The URL can be used to link to this page

Home My WebLink About1988 Employees Retirement System Annual ReportI` -ITV AC 1 A MCIMem Uld%-Ulf:e U EMPLOYEES' RETIREMENT SYSTEM ANNUAL REPORT DECEMBER 31,1988 Forty -Eighth Annual Financial Report of the Employees' Retirement System City of Lansing, Michigan Year Ended December 31, 1988 City of Lansing Employees' Retirement System Annual Financial Report • Year Ended December 31, 1988 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 1988 Beneficiaries Added to Roll 1988 Terminations 1988 Page 1 2-4 5 6 7 8 9 10-11 12-13 14 15 16 17-18 19 20 -1- Terry J. McKane, Mayor Board of Trustees Employees' Retirement System City of Lansing, Michigan Dear'Trustee: FINANCE DEPARTMENT Stephen W. Duarte, MBA Director of Finance 831 City Hall, 124 W. Michigan Ave. Lansing, Michigan 48933 (517)483-4505 July 15, 1989 Presented herewith is the Forty —Eighth Annual Report of the Secretary covering operations of the Employees' Retirement System for the year ended December 31, 1988.. BALANCE SHEET Fixed income securities totaled $22,689,785 on December 31, a decrease of $2,631,215 during the. year. Of the $22,689,785 fixed income securities, $1,773,000 are rated "AAA", $270,000 are rated "AA", $3,750,000 are rated "A", $2,250,000 are rated "BBB" and $14,646,785 are government and agency bonds. These securities mature from September 15, 1989 to April 20, 2018 and have interest rates ranging from 4.125% to 13.4%. We hold $22,016,785 of government and agency bonds, and the balance in public utilities, industrial; transportation, finance, municipals and real estate bonds. The net unamortized premium and discount increased by $67,807 during the year and accrued interest at December 31, 1988 increased by $77,206. In addition to the above fixed income securities, the Retirement System owned 673,600 shares of various common stocks at a cost of $24,517,263 and U.S. Treasury notes, repurchase agreements and trust demand notes totalling $135400,065. The Reserve for Employee Contributions increased by $753 during the year under review. Active member accounts of 784 totaled $3,170,783, 37 deferred retirement accounts totaled $206,095, 122 inactive accounts totaled $135,938, 10 duty disability accounts totaled $77,951 and 5 reciprocal unit accounts total $14,233. The above 958 members represent 117,863 service credit months. According to our Actuary, the Reserve for Employer Contributions decreased $8,905,290 and the Reserve for Benefit payments increased $8,765,452 during the year, making a total decrease of $139,838. Total reserved fund balance on December 31, 1988 was $74,902,862 with net assets of $58,703,152 leaving an unfunded accrued liability of $16,199,710 or a decrease of $3,475,212 during the year. -2- "Equal Opportunity Employer" REVENUES AND EXPENDITURES City contribution amounted to $2,761,499 during the year. Member contribu- tions totaled $434,335 and refunds of member contributions (those leaving the system prior to retirement) totaled $48,045. For the year the cost of investment services totaled $282,045. The interest and dividends on investments was $3,548,147 and the net loss on the exchange of securities was $767,739 for a total increase of 5% in the average book value of assets of $47,840,260. Market value of the assets was .6% below book value at December 31. During the year, $98,325 in interest was credited to the Reserve for Employee Contributions, $941,882 in interest and dividends was credited to the Reserve for Employer contributions and $1,740,201 in interest was credited to the Reserve for Benefit payments. Net benefits paid totaled $2,310,025. There were 438 retirees on the roll at December 31. Age and service retirees totaled 376, 13 were duty disability, 3 duty disability beneficiaries, 9 non -duty disability, 5 non -duty disability beneficiaries, 31 non -duty death beneficiaries and 1 duty death beneficiary. Fifty-one members retired during the year having an average age of 56 years and an average service credit of 22 years. Annual pension benefits of these retirees will total $809,879, increasing annual pension benefits payable by the System to $2,738,579. . Thirteen retirees died during the year with total annual benefits of $70,521. Three of the retirees that died during the year had beneficiaries and they will - receive a total yearly benefit of $8,244. GENERAL COMMENTS The actuarial evaluation at December 31, 1988 indicates that the rate of contributions should be 12.91% of total valuation payroll. There are budgeted funds included in the 1989-90 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. The Board of Trustees has selected 4 outside money managers; Harbor Capital Management Company, Inc. and Lazard Freres Asset Management Company to handle equity investments and 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- From December 31, 1984 through December 31, 1988 the Fund earned an annualized total rate of return of 15.35%. Total investment performance exceeded the Fund's objective of CPI plus 4% by 2 percentage points. The 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. SWD:ls Respectfully submitted, ry Stephen W. Duarte Director of Finance -4- City of.Lansing Employees' Retirement System Board of Trustees December 31, 1988 Ruby V. White, General Trustee, Chairperson 6-30-92 Ritz Pontz, Appointed Citizen, Vice Chairperson 6-30-91 Terry J. McKane, Mayor Indefinite Karen M. Jackson, Director of Personnel Indefinite Louis F. Adado, City Council Indefinite Brian Kuchik, City Treasurer Indefinite Bennie W. Perdue, Parks & Recreation Trustee 6-30-90 Charles L. Leland, Public Service Trustee 6-30-89 Secretary.............................................Stephen W. Duarte Legal Advisor..........................:..................Alvan P. Knot 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 1988 1987 Cash on deposit $ 229,020 $ 49,245 Investments, at cost or amortized cost: ' Repurchase agreement 1,925,450 1,953,642 Trust demand notes 2,504,615 5,850,831 U.S. Government obligations and U.S. Government agencies, market value $18,331,883 and $10,866,855 18,806,055 10,998,564 Other marketable securities, market value $10,523,153 and $14,117,151 10,882,202 14,719,582 Common stocks, market value $25,018,325 and $19,043,450 24,517,263 21,493,910 Total investments 58,635,585 55,016,529 Accounts receivable 456 284 Accrued interest receivable 558,170 480,964 Dividends receivable 71,858 64,592 Total assets $59,495,089 $55,611,614 Liabilities and .Fund Balance Liabilities: Warrants payable $ 228,958 $ 165,170 Accounts payable 5621,979 79,419 Total liabilities 791,937 244,589 Fund balance: Reserved for employee contributions 3,605,000 3,604,247 Reserved for employer contributions 41,340,022 50,245,312. Reserved for benefit payments 29,957,840 21,192,388 Total reserved fund balance 74,902,862 75,041,947 Unreserved (deficit) (16,199,710) (19,674,922) Total fund balance 58,703,152 55,367,025 Total liabilities and fund balance $59,495,089 $55,611,614 IM 4 City of Lansing Employees' Retirement System Statements of Revenues, Expenses and Changes in Fund Balance Operating revenues: Contributions by employees Contributions by City Total contributions Income from investments: Interest and dividends Gain (loss) on sale of investments Total investment income Total operating revenues Operating expenses: Investment service 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, 1988 1987 $ 434,335 $ 134,531 2,761,499 2,819,504 3,195,834 2,954,035 3,548,147 3,260,129 (767,739) 3,924,324 2,780,408 7,184,453 5,976,242 10,138,488 282,045 294,985 2,310,025 1,951,226 48,045 23,199 2,640,115 2,269,410 3,336,127 7,869,078 55,367,025 47`,497,947 $58,703,152 $55,367,025 -7- City of Lansing ESmployees' Retirement System Statements of Changes in Financial Position Source of funds: Operations - net income Changes in components: Increase (decrease) in assets: Cash on deposit Investments Accounts receivable Accrued interest receivable Dividends receivable Decrease.(increase) in liabilities: Warrants payable Accounts payable Increase in funds: Year ended December 31, 1988 1987 $3,336,127 $7,869,078 $ 179,775 $' 36,202 3,619,056 7,762,384 172 (4,591) 77,206 5,318 7,266 23,101 (63,788) 4,044 (483,560) 42,620 $3,336,127 $7,869,078 10 I Balance, January 1, 1988 Additions: Contributions by employees Contributions by City Income from investments Total balance & additions Transfers on retirement Actuarial adjustment 1988 early retirement window 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, 1988 City of Lansing Employees' I Retirement System Changes in Fund Balance Reserves Fund Balance Reserved for Employee Contributions $3,604,247 434,335 98,325 4,136,907 (483,862) 3,653,045 48,045 48,045 $3,605,000 Fund Balance Reserved for Employer Contributions $50,245,312 2,761,499 141,882 q 53,948,693 (9,161,414) 310,000 (3,475,212) 41,622,067 282,045 282,045 $41,340,022 Fund Balance Reserved for Benefit Pavments $21,192,388 1,740,201 22,932,589 9,645,276 (310,000) 32,267,865 1988 Total Reserved Fund $75,041,947 434,335 2,761,499 2,780,408 81,018,189 (3,475,212) 77,542,977 282,045 2,310,025 2.1310,025 2,310,025 $29,957,840 48,045 2,640,115 $74,902,862 1987 Total Reserved Fund $50,394,150 134,531 2,819,504 7,184,453 60,532,638 16,778,719 77,311,357 294,985 1,1951, 226 23,199 2.269.410 $75,041,947 SECURITY DEMAND N80 BANKS SHORT' TERM INVESTMENT. MANUFACTURERS (B.O.L. REPO) TOTAL DEMAND U.S. GOVERNMENT'S USA TREASURY NOTES SERIES "0" USA TREASURY NOTE USA TREASURY NOTES USA TREASURY NOTES SERIES "C" STRIPS USA TREASURY NOTE STRIPS STRIPS USA TREASURY BONDS TOTAL U.S. GOVERNMENTS AGENCIES STUDENT LOAN MARKETING ASSOC FEDERAL NATIONAL MORTGAGE ASSN FEDERAL HOME LOAN BANK FEDERAL NATIONAL MORTGAGE ASSOC -STUDENT LOAN MARKETING ASSOC FEDERAL NATIONAL MORTGAGE ASSN INTERNATIONAL BK FOR RECON & DEVEL STUDENT LOAN MARKETING ASSOC TOTAL AGENCIES PRSSTHROUGHS EMPLOYEES' RETIREMENT SYSTEM SECURITIES (EXCEPT COMMON STOCK_) .OECENBER 31, 1908 NOMINAL PAR MARKET MATURIT`f RA-f.E ---------------------------------------------- VALUE COST VALUE 12-31-80 7.370% $1,.925,450 $1,925,450 $1,925,450 12-31-88 2,504,615 2,504,615 2,504,615 4,430,065 4,430,065 4,430,065 09-30-690 6. 250Y 750,000 721,172 720,937 01-15-94 7.0007. 23,000,000 1,908,•330 1,023,740 11-15-94 11.625% 3,070,000 3,554,365 •3,390,091 05-15-96 7.375Y .750#000 696,510 676,643 11-15-97 0.000% 2,106,000 958,613 945,615 02-15-98 0.125% 2,4130,000 2,257,050 2,245,408 11-15-00 0.000% 1,000,000 359,978 345,160 02-15-07 0.000% 1,000,000 237,454 202,600 11-15-10 12.750% 1,000,000 1,343,501 1,299,690 ' 14,076,000 .12,,036,973 11,657,964 02-20-90 FL.OR-f ING 12-10--90 6. 400% 12-26-91 ' 7.000% 03-10-92 7.000% 07-12-93 FLOATING 08-12-96 0.150% 10-15-02 12.. 375% 11-15-09 7.7507 GNMA 03-15-04 8.000'/. GNMA 06-15-05 8.Q00% GNMA _06-15-05 8.OU0Y' GNMR 04-15-OB 0.250% FHLH 07-01-09 4.250% Gt•4MA 07-15-09 9.5007. GNMR 09-15-09 945007. TOTAL_ PASSTHROUGHS 1,700,000 750,000 150,000 500,000 750,000 2,BOO, 000 400,000 250,000 6,500,000 161,442 264,690 150,712 198,741 120,627 274,725 261,640 1,440,765 1,700,000 750,452 150,205 478,356 750,000 2,021,746 413,960 504,283 6,769,002 154,703. 253,771 152,165 105,947 96,362 267,342 256,080 1,366,458 1,691,500 737,013 141,000 460,125 746,250 1,864,300 405, 876 530,975 6,673,919 141,161 231,437 130,773 162,770 106,320 260,908 248,566 1,310,031 EMPLOYEES' RETIREMENT SYSTEM SECURITIES (EXCEPT COMMON STOCK) DECEMBER 31, 1988 NOMINAL PAR MARKET SECURITY ---------------------------------------------------------------------------------------------------------- MATURITY RATE VALUE COST VALUE MUNICIPALS ALASKA HOUSING FINANCE CORP 06-01-93 10.750% $123,000 $123,155 $122,005 LOUISIANA HOUSING FINANCE AGENCY 08-01-96 8.6104 500,000 454,063 458,970 MEMPHIS HLTH EOL & HSG FRC BRO 09-15-96 8.680% 250,000 249;646 230,677 ADAMS CO. COLO 11-01-96 9.000% 5000000 502,961 477,250 TOTAL MUNICIPALS 1,373,000 1,329,025 1,208,902 FINANCE CHR'•�SLER FINANCIAL COPP 09-15-89 13.400% 350,000 350,000, 362,607 CHR`r'SLER FINANCIAL CORP 07-15-90 8.375% 1,000,000 992,263 970,980 GIBRALTAR SAVINGS & LOAM 07-29-91 8.875Y 5001000 500,000 490,130 TRANSAMERICA CORPORATION 01-01-95 9.625;: 250,000 249,497 245,623 MARINE MIDLAND BANKS 03-01-97 e.625% 750,000 730,491 679,365 GREAT WESTERN FEDERAL SAVINGS BANK 07-01-97 9.500% 500,000 504,905 401,720 FIRST FIDELITY BANCORPORATION 04-01-98 0.500% 500,000 467,177 447,265 BARNETT BANKS FLORIOR INC. 03-01-99 ! 8.500;: 250,000 253,599 224,300 CHRYSLER FINANCIAL CORP 08-01-00 ROJ.-RATE 500,000 496,754 465,620 DREXEL BURHAM LAMBERT 04-20-18 8.950% 1,000,000 982,030 960,000 TOTAL FINANCE 5,600,000 5,526,716 5,355,770 INDUSTRIAL RJR NABISCO INC 11-15-92 8-.875% 700,000 690,947 654,136 PHILIP MORRIS 12-15-90 9.800% 800,000 706,600 770,000 OCCIDENTAL PETROLEUM CORP OF CRLIF 03•-15-11 11.750% 400,000. 414,062 414,960 TOTAL INDUSTRIAL 1,900,000 1,892,497- 1,847,096 PUBLIC UTILITY SOUTHERN NEW ENGLAND TELEPHONE CO. 03-01-91 4.125% 100,000 99,923 90,569 CONSOLIDATED EDISON CO OF NY INC. 06-01-91 4.750% 100,000 97,612 91,673 NORTHERN ILLINOIS GAS CO. 08-01-91 6.000% 70,000 70,154 65A662 TOTAL PUBLIC UTILITY 270,000 267,669 247,904 REAL ESTATE FIDELITY FEDERAL SAV & LN ASSN 05-15-93 6.875% 500,000 499,017 473,450 TOTAL REAL ESTATE 500,000 499,017 473,450 TOTAL BONDS $36,089,050 $34,118,322 $33,205,101 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM COMMON STOCK DECEMBER 31, 1988 STOCK ALLTEL CORP ALUMINUM COMPANY OF AMERICA ALZA CORP AMERICAN BRANDS, INC AMERICAN EXPRESS COMPANY AMERICAN GENERAL CORP AMERICAN HOME PRODUCTS CORP AMOCO CORP ARISTECH CHEMICAL CORP ATLANTIC RICHFIELD COMPANY BANK. OF NEW YORK CO INC BETHLEHEM STEEL CORPORATION BLACK & DECKER CORP BOEING COMPANY BRITISH PETROLEUM PLC BRUNSWICK CORPORATION CHEVRON CORP CHRYSLER CORPORATION CHUBS CORPORATION COMMENWEALTH EDISON COMPANY COMPAQ COMPUTER CORP CONSOLIDATED RAIL CORPORATION' DIGITAL COMMUNICATIONS ASSN INC DIGITAL EQUIPMENT CORPORATION DUN & BRADSTREET CORPORATION ELI LILLY & CO FLEET NORSTAR FINANCIAL GROUP INC FLORIDA ROCK INDUSTRIES FORD MOTOR COMPANY GENCORP INC GENERAL CINEMA CORPORATION GENERAL MOTORS CORPORATION GEORGIA-PACIFIC CORPORATION GLAXO HOLDINGS NEW ADR SPONS GOODYEAR TIRE & RUBBER CO HALLIBURTON COMPANY HANSON PLC HENLEY GROUP INC HERCULES INC HONEYWELL INCORPORATED IMPERIAL OIL LTD CONV INTEL CORP INTERNATIONAL BUSINESS MACHINES CORP ITT CORP JOHNSON & JOHNSON K MART CORPORATION LONG ISLAND LIGHTING COMPANY LOTUS DEVELOPMENT CORP -12- NUMBER OF MARKET SHARES ----- ---------------------------------- COST VALUE 4,000 $125,218 $145,000 2,000 100,909 112,000 7,000 175,537 156,625. 3,000 162,105 196,500 9,000 293,535 239,625 12,000 387,333 355,500 3,000 227,409 249,750 3,000 255,558 225,000 10,000 319,973 281,250 4,000 343,801 322,500 5,000 176,910 185,000 8,000 1,76,343 186,000 14,000 296,615 323,750 8,000 454,641 485,000 3,700 207,552 198,875 6,000 95,342 101,250 3,000 143,805 137,250 400 9,798 10,300 7,000 376,990 406,000 6,000 191,076 198,000 4,000 214,936 238,500 7,000 242,950 236,250 12,000 261,124 222,000 4,000 413,091 393,500 10,000 494,164 536,250 3,000 252,115 256,500 13,000 321,934 331,500 4,000 124,190 121,000 6,000 259,211 303,000 9,000. 325,237 150,750 9,500 172,947 242,250 . 5,000 415,400 417,500 11,000 413,947 405,625 7,000 132,946 134,750 7,000 430,308 357,875 17,000 461,350 476,000 10,000 126,350 141,250 6,000 138,830 129,750 7,000 314,916 311,500 4,000 255,949 239,000 6,000 254,078 251,250 15,000 339,250 356,250 3,000 369,240 365,625 8,000 437,382 403,000 5,000 413,956 425,625 14,000 468,835 491,750 10,000 138,000 127,500 5,900 113,665 107,675 CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM COMMON STOCK DECEMBER 31, 1988 NUMBER OF MARKET STOCK SHARES COST VALUE MARTIN-MARIETTA CORPORATION MCA INC MCDONALDS CORPORATION MCGRAW-HILL INC MELVILLE CORPORATION MERCK & COMPANY INC MIDDLE SOUTH UTILITIES. MINE SAFETY APPLIANCES CO MOTOROLA INC NATIONAL EDUCATION CORPORATION NATIONAL FUEL GAS COMPANY NATIONAL PRESTO INDUSTRIES INC NATIONAL SERVICE INDS INC OSHKOSH TRUCK CORP PENNEY J C.COMPANY PHILADELPHIA"ELECTRIC COMPANY PHILIP MORRIS'COMPANIES INC PURITAN-SENNETT CORPORATION' QUESTAR CORP RJR NABISCO INC ROHM-& HAAS COMPANY SCOTT PAPER -COMPANY -. SHERWIN WILLIAMS COMPANY SMITHKLINE BECKMAN CORP SOCIETE.NATIONALE ELF AQUITAINE SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP' STARRETT L S COMPANY STARRETT L S COMPANY CLASS B TANDY CORPORATION TECHNITROL INC TECUMSEH PRODUCTS CO TEXACO INCORPORATED THERMO ELECTRON CORP TIFFANY & CO UNION PACIFIC CORPORATION UNISYS CORP UNITED TELECOMMUNICATIONS INC UST INC USX CORP` VULCAN MATERIALS COMPANY WAL-MART STORES INC WASTE MANAGEMENT INC WESTINGHOUSE ELECTRIC CORP WITCO CORP TOTAL 7,000 $292,375 $283,500 11,500 508,185 521,813 8,000 352,757 385,000 4,000 253,398 249,000 3,000 233,849 223,125 7,700 391,602 444,675 7,300- 109,152 116,800 2,600 105,300 110,500 69500 3.14,123, 273,000 14,500 296,156 337,125 13,000 278,955 247,000 8,000 251,700 266.,000 9,100 226,120 195,650 2,800 84,831 32,900 10,000 510,178 506,250 2,400 46,620 48,000 5,000 498,328 509,375 16,300 195,41.1 256,725 8,000 309,612 258,000 2,000 106,600 182,250 5,000 159,464 171,875 5,600- 232,753 •.219,800 4,000° 102,240 101,500- 6,000 320,874, 288,750 4,000 117,850 256,800 6,000 320,496 325,500• 5,000 111,745 127,500 5,000 111,745 126,250 8,000 356,112 328,0.00 6,000 125,203 177,000" 1,000 126,679 142,500 9,000 435,565 460,125 22,000 301,101 445,500 7,000 298,754 294,875 3,000 176,555 192,750 15,000 464,279 421,875 3,000 100,253 139,125 4,000 119,992 164,000 20,000 577,554 585,000 1,000 142,247 166,000 16,000 472,862 502,000 12,500 339,778 517,188 9,000 494,249 473,625 7,300 316,827 255,500 $24,517,263 $25,018,325 -13- CITY OF LANSING EMPLOYEES' RETIREMENT SYSTEM INVESTMENT PORTFOLIO ANALYSIS DECEMBER 31, 1988 Par Value Percentage Repurchase Agreement $4,430,063 7.30% U.S. Treasury Notes 8,970,000 14.80% Moody's "AAA" 1,773,000 2.90% Moody's "AA" 270,000 0.40% Moody's "A" 3,750,000 6.20% Moody's "BBB" 2,250,000 3.70% Not rated (U.S. Government & Agencies) 14,646,785 2.4.20% Total bonds 22,689,785 37 40% Common Stocks at cost 24,517,263 40*.50% Total investments $60,607,113 100.00% CLASSIFICATION OF BONDS Cash equivalents Demand obligations $4,430,063 12.30% Bonds: U.S. Treaturies 14,076,000 39.0::t .Agencies 6,300,000 18.00% Passthroug,hs 1,440,785 4.00% Municipals 1,373,000 3.eO% Finance 3,600,000 13.30'% Industrial 1,900,000 3.30% Public Utility 270,000 0.70% Transportation, 300,000 1.40% Total s36,089,850 100.00% -14— City of Lansing Employees' Retirement System Statement of Membership December 31, 1988 Membership - December 31, 1987 Add: New members during year Total Deduct: Members retired Resigned and contributions refunded Membership - December 31, 1988 9M 33 1,031 51. 22 73 958 Summary of Membership Number Annuity Savings Service Credit Months Active Members 784 $3,170,783 102,892 Deferred 37 206,095 5,394 Duty Disability 10 77,951 2,874 Reciprocal Unit 5 14,233 359 Inactive 122 135,938 6,344 Total 958 --- $3,605,000 ---------- 117,863 ------- -15- City of Lansing Employees' Retirement System Retirants and Beneficiaries December 31, 1988 Annual Benefits Type of Benefits Being Paid Number Being Paid Age and Service Benefits: Regular service benefit -benefit terminating at death of retirant 111 $ 612,154 Option I benefit -cash refund annuity plus pension terminating at death 23 127,490 Option A benefit-100% joint and survivor 80 745,012 Option B benefit-50% joint and survivor 108 878,176 Option A & B beneficiaries 54 115,598 Total age and service benefits 376 $2,478,430 Casualty Benefits: Duty disability benefits 13 $ 72,995 Duty disability beneficiaries 3 8,164 Non -duty disability benefits 9 48,790 Non -duty disability beneficiaries 5 7,210 Non -duty death beneficiaries 31 121,560 Duty death beneficiaries 1 1,430 Total casualty benefits 62, 260,149 Total benefits 438 $2,738,579 -16- City of Lansing Employees' Retirement System Members Retired During 1988 Annual Date of Age at Service Type of Retirement Name Retirement Retirement Yrs. Mos. Retirement Benefit Reinhart, Al 1/88 58 25 5 Regular $17,265.72 Coito, Antonio 1/88 62 26 3 Regular-B 10,245.36 Adsit, Guy 1/88 65 10 9 Regular -A 4,662.84 Gibbs, Charles 3/88 61 35 8 Regular-B 25,518.12 Guggemos, Bernard 3/88 64 14 3 Regular 6,450.96 Wright, Antonio, Jr. 3/88 61 19 9 Regular 8,929.68 Gonzales, Fidencio 3/88 62 25 1 Regular-B 9,994.56 Watson, Raymond 5/88 53 33 5 Regular-B 28,820.40 Sanderson, Jacqueline 5/88 58 8 0 Regular -A 3,535.20 Fleming, Macklin 5/88 41 25 10 Duty Dis. 10,488.72 Hartman, Garth 5/88 61 35 0. Regular-B 23,889.00 Chapman, William (Karen) 5/88 48 23 4 Non -Duty Death -A 10,856.64 Dunlop, William 6/88 59 20 1 Regular-B 14,983.68 Jones, Montgomery, Jr. 6/88 48 19 4 Regular-B 11,623.44 Franks, Max 6/88 54 28 2 Regular-B 19,154.64 Luks, John, Jr. 6/88 56 25 4 Duty Dis.-A 8,928.48 Chapman,, Bartley F. 7/88 62 6 10 Reg -Reciprocal 1,233.00 Williams, Barbara A. 7/88 52 28 0 Regular 20,869.32 Fraker, Earl 7/88 51 17 10 Regular -A 11,188.20 Moss, David L. 7/88 51 25 0 Regular-B 14,953.92 Loveless, Mildred L. 7/88 53 16 6 Regular 15,097.20 Heiden, Lydia 7/88 60 15 1 Regular-B 6,862.56 Spitzley, Dorthy L. 7/88 64 19 2 Regular 9,648.36 Holcomb, James A. 7/88 64 25 0 Regular-B 23,038.32 VanNess, Robert C. 7/88 61 8 8 Regular-B 7,348.20 Chellberg, Virginia 7/88 62 8 6 Regular 3,655.20 Eaton, Floyd D. 8/88 58 34 7 Regular -A 25,243.32 Askie, Darrell-C. 8/88 54 23 2 Regular-B 19,949.88 Davidson, Herbert R. 8/88 65 13 8 Regular -A 13,866.24 Husband, Carol E. 8/88 48 19 8 Reg -Equating 18,834.24 Phillips, David L. 8/88 58 29 9 Regular -A 28,031.52 Schumacher, Alice 8/88 55 14 1 Regular-B 7,019.76 Boyd, Patricia J. 8/88 58 30 1 Regular -A 19,100.28 Hahn, Marion 8/88 52 26 3 Regular -A 28,511.52 Swanson, George H. 8/88 58 19 2 Regular -A 16,655.64 English, Dean 9/88 49 29 6 Regular -A 29,463.84 Moening, Gloria 9/88 60 22 2 Regular-B 11,742.24 Pohl, Robert W. 9/88 53 28 2 Regular -A 25,336.68 Miller, Gerald G. 9/88 51 29 4 Regular-B 28,162.44 Jenkins, David 10/88 58 17 2 Regular -I 13,906.56 Vogel, Kenneth A. 10/88 60 18 0 Regular-B 16,658.16 Gillengerton, John 10/88 44 20 9 Reg -Equating 21,537.36 Steed, Thelma J. 10/88 61 25 1 Regular 15,120.00 Swix, William A. 10/88 52 33 9 Regular -A 25,293.60 Moore, Ronald K. 10/88 50 28• 5 Regular-B 20,761.44 Cater, Harvey 10/88 55 36 10 Regular-B 15,057.24 -17- City of Lansing Employees' Retirement System Members Retired During 1988 Date of Age at Service Type of Name Retirement Retirement Yrs. Mos. Retirement Leavitt, Bruce H. 10/88 61 15 6 Regular -A Dowsett, James W. 10/88 53 22 8 Regular -A Durling, Betty J. 11/88 58 16 6 Def. to Reg. -A McKinch, Vaughan 11/88 56 18 10 Regular.-B Savage, Robert J. 12/88 58 10 10 Regular Total Annual Retirement Benefit $12,299.52 32,254.44 5,395.68 24,714.36 5.721.00 $809,878.68 so City of Lansing Employees' Retirement System Beneficiaries Added to Roll 1988 Date Age at Type of Name Added Retirement Retirement Kenny, Murial 1/88 56 Widow A Rhodes, Bessie I. 4/88 67 Widow B Wickering, Marie 6/88 73 Widow B Total Annual, Retirement Benefit $ 2,906.76 3,.098.88 2,238.72 $ 8,244.36 -19- City of Lansing Employees' Retirement System Terminations 1988 Date of Annual Termination Type of Retirement. Name Death Retirement Benefit McGinnis, Edwin 1/88 Non -Duty Death -A $ 1,999.44 Kenny, Francis L. 1/88 Duty Dis.-A 2,906.76 Wilcox, Meryl R. 1/88 Regular -A 5,699.64 Palmer, Robert- 2/88 Non -Duty Dis.-Reg. 10,640.64- Rhodes, Coy P. 4/88 Regular-B 6,197.64 Bell, Bernice P. 4/88 Regular -Term. 898.32 Peel,Charles 5/88 Non -Duty Dis.-I 3,792.96 Wickering, Frederick 6/88 Regular-B 4,477'.32 Phillips, Floyd 6/88 Regular -Term. 3,659.88 Briggs, Bernard 8/88 Regular-B 3,681.60 Hanel, Lucille 9/88 Regular -Term. 2,614.68 Hawk, Melvin J. 12/88 Non -Duty Dis.-Reg. 10,045.32 Jenkins, David 12/88 Regular -I 13,906.56 Total $70,520.76 -20-