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Home My WebLink About1984 Employees Retirement System Annual Reporta CITY OF LANSING, MICHIGAN Document: 1984 Employees Retirement System 4; Annual Report 1 ' EMPLOYEES' RETIREMENT SYSTEM ANNUAL REPORT DECEMBEN 31, 1984 FORTY-FOURTH ANNUAL FINANCIAL REPORT OF THE EMPLOYEES' RETIREMENT SYSTEM CITY OF LANSING, MICHIGAN YEAR ENDED DECEMBER 31, 1984 CITY OF LANSING EMPLOYEES' RETIRE SYSTEM ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1984 TABLE OF CONTENTS Page Table of Contents 1 Letter of Transmittal 2-4 Administrative Organization 5 Balance Sheets 6 Statement of Revenues, Expenses and Changes in Fund Balance 7 Statements of Changes in Financial Position 8 Changes in Fund Balance Reserves 9 Securities 10-15 Common Stock 16 Investment Portfolio Analysis 17 Statement of Membership 18 Retirants and Beneficiaries 19 Members Retired During 1984 20 Beneficiaries Added to Roll 1984 21 Terminations 1984 22 FINANCE DEPARTMENT James W. Dowsett, Director of Finance 831 City Hall Lansing, Michigan 48933 (517) 483-4500 Terry J. McKane, Mayor July 26, 1985 Board of Trustees Employees' Retirement System City of Lansing, Michigan Dear Trustees: Presented herewith is the Forty -Fourth Annual Report of the Secretary covering operations of the Employees' Retirement System for the year ended December 31, 1984. BALANCE SHEET Fixed income securities totaled $17,175,840 on December 31, a decrease of $3,578,181 during the year. Of the $17,175,840 fixed income securities, $800,000 are rated "AAA", $6,487,000 are rated "AA", $4,586,000 are rated "A", $700,000 are rated "BAA", $275,000-are rated "BA", and $4,327,840 are not rated. These securities mature from June 30, 1985 to October 1, 2020 and have interest rates ranging from 4 1/8% to 17 1/2%. We hold $6,392,000 of public utility bonds, $8,279,500 of Government and agencies bonds, and the balance in industrial, transportation, bank and finance, Canadian and foreign bonds as summarized on page 17 of this report. The net unamortized premium and discount increased by $236,806 during the year and accrued interest at December 31, 1984 decreased by $21,389. In addition to the above fixed income securities, the Retirement System owned 177,300 shares of various common stocks at a cost of $6,434,864 and U.S. Treasury notes, repurchase agreements and trust demand notes totalling $13,232,541. The Employees' Savings Fund decreased by $36,753 during the year under review. Active member accounts of 856 totaled $3,572,857, 15 deferred retirement accounts totaled $107,218, 115 inactive accounts totaled $22,787, 7 duty disability accounts totaled $48,009 and 7 reciprocal unit accounts total $18,310. The above 1,000 members represent 111,262 service credit months. According to our Actuary, the Pension Accumulation Fund liability increased $1,358,005 and the Retirement Reserve Fund liability. increased $822,053 during the year, making a total increase of $2,180,058. 2 "Equal Opportunity Employer" Total accrued liability of the fund on December 31, 1984 was $40,418,583 with net assets of $36,730,326, leaving an unfunded accrued liability of $3,688,257, or a decrease of $802,397 during the year. This liability is being amortized over a 30 year period. A recapitulation of the changes in the fund balance reserves is summarized on page 9 of this report. REVENUES AND EXPENDITURES City contributions amounted to $2,747,745 during the year. Member contribu- tions during the year totaled $35,712 and refunds of member contributions (those leaving the system prior to retirement) totaled $69,307. The interest and dividends on investments was $3,398,760 and the net loss on the exchange of securities was $1,653,590 for a total increase of 5.1% in the average book value of assets of $34,384,890. During the year, $109,867 in interest was credited to the Employees' Savings Fund, $591,169 in interest and dividends was credited to the Pension Accumulation Fund, and $1,044,134 in interest was credited to the Retirement Reserve Fund. • Net benefits paid totaled $1,447,576. Monthly benefits ranged from a low of $17 to a high of $2,476. There were 365 retirees on the roll at December 31. Age and service retirees totaled 310, 14 were duty disability', 11 were non -duty disability, 4 were non -duty disability beneficiaries, 25 were non -duty death beneficiaries and 1 duty death beneficiary. Fifteen members retired during the year having an average age of 62 years and an average service credit of 18 years. Annual pension benefits of these retirees will total $114,421, increasing annual pension benefits payable by the System to $1,496,749. Fifteen retirees died during the year with total annual benefits of $32,538. Seven of the retirees that died during the year had beneficiaries and they will receive a total yearly benefit of $16,461. GENERAL COMMENTS The actuarial evaluation of December 31, 1984 indicates that the rate of contributions should be 15.68% of total valuation payroll for 1985. There are funds budgeted in the 1985-86 City of Lansing budget for the City's contribution to the Retirement System in accordance with the actuaries recommendations. There were significant amendments to Michigan investment law in 1982.• The level of assets which may be invested in stocks was increased from 25% to 60%. There was a broadening of allowable investment grade holdings and a new definition of fiduciary responsibility and authority. Progressive steps have been taken to facilitate the ongoing review of invest- ment policy and procedures and to maximize investment return. Custodial services have been contracted with the National Bank of Detroit to provide for the direct deposit and reinvestment of dividends and interest and proceeds from the sale of securities. This "state of the art" service also provides for more efficient recordkeeping. After an extensive review process, the Board of Trustees selected 4 outside money managers who were placed under contract in October, 1984; Harbor Capital Management Company, Inc. and Rollert & Sullivan, Inc. to handle equity 3 investments; Loomis Sayles & Company and M.D. Sass Investors Services, Inc. to handle fixed income investments. Performance evaluation services have been contracted with S.E.I. Funds Evaluation Services to provide for quarterly reports on investment performance and as a management tool for evaluating the results of investment policy decisions. The 1984 Actuarial Valuation Report concludes that the Retirement System is in very good actuarial condition. Sound provision is being made for the increasing number of retirement allowances expected in future years. It has been a pleasure to work with the Board of Trustees in the past year, and with your continued surveillance and support, the employees of our City can be assured the benefit of one of the finest retirement systems in the country. JWD:ls Respectfully submitted, James W. Dowsett Finance Director 4 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM BOARD OF TRUSTEES DECEMBER 31, 1984 Hugo Hufnagel, City Treasurer, Chairman Indefinite Bennie W. Perdue, Parks & Recreation Trustee, Vice Chairman 6-30-86 Terry J. McKane, Mayor Indefinite Karen M. Jackson, Director of Personnel Indefinite Sidney P. Worthington, City Council Indefinite Rita Pontz, Appointed Citizen 6-30-86 Ruby V. White, General Trustee 6-30-88 Charles L. Leland, Public Service Trustee 6-30-85 Secretary.................................................James.W. Dowsett Legal Advisor.............................................Stephen R. Sawyer Actuary........................................Gabriel, Roeder, Smith & Co. Medical Director ........................Lansing Occupational Medical Center Office: 8th Floor, City Hall, Lansing, MI 48933 Phone: (517) 483-4500 -5- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM BALANCE SHEETS December-31,— — Assets , Current assets: Cash on deposit $ 2,887 $ 31,608 Investments, at cost or amortized cost: Repurchase agreement 223,100 712,000 Trust demand notes 8,209,441 3,240,131 U.S. Government obligations, market value $6,525,640 and $1,626,519 6,566,265 1,698,745 Bonds, market value $14,150,856 and $17,829,183 15,053,185 20,174,860 Common stocks, market value $6,261,275 and $6,818,800 6,434,864 7,244,132 Total investments 36,486,855 33,069,868 Accounts receivable 2,756 26,621 Accrued interest receivable 629,712 651,101 Dividends receivable 12,834 21,443 Total current assets $37,135,044 $33,800,641 Liabilities and Fund Balance Current liabilities: Warrants payable $ 125,719 $ 5,192 Accounts payable 278,999 10,825 Total current liabilities 404,718 16,017 Fund balance: Reserved for employee contributions 3,769,181 3,805,934 Reserved for employer contributions 20,800,122 19,442,117 Reserved for benefit payments 15,849,280 15,027,227 Total reserved fund balance 40,418,583 38,275,278 Unreserved fund balance (deficit) (3,688,257) (4,490,654) Total fund balance 36,730,326 33,784,624 Total liabilities and fund balance $37,135,044 $33,800,641 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE Operating revenues: Contributions by employees Contributions by City Income from investments Total operating revenues Operating expenses: Investment services Payments to pensioners and beneficiaries Contributions refunded to former employees Total operating expenses Net income Fund balance, at beginning of year Fund balance, at end of year Year ended_ December 31. _ 1984 1983 $ 35,712 $ 170,736 2,747,745 2,693,025 1,745,170 2,654,440 4,528,627 5,518,201 66,042 36,111 1,447,576 1,308,705 69,307 74,382 1,582,925 1,419,198 2,945,702 4,099,003 33,784,624 29,685,621 $36,730,326 $33,784,624 -7- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENTS OF CHANGES IN FINANCIAL POSITION Year ended December_31,_ 1984 1983 Source of working capital: Operations - net income $ 2,945,702 Changes in working capital components: Increase (decrease) in current assets: Cash on deposit $ (28,721) Investments 3,416,987 Accounts receivable (23,865) Accrued interest receivable (21,389) Dividends receivable (8,609) Decrease (increase) in current liabilities: Warrants payable (120,527) Accounts payable (268,174) Increase in working capital $ 2,945,702 $ 4,099,003 $ (127,609) 4,073,619 (33,930) 51,428 (6,863) 153,183 (10,825) $ 4,099,003 I Balance, January 1, 1984 Additions: Contributions by employees Contributions by City Income from investments Total balance & additions Transfers on retirement Actuarial adjustment in unfunded accrued liability Total revised balances Deductions: Investment services Payment to pensioners & beneficiaries Contributions refunded to former employees Total deductions Balance, December 31, 1984 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM CHANGES IN FUND BALANCE RESERVES Fund Balance Fund Balance Fund Balance 1984 Total 1983 Total Reserved for Reserved for Reserved for Reserved Reserved Employee Employer Benefit Fund Fund Contributions Contributions Payments Balance Balance $3,805,934 $19,442,117 $15,027,227 $38,275,278 $35,353,067 35,712 2,747,745 109,867 591,169 3,951,513 22,781,031 (113,025) (1,112,470) (802,397) 3,838,488 20,866,164 66,042 69', 307 69,307 66,042 $3,769,181 $20,800,122 1,044,134 16,071,361 1,-225, 495 35,712 2,747,745 1,745,170 42,803,905 170,736 2,693,025 2,654,440 40,871,268 (802,397) (1,176,792) 17,296,856 42,001,508 39,694,476 1,447,576 1,447,576 $15,849,280 66,042 1,447,576 69,307 1,582,925 $40,418,583 36,111 1,308,705 74,382 1,419,198 $38,275,278 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM SECURITIES (EXCEPT COMMON STOCK*) DECEMBER 31, 1984 Nominal Unrecovered Maturity Rate Par Value Cost Market Value Trust Demand Notes National Bank of Detroit Short Term Invest. 12/31/84 9.080 $ 8,209,441 $ 8,209,441 $ 8,209,441 Total Trust Demand Notes 8,209,441 8,209,441 8,209,441 U.S. Government Obligations: U.S. Treasury Notes 06/30/85 10.000 $ 400,000 $ 398,696 $ 402,500 U.S. Treasury Notes Series "K" 12/31/86 10.000 700,000 701,312 700,000 U.S. Treasury Notes Series "H" 03/31/87 10.250 700,000 702,625 700,875 0 U.S. Treasury Notes 05/15/87 14.000 200,000 200,000 214,688 U.S. Treasury Notes Series "J" 06/30/87 10.500 700,000 704,593 702,625 U.S. Treasury Notes Series "Q" 11/15/87 11.000 900,000 914,967 912,096 U.S. Treasury Notes Series "G" 02/15/88 10.125 700,000 695,297 692,783 U.S. Treasury Notes Series "D" 11/15/93 11.750 500,000 499,072 504,375 Treasury Growth Receipts 11/15/91 -0- 199,500 105,464 91,028 Coupon Treasury Receipts 08/15/13 -0- 780,000 392,718 387,722 Federal Home Loan Mortgage 10/01/10 9.500 510,843 432,141 434,216 Student Loan Marketing 10/01/87 11.250 200,000 201,364 202,750 Inter -American Development Bank 02/01/01 9.000 100,000 100,000 79,427 International Bank for Recon. & Devel. 10/15/02 12.375 400,000 418,016 412,420 *See Common Stock Schedule - Page 16 Nominal Maturity Rate U.S. Govt. guarantee Lachmar Hull #53 05/15/92 9.300 Repurchase Agreement (U.S. Treasury Notes) 03/15/85 8.3085 Total U.S. Government Obligations Bonds: Alabama Power Co. Alaska Housing Corp. Allstate Financial Arkansas Louisiana Gas Co. Atlanta Gas & Light r Avco Corp. I Avco Financial Service Avco Financial Service B. & 0. Railroad -Equipment Trust Baltimore Gas and Electric Burroughs Central Hudson Gas & Electric Chesapeake & Ohio Railroad -Equipment Trust Chevron Cincinnati Bell Inc. Citicorp Columbia Gas Unrecovered Par Value Cost Market Value $ 100,000 $ 100,000 $ 88,135 223,100 223,100 223,100 $7,313,443 $ 6,789,365 $ 6,748,740 12/01/05 10.500 $ 300,000 $ 300,000 $ 254,838 06/01/92 15.000 350,000 348,019 356,846 03/15/86 9.625 200,000 199,966 199,168 10/01/98 9,100 100,000 100,000 83,021 03/01/88 4.375 145,000 134,955 118,878 06/15/90 12.000 200,000 200,000 192,354 04/15/87 9.875 150,000 149,785 147,105 08/01/99 .9.750 100,000 100,000 97,362 10/01/86 8.500 100,000 100,863 96,572 09/15/90 12.125 200,000 200,000 203,468 08/01/87 10.750 300,000 299,443 298,680 09/15/09 10.750 100,000 99,634 83,151 03/01/86 11.750 200,000 200,850 202,032 11/01/88 11.750 200,000 202,982 202,984 05/01/91 15.000 100,000 99,525 112,110 02/01/87 16.000 300,000 299,368 305,415 10/01/99 11.750 200,000 198,876 191,294 Nominal Unrecovered Maturity Rate Par Value Cost Consolidated Edison of New York 06/01/91 4.750 $ 100,000 $ 93,659 Delmarva Power & Light 07/01/05 11.000 97,000 97,665 Detroit.Edison Co. 05/01/04 9.875 100,000 99,522 Entex, Inc. 12/31/89 6.500 86,000 82,647 Farmers Home Loan 09/01/00 13.125 187,497 183,748 Federal Farm Credits 07/22/91 14.700 500,000 490,007 Federal Farm Credits 12/02/91 13.650 500,000 494,460 Federal Home Loan Bank 09/25/90 12.500 350,000 352,829 Florida Power & Light Co. 03/01/12 16.500 400,000 488,566 Florida Power & Light Co. 03/01/13 12.375 400,000 408,450 Ford Motor Credit Co. 08/15/90 8.875 200,000 199,341 Ford Motor Credit Co. 12/01/90 15.750 100,000 99,557 G.E. Credit Corp. 08/01/97 8.250 100,000 99,532 General Motors Acceptance Corp. 07/15/87 10.875 200,000 200,000 General Motors Acceptance Corp. 04/01/91 14.375 200,000 199,369 Hartford Electric Light 10/01/95 11.500 100,000 100,000 Hooker Chemical Corp. 01/15/91 4.875 100,000 89,645 E.F. Hutton Credit 09/15/89 12.900 350,000 350,000 Idaho Power Co. 11/01/91 4.500 100,000 98,223 Internorth Inc. 08/01/91 17.500 217,000 257,260 Irving Bank Corp. 11/15/07 12.375 550,000. 546,884 Market Value N 70,994 87,636 79,518 68,319 183,748 567,500 546,250 365,858 468,008 396,132 176,744 110,724 80,345 199,892 216,926 90,908 66,235 362,985 67,995 238,641 536,767 Nominal Unrecovered Maturity Rate Par Value Cost Market Value Laclede Gas 07/15/99 9.750 $ 100,000 $ 100,000 $ 85,602 Long Island Lighting Co. 05/Ol/88 4.125 175,000 170,680 124,115 Louisville -Nashville Railroad Co. 09/01/94 10.500 200,000 198,840 182,048 Michigan Bell Telephone Co. 10/01/08 9.600 100,000 100,000 79,338 Missouri Pacific Railroad 03/15/93 9.375 100,000 94,120 86,532 Missouri Pacific Railroad 09/15/93 15.500 320,000 389,545 377,581 Mobil 11/01/92 10.875 350,000 349,573 338,033 Montana Dakota Utilities 10/01/96 8.500 88,000 88,000 67,500 Niagara Mohawk Power 08/01/07 8.350 100,000 99,811 65,806 I North American Phillips 08/01/00 9.750 100,000 99,688 82,377 r W I Northern Illinois Gas Co. 08/01/91 6.000 70,000 70,394 52,557 Ontario Province 03/01/09 9.750 100,000 99,397 81,714 Pacific Gas & Electric Co. 09/01/08 8.250 200,000 199,504 136,400 Pacific Gas & Electric Co. 08/01/13 12.875 400,000 416,041 402,276 Public Service Electric & Gas Co. 08/01/91 15.875 200,000 200,000 218,210 Public Service Electric & Gas Co. 09/01/95 4.750 100,000 97,035 58,009 Public Service Electric & Gas Co. 06/01/10 12.125 400,000 406,994 382,680 Pullman Leasing Equipment 08/01/99 9.625 100,000 9913,527 81,779 Seaboard Coastline 05/01/98 7.750 100,000 97,374 69,300 South Central Bell Telephone 10/01/20 12.875 400,000 427,303 405,760 Southern Bell Telephone & Telegraph 12/01/93 4.625 100,000 97,553 •63,303 Nominal Maturity Rate Southern Bell Telephone & Telegraph 05/01/17 8.125 Southern California Edison 11/01/03 9.625 Southern California Edison 10/15/04 11.750 Southern New England Telephone 03/01/91 4.125 Standard Oil Co. - Indiana 08/01/07 7.875 Superior Oil Co. 09/15/99 9.625 Tennaco 01/15/91 13.375 Tennaco 05/01/05 12.125 Texas Electric Service Co. 03/01/10 14.125 Texas Power & Light Co. 05/01/10 11.375 Trailer Train Railroad Equipment.Trust 07/01/92 8.200 Trailer Train Railroad Equipment Trust 05/15/93 9.150 Trailer Train Railroad Equipment Trust 09/15/93 9.000 Trailmobile Financial Co. 11/15/87 8.200 Transamerica Finance Corp. 07/01/01 8.500 Union Tank Car 12/01/96 8.300 U.S. Life 10/15/90 12.500 U.S. Steel 01/01/96 4.625 Valley Federal Savings 06/15/90 11.000 Washington Mutual Savings Bank 07/31/89 9.700 Witco Chemical Corp. 08/15/09 9.500 Unrecovered Par Value Cost $ 100,000 $ 100,720 100,000 99,473 100,000 99,369 100,000 99,779 100,000 99,716 100,000 100,000 100,000 99,694 400,000 395,029 300,000 320,084 100,000 99,472 100,000 100,000 100,000 100,000 100,000 100,000 100,000 98,821 100,000 99,370 100,000 100,000 200,000 192,514 100,000 91,473 200,000 190,969 200,000 200,000 100,000 99,693 Market Value 67,603 80,549 94,199 69,970 69,524 83,775 104,964 381,980 315,612 89,348 77,833 84,506 83,359 93,261 91,364 78,973 205,922 55,393 192,924 183,158 78,316 Maturity Total bonds Total securities Nominal Unrecovered Rate Par Value Cost. Market Value $14,885,497 $15,053,185 $ 14,150,856 $30,408,381 $30,051,991 $ 29,109,037 CITY OF LANSING EMPLOYEE'S RETIREMENT SYSTEM COMMON STOCK AS OF DECEMBER 31, 1984 Number Market of Value Shares Cost 12/31/84 Allied Corp. 9500 $ 345,950 $ 327,750 American Hospital Supply Corp. 3000 131,040 86,250 Avnet, Inc. 7000 233,933 244,125 Avon Products 5000 114,825 109,375 Beverly Enterprises 4000 125,208 126,000 Borden, Inc. 3500 211,170 226,625 CBI Industries, Inc. 3000 76,050 75,000 Continental Corp. 3900 137,935 143,325 Donnelley R.R. & Sons Co. 3000 138,141 147,000 Dow Jones & Co. 6000 238,884 250,500 Dun & Bradstreet 2000 125,685 131,250 Eaton Corp. 1100 36,856 58,438 Gould, Inc. 5000 109,425 105,625 Helmerich & Payne, Inc. 6000 119,179 120,000 Idaho Power 5000 186,858 191,250 Interco, Inc. 2000 120,330 119,500 International Business'Machines 4500 554,488 554,062 Levi Strauss & Co. 8000 212,800 202,000 Marriott Corp. 3000 226,710 227,250 Mellon Bank Corp. 3000 148,470 140,250 Mobil Corp. 11100 338,430 301,088 Moore McCormack Resources Inc. 4000 101,008 88,000 Network Systems Corp. 3000 70,500 67,500 New York Times Co. 4000 142,480 153,500 Nordstorm, Inc. 5000 159,303 155,000 NWA, Inc. 6000 237,220 244,500 Ocean Drilling & Exploring 7000 181,837 154,000 PHH Group 7500 193,488 186,562 Policy Management Sys. Co. 3000 75,750 83,250 Standard Oil - Indiana 3000 17-6,235 158,625 Sterling Drug 7000 193,750 202,125 Texas Oil & Gas Corp. 10000 208,300 178,750 Times Mirror Co. 4000 156,480 161,500 Toledo Edison Co. 3000 62,862 56,625 Union Pacific 8200 390,804 335,175 Varian Associates 4000' 152,480 149,500 Total $6,434,864 $6,261,275 -16- CITY OF LANSING EMPLOYEE'S RETIREMENT SYSTEM INVESTMENT PORTFOLIO ANALYSIS DECEMBER 31, 1984 Repurchase Agreement U.S. Treasury Notes Bonds: Moody's "AAA" rated Moody's "AA" rated Moody's "A" rated Moody's "BAA" rated Moody's "BA" rated Not rated Total bonds Common Stocks at cost Total investments Cash equivalents Demand obligations Bonds: U.S. Treasuries Agencies Pass throughs Municipals Finance Industrial Public Utility Real Estate Transportation Foreign Total Par Value Percentage $8,432,541 22.89% 4,800,000 13.03 800,000 2.17 6,487,000 17.61 •4,586,000 12.45 700,000 1.90 275,000 .74 4,327,840 11.74 17,175,840 46.61 6,434,864 17.47 $36,843,245 100.00% CLASSIFICATION OF BONDS $8,432,541 27.73% 5,779,500 19.01 2,150,000 7.07 698,340 2.30 350,000 1.15 3,050,000 10.03 5.38 t1,636,000 6,392,000 21.02 400,000 1.31 1,420,000 4.67 100,000 .33 $30,408,381 100.00% -17- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENT OF MEMBERSHIP DECEMBER 31, 1984 Membership - December 31, 1983 Add: New members during year Total Deduct: Members retired 15 Resigned and contributions refunded 45 Membership - December 31, 1984 Active Members Deferred Duty Disability Reciprocal Unit Inactive Totals Summary of Membership Number Annuity Savings 856 $3,572,857 15 107,218 7 48,009 7 18,310 115 22,787 1,000 $3,769,181 1,015 45 1,060 60 1,000 Service Credit Months 105,210 2,685 1,962 499 906 111,262 r. -18- 9 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM RETIRANTS AND BENEFICIARIES DECEMBER 31, 1984 Annual Benefits Type of Benefits Being Paid Number Being Paid Age and Service Benefits: Regular service benefit 105 $ 442,898 Option I benefit 25 126,906 Option A benefit 55 284,242 Option B benefit 80 398,358 Option A & B beneficiaries 45 70,466 Total age and service benefits 310 $1,322,870 Casualty Benefits: Duty disability benefits 14 55,265 Non -duty disability benefits 11 50,068 Non -duty disabilities beneficiaries 4 5,423 Non -duty death beneficiaries 25 619735 Duty death beneficiaries 1 1,388 Total casualty benefits 55 173,879 Total benefits 365 $1,496,749- -19- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM MEMBERS RETIRED DURING 1984 Annual Date of Age at Service Type of Retirement Name Retirement Retirement Yrs. Mos. Retirement Benefit Baum, Ellen I. 01-84 65 18 4 Regular $ 8,120.52 Scott, Ray E. 02-84 55 26 5 Option I 10,155.84 Davis, Nelson 02-84 64 8 1 Option B 2,622.72 Snyder, Janet M. 03-84 55 35 8 Option_I. 17,323.92 Peacock, Merle 06-84 65 18 6 Option A 8,709.48 Olesak, Raymond 07-84 62 11 1 Option A 3,425.40 Strickland, George 07-84 62 18 1 Regular 9,994.68 Havens, Lawrence 07-84 57 23 6 D.D.-Option A 7,160.88 Gillengerten, Karl 08-84 67 8 0 Option A 2,804.64 Bautista, Aurora 08-84 61 17 4 Regular 12,521.16 Riel, Dema L. 08-84 65 14 11 Regular 4,875.24 Horn, James 09-84 65 16 8 Option B 7,442.52 Holmes, Curtis F. 09-84 60 16 2 Regular 5,950.92 Trowbridge, Gordon 10-84 56 25 2 Option A 8,643.96 Kent, Charles 08-84 65 11 8 Regular 4,669.44 Total $114,421.32 -20- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM BENEFICIARIES ADDED TO ROLL 1984 Date Age at Name Added Retirement Andress, Florence 01-84 82 Kline, Frances 02-84 73 Laskowsky, Catherine 01-84 65 Bowling, Marguerite 03-84 56 Phelps, Jane I. 04-84 69 Owens, Ada 10-84 60 Warsop, Donald 11-84 72 -21- Annual Type of Retirement Retirement Benefit Option III $ 1,077.12 Option A 2,271.72 Option A 1,568.16 Option A 8,555.16 Option B 1,016.28 Option B 1,457.52 Option B 514.56 Total $16,460.52 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM TERMINATIONS 1984 Date of Name Termination Andress, Lyle E. 01-84 Laskowsky, Lester 01-84 Kline, Harland 02-84 Sanders, Bertha 02-84 Suggate, Julia 02-84 Bowling, John J. 03-84 Glenn, William 04-84 Dell, Arnold 04-84 Church, Dorothy 05-84 West, Bessie 07-84 Miller, Jack 08-84 Owens, Martin 10-84 Warsop, Ellen 11-84 Sanders, Harold 11-84 White, Edna 12-84 Annual Type of Retirement Reason Retirement Benefit Death Option III $ 2,154.12 Death Option A 1,568.16 Death Option A 2,271.72 Death Option I 932.52 Death Option III 1,328.28 Death Option A 8,555.16 Death Option B 2,032.44 Death Option I 1,647.72 Death Widow -Option A 2,233.80 Death Widow -Option III 166.80 Death Regular 3,657.96 Death Option B 2,915.04 Death Regular 1,029.24 Death Option I 1,027.32 Death Widow -Option II 1,017.60 Total $32,537.88 -22-