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HomeMy WebLinkAbout1993 Police and Fire Retirement System minutes FINAL POLICE AND FIRE RETIREMENT SYSTEM 1993 BOARD MEMBERS William E. Barkyoumb-Citizen Tony Benavides James A. Crawford Jack B. Cushman, Chair James D. Goodin James R. Kus Bruce Lankheet, Vice Chair Paul Luzynski 01 -20-94P1 2 : F3 Rcv0 JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEMS 8th Floor, Conference Room December 14, 1993 City Hall Tuesday, 10 :10 a.m. The Joint Board Meeting was called to order at 10: 10 a.m. Present: Trustees Brodie, Cushman, Goodin, Kruger, Kus, Lankheet, Luzynski, Pontz and Rubley - 9 Absent: Trustees Benavides, Brewington, Crawford - 3 . Others Present: Teri Cook, Finance Department; Steven Dougan, Budget Division; John Hannah, The J.A. Hannah Investment Advisory Service. Mr. John Hannah explained that they had made some changes to their quarterly report. Mr. Hannah briefly went over the changes. Trustee Pontz arrived at 10 : 22 a.m. Mr. Hannah informed the Board that he had the opportunity to review the actuarial report for both systems and he gave his overview. Discussion was held on asset allocation. Mr. Hannah asked those present some questions in which he will compile the responses to use in his asset allocation modeling The meeting adjourned at 12 : 25 p.m. Douglas L. Ruble Acting Secretary Retirement Boards-Joint Board Meeting 01 -20-94P12 : 15 RCVD OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting December 14, 1993 8th Floor Conference Room Tuesday, 8 : 35 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 35 a.m. Present: Trustee Barkyoumb, Cushman, Goodin, Kus, Lankheet and Luzynski -7 . Absent: Trustee Benavides - 1. Others : Douglas Rubley, Interim Secretary; Teri Cook, Finance Department, Steven Dougan, Budget Division and Melvin McWilliams, Law Department. It was moved by Trustee Barkyoumb, supported by Trustee Kus that the minutes of the regular meeting and the joint board meeting of November 9, 1993 he approved. Adopted by the following vote: Unanimously. The Interim Secretary reported 0 new members , 0 reinstatements , 0 refund and 2 retired. Total Membership: 559 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of November, 1993 amounted to $642,308. 15. Total retirement checks printed for the P&F System: 417 . Total retirement checks printed for all three systems: 1, 020 . Domestic relations orders received: 0 . Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0 . It was moved by Trustee Luzynski, supported by Trustee Lankheet that the application for Regular Age and Service Retirement for Samuel Bennett, Police Department, 25 years 2 months service credits, age 53 , effective January 8 , 1994 be approved. Adopted by the following roll call: Yeas: Barkyoumb, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 7 . Nays : None. It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the application for Regular Age and Service Retirement for Wendell M. Frever, Police Department, 25 years 5 months service credits, age 49, effective November 18, 1993 be approved. Adopted by the following roll call: Yeas : Barkyoumb, Crawford, Cushman, Goodin, Kus , Lankheet and Luzynski - 7 . Nays : None. Police and Fire Retirement System Regular Meeting of December 14, 1993 Page 2 It was moved by Trustee Lankheet, supported by Trustee Crawford that the application for Regular Age and Service Retirement for James V. Heyden, Police Department, 33 years service credits, age 55 , effective January 4 , 1994 be approved. Adopted by the following roll call: Yeas : Barkyoumb, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 7 . Nays : None. It was moved by Trustee Kus, supported by Trustee Barkyoumb that the meeting dates for Calendar Year 1994 be approved. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that he had received a communication from Melvin McWilliams regarding the Public Meetings Act/Minutes Requirements and gave a brief overview of the memorandum. Mr. Rubley stated that the Board was conforming to the requirements. Pending Item(s) : Mr. Rubley informed the Board that the Law Department had reviewed the actuarial services agreements from Gabriel, Roeder, Smith & Company. Discussion was held on the comments made by the Law Department. It was the agreement of the Board that this be placed back on pending items. Discussion was held on the communication from Gabriel, Roeder, Smith & Company regarding the additional City contributions associated with an increase in the minimum retirement benefits for retirees and survivors. The Board requested that a letter be sent to Ways and Means and the unions regarding the cost of this proposal and for Ways and Means to ask for a recommendation from the unions. Discussion was held on Esther Hatt, who was missed during the last increase in minimum pension benefit. Esther Hatt' s husband died in the line of duty. Mr. Rubley informed the Board that three other widows fall in the same situation as Esther Hatt. It was moved by Trustee Lankheet, supported by Trustee Luzynski that another communication be sent to Ways and Means informing them of the three additional people that fall within the same situation as Esther Hatt. Adopted by the following vote: Unanimously. Trustee Crawford left the meeting at 9 : 45 a.m. Police & Fire Retirement System Regular Meeting of December 14 , 1993 Page 3 Mr. Rubley informed the Board that he had received a communication from MAPERS regarding letters to legislators regarding several issues that originated with House bills dealing with local pension systems and their retirees . The Board felt that their local unions were taken care of this. A report on the performance of the money managers was not given this month due to a joint meeting immediately following the regular board meeting. The meeting adjourned at 9 : 57 a.m. Douglas L. Rubley, Acting Secretary Police & Fire Retirement System 12-16-93A10 : 32 JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEMS 8th Floor, Conference Room November 9 , 1993 City Hall Tuesday, 10 : 07 a.m. The Joint Board Meeting was called to order at 10 : 07 a.m. Present: Trustees Barkyoumb, Benavides, Cushman, Goodin, Kruger, Kus, Lankheet, Luzynski, Pontz and Rubley - 10 Absent: Trustees Brewington, Brodie and Crawford - 3 . Others Present: Teri Cook, Finance Department; Steven Dougan, Budget Division; Richard Zaccaro, The J.A. Hannah Investment Advisory Service . Mr. Zaccaro gave an overview of the performance money managers . Discussion was held on the performance of the different money managers. Mr. Rubley informed those present that John Hannah will be present Joint Board Meeting on December 14 , 1993 to discuss cost allocation. Discussion was also held on Lazard Freres probation. Mr. Zaccaro indicated that John Hannah will bring a list of value managers to the December meeting. Mr. Zaccaro suggested that the Hannah Group do a collation study of managers . Trustee Rubley suggested that this study be done after the December 14, 1993 meeting. Mr. Zaccaro was asked to provide a brief review of his background. The meeting adjourned at 11 : 25 a.m. Douglas L. Rubley, Interim Secretary 12-14-9 -,3 : 15 RCVD OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting November 9 , 1993 8th Floor Conference Room Tuesday, 8 : 31 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 31 a.m. Present: Trustee Barkyoumb, Benavides , Cushman, Goodin, Kus, Lankheet and Luzynski -7 . Absent: Trustee Crawford - 1. Others: Douglas Rubley, Interim Secretary; Teri Cook, Finance Department, Steven Dougan, Budget Division and Melvin McWilliams, Law Department. Trustee Benavides arrived at the meeting at 9 : 18 a.m. It was moved by Trustee Barkyoumb, supported by Trustee Kus that the minutes of the regular meeting of October 19, 1993 and the Special Meeting of October 21, 1993 be approved. Adopted by the following vote: Unanimously. The Interim Secretary reported 0 new members, 0 reinstatements, 0 refund and 2 retired. Total Membership: 561 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of October, 1993 amounted to $639 , 155 . 02 . Total retirement checks printed for the P&F System: 415 . Total retirement checks printed for all three systems: 1, 026 . Domestic relations orders received: 0 . Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0 . It was moved by Trustee Barkyoumb, supported by Trustee Kus the the application for Regular Age and Service Retirement for William M. (Mike) Mathis, Police Department, 25 years 9 months service credits, age 46, effective November 20, 1993 be approved. Adopted by the following roll call: . Yeas: Barkyoumb, Cushman, Goodin, Kus, Lankheet and Luzynski - 5 . Nays : None. Other Business Mr. Rubley informed the Board that during the last increase in the minimum pension benefits one widow, Esther Hatt, was missed. Esther Hatt' s husband died in the line of duty. Discussion was held. It was moved by Trustee Lankheet, supported by Trustee Goodin that the Board send a letter to Council explaining the situation of Esther Hatt and asking for their recommendation. Adopted by the following vote: Unanimously. Police and Fire Retirement November 9 , 1993 Page 2 Mr . Rubley informed the Board that he had received an agreement for normal actuarial and consulting services from Gabriel, Roeder, Smith and Company. This agreement was for the year beginning July 1 , 1993 . It was moved by Trustee Cushman, supported by Trustee Barkyoumb to retain Gabriel, Roeder, Smith & Company and sign agreement pending review of agreement by the Law Department. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that he had received the quarterly summary and portfolio appraisals from Harbor Capital Management. Discussion was held on Lazard Freres probation. The Board recessed for 5 minutes at 9 : 24 a.m. The Board reconvened at 9 : 29 a.m. Discussion was held on The Hannah Group contract in regard to John Hannah sending a representative. Mr. McWilliams discussed the Public Meetings Act regarding minutes requirements . It was moved by Trustee Luzynski, supported by Trustee Benavides to excuse Trustee Crawford from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley did not give an overview of the money managers performance, as information from the money managers was not available. The meeting adjourned at 9 : 50 a.m. Douglas L. Ruble , Interim Secretary Police & Fire Retirement System SPECIAL COMMITTEE MEETING BOARD OF TRUSTEES POLICE AND FIRE RETIREMENT BOARD Special Meeting October 21, 1993 loth Floor Conference Room Thursday, 10 : 12 a.m. Lansing, MI The Board meet in a special session and was reconvened by Chairperson, Jack Cushman, at 10 : 12 a.m. Present: Trustee Barkyoumb, Benavides, Cushman, Goodin, Kus, Lankheet and Luzynski - 7. Absent: Trustee Crawford - 1. Others : Douglas Rubley, Interim Secretary; Teri Cook and Steve Dougan, Finance Department; Alan Sonnanstine, Gabriel, Roeder, Smith & Company; Paul Hufnagel, Gary Thomas and Larry Earls. Mr. Sonnanstine gave an overview of the actuarial report of December 31, 1992 . Page A-2 shows a breakdown of contributions computed to meet the financial objective of the retirement system. Mr. Sonnanstine stated that the City has always made the contribution recommended by the actuary. Mr. Sonnanstine referred to page A-8 Comment B which states that the increase this year in the contingency fund above the normal 7% increase from interest credits is primarily due to the audit performed by Steven Dougan in the Retirement Office. The corrections resulted in a $331 , 080 decrease in the computed present value of future benefits, thus increasing the contingency reserve by $331, 080. Mr. Sonnanstine stated that the system is in very good actuarial condition contingent upon continued receipt of recommended contributions. Mr. Sonnanstine referred to page B-5 which shows the new method of looking at assets . The system is living off investment income which is actually where the system should be. This is typical textbook actuarial management. Trustee Cushman asked Mr. Sonnanstine opinion regarding a thirteenth check. Mr. Sonnanstine stated that a thirteenth check is like a one shot with no guarantee that it will be the same in following years . Mr. Sonnanstine advised to go with another alternative. Trustee Luzynski asked if the minimum pension is increased and is over their final average compensation. Mr. Sonnanstine stated that their final average compensation needs to be indexed. Mr. Sonnanstine recommended that the prefunding of health care be setup as an outside trust, due to problems with the I .R.S. Special Committee Meeting Police & Fire Retirement Board Page 2 Mr. Larry Earls stated to the Board that when he retired he was single. He had no one to state as beneficiary. Two years later he married. He would like the provision changed to add wife after retired. Mr. Sonnanstine stated the reason for this provision was to avoid death bed marriages. Mr. Sonnanstine stated that it can be done but you need to figure out a way to avoid manipulation. Mr. Gary Thomas suggested that when adding a beneficiary after retiring that possibly a time limit might be established. It was moved by Trustee Kus, supported by Trustee Barkyoumb to accept the actuarial report dated December 31, 1992. Adopted by the following vote: Unanimously. Mr. Sonnanstine stated to the Board that due to the purchasing process at the State of Michigan of accepting low bid Gabriel, Roeder, Smith & Company will not be the actuary for the State of Michigan. The reason was not that the State was unhappy with the services provided by Gabriel, Roeder, Smith & Company. Mr. Rubley pointed out to the Board that some duty disability spouses may have been missed in the last increase. Mr. Rubley stated that he would have more information available for the next meeting. The meeting adjourned at 11 : 23 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System 11 -12-93A10 : 19 RCVD OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting October 19, 1993 8th Floor Conference Room Tuesday, 8 : 35 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 35 a.m. Present: Trustee Barkyoumb, Benavides , Crawford, Cushman, Kus, Lankheet and Luzynski -7 . Absent: Trustee Goodin - 1 . Others : Douglas Rubley, Interim Secretary; Teri Cook and Steven Dougan, Finance Department. It was moved by Trustee Barkyoumb, supported by Trustee Kus that the minutes of the regular meeting of September 14, 1993 be approved. Adopted by the following vote: Unanimously. The Interim Secretary reported 0 new members, •0 reinstatements, 0 refund and 0 retired. Total Membership: 564 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of September, 1993 amounted to $634 ,358 . 93 . Total retirement checks printed for the P&F System: 414 . Total retirement checks printed for all three systems : 1 , 022 . Domestic relations orders received: 0 . Eligible domestic relations orders certified: 0 . Other Business Mr. Rubley informed the Board that the Retirement Office had received a certification of annual earnings for 1992 from Richard Cortright, a duty disability retiree. All duty disability retirees have complied. Mr. Rubley informed the Board that he had received a letter from Loomis Sayles stating that effective September 14 , 1993 , Sayles & Company, Incorporated has been reorganized into a new entity, Loomis., Sayles & Company, L.P. The changes will result in different tax treatment for Loomis, Sayles and its parent entity and partial public ownership of the parent, but will have no effect on the operations or management of Loomis, Sayles or on the management of our account. It is a mere change in form. Police & Fire Retirement System October 19, 1993 Page 2 Mr. Rubley informed the Board that he had received a letter from a Phyllis "Miller" Swan, Thomas McNamara and Mr. Richard Halligan requesting a thirteen check. Mr. Rubley informed the Board that he had received a letter from Arthur De Lau, President, Lansing Retired Policemens ' & Firemens ' Association requesting the City Council and Mayor to raise the minimum retirement from $8 , 620 to $11 , 500 annually and from $4,310 to $7, 900 annually for the surviving spouse. The letter also requested thirteenth annual retirement check. Discussion was held regarding the letters received. Trustee Cushman stated that as a Board it is beyond its boundaries to demand an increase. Trustee Cushman suggested that these letters be forwarded to the appropriate bargaining units . Trustee Benavides stated that this Board needs a financial impact analysis on what the implications are. It was moved by Trustee Barkyoumb, supported by Trustee Benavides that the Board request that the actuary, Gabriel, Roeder, Smith & Company, perform a cost analysis on increasing the minimum pension from $8, 620 to $11, 500 annually, and from $4 , 310 to $7, 900 annually for the surviving spouse. Also, request an opinion from the actuary, Gabriel, Roeder, Smith & Company, on the thirteenth check. Adopted by the following vote: Unanimously. Trustee Crawford left the meeting at 9 : 20 a.m. Trustee Cushman requested that a letter be sent to the Council, Ways and Means, Mayor and appropriate unions informing them of the Boards decision. Trustee Kus gave an overview of his and Trustee Luzynski ' s meeting with Dr Dennis Jurczak, M.D. , Director, Michigan State University, Olin Health Center. Trustee Kus stated that Dr. Jurczak was very helpful and that he made suggestion regarding some guidelines for hiring a Medical Director. The Board reviewed these suggestions . It was the decision of the Board that this item be brought up at a future meeting. Trustee Benavides left the meeting at 9 : 47 a.m. Mr. Rubley informed the Board that the November Board meeting may need to be changed from the November 9 to November 23 , due to a commitment that he has. The Board indicated there would be no problem moving the meeting date, if needed. Trustee Kus informed the Board that he had met with Mr. Vince Dragonetti, a financial planner. Trustee Kus gave an overview of his meeting. He also stated that General Motors is having a financial planning seminar November 10th. Police & Fire Retirement System October 19 , 1993 Page 3 It was moved by Trustee Kus, supported by Trustee Lankheet to excuse Trustee Goodin from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley gave an overview of the performance of the money managers. Mr. Rubley suggested that at the November meeting that the Board decide to keep Lazard Freres on probation, take them off probation or terminate them. Mr. Rubley stated that John Hannah has some concerns with MD Sass taking undue risks on their returns. Mr. Rubley recommended to the Board that a separate financial report on the retirement system not be done. Mr. Rubley feels this is not necessary since the actuary report is placed on file in the Clerk' s Office. It was moved by Trustee Kus, supported by Trustee Barkyoumb that this meeting recess until Thursday, October 21 , 1993 at 10 : 00 a.m. The meeting recessed at 10 : 50 a.m. 1% Douglas L. Rubley, Interim Secretary Police & Fire Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CI Y`3 O� � NSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting September 14, 1993 8th Floor Conference Room Tuesday, 8 : 31 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8 : 31 a.m. Present: Trustee Barkyoumb, Benavides, Cushman, Kus, Lankheet and Luzynski -6 . Absent: Trustee Crawford and Goodin - 2 . Others : Douglas Rubley, Interim Secretary; Teri Cook, Steven Dougan, Finance Department. It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the minutes of the regular meeting and the joint board meeting of August 17 , 1993 be approved. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board the Trustees Crawford and Goodin asked to be excused from the meeting. The Interim Secretary reported 4 new members, (Police Department - Kandis Boles, Del Kostanko, Mark Renshaw and Jay Alan Varney) , 0 reinstatements, 0 refund and 0 retired. Total Membership: 563 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of August, 1993 amounted to $634 , 560 . 99 . Total retirement checks printed for the P&F System: 415 . Total retirement checks printed for all three systems : 1, 024 . Domestic relations orders received: 0 . Eligible domestic relations orders certified: 0 . It was moved by Trustee Kus, supported by Trustee Barkyoumb that the application for Regular Age and Service Retirement for Rolland L. Bannon, Police Department, 25 years service credits, age 47, effective October 7, 1993 be approved: Adopted by the following roll call vote: Yeas : Barkyoumb, Benavides, Cushman, Kus, Lankheet and Luzynski-6 . Nays : None It was moved by Trustee Luzynski, supported by Trustee Kus that the application for Regular Age and Service Retirement for Thomas A. LaViolette, Fire Department, 28 years 3 months service credits, age 50 , effective October 3 , 1993 be approved. Adopted by the following roll call vote: Yeas : Barkyoumb, Benavides , Cushman, Kus, Lankheet and Luzynski-6 . Nays : None. i Police and Fire Retirement System September 14, 1993 Page 2 Other Business Mr. Rubley passed out a letter from Alan Sonnanstine, Gabriel, Roeder, Smith & Company, regarding Eligible Domestic Relations Orders (EDRO) Actuarial Assumptions. These were the rates as presented by Alan Sonnanstine when the original EDRO procedure was adopted. Mr. Rubley recommended that the Board reaffirm the Actuarial Assumptions regarding EDROs and have them recorded in the minutes for future reference. It was moved by Trustee Barkyoumb, supported by Trustee Kus that the resolution regarding adoption of actuarial tables for Eligible Domestic Relations Order Computations be approved. (See attached resolution) Adopted by the following vote: Unanimously. Mr. Rubley passed out a letter from Alan Sonnanstine, Gabriel, Roeder, Smith & Company, regarding the Actuarial Valuation Assets. The letter recommends that the Board consider changing the asset valuation method. Mr. Rubley gave an overview of the letter. Mr. Rubley stated that this proposed method would save from 25-30 hours of work in the Accounting Division in calculating assets . It was moved by Trustee Benavides , supported by Trustee Lankheet that the following resolution be approved. Whereas, the actuary has recommended that the method of determining valuation assets be modified to treat all forms of investment income uniformly. Therefore, Be It Resolved, that effective for the 1992 calendar year, the method of determining retirement system asset values for purposes of the annual actuarial valuation report be changed to the method outlined in the actuary' s letter of September 8 , 1993 . Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that only one duty disability retiree, Richard Cortright, has not sent in a certification of annual earnings. A certified letter was sent to Mr. Cortright but it was not accepted. Mr. Cortright has converted from duty disability to regular age and service retirement. Mr. Rubley recommended that the Board follow their current policy to hold his September check. It was moved by Trustee Barkyoumb, supported by Trustee Lankheet that the Board send Mr . Cortright ' s September check with an attached letter stating that we will suspend his next check until the City receives an earning statement. Adopted by the following vote: Unanimously. Reaffirmed Resolution Adoption of Actuarial Tables For Eligible Domestic Relations Order Computations On June 27, 1991 , the Governor signed Enrolled House Bill 4884, enacting into law the "Eligible Domestic Relations Order Act" , Act 46 P.A. 1991 . This Act authorizes Eligible Domestic Relations Orders (EDRO's) , which provide a means of dividing future retirement benefits as a marital asset, as well as providing a means of paying those benefits. While the emphasis of the Act is on divorce situations, the Act also covers child support and separate maintenance. The amount payable to a retirement system participant's ex-spouse, the "alternate payee" , is determined by the EDRO as issued by the court. However, sections 4 and 5 of the EDRO Act specify that payments made to the alternate payee in the form of a single life annuity must be the actuarial equivalent of the alternate payee's share of the participant's .benefits. Further, under section 5, if the alternate payee chooses to receive benefits while the participant is still working, an actuarial equivalent calculation is required. Act 46 does not specify the actuarial assumptions which are to be used to calculate these actuarial equivalents. It is the recommendation of the plan administrator as well as of the plan's actuary that standard tables of assumptions, which are widely used and accepted for this purpose in the private sector, be adopted by the following resolution: For purposes of Eligible Domestic Relations Order computations pursuant to Act 46 of the Public Acts of 1991 , the retirement system shall use the interest rates and underlying unisex mortality table specified by the Pension Benefit Guaranty Corporation (PBGC) for calculating the actuarial present value of immediate and deferred pensions under a terminated pension plan as provided in part 2619 of subchapter C of chapter XXVI of title 29 of the Code of Federal Regulations, 29 C.F.R. part 2619. Interest rates used for Eligible Domestic Relations Order calculations shall be the rates specified by the PBGC for the second month preceding the date of commence- ment of the alternate payee's benefit. Use of standard, federally-promulgated tables will simplify the legal process of developing EDRO's for different plans around the state, and will probably reduce the likelihood of the reasonableness of assumptions being argued in court. Using the rates specified for the second month preceding the commencement of benefits will make it easier to provide final calculations prior to the date of benefit commencement. 10/91 Police & Fire Retirement System September 14, 1993 Page 3 Mr. Rubley brought up the letter from Jack Cushman regarding setting up guidelines for selecting a Medical Director. Trustee Kus stated that he would be meeting in October. Trustee Kus indicated that Employee Retirement System Trustees should contact him. Mr. Rubley stated that the Retirement Office has an antiquated book on the current retirement system. Mr. Rubley indicated that he would like to send copies to the Board members and actuary in order to update. Mr. Rubley indicated that he would like to John Hannah to attend a Joint Board meeting in November. Trustee Kus suggested again, as was suggested at an earlier board meeting, that a seminar be setup for employees planning on retiring. Mr. Rubley indicated that the City has put on a workshop on the benefits the City provides. Mr. Rubley indicated that this could be incorporated into this workshop. Mr. Rubley did not give an overview of the money managers performance, as information from National Bank of Detroit was not available. The meeting adjourned at 10 : 20 a.m. Douglas L. Ruble Interim Secretary Police & Fire Retirement System JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEM 8EA' 2� �11 4 03 8th Floor, Conference Room August 17, 1993 City Hall Tuesday, 9 : 30 a.m. Lansing, MI The Joint Board of Trustees was called to order at 9: 30 a.m. Present: Board Members: Trustees Barkyoumb, Benavides, Brewington, Brodie, Cushman, Goodin, Kruger, Kus, Lankheet, Luzynski, Pontz and Rubley - 11. Absent: Trustees Crawford and Pontz - 2. Others Present: Douglas Rubley, Interim Secretary, Steve Dougan and Teri Cook, Finance Department; Hugh Lamle, M D Sass . Mr. Lamle, M D Sass, passed out their fund performance report as of 8/11/93 . Mr. Lamle gave an overview of the report. Mr. Lamle gave a brief history on executive life bonds. Mr. Lamle speculated that the price of the bonds would reach the mid 80 ' s within the next six months. Mr. Lamle stated the M D Sass is trying to negotiate a better deal on what the retirement systems hold. They have been successful on negotiations to date. Mr. Rubley asked if there is a current market for the bonds. Mr. Lamle indicated that there is. Currently, the bonds could be sold for 79 to 81-82 cents on the dollar on the market. Mr. Rubley asked if we would get interest plus legal fees. Mr. Lamle indicated that the retirement systems would get (1) new bonds backed by a 5 year guarantee -(72 to 74 cents on the dollar) ; ( 2) reimbursement of legal fees for all bond holders; ( 3 ) premium of 1 1/2 to 3 cents on the bonds. Trustee Cushman asked if the bottom could still drop out on these bonds. Mr. Lamle indicated that, after going through the courts, legally nothing can be reversed to effect the bonds. The bulk of the gain has been received. The meeting adjourned at 10:31 a.m. Douglas L. Rubley, Inte Secretary Retirement Boards-Joint Board Meeting OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES.' `� CITY OF LANSING J POLICE AND FIRE RETIREMENT BOARD Regular Meeting August 17, 1993 8th Floor Conference Room Tuesday, 8-: 05 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8 : 05 a.m. Present: Trustee Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus and Luzynski - 7. Absent: Trustee Lankheet - 1. Others: Douglas Rubley, Interim Secretary; Teri Cook, Steven Dougan, Finance Department. It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the minutes of the regular meeting of July 20 , 1993 be approved with the correction of two typographical errors. Adopted by the following vote: Unanimously. The Interim Secretary reported 2 new members, (Police Department - Darin Southworth and Hung Tran) 0 reinstatements, 0 refund and 3 retired. Total Membership: 559. Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of July, 1993 amounted to $629, 272. 44 . Total retirement checks printed for the P&F System: 415 . Total retirement checks printed for all three systems: 1, 026 . Domestic relations orders received: 1 . Eligible domestic relations orders certified: 0. It was moved by Trustee Kus, supported by Trustee Barkyoumb that the application for Regular Age and Service Retirement for Gerald E. Miller, Police Department, 27 years 4 months service credits, age 53 , effective July 17, 1993 . Adopted by the following roll call vote: Yeas: Barkyoumb, Cushman, Goodin, Kus and Luzynski-5 . Nays: None It was moved by Trustee Kus, supported by Trustee Barkyoumb that the conversion from Duty Disability to Regular Age and Service Retirement for Adin Ray Shank, Police Department, 25 years 1 month service credits, age 49, effective August 4, 1993 . Adopted by the following roll call vote: Yeas: Barkyoumb, Cushman, Goodin, Kus , Luzynski-5. . Nays: None. Police and Fire Retirement System August 17 , 1993 Page 2 The Board members received copies of the medical report from Dr. Robins, University of Michigan, and Dr. Telles regarding Bruce Freeman. Dr. Robins conclusion after the review of Dr. Kelly' s records and the patient' s complete physical evaluation was that there is no physiological basis for the patients present symptoms. Dr. Robins did not feel that the patient' s present symptoms were related to the patient ' s exposure to Baygon. Dr. Robins further concluded that there was no reason to restrict Mr. Freeman from his work as a firefighter or EMS. Dr. Telles concurred with Dr. Robins and stated that Mr. Freeman did not fulfill the criteria for duty- di.sability retirement and that he may return to his normal duties for the City of Lansing. It was moved by Trustee Barkyoumb, supported by Trustee Kus to reaffirm the Board' s previous decision to deny Mr. Freeman' s request for duty-disability retirement. Adopted by the following roll call vote: Yeas : Barkyoumb, Cushman, Goodin, Kus and Luzynski - 5 . Nays: None The Board asked that a letter be sent to Mr. Freeman notifying him of their decision. Mr. Rubley also indicated that a copy of the medical report will be sent to Personnel and to the Department Head. Other Business Mr. Rubley informed the Board that he had received a letter, with a summary attached, from Lazard Freres to update the retirement systems on how they are performing. Mr. Rubley informed the Board that the Retirement Office still has not received duty disability certification of annual earnings for 1992 from Richard Cortright, Reynaldo Gonzales and William Wilson. Mr. Rubley informed the Board that a letter will be sent to these duty disability retirees informing them that their August 1993 check will be their last retirement check until they turn in a Certification of Earnings for 1992. This is in compliance with Board policy. Trustees Benavides and Crawford arrived at the meeting at 8 : 45 a.m. Mr. Rubley informed the Board that he had received a letter from Senator Levin thanking the Boards for letting him know of our concerns about a pension provision in the deficit reduction bill. Senator Levin stated that he won' t have an opportunity to vote on the deficit reduction bill until it comes back to the Senate floor in the form of a conference report. At that point, it is virtually impossible to amend it further. Senator Levin stated that he has let the Finance Committee know of our views while the bill is still in conference. However, he indicated that he is not even sure how much can be done in the conference since this provision is in both the House and Senate bill. i Police and Fire Retirement System August 17, 1993 Page 3 It was moved by Trustee Kus, supported by Trustee Barkyoumb to excuse Trustee Lankheet from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that the September board meetings would be held in the conference room on the loth floor, due to the auditors using the 8th floor conference room and the meeting has been changed from September 21, 1993 to September 14, 1993 . Mr. Rubley gave an overview of the performance of the money managers. The meeting adjourned at 8 : 55 a.m. Douglas L. bley, Inter ' Secretary Police & Fire Retirement System I OFFICIAL PRQCUDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting July 20 , 1993 8th Floor Conference Room Tuesday, 8 : 37 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8 : 37 a.m. Present: Trustee Cushman, Goodin, Kus, Lankheet and Luzynski - 5. Absent: Trustee Barkyoumb, Benavides and Crawford - 3 . Others: Douglas Rubley, Interim Secretary; Teri Cook, Steven Dougan, Finance Department. It was moved by Trustee Kus, supported by Trustee Luzynski that the minutes of the regular meeting of June 15, 1993 and the joint board meeting of June 15 , 1993 be approved. Adopted by the following vote: Unanimously. The Interim Secretary reported 10 new members, ( 2 Police Dept. - Kevin Kilbourn, Michael Wichar; 8 Fire Dept.. - Brent Gillespie, Christian Ericks, Damyon Nicholson, Chris Morrison, Sheryl Singletary, Stephen Barnes, Brenda Martin, Mark Morral) 0 reinstatements, 1 refund and 0 retired. Total Membership: 560. Refunds made since the last regular meeting amounted to $00. Retirement allowances paid for the month of June, 1993 amounted to $621,489. 42. Total retirement checks printed for the P&F System: 413 . Total retirement checks printed for all three systems: 1 , 023 . Domestic relations orders received: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Luzynski, supported by Trustee Kus that the application for Regular Age and Service Retirement for LaVerne R. Foess, Fire Department, 31 years service credits, age 55, effective July 13 , 1993 be approved. Adopted by the following roll call vote: Yeas : Cushman, Goodin, Kus, Lankheet and Luzynski-5. Nays: None. Police and Fire Retirement System July 20, 1993 Page 2 It was moved by Trustee Kus, supported by Trustee Luzynski that the application for Regular Age and Service Retirement for Miles R. Green, Fire Department, 28 years 4 months service credits, age 55, effective July 16, 1993 be approved. Adopted by the following roll call vote: Yeas: Cushman, Goodin, Kus, Lankheet, Luzynski - 5 . Nays: None. It was moved by Trustee Kus, supported by Trustee Lankheet that the conversion from Duty Disability to Regular Age and Service Retirement for Richard J. Cortright, Police Department, 25 years 6 months service credits , age 50 , effective July 6 , 1993 be approved. Adopted by the following roll call vote: Yeas: Cushman, Goodin, Kus, Lankheet, Luzynski - 5 . Nays: None. It was moved by Trustee Lankheet, supported by Trustee Kus that the conversion from Duty Disability to Regular Age and Service Retirement for Gregory H. Hussey, Police Department, 27 years 6 months service credits , age 51, effective July 6 , 1993 be approved. Adopted by the following roll call vote: Yeas: Cushman, Goodin, Kus, Lankheet, Luzynski - 5 . Nays: None. It was moved by Trustee Kus, supported by Trustee Luzynski that the conversion from Duty Disability to Regular Age and Service Retirement for Gene E. Stout, Police Department, 27 years 7 months service credits, age 52 , effective June 25 , 1993 be approved. Adopted by the following roll call vote: Yeas: Cushman, Goodin, Kus, Lankheet, Luzynski - 5 . Nays: None. Mr. Rubley informed the Board that Bruce Freeman had his appointment at the University of Michigan. The City is waiting for the report from University of Michigan. Mr. Rubley asked the Board if they would like Dr. Telles at the next Board meeting or would a conference call be acceptable. Mr. Rubley stated that Bruce Freeman would also like a copy of the report. Trustee Cushman asked if the Retirement Office receives the medical report before the next meeting that a copy be sent to the Board members so they can have an opportunity to review it prior to the meeting. Trustee Cushman also requested that Dr. Telles be present at the next meeting. Police and Fire Retirement System July 20, 1993 Page 3 Other Business Mr. Rubley informed the Board that he had contacted the money managers regarding National Bank of Detroit (NBD) . The money managers indicated that they had no problems with NBD and are happy with their performance. It was moved by Trustee Lankheet, supported by Trustee Kus that the Board accept the increase in fees from NBD. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that the Retirement Office still has not received duty disability certification of annual earnings from Richard Cortright, Reynaldo Gonzales and William Wilson. A second request has been sent. If certification is not received a final letter will be sent certified mail informing the duty disability retiree that if a certification of annual earnings is not received that their retirement allowance will be suspended. Mr. Rubley gave a brief overview of a legal opinion from Melvin McWilliams regarding the release of names and addresses of retired employees. It was moved by Trustee Kus, supported by Trustee Luzynski to continue with the current policy, in which all requests go through the Freedom of Information Officer. Any special requests would have to be approved by the Board. Adopted by the following vote: Unanimously. Mr. Rubley `informed the Board that he had received a communication from the First Tennessee Bank National Association regarding matters relating to Executive Life Insurance Company and Related Court Proceedings. Mr. Rubley informed the Board that he would like to bring in M D Sass in August for a presentation and an analysis of the bonds. Mr. Rubley informed the Board that he had received a letter along with a proposal from Donald Scalley, Keane Securities Company, to implement a flexible cost reduction program for the retirement systems. This items was referred to John Hannah for his review and comments. Mr. Rubley informed the Board that the Fall MAPERS Conference is being held September 19 through September 21 , 1993 at the Amway Grand Hotel in Grand Rapids. An agenda was handed out to those members present. Those planning on attending were asked to notify Teri Cook by July 24, 1993 . Due to the MAPERS Conference, the regular September Board meeting was moved from September 21 , 1993 to September 14, 1993 . Police and Fire Retirement System July 20 , 1993 Page 4 It was moved by Trustee Kus, supported by Trustee Luzynski to excuse Trustee Barkyoumb, Benavides and Crawford from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley gave an overview of the performance of the money managers. The meeting adjourned at 11 : 10 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting June 15 , 1993 8th Floor Conference Room Tuesday, 8 : 35 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 35 a.m. Present: Trustee Barkyoumb, Crawford. Cushman, Goodin, Kus , Lankheet and Luzynski - 7 . Absent: Trustee Benavides - 1. Others: Douglas Rubley, Interim Secretary; Teri Cook, Steven Dougan, Finance Department; Melvin McWilliams, Chief Assistant City Attorney, Law Department and Linda Freeman. It was moved by Trustee Lankheet, supported by Trustee Luzynski that the minutes of the regular meeting of May 25 , 1993 and the joint board meeting of May 25 , 1993 be approved with one correction. Adopted by the following vote: Unanimously. The Interim Secretary reported 0 new members, 0 reinstatements, 0 refunds and 4 retired. Total Membership: 551 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the month of May, 1993 amounted to $617 , 069 . 20 . Total retirement checks printed for the P&F System: 414. Total retirement checks printed for all three systems: 1 , 025. Domestic relations orders received: 0. Eligible domestic relations orders certified: 0 . It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the request for refund of accumulated contributions for Williams Smith, Police Department be approved. Adopted by the following roll call vote: Yeas: Barkyoumb, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski-7. Nays: None. Police and Fire Retirement System June 15 , 1993 Page 2 The Board reviewed the resubmitted request for duty disability for Bruce Freeman, Fire Department. Mr. Freeman submitted a formal letter requesting duty disability along with a letter from Dr. Kelly and Steven Plavnick, PhD. Dr. Plavnick stated in his letter that Mr. Freeman' s condition was work related. Dr. Telles in a letter dated June 10, 1993 informed that Board that she and Dr. Rosenman, who is the Occupational Medicine and toxicologist specialist at M.S.U. , reviewed the letter from Dr. Kelly. Dr. Telles stated that Dr. Rosenman and herself agree that his present symptoms are not related to his exposure to carbonate insecticide in October of 1992. Dr. Telles suggested that if the Board is desirous of another opinion regarding this situation that she would recommend a referral to the Occupational Medicine Department of the University of Michigan. It was moved by Trustee Lankheet, supported by Trustee Crawford that Bruce Freeman be sent to the Occupational Medicine Department of the University of Michigan to determine that his present condition is total impairment and whether it was work related. Report from the University of Michigan to be sent to Dr. Telles. Dr. Telles is asked to send a copy of the report along with her opinion to the Board. Trustee Barkyoumb asked that the credentials of the doctor or doctors doing the evaluation at the University of Michigan be submitted with their report. Adopted by the following vote: Unanimously. Other Business Mr. Rubley informed the Board that Richard Burgess a police officer on duty disability has exceeded the allowable earnings . It appears that his earnings were in excess of allowable by $8. 98 for 1992. Mr. Rubley stated that this will be a one time deduction. Mr. Rubley stated that the retirement office has sent out second notices for the filing of duty disability earnings. As of the date of the meeting, no responses had been received on the second notices. Mr. Rubley stated that he had ask the Law Department for a legal opinion on the question if a retiree chooses not to have health benefits when retired can they come back and join at a later time. It was the opinion of Mr. McWilliams that the retiree could join at a later time. Mr. Rubley stated that he had received a letter from NBD in which they indicated that they would be increasing their fees. Their last fee increase was in 1990 . Mr. Rubley indicated that he would have this analyzed before the next meeting. He also stated that he would contact the money managers to see if they are satisfied with NBD' s service. Police and Fire Retirement System June 15 , 1993 Page 3 It was moved by Trustee Luzynski, supported by Trustee Kus to excuse Trustee Benavides from the meeting. Mr. Rubley gave an overview of the performance of the money managers. The meeting adjourned at 9 : 40 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEMS 8th Floor, Conference Room June 15, 1993 City Hall Tuesday, 9 : 45 a.m. Lansing, MI The Joint Board of Trustees was called to order at 9: 45 a.m. Present: Board Members: Trustees Barkyoumb, Crawford, Cushman, Goodin, Kus , Lankheet, Luzynski, Moye, Pontz and Rubley - 10. Absent: Trustees Benavides, Brewington and Brodie - 3 . Others Present: Douglas Rubley, Interim Secretary, Steve Dougan and Teri Cook, Finance Department; Tom Franzese and Paul Matlow, Lazard Freres ; John Hannah, J.A. Hannah Investment Advisory Service. Mr. Franzese gave a brief overview of their presentation in December. Both Mr. Franzese and Mr. Matlow went over their performance as of March 31, 1993 . It was stated that the City portfolio is in medium to smaller size companies as compared to the S&P. Trustee Crawford arrived at 10 : 00 a.m. Mr. Rubley asked Mr. Franzese to review how they feel they are doing since 1987 to present. Mr. Franzese stated that they have done in comparison to their peers fairly well the last ten years. Mr. Matlow stated what value indicators Lazard Freres looks at according to their importance. They are as follows: 1 . Free cash flow. 2. Return on equity or assets. 3 . Price to book. Both Mr. Franzese and Mr. Matlow feel they are well positioned. Trustee Crawford left at 10 : 30 a.m. Mr. Franzese and Mr. Matlow left the meeting at 10: 35 a.m. Qj at UP "T H, �1 Joint Board Meeting June 15 , 1993 Page 2 Mr. Hannah gave his presentation at 10 : 43 a.m. He handed out an analysis of Lazard' s performance and went over the results. Mr. Hannah brought up three points regarding Lazard Freres performance. 1) Performance is lack luster; 2) Any stocks they have talked about have under performed; 3 ) No risk adjustment returned. Mr. Hannah' s recommendation is they are not performing as a value manager. Mr. Rubley stated that the Boards should be thinking about whether to search for another manager before terminating Lazard, to terminate and pull stocks and securities and place with index manager or to keep Lazard Freres. It was the decision of the members present that Mr. Hannah proceed to locate a group of value managers. - Mr. Rubley suggested that no matter what decision the Board take that they should wait until after the actuarial report, which is due in August. Mr. Hannah suggested on further developing the transition policy and wait until actuarial report. He will come back in August with analyze and a group of value managers, if the boards need to search for new manager. The meeting adjourned at 12:10 p.m. Douglas L. Rubley, nterim Secretary Retirement Boards-Joint Board Meeting JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEMS May 25 , 1993 8th Floor, Conference Room Tuesday, 9: 45 a.m. City Hall Lansing, MI The Joint Board of Trustees was called to order at 9: 45 a.m. Present: Board Members: Trustees Barkyoumb, Benavides , Brodie, Cushman, Goodin, Kus , Lankheet, Luzynski , Moye, Pontz and Rubley Absent: Trustees Brewington and Crawford - 2. Others Present: Douglas Rubley, Interim Secretary, Steve Dougan and Teri Cook, Finance Department; Claire Sonnenberg, J.A. Hannah Investment Advisory Service. Claire Sonnenberg, J.A. Hannah Investment Advisory Service, passed out the Performance Evaluation of the money managers for the Police and Fire and General Emp1 Ms. Sonnenbergt Systems for reviewed each the manager�s ending March 31 , 1993 . performance for both retirement systems. Trustee Benavides left the meeting at 10 : 12 a.m. The Board asked Ms. Sonnenberg what The Hannah Group' s opinion was on Lazard Freres Asset Management' s performance. Ms. Sonnenberg stated that Lazard Freres is moving toward a true value manager. They are moving toward utility stocks which is a value stock. They did sell a lot of growth stocks last day of the quarter. Ms. Sonnenberg stated that she feels that Lazard Freres is trying to be a value manager. Mr. Rubley asked Ms. Sonnenberg if she knew the credentials and history of the new portfolio manager that replaced Peter McCarthy at Lazard Freres. Ms. Sonnenberg -stated that she would bring this information back in June. Mr. Rubley suggested that the Board should decide, ward for thenext three reasons stated tor, whether or not to to terminate them as continue with Lazard f a value manager. Ms. Sonnenberg stated they she could start a value manager search so that when they come back in June the Board would have a list of value managers available if they need it. Trustee Pontz arrived at. 10: 45 a.m. � 1 Joint Board Meeting Board of Trustees City of Lansing Retirement Systems Page 2 Ms. Sonnenberg encouraged the Boards to look into international equity. The Hannah Group would like to see the city diversify from domestic equity. Trustee Moye asked if Ms. Sonnenberg could send a copy of their RFP used for hiring a value manager. Ms Sonnenberg stated that she could provide a copy for the Board. Ms. Sonnenberg passed out a draft copy of the Transition Policy for the Boards review. The Board indicated they would like the following included: 1. Methodology for hiring or terminating a manager. '2. Investment guidelines including such items as how to price. 3 . Incorporate transition items from NBD. It was the agreement of both Boards JaA. bothHan Lazard couldFreres talk with nd J.A. Hannah would come in June so that the representatives from Lazard Freres. The meeting adjourned at 11 : 54 a.m. Douglas L. Rubley, terim Secretary Retirement Boards-Joint Board Meeting OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting May 25, 1993 8th Floor Conference Room Tuesday, 8 : 00 a.m. Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 00 a.m. Present: Trustee Barkyoumb, Benavides , Cushman, Goodin, Kus, Lankheet and Luzynski - 7. Absent: Trustee Crawford - 1. Others : Douglas Rubley, Interim Secretary; Teri Cook, Steven Dougan, Finance Department; Melvin McWilliams, Chief Assistant City Attorney, Law Department. It was moved by Trustee Kus, supported by Trustee Luzynski that the minutes of April 20, 1993 be approved with one correction. The Interim Secretary reported 3 new members (Eric D. Janzen, Police Department, hired 4/6/93 ; Joel R. Johnson, Police Department, hired 4/7/93 ; Traci Ruiz, Police Department, hired 4/5/93 ) , 0 reinstatements, 0 refunds and 1 retired. Total Membership: 555 . Refunds made since the last regular meeting amounted to $00. Retirement allowances paid for the month of April, 1993 amounted to $609 ,701 . 84 . Total retirement checks printed for the P&F System: 408. Total retirement checks printed for all three systems : 1 , 020. Domestic relations orders received: 1 . Eligible domestic relations orders certified: 0. It was moved by Trustee Kus, supported by Trustee Barkyoumb that the application for Regular Age and Service Retirement for Bruce A. Behrmann, Police Department, 28 years 1 month service credit, age 51, effective May 29 , 1993 be approved. Adopted by the following roll call vote: Yeas : Barkyoumb, Cushman, Goodin, Kus, Lankheet and Luzynski-6 . Nays : None. It was moved by Trustee Kus, supported by Trustee Barkyoumb that the application for Regular Age and Service Retirement for Leith I . Curtis, Police Department, 25 years service credit, age 46 , effective May 22, 19g3 be approved. Adopted by the following roll call vote: Yeas: Barkyoumb, Cushman, Goodin, Kus , Lankheet and Luzynski-6 . Nays: None. Police and Fire Retirement System May 25 , 1993 Page 2 It was moved by Trustee Barkyoumb, supported by Trustee Kus that the Duty Disability Conversion to Regular Age and Service Retirement for Gary D. Bogart, Fire Department, 25 years 9 months service credit, age 53 , effective April 26 , 1993 be approved. Adopted by the following roll call vote: Yeas: Barkyoumb, Cushman, Goodin, Kus, Lankheet and Luzynski-6 . Nays: None. Trustee Benavides arrived at 8 : 06 a.m. It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the Duty Disability Conversion to Regular Age and Service Retirement for Eric L. Stevens, Fire Department, 25 years 7 months service credit, age 46 , effective May 1 , 1993 be approved. Adopted by the following roll call vote: Yeas: Barkyoumb, Benavides, Cushman, Goodin, Kus, Lankheet and Luzynski-7. Nays: None. The Board reviewed a letter received from Dr. Kelly regarding Bruce Freeman. Discussion was held on the letter in which Dr. Kelly' s medical opinion was in conflict with Dr. Telles medical opinion. It was moved by Trustee Benavides, supported by Trustee Kus that this letter be forwarded to Dr. Telles for review and an opinion relative to the letter and a letter to Dr. Kelly asking if Bruce Freeman had any additional testing done. Trustee Benavides asked that a copy of this letter be forwarded to Fire Chief Hopkins and that a letter be sent to Bruce Freeman letting him know of the Board' s action. A copy of the letter from Dr. Kelly will also be forwarded to Personnel. Trustee Cushman indicated that he would contact Bruce Freeman and ask that he put in writing what he is asking the Board to act on. Adopted by the following vote: Unanimously. A letter was reviewed from Lazard Freres Asset Management in which they stated that they had terminated- Peter McCarthy, Portfolio Manager. They stated that they have a team approach and that the City hired a firm not an individual. Other Business Trustee Kus stated that he had contacted Dr. Jurczka, MSU Clinic. Dr. Jurczka stated that he was willing to meet with both Boards to help setup guidelines for hiring a Medical Director. Trustee Kus asked if it was possible to setup a seminar regarding financial planning for future retirees. Mr. Rubley stated that he would check with Karen to try and setup a seminar that will deal with financial planning. Police & Fire Retirement May 25 , 1993 Page 3 Mr. Rubley stated that he had received a sample letter addressed to Senator Reigel from the Government Finance Officers Association stating that state and local government retirement plans are interested and concerned about two provisions that if not modified jeopardize their federal tax-qualified status. The first is under IRC 401 (a) (17) and the second is a current law requirement under IRC section 415. Mr. Rubley recommended that the Board send this letter to Senator Reigel. It was moved by Trustee Barkyoumb, supported by Trustee Benavides to send this letter to Senator Reigel. Adopted by the following vote: Unanimously. It was moved by Trustee Luzynski, supported by Trustee Lankheet to excuse Trustee Crawford from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley gave an overview of the performance of the money managers. The meetin adjourned atI 9 : 20 a.m. LK+...7� Douglas L. Rubley, Interim Secr tary Police & Fire Retirement System r`1 1 �i I.G..1 �♦ OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMEXTj3VAFD`t i'('l l 57 Regular Meeting April 20 , 1993 8th Floor Conference Room Tuesday, 8 : 37 a.m. The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8: 37 a.m. Present: Trustee Barkyoumb, Cushman, Goodin, Lankheet and Luzynski - 5 . Absent: Trustee Benavides, Crawford and Kus - 3 . Others: Douglas Rubley, Interim Secretary, Teri Cook and Steven Dougan, Finance Department and Melvin McWilliams , Law Department. It was moved by Trustee Barkyoumb, supported by Trustee Luzynski that the minutes of the regular meeting of March 16 , 1993 be approved as submitted. Adopted by the following vote: Unanimously. The Secretary reported 1 new member (Bradley S. St. Aubin, Police Department, hired 3/8/93 ) , 0 reinstatements , 0 refunds and 1 retired. Total Membership: 553 . Refunds made since the last regular meeting amounted to $00 . Retirement allowances paid for the months of March, 1993 amounted to $611 , 597 . 30 . Total retirement checks printed for the P&F System: 408 . Total l three retirementorderss printed received•fo0 .alEligiblesystems: 1 ,018 .domestic relations omestic rders rellationsstio certified: 0 . It was moved by Trustee Luzynski, supported by Trustee Barkyoumb that the application for Regular Age and Service Retirement for Kenneth W. Carter, Jr. , Fire Department, 30 years service credit, age 52, effective May 20 , 1993 be approved. Adopted by the following roll call vote: Yeas : Barkyoumb, Cushman, Goodin, Lankheet and Luzynski - 5 . Nays: None It was moved by Trustee Lankheet, supported by Trustee Luzynski that the application for Regular Age and Service Retirement for Arthur (Doug) Horne, Police Department, 25 years service credit, age 46 , effective May 20 , 1993 be approved. Adopted by the following roll call vote: Yeas: Barkyoumb, Cushman, Goodin, Lankheet and Luzynski - 5 . Nays: None. POLICE AND FIRE RETIREMENT SYSTEM April 20, 1993 Page 2 It was moved by Trustee Luzynski, supported by Trustee Barkyoumb that the Duty Disability conversion to Regular Age and Service Retirement for John Collins, Fire Department, 27 years 5 months service credit, age 53 , effective February 20 , 1993 be approved. Adopted by the following roll call vote: Yeas : Barkyoumb, Cushman, Goodin, Lankheet and Luzynski - 5 . Nays: None. Mr. Rubley informed the Board that a letter was sent to Eric Stevens notifying him that he qualifies for Regular Age and Service retirement. To date, the Retirement Office has received no response from Mr. Stevens. Due to the MAPERS Conference being held on the Police and Fire Retirement System May Board meeting, the Board agreed to move the May 18th meeting to May 25th at 8 : 00 preceding the Joint Board meeting with the presentation from the Hannah Group. A letter was reviewed from Ken Swan. Mr. Swan was asking for an increase in his pension. He stated that there has been no increase since 1978 . Mr. Swan did not qualify for the last increase. The Board stated that they could not single out one individual. Trustee Barkyoumb suggested that a letter be sent to Mr. Swan being as cordial as possible but stating that at this time the City cannot afford a benefit increase. Discussion was held on the definition of income in regard to duty disability. Mr. McWilliams stated that the provision on the back of the Certification of Annual Income form is not tied to a statute. The Board could not prosecute by the provision. Mr. McWilliams stated if the Board wants to adopt the clause that the Law Department and the Board has used as a guideline in the past that the guideline does not include rent. It was moved the Trustee Barkyoumb, supported by Trustee Luzynski that the following definition of income as stated in Mr. McWilliams ' memorandum of March 15, 1993 be approved. Pay or other remuneration from a gainful occupation, business, or employment includes that income received as a result of the retiree ' s personal time and efforts expended in generating that income but is not intended to include such items as interest or dividends on savings and investments unless this is construed as being that persons business or occupation, likewise rental from income property, capital gains, and lottery winnings, POLICE AND FIRE RETIREMENT SYSTEM April 20, 1993 Page 3 would not be construed as income from gainful employment. Pay or other remuneration also includes all sums included in deferred compensation plans such as 401(K) plans, Section 457 Plans, IRAs, etc. Adopted by the following vote: Unanimously. Other Business Mr. Rubley informed the Board that a Certification of Delegates form was received in the packet of MAPERS material. Mr. Rubley asked the Board who they would like to send as delegates and alternates. The Board agreed that the delegates and alternates would be as follows : Delegates James Goodin Bruce Lankheet Alternates Jack Cushman Paul Luzynski Mr. Rubley informed the Board that Mr. Dougan has performed an audit of the retirement rosters to match health care coverages, Medicare reimbursements , etc. , as well as reviewing information on the actuary' s data base. Approximately 73 files were brought up to date which resulted in a savings to the system and the City. Mr. Rubley stated that Mr. Dougan has done an excellent job. Mr. Rubley also stated that other audits will be performed on the retirement system recordkeeping. Trustee Barkyoumb stated that a tape of deceased individual can be obtained from the State of Michigan, Department of Public Health. The Board recognized the work done by Steve Dougan and Teri Cook during the transition, after the early retirement. Mr. Rubley informed the Board that he received a communication stating that Bruce Freeman has requested a leave of absence. It was moved by Trustee Lankheet, supported by Trustee Barkyoumb to excuse Trustee Benavides, Crawford and Kus from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley briefly highlighted a letter from The Hannah Group responding to some issues that they felt needed further discussion and what they were planning to concentrate on at the May meeting. POLICE AND FIRE RETIREMENT SYSTEM April 20 , 1993 Page 4 Mr. Rubley indicated that he would like to bring in MD Sass in June. Discussion would be held on whether to continue with MD Sass and Lazard Freres. The Board asked if The Hannah Group could make a recommendation at the May Joint Board meeting regarding MD Sass and Lazard Freres . The Board would also like The Hannah Group to be present when MD Sass comes in. Mr. Rubley gave an overview of the performance of the money managers. The meeting adjourned at 10 : 35 a.m. l Douglas L. Rubley, Interim Secretary Police & Fire Retirement System AEG OFFICIAL PROCEEDINGS OF THE BOARD1, TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT 1 , 9 L17 Regular Meeting March 16 , 1993 8th Floor Conference Room Tuesday, 8 : 37 a.m. City Hall Lansing, MI The Board met in regular session and was called to order by Chairperson, Jack Cushman, at 8 : 37 a.m. Present: Trustee Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus , Lankheet and Luzynski. Others : Douglas Rubley, Interim Secretary, Teri Cook and Steven Dougan, Finance Department and Melvin McWilliams , Law Department. It was moved by Trustee Barkyoumb and supported by Trustee Kus that the minutes of the regular meeting of February 16 , 1993 be approved as submitted. Adopted by the following vote: Unanimously. The Secretary reported 1 new member (Frank D. Holmes , Police, hired 2/22/93 ) , 0 reinstatements, 0 refunds and 1 retired. Total Membership: 553 . Refunds made since the last regular meeting amounted to $00. Retirement allowances paid for the month of February, 1993 amounted to $609 , 454 . 14 . Total retirement checks printed for the P&F System: 408. Total retirement checks printed for all three systems: 1, 018. Domestic relations orders received: 0 . Eligible domestic relations orders certified: 0 . It was moved by Trustee Kus , supported by Trustee Luzynski that the application for Regular Age and Service Retirement for Richard James Dyer, Police Department, 25 years service credit, age 47 , effective April 9, 1993 be approved. Adopted by the following roll call vote: Yeas : Barkyoumb, Benavides, Cushman, Goodin, Kus , Lankheet and Luzynski - 7 . Nays : None Trustee Crawford arrived at 8 : 50 a.m. The Board received additional health information regarding Bruce Freeman' s request for duty disability. All information that the Board received had been forwarded to the Medical Director. Mr. Rubley stated that in talking with the Medical Director; she stated that the medical information that was forwarded to her was reviewed and taken into consideration in her determination. Mr. Rubley stated to the Board that the Medical Director stated in her letter that she did not agree with Mr. Freeman. The contact with the insecticide does not stay in the body. Trustee Cushman asked the Board if they choose to make a recommendation. It was moved by Trustee Barkyoumb, supported by Trustee Kus that after reviewing the additional medical information provided that the Board still stands with the decision to deny. Adopted by the following vote: Unanimously. The Board asked that a letter be sent to Mr. Freeman, with copies of the letters from Michigan State and the Medical Director, informing him of the Board' s decision. The Board reviewed a communication, with a draft form, from Mr. McWilliams regarding the filing of earnings of disability retirees . It was moved by Trustee Benavides, supported by Trustee Crawford that the Certification of Annual Earnings Received by Disability Retirees form be approved with modifications. Paragraph on Protection against fraud to be put on back of form. Adopted by the following vote: Unanimously. Trustee Benavides left the meeting at 9 : 30 a.m. Mr. Rubley indicated to the Board that he would like to mail the completed Hannah survey' s back to Hannah Group within the month. He asked if they had not completed a survey that he had extra copies. Mr. Rubley stated that the MAPERS Conference is scheduled for May 16-18 at Shanty Creek. Trustee Cushman stated that if any Trustee would like to attend to let Teri Cook know by Friday, March 19 , 1993 . Mr. Rubley suggested that since all the Board members cannot attend that those who do could bring back the highlights to share with the Board. Mr. Rubley informed the Board that the entire Board of the Employees Retirement System would like to work on guidelines for the selection of a Medical Director. Trustee Kus volunteered to chair this committee and that an agenda would be setup for the first meeting. Mr. Rubley indicated that he has contacted the Hannah Group regarding the pricing of the M.D. Sass bonds in default. The Hannah Group will be supplying a written report. The Hannah Group is also drafting a transition policy when a money manager is terminated. Mr. Rubley gave an overview of the performance of the money managers. The meeting adjourned at 10 : 08 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System JOINT BOARD MEETING BOARD OF TRUSTEES CITY OF LANSING RETIREMENT SYSTEMS 10th Floor, Conference Room February 16, 1993 City Hall Tuesday, 9 : 40 a.m. Lansing, MI The Joint Board of Trustees was called to order at 9 : 40 a.m. Present: Board Members: Trustees Barkyoumb, Benavides, Brodie, Crawford, Cushman, Goodin, Kus , Lankheet, Luzynski and Pontz - 10 Absent: Trustee Brewington and Moye - 2 Present: Others: Douglas Rubley, Secretary; Steve Dougan, Teri Cook, Finance Department; Frank Speno, Steve Manus, ANB Investment Management; Claire Sonnenberg and John Hannah, J.A. Hannah Investment Advisory Service. Mr. Speno and Mr. Manus, ANB Investment Management, were present to discuss the transition if a money manager was terminated. It was stated that the object is to minimize the cost associated with reinvesting money. Three methods were discussed. 1) Put assets into existing index fund; 2) "Structure" existing portfolio to resemble index; 3 ) Move money to new manage in stock, cash or both. Mr. Speno and Mr. Manus, ANB Investment Management left the meeting at 10 : 15 a.m. Ms. Sonnenberg, J.A. Hannah Investment Advisory Service, passed out the Performance Evaluation of the money managers for the Police and Fire and General Employees ' Retirement Systems for the period ending December 31, 1992 . Ms. Sonnenberg reviewed each manager' s performance for both retirement systems. Mr. Hannah stated that Lazard Freres still under performed for the first three months of their six month probation. Trustee Cushman asked if Mr. Hannah thought they would see any turnaround from Lazard Freres. Mr. Hannah did not expect to see any significant change. Mr. Hannah passed out a survey and asked if Board members would fill it out and return them to him. The survey was to help the J.A. Hannah Investment Advisory Service better serve the needs of the City. The meeting adjourned at 12 : 30 p.m. Douglas L. Rubley, Interim Secretary Retirement Boards-Joint Board Meeting b OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting February 16, 1993 8th Floor Conference Room Tuesday, 8 : 40 a.m. City Hall Lansing, MI The Board met in regular session and was called to order by Chairperson Jack Cushman, at 8 : 40 a.m. Present: Trustee Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 8 Others: Douglas Rubley, Interim Secretary, Teri Cook and Steven Dougan, Finance Dept. and Melvin McWilliams, Law Dept. It was moved by Trustee Kus, supported by Trustee Luzynski that the minutes of the regular meeting of January 19, 1993 be approved as submitted. Adopted by the following vote: Unanimously. The Secretary reported 2 new members (Tracy Jones, PO I , 1/28/93; Johnnie W. Torres Jr. , PO I , 1/29/93 ) , 0 reinstatement, 0 refunds and 7 retired. Total membership: 553 . Refunds made since the last regular meeting amounted to $0. 00 . Retirement allowances paid for the month of January, 1993 amounted to $595, 303 . 04 . Total retirement checks printed for the P&F System 408. Total retirement checks printed for all three systems 1, 015 . Mr. Rubley asked if all the information in the Secretary' s report was pertinent information to the Board. The Board indicated that it was. It was moved by Trustee Luzynski, supported by Trustee Kus that the application for Regular Age and Service for Roger C. Wolcott, Fire Department, 27 years 2 months service credit, age 54, effective February 3 , 1993 be approved. Adopted by the following roll call: Yeas : Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 8 Nays: None T �� 19T Police and Fire Retirement System Regular Meeting of February 16 , 1993 Page 2 Mr. Rubley reported that he had received one Domestic Relations Order. Mr. Rubley reported that there were no Eligible Domestic Relations Orders certified. Mr. Rubley stated that the test results from MSU Clinic and the Medical Director' s recommendation regarding the application for duty disability for Bruce E. Freeman, Fire Department, were received and he distributed them to the Board members . The Medical Director concurred with the MSU Clinic that no permanent damage occurred from the exposure of pesticide toxins and that Mr. Freeman is able to return to work. Trustee Cushman passed chair to Trustee Lankheet. It was moved by Trustee Cushman, supported by Trustee Barkyoumb to deny Mr. Freeman' s request for duty disability. It was asked that a letter be sent to Mr. Freeman notifying him of the Board action. Adopted by the following roll call: Yeas : Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 8 Nays: None Discussion was held on the filing of disability earnings. Question was raised if third income should be considered part of income. Mr. McWilliams was not ready to make a recommendation at this time. The retirement ordinance does not define income. Mr. McWilliams stated that the Board can adopt their own guidelines for income. New form will include copies of W21s . This item was tabled until March meeting. The Board reviewed the results of the re-exam of Reynaldo Gonzales who is on duty disability. The Medical Director stated that Mr. Gonzales back condition had not changed but in fact had deteriorated. It was moved by Trustee Luzynski, supported by Trustee Barkyoumb that Mr. Gonzales remain on duty disability per the recommendation of the Medical Director. Adopted by the following roll call: Yeas : Barkyoumb, Benavides, Crawford, Cushman, Goodin, Kus, Lankheet and Luzynski - 8 Nays: None Police & Fire Retirement System Regular Meeting of February 16 , 1993 Page 3 Mr. Rubley stated that the Hannah Group and ANB would be present at the Joint Board Meeting following this board meeting. ANB was present to go over the transition procedures if a money manager was terminated. Mr. Rubley informed the Board that a letter had been sent to Lazard Freres, from the Board, informing them that they had been placed on probation. Also, Mr. Rubley advised the Board on the performance of the money managers. The meeting adjourned at 9 - 31 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System I OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT BOARD Regular Meeting for January January 19, 399° 8th Floor Conference Room Tuesday, 8 : 35 om The Board met in regular session and was called to order by Chairperson Jack Cushman, at 8: 35 a.m. Present: Trustee Lankheet, Cushman, Goodin, Kus, Luzynski and Crawford - 6 Absent: Trustee Benavides Others : Douglas Rubley, Interim Secretary, Teri Cook and Steven Dougan, Finance Dept. , Melvin McWilliams, Law Dept. , and Richard Gleason. It was moved by Trustee Kus, supported by Trustee Goodin to elect Trustee Cushman as Chairperson. Adopted by the following vote: Unanimously. It was moved by Trustee Kus, supported by Trustee Crawford to elect Trustee Lankheet as Vice Chairperson. Adopted by the following vote: Unanimously. It was moved by Trustee Kus, supported by Trustee Luzynski that the minutes of the regular meeting of December 15 , 1992 and the Joint Board Meeting of December 15 , 1992 be approved as submitted. Adopted by the following vote: Unanimously. The Secretary reported 0 new members, 0 reinstatement, 0 refunds and 1 retired. Total membership: 558 . Refunds made since the last regular meeting amounted to $0 . 00 . Retirement allowances paid for the month of December, 1992 amounted to $587, 680 . 78 . total retirement checks printed for the P&F System 400 . total retirement checks printed for all three systems 945 . It was moved by Trustee Luzynski, supported by Trustee Kus that the application for Regular Age and Service for Ronald L. Bogart, Police Department, 27 years 5 months service credit, age 51, effective January 15, 1993 be approved. Adopted by the following roll call: Yeas: Lankheet, Cushman, Goodin, Kus, . Luzynski and Crawford - 6 Nays : None Police and Fire Retirement System Regular Meeting of January 19, 1993 Page 2 It was moved by Trustee Kus , supported by Trustee Luzynski that the application for Regular Age and Service for Ronald Clevenger, Police Department, 25 years 4 months service credit, age 47, effective January 23 , 1993 be approved. Adopted by the following roll call: Yeas : Lankheet, Cushman, Goodin, Kus, Luzynski and Crawford - 6 Nays: None It was moved by Trustee Kus, supported by Trustee Lankheet that the application for Regular Age and Service for Joseph M. Malatinsky, Fire Department, 30 years 6 months service credit, age 54, effective January 10, 1993 be approved. Adopted by the following roll call: Yeas: Lankheet, Cushman, Goodin, Kus, Luzynski and Crawford - 6 Nays: None Mr. Rubley reported that he had received one Domestic Relations Order for Timothy Alan Jones. Mr. Rubley reported that there were no Eligible Domestic Relations Orders certified. Mr. Rubley stated that the test results regarding the application for duty disability for Bruce E. Freeman, Fire Department had not been received. Trustee Cushman asked that if the results from the Medical Director came in to the Retirement Office before the next meeting that a copy be mailed with the February agenda. This item was tabled. Discussion was held on the filing of disability earnings . Trustee Goodin said he would like to review the duty disability earning form and make a recommendation to the Board. It was moved by Trustee Kus, supported by Trustee Crawford that this item be referred to Law Department and Income Tax Division for a recommendation. Adopted by the following vote: Unanimously. The Board reviewed the Duty Disability list. Trustee Cushman stated that normally the Board sends those that have recently been approved for duty disability with the exception of Gene Bateman since he was approved for Duty Disability in November of 1992 . It was moved by Trustee Luzynski, supported by Trustee Kus that the Board send Reynaldo Gonzales for re-evaluation. Adopted by the following vote: Unanimously. Trustee Crawford left the meeting at 9 : 12 a.m. Police & Fire Retirement System Regular Meeting of January 19 , 1993 Page 3 Mr. Rubley informed the Board that he has send a letter to Lazar Freres, from the Employees ' Retirement Board, letting them know that they have been placed on probation. Referenced that the Police and Fire Board may take similar action. It was moved by Trustee Luzynski, supported by Trustee Goodin that a letter be sent to Lazard Freres stating that they have been placed on probation. Adopted by the following vote: Unanimously. Mr. Rubley informed the Board that he had received a letter from Chairperson Jack Cushman stating that the Police and Fire Board of Trustees are interested in establishing guidelines for future use to assist in the selection of a medical director and asked if any Employees Retirement Trustee would like to be in on the project to contact the Board Secretary. This item to be forwarded to the Employees Retirement Board. Mr. Rubley stated that he would like to have a Joint Retirement Board meeting on February 16th and invite John Hannah and American National Bank. Also, Mr. Rubley stated that he would like to bring in another manager in May. Trustee Kus stated that he had an inquiry from a duty disability retiree that under the ADA can a retiree make a request to come back to work. Mr. McWilliams stated that in the past that a person requesting to come back to work has come before the Board. The Board would inquire on their medical status and if there is a position to accommodate them. Trustee Lankheet asked if the present Police and Fire Retirement Handbook could be updated with all the changes. Mr. McWilliams stated that the Police and Fire Retirement System is in the Codified Ordinances of the City of Lansing. Mr. Rubley stated that he agrees that the handbooks should be updated but at the present time staffing is the problem. Asked if this item could be brought up at a later date. It was moved by Trustee Goodin, supported by Trustee Luzynski to excuse Trustee Benavides from the meeting. Adopted by the following vote: Unanimously. Mr. Rubley advised the Board regarding management activity for December 1992 . The meeting adjourned at 10 : 20 a.m. Douglas L. Rubley, Interim Secretary Police & Fire Retirement System