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Home My WebLink About1985 Employees Retirement System Annual Reportn !1 CITY OF LANSING, MICHIGAN EMPLOYEES' RETIREMENT SYSTEM ANNUAL REPORT DECEMBER 31, 1985 aw�4XJ FORTY-FIFTH ANNUAL FINANCIAL REPORT 10404:0 EMPLOYEES' RETIREMENT SYSTEM CITY OF LANSING, MICHIGAN YEAR ENDED DECEMBER 31, 1985 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1985 TABLE OF CONTENTS Table of Contents Letter of Transmittal Administrative Organization Balance Sheets Statement of Revenues, Expenses and Changes in Fund Balance Statements of Changes in Financial Position Changes in Fund Balance Reserves Securities Common Stock Investment Portfolio Analysis Statement of Membership Retirants and Beneficiaries Members Retired During 1985 Beneficiaries Added to Roll 1985 Terminations 1985 -1- Page 1 2-4 5 6 7 8 9 10-11 12-13 14 15 16 17 18 19 FINANCE DEPARTMENT James W. Dowsett, Director of Finance 831 City Hall Lansing, Michigan 48933 (517)483-4500 Terry J. McKane, Mayor July 31, 1986 Board of Trustees Employees' Retirement System City of Lansing, Michigan Dear Trustees: Presented herewith is the Forty -Fifth Annual Report of the Secretary covering operations of the Employees' Retirement System for the year ended December 31, 1985. BALANCE SHEET Fixed income securities totaled $21,273,017 on December 31, an increase of $4,097,177 during the year. Of the $21,273,017 fixed income securities, $1,581,522 are rated "AAA", $2,570,000 are rated "AA", $2,000,000 are rated "A", $620,000 are rated "BBB", and $14,501,495 are government and agency bonds. These securities mature from March 1, 1986 to September 1, 2015 and have interest rates ranging from 4 1/8% to 15 1/2%. We hold $15,651,495 of government and agencies bonds, and the balance in public utilities, industrial, transportation, bank and finance, municipals and real estate bonds. The net unamortized premium and discount increased by $155,644 during the year and accrued interest at December 31, 1985 decreased by $203,086. In addition to the above fixed income securities, the Retirement System owned 515,575 shares of various common stocks at a cost of $16,510,028 and U.S. Treasury notes, repurchase agreements and trust demand notes totalling $3,198,849. The Reserve for Employee Contributions decreased by $143,586 during the year under review. Active member accounts of 852 totaled $3,357,540, 18 deferred retirement accounts totaled $128,479, 86 inactive accounts totaled $73,920, 7 duty disability accounts totaled $49,449 and 6 reciprocal unit accounts total $16,207. The above 969 members represent 113,711 service credit months. According to our Actuary, the Reserve for Employer Contributions increased $3,042,564 and the Reserve for Benefit payments increased $2,065,066 during the year, making a total increase of $5,107,630. Total reserved fund balance on December 31, 1985 was $45,382,627 with net -2- "Equal Opportunity Employer" assets of $40,732,977, leaving an unfunded accrued liability of $4,649,650, or an increase of $961,393 during the year. This liability is being amortized over a 30 year period. REVENUES AND EXPENDITURES City contribution amounted to $2,800,000 during the year. Member contribu- tions totaled $38,339 and refunds of member contributions (those leaving the system prior to retirement) totaled $64,928. For the year the cost of investment services totaled $232,472. The interest and dividends on investments was $3,087,358 and the net loss on the exchange of securities was $15,374 for a total increase of 8.3% in the average book value of assets of $37,195,660. Market value of the assets was 8% above book value at December 31. During the year, $105,865 in interest was credited to the Reserve for Employee Contributions, $1,824,354 in interest and dividends was credited to the Reserve for Employer Contributions, and $1,141,765 in interest was credited to the Reserve for Benefit payments. Net benefits paid totaled $1,610,272. There were 379 retirees on the roll at December 31. Age and service retirees totaled 322, 13 were duty disability, 11 were non -duty disability, 4 were non -duty disability beneficiaries, 28 were non -duty death beneficiaries and 1 duty death beneficiary. Twenty-five members retired during the year having an average age of 60 years and an average service credit of 20 years. Annual pension benefits of these retirees will total $221,195, increasing annual pension benefits payable by the System to $1,688,740. Fourteen retirees died during the year with total annual benefits of $34,190, three of the retirees that died during the year had beneficiaries and they will receive a total yearly benefit of $4,930. GENERAL COMMENTS The actuarial evaluation of December 31, 1985 indicates that the rate of contributions should be 16.16% of total valuation payroll for 1986. There are funds budgeted in the 1986-87 City of Lansing budget for the City`s contribution to the Retirement System in accordance with the actuarial 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 investments; Loomis Sayles & Company and M.D. Sass Investors Services, Inc. to handle fixed income investments. Performance evaluation services are contracted with Prudential-Bache Funds Evaluation Services to provide for quarterly reports on investment performance and as a management tool for evaluating the results of investment policy decisions. -3- The 1985 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:1s Respectfully submitted, James W. Dowsett Finance Director -4- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM BOARD OF TRUSTEES DECEMBER 31, 1985 Ruby V. White, General Trustee, Chairperson Rita Pontz, Appointed Citizen, Vice Chairperson Terry J. McKane, Mayor Karen M. Jackson, Director of Personnel Sidney P. Worthington, City Council Brian Kuchik, City Treasurer Bennie W. Perdue, Parks & Recreation Trustee Charles L. Leland, Public Service Trustee 6-30-88 6-30-87 Indefinite Indefinite Indefinite Indefinite 6-30-86 6-30-89 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 Assets _ _ _ _D_ecember 31, _ _ _ 1985 1984 Current assets: Cash on deposit $ 5,188 $ 2,887 Investments, at cost or amortized cost: Repurchase agreement 114,500 223,100 Trust demand notes 1,684,349 8,209,441 U.S. Government obligations, market value $15,741,547 and $6,525,640 14,843,767 6,566,265 Bonds, market value $7,336,813 and $14,150,856 7,317,216 15,053,185 Common stocks, market value $18,812,066 and $6,261,276 16,510,028 6,434,864 Total investments 40,469,860 36,486,855 Accounts receivable 125 2,756 Accrued interest receivable 426,627 629,712 Dividends receivable 44,315 12,834 Total current assets $40,946,115 $37,135,044 Liabilities and Fund Balance Current liabilities: Warrant payable $ 140,822 $ 125,719 Accounts payable 72,316 278,999 Total current liabilities 213,138 404,718 Fund balance: Reserved for employee contributions 3,625,595 3,769,181 Reserved for employer contributions 23,842,686 20,800,122 Reserved for benefit payments 17,914,346 15,849,280 Total reserved fund balance 45,382,627 40,418,583 Unreserved fund balance (deficit) (4,649,650) (3,688,257) Total fund balance 40,732,977 36,730,326 Total liabilities and fund balance $40,946,115 $37,135,044 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE Year ended December 31, - ------- - ----- inoc inoi. Operating revenues: Contributions by employees $ 38,339 Contributions by City 2,800,000 Income from investments 3,071,984 Total operating revenues 5,910,323 Operating expenses: Investment services 232,472 Payments to pensioners and beneficiaries 1,610,272 Contributions refunded to former employees 64,928 Total operating expenses 1,907,672 Net income 4,002,651 Fund balance, at beginning of year 36,730,326 Fund balance, at end of year $40,732,977 -7- $ 35,712 2,747,745 1,745,170 4,528,627 66,042 1,447,576 69,307 1,582,925 2,945,702 33,784,624 $36,730,326 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENTS OF CHANGES IN FINANCIAL POSITION Source of working capital: Operations - net income Changes in working capital components: Increase (decrease) in current assets: Cash on deposit Investments Accounts receivable Accrued interest receivable Dividends receivable Decrease (increase) in current liabilities: Warrants payable Accounts payable Increase in working capital ME Year_ ended _ December 31, 1 9R 5 1 9R1, $4,002,651 $ 2,301 3,983,005 (2,631) (203,085) 31,481 (15,103) 206,683 $4,002,651 $2,945,702 $ (28,721) 3,416,987 (23,865) (21,389) (8,609) (120,527) (268,174) $2,945,702 I Balance, January 1, 1985 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, 1985 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM CHANGES IN FUND BALANCE RESERVES Fund Balance Reserved for Employee Contributions $3,769,181 38,339 105,865 3,913,385 (222,862) 3,690,523 64,928 64,928 $3,625,595 Fund Balance Reserved for Employer Contributions $20,800,122 2,800,000 1,824,354 25,424,476 (2,310,711) 961,393 24,075,158 232,472 $23,842,686 Fund Balance Reserved for Benefit Payments $15,849,280 1,141,765 16,991,045 2,533,573 19,524,618 1,610,272 $17,914,346 1985 Total Reserved Fund Balance 1984 Total Reserved Fund $40,418,583 $38,275,278 38,339 2,800,000 3,071,984 46,328,906 961,393 47,290,299 232,472 1,610,272 64,928 1,907,672 $45,382,627 35,712 2,747,745 1,745,170 42,803,905 (802,397) 42,001,508 66,042 1,447,576 69,307 1,582,925 $40,418,583 lRUST DEMAND NOTES HUD SHOAT TERM INVESTMENT FUND U.S. GOVERNMENT OBLIGATIONS CERTIFICATE OF ACCRUAL ON TQ[A6 SEC "K^ CERTIFICATE OF ACCRUAL ON THEAS SEC "P" COUPON TREASURY RECEIPTS COUPON TREASURY RECEIPTS COUPON TREASURY RECEIPTS COUPON TREASURY RECEIPTS FARM HOME LOAN FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS / FEDERAL FARM CREDIT BANKS QEDERAL HOME LOAN BANKS T FEDEAAL HOME LOAN BANKS FEUEAnL HOME LOAN MORTGAGE CORP FEDERAl HOME LOAN MORTGAGE CORP FEDERAL HOME LOAN MORTGAGE CORP FEDERAL HOME LOAN MORTGAGE CORP GOVERNMENT UATL hlC HE5N COVEANMENT NATL MTC ASSN GOVERNMENT NATL hTG ASSN GOVERNMENT NATL MTC ASSN INTERNATIONAL BANK FOn RECDU & DEoELUo TREASURY INVESTMENT GROWTH RECEIPTS USA TREASURY NOTES USA TPEA5UUY U�TFS �EA"�" USA TAEASUnY NUiEL (BOL REPO) lOT�L US�UoERNMENT U�LIG�TIUi�� EMPLOYEES kETIkEMENT GECURI71ES DELEh[[R 11, 1985 NOMINAL PAC !/NRECOVFRED MARKET MATURITY --------- k*TE --------- VALUE ------------ CUST ------------ VALUE ------------ 12/31/85 7.874% 1'&8A.349 1.684,349 1.684.349 11/15/86 O OVO% 5O0,000 460'590 ^ 467,615 11/15/86 0.000% 1'500,000 1,381.35O 1,402.845 02/15/87 0.000% 1,3GO'000 1,23O'477 1.263'48l 02/15/91 0.000% 700,000 448.O44 493,124 11/15/86 0.000% 90,750 873,750 080.194 05/15/87 0.000% 618'750 537,706 554,753 09/01/00 13.125% 184'O13 18O'333 18O'333 09/04/90 12.500% 400.000 421,950 447'000 12/02/91 13.650% 500,000 495,262 59a.750 09/01/91 13.000% 500.000 544,O4a 598.125 07/22/91 14.700% 500'000 491'525 612,500 03/26/90 11.900% 600,000 624,978 661,500 02/27/89 10.800% 600'000 599'533 637,872 01/01/10 10.500% 355,229 33O.141 360'113 07/01q09 4.250% 400,552 319,448 352,4O5 09/01/15 11.000% 966,700 929,922 992,158 08/01/03 0.750% 379,425 370'093 377,457 09/15/10 11.000% 454,452 462.973 475.47:1. 03/1E/95 10.250% a94.059 369,296 4O4,309 OA/15/15 12.006% 1'020,759 1,057,771 1'093,488 01/15/13 11.500% 656.3E6 653'464 696.526 10/15/02 12.375% 400'000 417,002 461,828 11/15/91 0.000% 199.sO0 119,060 118,272 06/15/9q 12.625% 400,000 445,404 4B3'248 OP/15/95 11.250% 1.000'000 1.079'564 1,133,12O 12/31/85 8.270% 114,500 114,500 114,500 ----_------- sinjL5,995 ------------ $14,950,267 $14.958,26T $15,O56,O47 EMPLOYEES R[/J0[hENT SErUnlTI111 DFurMD[A 7]' 1Y�5 ` / , NOMINAL Pok U04.[[OVER"D hACKET i / MAlURITy PATF VoI.UE rn5T V(..,LUE � BONDS � --------- --------- ------------ ------------ ------------ ALASKA HOUSING FINANCE CORP 06/01/98 10.750% $3OO,000 *3OO,639 $307,510 ALLSTATE FINANCIAL COQP 03/15/86 9.625% 2OO'000 199,996 200,43O ASSOCIATES CORP OF NORTH AMEAICA 08/01/87 13.375% 500,000 518,9A6 533,655 ATLaNTA GAS LIGHT CO 03/01/88 4.375% 145'000 130.127 132.007 DALTJMOAE & OHIO RAILROAD CO 10/03/86 0500% 100'000 100.371 100,712 CUESAPEAKE G DHIO RAILWAY CO 03/01/86 11.750% 200,000 200.122 201,154 COMMERCIAL FED SAVINGS & LOAN OM4HA 12/15/89 11000X 400,000 4O4,863 409,356 CONSOLIDATED EDISON CO OF NY 06/01/91 A.750% 100,000 94,648 O3,577 FLORIDA POWER & LIGHT CO O3/01/12 16.500% ' 40O,000 405,29A 478,104 FORD MOTOR CREDIT CO 08/15/90 8.875% 200.000 199,459 193,876 FORD MOTOR CREDIT CO 07/07/87 0.000% 300,000 299,803 298`125 / GENERAL MOTORS ACCEPTANCE CORP 04/15/09 10.500% 500'000 511.O88 520'965 GENERAL TELEPHONE G ELECTRONICS CORP 12/01/91 15.500% 400,000 459'053 468'188 / HOOKER CHEMICAL CORP 01/15/91 4.875% 100.000 91,a49 75,03O HIJ7TON E.F. CREDIT CORP 09/15/89. 12.900% ^ 350,000 350'000 S34,992 | LONC ISLAND LICUTINO CO 05/01/88 4.125% 175.000 171.976 1417.585 � LUUI5VILLE & NASHyILLE RAILROAD CD 09/01/94 10.500% 200,000 198'960 215,190 � MIS6OUPI PACIFIC RAILROAD CO 09/15/93 15.500% 32O,000 381'521 428,250 / ' �UAlHEAN ILLINOI5 CAS CO OO/O1/91 � 6 000% 7O O0O . 7O �34 ' 59 819 . PACIFIC CAS & ELECTRIC CO 08/01/94 14.000% 500,000 560,880 580,445 i � PACIFIC CAS & ELECTRIC CU 08/01/13 12.875% 40O,080 415,479 441,706 � SOUTHERN BELL TELEPHONE & TELEGRAPH 12/01/93 4.625% 100.000 97,829 75.108 SUUTHEPN NEW ENCLAND TELEPHONE CO' O3/0J/91 4.125X 100,000 99'815 8O,R9O i 6PEAAY LEAS[ FINANCE CORP � 04/15/91 11.000X 361,522 373,159 38O,246 � TRAILER TRAIN CO 09/15/93 9.000% 100.000 100,000 94,152 � {HAILER TRAIN CO 05/15/93 9.150% 100.000 100.000 95.095 � VALLEY FED SAVINGS 8 LOAN VAN AUY5 CA 06/15/90 11.000% 2OO,000 19p,6a5 203'054 � HAEHINCTOH MUrUAL 5AVINcS BANK 07/31/89 9.700% 200'000 200.000 196,734 � TOTAL BONDS ------------ $7,021,= ------------ $7,317'216 ------------ $7,336.813 TOTAL SECURITIES $34`471,066 $23.959'832 $24.077.209 r EMPLOYEES RETIREMENT COMMON STOCK DECEMBER 31, 1985 STOCK ------------------------------------- ALLIED SIGNAL INC ALZA CORP AMERICAN EXPRESS CO AMP INC AMR CORP ASHLAND OIL INC BANK NEW ENGLAND CORP BOEING CO C M I CORP CADBURY SCHWEPPES LTD CALMAT CO CIPHER DATA PRODUCTS INC CNA FINANCIAL CORP COLORADO NATIONAL BANKSHARES INC COMERICA INC CONTINENTAL CORP COOPERVISION INC CRAY RESEARCH INC CULLINET SOFTWARE INC DAISY SYSTEMS CORP DIGITAL EQUIPMENT CORP DONNELLEY R.R. & SONS CO DOW CHEMICAL CO DUN AND BRADSTREET CORP FIRST INTERSTATE BANCORP GANNETT COMPANY INC GOODYEAR TIRE & RUBBER CO GTE CORP HELMERICH & PAYNE INC HOME GROUP INC INSILCO CORP INTEL CORP INTERCO INC NUMBER OF MARKET SHARES COST VALUE •---------- 9000 ------------ $994,718 ------------ $A20,750 8000 243,000 246,000 8000 358,090 424,000 2200 66,210 79,200 5100 196,274 211,013 5500 204,762 205,563 5900 275,664 315,650 9000 428,556 470,250 25000 259,375 200,000 8000 161,270 184,000 10400 322,982 293,800 A500 74,625 78,187 5500 308,321 354,750 17600 330,000 391,600 8000 314,850 361.000 B600 324,186 404,200 14000 364,832 381,500 3300 157,947 216,150 20000 279,219 380,000 3600 85,102 106,200 4800 526,325 636,000 2800 128,932 178,150 9000 330,761 369,000 4000 301,B64 335,000 6000 311,707 317,250 5000 273,050 306,250 12000 825,108 3758000 ' 7000 286,350 322,000 7800 154,752 157,950 10600 264,661 259,700 9000 189,720 183,375 6300 161,562 184,275 5000 301,960 354,375 EMPLOYEES RETIREMENT COMMON STOCK DECEMBER 31, 1985 NUMBER OF MARKET STOCK SHARES COST VALUE ------------------------------------------------- INTERNATIONAL BUSINESS MACHINES 5500 ------------ $681,733 ------------ $855,250 KLA INSTRUMENTS 12600 251,502 289,800 LOUISIANA PACIFIC CORP A200 94,610 93,450 LSI LOGIC CORP 91300 174,124 220,500 MARRIOTT CORP 1600 120,912 174,400 MAXICARE HEALTH PLANS INC 15900 288,840 333,900 MCDONALDS CORP A500 281,980 363,937 MENTOR GRAPHICS CORP 5300 90,267 103,350 MERCK & COMPANY INC 700 92,702 95,900 MERRILL LYNCH & COMPANY INC 6900 237,599 237.188 MONSANTO CO 6000 291,540 286,500 MOTOROLA INC 8300 301,558 322,662 NETWORK SYSTEMS CORP 3900 93,477 78,975 NEW YORK TIMES CO 3800 135,356 186,200 OCEAN DRILLING & EXPLORING 6700 170,386 133,169 PHH GROUP INC 10000 263,425 383,750 PHIBRO SALOMON CORP A700 195,177 204,450 PIC N SAVE CORP 6000 157,482 184,500 POLICY MANAGEMENT SYSTEM CORP 12000 240,000 276,000 RAYCHEM CORP 3300 248,624 323,400 ROYAL DUTCH PETROLEUM CO 6500 416,788 409,500 SANDERS ASSOCIATES INC 6500 238,872 223,437 SHELBY WILLIAMS INDUSTRIES INC 11000 212,300 253,000 SQUIBB CORP 3400 273,411 272,000 TIME INC 7000 J60,417 434.875 UNITED STATES HEALTH CARE SYSTEM INC A0575 571,087 826.716 WAL-MART STORES INC 12400 341,848 395,250 WASTE MANAGEMENT INC 12000 429,506 426,000 WEST POINTE-PEPPERELL INC 7000 272,305 303.625 XEROX CORP 7000 330,466 418,250 TOTALS ------------ $16,510,02B ------------ $18,812,066 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM INVESTMENT PORTFOLIO ANALYSIS DECEMBER 31, 1985 Repurchase Agreement U.S. Treasury Notes Bonds: Moody's "AAA" rated Moody's "AA" rated Moody's "A" rated Moody's "BBB" rated Not rated (U.S. Government & Agencies) 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 Total CLASSIFICATION OF BONDS Par Value Percentage $1,798,849 4.39% 1,400,000 3.42 1,581,522 3.86 2,570,000 6.27 2,000,000 4.88 620,000 1.51 14,501,495 35.38 21,273,017 51.90 16,510,028 40.29 $40,981,894 100.00% $1,798,849 7.35% 7,319,000 29.91 3,500,000 14.30 4,832,495 19.75 300,000 1.23 2,811,522 11.49 100,000 .40 2,390,000 9.77 400,000 1.63 1,020,000 4.17 $24,471,866 100.00% -14- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM STATEMENT OF MEMBERSHIP DECEMBER 31, 1985 Membership - December 31, 1984 1,000 Add: New members during year 69 Total 1,069 Deduct: Members retired 25 Resigned and contributions refunded 75 100 Membership - December 31, 1985 969 Summary of Membership Number Annuity Savings Active Members 852 $3,357,540 Deferred 18 128,479 Duty Disability 7 49,449 Reciprocal Unit 6 16,207 Inactive 86 73,920 Totals 969 $3,625,595 Service Credit Months 105,535 3,106 2,046 441 2,583 -15- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM RETIRANTS AND BENEFICIARIES DECEMBER 31, 1985 Annual Benefits Type of Benefits Being Paid Number Being Paid Age and Service Benefits: Regular service benefit 104 $ 455,752 Option I benefit 25 132,198 Option A benefit 62 374,714 Option B benefit 85 453,925 Option A & B beneficiaries 46 73,020 Total age and service benefits 322 $1,489,609 Casualty Benefits: Duty disability benefits 13 54,128 Non -duty disability benefits 11 50,068 Non -duty disabilities beneficiaries 4 5,423 Non -duty death beneficiaries 28 88,124 Duty death beneficiaries 1 1,388 Total casualty benefits 57 199,131 Total benefits 379 $1,688,740 P -16- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM MEMBERS RETIRED DURING 1985 Date of Age at Service Type of Name Retirement Ratiramant Yrc_ Mnc Rctircmcnr Maynard, Marvin J. 01-85 62 16 6 Royston, Milton Jr. 01-85 61 27 5 Ryan, William 01-85 60 7 1 Mitchell, Richard W. 01-85 55 31 3 Dwyer, Ray J. 01-85 58 25 0 Scott, (Russell) Barb 01-85 52 19 8 Lundberg, Katherine 01-85 59 14 10 Vanderstraten, Henry 02-85 58 17 8 Kalla,'Mahoud A. 02-85 65 14 6 Hufnagel, Hugo J. 03-85 61 27 4 Miles, William 03-85 67 4 10 Zelski, (Steven) Leona 03-85 67 23 5 Dothard, James C. 05-85 58 24 2 Burge, Robert 06-85 61 8 3 Abel, Ralph 07-85 55 31 1 Holt, Minnise 08-85 62 23 4 Ruedisale, Herbert 08-85 64 22 10 Hutchins, Robert L. 08-85 61 10 6 Rapelje, Raymond G. 09-85 62 10 7 Crossett, Joe D. 10-85 55 29 5 Dildy, Hazel E. 10-85 55 27 6 Page, Ida L. 10-85 65 8 0 VanDyke, Lyle L. 10-85 55 28 9 DesRochers(John)Tsuyako 11-85 55 15 8 Creevy, Paul 12-85 65 23 7 -17- Annual Retirement Benefit Option B $ 6,630.60 Option A 9,053.40 Reg.-Recip. 3,306.72 Option B 12,127.68 Option A 12,973.56 Non -Duty 6,557.52 Death Auto A Option A 5,227.56 Option B 6,695.40 Option A 5,352.24 Option A 19,814.16 Option A. 694.92 Reciprocal Non -Duty 11,754.96 Death Auto A Regular 9,841.56 Regular 1,465.56 Option A 12,564.24 Regular 9,432.00 Option B 12,045.60 Option I 6,949.68 Option B 4,810.08 Option A 13,074.48 Option B 12,358.68 Regular 2,678.40 Option B 10,069.44 Non -Duty 8,076.12 Death Auto A Option A 17,640.00 Total $221,194.56 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM BENEFICIARIES ADDED TO ROLL 1985 Date Age at Name Added Retirement Hopkins, Omel 02-85 69 McKimmy, Dora Jean 03-85 59 Selfridge, Stuart 05-85 64 -18- Type of Retirement Widow-B Widow-B Widower-B Total Annual Retirement $2,094.84 827.76 2,007.00 $4,929.60 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM TERMINATIONS 1985 Annual Date of Type of Retirement Name Termination Reason Retirement Benefit Gregory, Kenneth 01-85 Death Option I $ 1,136.64 Hopkins, Lester 02-85 Death Option B 4,189.68 McKimmy, Perry 03-85 Death Option B 1,655.52 Brooks, Rosella 05-85 Death Regular -Term. 2,823.00 Brown, Millie 05-85 Death Regular -Term. 5,523.72 Selfridge, Josephine 05-85 Death Option B 4,014.00 Bennett, Doris 06-85 Death Regular -Term. 689.52 Henderson, Elizabeth 06-85 Death Regular -Term. 2,785.20 Young, Herman 06-85 Death Option I 1,657.44 Slaughter, Delila 08-85 Death Widow -III 878.40 Atchison, William 09-85 Death Regular -Term. 2,208.60 Asher, Gilbert 10-85 Death Regular -Term. 3,286.20 O'Briant, Kimberley 11-85 Death Widow-B 1,498.44 Terry, William 12-85 Death Regular -Term. 1,843.56 Total $34,189.92 EMT