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HomeMy WebLinkAbout2006 Police and Fire Retirement System minutes FINAL OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting January 17, 2Q06r-1 Council Conference Room Tuesday, 8:30'.d.m 10th Floor, City Hall , Lansing, MI The Board met in regular session and was called to order at 8:40 a.m. r� Present: Trustees Bernero, Cochran, Holliday, Lewis, Rhode, St. Aubin, Wood -71 . Others: Karen E. Williams, Finance Department; Jerry Ambrose, Finance Direct6r; Brad Armstrong, Gabriel, Roeder, Smith and Company; Jack Roberts, Law Department. It was moved by Trustee Holliday and supported by Trustee Lewis to approve the Official Minutes of the Meeting of the Police Meeting of December 13, 2005. Adopted by the following vote: Unanimously It was moved by Trustee Wood and supported by Trustee Holliday to approve the Minutes of the Joint Police and Fire and ERS Retirement System meeting of December 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, 5 retired. Total: Active membership: 476. 2 deaths. Marilyn Gehrholz, Fire, died 11/23/05, age 79, widow of Justin. Clyde F. Lickman, Fire, died 12/28/05, age 63, spouse to receive 50%. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of December, 2005 amounted to $1,637,620.67. Total retirement checks printed for the P&F System: 617. Total retirement checks printed for both systems: 1389. Domestic relations order received: 0. Domestic relations orders pending: 5. Eligible domestic relations orders certified: 0. There were no applications for Regular Age & Service Recommendations. Mr. Eric M. Hall, Fire, was referred to Dr. Roth for Duty Disability evaluation. It was moved by Trustee Rhode and supported by Trustee Lewis to retain current Chair Tom Cochran and Vice Chair Bruce Holliday as Board Officers. Adopted by the following vote: Unanimously Regular Meeting January 17, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Trustee Rhode introduced Brad Armstrong of Gabriel, Roeder, Smith and Company who presented the 2004 Annual Actuary Report for the Police and Fire Retirement System. Mr. Armstrong discussed how contributions are determined. Recommendations include a separate trust for post -retirement health care. Trustee Rhode updated the Board on the Post-Retirement Health Care Report for the pre- funding of health care. Trustee Rhode discussed with the Board that there will be two health care trust, one for Police and one for Fire. It was moved by Trustee Holliday and supported by Trustee Lewis to accept the 2004 Actuary Report. Adopted by the following vote: Unanimously Karen Williams notified the Board that the International Foundation of Employee Benefit Plans and the MAPERS Memberships are up for renewal. It was moved by Trustee Holliday and supported by Trustee Lewis to approve membership renewal for the International Foundation of Employee Benefit Plans Membership. Adopted by the following vote: Unanimously Karen Williams notified the Board of the MAPERS Spring Conference, May 21-23 at Soaring Eagle in Mt. Pleasant, Michigan. The Board discussed having George Tarlas of Asset Consulting Group give a new member Orientation in early February. The Board also discussed having a presentation on how to read an Actuary Report. Trustee Rhode updated the Board of the status of new money managers, WAMCO transfer has been completed, and Northpointe should be completed soon. Jack Roberts clarified to the Board that 457 Deferred Compensation plans monies could not be used for in service purchases of service credits due to IRS restrictions. Mr. Roberts requested that language be on record so that if something changes in the law, and it is allowed by the Ordinance, it will not be necessary to come before the board again. It was moved by Trustee Rhode 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 plans when permitted by the Retirement System Ordinance and the IRS Code. Regular Meeting January 17, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three Trustee Wood updated the Board that City Council has passed the Ordinance to allow Universal Buy-In and for WINDOW employees to purchase prior service credit. Trustee Rhode distributed the Securities Lending Report for December. There was no investment report available. It was moved by Trustee Holliday and supported by Trustee Wood that the meeting be adjourned at 9:58 a.m. Minutes approved on Jer/ Am rose, Secretary Pdlfce & Fire Retirement System William Cochran, Chairperson PROCEEDINGS OF THE BOARD OF OFFICIAL PR TRUSTEES CITY OF LANSING SYSTEM POLICE AND FIRE RETIREMENT February 21, 2006 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room „ 10th Floor, City Hall Lansing, MI L-; C-; The Board met in regular session and was called to order at 8:31 a.m. Holliday, Lewis, Rhode, Wood - 5• Present: Trustees Cochran, �.— •.. ees Bernero, St. Aubin Absent: Trust Finance Department; Jack Roberts, Law Departmer�.� Others: Karen E. Williams, rove the Official and supported by Trustee Lewis to app It was moved by Trustee Holliday Minutes of the Meeting of the Police Meeting of January 17, 2006. Adopted by the following vote: Unanimously 's Report. 0 refund(s), 0 transfers, Secretary 0 new police members, 0 reinstatement(s), 0 new fire member(s), membership: 476. 2 deaths. Richard Bos, Police, died to receive 0 retired. Total: Active e 78, spouse age 80, no surviving spouse. Arthur H. Dorn, Fire, died 1/5a016ou age to $0. Retirement 9 month of January, 2006 amounted to $1,66 O 5.2 °for 50%. Refunds made sincenthe last regular meeting checksprinted allowances paid for the mo stem: 618. Total retirement retirement checks printed for the P&F Sy both systems: 1398. Domestic relations order received: 1. Domestic relations orders ending: 5. Eligible domestic relations orders certified: 0• the following p rove It was moved by Trustee Wood and supported by Trustee Lewis to app applications for Regular Age & Service Retirements: ears service credit, age 45, effective February Barry J. Gaukel, Fire Department,25 y of Universal Buy-In Time) 15, 2006. (Purchased 1.333 y 24, 2006. Green, Police Department, 25 years, age 55, effective February L Roy ril 10, John Parks, police Department, 25 years service credit, age 56, effective Ap 2006. Adopted by the following vote: Unanimously r,. i � I . I 1 4 February 21, 2006 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room 10th Floor, City Hall Page Two Lansing, MI Trustee Wood inqui red about how many people have used the Universal Buy-In. Trustee urchased time. Rhode informed the Board that two people have p Lewis to excuse Trustee It was moved by Trustee Holliday and supported by Trustee Bernero and Trustee St. Aubn Unanimously Adopted by the followingvote: Trustee Cochran inquired about the pending citizen drawal be Trustee Rhode informed the Board that two quarters of cash flow witcommun clat on planed for the Police and Fire Retirement System. There will be a new place for the new quarterly system. It was moved by Trust ee Rhode and supported by Trustee Lewis to withdraw monies for Flow each quarter based on recommendation from Asset Consulting. Cash Adopted by the following vote: Unanimously Assignments. Trustee Rhode suggested using the Sub-Committee The Board discussed Rubley's Ordinance amendments. The Special Project sub tte to e2006rare eview Doug following sub-committ eso Trustees Cochran, Holliday, Rhode Disability Trustees Cochran, Holliday, Rhode investment Trustees Lewis, St. Aubin Education Trustees Cochran, Lewis, Holliday Special Projects - Ex-officio Jack Roberts, Trustee Rhode Securities Lending - Cochran, Holliday, Lewis, Rhode ced to the Board SpringConference Registration Karen Williams announ erts asked that he be allowed to stay at Holliday Bo that the MAPERS is due by the April meeting. Mr. Rob which is close to the Conference center at Mt. Pleasan • funded. Trustee Rhode informed the Board that NorthPointe is ready to be Tr be revisited. Trustee Cochran asked that the ideas for Securities Lending Money and the scussed the January Securities Lending Repo rt Trustee Rhode distributed dThe January investment report will be discussed at the Joint Year-End Investment Repo Group. Meeting with Asset Consulting � . .• � I I I February 21, 2006 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room 10th Floor, City Hall page Three Lansing, MI ed b Trustee Holliday and supported by Trustee Wood that the meeting be It was mov Y adjourned at 8:59 a.m. Minutes approved on Jpl�iice y Am rose, Secretary & Fire Retirement System William Cochran, Chairperson � � j i I i I OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM March 21 200f Regular Meeting Council Conference Room Tuesday, 8:30 0), ; a 10th Floor, City Hall -�'' =' Lansing, MI The Board met in regular session and was called to order at 8:32 a.m. ' --i Present: Trustees Bernero, Cochran, Lewis, Rhode, St. Aubin, Wood - 6. Absent: Trustee Holliday Others: Karen E. Williams, Finance Department. It was moved by Trustee Lewis and supported by Trustee Wood to approve the Official Minutes of the Meeting of the Police Meeting of February 21, 2006. Adopted by the following vote: Unanimously It was moved by Trustee Lewis and supported by Trustee Wood to approve the Official Minutes of the Joint Point and Fire and ERS Meeting of February 21, 2006. 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: 476. 0 deaths. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of February, 2006 amounted to $1,664,083.56. Total retirement checks printed for the P&F System: 618. Total retirement checks printed for both systems: 1397. Domestic relations order received: 0. Domestic relations orders pending: 6. Eligible domestic relations orders certified: 0. The Police and Fire Board received and discussed the report from Dr. Roth regarding Mr. Eric M. Hall's duty disability request. It was moved by Trustee Lewis and supported by Trustee St. Aubin to approve the Request for Duty Disability of Mr. Eric M. Hall. Adopted by the following vote: Unanimously Regular Meeting Council Conference Room March 21, 2006 10th Floor, City Hall Tuesday, 8:30 a.m. Lansing, MI Page Two It was moved by Trustee Rhode and supported by Trustee Lewis to send Mr. Cris A Morrison to the doctor for evaluation. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Wood to excuse Trustee Holliday. Adopted by the following vote: Unanimously It was moved by Trustee Rhode and supported by Trustee Wood to authorize Chair William (Tom) Cochran to be a signer for the boards documents with Northern Trust. Adopted by the following vote: Unanimously Karen Williams announced to the Board that the MAPERS Spring Conference Registration is due by the April meeting. The Due Diligence Visit to Ariel in Chicago is scheduled for April 17, 2006, from 10:00 a.m. to 1:00 p.m. Trustee Wood announced that the City Council will discuss Self-Funding of Health Care, April 6, and George Tarlas will make a presentation to the City Council, April 20. Trustee Rhode made a formal request to the Board to have the Retirement Analyst salary split between the Police and Fire and the Employees Retirement System Board to assist in cutting budget costs. The salary and fringes of $70,000 charged to the Board will be rolled down to approximately 80% to reflect the time spent only on Retirement related issues. The remainder of the salary will be paid by the City. The Board discussed the possibility of hiring a full-time retirement analyst. Concerns were discussed regarding the request and its effect in relation to the City Ordinance. It was moved by Trustee St. Aubin and supported by Trustee Lewis to have 50% of the rolled down Retirement Analyst salary paid by the Police and Fire Retirement System for the 2007 fiscal year. Adopted by the following vote: 5 yeas (Bernero, Cochran, Lewis, Rhode, St. Aubin), 1 nay (Wood). Trustee Cochran inquired about the status of the Gabriel, Roeder Health Care Funding draft. Trustee Rhode updated the board that she make the draft available for a future meeting. Trustee Cochran requested a copy of the ideas discussed regarding the Securities Lending Money. March 21, 2006 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room 10th Floor, City Hall Page Three Lansing, MI Trustee Rhode updated the Board on a Web Site for the Retirement The initial focus of the site Twill he Office is researching web sites for ideas be for the retirees and then it can be expanded for active employees. Trustee Rhode distributed and discussed the February investment report. It was moved by Trustee Cochran and supported by Trustee Lewis that the meeting be adjourned at 9:04 a.m. Minutes approved on 4" 2DO Je Am rose, Secretary P ice & Fire Retirement System William Cochran, Chairperson ( : '� � . . � .. �� f OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING k... POLICE AND FIRE RETIREMENT SYSTEM April 18, 2006 Regular Meeting Council Conference Room Tuesday, 8:30 ;; n. 10th Floor, City Hall Lansing, MI ' '-,' The Board met in regular session and was called to order at 8:33 a.m. Present: Trustees Cochran, Holliday (8:39), Lewis, Rhode, St. Aubin, Wood - 6. Absent: Trustee Bernero Others: Karen E. Williams, Mark Colby, Finance Department; Jack Roberts, Law Department. cial It was moved by Trustee Rhode and portede Retirement Board Meey Trustee St. ln to ting opprove the Ma h 210 20i06I Minutes of the Meeting of the Police & F 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: 476. 3 deaths. Raymond M. Miller, Fire, died 2/16/2006, age 79, no surviving spouse; Caroline Spitzley, Police, died 3/30/2006, age 101, widow of Mathias Spitzley; Richard Wilson, Fire, died 4/5/2006, age79, spouse will receive 50%. Refunds made since the last rgular e 2006 amtougnted to $1d to,671,713.85.0. rement Total allowances paid for the month of March retirement checks printed for the P&F System: 619. Total retirement checks printed for both systems: 1398. Domestic relations order received: 0. Domestic relations orders pending: 6.Eligible domestic relations orders certified: 0. It was moved by Trustee Holliday and supported by Trustee Lewis to approve the following application for Regular Age & Service Retirement. Mr. Kenneth Jones, Fire Department, 26 years, 1 month of service, age 49, effective May 1, 2006. Adopted by the following vote: Unanimously Karen Williams updated the Board of Mr. t Morrison, MedicalFire poctor Aprnt il 26, 006Request for Duty Disability. Mr. Morrison is scheduled o see the Regular Meeting April 18, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two It was moved by Trustee Wood and supported by Trustee Holliday to excuse Trustee Bernero. Adopted by the following vote: Unanimously Trustee Rhode informed the Board that it is time to have our Bi-Annual Retirement Seminar and workshops. The Seminar is usually held in September every other year. Trustee Holliday suggested an audit of the Police and Fire Retirement System. It was discovered that some Police members had not been paying into retirement and was paying into Social Security. Police Cadets pay into Social Security until they become full members of the Police Force. The switch from Social Security to the Retirement System for some members had not been made. Mark Colby was available to answer questions. The situation has been corrected. Trustee Lewis gave a report on the Due Diligence Visit to Ariel in Chicago, Illinois. Mr. Tom Jason accompanied George Tarlas of Asset Consulting in addition to the members of the Police and Fire and ERS Boards. The Board met with Mr. John Rogers, chairman. Asset Consulting and the Board expressed their concern with Ariel performance. Trustee Cochran found the company's commitment to community service impressive. Trustee Cochran discussed Ariel's investment program with Chicago school students. Trustee Wood announced that George Tarlas would not be able make a presentation to the City Council, April 20. Trustee Wood inquired to the Police and Fire Board regarding Trustee Rhode's formal request to the Board to have the Retirement Analyst salary split between the Police and Fire and the Employees Retirement System Board. Trustee Wood informed the Board that the Employees Retirement System had not made a decision on the request. Trustee Wood wanted to know if the ERS does not approve the request, would the Police & Fire pay half of the Retirement Analyst salary. It was moved by Trustee St. Aubin and supported by Trustee Lewis to qualify his previous motion in the minutes of March 21, 2006, that the offer to pay half of the Retirement Analyst salary is contingent on ERS approval to pay half of the salary. Adopted by the following vote: unanimously Trustee Cochran inquired about the status of the Gabriel, Roeder Health Care Funding draft. Trustee Rhode updated the board that she would make the draft available by the next meeting. Regular Meeting April 18, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three Karen Williams distributed a list of items for Retirement Board Web Site. Phase 1 will be geared toward retirees and have forms that can be downloaded. It will have a frequently asked questions section. Jack Roberts suggested a disclaimer for the Frequently asked question section. The information will also be presented to the ERS Board. Karen Williams will then meet with the City's Internet specialist to prepare a time frame of when the Web Site can be completed. Phase 2 will expand the Web Site for active employees with resources such as a retirement calculator. Trustee Cochran asked that names and pictures of Board members be included on the Web Site. Trustee Wood suggested that Retirement Board encourage the President of City Council to keep the same person on the Board for consistency. Trustee Wood informed the Board that her position is from year-to-year. Trustee Cochran will draft a letter of suggestion to the City Council. Trustee Rhode distributed and discussed the March investment report. Minutes approved on 'S` I to ' 0 Je `JA brose, Secretary P lice & Fire Retirement System William Cochran, Chairperson CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM MINUTES Joint Meeting April 20, 2006 Council Conference Room Tuesday, 9:15 a.m. 10th Floor City Hall Lansing, MI The meeting was called to order at 9:45 a.m. with a quorum of both boards present.=° Other presents: Patty Karolczak, Asset Consulting; Lee Ann Contreras, Artisan F'artrjers.,,-, Ms. Lee Ann Contreras presented a performance review for the Police & Firoeftreme'at System of the Artisan Partners Investments. r� Patty Karolczak from Asset Consulting gave an performance review of the Retirement Systems investments for the first quarter. Minutes approved on 5 - j b-O(, rry An7tbrose, Secretary Robert Antekeier, Chairperson William Cochran, Chairperson Employees Retirement System Fire and Police Retirement System OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting May 16, 2006 r. Council Conference Room Tuesday, 8:30 gym. �: D 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:33 a.m. Present: Trustees Cochran, Holliday, Lewis, St. Aubin, Wood - 5. rT1 Absent: Trustee Bernero ' Others: Karen E. Williams, Jerry Ambrose, Finance Department; Jack Roberts, Law Department. It was moved by Trustee Wood and supported by Trustee Lewis to approve the Official Minutes of the Meeting of the Police & Fire Retirement Board Meeting of April 18, 2006 with corrections to the names of the Asset Consulting members who attended the due diligence meeting. Adopted by the following vote: Unanimously It was moved by Trustee Wood and supported by Trustee Lewis to approve the Official Minutes of the Joint Meeting of the Police & Fire and ERS Retirement Board Meeting of April 20, 2006. 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: 476. 1 death. Virgil Gurecki, Fire, died 4/14/2006, age 83, spouse will receive 50%. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of April, 2006 amounted to $1,689,924.87. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1402. Domestic relations order received: 0. Domestic relations orders pending: 6. Eligible domestic relations orders certified: 0. Karen Williams updated the Board of Mr. Cris A. Morrison, Fire Department Request for Duty Disability. The Medical Doctor had not submitted an official signed report from Dr. Roth. Jack Roberts suggested that the Board's Disability subcommitee meet to review each report from the Medical Doctor before a recommendation is made to the full Board. Regular Meeting May 16, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Trustee Cochran asked for a report regarding Michael Young who had been approved for non-duty disability, July 15, 2005. Jack Roberts gave a history of Mr. Michael Young's non-duty disability. Mr. Young was initially reviewed by the Dr. Roth in 2004 and the Medical Director did not approve the duty disability at that time. Mr. Young asked to be re-evaluated for duty disability in March 2005. He was reviewed by the Medical Director for duty disability and evaluated for non- duty disability and a report was sent to Trustee Rhode with an approval for duty disability, March 25, 2006. After a discussion between the Medical Director and Trustee Rhode, a new report with an approval for non-duty disability was approved by the Board. The Board discussed liability issues and a policy or procedure regarding decisions on disability issues. Jack Roberts suggested the following process: that the subcommittee review the Medical Director's report, the subcommittee recommends a decision, the report is then brought before the entire board for voting. However, due to the HIPPA law, the report should not be apart of the official minutes. Jack Roberts will report at a later time, if an executive closed session would be required to review the report if the public is present. The Board asked that a policy be drafted. It was moved by Trustee Holliday and supported by Trustee Lewis that Mr. Young receive a duty disability retroactive to July 15, 2005 based on the March 25, 2006 medical report. Adopted by the following vote: Unanimously It was moved by Trustee Wood and supported by Trustee Holliday to excuse Trustee Bernero from the meeting. Adopted by the following vote: Unanimously Karen Williams informed the Board that it is time to have the Bi-Annual Retirement Seminar and workshops. The Seminar is usually held in September every other year. The Education subcommittee will meet with members of the ERS Retirement Board subcommittee to plan the event. Karen Williams distributed registration confirmation materials for Spring MAPERS Conference. Karen Williams reported to the Board an update of the Income Verification for Duty Disability Retirees. The Board was notified that there were five outstanding retirees who had not reported their income. Regular Meeting May 16, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three Trustee Cochran suggested a plaque and gift certificate to recognize Trustee Jill Rhode's work on the Board. Karen Williams reported on the Retirement Board Web Site. The Board discussed providing their pictures for the Web Site. The City identification picture will be used unless Board members contact the Retirement Analyst and request that their picture not be used. Karen Williams inquired to the Board regarding the status of Doug Rubley's Ordinance Report. Jack Roberts distributed a copy of the Ordinance Report. Karen Williams distributed and discussed the April investment report. Minutes approved on J ry Am rose, Secretary olice & ire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting June 20, 2006 Council Conference Room Tuesday, 8:30�a:m.,..., 10th Floor, City Hall Lansing, MI rr, - fX1 Fri The Board met in regular session and was called to order at 8:30 a.m. Present: Trustees Cochran, Holliday, Lewis, St. Aubin, Wood - 5. =4 tD Absent: Trustee Bernero, Rhode t .• n c , -7, Others: Karen E. Williams, Jerry Ambrose, Finance Department; Jack Roberts, Law Department. It was moved by Trustee Holliday and supported by Trustee St. Aubin to approve the Official Minutes of the Meeting of the Police & Fire Retirement Board Meeting of May 16, 2006. 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: 476. 3 deaths. William Ryan, Police, died 4/23/2006, age 81, spouse will receive 50%; Patrick E. Long, Police, died 5/10/2006, age 85, spouse will receive 50%; Jack L, Miner, Fire, died 5/13/2006, age 75, spouse will receive 50%. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of May, 2006 amounted to $1,680,286.43. Total retirement checks printed for the P&F System: 621. Total retirement checks printed for both systems: 1403. Domestic relations order received: 0. Domestic relations orders pending: 6. Eligible domestic relations orders certified: 0. Karen Williams updated the Board of Mr. Cris A. Morrison, Fire Department Request for Duty Disability. The Medical Doctor submitted an official report. Jack Roberts reviewed the procedure for the Board to approve Duty Disability retirement. The Board recessed at 8:40 for the subcommittee to review the Medical report. The subcommittee met in closed session and the Board reconvened at 8:42. Regular Meeting June 20, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Trustee Holliday recommended that the Board concur with the Medical Report regarding Mr. Morrison to approve duty disability. It was moved by Trustee Wood and supported by Trustee Lewis to approve Mr. Cris A. Morrison request for Duty Disability. Roll call vote: Yeas, Cochran, Holliday, Lewis, St. Aubin, Wood Nays, none Trustee Wood announced that Jill Rhode had officially been appointed to the Police and Fire Board. It was moved by Trustee Holliday and supported by Trustee Lewis to excuse Trustee Bernero and Trustee Rhode from the meeting. Adopted by the following vote: Unanimously Karen Williams informed the Board that the members of the ERS Board and the Deferred Compensation Meeting met and made suggestions for the Bi-Annual Retirement Seminar and workshops. The suggestions were placed on the Joint Board meeting agenda for June 20, 2006. Karen Williams distributed registration materials for FALL MAPERS Conference. The deadline for board members to submit their registrations will be at the next Board meeting Karen Williams informed the Board that there will be a five million-dollar withdrawal from Northern Trust for the Quarter for cash flow needs. It was moved by Trustee Holliday and supported by Trustee Lewis for the Chair of the Police and Fire Board to be the authorized signer for all investment fund transactions. Adopted by the following vote: Unanimously Karen Williams distributed the Gabriel, Roeder, Smith proposal for Securities Lending Moneyto the subcommittee. The subcommittee members represent a quorum. Therefore, the subcommittee meeting will need to be posted within 18 hours of the date. Karen Williams will contact Mr. Noah Bradow of Computer Services to get a new time line for the Retirement Web Site. Karen Williams distributed the June investment report and discussed the Securities Lending Report. Regular Meeting June 20, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three It was moved by Trustee Wood and supported by Trustee St. Aubin to adjourn the meeting. Adopted by the following vote: Unanimously The meeting adjourned at 9:01 a.m. Minutes approved on Jer A brose, Secretary l . P ice & Fire Retirement System William Cochran, Chairperson CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM MINUTES N Joint Meeting June 20, 006 f='� Council Conference Room Tuesday, 915 @.m.r, 10th Floor City Hall = � ` Lansing, MI . r � C; C7-; The meeting was called to order at 9:15 a.m. with a quorum of both boards preset. Other presents: George Tarlas, Asset Consulting; Harland Abraham, Vice President;1\16fthern Trust; Mr. Chip Tatlow, Investment Strategist, Ms. Stephanie Selinger, Client Relationship Associate, BGI. Mr. Harland Abraham presented an overview of Northern Trust as the Boards' custodian bank and the services available. Mr. Chip Tatlow and Ms. Stephanie Selinger presented a performance review for the ERS and the Police & Fire Retirement System of the BGI Investments. George Tarlas from Asset Consulting gave an performance review of the Retirement Systems investments for the second quarter. George Tarlas discussed a due diligence visit to New York, July 11-12. Clarion, MD Sass and Julius Baer are located in New York. The Board discussed Ariel performance with George Tarlas and may have a more formal discussion toward year-end. Trustee Tom Korkoske discussed a proposal for the investment of idle cash located at Comerica bank for the Employees Retirement System and the Police and Fire Retirement System. Trustee Korkoske will provide a written proposal for both Boards to review. The Joint Boards discussed the Bi-Annual Retirement Seminar. The Trustees decided on Wednesday, September 13 from 5:00 p.m. - 8:00 p.m: at the Radisson Hotel. Karen Williams will get additional information regarding catering to review for the Joint Education meeting, scheduled for July 17, 2006 at 1:00 p.m. _ nn Minutes approved on 8. I! - 9_oa Jty A b"rose, Secretary Z/ Robert Antekeier, Chairperson William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting July 18, 206 =7 :0 Council Conference Room Tuesday, & 0a�m. n 10th Floor, City Hall Lansing, MI _ The Board met in committee of the whole and was called to order at 8:36 aM. Present: Trustees Cochran, Rhode, Wood Absent: Trustee Bernero, Holliday, Lewis, St. Aubin Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department. No quorum was available to approve the Official Minutes of the Police and Fire Meeting of June 20, 2006. There were no corrections. No quorum was available to approve the Official Minutes of the Joint Police and Fire and ERS Meeting of June 20, 2006. There were no corrections. 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: 476. 1 death. Lucille H. Goodz, Fire, died 6/16/2006, age 88, spouse of Walter. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of June, 2006 amounted to $1,678,731.99. Total retirement checks printed for the P&F System: 621. Total retirement checks printed for both systems: 1403. Domestic relations order received: 0. Domestic relations orders pending: 6. Eligible domestic relations orders certified: 0. No quorum was available to excuse Board Members. Chair Cochran announced that Board Members who wanted to attend MAPERS should get their request into the Retirement Office as soon as possible. Karen Williams announced a variety of conferences available for Board Members to review. Karen Williams informed the Board that the members of the ERS Board and the Deferred Compensation Meeting met and made suggestions for the Bi-Annual Retirement Seminar and workshops. The American Buffet was selected for dinner. Chairman Cochran suggested that a budget of$6,000 be set for the Retirement Seminar subject to approval by the ERS Board to pay half. The next Joint meeting will be August 14, 2006. Regular Meeting July 18, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Jack Roberts discussed Tom Korkoske's proposal for investment of idle cash in the Comerica Bank account to the Board and suggested that he come to the next meeting. Karen Williams informed the Board that there were two duty disability retirees that had not submitted their wage verification for 2005 tax year. Chair Cochran asked that a final warning letter be mailed to the retirees. Karen Williams reported to the Board regarding the Retirement Web Site. Karen Williams has scheduled a meeting with Noah Bradow and John Kutt. Trustee Wood gave suggestions to the Board and talked about the initial upload of the City Council's site. Karen Williams distributed the June investment report and discussed the Securities Lending Report. The meeting adjourned at 8:59 a.m. Minutes approved on � - is-- auvo Q IJA x/1 14 Je Am ro , Secretary P,lice & Fire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting August 15, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall 4 Lansing, MI The Board met in regular session and was called to order at 8:34 a.m. -=k= C) Present: Trustees Cochran, Holliday, Kraus, Lewis, St. Aubin, Wood =; Absent: Trustee Bernero, Rhode (-Tj Others: Karen E. Williams, Jerry Ambrose, Finance Department; Jack Robr hs,Gk?aw Department; Brad Armstrong, Gabriel, Roeder, Smith & Company, Trustee Tom Korkoske. Trustee Korkoske reviewed his proposal for investment of idle cash for Employees Retirement System and the Police and Fire Retirement System. The Board discussed that the City of Lansing retains some cash for the retirement systems in order to reimburse the General Fund for monthly charges such as retirement payroll. There monies are invested at Comerica Bank in a "J" fund. Money is drawn monthly to cover expenses. The City's proposal is to let Comerica invest the account in commercial paper. Jack Roberts It was moved by Trustee Holliday and supported by Trustee Kraus to moved the Police & Fire Retirement system cash from the Comerica Bank "J" Fund and move it to Comerica commercial paper. Adopted by the following vote: unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to approve the Official Minutes of the Police and Fire Meeting of June 20, 2006. Adopted by the following vote: unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to approve the Official Minutes of the Joint Police and Fire and ERS Meeting of June 20, 2006. Adopted by the following vote: unanimously It was moved by Trustee Wood and supported by Trustee Lewis to approve the Official Minutes of the Police and Fire Meeting of July 18, 2006. Adopted by the following vote: unanimously Regular Meeting August 15, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two 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: 476. 1 death. Michael Freeman, Fire, died 5/16/2006, age 55, beneficiary to receive 50%. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of July, 2006 amounted to $1,681,898.60. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1399. Domestic relations order received: 0. Domestic relations orders pending: 6. Eligible domestic relations orders certified: 0. It was moved by Trustee Lewis and supported by Trustee St. Aubin to approve the Application for Regular Age & Service Retirement: David Coddington, Fire Department, 25 years service credit, age 52, effective August 25, 2006 (Purchased 2 years of Military time) Adopted by the following vote: Unanimously It was moved by Trustee Holliday and supported by Trustee Lewis to excuse Board MembPrs Rernero and R.h-rie,. Adopted uy the rohowing vole: Unanimousiy Karen Williams updated the Board on the 2006 Retirement Conference. The location, date and time has been confirmed. Karen Williams discussed the menu and the presenters that will be in attendance. The Board reviewed the Conference flyer and discussed distributing the flyer as payroll stuffer. Karen Williams suggested committee assignments for Trustees to participate at the Conference. Karen Williams updated the Board and MAPERS, September 17-19. Registration would be mailed out when they arrived at the Retirement Office. Karen Williams announced that MAPERs conflicts the regularly scheduled Board Meeting. The Board discussed moving the date to Wednesday, September 20. It was moved by Trustee St. Aubin and supported by Trustee Lewis to cancel the Police and Fire Meeting for Tuesday, September 19 and re-schedule the meeting to Wednesday, September 20. Adopted by the following vote: unanimously August 15, 2006 Regular Meeting Tuesday, 8:30 a.m. Council Conference Room 10th Floor, City Hall page Three Lansing, MI reviewed the City of Lansing Brad Armstrong of Gabriel, Roeder, Smith and Company 1 1999 through ear Experience Study from January Police and Fire Retirement System 6-Y dating the actuarial assumptions used December 31, 2004. Mr. Armstrong discussed up employer om Retirement System actuarial liabilities and establishing patterns of in computing discussed withdrawal, disability rates and p contributions rates. Mr. Armstrong of Present pay increase s of active members. The Board reviewed the comparison o p ris in the report and Alternate assumptions. Mr. Armstrong defined some of the termArmstrong was asked to send further information to the Board. has proposed September 25-26 or October 2-3 for t{hD teDiligence ew York. Asset Consulting to New York. asked the Board to decide Due Diligence Visit datesWilliams Karen William s discussed Cash Flow Withdrawal needs for September. Karen W the New Gabriel Roeder Smith Rates will be discussed at the Join announced tha t Meeting. lliams reported to the Board regarding the Retirement Web Site. Trustee Wood Karen Wi Board requested that the Retirement Office contact Eric Tumberel a suggested and computer.regarding a quote for a new comp Karen Williams distributed and discussed the July Investment Report Securities Lending Report. It was moved by Trustee Holliday and supported by Trustee Kraus to adjourn the meeting. The meeting adjourned at 10:46 a.m. Minutes approved on Jed Am ro , Secretary Police & Fire Retirement System C-4 William Cochran, Chairperson i OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING JOINT POLICE & FIRE AND EMPLOYEES' RETIREMENT SYSTEM ; Regular Meeting August 17,`2006_ g g g t Council Conference Room Thursday, 1�}00 a.m. 10th Floor, City Hall = ='. Lansing, MI co The Board met in regular session and was called to order at 10:04 a.m. A quorum of both boards was present. Present: Antekeier, Cochran, Dedic, Korkoske, Kraus, Lewis, Piloske, Wood - 8. Absent: Trustees Bernero, Holliday, Murphy, Rhode, Singleton, St. Aubin Others: Karen E. Williams, Jerry Ambrose, Angela Bennett, Finance Department; George Tarlas, Asset Consulting; Brad Armstrong, Christian Goodman, Gabriel, Roeder, Smith and Company. Brad Armstrong and Christian Goodman presented the Actuarial Valuation for the City of Lansing Police and Fire and Employees Retirement Systems retiree Health Care Plans. The Board reviewed the estimated liability for retiree health care. George Tarlas presented the Performance Results for the second quarter for the Police and Fire and Employees Retirement System Investment Portfolios. The Board discussed the performance of Ariel Investments and the possibility of making changes in the future. The Board decided to schedule the Due Diligence Visit to New York for September 25-26/ Karen Williams distributed the Gabriel, Roeder, Smith and Company(GRS)fees for 2007. It was moved by Trustee Dedic and supported by Trustee Korkoske to approve the GRS Fees for 2007 for the Employees Retirement System. Adopted by the following vote: Unanimously It was moved by Trustee Kraus and supported by Trustee Wood to approve the GRS Fees for 2007 for the Police and Fire Retirement System. Adopted by the following vote: unanimously Trustee Korkoske reported to the board regarding the Retirement System Equipment. (Report attached). Newer Equipment replaced the computer in the Benefits Office that was moved with the Payroll Technician to Personnel. The Board requested that the administration sign off on the swap of computers and that the new equipment be official recognized as retirement board equipment. The meeting adjourned at 10:31 a.m. Minutes approved on rftA -rose, Secretary Robert Antekeier, Chairperson Employees Retirement System William Cochran, Chairperson Fire and Police Retirement System CITY of LANSING INTEROFFICE COMMUNICATION TO: Police & Fire and ERS Retirement Boards August 16, 2006 FROM: Tom Korkoske, Accounting Manager SUBJECT: Retirement System Equipment Several years ago, the Retirement Boards had funded office furniture and computer equipment for two positions in the Finance Department. These positions worked closely with retirees on pension and healthcare issues. During the last year, one position was eliminated, and the retirement duties were picked up by the Payroll Technician. This employee moved into the vacant retirement office to smooth out the transition for the retirees. As of July 1, 2006, the Payroll Technician and his payroll duties moved to the Personnel Department. The retirement benefits portion of his duties stayed up in the Finance Department, and is being absorbed by three other employees. Because of the payroll files and databases on his computer, the Payroll Technician moved the Retirement System funded computer down to Personnel with him. Recognizing that this was a Retirement System PC, Personnel traded back a PC that was about two years newer to replace it. It should be noted that because of the age (over three years old), the PC that went down to Personnel would be considered fully depreciated for accounting purposes. The book value is zero and the market value is probably under$200. OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting September 20 2606== Council Conference Room Wednesday, 8:9&a.rr- 10th Floor, City Hall ! �' r� G Lansing, MI The Board met in regular session and was called to order at 8:45 a.m. Present: Trustees Cochran, Holliday, Kraus, Lewis, St. Aubin, Wood Absent: Trustee Bernero, Rhode Others: Karen E. Williams, Finance Department. It was moved by Trustee Holliday and supported by Trustee St. Aubin to approve the Official Minutes of the Police and Fire Meeting of August 15, 2006. Adopted by the following vote: unanimously It was moved by Trustee Kraus and supported by Trustee Holliday to approve the Official Minutes of the Police and Fire Meeting of August 17, 2006. 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: 475. 1 death. Rosarita Frisosky, Fire, died 8/10/06, age 88, widow of Maxwell. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of August, 2006 amounted to $1,680,889.79. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1398. Domestic relations order received: 0. Domestic relations orders pending: 5. Eligible domestic relations orders certified: 0. It was moved by Trustee Wood and supported by Trustee Kraus to excuse Board Members Bernero and Rhode. Adopted by the following vote: Unanimously Regular Meeting September 20, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Karen Williams gave a preliminary report of the 2006 Retirement Conference. The Retirement Office received good response regarding the presenters, workshop and overall conference. Suggestions included longer breakout sessions and more in-depth topics. Karen Williams informed the board that the bills from the conference will be available next meeting. The original cost given by the Radisson was based on 100 people, since there were close to 200. The costs have increased beyond the budget of $6,000. Trustee Cochran asked that the minutes reflect a special thank to the Retirement Office for the planning of the event. Karen Williams distributed itineraries and registration material for the Due Diligence Visit to New York for the September 25-26. Trustees were scheduled to visit Julius Baer, ING Clarion and MD Sass. Karen Williams informed the board that five million dollars would be withdrawn from Northern Trust Index fund to the Police & Fire Retirement Account for cash flow needs. Karen Williams updated the Board on the Duty Disability Wage Verification process. There was one person who did not report. The Board discussed the procedures for adjusting a pension when a person did not report. It was moved by Trustee St. Aubin and supported by Trustee Kraus to cancel Ms. Marie Wolfe pension until she fulfills the duty disability wage verification filing. A friendly amendment was offered by Trustee Wood with the condition that the retirement office has a registered letter verification. Adopted by the following vote: unanimously Karen Williams reported to the Board regarding the Retirement Web Site. Plans are to have the preliminary framework for the site up for retirees in October. Trustee Wood suggested investigating retiree health care for possible savings, since the Board is looking at updating the Ordinance. The Board discussed having a Health Care Audit Committee and working with the Employees Retirement System Board. Members of the Committee would be Trustees Lewis, Wood, St. Aubin. It was moved by Trustee St. Aubin and supported by Trustee Kraus to adjourn the meeting. Adopted by the following vote: unanimously The meeting adjourned at 9:21 a.m. Regular Meeting September 20, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three Minutes approved on tV -17- aOO( Jed Am ro , Secretary P,plice & Fire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM`T Regular Meeting October 17, 20 zi Council Conference Room Tuesday, 8:30 10th Floor, City Hall —`; Lansing, MI c) The Board met in regular session and was called to order at 8:45 a.m. Present: Trustees Cochran, Kraus (8:57), Wood Absent: Trustee Bernero, Holiday, Lewis, St. Aubin Others: Karen E. Williams, Jerry Ambrose, Finance Department; Jack Roberts, Law Department; Rob Olsen, Fire Department; George Tarlas, Asset Consulting. Trustee Wood inquired about the status of Trustee Rhode. Karen Williams informed the board that Trustee Rhode had resigned from the Board. She submitted a resignation letter to the Board Secretary and it was forwarded to the Chair of the Police and Fire Board. Trustee Cochran introduced Mr. Rob Olsen, Engineer at the Fire Department, who is interested in attending meetings. The Board did not have a quorum to approve the Official Minutes of the Police and Fire Meeting of September 20, 2006. 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: 475. 1 death. Joyce I. Largent, Fire, died 8/16/06, age 71, widow of James. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of September, 2006 amounted to $1,685,514.07. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1398. Domestic relations order received: 0. Domestic relations orders pending: 5. Eligible domestic relations orders certified: 0. The Board did not have a quorum to excuse Trustees. Karen Williams gave a report of the 2006 Retirement Conference Expenses. The expenses totaled $7,336.94 from the Invoices received by the Retirement Office. The costs increased beyond the budget of$6,000. A supplemental for %2 of the excess amount can be approved by the Board. Minutes approved on O(o J e% Am IV, , Secretary P,plice & Fire Retirement System �ob—ert Antekeier, Chairperson William Cochran, Chairperson Employees Retirement System Fire and Police Retirement System CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM MINUTES Joint Meeting October 17, 2006 Council Conference Room Tuesday, 9:23 a.m. 10th Floor City Hall :. Lansing, MI The meeting was called to order at 9:15 a.m. r> k- Trustees resent: Police & Fire), Cochran Kraus Wood CJ (ERS), Antekeier, Dedic, Korkoske, Kraus, Woodco ' Other presents: George Tarlas, Asset Consulting; Jack Roberts, Law DepartMentp Robert Oleson, Fire Department. George Tarlas from Asset Consulting gave an performance review of the Employee Retire- ment Systems investments for the period ending September 30, 2006. Mr. Tarlas distributed selection material and led discussion regarding a new small/mid cap manager to replace Ariel Investments. The Boards discussed having a joint investment com- mittee meeting to decide on three possible manager to interview. The Boards will contact George Tarlas to set up interview times possibly in December. Mr. Tarlas recommended that the Employees Retirement System Board move its assets to to new Julius Baer Group Trust. Jack Roberts had questions regarding the recommendation and its forms that must be completed by the ERS Board. Mr. Tarlas will arrange a conference call with the Julius Baer representative to answer legal counsel's questions. It was motioned by Trustee Dedic and supported by Trustee Kraus to approve moving the Employees Retirement System assets from the existing Julius Baer Investment LLC vechicle to the new Group Trust vehicle provided however that the questions on form be fully answered prior to execution to legal counsel and the Board's satisfaction. It is further moved that Chairman Robert Antekeier be authorized on behalf of the ERS Board to execute the forms required by the Julius Baer Group Trust. Adopted by the following vote: unanimously The meeting adjourned at 10:50 a.m. Minutes approved on (0 - O(o Je. Am ro , Secretary Police & Fire Retirement System obert Antekeier, Chairperson William Cochran, Chairperson Employees Retirement System Fire and Police Retirement System CITY of LANSING INTEROFFICE COMMUNICATION TO: Police & Fire and ERS Retirement Boards October 12,2006 FROM: Tom Korkoske,Accounting Manager SUBJECT: Retirement System Computer In July 2006, the Payroll Technician and his payroll duties moved down to the Personnel Department from the Finance Operations Division. In the move, a personal computer owned by the retirement funds moved down with him. A newer computer was traded from the Personnel Department and is now owned by the retirement funds. This PC is a Dell DHS, serial number FCS5F61, manufactured 12/22/04. Cc: Terri Singleton, Director of Personnel OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM N Ct) ,`_, -_ r-;i Regular Meeting November 21, 2_006r; C7 Council Conference Room Tuesday, 8:30 m. r 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:35 a.m. Present: Trustees Cochran, Holliday, Kraus, Lewis, St. Aubin, Wood Absent: Trustee Bernero Others: Karen E. Williams, Jerry Ambrose, Finance Department; Jack Roberts, Law Department; Rob Olsen, Fire Department. It was moved by Trustee Wood and supported by Trustee Kraus to approve the Official Minutes of the Police and Fire Meeting of September 20, 2006. Adopted by the following vote: Unanimously It was moved by Trustee Kraus and supported by Trustee Wood to approve the Official Minutes of the Police and Fire Meeting of October 17, 2006. Adopted by the following vote: Unanimously It was moved by Trustee Wood and supported by Trustee Kraus to approve the Official Minutes of the Joint Police and Fire and Employees Retirement System Meeting of October 17, 2006. Adopted by the following vote: Unanimously Secretary's Report. 4 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total: Active membership: 479. 1 death. William L. Nakfoor, Fire, died 9/18/06, age 85, spouse to receive 50%. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of October, 2006 amounted to $1 ,683,829.85. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1399. Domestic relations order received: 0. Domestic relations orders pending: 4. Eligible domestic relations orders certified: 0. Regular Meeting November 21, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two It was moved by Trustee Lewis and supported by Trustee St. Aubin to approve the following application for Regular Age & Service Retirement: William Karnes, Fire Department, 28 years, 4 months service, age 49, effective December 5, 2006. Adopted by the following vote: unanimously Karen Williams submitted Ms. Katherine Winslow, (Police Department) request for Non Duty Disability Retirement. The Disability subcommittee met and referred Ms. Winslow to the Medical Doctor. It was moved by the Trustee Wood and supported by Trustee Kraus to excuse Trustee Bernero from the meeting. Adopted by the following vote: unanimously Trustee Kraus inquired to the Board regarding the review process for employees on Duty Disability. Jack Robert, Legal counsel was asked to investigate the process and the ability of hiring someone to review duty disability recipient. Trustee Cochran asked that the item be placed on the pending calendar. Karen Williams reviewed the 2006 Conference Budget and requested a vote to approve supplemental monies of $668.47 for expenses. It was moved by Trustee Holliday and supported by Trustee St. Aubin to approve supplementary monies of $668.47 for 2006 Conference expenses. Adopted by the following vote: unanimously Karen Williams requested approval to pay '/z of the International Foundation Membership Dues of $625.00, It was moved by Trustee Holliday and supported by Trustee Lewis to approve payment of '/2 of the International Foundation Membership Dues. Adopted by the following vote: unanimously Regular Meeting November 21, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three The Board discussed the Small/Mid Cap Managers to replace Ariel Investments. The three companies selected for interviews are GW Capital, Integrity, and River Road. Interviews will be held Wednesday, December 20, 2006 at 1:00 p.m. Karen Williams distributed Minute Master Fees from Gabriel, Roeder, Smith and Company. The Board discussed the fees for 2007 conversion to the web-based system offered by Gabriel, Roeder, Smith and Company. The Board requested additional information regarding the conversion fees. Mr. Ken Alberts will make a presentation at the Joint Board Meeting, Thursday, December 21, 2006. It was moved by Trustee Lewis and supported by Trustee Wood to approve the Minute Master Fee for 2006. Adopted by the following vote: unanimously Jack Roberts reviewed the process for Eligible Domestic Relations Order (EDRO). Mr. Roberts asked that policy be approved by the Board regarding EDRO certification and calculation fees. It was moved by Trustee Kraus and supported by Trustee Holliday to approve the following policy: Before the Retirement Plan can honor the domestic relations order, it must first ascertain that the order is an eligible domestic relations order meeting all the requirements of Act 46, Public Acts of 1991 . The City of Lansing has established a procedure for both the review and certification of the EDRO and the calculation of the Alternate Payee's assigned portion of a pension under an EDRO. Both the actual certification and calculation services are performed by the retirement system's actuary, Gabriel, Roeder, Smith and Company (GRS). GRS's fees for performance of these services are the responsibility of the plan participant and his or her spouse with payment due in advance of submission to the actuary. The current fees are: $600.00 certification $850.00 calculation Adopted by the following vote: unanimously Karen Williams reported to the Board that the Retirement Web Site should be available January 2007. Karen Williams distributed and reviewed the October Investment Report. It was moved by Trustee Lewis and supported by Trustee Wood to adjourned the meeting. Adopted by the following vote: unanimously The meeting adjourned at 9:42 a.m. Minutes approved on .i-q -P7 Je., Am ro , Secretary Police & Fire Retirement System William Cochran, Chairperson OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM`,-', Regular Meeting December 19 2006r Council Conference Room Tuesday, 8:35 a-Y"m" . c� 10th Floor, City Hall Lansing, MI The Board met in regular session and was called to order at 8:41 a.m. Present: Trustees Cochran, Holliday, Kraus, Lewis, St. Aubin (8:41), Wood Absent: Trustee Bernero Others: Karen E. Williams, Finance Department; Law Department; Bryan Epling, Ron Finley, Jim Harrington, Fire Department. It was moved by Trustee Wood and supported by Trustee Holliday to approve the Official Minutes of the Police and Fire Meeting of November 21, 2006. Adopted by the following vote: Unanimously Secretary's Report. 0 new fire member(s), 1 new police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 479. 0 deaths. Refunds made since the last regular meeting amounted to $0. Retirement allowances paid for the month of November, 2006 amounted to $1,683,829.60. Total retirement checks printed for the P&F System: 620. Total retirement checks printed for both systems: 1398. Domestic relations order received: 0. Domestic relations orders pending: 3. Eligible domestic relations orders certified: 0. It was moved by Trustee Lewis and supported by Trustee St. Holliday to approve the following application for Regular Age & Service Retirement: Robert Labioda, Fire Department, 28 years, 4 months service, age 49, effective December 15, 2006. Francine Mastrovito, Fire Department, 18 years, 9 months service, age 58, effective January 3, 2007. Adopted by the following vote: unanimously Regular Meeting December 19, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Two Trustee Cochran expressed his gratitude to the members of the Fire Department for their long-term service. Trustee Holliday inquired about the amount of dispatchers in the Department. Trustee Cochran informed the Board that there was only one dispatcher now employed within the Department. Karen Williams reported to the Board that Ms. Katherine Winslow, (Police Department)has been scheduled to see the Medical Doctor, December 27. It was moved by the Trustee Wood and supported by Trustee Kraus to excuse Trustee Bernero from the meeting. Adopted by the following vote: unanimously Karen Williams distributed the MAPERS schedule and dues for 2007. MAPERS dues for the Police and Fire Retirement System are $50.00. Karen Williams requested approval from the Board to renew membership. It was moved by Trustee Lewis and supported by Trustee Kraus to renew MAPERS membership for 2007. Adopted by the following vote: unanimously Karen Williams distributed the Beneficiary Nomination Form to Board Trustees. The Human Resources Department inquired about an updated form for the Police and Fire System that would be similar to the Employees Retirement System. Trustee Kraus informed the Board that she authored the Employees Retirement System Pre-Retirement Beneficiary Nomination Form and gave an overview of the three sections. Trustee Cochran asked that the Beneficiary Nomination Form be placed on Pending on the Agenda. Karen Williams distributed the Beneficiary Nomination Form to Board Trustees. The Human Resources Department inquired about an updated form for the Police and Fire System that would be similar to the Employees Retirement System. Trustee Kraus informed the Board that she authored the Employees Retirement System Pre-Retirement Beneficiary Nomination Form and gave an overview of the three sections. Trustee Cochran asked that the Beneficiary Nomination Form be placed on Pending on the Agenda. Regular Meeting December 19, 2006 Council Conference Room Tuesday, 8:30 a.m. 10th Floor, City Hall Lansing, MI Page Three Trustee Cochran announced that he will not seek re-election. He expressed his appreciation to the Board for the opportunity to serve as Fire Trustee. Karen Williams distributed the 2007 Schedule for the Police and Fire and the Employees Retirement System meeting dates. The Board agreed to have September's meeting date changed to Tuesday, September 11 to avoid conflict with the MAPERS Fall Conference. Trustee Wood informed the Board that she will arrange a Joint Health Care Subcommittee meeting in the upcoming month. It was moved by Trustee Lewis and supported by Trustee Wood to approve the Minute Master Fee for 2006. Adopted by the following vote: unanimously Trustee Cochran will follow-up with the Mayor's Office regarding a citizen appointment to the Board. Karen Williams distributed and reviewed the November Investment Report. It was moved by Trustee Wood and supported by Trustee Lewis to adjourn the meeting. Adopted by the following vote: unanimously The meeting adjourned at 9:10 a.m. Minutes approved on Jl�ry Am k ro , Secretary Police & Fire Retirement System William Cochran, Chairperson i �' CITY OF LANSING POLICE & FIRE and ERS RETIREMENT SYSTEM MINUTES Joint Meeting December 2- 1, t6.Council Conference Room Thursday, 9-15 10th Floor City Hall U) Lansing, MI = ii t' The meeting was called to order at 9:20 a.m. r Trustees present: (Police & Fire), Cochran, Lewis, Kraus, Wood - 3 (ERS), Antekeier, Dedic, Korkoske, Kraus, Murphy, Piloske, Wood Other presents: George Tarlas, Asset Consulting; Karen Williams, Jerry Ambrose, Finance Department; Robert Oleson, LeAnn Garver, Bryan Epling, Jim Harrington, Fire Department. Christine Timmon, public. Attorney Thomas Michaud, Vanoverbeke, Michaud and Timmony, P.C. gave a presentation regarding retirement board outside legal services available at their law firm. Attorney Michaud is a public pension attorney and his firm specialized in public employee retirement system and health care plans. The Joint Board discussed the possibility of retaining outside legal services. Both boards discussed obtaining further information for their January meetings. It was moved by Trustee Murphy and supported by Trustee Korkoske to set up a Joint Meeting to hear presentation from two additional public pension firms regarding outside legal counsel. George Tarlas was asked to combine a short list of possible firms. Adopted by the ERS Board: 7 — 0 The Police and Fire Board did not have a quorum. Mr. Ken Alberts and Mr. Al Bricker, Gabriel, Roeder Smith and Company gave a presentation on the Minute Master Conversion that will begin in 2007. The Minute Master will convert to an electronic format effective January 1, 2007. Mr. Bricker informed that Board that he will give a discount on the fees if both boards approve the full conversion. The ERS Board discussed the conversion and its benefits. It was moved by Trustee Wood and supported by Trustee Dedic to approve the Minute Master full conversion contingent upon approval of the conversion by the Police and Fire Board and a receipt of letter from Gabriel, Roeder, Smith providing 10% discount. Adopted by the ERS Board: 7 — 0 Joint Meeting December 21, 2006 Council Conference Room Thursday, 9:15 a.m. 10th Floor City Hall Lansing, MI Page 2 Mr. George Tarlas distributed and discussed material on the Performance Results for the Quarter. He led discussions with both board regarding a new small/mid cap manager to replace Ariel Investments. It was moved by Trustee Dedic and supported by Trustee Wood to recommend to Asset Consulting to negotiate rates for Integrity as the new small/ mid cap manager for the Employees Retirement System Board. Adopted by the following vote: 7-0 The meeting adjourned at 11:40 a.m. r r' i . Minutes approved on - 113 - 20dj 'rry Am rose, Secretary 1C Lai Robert Antekeier, Chairperson William Cochran, Chairperson Employees Retirement System Fire and Police Retirement System