirement System Board governs the pension benefit. The Board does not determine what payroll deduction are made. Attorney Abood provided background of the retiree complaint that was reviewed by the City Attorney's Office. Attorney Abood reported that a privileged and confidential memorandum by Attorney Mcintyre to the administration was released to the public. Attorney Abood while acting as City Attorney was requested to review the information and provide an opinion. Before his opinion was delivered, Attorney Smiertka became the new City Attorney. Attorney Abood provided his findings to the Attorney Smiertka for review and then the opinion was delivered to City Council. Mr. Robert Engel filed a grievance to the State Bar against Attorney Smiertka for delivering his opinion. The grievance was dismissed by the State Bar of Michigan. Ms. Lynne Meade stated that the Collective Bargaining Agreement phrase "retirees follows actives" was included to ensure the coverage level is not less than what actives receive. The contract makes no mention of premiums and was not negotiated with the Teamster. The Employees' Retirement System Board acknowledged the City Council appointment of Jodi Washington to the Board for 2019. Secretary's Report. 1 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total active membership: 427. Total deferred: 75. 1 death(s), Oakley Lyons (retired 6/15/2002 — UAW), died 12/27/2018, age 66, no beneficiary. Refunds made since the last regular meeting amounted to $0.00. Retirement allowances paid for the month of December 2018, amounted to $1,944,789.92. Total retirement checks printed for the ERS System: 920. Total Retirement Checks printed for both systems: 1664. Eligible domestic relations orders received: 0. Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0. Karen Williams reported that the Retirement Office received a letter from Julia M. Cherry requesting to rescind her application request to retire. It was moved by Trustee Mark Parker and Trustee Dedic to approve the application withdrawal of the request for regular age and service for Julia M. Cherry. Adopted by the following vote: 7 — 0. Employees Retirement System Regular Meeting of January 24, 2019 Page 3 It was moved by Trustee Dedic and supported by Trustee Mark Parker to approve the following requests for Regular Age & Service Retirement: Jill Rhode, (Finance/NonBargaining), 9 years, 2 months of service credits, age 58, effective February 1, 2019 (From Deferred) Toni Thomson( Finance/T243), 22 years, 6 months of service credits, age 58, effective December 18, 2018 (NonDuty Death). Charles Wolbeck, (Public Service/UAW), 22 years, 2 months of service, age 58, effective February 16, 2019. Ms. Williams explained the Employees Retirement System Ordinance provision for NonDuty Death. Adopted by the following vote: 6 — 0 Ms. Williams reported that Applicant #2018 — E1108 has submitted her medical records. The Retirement Office has arranged an appointment with the Medical Director for evaluation for duty disability. There were no requests for Non Duty Disability. It was moved by Trustee Mark Parker and supported by Trustee Dedic to excuse Trustee Jody Washington from the January Employees' Retirement System Board. Adopted by the following vote: 6 -0. Karen Williams reported that the MAPERS One Day Conference would be held March 1, 2019. Members who wished to attend should contact the Retirement Office to register. Attorney Abood reported that the Retirement Ordinance was under review by the City Attorney's Office. The City Attorney's Office has been trying to harmonize the Retirement Ordinance with the various collective bargaining agreements. The Employees' Retirement System Board tabled the discussion regarding 2019 budget until trustees are able to review previous years' numbers. Attorney Abood reported that the budget is not required to be approved in January. Employees Retirement System Regular Meeting of January 24, 2019 Page 4 It was moved by Trustee Munroe and supported by Trustee Kraus by unanimous vote to reconfirm and approve Dennis Parker as chairperson and Mark Parker as vice chairperson for the Police and Fire Retirement System Board for 2019. Adopted by the following vote: unanimous. Karen Williams requested that trustees should contact the Retirement Office or the chairperson for subcommittee memberships assignments. Karen Williams reported that the Employees' Retirement System has received a memo from Angela Bennett detailing the fiscal year pension contribution. The 2018 pension contribution was 10,380,932 was transferred December 28, 2018 by the City to the Employees' Retirement System. The total was actuarially calculated amount plus $500,000 that was appropriated by City Council. It was moved by Trustee Kraus and supported by Trustee Munroe to accept the 2018 Employees' Retirement System pension contribution. Adopted by the following vote: 6 — 0 Karen Williams reported that Gabriel Roeder Smith has sent a proposal to update Minute Master. The cost would not exceed $3,100. It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve appropriations for the Minute Master update. Adopted by the following vote: 6 — 0. The Employees Retirement System discussed the Eric Hassett request for eligibility to retire. Attorney Abood has indicated that Attorney Lane was reviewing the documents and will present his opinion at the February meeting. Trustee Dennis Parker stated that the Board discussed providing a recommendation to City Council for a determination. Trustee Sanchez-Gazella indicated that the grievance was denied and the 45 -day period for arbitration had expired. Attorney Abood stated an opinion from Attorney Lane that the section to restore service credit in special circumstances does not apply to this situation. Employees Retirement System Regular Meeting of January 24, 2019 Page 5 Trustee Mark Parker provided a review of what the Employees Retirement System Board had discussed. He referred to the Frequently Asked Questions that were provided to employees in 2004 that stated members would have all full time years of service counted for eligibility. Attorney Abood stated that it was his understanding that Frequently Asked Questions document could not be used to supersede the release agreement signed by Mr. Hassett or supersede the Retirement Ordinance or Collective Bargaining agreement. Attorney Abood recommended that the Board review the documents and receive Attorney Ken Lane opinion before making a decision. Mr. Hassett indicated that he used his own money to buy in to the Employees Retirement System in 2004. Trustee Kraus inquired how long City Council would take to act upon the issue. Ms. Bennett indicated the items must first be reviewed by the Committee of the Whole, before referral to the appropriate action. No action will be made the date the item was placed on the agenda. Trustee Munroe recommended that the Employees Retirement System have a special meeting to review documents and consider Mr. Hassett's eligibility. It was moved by Trustee Munroe and supported by Trustee Mark Parker to have a special meeting, Wednesday, February 6 at 8:30 a.m. to review documents and discuss Mr. Eric Hassett's request for eligibility to retire. Adopted by the following vote: 6 — 0. The Employees Retirement System Board discussed Mr. Robert Engel's complaint regarding health care premiums. Mr. Engel provided a request to the Employees Retirement System to refund his health care premiums of $20,915.08 taken from his pension check from 2010 -2018. His requested stated that the City Administration has not legal document to back up their premium charges for healthcare, or that links him Trustee Kraus inquired if all retirees have the same premiums within the same contract. Ms. Bennett indicated that retirees after February 20, 2004 follow active employees. Trustee Kraus clarified her question, asking if a member retired February 19, 2004, would that retiree follow active employees. Employees Retirement System Regular Meeting of January 24, 2019 Page 6 Ms. Bennett stated that employees, who were subject to the collective bargaining agreement, would follow active employees after the February 20, 2004. Trustee Dedic stated that the Employees Retirement System Board determined the pension amount for years of service. The ERS Board does not govern if the City administration takes out deductions incorrectly, the Board is not responsible for items after the gross amount has been determined. The Employees Retirement System Board discussed Mr. Walter Funches, deceased, option selection. Karen Williams indicated that the Retirement Office received a letter from the lawyer representing Mr. Funches's estate. Attorney Fleck indicated that Mr. Funches signed up for a straight life pension and was told in 2004, that his spouse and children would continue to receive benefits after his death. Attorney Fleck requested that the Employees Retirement System review the issue The Retirement office provided copy of Attorney Fleck's letter and Mr. Funches application signed in 2004. Mr. Funches application indicated the Straight life option that was chosen and states it terminates at death. Attorney Abood reported that he became aware of Mr. Funches's claim when Attorney Fleck presented it. Attorney Abood gathered all of the supporting documentation pertaining the Straight Life option and provided it to Mr. Fleck. Attorney Abood spoke with Attorney Fleck and indicated that there was nothing that could be done because Mr. Funches and Mrs. Funches had signed off on the application indicating Straight Life option. Ms. Angela Bennett updated the Employees' Retirement System regarding the Corrective Action Plan that had been approved by the State of Michigan. It will be monitored annually. Each December the system will need to file new form 5572. Ms. Williams presented the Monthly Investment Report and Securities Lending Report for the month of April 2015. It was moved by Trustee Dedic and supported by Trustee Mark Parker to adjourn the Employees Retirement System Board meeting. Adopted by the following vote: 6 — 0. The meeting adjourned at 10:02 a.m. Minutes approved on Dennis R. Parker, Chairperson Employees' Retirement System Angela Bennett, Secretary Employees Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Special Meeting Council Conference Room a. M. 10th Floor, City Hall Lansing, MI February 6, 2019 Wednesday, 8:30 The Board met in regular session and was called to order at 8:38 a.m. Present: Bennett, Dedic, Kraus, Munroe, D. Parker, M. Parker, Sanchez-Gazella, Schor (8:49) Washington - 8 Absent: 0. Others: Karen E. Williams, Finance Department; Eric Hassett, employee; Lynne Meade, Teamster 243; Attorney Ken Lane (representing the Law Department). Trustee Bennett indicated that she was acting Treasurer and would be participate in that capacity for the meeting. Attorney Lane sent out background documents regarding Mr. Eric Hassett request for eligibility to retire. Attorney Lane provided an overview of the issue. In 1995, Mr. Hassett made a decision to transfer from UAW to Teamster. Both unions provided for pension in different ways, UAW had a defined benefit plan, Teamsters had a defined contribution plan. Attorney Lane reviewed that Mr. Hassett requested a legal opinion regarding what would happen to his time. The City Attorney provided an opinion that if Mr. Hassett made the transition, the time would be forfeited. An acknowledgement was prepared for Mr. Hassett to sign in May 1995. Attorney Lane opined that the time was forfeited for all purposes except the Reciprocal Retirement Act. In 2003, collective bargaining, Teamster 580 began providing pension through the defined benefit plan. In 2003, a Frequently Asked Questions was provided to Mr. Hassett. Within the document, there was a statement that the time in either plan could be used for eligibility. In 2012, Attorney Lane provided a legal opinion that the time was forfeited based upon the acknowledgement that was signed in 1995. Mr. Hassett filed a grievance regarding the issue. The grievance was denied and the decision had not been appealed. Employees Retirement System Regular Meeting of February 6, 2019 Page 2 Attorney Lane provided options for Mr. Hassett. He stated that Mr. Hassett could request that his application for retirement be placed on the agenda for Board action. Attorney Lane stated within the Ordinance 292.15 there is a section that discusses special circumstances for restoration of service credit and allows the issue to be forwarded to City Council for review. Attorney Lane distributed a new legal opinion that re -affirmed his 2012 opinion. Trustee Dennis Parker indicated that Mr. Hassett was only requesting eligibility not pension benefit. He stressed that the 2004 Frequently Asked Question document stated that the time in either plan could be used for eligibility. Trustee Parker indicated that Mr. Hassett used his money to purchase into the defined benefit plan. Attorney Lane indicated the Frequently Asked Questions was not a legal document. The Board members discussed who could have drafted the Frequently Asked Questions. Trustee Kraus stated that Mr. Hassett purchased back in the defined benefit pension plan as of the date he transferred into the Teamster position. Trustee Kraus that the city documents indicate that May 1995 was his date for retirement purposes. Trustee Mark Parker felt that the Frequently Asked Question document was misleading. Trustee Mark Parker indicated that document stated that the time in either plan could be used for eligibility to retire. ' Attorney Lane opined that the Frequently Asked Question would supersede the collective bargaining or the acknowledgement that Mr. Hassett signed. Trustee Washington expressed that the Board members should only consider the documents before them, and not speculate on actions that happened in previous years. Trustee Washington expressed concern that the city service would not be counted because he worked the time. Trustee Washington believes that if he worked 25 years, then he should be allowed to retire. Trustee Mark Parker stated the Frequently Asked Question document was used by the employees to make decisions, and that all city service would be used for eligibility. Employees Retirement System Regular Meeting of February 6, 2019 Page 3 Ms. Lynne Meade indicated that Mr. Hassett always thought his years of service within the UAW would be used for eligibility. Ms. Meade indicated that Mr. Hassett bought service credits into the defined benefit plan to make himself whole. Attorney Lane opined that the Frequently Asked Questions could not be used as a legally binding document in this case. Trustee Bennett believed that the collective bargaining, the acknowledgment Mr. Hassett signed and the City Attorney's opinion had more legal weight than the Frequently Asked Questions. She stated the Frequently Asked Questions are generally not considered as the source material. Trustee Bennett requested that the Board take time to read the legal opinion prepared by Attorney Lane. Trustee Dedic stated Mr. Hassett's request would not be harmful to the City, and not harmful to the pension system. Trustee Dedic stated that the Retirement Ordinance provides the ability for the Board to amend the problem. Trustee Dedic believed that the acknowledgement was not clear in indicating that the time would not be used for eligibility. Trustee Bennett clarified that there would be a cost to the pension system in that Mr. Hassett would allow for earlier draws from the system that were not accounted for based on the documentation. Trustee Washington does not believe the acknowledgement was not clear and believes the cost to the system would be insignificant. Trustee Kraus stated that it was important to perform its due diligence and discuss the facts before making a decision. Trustee Kraus indicated that Mr. Hassett should submit an application for retirement that could be considered by the Board. Mr. Hassett indicated that he believed that he was the only person in this situation. Trustee Munroe requested information regarding the Retirement Ordinance 292.15 option. Attorney Lane stated that the Retirement Ordinance allows the Board to forward the issue to City Council for review for special circumstances regarding the restoration of service credits. Employees Retirement System Regular Meeting of February 6, 2019 Page 4 Trustee Washington called the question. It was moved by Trustee Mark Parker and supported by Trustee Kraus that the Employees Retirement System Board confirm that Mr. Hassett has eligibility to retire for all of his full time service with the City, If the City does not feel that the Board does not have the authority to make this decision, then the item should be moved to City Council. Trustee Marker Parker accepted a friendly amendment to place Mr. Hassett request for his age and service retirement on the February regular meeting agenda, Trustee Dedic inquired if legal counsel believed that the Board has the authority to make a decision on the eligibility. Attorney Ken Lane indicated the Board does have the ability to correct errors, but it does not have the authority to approve the retirement without it being listed on the agenda. Motion was approved: 5- 0. It was moved by Trustee Dedic and supported by Trustee Mark Parker to adjourn the meeting. Adopted by the following vote: 8 — 0. The meeting adjourned at 9:48 a.m. Minutes approved on Dennis R. Parker, Chairperson Employees' Retirement System Angela Bennett, Secretary Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES. CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room a. M. 10th Floor, City Hall Lansing, MI February 21, 2019 Thursday, 8:30 The Board met in regular session and was called to order at 8:37 a.m. Present: Bennett, Dedic, Kraus, Munroe (9:05), D. Parker, M. Parker, Sanchez-Gazella, Schor (8:40) - 8 Absent: Washington Others: Karen E. Williams, Angela Bennett, Finance Department; Eric Hassett, employee; Attorney Ken Lane (representing the Law Department). It was moved by Trustee Kraus and supported by Trustee Dedic to approve the Official minutes of the Employees' Retirement System Regular Meeting of January 24, 2019. Adopted by the following vote: 6 — 0. Attorney Ken Lane reported that the Employees Retirement System requested that legal counsel review if the Board had authority to approve the retirement of Mr. Eric Hassett. Attorney Lane on behalf of the City Attorney's office that the ERS Board did not have the authority to confirm Mr. Hassett's retirement eligibility through use of the UAW time or approve Mr. Hassett's retirement. He stated that he prepared a memo that would outline the Retirement Ordinances section that re -affirm his opinion that was distributed at the special meeting. Attorney Lane indicated that he did researched the Retirement Ordinance regarding the Board's equitable authority. He discussed Section 292.46 that detailed the correction of errors and Section 292.12 that detailed the restoration of credits service in certain cases. Attorney explained that 'if any change or error in the records results in any member, retirant or beneficiary receiving from the retirement system more or less than he or she would been entitled to receive had the records been correct, the Board of Trustees shall correct such error, and as far as practical, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such member, retirant or beneficiary was correctly entitled shall be paid. Employees Retirement System Regular Meeting of February 21, 2019 Page 2 Secretary's report: 7 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total active membership: 434. Total deferred: 75. 1 death(s) Bert R. Queen (retired 7/7/1993 — T580 CTP), died 1/27/2018, no beneficiary. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of January 2019, amounted to $1,955,604.98. Total retirement checks printed for the ERS System: 923. Total Retirement checks printed for both systems: 1667. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 1. It was moved by Trustee Dedic and supported by Trustee Kraus to approve the following requests for regular age and service retirements: Julia M. Cherry, (District Court — District Court Non Represented), 26 years of service credits, age 73, effective 2/22/2019. Ernestine M. Cruz (Police/Civilian — UAW), 21 years. 10 months of service credits, age 66, effective 3/1/2019 Troy M. Swisher (Public Service — UAW Full Time), 26 years, 4 months of service credits, age 56, effective 3/30/2019. Adopted by the following vote: 6 — 0 It was moved by Trustee Mark Parker and supported by Trustee Dedic to approve the following requests for regular age and service retirements based upon Section 292.46, and the Board's prior motion to confirm his eligibility for retirement: Eric Hassett (Public Service — T243 Supervisory), 23 years, 11 months of service credits, age 53, effective 3/15/2019. Trustee Schor inquired to legal counsel if Mr. Hassett had enough qualified service time to retire. Attorney Lane opined that Mr. Hassett does not have enough time. He stated the Board would be disagreeing with his opinion. Employees Retirement System Regular Meeting of February 21, 2019 Page 3 Trustee Dedic stated that at the Employees' Retirement System special meeting, the Board voted to deem Mr. Hassett qualified to retire. Trustee Dedic indicated that the Board at this meeting would be voting to approve the retirement. Trustee Angela Bennett expressed concern regarding the reliability of the Frequently Asked Question document and giving it equal weight to the legal documents that were signed that forfeited the UAW time. Trustee Kraus stated that the Board should state under what section of the Retirement Ordinance that Mr. Hassett could retire. Trustee Mark Parker indicated that the Board approved all of Mr. Hassett's city service for eligibility purposes. The twenty-three years and eleven months would only apply to pension calculations. Trustee Dennis Parker and Trustee Kraus inquired about the impact to Mr. Hassett if the City takes legal action. Trustee Schor inquired if the Board had made an illegal action. Trustee Schor expressed concerned that Mr. Hassett signed a legal agreement. Trustee Schor wanted it reflected that he would vote no to be consistent with his no vote at the special meeting. Attorney Lane advised that the Board could approve the retirement using the Retirement Ordinance 292.46 correction of errors and the action would be legal. The motion failed 5 - 3. The Employees Retirement System Board discussed sending the issue to the City Council for review. It was moved by Trustee Parker and supported by Trustee Munroe to send Mr. Hassett's request for eligibility to retire to City Council. Adopted by the following vote: 7 — 0, 1 abstained. Attorney Lane provided an explanation of how the provision regarding special circumstances would work. The referral to City Council would reaffirm or disagree with the Board's decision. Employees Retirement System Regular Meeting of February 21, 2019 Page 4 Mayor Schor expressed concern that the City Council decision would be non-binding. Mayor Schor indicated that a legislative fix was needed. Attorney Ken Lane stated that he would provide documents to City Council. Attorney Lane stated that the provision allows the Board to provide a recommendation to City Council. Attorney Lane would state in the documentation regarding the Board actions to approve the eligibility to retire at a special meeting. The Board actions at its regular meeting was to deny Mr. Hassett's request for retirement. The documentation to Council would ask to confirm or disagree with the Board's decision. Attorney Lane opined that City Council would have the authority to right the wrong. Trustee Dennis Parker inquired if a Retirement Ordinance amendment would be needed, if the City Council has the authority to right the wrong. Attorney Lane stated that if the City Council believed the Board acted incorrectly, he would recommend the Retirement Ordinance be amended. Mayor Schor stated that he would advocate changing the Ordinance. Mayor Schor indicated that he does not believe the Ordinance allows for the retirement under the opinion that was given by the City Attorney's office. Mayor Schor would recommend to Council, if they believe that Mr. Hassett should be able to retire, that the Ordinance should be amended. Trustee Kraus inquired if the Board could provide a recommendation to amend the Ordinance to City Council. Trustee Kraus suggested that the Ordinance amendment recommendation be a part of the motion to refer the issue to City Council. It was moved by Trustee Parker and supported by Trustee Munroe to amend its motion to send Mr. Hassett's request for eligibility to retire issue to City Council to determine if the ERS Board acted appropriately. recommends that the Citye City Council rmines Counc Ihat the amendEhe ERSS did act appropriately, the ERS Bo Ordinance. Adopted by the following vote: unanimously Karen Williams reported that applicant #2018 —E1108 had been evaluated by the medical director. The medical director could not make a final determination because the applicant had a recent procedure that could affect the disability. The medical director would like to see the applicant again to determine if the procedure had been successful. Employees Retirement System Regular Meeting of February 21, 2019 Page 5 It was moved by Trustee Bennett and supported by Trustee parker to approve the following request for refund of accumulated contributions: Chris Loveall, Teamster 243, not vested, $5,179,17 Adopted by the following vote: 8 — 0. It was moved by Trustee Dedic and supported by Trustee Mark Parker to excuse Trustee Washington from the Employees Retirement System Board February meeting. Adopted by the following vote: 8 — 0. Ms. Williams reminded members that the MAPERS One Day Conference was scheduled for March 1, 2019 for those who were interested in attending. The Retirement Office provided Employees Retirement System for 2017-2018 to determine if any adjustments needed to be made. The Employees Retirement System Board reviewed and discussed amendments to the 2019 draft budget. The Board agreed to increase the allocation for Asset Consulting Group, lower the allocation for investment fees, and create an administrative account of $5,000. It was moved by Trustee Mark Parker and supported by Trustee Dedic to approve the 2019 Employees' Retirement System Budget with the proposed amendments. Adopted by the following vote: 8 — 0. Attorney Lane stated that he would bring copies of the updated approved budget to the next meeting. Ms. Williams reported that there was a vacancy on the disability subcommittee. Trustee Dennis Parker appointed Trustee Kraus to the disability subcommittee. Ms. Bennett reviewed that the Employees' Retirement Corrective Action Plan was filed and approved by the State of Michigan. The City of Lansing is required each December to report to the State of Michigan Municipal Board regarding its implementation of the plan. Attorney Ken Lane reviewed the Contract Employees Policy. Ms. Williams reviewed the Quarterly Investment Report and the Securities Lending report for the month ending January 31, 2019. It was moved by Trustee Munroe and supported by Trustee Dedic to adjourn the meeting. Adopted by the following vote: 8 — 0. The meeting adjourned at 9:47 a.m. Minutes approved on Dennis R. Parker, Chairperson Employees' Retirement System Angela Bennett, Secretary Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM AAAI)1 4-6l 1 Regular Meeting Council Conference Room a. m. 10th Floor, City Hall Lansing, MI -AP-I*?619 Thursday, 8:30 The Board met in regular session and was called to order at 8:xx a.m. Present: Bennett, Kraus, Munroe, D. Parker, M. Parker, Sanchez-Gazella (9:14), Schor (8:44), Washington - 7 Absent: Dedic Others: Karen E. Williams, Finance Department; Attorney Ken Lane (representing the Law Department). It was moved by Trustee M. Parker and supported by Trustee Bennett to approve the Official minutes of the Employees' Retirement System Special Meeting of February 6, 2019. Adopted by the following vote: 5 — 0. It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the Official Minutes of the Employees' Retirement System Regular Meeting of February 21, 2019. Adopted by the following vote: 5 - 0 It was moved by Trustee Bennett and supported by Trustee Mark Parker to approve the Official Minutes of the Joint Police and Fire Retirement System Board and the Employees' Retirement System Board Meeting of February 19, 2019. Adopted by the following vote: 5 — 0. There were no public comments for items on the agenda. Employees Retirement System Regular Meeting of March 31, 2019 Page 2 Secretary's Report: 4 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total active membership: 438. Total deferred: 75. 2 death(s) James M. Crosby (retired 11/5/2002 — UAW), died 3/11/2019, no surviving beneficiary; Raymond Watson (retired 5/3/1988 — T243), died 2/26/2019, spouse to receive 50%. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of February 2019, amounted to $1,955,566.14. Total retirement checks printed for the ERS System: 927. Total Retirement checks printed for both systems: 1672. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the request for regular age and service retirement: Melodie Grables (Police/Civilian — T243 CTP), 15 years, 5 months of service credits, age 60, effective 4/1/2019 Richard Monti (Public Service - UAW Full Time), 20 years, 3 months of service credits, age 58, effective 4/1/2019. Lisa Smith -Addis (Public Service — T243 CTP), 8 years, 3 months of service credits, age 58, effective 4/1/2019. (From Deferred) Adopted by the following vote: 7 -0. Attorney Ken Lane updated the Board that the Mr. Hassett's request for retirement was denied last month. The Employees Retirement System Board referred the matter to the City Council for review. The City Attorney provided an opinion that 292.15 applied to special circumstances and did not allow the City Council to approve the retirement. The City Attorney outlined the steps for a memorandum of understanding between the bargaining units. The Ordinance amendment would be sent to the council for approval. Attorney Lane opined that the Board should delay its vote until the Ordinance was amendment. The Employees Retirement System Board agreed to have a special meeting, April 11, 2019 to vote upon Mr. Hassett's request for retirement. Employees Retirement System Regular Meeting of March 21, 2019 Page 3 Karen Williams reported that applicant #2018 —E1108 had been evaluated by the medical director. The medical director could not make a final determination because the applicant had a recent procedure that could affect the disability. The medical director would like to see the applicant again to determine if the procedure had been successful. There were no requests for non -duty disability. There were no requests for refund of accumulated contribution. It was moved by Trustee Mark Parker and supported by Trustee Kraus to excuse Trustee Dedic from the March Employees' Retirement System Board. Adopted by the following vote: 7 — 0. Karen Williams reported that MAPERS Spring Conference was scheduled for May 18- 21, 2019. She requested that members who were interested in attending the conference contract the Retirement Office. There were no public comments for items not on the Agenda. Attorney Lane distributed the updated 2019 Employees' Retirement System Budget that was approved at the last meeting. Karen Williams reported that the Duty Disability Income Verification form requires an update due to the changes in the Federal 1040 form. The current Income Verification Form line numbers do not match the updated Federal 1040. Attorney Ken Lane reported that he reviewed the form and provided line changes for the income Verification form. The Employees Retirement System Board requested that the Retirement Office correct the form and re -send to disability retirees with a letter of explanation. Karen Williams reported that an election would be needed for the vacated trustee position. She distributed a posting with proposed election nomination guidelines and dates for the election. Trustee Carol Munroe announced that she is leaving the City of Lansing for another position. Trustee Monroe expressed her gratitude to the trustees and the City of Lansing for her tenure. Employees Retirement System Regular Meeting of March 21, 2019 Page 4 The Employees Retirement System Board expressed appreciation for Trustee Munroe's years of service. Attorney Ken Lane distributed a resolution regarding Trustee Munroe's vacated position. He opined that the Retirement Ordinance specifies when an elected member leaves the City, the office of trustee is declared vacate to start the election process. BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Trustee Mark Parker supported by Trustee Kraus moved the adoption of the following Resolution: RESOLUTION NO. 2019-1 AN RESOLUTION TO DECLARE THE OFFICE OF TRUSTEE VACATED WHEREAS, Trustee Carol Munroe has diligently served on the Board of Trustees of the Lansing Employees' Retirement System for several years; and WHEREAS, Trustee Munroe has notified the Board of Trustees that she is leaving her position with the City of Lansing effective March 29, 2019; and WHEREAS, Section 292.05 of the Lansing Codified Ordinances provides that once a Trustee leaves the employ of the City, such Trustee is considered to have resigned from the Board and the Board must declare by resolution that the office is vacated. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: 1. The Board of Trustees of the Lansing Employees' Retirement System declares the office of trustee held by Carol Munroe vacated as of the date of this Resolution. 2. The Board of Trustees directs the Retirement Analyst to begin the process to fill the vacated trustee office within 60 days in accordance with Section 292.05 of the Lansing Codified Ordinances. 3. The Board of Trustees extends its sincerest thank you to Carol Munroe for her years of service and wishes her well in her future endeavors. 4. All resolutions and parts of resolutions insofar as they conflict with the provisions of this Resolution are rescinded. Yeas: Trustees: Bennett Kraus, Munroe D Parker, M. Parker, Sanchez-Gazella, Schor, Washington Nays: Trustees: Abstain: Trustees: Absent: Trustees: Karen E. Williams distributed the Legal Advisor Request for Information (RFI). Ms. Williams reported that the Joint Retirement Board requested that the City Attorney draft a RFI for Board review. Trustee Washington inquired why the legal advisor RFI was needed. Trustee Dennis R. Parker explained that the request was made to the City Attorney as a part of due diligence. Trustee Schor expressed that he did not see a reason to spend funds on outside counsel at this time, but he does support the transparency and due diligence of the search. Trustee Kraus expressed concern regarding the intent of the document and to whom the legal advisor RFI would be distributed. The Employees Retirement requested the Legal Advisor Request for Information (RFI) remain on pending until the May Joint Retirement Board meeting so that he could discussed with the City Attorney's Office. Karen Williams reviewed the Monthly investment Report and the Securities Lending report for the period ending February 28, 2019. It was moved by Trustee Munroe and supported by Trustee Mark Parker to adjourn the Employees Retirement System Board meeting. Adopted by the following vote: 9 — 0. The meeting adjourned at 9:35 a.m. Minutes approved on Dennis R. Parker, Chairperson Employees' Retirement System Angela Bennett, Secretary Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Special Meeting Council Conference Room a.m. 10th Floor, City Hall Lansing, MI April 11, 2019 Thursday, 8:15 The Board met in regular session and was called to order at 8:21 a.m. Present: Dedic, D. Parker, M. Parker, Sanchez-Gazella, Washington - 5 Absent: Bennett, Kraus, Schor Others: Karen E. Williams, Finance Department; Attorney Ken Lane (representing the Law Department). There were no public comments for items on the agenda. It was moved by Trustee Dedic and supported by Trustee Mark Parker to excuse Trustee Kraus from the April Special Meeting of the Employees' Retirement System Board. Adopted by the following vote: 5 — 0. It was moved by Trustee Mark Parker and supported by Trustee Dedic to approve the request for regular age and service retirement: Eric Hassett (Public Service — T243 Supervisory), 23 years, 11 months of service credits, age 53, effective 4/13/2019 Adopted by the following vote: 5 -0. Trustee Washington requested that she be excused from the April Regular meeting of the Employees' Retirement System Board. Trustee Dennis Parker explained the ABS Emerging Markets conference and requested permission to attend. It was moved by Trustee Dedic and supported by Trustee Mark Parker to allow the chairperson and any member who wished to attend the ABS Conference. Adopted by the following vote: 5 - 0 It was moved by Trustee Dedic and supported by Trustee Mark Parker to adjourn the Employees Retirement System Board special meeting. Adopted by the following vote: 5 — 0. The meeting adjourned at 8:24 a.m. Minutes approved on Angela Bennett, Secretary Employees' Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room a.m. 10th Floor, City Hall Lansing, MI April 18, 2019 Thursday, 8:30 The Board met in regular session and was called to order at 8:35 a.m. Present: Dedic, Kraus, D. Parker, M. Parker, Sanchez-Gazella, Washington (8:55am) - 6 Absent: Bennett, Schor Others: Karen E. Williams, Finance Department; Attorney Ken Lane (representing the Law Department). It was moved by Trustee Mark Parker and supported by Trustee Dedic to approve the Official Minutes of the Employees' Retirement System Regular Meeting of March 21, 2019. Adopted by the following vote: 5 - 0 There were no public comments for items on the agenda. 3 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total active membership: 440. Total deferred: 75. 1 death(s) James S. Oakley (retired 6/14/2003 — UAW), died 3/21/2019, no surviving beneficiary. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of March 2019, amounted to $1,968,696.10. Total retirement checks printed for the ERS System: 930. Total Retirement checks printed for both systems: 1675. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the request for regular age and service retirement: Roger Smith (Finance — T243 CTP), 3 years, 1 month of service credits, age 58, effective 4/1/2019 (Eligible to retirement with 19.6 years of reciprocal retirement service used for vesting and eligibility) Linda Shoemaker (District Court — NonBargaining), 8 years, 6 months of service credits, age 60, effective 4/13/2019. Adopted by the following vote: 5 -0. Employees Retirement System Regular Meeting of April 18, 2019 Page 2 Karen Williams reported that applicant #2018 —E1108 had provided updated medical reports to be evaluated by the medical director. The Human Resources Department provided additional medical reports to be evaluated by the medical director. The Retirement Office forwarded the additional material to Dr. Roth to make a final determination. There were no requests for non duty disability. It was moved by Trustee Dedic and supported by Trustee Kraus to approve the following request for refund of accumulated contribution: Robert Burke, City Attorney'sOffice, not vested, $434.72 Adopted by the following vote: 5 -0 It was moved by Trustee Mark Parker and supported by Trustee Dedic to excuse Trustee Washington to the April Employees' Retirement System Board. Adopted by the following vote: 5 — 0. Karen Williams reported that MAPERS Spring Conference was scheduled for May 18- 21, 2019. She requested that members who were interested in attending the conference contract the Retirement Office. There were no public comments for items not on the Agenda. Attorney Lane reported that he is updating the Employees Retirement System Ordinance. Attorney Lane also recommended updating the Frequently Asked Question document. He will distribute the document prior to the meeting for Board review. Karen Williams reviewed the Duty Disability Income Verification process. Retirees are required to submit an income verification form by April 30. Members who do not submit the form may have the pension suspended until compliance. Karen Williams also reviewed the medical re-examination process. Disability retirees are subject to be re- examined under the Employees Retirement System Ordinance and Policy. Karen Williams reported that an election would be needed for the trustee position vacated by Carol Munroe. She reviewed the election process, guideless and dates for the election. Ms. Williams also described the electronic voting process. She informed the Board that there are two candidates who picked up nomination petitions. Trustee Kraus inquired who were the two candidates and their department. Employees Retirement System Regular Meeting of April 18, 2019 Page 3 Ms. Williams indicated that Irene Cahill and Matthew Bahr were the candidates and both were from Public Service. Trustee Kraus expressed concern that all the elected trustees would be from the Public Service Department. Trustee Kraus indicated that the discussion regarding having all trustees elected at -large should be re -visited. She expressed concern that the other departments would not have a voice with all the trustees elected from one department. Trustee Kraus indicated that she opposed the rule change at the time. She recommended having one dedicated trustee seat. Trustee Mark Parker indicated that each member worked in different areas with different groups of employees. Trustee Kraus indicated that the potential is there for.all three elected trustees from the same work group with at- large positions. Trustee Kraus wanted her concern brought up for the new members of the trustee board since the rule change. Trustee Kraus suggested that one trustee could be elected from public service, one trustee from other departments, and one at -large. Trustee Washington indicated that she believed that all employees should have a voice. Trustee Washington agreed that the rule should be re -visited and discussed. Attorney Lane reviewed the Retirement Ordinance that stated the trustee elections are set by Board policy. Attorney Lane explained that before the rule change, there were one elected from public service, parks and city hall. After the City reorganization, Trustee Mark Parker was moved to the public service department from city hall. Thus, the Board was in violation of its own bylaws. Trustee Dedic indicated the problems arose due to the various department re- organization. He explained that he had suggested previously that members are elected from different bargaining units. Attorney Lane will provide a few different configurations for the elected trustees on the Employees Retirement System Board at the next meeting. The Employees Retirement requested the Legal Advisor Request for Information (RFI) remain on pending until the May Joint Retirement Board meeting so that he could discussed with the City Attorney's Office. Karen Williams reviewed the Monthly investment Report and the Securities Lending report for the period ending April 30, 2019. Employees Retirement System Regular Meeting of April 18, 2019 Page 4 It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to adjourn the Employees Retirement System Board meeting. Adopted by the following vote: 6 — 0. The meeting adjourned at 9:15 a.m. Minutes approved on Angela Bennett, Secretary Employees' Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room a.m. 10th Floor, City Hall Lansing, MI May 16, 2019 Thursday, 8:30 The Board met in regular session and was called to order at 8:35 a.m. Present: Kehler, Kraus, D. Parker, M. Parker, Sanchez-Gazella - 5 Absent: Dedic, Schor, Washington Others: Karen E. Williams, Finance Department; Attorney Ken Lane (representing the Law Department). It was moved by Trustee Mark Parker and supported by Trustee Kehler to approve the Official Minutes of the Employees' Retirement System Special Meeting of April 11, 2019. Adopted by the following vote: 6 — 0 It was moved by Trustee Kraus and supported by Trustee Mark Parker to approve the Official Minutes of the Employees' Retirement System Regular Meeting of April 18, 2019. Adopted by the following vote: 6 — 0. There were no public comments for items on the agenda. 9 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total active membership: 447. Total deferred: 76. 5 death(s) Martha Crossett, died 4/2/2019, age 86, spouse of nonbargaining retiree; Luisa E. Diaz (retired 12/3/2002 — District Court T243), died 4/4/2019, age 81, no beneficiary; Charles L. Gibbs (retired 3/1/1988 — T243CTP), died 3/24/2019, age 90, no surviving beneficiary; Charles H. Smiley (retired 5/3/1993 — FOP 911), died 3/28/2019, age 77, beneficiary to receive 50%; John Ward, died 3/21/2019, age 88, spouse of nonbargaining retiree, . Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of March 2019, amounted to $1,968,696.10. Total retirement checks printed for the ERS System: 930. Total Retirement checks printed for both systems: 1675. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the request for regular age and service retirement: Cynthia Brzana (District Court — NonBargaining), 13 years, 3 months of service credits, age 62, effective 6/15/2019 Adopted by the following vote: 5 -0. Employees Retirement System Regular Meeting of May 16, 2019 Page 2 Karen Williams reported that applicant #2018 —E1108 had provided updated medical reports to be evaluated by the medical director. The Human Resources Department provided additional medical reports to be evaluated by the medical director. The medical director has seen the applicant and will issue an updated report. There were no requests for non -duty disability. It was moved by Trustee Dedic and supported by Trustee Kraus to approve the following request for refund of accumulated contribution: Sherri Smith, District Court NonBargaining, not vested, $14,888.66 Adopted by the following vote: 5 -0 It was moved by Trustee Kehler and supported by Trustee Kraus to excuse Trustee Dedic and Trustee Washington to the May Employees' Retirement System Board. Adopted by the following vote: 5 — 0. Trustee Dennis Parker provided an oral report for the ABS Conference. The Conference focused on in-depth emerging markets. Trustee Parker detailed workshops that discussed technology such as Google search engines, and artificial intelligence in China. Karen Williams reported that MAPERS Spring Conference was scheduled for May 18- 21, 2019. She requested that members who were interested in attending the conference contract the Retirement Office. There were no public comments for items not on the Agenda. Attorney Lane reported that he is updating the Employees Retirement System Ordinance. Attorney Lane proposed having a draft at the September meeting. Attorney Lane received suggestions from Trustees for updating the Frequently Asked Question document. Attorney Lane distributed a draft to amend the Trustee Election process. The amendment would change member representation. Elected members would come from the various bargaining units: UAW, Teamsters, and all other employees. Trustee Dennis Parker stated that the at -large election was the most fair for all employees. Employees Retirement System Regular Meeting of May 16, 2019 Page 3 Trustee Mark Parker stated that in the past without at large election, employees at City Hall had an advantage. Trustee Mark Parker stated that with the at large elections, employees have the opportunity to be elected to the Board once a year, especially with the on-line voting eligible. He felt that the at large elections were more democratic. Trustee Kraus expressed concern about the balance of the union membership on the Board. The Board has nine members with three UAW union representation, and with the election, there could be four UAW union represents. Trustee Mark Parker suggested adding elected members to the Board to allow diversity and employee input. He suggested adding two additional elected members for a total of five on the Employees Retirement System Board. Trustee Parker believed that the Teamster bargaining group members are understaffed and many will not run. Attorney Ken Lane opined that the Ordinance would need to be amended to add additional trustees. Trustee Kraus would be agreeable to Attorney Ken Lane's proposal with the addition of two at -large trustee positions. Trustee Kehler expressed concern that there was a communication issue contrasted with changing the membership of the Board. It was moved by Trustee Kraus and supported by Trustee Kehler to draft an Ordinance amendment for discussion that expands the Employees Retirement System Board from three elected employee members to five. Adopted by the following vote: 5 — 0. Karen Williams reviewed the Duty Disability Income Verification process. Retirees are required to submit an income verification form by April 30. Members who do not submit the form may have the pension suspended until compliance. Karen Williams also reviewed the medical re-examination process. Disability retirees are subject to be re- examined under the Employees Retirement System Ordinance and Policy. The disability subcommittee has received a list of duty disability retirees for review. Karen Williams reported that there were two candidates nominated for the Trustee Election: Matthew Bahr and Irene Cahill. Ms. Williams reviewed the election process, guideless and dates for the election. Ms. Williams also described the electronic voting process. Employees Retirement System Regular Meeting of May 16, 2019 Page 4 The Employees Retirement requested the Legal Advisor Request for Information (RFI) remain on pending until the May Joint Retirement Board meeting so that he could discussed with the City Attorney's Office. Karen Williams reviewed the Quarter Expenses Report and the Securities Lending report for the period ending April 30, 2019. It was moved by Trustee Mark Parker and supported by Trustee Kraus to adjourn the Employees Retirement System Board meeting. Adopted by the following vote: 5 — 0. The meeting adjourned at 9:24 a.m. Minutes approved on Angela Bennett, Secretary Employees' Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room a. m. 10th Floor, City Hall Lansing, MI June 20, 2019 Thursday, 8:30 The Board met in regular session and was called to order at 8:35 a.m. Present: Kraus, D. Parker, M. Parker, Sanchez-Gazella, Schor, Washington - 6 Absent: Dedic, Kehler, Washington Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney Ken Lane (representing the Law Department), Michael Grys, employee. Karen Williams provided the Trustee board election results for approval. Ms. Williams explained that Matthew Bahr won the election with the majority of votes. Mr. Bahr replaced Carol Munroe who vacated her position. Mr. Matthew would need to be sworn in by the City Clerk prior to taking office. He should be at the next meeting. It was moved by Trustee Mark Parker and supported by Trustee Washington to approve the election results and certify Mr. Matthew Bahr as the winning candidate for the expiring term of June 30, 2022. Adopted by the following vote: 6 - 0 It was moved by Trustee Kraus and supported by Trustee Washington to approve the Official Minutes of the Employees' Retirement System Regular Meeting of May 16, 2019. Adopted by the following vote: 6 — 0 It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the Official Minutes of the Employees' Retirement System Regular Meeting and the Police and Fire Retirement System Joint Meeting of May 16, 2019. Adopted by the following vote: 6 — 0. Karen Williams explained under public comments that Mr. Michael Grys was at the meeting to request use of the reciprocal retirement act to retire. Ms. Williams explained that Ionia County is not a reciprocal unit and would not qualify under Michigan law. Employees Retirement System Regular Meeting of June 20, 2019 Page 2 Secretary's Report: 5 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active membership: 452. Total deferred: 77. 0 death(s). Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of May 2019, amounted to $1,962,940.83. Total retirement checks printed for the ERS System: 930. Total Retirement checks printed for both systems: 1673. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Kraus and supported by Trustee Mark Parker to approve the request for regular age and service retirement: Pamela Bissell (Public Service — UAW), 15 years of service credits, age 64, effective 6/1/2019 James Campbell (Human Resources — T243), 26 years, 7 months of service, age 54, effective 7/1/2019 Morris Garner (Public Service — UAW), 25 years, 4 months of service credits, age 57, effective 8/15/2019 Carol Hubbard (District Court — T243), 17 Years, 10 months of service credits, age 60, effective 7/13/2019 Timothy S. Sherwood (Public Service —UAW), 20 years, 8 months of service credits, age 61, effective 7/13/2019 Adopted by the following vote: 6 -0. Karen Williams reported that applicant #2018 —E1108 had provided updated medical reports to be evaluated by the medical director. The Human Resources Department provided additional medical reports to be evaluated by the medical director. The medical director has seen the applicant again and the medical direct has issued an updated report. Trustee Dennis Parker recessed the Employees' Retirement System Board to allow the disability submit to meet to review a medical report for Applicant #2018 —E1108. The Board recessed at 8:47 a.m. The Board resumed at 8:49 a.m. Employees Retirement System Regular Meeting of June 20, 2019 Page 3 Karen Williams reported that the disability subcommittee met regarding the application request for duty disability for Applicant #2018 —E1108. The subcommittee has a recommendation for the board. It was moved by Trustee Kraus and supported by Trustee Mark Parker to accept the medical report and approve the doctor's recommendation for a duty disability for Applicant #2018 — E1108. Adopted by the following vote: 6 — 0. There were no requests for non -duty disability. It was moved by Trustee Kraus and supported by Trustee Sanchez-Gazella to approve the following request for refund of accumulated contribution: Chelsea Coffey, Mayoral Staff, not vested, $4,473.09 Tremachel Johnson, T243 CTP, not vested, $717.41 Adopted by the following vote: 6 -0 Ms. Williams reported that Trustee Kehler notified the retirement office that she had a work obligation and could not be at the meeting. Trustee Dennis Parker reported that Trustee Dedic contact him and asked to be excused from the meeting. It was moved by Trustee Washington and supported by Trustee Mark Parker to excuse Trustee Dedic and Trustee Washington to the June Employees' Retirement System Board. Adopted by the following vote: 6 — 0. Trustee Mark Parker provided an oral report for the MAPERS Spring Conference. He felt that it was a great conference with good speakers. Trustee Parker discussed the U.S. Bond Market workshop. He discussed indexing versus active investments. The indexing, generally, was found to be more productive. He discussed fixed assets, active investment was more productive. Trustee Parker had an informal discussion regarding Oakland County that was fined by the IRS for their program that brought back retiree contractor. Oakland County had paid out $300,000 in fines and had to put $2 million in a contingency fund. The county had 56 retiree contractor employees were penalized by the IRS. Trustee Parker discussed the presentation on PA 202. Trustee Kraus inquired if the Oakland County issue could affect the City of Lansing. Attorney Ken Lane explained that he will review the Oakland County case, but he believed that the retiree contractors had a bona -fide separation from the County. He will review the City of Lansing policy and bring a report back to the Board. Employees Retirement System Regular Meeting of June 20, 2019 Page 4 Trustee Schor indicated that the City of Lansing does not have a formal program that brings back retiree as contractors. Trustee Schor stated that there are very few retiree contracts with the City at this time. Trustee Dennis Parker attended the MAPERS Spring Conference. Trustee Dennis Parker reported the increased importance of Defined Benefit plans and its effect on the economy. He discussed funding vehicles for retirement health care such as the VEBA and Health Savings Accounts. Attorney Ken Lane reported that he is making progress on the Employees Retirement Ordinance. Attorney Lane proposed having a draft at the September meeting. Attorney Lane received suggestions from Trustees for updating the Frequently Asked Question document. He asked Trustees to review the document. Karen Williams reported the Employees Retirement System Board requested that Attorney Lane draft an amendment to increase the elected board members from three to five. Attorney Lane distributed a draft to amend the Trustee Election process. He discussed the amendment would change member representation. Elected members would come from the various bargaining units: UAW, Teamsters, and all other employees and two at large positions. Trustee Kraus explained her concern that the current elected positions have only one union affiliation from Public Service, The UAW has all the elected positions as well as the citizen representative. Attorney Lane provided the history of the Board policy. He discussed his amendment that that when departments were configured, elected members were in conflict with the policy. The policy was amended to allow at -large elections. Trustee Mark Parker re -stated that in the past without at large election, employees at City Hall had an advantage. Trustee Parker discussed the early election scandal. Trustee Parker believed that the Teamster bargaining group members are understaffed and many will not run. Trustee Washington expressed concern for the long-term process to have more union representation and a broad base. Trustee Schor expressed concern about increasing the Employees Retirement System Board. Trustee Schor was sympathetic to trustees' concern but he felt that the Board should take some additional time to review alternatives. Trustee Kraus suggested that if an employee could not be found who wished to run for an allocated position, that the Mayor could appoint a member until the next election. Employees Retirement System Regular Meeting of June 20, 2019 Page 5 Attorney Ken Lane explained the Reciprocal Retirement Act is a state statue. Attorney Lane opined that only participating reciprocal units could utilize the Reciprocal Retirement Act. Municipal units have to opt -in to the Act. Attorney Lane stated the Employees Retirement System Board does not have the authority to accept the time from Ionia County. Attorney Lane also noted that there was nothing in the Retirement Ordinance to allow the Board to recognize time spent in a non -reciprocal unit. Trustee Mark Parker inquired if Ionia County had a retirement system when Mr. Grys was an employee. Mr. Grys provided comments regarding his request for the reciprocal retirement time. Mr. Grys explained that at the time he worked for Ionia County, there was no retirement system. He believed that the Reciprocal Retirement Act allowed municipal service to be recognized. Mr. Grys requests that the Board to acknowledge and accept his seven years of service with Ionia County for retirement eligibility purposes. Mr. Grys stated that there would be no cost to the City of Lansing. Trustee Washington inquire if Ionia County is currently a reciprocal unit. Mr. Grys stated that Ionia County is not a reciprocal unit on the State of Michigan list. Mr. Grys indicated that he has worked for the City of Lansing for twenty-one years and the time from Ionia County would allow him to retire. Trustee Mark Parker recommended that Mr. Grys contact Ionia County to advocate the county opt -in as a participating reciprocal unit. Karen Williams also reported that Mr. Al Mooney has requested a return of his accumulated contributions. He was advised that he could purchase service credits under the reciprocal retirement act. Mr. Mooney worked and retired from the City of Grand Rapids, which is not a reciprocal unit. Mr. Mooney did not purchase enough service credits to vest in the system. Attorney Lane opined that there is a provision in the Retirement Ordinance that if you do not withdraw the monies within five years, the money reverts to the system. Attorney Lane mentioned that the only time the Board made an exception was when the employee had documentation that she could use the reciprocal retirement act. Trustee Schor requested a list of communities that participate in the Reciprocal Retirement Act be provided to employees within their documentation when the hire or leave the City of Lansing. Attorney Lane will review the documentation regarding Mr. Mooney's refund request and report back to the Board. Karen William distributed proposed recommendation by Asset Consulting Group for 6 million of quarterly cash flow. It was moved by Trustee Kraus and supported by Trustee Mark Parker to approved quarterly cash flow requests as recommended by Asset Consulting Group; $1.5 million from Western Asset; $2.5 million from Franklin Templeton; $2 million from BlackRock and $20,000 from Northern Trust Securities Lending for the Administrative support. Adopted by the following vote: 5 — 0. Karen Williams reported that the Joint Retirement Board will have a special meeting for the Emerging market search, June 25, 2019. It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the Legal Advisor Request for Information. Adopted by the following vote: 5 — 0. Karen Williams reviewed the Monthly Investment Report and the Securities Lending report for the period ending May 31, 2019. The meeting adjourned at 9:53 a.m. Minutes approved on Angela Bennett, Secretary Employees' Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting Council Conference Room a. m. 10th Floor, City Hall Lansing, MI July 18, 2019 Thursday, 8:30 The Board met in regular session and was called to order at 8:35 a.m. Present: Bahr, Kraus, D. Parker, M. Parker, Schor, Washington - 6 Absent: Dedic, Kehler, Sanchez-Gazella Others: Karen E. Williams, Finance Department; Attorney Ken Lane (representing the Law Department). It was moved by Trustee Kraus and supported by Trustee M. Parker to approve the Official Minutes of the Employees' Retirement System Regular Meeting of June 20, 2019. Adopted by the following vote: 6 — 0 It was moved by Trustee Mark Parker and supported by Trustee Washington to approve the Official Minutes of the Employees' Retirement System Regular Meeting and the Police and Fire Retirement System Joint Special Meeting of June 25, 2019. Adopted by the following vote: 6 — 0. There were no public comments. Secretary's Report: 4 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total active membership: 457. Total deferred: 77. 3 death(s), Doris J. Dildy, died 6/11/2019, age 87, spouse of NonBargaining retiree; Reatha L. Trentham, (retired 5/22/1981 — District Court NonBargaining), died 6/30/2019, age 100, no beneficiary; Wanita Whitford, died 6/21/2019, age 85, spouse of NonBargaining retiree. Refunds made since the last regular meeting mounted to $5,190.50. Retirement allowances paid for the month of June 2019, amounted to $1,965,838.90. Total retirement checks printed for the ERS System: 931. Total Retirement checks printed for both systems: 1683. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. Employees Retirement System Regular Meeting of July 18, 2019 Page 2 It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the request for regular age and service retirement: Billie O'Berry (Law — T214), 30 years, 5 months of service credits, age 64, effective 8/1/2019 (From Deferred) Sandra Terranova (District Court Teamster), 18 years, 1 month of service credits, age 59, effective 8/15/2019 Adopted by the following vote: 6 -0. There were no requests for duty disability. There were no request for non duty disability. It was moved by Trustee Mark Parker and supported by Trustee Washington to approve the following request for refund of accumulated contribution: Jessica Roeglin, District Court, not vested, $3,020.77 Adopted by the following vote: 6 -0 Ms. Williams reported that Trustee Kehler and Trustee Sanchez-Gazella notified the retirement office that they could not be at the meeting. Trustee Dennis Parker reported that Trustee Dedic contact him and asked to be excused from the meeting. It was moved by Trustee Washington and supported by Trustee Mark Parker to excuse Trustee Dedic from the July Employees' Retirement System Board. Adopted by the following vote: 6 — 0. Karen Williams reported that the MAPERS Fall Conference will be held September 21 —September 24, 2019 in Kalamazoo, Michigan. Attorney Ken Lane reported that he continues to work on the Employees Retirement System Board Ordinance and should have it available to review at a later meeting this year. Attorney Lane reported that he distributed the Frequently Asked Questions document and requested that trustees review the document for updates and changes. Attorney Lane updated the Employees' Retirement System Board regarding the Oakland County contract employee issue with the Internal Revenue Service. Attorney Lane reviewed the City of Lansing Retirement Board policy regarding contract employees and did not recommend any changes. Employees Retirement System Regular Meeting of July 18, 2019 Page 3 Under the Retirement Boards' Policy, the City Attorney reviews contract employees annually. If there are any issues, the City Attorney notifies the department so that the issue can be corrected. Karen Williams updated the Board that Mr. Al Mooney has requested a return of his accumulated contributions. He was advised that he could purchase service credits under the reciprocal retirement act. Mr. Mooney worked and retired from the City of Grand Rapids, which is not a reciprocal unit. Mr. Mooney did not purchase enough service credits to vest in the system. The Retirement Office provided correspondence and documents to Attorney Lane for review of the request. Attorney Lane opined that there is a provision in the Retirement Ordinance that if you do not withdraw the monies within five years, the money reverts to the system. Attorney Lane mentioned that the only time the Board made an exception was when the employee had documentation that she could use the reciprocal retirement act. Trustee Kraus stated that it was not clear why Mr. Mooney had waited this long to request his contributions. The ERS Board discussed the request for the return of Mr. Mooney's accumulated contributions and agreed that the Retirement Ordinance does not allow the monies to be refunded after the five -year period. The Board requested that Attorney Lane notify Mr. Mooney of the Board's decision. Karen Williams reported that the TRowe Price has forwarded a fee reduction amendment for the Board approval. The amendment was reviewed by legal counsel. It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the TRowe Price Fee Reduction Amendment. Adopted by the following vote: 6 — 0. Karen Williams reported that the Joint Retirement Boards met June 25, 2019 to interview Emerging Markets managers. The retirement boards selected ABS as its new investment manager. ABS will replace Wells Capital investment and Wasatch. Asset Consulting Group has contacted Wells Capital and Wasatch regarding termination. The contracts have been reviewed by legal counsel and can be signed. The Employees Retirement System Board Legal Advisor Request for Information was approved at the last meeting with a response date of August 1, 2019. The Employees Retirement System Board discussed amending the Trustee Board composition and requested that the item remain on pending for further review. Karen Williams reviewed the Monthly Investment Report and the Securities Lending report for the period ending June 30, 2019. It was moved by Trustee Mark Parker and supported by Trustee Bahr to adjourn the Employees Retirement System Board June meeting. Adopted by the following vote: 6 — 0. The meeting adjourned at 9:07 a.m. Minutes approved on Angela Bennett, Secretary Employees' Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES RETIREMENT SYSTEM Regular Meeting August 22, 2019 City Council Conference Room Thursday, 8:30 a.m. 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:39 a.m. Present: Bahr (8:54), Kraus, D Parker, M. Parker, Sanchez-Gazella, Washington — 6 Absent: Trustee Dedic, Kehler, Schor Others: Karen E. Williams, Finance Department; Attorney Ken Lane, Clark Hill (representing the City Attorney's Office). It was moved by Trustee Kraus and supported by Trustee Sanchez-Gazella to approve the Official Minutes of the Employees' Retirement System Board Regular Meeting of July 18, 2019. Adopted by the following vote: 5 - 0 There were no public comments. Secretary's Report. 7 new member(s), 0 reinstatement(s), 1 refund(s), 0 transfers, 2 retired. Total active membership: 461. Total deferred: 76. 1 death(s), Steven Hoard (retired 6/16/2012 — UAW), died 7/21/2019, age 63, no beneficiary. Refunds made since the last regular meeting amounted to $0.00. Retirement allowances paid for the month of July 2019, amounted to $1,907,657.89. Total retirement checks printed for the ERS System: 931. Total Retirement checks printed for both systems: 1687. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the following requests for regular age & service retirements: Michelle Cannon (District Court — Teamster 243), 31 years, 10 months of service credits, age 60, effective 9/9/2019. Donald D. Johnson (Public Service — NonBargaining Supervisory), 25 years, 2 months of service credits, age 60, effective 8/17/2019. Ronald Pierle (Finance — T243), 16 years, 1 month of service credits, age 58, effective 10/1/2019 (From Deferred) Employees Retirement System Regular Meeting of August 22, 2019 Page 2 It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the following requests for regular age & service retirements: Janice Wildermuth (Public Service — UAW), 25 years of service credits, age 57, effective 9/15/2019 with the purchase of 4 months of universal service credits. Adopted by the following vote: 5 - 0 There were no requests for duty disability retirements. There were request for non -duty disability retirements. Karen Williams reported that Mr. Richard Wernecke, Police (Detention), not vested, had requested his accumulated contributions of $7,140.37. It was moved Trustee Mark Parker and supported by Trustee Kraus to approve the following Request for Refund of Accumulated Contribution: Richard C. Wernecke, Police (Detenion), not vested, $7,140,37 Adopted by the following vote: 5 -0. Karen Williams explained the Trustee Kehler and Trustee Schor were ex -officio and did not need to be excused from the meeting. Trustee Dennis Parker stated that he was contacted by Trustee Dedic requested to be excused from the August meeting. Trustee Dennis Parker noted that Trustee Bahr was on his way to the meeting. It was moved by Trustee Washington and supported by Trustee Mark Parker to excuse Trustee Dedic and Trustee Bahr from the August meeting. Adopted by the following vote: 5 — 0. Karen Williams reminded members of the upcoming MAPERS Fall Conference, the International Federation of Education, Benefit Plans (I.F.E.B.P.) Annual Conference. It was moved by Trustee Mark Parker and supported by Trustee Kraus to allow any member who wished to attend the IFEBP Annual Conference. Adopted by the following vote: 5-0 There were no public comments for items not on the agenda.. Attorney Ken Lane provided an update of the Employees Retirement System Ordinance. He stated that he would have a draft of the Ordinance next month for review. Employees Retirement System Regular Meeting of August 22, 2019 Page 3 Attorney Lane distributed copies of the updated Frequent Asked Question Document. Attorney Lane distributed an opinion regarding the ability for Michael Grys to use the Reciprocal Retirement Act. Attorney Lane discussed that Mr. Grys had worked for the City for over 20 years and was age 52. Attorney Lane verified with Ionia County that he was in the county's pension system when he worked there for seven years. Attorney Lane discussed Section 5 of the Reciprocal Retirement Act that would allow Mr. Gry to use the seven years accrued at Ionia County to retire from the City of Lansing. The Employees Retirement System Board requested that Mr. Grys be provided a copy of the legal opinion. It was moved by Trustee Mark Parker and supported by Trustee Kraus to approve the Legal Counsel opinion regarding the Reciprocal Retirement Act. Adopted by the following vote: 6 - 0 Attorney Lane stated that the legal opinion regarding the reciprocal retirement act did not change anything for Mr. Mooney. Attorney Lane opined that Mr. Mooney cannot use Grand Rapids time to get a pension from the City of Lansing. Attorney Lane explained that Mr. Mooney was told by the City that if he ever wanted to use the Reciprocal Retirement Act, he was required to repay his contributions. Attorney Lane stated that information was not accurate. Trustee Mark Parker recommended the Employees Retirement System return Mr. Mooney's accumulated contributions because he was given bad advice by the City. Trustee Kraus expressed concern regarding the length of time before Mr. Mooney made his request for a return of contributions from the City of Lansing. Trustee Washington inquired if there were documents that the City told Mr. Mooney that he needed to repay contributions to the City. Attorney Lane verified that there was a letter provided to Mr. Mooney that told him to repay his contributions if he wished to use the Reciprocal Retirement Act. It was moved by Trustee Mark Parker and supported by Trustee Bahr Attorney Lane stated the opinion has to approve the return of Mr. Mooney's accumulated contributions, upon receipt of his requests on the appropriate Board form. Adopted by the following vote: 6 - 0 Ms. Williams presented Quarterly Cash Flow Report and the Securities Lending Report for the month of July 2019. It was moved by Trustee Mark Parker and supported by Trustee Kraus to adjourn the Employees Retirement System Board August meeting. Adopted by the following vote: 6 — 0. The meeting adjourned at 9:12 a.m. Minutes approved on Angela Bennett, Secretary Employees Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES RETIREMENT SYSTEM Regular Meeting City Council Conference Room 10th Floor, City Hall Lansing, MI September 19, 2019 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:34 a.m. Present: Bahr, Dedic, Kehler, Kraus, D Parker, M. Parker, Schor, Washington — 8 Absent: Trustee Sanchez-Gazella (excused) Others: Karen E. Williams, Finance Department; Attorney Ken Lane, Clark Hill (representing the City Attorney's Office). It was moved by Trustee Kraus and supported by Trustee Kehler to approve the Official Minutes of the Employees' Retirement System Board Regular Meeting of August 20, 2019. Adopted by the following vote: 8 — 0. It was moved by Trustee Kraus and supported by Trustee Mark Parker to approve the Official Minutes of the Employees' Retirement System Board and the Police and Fire Retirement System Board Regular Joint Meeting of August 22, 2019. Adopted by the following vote; 8 — 0 There were no public comments. 6 new member(s), 0 reinstatement(s), 1 refund(s), 0 transfers, 3 retired. Total active membership: 462. Total deferred: 75. 1 death(s), Patrick Wolf (retired 1/21/1998 — Teamster 243), died 8/7/2019, age 68, spouse to receive 100%; Refunds made since the last regular meeting mounted to $7,140.37. Retirement allowances paid for the month of August 2019, amounted to $1,984,383.73. Total retirement checks printed for the ERS System: 935. Total Retirement checks printed for both systems: 1692. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. Employees Retirement System Regular Meeting of September 19, 2019 Page 2 It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to approve the following requests for regular age & service retirements: Eric Cushman (Public Service —Teamster 243), 6 years, 4 months of service credits, age 57, effective 9/21/2019. (Eligible to retire with additional 27 years, 11 months of Reciprocal Retirement time earned with the City of Kalamazoo) Michael A. Grys (District Court — Teamster 243), 21 years, 4 months of service, age 51, effective 9/20/2019. (Eligible to retire with additional 7 years of service earned with Ionia County) Michael N. Hedrick (Finance — Teamster 243), 18 years, 8 months of service credits, age 63, effective 10/19/2019 Eddie Hunter (Planning and Neighborhood Development — UAW), 15 years of service credits, age 65, effective 9/20/2019 Lorrie Ridenour (Police/Civilian — Teamster 243), 26 years, 6 months of service, age 51, effective 9/14/2019. Rick Wynn ( Public Service — Teamster 243) 25 years, 1 month of service, age 55, effective 9/21/2019. Adopted by the following vote: 8 - 0 There were no requests for duty disability retirements. There were no request for non -duty disability retirements. There were no requests for refunds of accumulated contributions. Karen Williams explained the Trustee Sanchez-Gazella was ex -officio and did not need to be excused from the meeting. Trustee Dedic provided his oral report of the ABS Conference. The conference included a roundtable of international investment companies that discussed global issues. The conference also included a workshop that discussed gene therapy, using cloned genes to fight disease. Employees Retirement System Regular Meeting of September 19, 2019 Page 3 Trustee Dedic provided his oral report of the NCPERS Conference. The conference included workshop that discussed artificial intelligence, facial recognition and G5 technology. The conference had workshops that discussed China's growth, tariffs and the Janus decision by the Supreme Court. The conference discussed investment and politics. Karen Williams reminded members of the upcoming MAPERS Fall Conference, the International Federation of Education, Benefit Plans (I.F.E.B.P.) Annual Conference. Karen Williams reported that the Michigan Institutional Forum presented by the Markets Group that would be held October 10, 2019 in East Lansing. There were no public comments for items not on the agenda. Attorney Ken Lane provided sections of the Employees Retirement System Ordinance that had been updated by the various collective bargaining changes. Attorney Lane recommended reviewing 292.21 (multipliers) and 292.25 (contribution rates) first before moving to definition sections and then the other general sections. Attorney Lane will amend the updated Frequent Asked Question Document. Karen Williams indicated that the Retirement Board received questions regarding the Request for proposal (RFPQ) that was issued. The Employees Retirement System Board recommended that the Retirement Board chairpersons work with the retirement office to respond to the questions. Trustee Kraus volunteered her services to the Board to assist with the Request for proposal (RFPQ) process. Trustee Kraus was the purchasing director for the City and had experience crafting responses for the RFPQs. Trustee Dennis Parker appointed Trustee Kraus as a committee member to review the RFPQs and assist with the process. Ms. Williams presented Monthly Investment and the Securities Lending Report for the month of August 2019. It was moved by Trustee Mark Parker and supported by Trustee Kraus to adjourn the Employees Retirement System Board September meeting. Adopted by the following vote: 8 — 0. The meeting adjourned at 9:01 a.m. Minutes approved on Shelbi Frayer, Secretary Employees Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting City Council Conference Room 10th Floor, City Hall Lansing, MI October 17, 2019 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:31 a.m. Present: Bahr, Dedic, Kehler, Kraus, M. Parker, Sanchez-Gazella, Schor, Washington — 8 Absent: Trustee Dennis Parker (excused) Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance Department: Attorney Ken Lane, Clark Hill (representing the City Attorney's Office). Trustee Mark Parker presided. Trustee Linda Sanchez-Gazella requested to be listed as excused in the September meeting. It was moved by Trustee Dedic and supported by Trustee Kraus to excuse Trustee Linda Sanchez-Gazella from the September Employees Retirement System meeting. Adopted by the following vote: 8 — 0. It was moved by Trustee Dedic and supported by Trustee Kraus to approve the Official amended Minutes of the Employees' Retirement System Board Regular Meeting of September 19, 2019. Adopted by the following vote: 8 — 0. There were no public comments. 8 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 7 retired. Total active membership: 460. Total deferred: 78. 2 death(s), William D. Jacobs (retired 8/17/1991 — Teamsters 243), died 8/26/2019, age 79, beneficiary to receive 100%; Victor Lootens (retired 4/21/2007 — UAW), died 9/24/2019, age 75, no surviving beneficiary. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of September 2019, amounted to $1,990,454.32. Total retirement checks printed for the ERS System: 937. Total Retirement checks printed for both systems: 1693. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. Employees Retirement System Regular Meeting of October 17, 2019 Page 2 It was moved by Trustee Dedic and supported by Trustee Bahr to approve the following requests for regular age & service retirements: Mark Parker (Public Service —UAW), 25 years of service credits, age 53, effective 11/22/2019 (with the purchase of 2 months of universal service credits) Robin Wright (Finance — Teamsters 243), 19 years, 6 months of service credits, age 62, effective 11/1/2019 Adopted by the following vote: 8 - 0 Karen Williams reported that the Retirement Office received a request for duty disability from Applicant #2019-E0919. The request for duty disability was referred to the disability subcommittee. It was moved by Trustee Kehler and supported by Trustee Dedic to allow the disability subcommittee to meet to consider the request from Applicant #2019-E0919. Adopted by the following vote: 8 - 0 The meeting recessed at 8:37 a.m. The meeting resumed at 8:44 a.m. It was moved by Trustee Kraus and supported by Trustee Sanchez-Gazella to send Applicant #2019-E0919 to the medical director for duty disability evaluation. Adopted by the following vote: 8 - 0 There were request for non -duty disability retirements. Karen Williams reported that the Retirement Office received a request for the refund of accumulated contributions for Laura Dixon, Police (Civilian), not vested, $7337.18. It was moved by Trustee Dedic and supported by Trustee Kraus to approve the following request for refund of accumulated contributions: Laura Dixon, Police (Civilian), not vested, $7,337.18 Adopted by the following vote: 8 - 0 Karen Williams reported that Trustee Dennis Parker contacted the Retirement Office and requested to be excused due to a family emergency. Employees Retirement System Regular Meeting of October 17, 2019 Page 3 It was moved by Trustee Washington and supported by Trustee Schor to excused Trustee Dennis Parker from the October Employees' Retirement System Board meeting. Adopted by the following vote: 8 - 0 Trustee Kraus provided an oral report for her attendance at the MAPERS Fall Conference. Trustee Kraus stated that the theme of the conference was "Late Cycle." This term was used to describe what was happening in the economy. The keynote speaker discussed Gross Domestic Product (GDP) and indicators that caused previous recessions. Trustee Kraus also attended workshops regarding unfunded liability. She remarked that the Lansing retirement boards with the advice of its actuary Boomershine had already adopted some of the suggestions that were discussed in the workshop, such as capping the amortization. Trustee Kraus also discussed PA202 and the mandate for an actuarial audit, and other topics such as a variable benefit defined benefit plan. Trustee Kraus discussed the Defined Benefit/Defined Contribution plan and how these hybrids may not be the best option for employees who are not investment savvy. Trustee Bahr provided his oral report of the MAPERS Fall Conference. Trustee Bahr focused on trustee development, learning the differences of a qualified plan, defined contributions and defied benefit plans. He also discussed the importance of actuarial valuations. Trustee Kraus discussed the Michigan Institutional Forum. Trustee Kraus discussed the importance of having a long-term investment plan. She reviewing the growth of machine and data investing. Many of the analysts of math, physics, and scientist that take a high-level analysis of the data. Trustee Kraus indicated that there are eight terabytes of data collected daily. Trustee Kraus indicated that there was a workshop on investment in Gold. Trustee Kraus discussed mitigating portfolio risk and to use caution when determining the source for making capital calls. Trustee Kraus reviewed the State of Kentucky pension system that was 13% funded. Kentucky is experiencing zero percent interest rates, and its pension system has a negative cash flow. Karen Williams reminded members of the upcoming International Federation of Education, Benefit Plans (I.F.E.B.P.) Annual Conference. There were no public comments for items not on the agenda. Attorney Ken Lane provided sections of the Employees Retirement System Ordinance that had been updated by the various collective bargaining changes. Attorney Lane recommended reviewing 292.01 (establishment of the plan) and 292.02 (definition section) and 292.14 (membership). He also discussed the 2019 recodification of the plan and deleting obsolete information. Employees Retirement System Regular Meeting of October 17, 2019 Page 4 Attorney Lane will amend the updated Frequently Asked Question Document. Karen Williams reported the Retirement Office received a request that an employee who was ready to retire wished to nominate a fiancee as beneficiary. Ms. Williams contacted legal counsel for a definition of who could be nominated as a pension beneficiary. Trustee Mark Park disclosed that he was the employee who made the request to the retirement office. Attorney Ken Lane provided a legal opinion of the definition of "insurable interest" as used in the General Employees' Retirement System Ordinance, specifically under option A and B. Attorney Lane reviewed the City Attorney's opinion from 1993. The definition is from insurance law and case law does allow a fiancee as a beneficiary. Attorney Lane indicated the difference between the insurance and the pension is that the pension beneficiary is irrevocable. Trustee Schor expressed concern with designating a fiancee as a beneficiary. Trustee Kraus explained for employees who choose a straight life, the accumulated contributions can go to an heir not the pension benefit. Trustee Kraus explained the pension benefit options are determined by actuary mortality tables. Attorney Lane opined that he agreed with the City Attorney's opinion that a member of the ERS can choose a fiancee as a beneficiary and does meet the definition of insurable interest. The ERS Ordinance broadly defines a beneficiary. Trustee Dedic inquired if the ERS Ordinance definition of beneficiary also covers domestic partners. Attorney Lane stated that an employee could legally marry his or her partner. Trustee Washington expressed concern that there is a difference between fiancee and spouse. Trustee Washington feel that it is a slippery slope. Attorney Lane opined that the ERS Board does not have legal authority to deny a fiancee as a beneficiary or amend the Retirement Ordinance. Trustee Schor agreed that until there is an Ordinance change, employees could choose this option. It was moved by Trustee Schor and supported by Trustee Kehler to order attorney to draft language that would only allow spouse, blood relative, or match what Police and Fire Ordinance. Adopted by the following vote: 8 - 0 Attorney Ken Lane will research to determine if the change can be done by policy or if the change would need an Ordinance amendment. He will bring sample language to the next meeting. Karen Williams reported that the Retirement Office had received seven proposals for the Legal Services Request for proposal (RFPQ) process. Trustee Mark Parker referred the RFPQs to the Special Projects subcommittee: Trustee Kraus, Trustee Washington and Trustee Dennis Parker or his designee. Ms. Williams presented Monthly Investment and the Securities Lending Report for the month of October 2019. Trustee Mark Parker reviewed the monthly investment report and discussed how the portfolio is structure to participate in the up market but provide downside protection. It was moved by Trustee Dedic and supported by Trustee Kraus to adjourn the Employees Retirement System Board September meeting. Adopted by the following vote: 6 — 0. The meeting adjourned at 9:43 a.m. Minutes approved on Shelbi Frayer, Secretary Employees Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting City Council Conference Room 10th Floor, City Hall Lansing, MI November 21, 2019 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:31 a.m. Present: Bahr, Dedic, Kehler, Kraus (8:55), D. Parker, M. Parker, Sanchez-Gazella Schor (8:37) — 8 Absent: Trustee Washington (excused) Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance Department: Attorney Ken Lane, Clark Hill (representing the City Attorney's Office). It was moved by Trustee Dedic and supported by Trustee Kraus to approve the Official amended Minutes of the Employees' Retirement System Board Regular Meeting of October 17, 2019. Adopted by the following vote: 6 — 0. There were no public comments. 9 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total active membership: 462. Total deferred: 78. 2 death(s), Bennie Perdue, died 10/29/19, age 73, beneficiary to receive 100%; Ruth Trowbridge, died 11/2/2019, age 87, beneficiary of non bargaining retiree. Refunds made since the last regular meeting mounted to $7,337.18. Retirement allowances paid for the month of October 2019, amounted to $2,004,186.53. Total retirement checks printed for the ERS System: 940. Total Retirement checks printed for both systems: 1698. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 1. Employees Retirement System Regular Meeting of November 21, 2019 Page 2 It was moved by Trustee Mark Parker and supported by Trustee Kehler to approve the following requests for regular age & service retirements: Mark Mayhoe (Public Service — Teamsters), 15 years of service credits, age 58, effective 11/23/2019 Andy Watson (Public Service — UAW), 25 years of service credits, age 52, effective 12/14/2019 (with the purchase of 8 months of universal service credits) Adopted by the following vote: 6 -0 Karen Williams reported that the Retirement Office sent a letter to Applicant #2019-E0919 requesting a medical release and information. There were request for non -duty disability retirements. Karen Williams reported that the Retirement Office received a request for the refund of accumulated contributions for Albert Mooney, NonBargaining, not vested, $5,788.46; Gregory Scott, UAW, not vested, $5,954.71; Cluster Smith, Jr., UAW, not vested, $4,147.57. It was moved by Trustee Mark Parker and supported by Trustee Dedic to approve the following request for refund of accumulated contributions: Albert Mooney, NonBargaining, not vested, $5,788.46 Gregory Scott, UAW, not vested, $5,954.71 Cluster Smith, Jr., UAW, not vested, $4,147.57 Adopted by the following vote: 6 - 0 Karen Williams reported that Trustee Washington contacted the Retirement Office and requested to be excused. It was moved by Trustee Mark Parker and supported by Trustee Dedic to excuse Trustee Washington from the November Employees' Retirement System Board meeting. Adopted by the following vote: 6 - 0 Trustee Dennis Parker provided an oral report for her attendance at the MAPERS Fall Conference. Trustee Parker reviewed topics that included Emerging Markets session that discussed benchmarks, fees and health care. Employees Retirement System Regular Meeting of November 21, 2019 Page 3 Trustee Dedic provided an oral report regarding his attendance at the IFEBP Conference. Trustee Dedic reviewed the health care workshops that had topics that included overcoming stigma of mental health, future health care technology. Trustee Dedic discussed workshops regarding workforce challenges, systems moving to cash balances retirement. He discussed trustee expenses and the importance of trustee education for mature plans like the City of Lansing. Karen Williams reported that the annual memberships for the IFEBP of $532.50, MAPERS of $200.00 and NCPERS of $260.00 were due. It was moved by Trustee Mark Parker and supported by Trustee Kehler to approve the payment of annual membership for IFEBP, MAPERS and NCPERS from its administrative fund. Adopted by the following vote: 7 — 0 There were no public comments for items not on the agenda. Attorney Ken Lane provided the remainder of the Employees Retirement System Ordinance that had been updated by the various collective bargaining changes. Attorney Lane recommended reviewing 292.01 (establishment of the plan) and 292.02 (definition section) and 292.14 (membership). He also discussed the 2019 recodification of the plan and deleting obsolete information. Attorney Ken Lane provided a legal opinion of the definition of "insurable interest" as used in the General Employees' Retirement System Ordinance, specifically under option A and B. Attorney Lane indicated the difference between the insurance and the pension is that the pension beneficiary is irrevocable. Attorney Lane draft an amendment to the Ordinance defining who could be nominated as a pension beneficiary, similar to what is done in the Police and Fire Retirement System. Karen Williams reported that each year, the Employees' Retirement Board reviewed the Northern Trust Security Documents. Ms. Williams has forwarded the document to Attorney Ken Lane. Attorney Lane indicated that he would review the document and forward it to the Information Technology division for review. Karen Williams reported the request to update the Minute Master by Gabriel, Roeder, and Smith. The Board moved the request to pending until trustees could review the cost from the previous update. Employees Retirement System Regular Meeting of November 21, 2019 Page 4 It was moved by Trustee Kraus and supported by Trustee Dedic moved the adoption of the following resolution: RESOLUTION NO. 1121 - 2019 AN RESOLUTION TO DECLARE THE OFFICE OF TRUSTEE VACATED WHEREAS, Trustee Mark Parker has diligently served on the Board of Trustees of the Lansing Employees' Retirement System for several years; and WHEREAS, Trustee Parker has notified the Board of Trustees that he is retiring from his position with the City of Lansing effective November 22, 2019; and WHEREAS, Section 292.05 of the Lansing Codified Ordinances provides that once a Trustee leaves the employ of the City, such Trustee is considered to have resigned from the Board and the Board must declare by resolution that the office is vacated. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: 1. The Board of Trustees of the Lansing Employees' Retirement System declares the office of trustee held by Mark Parker vacated as of the date of this Resolution. 2. The Board of Trustees directs the Retirement Analyst to begin the process to fill the vacated trustee office within 60 days in accordance with Section 292.05 of the Lansing Codified Ordinances. 3. The Board of Trustees extends its sincerest thank you to Mark Parker for his years of service and wishes him well in his future endeavors. 4. All resolutions and parts of resolutions insofar as they conflict with the provisions of this Resolution are rescinded. Yeas: Trustees: Bahr, Dedic, Kehler, Kraus, D. Parker, M. Parker, Sanchez-Gazella, Schor - 8 Nays: Trustees: 0 Abstain: Trustees: 0 Absent: Trustees: Washington CERTIFICATION As Retirement Analyst to the Board of Trustees of the Lansing Employees' Retirement System, I certify this is a true and complete copy of a resolution adopted at a meeting of the Board of Trustees held on November 21, 2019. November 21, 2019 Karen Williams, Retirement Analyst Ms. Williams provided a posting for the election to the Board of Trustee. This election would fill the unexpired Trustee position on the Employees Retirement System Board. Ms. Williams provided dates for nominating petitions, primary election and general election. Ms. Williams also requested approval for electronic voting. It was moved by Trustee Bahr and supported by Trustee Kehler to approve the Trustee Election posting and fee for electronic voting. Adopted by the following vote: 8 - 0 Trustee Schor requested that the posting be sent to union representatives, and non bargaining employees. Karen Williams reported that the Retirement Office had received seven proposals for the Legal Services Request for proposal (RFPQ). The special projects subcommittee met with members from Police and Fire Retirement System to review the proposals. Trustee Kraus reported her and Trustee Dennis Parker attended the meeting and decided that the full Employees Retirement System Board as to whether or not to continue with how the service was provided to the Board or move forward with the interview process. Trustee Dennis Parker indicated that the Police and Fire Retirement System made the recommendation for interviews to be held. Trustee Kraus expressed concern regarding paying fees from the retirement system for attorney fees. Trustee Kraus felt that all of the firms were qualified to do the work for the pension board and that the review met the fiduciary responsibility. Trustee Kraus expressed concern regarding the working relationship with the City Attorney's office and City Council with an outside firm. Trustee Kraus noted that the retirement board does reserve the right to hire an outside counsel. Trustee Schor stated that he had not heard of any issues with the legal staffing by the City Attorney's Office. Trustee Dennis Parker reviewed that when Attorney Lane left Clark Hill, the retirement boards wanted to perform due diligence as trustees. Trustee Schor wanted to distinguish if the City Attorney representative was doing its job or if the Board wanted to use pension funds to get an outside attorney for the job. Trustee Mark Parker indicated that he felt the retirement boards should work with the Police and Fire Retirement System. Trustee Kraus stated that she believes that there was a difference of opinion as to whether the Employees' Retirement System Board wants to retain the City Attorney's office to staff the Board. It was moved by Trustee Kraus and supported by Trustee Schor that the Employees' Retirement System Board retain the position that City Attorney's Office staff the Board's legal counsel. Trustee Dedic recommended that all of the vendors should be re-evaluated periodically. He did not see an issue with reviewing and interviewing legal firms. Trustee Dennis Parker reviewed that he believed that process involved interviewing the law firms and providing the recommendation to the City Attorney regarding legal representation. Trustee Parker stated if there was no agreement, he believed the next step would be to decide whether to hire an outside counsel. Trustee Kraus withdrew her motion. It was moved by Trustee Kraus and supported by Trustee Sanchez-Gazella to go forward with the interview process to make a recommendation to the City Attorney's office. Trustee Dedic requested that the Mayor have the City Attorney participate in the process. Adopted by the following vote: 8 - 0 Ms. Williams reviewed the Quarterly Expenses Report and the Securities Lending Report for the month of October 2019. Trustee Dennis Parker presented Trustee Mark Parker with a plaque of appreciation for his service to the retirement Board. The meeting adjourned at 9:32 a.m. Minutes approved on Shelbi Frayer, Secretary Employees Retirement System Dennis R. Parker, Chairperson Employees' Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM Regular Meeting City Council Conference Room 10th Floor, City Hall Lansing, MI December 19, 2019 Thursday, 8:30 a.m. The Board met in regular session and was called to order at 8:31 a.m. Present: Bahr, Dedic, Kehler, Kraus, D. Parker, Sanchez-Gazella (8:37) — 6 Absent: Schor, Washington (excused) Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance Department; Brian Lefler, Municipal Advisor; Attorney Ken Lane, Clark Hill (representing the City Attorney's Office). It was moved by Trustee Dedic and supported by Trustee Kehler to approve the Official Minutes of the Employees' Retirement System Board Regular Meeting of November 21, 2019. Adopted by the following vote: 6 — 0. It was moved by Trustee Kraus and supported by Trustee Kehler to approve the Official Joint Minutes of the Employees' Retirement System Board and the Police and Fire Retirement System Board of November 21, 2019. Adopted by the following vote: 6 — 0. Mr. Brian Lefler gave comments regarding having the draft agenda and minutes posted prior to the meetings. He stated that he would like to have copies of these items so he able to address items on the agenda. Mr. Lefler wanted to ask questions regarding the actuarial report. Attorney Ken Lane opined that there was no requirements to post draft items on the website. The decision to post draft items would be up to the Board. Ms. Williams indicated that she could provide an agenda for Mr. Lefler prior to the meeting. Employees Retirement System Regular Meeting of December 19, 2019 Page 2 Secretary's Report: 8 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total active membership: 461. Total deferred 77. 3 death(s), Sharron Bain, died 12/5/2019, age 79, beneficiary of UAW retiree; Leroy Barber, Jr. (Public Service/UAW, retired 1/24/2015), died 12/8/2019, age 63, beneficiary to receive 100%; Vaughan McKinch (Finance/Executive Management, retired 11/5/1988), died 11/14/19, age 87, no surviving beneficiary. Refunds made since the last regular meeting mounted to $15,890.74. Retirement allowances paid for the month of November 2019, amounted to $2,006,585.31. Total retirement checks printed for the ERS System: 941. Total Retirement checks printed for both systems: 1698. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified 0. It was moved by Trustee Kraus and supported by Trustee Dedic to approve the following requests for regular age & service retirements: Lisa Thelen (Human Resources — Teamsters 243 CTP), 16 years, 3 months of service credits, age 59, effective 1/4/2020 Constance L. Klein (Public Service — UAW), 25 years, 7 months of service credits, age 55, effective 1/2/2020 Trustee Sanchez-Gazella wanted it noted that she did not receive notification that Lisa Thelen retirement would be on this month's agenda prior to the meeting. Ms. Williams explained the request for retirement process. In the past, the process has remained confidential until the application for retirement has been received. Once the application was received, a personal action form was created for notification. The Board discussed better ways for notification and the confidentiality of retirement applications. The Board agreed that the process would remain confidential until an application was received. Trustee Schor request that he be notified when a retirement application has been received. Adopted by the following vote: 6 -0 Karen Williams reported that Applicant #2019-E0919 was scheduled to see the medical director in December. There were request for non -duty disability retirements. Employees Retirement System Regular Meeting of December 19, 2019 Page 3 It was moved by Trustee Dedic and supported by Trustee Kehler to excuse Trustee Washington from the December Employees' Retirement System Board meeting. Adopted by the following vote: 6 - 0 Mr. Greg Stump, Boomershine Consulting Group, explained the delay in actuarial report due to a mix-up with the plan assets, but the issue was corrected. Mr. Stump provided an overview of the Employees' Retirement System actuarial valuation for the plan year ending December 31, 2018. Mr. Stump reviewed the investment performance, funding recommendations and the funding progress. Mr. Stump discussed the amortization policy, investment risk and demographic risks. Mr. Stump discussed the state of Michigan uniform assumption and reviewed figures based on the return assumption of 7% Mr. Stump reviewed the plan asset information and discussed the smoothing of value assets. He reviewed the healthcare reserve. Mr. Stump discussed the participant summary, reviewed the demographics and actuarial liability. Mr. Stump reviewed the importance of preparing an experience study every five years. Mr. Stump discussed the development of the Employer Contributions. He reviewed the normal (benefit) cost based on the current assumptions. The numbers were calculated as a percentage of pay. He reviewed the amortization policy, which is now at 23 years of 30 year closed amortization. Mr. Stump reviewed the long-term projections of funding and contributions It was moved by Trustee Kehler and supported by Trustee Dedic to accept the Employees' Retirement System Actuarial Valuation for the plan year ending December 2018. Adopted by the following vote: 6 — 0. Trustee Dedic left the meeting. Attorney Ken Lane provided the remainder of the Employees Retirement System Ordinance that had been updated by the various collective bargaining changes. Attorney Lane recommended reviewing 292.01 (establishment of the plan) and 292.02 (definition section) and 292.14 (membership). He also discussed the 2019 recodification of the plan and deleting obsolete information. Attorney Ken Lane provided a draft amendment to the Ordinance defining who could be nominated as a pension beneficiary, similar to what was done in the Police and Fire Retirement System for review. The Board reviewed the amendment and agreed that the issue defining who could be nominated, as a pension beneficiary should be addressed though collective bargaining. Employees Retirement System Regular Meeting of December 19, 2019 Page 4 Attorney Lane provided an update regarding the Northern Trust SecurityDocuments. Attorney Ken Lane reviewed the documents and had no issues. ents. forwarded the documents to the Information Technology department and was waiting Lane their review. ng for Karen Williams reported that nomination petitions for the election of a Board member were made available November 25, 2019. The petitions were due December 23, 20119. Elections if necessary would be held in January. Karen Williams reported that the Retirement Office contacted the law firms th selected for interviews. The interviews were scheduled for January 14, 2020 at a were meeting of both Boards. Joint Karen Williams reported the fee that was charged for the last update of the Master by Gabriel, Roeder, and Smith. Minute It was moved by Trustee Bahr and supported by Trustee Sanchez-Gazella to the update of the Minute Master with expenses that do not exceed $2,000. the Adopted by the following vote 5 — 0. Ms. Williams reviewed the Monthly Investment Report and the Securitie Report for the month of November 2019. s Lending Trustee Dennis Parker presented Trustee Mark Parker with a plaque of a r his service to the retirement Board. pp eciation for The meeting adjourned at 9:32 a.m. Minutes approved on Dennis R. Parker, Chairperson Employees' Retirement System Shelbi Frayer, Secretary Employees Retirement System