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HomeMy WebLinkAbout2005 Police and Fire Retirement System FINAL OFFICIAL PROCEEDINGS OF THE BOARD OF , TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI The Board met in regular session and was called to order at 8:30 a.m. Present: Benavides (8:36), Holliday, Johnson, Lankheet, Lewis, Meyer, Rhode - 7. Absent: Cochran Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Director. It was moved by Trustee Holliday and supported by Trustee Lewis to approve the minutes of the regular meeting of February 15, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to approve the minutes of the regular meeting of Joint Police and Fire and ERS meeting of February 15, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Meyer to approve the minutes of the special meeting of February 22, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 487. 1 death. Lawrence Murphy, police, died, 2/11/05, 86, spouse will receive 50%. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of February, 2005 amounted to $1,570,929.40. Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1324. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0. Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Holliday and supported by Trustee Lewis to approve the following application for Regular Age and Service Retirement: Gary Brown, Fire Department, 25 years service credits, age 51 years, effective March 5, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Holliday in conjunction with Dr. Roth's report to approve the Duty Disability Retirement for Kristi Bartholomew effective March 16, 2004. Adopted by the following vote: Unanimously Trustee Rhode updated the Board on the retirement status of Mr. Steven Stucker, Fire Department. Mr. Stucker will receive death in the line of duty benefits. Trustee Rhode updated the Board on Mr. Michael Young, Fire Department. Mr. Young has not submitted a new letter requesting non-duty disability. Mr. Young's request will be moved to pending. It was moved by Trustee Holliday and supported by Trustee Cebhta-n_to excuse Trustee Cochran. Adopted Unanimously Jack Roberts, Law Department asked permission to attend the 2005 Spring MAPERS Conference in Mt. Pleasant. The National Conference was also discussed. It was moved by Trustee Rhode and supported by Trustee Lewis that Jack Roberts be sponsored by Police and Fire and ERS Board to the Spring MAPERS Conference. Each Board will pay half of the expense. Adopted Unanimously It was moved by Trustee Holliday and supported by Trustee Benavides for Chairman Lankheet to attend the National MAPERS Conference. Trustee Rhode discussed that subcommittee report regarding the Securities Lending Monies. The subcommittee discussed ways to use half of the securities monies to increase pensions for retirees. Trustee Rhode distributed and explained the Policy on Experience Study. It was moved by Trustee Meyers and supported by Trustee Johnson to adopt the new Experience Study Policy and that it supersedes all other Experience Study policies. Adopted unanimously Glenn Kirk, Finance Department updated the Board regarding process used to change the amortization of over funding in the Actuary report. Upon discussions with the Actuary and a review of the assumptions the amortization period was changed from thirty years to ten years. Trustee Rhode and Glenn Kirk met with the Actuary regarding what impact the change back to ten years would have. Actuary stated that there would be no long term impact. Trustee Holliday had concerns regarding the procedures that was followed to change the amortization period to ten years. He suggested that the Actuary be brought back to the Board to confirm that there would be no long term impact changing the amortization to its ten years. It was moved by Trustee Benavides and supported by Trustee Lewis to have the Actuary report to the Board the impact of the change in amortization period. Adopted Unanimously Trustee Rhode will contact Brad Armstrong, Gabriel, Roeder, Smith and Company to attend the April meeting. Trustee Rhode discussed a payment schedule for Pension Cash Flow. There will be $3 million withdrawal every three months, July 1 st, Sept 1 st. Arrangements will be made with Northern Trust, Asset Consulting and Comerica to set up this process for automatic withdrawal. Trustee Rhode updated Board on the possible date for Due Diligence visit to Asset Consulting in St. Louis. The following dates are recommended: April 13-14, April 26-27, and May 3-4. Trustee Rhode updated the Board on the Disability committee's discussion on the Police and Fire Duty and Non-Duty Disability Re-Examination. The committee will continue to meet regarding the re-examinations. Trust Rhode updated the Board on the Ordinance change for Duty Death and Disability. The change would allow a member who passes away in the line of duty may receive 80% of his or her pension. Trustee Rhode distributed and discussed the investment report for February. Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Lankheet and supported by Trustee Holliday to adjourn the meeting at 9:08 a.m. Adopted Unanimously Minutes approved on Glenn Kirk, Secret rj Police & Fire Retirement System Bruce Lankhee Chairperson OFFICIAL PROCEEDINGS OF THE BOARD Of TRUSTEES CITY OF LANSING ,� CD Fq RETIREMENT SYSTEM POLICE AND FIRE RETIR December 13,!20oq-,, Regular Meeting Tuesday, 8:30�•mP Council Conference Room loth Floor, City Hall Lansing, MI met in regular session and was called to order at 8:36 a.m. The Board ides, Cochran, Holliday, Lewis, Rhode, St. Aubin (8:48), Present: Trustees Benav Wood - 7• Department. . Williams, Finance D epartment; Jack Roberts, Law Others: Karen E. rove the Official and supported by Trustee Lewis to approve It was moved by Trustee Holliday of October 18, 2005. of the Police Meeting Minutes of t the following g vote: Unanimously Adopted by the Minutes and supported by Trustee Lewis to approve It was moved by Trustee Holliday stem meeting of October 18, 2005. of the Joint Police and Fire and lE S Rehire ent Sy Adopted by the following vote. Adop rove the Minutes and supported by Trustee Lewis to approve It was moved by Trustee Holliday of October 20, 2005. of the Special Police and Fire Meeting Secretary's Repot: Secretary's Report (October). 0 transfers, 0 refund(s), died 0 new police members, 0 reinstatement(s), police, 0 new fire member(s),Active membership: 481. 1 death. John R. Achterhof, 0 retired. Total: membership: 50%. Refunds made since the 2005ast arm meeting 10/14/05, age 87, spouse will receiveaid for the month of October,stem: 612. Total amounted unted to $0. Retirement retaelment chwancesecks printed for the P&F Sy 1 618,535.26. 1380. Domestic relations order certified: d 0. to $ tinted for both systems: retirement checksl p orders pending: 5. Eligible domestic relations or Domestic re December 13, 2005 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room 10th Floor, City Hall Lansing, MI Secretary's Report (November). 0 new fire member(s), 0 new police members, sRefunds(m)adersince the last regular 0 retired. Total: Active membership: 481. 0 death meeting amounted to $0. Retirement allowances id forthe month the P&F System:200505 amounted to $1,618,315.35. Total retirement checksprinted 612. Total retirement checks printed for both systems:. Eli9. Domestic relations gible domestic relations orders received: 0. Domestic relations orders pending: g certified: 0. It was moved by Trustee Benavides and supported by Trustee Holliday to approve the following application for Regular Age & Service Retirement: Jeffrey Austin, Fire Department, 25 years service credit, age 49, effective December 13, 2005. Dennis G. Bickerstaff, Fire Department, 25 years, 1 month service credit, age 47, effective December 15, 2005. Steven P. Bolenbaugh, Fire Department, 25 years service credit, age 48,e f f e c t i v e December 13, 2005. David A. Droste, Fire Department, 25 years of service credit, age 51 , effective December 14, 2005 Russell Thocker, Fire Department, 25 years of service credit, age 46, effective December 13, 2005. Mallory C. Willis, Fire Department, 25 years of service credit, age 48, effective December 3, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Holliday to approval membership renewal for the National Conference on Public Employee Retirement System. Adopted by the following vote: Unanimously The Board approved the 2006 Schedule of Meeting dates. Trustee Cochran welcomed new members Trustee St. Aubin and Trustee Wood. Regular Meeting December 13, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Trustee Rhode made an announcement that the Joint ERS and Police and Fire Board would be held in at the Michigan Retailer's Building, December 15. Trustee Rhode announced that Brad Armstrong of Gabriel, Roeder, Smith and Company will be at the January meeting to make the annual Actuary presentation Trustee Rhode updated the Board that WAMCO is ready to be invested and NorthPointe is still waiting for review from Jack Roberts. Jack Roberts distributed the ordinance amendment for the Universal Buy-In for the Fire system. He attached a report from the actuary that the universal buy-in is cost neutral to the system. Mr. Roberts asked that the minutes reflect Board's support for ordinance amendment the record. Mr. Roberts also asked for minutes to reflect the Board acceptance of post retirement monies from 457 deferred compensation funds. It was moved by Trustee Holliday and supported by Trustee Lewis to accept, for the purposes of buying Universal Buy-In and future retirement time, funds from the 457 deferred compensation plan. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and support by Trustee Holliday that having reviewed the December 5, 2005 letter from Brad Armstrong, the Police and Fire Board agrees that the amendment change in the ordinance is cost neutral to the pension plan and therefore approve it. Adopted by the following vote: Unanimously Trustee Rhode announced that if the Fire Department can get enough members who would like to have an actuarial evaluation for the Universal Buy- In program, she may be able to negotiate a reduced price for the actuary fee. Trustee Cochran suggested a deadline of January 31, 2006. Jack Roberts informed the Board that employees cannot buy more the five years of airtime according to IRS guidelines. Trustee Cochran expressed his appreciation for the service of Trustee Tony Benavides. Trustee Cochran requested the Securities Lending Money item be kept on pending. Trustee Rhode distributed the Investment Report for October and November. Trustee Rhode gave an explanation of the Securities Lending Money for new Board members. It was moved by Trustee Holliday and supported by Trustee Wood that the meeting be adjourned at 9:28 a.m. Minutes approved on D6 Jer Amb os , Secretary P d ice & Fire Retirement System William Cochran, Chairperson CITY OF LANSING POLICE & FIRE RETIREMENT BOARD ?, SPECIAL MEETING MINUTES f>> C-' Special Meeting October ZQ, 20D5 City Council Conference Room Thursday;t-8:30 .m. 9th Floor, City Hall , Lansing, MI The Police & Fire and ERS Boards met in special session and was called to order at 8:35 a.m a.m. Present: Trustees Cochran, Meyer, Holliday, Lewis, Rhode Absent: Trustee Benavides Others: Karen E. Williams, Finance Department; George Tarlas, Asset Consulting (by phone). George Tarlas, Asset Consulting joined the Board by phone and gave an overview of Northpoint Capital. The Board discussed selecting a new Small-Medium Growth Brokers to replace Forstmann Leff. The Board discussed Northpoint Capital. By selecting Northpointe, the Board will only go with Small-Cap funds. It was moved by Trustee Holliday and supported by Trustee Lewis to draw up a contract with Northpoint Capital as the new Small Cap Manager to replace Forttmann Leff. Adopted by the following vote: Unanimously The meeting was adjourned at 9:01 a.m. Minutes approved on 12- ^I b` -3-005 l Glenn Kirk, Secret y Police & Fire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING C� POLICE AND FIRE RETIREMENT SYSTEMO. Regular Meeting October 18, 200 ' Fri Council Conference Room Tuesday, 8:30 a�_m. �-- 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:36 a.m. Present: Trustees Cochran, Meyer, Holliday, Lewis, Rhode - 5. Absent: Trustee Benavides Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department, Doug Rubley. It was moved by Trustee Meyer and supported by Trustee Lewis to approve the Minutes of the Meeting of the Police and Fire and ERS Joint Meeting of August 18, 2005; the Minutes of the Police and Fire and ERS Joint Meeting of September 15, 2005; and the minutes of the Regular Meeting of the Police and Fire Board Meeting of September 20, 2005 . Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 1 refund(s), 0 transfers, 3 retired. Total: Active membership: 481. 0 deaths. Refunds made since the last regular meeting amounted to $2,268.99. Retirement allowances paid for the month of September, 2005 amounted to $1,611,576.00. Total retirement checks printed for the P&F System: 612. Total retirement checks printed for both systems: 1380. Domestic relations order received: 1 . Domestic relations orders pending: 5. Eligible domestic relations orders certified: 0. It was moved by Trustee Meyer and supported by Trustee Holliday to excuse Trustee Benavides. Adopted by the following vote: Unanimously Doug Rubley gave the Board an update of the Ordinance Review for the Police and Fire Retirement System. Mr. Rubley submitted a six-page report for the Ordinance Review Subcommittee to review. He suggested that the subcommittee also consider having outside legal assistance for tax issues, a specialist in IRS guidelines. Regular Meeting October 18, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Mr. Rubley highlighted areas of the Ordinance detailed in his report for the board including the Reciprocal Retirement Act; Beneficiary issues; the Definition Section (Accredited Service, Final Average Compensation, Regular Interest, Freeholder, Annual Reports); Restored Service Credit; Military Service Credit; Retirement Allowance Section; historical data for ordinance changes; Ordinance Change Oversight; EDROs, Duty Death. Trustee Cochran asked that the Retirement Office research to see how many people who were members of the Police and Fire System prior to 1944. Trustee Rhode suggested checking for people older than eighty years old. Trustee Rhode suggested an Ordinance Change Subcommittee that includes a Police Officer, Fire Fighter. The new subcommittee is Trustee Cochran,Trustee Holliday, Trustee Rhode and Jack Roberts. The meeting was adjourned at 9:28 a.m. Minutes approved on 12--i3 -�OCSr C Glenn Kirk, Secret Police & Fire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING - POLICE AND FIRE RETIREMENT SYSTEM -7 " • iil Regular Meeting September 20, 2005- Michigan Retailers Association Tuesday, 8:30 Vim. c n 603 S. Washington Lansing, MI The Board met in regular session and was called to order at 8:47 a.m. Present: Trustees Benavides, Cochran, Holliday, Lewis, Rhode - 5. Absent: Johnson, Meyer Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Department. It was moved by Trustee Benavides and supported by Trustee Lewis to approve the Minutes of the Regular Meeting of August 16, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 2 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 3 retired. Total: Active membership: 484. 2 deaths. Bert Gadaleto, Fire, died 8/18/05, age 77, spouse will receive 50%; Mathias H. Spitzley, Police, died 9/1/05, age 77, no surviving spouse. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of August, 2005 amounted to $1,587,497.65. Total retirement checks printed for the P&F System: 608. Total retirement checks printed for both systems: 1343. Domestic relations order received: 2. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. It was moved by Trustee Holliday and supported by Trustee Cochran to approve the following application for Regular Age and Service Retirement: Julie Williams, Police Department, 25 years service credit, age 48, effective September 15, 2005. Steven B. Luciano, Police Department, 25 years service credit, age 44, effective September 15, 2005. -cont. Regular Meeting September 20, 2005 Michigan Retailers Association Tuesday, 8:30 a.m. 603 S. Washington Lansing, MI PAGE 2 Charles N. Bouth, Fire Department, 9 years, 5 months service credit, age 58, effective September 15, 2005. (Eligible under the Reciprocal Retirement Act) Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to approve the Request for Refund of Accumulated Contribution: Charles S. Moubray II, Police It was moved by Trustee Rhode and supported by Trustee Holliday to excuse Trustee Meyer and Trustee Johnson. Adopted by the following vote: Unanimously Trustee Rhode updated the Board regarding Real Estate Allocation. State law says that you cannot over allocate in Real Estate above 5% but whether an additional amount can be allocated with the "Basket Clause" is still an open legal question. Currently the pension funds has 6.2%. George Talas, Asset Consulting recommends that the Board would transfer$4.4 million from Real Estate, $2.8 million from UBS, $1.6 million from Clarion and that this transfer occur on December 31, 2005. It was moved by Trustee Rhode and supported by Trustee Benavides to transfer $4.4 million from Real Estate, $2.8 million from UBS and $1.6 million from Clarion and transfer it to MD Sass to reallocate real estate to meet State Law requirements. Adopted by the following vote: Unanimously Trustee Rhode updated the Board regarding the status of PIMCO investment. The PIMCO parent company has legal issues with the Security and Exchange Commission. The Board recommended at a Special Joint Meeting held on September 15, 2005 to discuss the selection of WAMCO as its Core Bond Manager. WAMCO was initially the second choice and its investments are more traditional than PIMCO. It was moved by Trustee Rhode and supported by Trustee Benavides to reverse the decision to select PIMCO as Core Bond Manager. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Lewis to approve WAMCO as Core Bond Manager effective October 31, 2005 as a replacement for Loomis Saales. Adopted by the following vote: Unanimously Regular Meeting September 20, 2005 Michigan Retailers Association Tuesday, 8:30 a.m. 603 S. Washington Lansing, MI PAGE 3 Trustee Rhode informed that Board the Michael Young has not cashed his retirement checks. Trustee Rhode updated the Board that Doug Rubley has completed the Ordinance review for Police and Fire System and has a list. It was recommended that Mr. Rubley be invited to the October meeting to update the Board. Trustee Rhode distributed and updated the Board on the August Investment Report. The meeting was adjourned at 9:05 a.m. Minutes approved on Zoo Glenn Kirk, Secret Police & Fire Retirement System L� William Cochran, Chairperson CITY OF LANSING POLICE & FIRE and ERS SPECIAL MEETING MINUTES 't c,n Special Meeting Septem�-er 16;'2005 Finance Department Conference Room Thursday,9:00 a.m. 9th Floor, City Hall Lansing, MI The Police & Fire and ERS Boards met in special session and was called to order at 9:00 a.m a.m. The Boards were updated on the PIMCO parent company. Issues were discovered in the Prospectus dealing with problems with the legal requirement of the Securities and Exchange Commission. The Boards discussed making a change from PIMCO to WAMCO due to concerns about PIMCO's parent company. The Boards made a recommendation to place this item on the Agenda for both Board for further discussion and a vote to change from PIMCO to WAMCO. OFFICIAL PROCEEDINGS OF THE BOARD O TRUSTEES n CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTE �, Regular Meeting August 16, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI The Board met in regular session and was called to order at 8:41 a.m. Present: Cochran, Holliday, Meyer, Lankheet, Lewis, Rhode - 6. Absent: Benavides, Johnson Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department. It was moved by Trustee Holliday and supported by Trustee Cochran to approve the Minutes of the Regular Meeting of July 19, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 3 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 485. 4 deaths. Oris Montgomery, Police, died 5/31/05, age 94, Etta Elder, Fire, died 06/05/05, age 99, widow of Olaf Henry Elder; Helen M. Noyce, Fire, died 7/11/05, age 89, widow; Raymond Meredith, Fire, died 7/16/05, age 91, no surviving spouse. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of July, 2005 amounted to $1,567,880.92. Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1326. Domestic relations order received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 1 . Trustee Lankheet announced that he is retiring and August meeting will be his last. There was discussion on electing a new chair and vice chair. It was moved by Trustee Meyer and supported by Trustee Lewis to nominate Tom Cochran as Chair of the Police and Fire Retirement Board. Adopted by the following vote: Unanimously It was moved by Trustee Cochran and supported by Trustee Lewis to nominate Bruce Holliday as Vice Chair of the Police and Fire Retirement Board. Adopted by the following vote: Unamimously j-Ia q u,S-f I (o j Z S Regular Meeting ` Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Holliday and supported by Trustee Cochran to approve the following application for Regular Age and Service Retirement: Kim A. Lawrence, Police Department, 25 years service credit, age 50, effective August 13, 2005. Bruce Lankeet, Police Department, 25 years service credit, age 50, effective September 15, 2005. David M. Weisenberg, Fire Department, 27 years, 1 month service credit, age 48, effective August 12, 2005. Adopted by the following vote: Unanimously Trustee Rhode explained that Fire Department multiplier has increased to 3.2%, therefore, the Board may see more Fire retirements. Trustee Rhode updated the Board on Mr. Michael Young's Non-Duty Disability. The non- duty disability was approved for July 15, 2005, Trustee Rhode will check to see if he has cashed his first check. It was moved by Trustee Cochran and supported by Trustee Lewis to excuse Trustee Benavides and Trustee Johnson. Adopted by the following vote: Unanimously Trustee Cochran inquired about the status of Trustee Johnson. Trustee Rhode updated the Board that Trustee Johnson had not officially resigned, although she indicated that she would be sending a letter of resignation. Trustee Rhode updated the Board on the Election Process for new members to replace Trustee Lankheet. Trustee Holliday's term will also expire in December. The Board discussed having both elections in early fall, with petitions available in September. Trustee Rhode announced to the Board that the City of Lansing and George Tarlas of Asset Consulting are hosting a LugNut game, Wednesday, August 17. Regular Meeting August 16, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the Board on the Police and Fire Duty Disability Re-evaluation. The Disability committee met to determine criteria to send for re-evaluation. The criteria involved the person be retired two years and more than ten years from their conversion date. Using the criteria, four disability retirees were selected for re-evauation: Tina Brya (Fire), Terry Harvey (Police), Gina Lee (Fire), Luis K. Negron (Fire). It was moved by Trustee Rhode and supported by Trustee Cochran to send the four disability retirees to the doctor for re-evaluation. Adopted by the following vote: Unanimously Trustee Rhode updated the Cash Flow Withdrawal. George Tarlas recommended taking from the Index Fund. It was moved by Trustee Cocran and supported by Trustee Holliday to approve the Quarterly Cash Flow Withdrawal of $5,000,000. Adopted by the following vote: Unanimously Jack Roberts updated the Board on Deferred Compensation Transfers. It was moved Trustee Rhode and supported by Trustee Cochran to accept transfers from the City Deferred Compensations plans to buy time. Adopted by the following vote: Unanimously Trustee Rhode updated the Board on the new Gabriel, Roeder, Smith fees for the upcoming contract. It was moved by Trustee Holliday and supported by Trustee Meyer to accept the Gabriel, Roeder, and Smith contract fees. Adopted by the following vote: Unanimously Trustee Rhode updated the progress of the Securities Lending Money. There are three options that the subcommittee needs to review. The board discussed bringing the widows up to full COLAs and bringing up the miniumum pensions. Trustee Rhode updated the Board on the PIMCO contract to replace Loomis Sayles. Jack Roberts is still reviewing the contract and it has not been signed. Trustee Rhode distributed and updated the Board on the July Investment Report. The meeting was adjourned at 9:11 a.m. Regular Meeting August 16, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Minutes approved on YSe(c4ret :;Glenn Kirk Bruce Lankheet Chairperson Police & Fire Retirement System CITY OF LANSING =� POLICE & FIRE and ERS RETIREMENT SYST;EI , MINUTES `' ` ' F� Joint Meeting August 1 2096 City Council Conference Room Thursday Y�:36.m. 10th Floor City Hall r ' Lansing, MI Meeting was called to order at 9:30 a.m. with a quorum of both boards present. Maria Bascetta, Portfolio Management of UBS Realty Investors presented the portfolio and performance review for the Real Estate Separate Account (RESA). George Tarlas from Asset Consulting gave the quarterly performance review for the quarter ended June 30, 2005 Delegates for the MAPERS fall conference, 2005 were selected: Trustee Antekeier and Trustee Piloske for the the Employees Retirement System; Trustee Cochran and Trustee Lewis for the City of Lansing Police & Fire Retirement System. OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES r� CITY OF LANSING ' POLICE AND FIRE RETIREMENT SYSTEM ;a G Regular Meeting July 19, 2005 Council Conference Room Tuesday, 8:30 10th Floor City Hall Lansing, MI j71 The Board met in regular session and was called to order at 8:31 a.m. Present: Cochran, Holliday, Meyer, Lankheet, Lewis, Rhode - 6. Absent: Benavides, Johnson Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department. Trustee Rhode updated the Board on the status of Trustee Kimberly Johnson. Trustee Johnson will send a letter of resignation to the Mayor. She was the citizen representative appointed by the Mayor. It was moved by Trustee Holliday and supported by Trustee Cochran to approve the Minutes of the Regular Meeting of June 21, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total: Active membership: 483. 0 deaths. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of June, 2005 amounted to $1,562,131.20. Total retirement checks printed for the P&F System: 603. Total retirement checks printed for both systems: 1327. Domestic relations order received: 0. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. Trustee Rhode inquired about the Domestic Relations orders that are pending. Jack Roberts explained that he has reviewed the domestic relations orders and approved them in accordance with the EDRO model. Karen Williams indicated that Gabriel, Roeder and Smith needs to certify the Edros. The parties involved have not submitted actuary fees. It was moved by Trustee Meyer and supported by Trustee Cochran to approve the Minutes of the Joint Police and Fire and ERS Retirement Meeting of June 21, 2005. Adopted by the following vote: Unanimously Regular Meeting July 19, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Cochran and supported by Trustee Lewis to approve the following applications for Regular Age and Service Retirement: Henry G. Schmidt, Fire Department, 25 years, 4 months service credit, age 45, effective July 13, 2005. John A. Baker, Fire Department, 25 years, 4 months service credit, age 48, effective August 1, 2005. Adopted by the following vote: Unanimously. It was moved by Trustee Cochran and supported by Trustee Holliday to excuse Trustee Benavides and Trustee Johnson. Adopted by the following vote: Unanimously Trustee Rhode discussed the Police contract changes. The Death in the Line of Duty Ordinance was put in the contract so that it could be effective immediately. The Purchase of Military Time includes active and reserve, (if you purchase military time, you will vest for pension but not for health care). Additional changes include Universal Buy-In; Sick -Time inclusion in Final Average Compensation. Trustee Rhode provided an explanation to the Board regarding how health care is paid for There will be a post employment accounting change. A proposal is needed to put a committee together to allocate prefunding. Health Contributions are made every October to pension plan. The monies are all invested and co-mingled. The IRS indicates that the health care must be separate from the pension plan within the next few years due to the size of the investment. Trustee Rhode updated the Board regarding the Targeted Retirement Incentive has been offered to Police. The council has asked for an advisory vote from the board, agreeing that the retirement incentive does not create a large liability. Trustee Meyer discussed that the Board could give an advisory vote and for members who disgreed that can include a minority report, Trustee Cochran disagreed with the Targeted Retirement Incentive. It was moved by Trustee Rhode and supported by Trustee Holliday to indicate to City Council that the Board is supportive of the Targeted Retirement Incentive. Approved by the following vote: Yeas: Meyer, Holliday, Lankheet, Rhode Nays: Cochran, Lewis Trustee Meyer indicated that the members can file a minority report with the secretary. Regular Meeting July 19, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Karen Williams announced the dates and location for the MAPERS Fall Conference, September 25-27 at Grand Traverse Resort. The deadline to signup will be at the Board's August Meeting. The Thirteenth Annual Guns and Hoses 2005, September 25-28. Jack Roberts requested that he be allowed to attend the MAPERS fall conference with half of the fees paid by the Police and Fire Board and the ERS Board. It was moved by Trustee Cochran and supported by Trustee Meyer to send Jack Roberts to attend the MAPERS Fall conference. Adopted by the following vote: Unanimously Trustee Rhode updated the Board Marie Wolfe's request regarding her duty disability pension adjustment due to outside income. Jack Roberts suggested that a policy regarding adjustments due to outside income be considered. Trustee Rhode updated the Board on the Police and Fire Duty Disability Re-evaluation. The committee indicates three potential retirees for reevaluation, 2 Fire members, 1 police member. Trustee Rhode updated the Board regarding the new Core Fixed Asset Managers. Jack Roberts is looking at the contracts. George Tarlas wanted the Board to review the contracts because PIMCO invests in specialized fixed income items at a higher percentage than the previous manager. Mr. Tarlas wanted to make sure that the Board was comfortable with the range. Trustee Rhode updated the Board on the refunds for interest on the Pension Adjustment increase. There were seven people who will receive interest payments. Trustee Rhode updated the progress of the Securities Lending Money. Actuary is still working on the project. There are four potential options: (1) Keep the COLA at the full rate for widows, (2) Bring up the minimum pension, (3) Flat increase for retiries, (4) Additional COLA at age 70. Trustee Rhode updated the Board on the progress of the valuation of the prefunding of health care monies by Gabriel, Roeder and Smith. She has contacted the actuary working on this project and anticipates some information in the near future. Trustee Rhode distributed and discussed the Investment Report. Regular Meeting July 19, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Meyer disclosed that he would like to attend the MAPERS Fall Conference. It was moved by Trustee Cochran and supported by Trustee Lewis to adjourn the meeting. Adopted by the following vote: Unanimously The meeting was adjourned at 9:25 a.m. Minutes approved on C Glenn KirkYSe(c ret Police & Fire Retirement System Bruce Lankheef Chairperson CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM ,, MINUTESin Joint Meeting June 21, 2-005 .`, City Council Conference Room Tuesday, 930 a m. 6 10th Floor City Hall Lansing, MI Meeting was called to order at 9:40 a.m. with a quorum present for both Retirement Boards. Police and Fire Board Present: Benavides, Cochran, Holliday, Lankheet, Lewis, Rhode Absent: Johnson, Meyer Employee Retirement System Present: Andrews, Benavides, Cunningham, Dedic, Piloske, Rhode. George Tarlas from Asset Consulting gave the quarterly performance review for quarter ended June 30, 2005. Mr. Tarlas presented an summary of the three Core Fixed Asset Managers for the Boards' consideration to replace Loomis Sayles. It was moved by Trustee Cochran and supported by Trustee Holliday to approve PIMCO as new Core Fixed Asset Managers for the Police and Fire Retirement System Board. Adopted by the following vote: Unanimously It was moved by Trustee Dedic and supported by Trustee Andrews to approve PIMCO as new Core Fixed Asset Managers for the Employee Retirement System Board. Adopted by the following vote: Unanimously The Board also discussed the performance of Forstmann Leff. The meeting was adjourned at 10:55 a.m. Robert Antekeier, Chairperson Bruce Lankheet Chairperson Employees Retirement System Police & Fire Retirement System in k o ppvoved Glenn Kirk, Secreta ��I �� Employees Retirement System Police & Fire Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES _ CITY OF LANSING ' POLICE AND FIRE RETIREMENT SYSTEM ' Regular Meeting June 21, 2005 Council Conference Room Tuesday, 8:30 p rm 10th Floor City Hall Lansing, MI The Board met in regular session and was called to order at 8:38 a.m. Present: Benavides, Cochran, Holliday (8:50), Meyer, Lankheet, Lewis, Rhode - 6. Absent: Johnson Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Department. It was moved by Trustee Meyer and supported by Trustee Cochran to approve the Minutes of the Regular Meeting of April 19, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Meyer and supported by Trustee Cochran to approve the Minutes of the Joint Police and Fire and ERS Retirement Meeting of April 21, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Cochran and supported by Trustee Lewis to approve the Minutes of the Regular Meeting of May 24, 2005 with corrections to the call to order time. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total: Active membership: 485. 1 death. Ronald Freeman, Fire, died, 5/12/2005, age 66, spouse receives 50%. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of May, 2005 amounted to $1,563,350.24.Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1327. Domestic relations order received: 1. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Regular Meeting June 21, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Cochran and supported by Trustee Lewis to approve the following application for Regular Age and Service Retirement: Maximo Z. Anguiano, Fire Department, 25 years, 4 months service credit, age 54, effective July 15, 2005. Adopted by the following vote: Unanimously. Trustee Rhode updated the Board on Mr. Michael Young's Non-Duty Disability. Mr. Young had not submitted his application and beneficiary nomination. The non-duty disability was approved for July 15, 2005. It was moved by Trustee Cochran and supported by Trustee Holliday to excuse Trustee Benavides and Trustee Johnson. Adopted by the following vote: Unanimously Trustee Rhode updated the Board on Mr. Gene Bateman's request for additional compensation with retroactive payment due to pension audit and adjustments. Trustee Cochran requested an exact amount of how much would it cost for everybody to receive interest on their retroactive payment. The Board discussed paying interest to all retirees who had under payments. A report regarding these adjustment and interest will follow next month. Trustee Rhode distributed and discussed an amendment to the Board's Travel Policy. The Updated policy will have a Preamble. It was moved by Trustee Cochran and supported by Trustee Lewis to adopt the amendment to the Board's Travel Policy and that it supersedes all other policies. This policy shall be attached to the minutes and also filed in the policy book with the date of this motion of adoption shown thereon. Adopted by the following vote: Unanimously Trustee Rhode updated the Board on the Police and Fire Duty and Non-Duty Disability Re-evaluation. The committee needs to meet to determine criteria. Trustee Rhode updated the progress of the Securities Lending Money. There has been no update from Brad Armstrong, Gabriel, Roeder, and Smith. Trustee Rhode would contact Mr. Armstrong regarding the update and also inquiry about the progress on the valuation for the Prefunding of Health Care and what the liability would be. The meeting was adjourned at 9:16 a.m. ' r Minutes approved on / C. Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankheef Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM ti M Regular Meeting May 24, 2005 E.' W !T! Council Conference Room Tuesday, 8:30 djM. =- 10th Floor City Hall :D Lansing, MI �� �•, The Board met in regular session and was called to order at 9:30 a.m. Present: Cochran (9:30 a.m.), Holliday, Lankheet, Lewis, Rhode -5. Absent: Benavides, Johnson, Meyer Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Chief Greg K. Martin, Fire Department; Marie Wolfe, Retiree. There was no quorom at the beginning of the meeting. Trustee Lankheet proceeded to the items that could be addressed without a quorum. Reading of the Official Minutes of the Regular Meeting of April 19, 2005 and the Reading of the Minutes of the Joint Police and Fire and ERS Retirement Meeting of April 21, 2005 was not voted upon as a quorum was not available. Chief Greg K. Martin addressed and supported the Universal Buy-In of time. Chief Martin felt that it would be an enhancement to recruiting. Trustee Rhode updated the Board on the Universal Buy-In Proposal. The Proposal would allow an employee to buy up to three years of time. The employee would pay the full actuarial costs and the full cost of buying time. The employee must be vested and there will be no health care for the years that are purchased. Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total: Active membership: 485. 1 death. Richard Alexander, Fire, died, 2/10/05, qge 58, no survivors. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of April, 2005 amounted to $1,623,657.52.Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1325. Domestic relations order received: 0. Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Regular Meeting May 24, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the Board on Mr. Michael Young's request for Duty and Non-Duty Disability. The Medical Director Report recommended a Non-Duty Disability. Board members were not excused as a quorum was not available. Trustee Rhode updated the Board on Marie Wolfe's duty disability pension adjustment due to outside income. Marie Wolfe met with Trustee Rhode about options to allow her to pay back the overage over time. Jack Roberts discussed a prior Retirement Board policy from fifty years ago regarding overpayments. Mr. Roberts suggested updating or revising this policy. Marie Wolfe addressed the board regarding questions and concerns. Ms. Wolfe inquiried if there were any long term jeopary for her police pension if she leaves her current job and when could she regain her full benefit. Marie Wolfe inquired if the Board could negotiate a settlement option. Trustee Rhode updated the Board on Mr. Gene Bateman. Mr. Bateman was a fire department duty disability who converted as a firefighter instead of a Captain's salary. Mr. Bateman's pension was audited and his pension was corrected. Mr. Bateman has requested in writing additional compensation with retroactive interest due to his pension adjustment. Trustee Rhode updated the Board on the Police and Fire Duty and Non-Duty Disability Re- evaluation. The committee needs to meet to determine criteria. Jack Roberts did not have an update. He has been directed to do more with the Retirement Ordinance. Trustee Lankheet asked for an updated on the Securities Lending Money. Trustee Rhode indicated that Brad Armstrong, Gabriel, Roeder, and Smith will be reporting back to the board regarding the options to increase retiree pensions. Trustee Rhode distributed and discussed the investment report for April. Regular Meeting May 24, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Cochran arrived and the Board discussed Michael Young's Request for Non-Duty Disability Retirement. It was moved by Trustee Rhode and supported by Trustee Cochran to approve Michael Young's request for Non-duty disability effective July 15, 2005. Adopted by the following vote: 5-0 It was moved by Trustee Rhode and supported by Trustee Holliday to deny Michael Young's request for Duty Disabiliy. Adoppted by the following vote: 5-0. The meeting was adjourned at 9:45 a.m. Minutes approved onZ C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankhee Chairperson CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM MINUTES w F C7 Joint Meeting Aril 21, _u • ' CityCouncil Conference Room p �0:15: Thursday,�:15'...�.m 10th Floor City Hall 7. ri Lansing, MI Meeting was called to order at 9:20 a.m. with a quorum present for both Retirement Boards. George Tarlas from Asset Consulting gave the quarterly performance review for quarter ended March 31, 2005. Invesco Investment presented the company's performance to the boards. Minutes approved on Robert Antekeier, Chairperson Bruce Lankheet Chairperson Employees Retirement System Police & Fire Retirement System `Glenn Kirk, Secretaly Employees Retirement System Police & Fire Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting April 19, 2005 ►�' ,,� Council Conference Room Tuesday, 8:30 am. 10th Floor City Hall Lansing, MI The Board met in regular session and was called to order at 8:32 a.m. Present: Benavides (8:41), Cochran, Holliday, Lankheet, Lewis, Rhode - 6. r_Tj L, Absent: Meyer, Johnson Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Director; Brad Armstrong, Gabriel, Roeder, Smith; Marvin Helmker, Fire Department. It was moved by Trustee Cochran and supported by Trustee Lewis to approve the minutes with a correction to the Excusing of Board Members section of the regular meeting of March 15, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total: Active membership: 485. 1 death. Steven Stucker, Fire, died, 2/5/05, 49, spouse will receive 33%, minor children will receive 25% (death in line of duty option). Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of March, 2005 amounted to $1,567,629.93.Total retirement checks printed for the P&F System: 606. Total retirement checks printed for both systems: 1328. Domestic relations order received: 2. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 1. Trustee Rhode updated the Board on Mr. Michael Young's request for Duty and Non-Duty Disability. Mr. Young has seen the Medical Director. There has been no Doctor's Report received. It was moved by Trustee Cochran and supported by Trustee Holliday to excuse Trustees Meyer and Johnson. Adopted Unanimously Regular Meeting April 19, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the Board on the Due Diligence Visit scheduled for May 2 and May 3. Attending Board members received itineraries for the visit. Jack Roberts, Law Department requested that a copy of Board approved policies to be attached to the Official minutes. Trustee Rhode updated the Board on the process for the Amortization of Over funding. The finance department asked the Actuary if the recommendation to go from 30 years to ten years would have any adverse effects. Mr. Brad Armstrong, Gabriel, Roeder, and Smith explained that the recommendation to go from 30 years to ten years was to aggressively recognize the City's funding objective. The 30-year amortization is in line with the City's overall funding objective to allow smoothing of assets and liabilities. Brad Armstrong discussed actuarial standard and practices regarding guidelines for establishing amortization periods. The Board expressed concern that changes were made to the amortization period without Board Approval. The Board discussed various amortization periods and what is considered appropriate. Trustee Rhode indicated there is a budgeted increase in City contributions to the Police and Fire Retirement system because Over funding will be gone. Mr. Brad Armstrong explained that the closer the fund is to full funding, the less impact the amortization period has. Ten year amortization was recommended for the Over funding (when assets exceed liabilities) and intended to be a bridge to the under funded period. The ten year amortization creates a temporary savings as far as contributions that is required by the city. Trustee Benavides asked Mr. Armstrong about his plans to keep the Board informed of proposed changes to the pension plans. Mr. Armstrong plans to remain in contact and keep the Board chair updated. Glenn Kirk asked about guidelines regarding asset smoothing. Future procedures will include coming before the Board to discuss changes to the Retirement Plan and coming back after changes have been made. The Board discussed establishing a policy for Actuary contact with the Board regarding changes to the retirement plan. Regular Meeting April 19, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the Board regarding the Securities Lending Monies. The subcommittee discussed ways to use half of the securities monies to increase pensions for retirees. Three options were discussed: 1. Post -retirement increase of the $525 for current and future retirees 2. For retirees with 20 years of service - Increasing the minimum benefit of $10,500 3. Spouses would continue to receive 100% of Cost of Living Adjustment (COLA). Trustee Rhode updated the Board updated the board that a withdrawal of $5,000,000 will come out of the Index Fund of Northern trust for Pension Cash Flow. Trustee Rhode discussed the Police and Fire Audit Report. The audit was completed for the years 1998 and 1999. There were no new significant errors found. Audit letters for retirees who require adjustments to their pensions have been sent out for everyone except for one that is deferred. Trustee Rhode will provide a summary sheet of audit. Trustee Rhode updated the Board regarding a proposal received from Genesis Advisors. They are investment consultants. Mr. Brad Armstrong updated the Board that a Draft Report for health care will be provided in the near future. Trustee Rhode updated the Gabriel, Roeder, Smith regarding the Eligible Domestic Relations Orders Fee Increases. Trustee Rhode updated the Board on the Disability committee's discussion on the Police and Fire Duty and Non-Duty Disability Re-Examination. The subcommittee will continue to meet regarding the re-examinations. Mr. Jack Roberts updated the Board on the Ordinance change for Duty Death and Disability. Mr. Roberts will have report update in May. Trustee Rhode distributed and discussed the investment report for March. The meeting was adjourned at 9:59 a.m. Minutes approved on C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankhee Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM F: jnq Ld r i Regular Meeting March 15, 2005 S:2 Council Conference Room Tuesday, 8:30 aria' - 10th Floor City Hall Fq Lansing, MI � The Board met in regular session and was called to order at 8:30 a.m. Present: Benavides (8:36),Holliday, Johnson, Lankheet, Lewis, Meyer, Rhode - 7. Absent: Cochran Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Director. It was moved by Trustee Holliday and supported by Trustee Lewis to approve the minutes of the regular meeting of February 15, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to approve the minutes of the regular meeting of the Joint Police and Fire and ERS meeting of February 15, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Meyer to approve the minutes of the Special Meeting of February 22, 2005. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 487. 1 death. Lawrence Murphy, Police, died, 2/11/05, 86, spouse will receive 50%. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of February, 2005 amounted to $1,570,929.40. Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1324. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0. Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Holliday and supported by Trustee Lewis to approve the following application for Regular Age and Service Retirement: Gary Brown, Fire Department, 25 years service credit, age 51 years, effective March 5, 2005. Adopted by the following vote: Unanimously Trustee Rhode updated the Board on the retirement status of Mr. Steven Stucker, Fire Department. Mr. Stucker will receive death in the line of duty benefits. Trustee Rhode updated the Board on Mr. Michael Young, Fire Department. Mr. Young has not submitted a new letter requesting non-duty disability. Mr. Young's request will be moved to pending. It was moved by Trustee Holliday and supported by Trustee Lewis to excuse Trustee Cochran. Adopted by the following vote: Unanimously Jack Roberts, Law Department asked permission to attend the 2005 Spring MAPERS Conference in Mt. Pleasant. The National Conference was also discussed. It was moved by Trustee Rhode and supported by Trustee Lewis that Jack Roberts be sponsored by Police and Fire and ERS Board to the Spring MAPERS Conference. Each Board will pay half of the expense. Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Benavides for Chairman Lankheet to attend the National MAPERS Conference. Trustee Rhode discussed that subcommittee report regarding the Securities Lending Monies. The subcommittee discussed ways to use half of the securities monies to increase pensions for retirees. Trustee Rhode distributed and explained the Policy on Experience Study. It was moved by Trustee Meyers and supported by Trustee Johnson to adopt the new Experience Study Policy and that it supersedes all other Experience Study policies. Adopted unanimously Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Glenn Kirk, Finance Department updated the Board regarding process used to change the amortization of over funding in the Actuary report. Upon discussions with the Actuary and a review of the assumptions the amortization period was changed from thirty years to ten years. Trustee Rhode and Glenn Kirk met with the Actuary regarding what impact the change back to ten years would have. Actuary stated that there would be no long term impact. Trustee Holliday had concerns regarding the procedures that was followed to change the amortization period to ten years. He suggested that the Actuary be brought back to the Board to confirm that there would be no long term impact changing the amortization to its ten years. It was moved by Trustee Benavides and supported by Trustee Lewis to have the Actuary report to the Board the impact of the change in amortization period. Adopted Unanimously Trustee Rhode will contact Brad Armstrong, Gabriel, Roeder, Smith and Company to attend the April meeting. Trustee Rhode discussed a payment schedule for Pension Cash Flow. There will be $3 million withdrawal every three months, July 1 st, Sept 1 st. Arrangements will be made with Northern Trust, Asset Consulting and Comerica to set up this process for automatic withdrawal. Trustee Rhode updated Board on the possible date for Due Diligence visit to Asset Consulting in St. Louis. The following dates are recommended: April 13-14, April 26-27, and May 3-4. Trustee Rhode updated the Board on the Disability committee's discussion on the Police and Fire Duty and Non-Duty Disability Re-Examination. The committee will continue to meet regarding the re-examinations. Trust Rhode updated the Board on the Ordinance change for Duty Death and Disability. The change would allow a member who passes away in the line of duty may receive 80% of his or her pension. Trustee Rhode distributed and discussed the investment report for February. Regular Meeting March 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI It was moved by Trustee Lankheet and supported by Trustee Holliday to adjourn the meeting at 9:08 a.m. Adopted Unanimously Minutes approved on C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankhee Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting January 18. 200& Council Conference Room Tuesday, 8:30 a.m --� 10th Floor City Hall; Lansing, MI i G� The Board met in regular session and was called to order at 8:34 a.m. Present: Cochran, Holliday, Lankheet, Lewis, Rhode - 5. Absent: Benavides, Meyer, Johnson Others: Randy Endsley Finance Department; Karen E. Williams, Finance Department; Jack Roberts, Law Department, Tom Krug, FOP Service Representative; Karen Klein, Steven Lett, Lisa Phillips, Supervisor. Trustee Lankheet requested the election of officers be added to the agenda. It was moved by Trustee Cochran and supported by Trustee Rhode to nominate Trustee Lankheet as Chairman. The nomination was accepted. It was moved by Trustee Rhode and supported by Trustee Holliday to nominate Trustee Cochran as Vice Chair. The nomination was accepted. Adopted by the following vote: Unanimously Trustee Rhode discussed moving to the Request for Duty Disability Item on the agenda. Kristi Bartholomew, Fire Department was sent to the doctor and the subcommittee will meet to go over her request. Trustee Rhode reported that Christopher Ojibway, doctor's report had been received and the report recommends duty disability. It was moved by Trustee Rhode and supported by Trustee Cochran to approve Christopher Ojibway's request for duty disability. Adopted by the following vote: Unanimously Mr. Christopher Ojibway was retired as duty disability as of January 19, 2005. Trustee Rhode discussed the Request for Duty Disability for Mr. Michael Young. The doctor's report did not recommend duty disability. It was moved by Trustee Rhode and supported by Trustee Cochran to deny duty disability. Adopted by the following vote: Unanimously It was noted that Mr. Young may reapply as a Non-duty disability. Regular Meeting January 18, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the board on the Audit Subcommittee meeting with Doug Rubley. Trustee Rhode suggested random sample in the two years previous to 2000. Mr. Brad Armstrong of Gabriel, Roeder, Smith gave the December 31, 2003 Actuarial Report. The change in the amortization period for unfunded liabilities was discussed. Trustee Rhode explained that because of market trends, there is a strong possibility that in the 2004 Report the over funding will be gone and the city's contributions may be significantly higher. Trustee Rhode issued and discussed the Investment Report for December. It was moved by Trustee Lankheet and supported by Trustee Cochran to adjourn the meeting at 10:19 a.m. Adopted Unanimously Minutes approved on C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankhee Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM 0 Regular Meeting February 15, 20.05 Council Conference Room Tuesday, 8:30 a rn. �' 10th Floor City Hall _`� i1 Lansing, MI : m r-- r.- J The Board met in regular session and was called to order at 8:34 a.m. r 7 cn Present: Benavides (8:43), Cochran, Holliday, Lankheet, Lewis, Meyer (8:50), Rhode - 7. Absent: Johnson Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Glenn Kirk, Finance Director; Karen Klein; Greg Martin, Fire Chief; Nancy Cunningham, Personnel; Jim Harrington, Lansing Fire Fighter Secretary/Treasurer. It was moved by Trustee Cochran and supported by Trustee Holliday to approve the minutes of the regular meeting of December 14, 2004. Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Cochran to approve the minutes of the regular meeting of January 18, 2005 with correction to date on the heading of page two. Adopted by the following vote: Unanimously Secretary's Report: 0 new fire member(s), 7 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total: Active membership: 489. 1 death. William Grew, fire, died, 1/29/05, 89, no surviving spouse. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of January, 2005 amounted to $1,533,709.33.Total retirement checks printed for the P&F System: 604. Total retirement checks printed for both systems: 1322. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible domestic relations orders certified: 1. Trustee Rhode updated the Board on Ms. Kristi Bartholomew, Fire Department, who was sent to the doctor. The Board will wait for the doctor's report. Regular Meeting February 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI The Board discussed the retirement status of Mr. Steven Stucker, Fire Department, Trustee Rhode will meet with Mr. Stucker's spouse. The Board decided to have a Special Meeting to determine a retirement category for Mr. Stucker. Trustee Rhode updated the Board on Mr. Michael Young, Fire Department. Mr. Young felt the doctor did not review all of his medical records. He was offered assistance in drafting a request for non-duty disability retirement. He has not submitted a letter. Trustee Rhode updated on the status of Trustee Johnson. Trustee Rhode will talk to Trustee Johnson and report to the Board if Trustee Johnson can continue as a member. It was moved by Trustee Holliday and supported by Trustee Cochran to excuse Trustee Johnson. Adopted Unanimously Trustee Rhode gave a report of the Michigan Government Finance Officers Association Winter 2005 Conference. Trustee Rhode and Karen E. Williams attended the 2-day sessions sponsored by MERS and held at their Lansing Office. The conference featured sessions on Policies and Procedures for Retirement Plans and a Mock Board Meeting. The conference was very informative. Trustee Rhode gave a report on having a Gabriel, Roeder, Smith Experience Study. It is recommended that the study be done every five years. The last study was done in 1999. The study would take approximately six to eight weeks and cost between $12,000 - 15,000. It was moved by Trustee Cochran and supported by Trustee Holliday to have Gabriel, Roeder, Smith prepare an Experience Study. Adopted Unanimously. Trustee Rhode discussed establishing a City of Lansing Policy on Experience Study. The item was referred to Pending (items) based on what Jack Roberts can find in the ordinance regarding any existing policy. Trustee Rhode discussed the Securities Lending Money. The Board discussed what to do with the money. It was referred to the Investment Subcommittee to give a report regarding possible options at next month's meeting. Regular Meeting February 15, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Mr. Stephen D. Klein request to purchase military service credit was discussed. Trustee Holliday discussed that there is a pending grievance by the union and that this request should go through that process with the City. It is a contractual issue. It was moved by Trustee Holliday and supported by Trustee Cochran to take no action on Mr. Stephen D. Klein issue and remove it from the Agenda and allow the City and Union to go through the process. Trustee Rhode requested the Annual Distribution of Investment of $10 million to cover cash flow for upcoming months. The Board discussed having a process to do a more regular distribution as a part of the regular meeting. Trustee Rhode will set up a process and the item was referred to pending. It was moved by Trustee Holliday and supported by Trustee Cochran to distribute $3 million dollars out of Northern Trust to cover cash flow for upcoming months. Adopted Unanimously The board recessed at 9:10 a.m. to wait for audit report. The board resumed at 9:16 a.m. Trustee Rhode updated Board on the Police and Fire Audit. Mr. Doug Rubley is continuing the audit for 1999 and 1998. The Board discussed that for errors found in the 2000and 2001 sample, pension amounts are to be adjusted to their correct amounts. It was moved by Trustee Rhode and supported by Trustee Cochran to implement the same policy to adjust pensions that was used for previous sample for year 2000 and 2001. Adopted Unanimously Trustee Rhode issued and discussed updated Duty and Non-Duty Disability List. The list was referred to the Disability Subcommittee for discussion. It was moved by Trustee Lankheet and supported by Trustee Cochran to adjourn the meeting at 9:19 a.m. Adopted Unanimously t 'Minutes approved on — C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankhee Chairperson CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTtly MINUTES ' Joint Meeting February`11, W05 City Council Conference Room Thursday;�:1Ea.m. 10th Floor City Hall Lansing, MI Meeting was called to order at 9:20 a.m. with a quorum present for both Retirement Boards. It was moved by Trustee Rhode and supported by Trustee Cochran to authorize Asset Consulting Group, Inc. to perform a manager search with the possibility of replacing Mr. Loomis Saales for the Fire and Police Retirement Board. Adopted Unanimously by Trustees Cochran, Holliday, Lankheet, Lewis, Meyer, Rhode It was moved by Trustee Rhode and supported by Trustee Andrews to authorize Asset Consulting Group, Inc. to perform a manager seach with the possibility of relacing Mr. Loomis Saales for the ERS Board. Adopted Unanimously by Trustees Andrews, Antekier, Dedic, Meyer, Piloske, Rhode. Fortsmann Leff Investments presented the company's performance to the boards. Minutes approved on 3 Robert Antekeier, Chairperson Bruce Lankheet Chairperson Employees Retirement System Police & Fire Retirement System Glenn Kirk, Secreta Employees Retirement System Police & Fire Retirement System CITY OF LANSING POLICE & FIRE SPECIAL MEETING MINUTES Special Meeting February 22;2005 10th Floor Conference Room City Hall Tuesday, 10:00 a.m. Lansing, MI The Board met in special session and was called to order at 10:06 a.m. Present: Benavides, Cochran, Meyer, Lewis, Rhode - 5 Others: Karen E. Williams, Finance Trustee Rhode and Trustee Meyer updated the Board regarding the Request for Duty Disability of Steven Stucker, Fire Department. Trustee Meyer met with the Medical Director and provided medical records from the family. The Medical Director recommended duty disability. Trustee Rhode met with family to discuss options. It was moved by Trustee Rhode and supported by Trustee Lewis to approve Mr. Stucker's request for duty disability. Additionally, the board has determined that Mr. Stucker's disease occurred solely and exclusively as the natural and proximate result of his or her actual performance of duty in the employ of the City of Lansing. Approved Unanimously The Board also discussed revising the city ordinance to update the Duty Disability and Duty Death Disability section. The board discussed sending the item to subcommittee for review. It was moved by Trustee Benavides and supported by Trustee Meyer to request through the city attorney and council that the ordinance be revised and updated regarding duty disability and duty death disability. Approved Unanimously The meeting was adjourned at 10:19 a.m. Minutes approved on . C Glenn Kirk, Secret Police & Fire Retirement System Bruce Lankheef Chairperson CITY OF LANSING PECE!v'ED POLICE & FIRE and ERS RETIREMENT SYSTEM` 1N° y MINUTES CL EI Joint Meeting December 15, 2005 Michigan Retailers Association Tuesday , 9:30 a.m. 603 South Washington Avenue Lansing, MI Meeting was called to order at 9:30 a.m. with a quorum of both boards present. Other presents: Larry Meyer; George Tarlas, Asset Consulting; Jack Roberts, Law Department; Peter Thompson and Akilah Rogers, Ariel Investments. Trustee Rhode made presentations to Larry Meyer and Mayor Tony Benavides for meritorious years service as Trustees to both Boards. Mr. Peter Thompson presented a performance review for the City of Lansing Employees Retirement System and Police & Fire Retirement System of the Ariel Portfolio. George Tarlas from Asset Consulting gave an update on the Fixed Income Transition (Western Asset Management. The money at Loomis Saales was liquidated and was expected to be invested in WAMCO toward the end of the year. Mr. Tarlas also gave an update on the Small/Mid Cap Transition (NorthPoint Capital). Asset Consulting was able to negotiate a fee reduction for the investment. Mr. Tarlas also informed the Board of new initiatives for the coming year. Initiatives include new Trustee Orientation, Due Diligence Visits and policy amendments. The meeting adjourned at 10:08 a.m. ' ECEIVED CITY OF LANSING 2HII1,,Y 10 F 23 POLICE & FIRE and ERS RETIREMENT.,,- `$T�j Y , C��t MINUTES Joint Meeting October 18, 2005 City Council Conference Room Tuesday , 9:30 a.m. 10th Floor City Hall Lansing, MI Meeting was called to order at 9:30 a.m. with a quorum of both boards present. Mr. George Tarlas from Asset Consulting gave an overview of the three managers to replace Fortsmann Leff. He further recommended that the Boards liquidate Fortsmann Leff assets and place the cash proceeds with Northern Trust. It was moved by Trustee Holliday and supported by Trustee Meyer to liquidate Fortsmann Leff and place the proceeds in cash with Northern Trust. Adopted by the following vote: unanimous It was moved by Trustee Meyer and supported by Trustee Piloske to liquidate Fortsmann Leff and place the proceeds in cash with Northern Trust. Adopted by the following vote: Unanimously Todd N. Wolter and Ranjit S. Sufi, Portfolio Management of Nicholas Applegate presented the US Systematic Small-Mid Cap Growth plan. Grant R, Babyak, Managing Director presented the Times Square Capital Management Small/Mid Cap Growth Plan. Michael P. Hayden, Portfolio Management of NorthPointe Capital presented the Small Cap Growth Strategy Plan. Itwas moved byTrustee Dedic and supported by Trustee Meyerto select Northe Pointe Capital as the new Small Growth Manager for the Employees Retirement System. Adopted by the Following vote: Unanimously Minutes approved on Glenn Kirk, Secretary Robert Antekeier, Chairperson William Cochran, Chairperson Employees Retirement System Fire and Police Retirement System CITY OF LANSING , IE t �;� �� POLICE & FIRE and ERS SPECIAL M ETIN1; MINUTES Special Meeting September 15, 2005 Finance Department Conference Room Thursday, 9:00 a.m. 9th Floor, City Hall Lansing, MI The Police & Fire and ERS Boards met in special session and was called to order at 9:00 a.m a.m. The Boards were updated on the PIMCO parent company. Issues were discovered in the Prospectus dealing with problems with the legal requirement of the Securities and Exchange Commission. The Boards discussed making a change from PIMCO to WAMCO due to concerns about PIMCO's parent company. The Boards made a recommendation to place this item on the Agenda for both Board for further discussion and a vote to change from PIMCO to WAMCO. PECEI''E f� CITY OF LANSING 2603�g1Y { el h"I 4: 33 POLICE & FIRE and ERS RETI REM ENT,SYSTE*M EPx" MINUTES Joint Meeting August 18, 2005 City Council Conference Room Thursday , 9:30 a.m. 10th Floor City Hall Lansing, MI Meeting was called to order at 9:30 a.m. with a quorum of both boards present. Maria Bascetta, Portfolio Management of UBS Realty Investors presented the portfolio and performance review for the Real Estate Separate Account (RESA). George Tarlas from Asset Consulting gave the quarterly performance review for the quarter ended June 30, 2005 Delegates for the MAPERS fall conference, 2005 were selected:Trustee Antekeier and Trustee Piloske for the the Employees Retirement System; Trustee Cochran and Trustee Lewis for the City of Lansing Police & Fire Retirement System. i f CITY OF LANSING POLICE & FIRE and ERS RETIRED 8NTI SYSTF-M MINUTES Joint Meeting June 21, 2005 City Council Conference Room Tuesday, 9:30 a.m. 10th Floor City Hall Lansing, MI Meeting was called to order at 9:40 a.m. with a quorum present for both Retirement Boards. Police and Fire Board Present: Benavides, Cochran, Holliday, Lankheet, Lewis, Rhode Absent: Johnson, Meyer Employee Retirement System Present: Andrews, Benavides, Cunningham, Dedic, Piloske, Rhode. George Tarlas from Asset Consulting gave the quarterly performance review for quarter ended June 30, 2005. Mr. Tarlas presented an summary of the three Core Fixed Asset Managers for the Boards' consideration to replace Loomis Sayles. It was moved by Trustee Cochran and supported by Trustee Holliday to approve PIMCO as new Core Fixed Asset Managers for the Police and Fire Retirement System Board. Adopted by the following vote: Unanimously It was moved by Trustee Dedic and supported by Trustee Andrews to approve PIMCO as new Core Fixed Asset Managers for the Employee Retirement System Board. Adopted by the following vote: Unanimously The Board also discussed the performance of Forstmann Leff. The meeting was adjourned at 10:55 a.m. OFFICIAL PROCEEDINGS OF THE BOARD OF G: 0-2 TRUSTEES CITY OF LANSING I UL(_l POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting January 18. 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI The Board met in regular session and was called to order at 8:34 a.m. Present: Cochran, Holliday, Lankheet, Lewis, Rhode - 5. Absent: Benavides, Meyer, Johnson Others: Randy Endsley Finance Department; Karen E. Williams, Finance Department; Jack Roberts, Law Department, Tom Krug, FOP Service Representative; Karen Klein, Steven Lett, Lisa Phillips, Supervisor. Trustee Lankheet requested the election of officers be added to the agenda. It was moved by Trustee Cochran and supported by Trustee Rhode to nominate Trustee Lankheet as Chairman. The nomination was accepted. It was moved by Trustee Rhode and supported by Trustee Holliday to nominate Trustee Cochran as Vice Chair. The nomination was accepted. Adopted by the following vote: Unanimously Trustee Rhode discussed moving to the Request for Duty Disability Item on the agenda. Kristi Bartholomew, Fire Department was sent to the doctor and the subcommittee will meet to go over her request. Trustee Rhode reported that Christopher Ojibway, doctor's report had been received and the report recommends duty disability. It was moved by Trustee Rhode and supported by Trustee Cochran to approve Christopher Ojibway's request for duty disability. Adopted by the following vote: Unanimously Mr. Christopher Ojibway was retired as duty disability as of January 19, 2005. Trustee Rhode discussed the Request for Duty Disability for Mr. Michael Young. The doctor's report did not recommend duty disability. It was moved by Trustee Rhode and supported by Trustee Cochran to deny duty disability. Adopted by the following vote: Unanimously It was noted that Mr. Young may reapply as a Non-duty disability. Regular Meeting January 18, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI The request to purchase military service time by Mr. Stephen Klein was discussed. There was a grievance filed due to the language interpretation of the existing collective bargaining contract. Jack Roberts, Law Department discussed the Retirement ordinance for the Police and Fire System which notes that an individual cannot receive more than one service credit in a calendar year. Mr. Roberts discussed the Federal Act, which states that an employee shall not be entitled to any benefits to which the person would not otherwise be entitled if the person had remained continuously employed. Mr. Roberts believes that this statute also applies to the purchase of military service time. The board also discussed how much military time can be purchase and how this will apply to their existing service credits. There is concern that Mr. Klein will receive double service credits. Trustee Lankheet tabled the discussion to allow further review of the issue by board members. Trustee Rhode introduced Karen E. Williams as new Retirement Analyst. Trustee Lankheet requested that in the future, visitors at the meeting should give their names for the minutes. Trustee Holliday left the Board meeting and the quorum was lost. Trustee Lankheet requested that the approval of the minutes be placed on next month's agenda because there was no quorum. Secretary's Report: 0 new fire member(s), 0 new police members, 0 reinstatement(s), 1 refund(s), 0 transfers, 0 retired. Total: Active membership: 483. Refunds made since the last regular meeting amounted to 0. Retirement allowances paid for the month of December, 2004 amounted $1,533,714.97. Total retirement checks printed for the P&F System: 602. Total retirement checks printed for both systems: 1,319. Domestic relations order received: 0 . Domestic relations orders pending: 2. Eligible domestic relations orders certified: 0. Randy Endsley gave Training and Education information on the Stars and Stripes Conference that will be held in Florida. Fire Figher Steven Stucker was scheduled to see the doctor and a report is expected at next month's meeting concerning his request for Duty Disability. The Board requested an updated list of all the Police and Fire Disability Retirements. The report should include hire date, pensioned out date, and the date to convert under 25 years of service. Regular Meeting January 18, 2005 Council Conference Room Tuesday, 8:30 a.m. 10th Floor City Hall Lansing, MI Trustee Rhode updated the board on the Audit Subcommittee meeting with Doug Rubley. Trustee Rhode suggested random sample in the two years previous to 2000. Mr. Brad Armstrong of Gabriel, Roeder, Smith gave the December 31, 2003 Actuarial Report. The change in the amortization period for unfunded liabilities was discussed. Trustee Rhode explained that because of market trends, there is a strong possibility that in the 2004 Report the over funding will be gone and the city's contributions may be significantly higher. Trustee Rhode issued and discussed the Investment Report for December. It was moved by Trustee Lankheet and supported by Trustee Cochran to adjourn the meeting at 10:19 a.m. Adopted Unanimously Minutes approved on -, Glenn Kirk, Secretary 26 , �— Police & Fire Retirement System �� � Bruce Lankheet Chairperson