HomeMy WebLinkAbout2018 Police and Fire Retirement System minutes FINAL EEDINGS OF THE BOARD OF
OFFICIAL PROC TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
January 23, 2018
Regular Meeting Tuesday, 8:00 a.m.
Council Conference Room
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:06 a.m. Wilcox,
Trustees
(8:24), Schor, C. Wilcox, R.
Present: Truss Fabus (8:26), Good, Ros
Wohlfert, Wood (8:10)—
8•
Absent:
Angela Bennett, Finance Department; Attorney en
Others: Karen E. Williams,
ng the City Attorney's Office).
Lane, Clark Hill (rep
ustee Good and supported by Trustee Christopher Wilcox to
Minutes of the Police and Fire Retirement System Board
It was moved by Tr
approve the of DeOfficial cembern19, 2017.
meeting
Adopted by the following vote: 5-0
reported that the City Council had appointed Carol Wood as its
Karen Williams repo stem Board.
representative to the Police and Fire Retirement SY statement(s), 0
1 new police members, 0 rem 353. 4
0 new fire member(s), a 89, no
refund(s), 0 transfers, 1 retired. Total: Active membership:
Stephen J. Malatinsky, Fire, died 11/19/2017, a9
death(s), William P. Miller, Police, died, December 21,
surviving beneficiary; o James L. Conklin, Police, died
2017, age 75, spouse to receive 50 vi beneficiary; Vivian Gunnell,
December 26, 2017, age 83, no surviving
2017 age 90, spouse of Fire retiree. Refunds made
died December 231 amounted to $0.00. Reimbursements to
since the last regular meeting
e System year-to-date amount to $0 00 nt Retirement 260 536.77 allowances
Total
Paid
the Y
for the month of December
r 2017,
P&F System: 734. Total retirement
retirement checks printed stems: 1641. Domestic relations order
checks printed for both systems: ending: 0. Eligible domestic
received: 0. Domestic relations orders p
relations orders certified: 0.
Trustee Good and supported TrusteCe Ret rement:Christopher Wilcox to
It was moved by ular Age & Servi
approve the following application for Reg
f police Department, 25 years o service credits, age
P
Mark Lewandowsky, 6 2018. (with 5 years of reciprocal retirement act
49, effective January
service) (Sworn date 2/23/1998)
January 23, 2018
Regular Meeting
Tuesday, 8:00 a.m.
Council Conference Room Page Two
10th Floor, City Hall
Lansing, MI orted Trustee Christopher WIICOX to
It was moved by Trustee Good
n dfor Regular Age suPP & Service Retirement
approve the following application
(continued):
artment, 25 years of service gmonths of
it, age
Mr. Alan D. Berish, police 018 with the purchase of 1 year,
46, effective February ) Sworn Date, 1011211994)
universal service credits
Adopted by the following vote: 6 -0
There were no requests for Duty Disability retirements.
There were no requests for Non-Duty Disability retirements.
T a MAPERS One Day
distributed information regarding
Karen Williams She requested that members who wish to attend
Conference, March 2, 2018. registration.contact the Retirement Office for
Trustee Fabus inquired abo
ut information for the NCPERS Annual
to attend
in
May. He inquired if the Board needed to vote to allow members e chairperson to
y permission of th
Ms. Williams explained that members needed the P
attend out of state confer
ence. However, if more than two
the Board would
o members wished o
tend or if the Chairperson wished to attend the confer
at
need to vote.
requests for refunds of accumulated contributions.
There were
There were no public comments. reported that he is
ro ected budget for review. He
Attorney Lane distributed the p J
waiting for final numbers from 2017 to add to the budget will submit the
Attorney Lane reported that Ms. rer as d investment rep
of the Board The
Bennett, Secretary per Public Act 314•ort for
reporting includes the actuarial required rep ► valuation and the year en
q reports to the State of Michigan Treasu
the City of Lansing Police and Fire Retirement System.
Date/Contribution Audit. He has
provided an update of the Sworn Datel provided by the
Attorney Lane p ,s Office who reviewed the spreadsheetsthe data, there
met with City's Attorney artment. Upon reviewing member
Human Resources and the Finance Dep and trainees. Street ready
were two categories of members: street ready
have all the appropriate
training and credentials to be Police Officer I or Firefighter
1.
January 23, 2018
Regular Meeting Tuesday, 8:00 a.m.
Council Conference Room page Three
loth Floor, City Hall
Lansing, MI police who were
explained that roximately 14 fire, 8
Attorney Lane exp there were app
in trainee status, ranging from 6 days through 6 months.
regard active
a proposed a concept
a memo adjustment
The City's Attorneys office will prepare usted to the contribution. This
street ready members, there can be a retroactive records
that for the ted by the
of the sworn date. The swornd need w to would
reviewed and adop
proposed suggestion
administration and collective bargaining• keep the City Auditor apprisori
ed
Trustee Wood had requested that the City Attorney p
of the audit.
Mr. Eric Weber requested if he could meet with Human Resources to review files
of affected members to validate the information, lice and Fire Retirement
Trustee Rose requested that the record reflect that the need to be resolved
capacity. The issue would o
System were acting in an advisory p
by collective bargaining and the administration.
dated the Police and Fire Retirement System regarding the
Karen Williams updated
update. Ms. Williams indicated that Retirement Office
Police Trustee Election provided a report of the election
utilized electronic ballots bf Trusteer the lFatbus.ion and
results that were verified Y Department had filed a
orted that Mr. Ryan Wilcox of the P
Ms. Williams rep I olic e the al election held on
valid petition with received N/ie most was sworn by the City Clerk and his term will
December 20-21, 2017. Mr.
expire December 21, 2022• Trustee Wood to accept the
Fabus and supported by
It was moved by Trustee Mr. Ryan Wilcox as the Police Department Trustee.
election results and certify
Adopted by the following vote: 8-0
Attorney Ken Lane
reviewed the Northern Trust Custody Report that includes
the security measures of the Bo Beds custodial cument for ethe IT
found
details regarding response from
no substantive changes. Attorney Lane orted that he received a
department to review. Attorney Lane rep
IT Director, Mr. issues with the report.
Colin Boyce, who had no
the an Wilcox to accept
Trustee Wood and supported by Trustee Ry
It was moved by
the Northern Trust Custody report-
Adopted
by the following vote: 8 - 0
Karen Williams reported that the Gabriel Roeder Smith has sent a proposal to
update Minute Master. Minute Master contains archived agendas, minutes,
p e was not to exceed $3,100.
contracts and legal opinions. The price rang
It was moved by Trustee Good and supported by Trustee Wood to approve the
proposal to update Minute Master. Trustee Wood o heel Roeder friendly
a
mendment
t
Smith needed
that was accepted to limit the cost to $2,500 and i
additional monies, they could provide a request.
Adopted by the following vote: 8 — 0.
AY
ttorne Lane reported that he has sent out the Medical Doctor RFP to some additional
sources for a response. He will have a report at the next meeting.
Karen Williams reported that at the Police and Retirement ate of interest to Boardyste 7,25% and the
2017 meeting, the Board discussed lowering its assumed
inflation rates as recommended in the actuarial Experience Study. Greg
The Police and Fire Retirement System Board requested that the Board's actuary,
Stump attend the February Joint meeting. report for
Ms. Williams reviewed the Investment Report and the securities lending p
the month of December 31, 2018.
It was moved by Trustee Good and supported by Trustee Christopher Wilcox to
adjourn the meeting.
Adopted by the following vote: 8 — 0.
The meeting adjourned at 8:46 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
February 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:34 a.m.
Present: Trustees Fabus, Rose, Schor, C. Wilcox, Wohlfert, Wood (8:16)— 6.
Absent: Good, R. Wilcox
Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney tump,
Ken
Lane, Clark Hill (representing the City Attorney's Office); Greg
Boomershine Consulting Group.
It was moved by Trustee Wood and supported and
Fire Retirement System
b uChristopher
Wilcox
Board
approve the Official Minutes of the Police
meeting of January 23, 2018.
Adopted by the following vote: 6-0
0 new fire member(s), 3 new police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 1 retired. Total: Active membership: 356. 2
death(s), Keith Getts, Police, died 1/27/2018, age 89, spouse to receive
50%; Stephen J. Malatinsky, Fire, died ous/e 90?receive 50017, age 0 9, Robert
Refunds
Hecksel, Fire, died 2/10/2018, ageng amounted to $0.00.
made since the last regular Ito- to $0.00.
Reimbursements to the System Year- date amount unt , amounted
Retirement allowances paid for the month of January
to $2,642,681.05. Total retirement checks printed for the P&F System:
736. Total retirement checks printed for both systems: 1643. Domestic
relations order received: 0. Domestic relations orders pending: 0.
Eligible domestic relations orders certified: 0.
Trustee Wood inquired if the three new police members had been sworn.
Karen Williams confirmed that the Retirement Office had copies of their sworn
certificates from the City Clerks Office.
It was moved by Trustee Wood and supported Trustee Fabus to approve the
following application for Regular Age & Service Retirement:
Connie J. Birdsley, Police Department, 22 years, 7 months of service
credits, age 55, effective February 1, 2018. (from Deferred).
Adopted by the following vote: 6- 0.
February 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Two
Lansing, MI
It was moved by Trustee Fabus and supported Trustee Christopher Wilcox to
approve the following application for Regular Age & Service Retirement:
Darin J. Southworth, Police Department, 25 years of service credits,
age 47, effective March 3, 2018.Da 7
( itht e purchase of 4 months of
universal service credits) (Sworn
1993)
Adopted by the following vote: 6- 0.
It was moved by Trustee Christopher War Age & Service t e Trusnte Wood to
approve the following applicationfor Reg g
Matthew B. Jenkins, Fire Department, 27 years, 5 months of sery
ice
credits, age 49, effective March 17, 2018. (Sworn Date 12/21/1990.
Adopted by the following vote: 6- 0.
It was moved by Trustee Fabus and supported Trustee Christopher Wilcox to
approve the following application for Regular Age & Service Retirement:
Traci Ruiz, Police Department, 25 years of service credits, age 48,
effective March 17, 2018. (Sworn Date, 4/5/1993)
Adopted by the following vote: 6 -0.
There were no requests for duty disability retirement.
There were no requests for non duty disability retirement.
Day
Karen Williams provided the dates for the following eocferen y19 2 AP RS one or
Conference, March 2; MAPERS Spring
Conference, May 9-10 and NCPERS Annual Conference, May 13-16.
There were no requests for refund of accumulated contributions.
Trustee Wohlfert reported that Trust n Wilcox
had. training and Trustee
Good had a family emergency and requested
It was moved by Trustee Wood and supported by Trustee Christopher Wilcox to
excuse Trustee Ryan Wilcox from the Februarymeeting.
Trustee Wood noted that Trustee Good is an ex-officio member and did not
require a vote to be excused.
Adopted by the following vote: 6 - 0
Regular Meeting February 20, 2018
Council Conference Room
Tuesday, 8:30 a.m.
10th Floor, City Hall Page Three
Lansing, MI
Trustee Wohlfert requested a moment of silence for former Trustee Robert Hecksel.
Attorney Lane reported regarding the State of Michigan reporting requirements for
municipal retirement system. Public Act 314 requires that the actuarial report with the
system's year-end financial report to the Department of Treasury. Secretary Bennett has
completed this year's system filing. Public Act 202 has additional requirements for
municipalities that are less than 60% funded.
Attorney Lane provided an overview of the information provided by the Human
Resources and the Finance Department. Upon
reviewing the data, there were two
categories of members: street ready and trainees.
Attorney Lane reviewed the legal opinion regarding Police and firefighter trainees.
Trainees under the Ordinance are not eligible to be members of the Retirement
System. The City Attorney's office listed members who were trainees when their
contributions and service credits began. The City Attorney's Office determined
these service credits should be rescinded and contributions returned to members.
The Board discussed providing letters to member who were affected by the City
Attorney's opinion.
Ms. Bennett indicated that all membersldn get a ot changeer explaining the dates for
those affected and for those whose dates d
id Trustee Wood inquired if the City Attorney's opinions could go out with the letters
sent to members.
Ms. Bennett stated that the legal opinions
wcan
included
with
letters.
Bennett also indicated that member
letter that would detail the contributions to be returned.
Trustee Wood inquired if the members would be given the option to purchase
service credits with their refunds.
only
e for a
eks
Attorney Lane noted that in many casesh refunds notbe elndough bo pay for currentor months. He stated that the amount may
service credits.
Trustee Wood inquired if the members would have any tax consequences from
receiving the refund.
Ms. Bennett stated that the monies went into the system pretax, and there would
be taxes on the refunds.
Regular Meeting February 20, 2018
Council Conference Room
Tuesday, 8:30 a.m.
10th Floor, City Hall page Four
Lansing, MI
Attorney Lane distributed a legal opinion regarding qualified police officers and fire
fighters that opined that a person is not eligible to become a member of the
Lansing Police and Fire Retirement System until he/she becomes a police officer
or firefighter. Those officers and firefighters are immediately eligible to become
members of the System once they take the oath before the City Clerk. The legal
opinion provided that because such qualified employees were otherwise eligible to
be police officers and firefighters,
it
tin thed be tak taking of the ole to deny ath by the City Clerkhip in
the System based solely on a delay
The City Attorney's Office has proposed to adjust the date such officers and
firefights were given the oath of office by the City Clerk to match the date they
became members of the system. Also, the City Attorney recommended that all
qualified employees take the oath of office before being considered eligible to
become members of the System and before such qualified employees commence
pension contributions through the payroll system. The next step would be to share
the information with the union and the administration to effectuate the proposal
and adjust the appropriate personnel records.
It was moved by Trustee Christopher Wilcox and supported Trustee Schor to send
letters to all members regarding the City Attorney opinions and notify those
members whose service credits will be adjusted and contributions refunded.
Adopted by the following vote: 6 — 0
Attorney Lane reported that the Board's investment agreement with Prissa II had been
amended to allow additional investors. Attorney Lane noted that the amendment does not
change anything in the agreement with the City of Lansing. He has reviewed the
agreement and has no issues with the amendment. The amendment also had been
reviewed by Asset Consulting Group and they had no issues.
Trustee Schor provided a proposal to reduce the travel expense allocation from
$10,000 per member to $5,000 per member when looking at recent years' usage.
Trustee Schor expressed that it was a good way to show the public that the Board
is sensitive to the concerns regarding how retirement monies that is spent on
travel.
Trustee Fabus indicated that the monies allocated remain in securities lending if it is not spent. It
would not provide a savings. Trustee Fabus indicated that many members did not use funds or
the funds that were used represented a small percentage of the monies allocated for travel.
Trustee Wood inquired and requested information about the actual amount that
were expensed for 2017.
The Board requested further information to review regarding the actual expenses prior to
approving the budget.
Trustee Wohlfert indicated that trustees should contact him or the retirement office
regarding subcommittee assignments.
Karen Williams reported that at the Police and Fire Retirement System Board
January 2017 meeting, the Board discussed lowering its assumed rate of interest
to 7.25% and the inflation rates as recommended in the actuarial Experience
Study.
Gregory Stump, Boomershine Consulting Group indicated that his
recommendation would be to lower the rate to 7.25% and the inflation rate to
2.75%.
It was moved by Trustee Wood and supported by Trustee Rose to lower the
actuarial assumed rate of interest to 7.25% and the inflation rate to 2.75%.
Adopted by the following vote: 6-0.
Attorney Lane indicated that one Request for Proposal (RFP) was received from
Dr. Roth. He sent it out to additional sources and extend the response date but
has not received a response.
Ms. Williams reviewed the Quarterly Expenses Report and the securities lending
report for the month of January 31, 2018.
The meeting adjourned at 8:28 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
March 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:34 a.m.
Present: Trustees Fabus, Good, Rose, C. Wilcox, R. Wilcox, Wohlfert, Wood
(8:16)— 7.
Absent: Schor
Angela Bennett, Finance Department; Attorney Ken
Others: Karen E. Williams, Capitol
Lane, Clark Hill (representing the City Attorneb's office);
Tho a L.
Krug, p
City Labor Program, Inc.; Tim Garver, Eric
Trustee Fabus and supported by
Trustee Good
It was moved by to approve the
of the Police and Fire Retirement System Board meeting of
official Minutes
February 20, 2018.
Adopted by the following vote: 7 -0.
Trustee Good and supported by
Trustee Ryan Wilcox to approve
the
was moved by
tem
th e Official Minutes of the Joint Police and Fire Retirement
20S2018.Board and the
Employees' Retirement System Board meeting of February
Adopted by the following vote: 7-0
olice members, 0 reinstatement(s), 0 refund(s),
0 new fire member(s), 2 new p bership: 358. 0 death(s). Refunds
0 transfers, 1 retired. Total: Active mem
made since the last regular meeting amounted 0 $0.00.
for the
the System year-to-date amount to $0 Total
month of February 2018, amounted to a retirement checks retirement
Total
ot printed for both
printed for the P&F System: 738.
systems: 1647. Domestic relations relations orders order e certified:ied:pestic relations
orders pending: 0. Eligible domestic
Trustee Christopher Wilcox and supported by Trustee Good to
It was moved by approve the following application for Regular Age & Service Retirement:
Eric Janzen, Police Department, 25 years of service credits, age 48,
effective March 17, 2018. (Sworn Date, 4/6/1993).
Adopted by the following vote: 7- 0.
March 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Two
Lansing, MI
There were no requests for duty disability retirement.
There were no requests for non duty disability retirement. PERS Spring
Karen Williams provided the dates for the following conferences: MA
Conference, May
ro 22; ABS Investor Conference, May 9-10 and NCPERS Annual
Conference, May 13-16. Te rit's
Attorney Lane updated the Police and Fire dersmTe St intends toystem rbe fully migrated off
notification of its intent to switch hosting provide g Director reviewed the
the old system May 1, 2018. The City's Information Technology
change on concern with the move to the
behalf of the Board. He did not have a Lane preps red a confidential
proposed
new provider, but had some additional questions. Attorney
memo that discussed security information. Attorney Lane recommended closed session if
the members wished to discuss the security details. grit to address his
Ms. Williams indicated that the Information theDirector had contracted Te
questions and concerns and would notify
The Police and Fire Retirement Board requested that Tegrit be available at the next
meeting to answer questions.
Attorney Lane updated that the Police and Fire Retirement
t Board rn regarding letters
that
that Police and Fire members were sent letters explainingthe dates for
Ms. Bennett indicated that all members
at received
changer explaining
those affected and for those whose des did
inion regarding Police and firefighter trainees.
Attorney Lane reviewed the legal op g
of
Trainee
s under the Ordinance are not eligible to be ho members
trainees k when their
System. The City Attorney's office listed members w
ffice
contribu
tions and service credits began. The City Attorney'
eturOned tomembers determined
these service credits should be rescinded and contributionstrainees, it could
Attorney Lane explained if the correctionstolicer and tFire Retirement ade for the Plan. Attorney
violate the IRS qualified status of the
Lane explained that the Board may make retroactive adjustments
members a�e tnot rreceben9
La p
sworn dates for the "street ready'�the swoen dates.
any additional benefit by adjusting
Trustee Wood inquired about members who have already retired.
is case law in place that the Board cannot
Attorney Lane opined that there pensions for members who have already
retroactive adjust credits and modify p
retired.
March 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Three
Lansing, MI
Trustee Wohlfert reported that some fire member m had
certification
paid ates trainee
that
differed from the Human
were n Resgiven�etroacurce dates
t retroactive paymentand e
wage in error an 9
Attorney Lane requested that members can forward their documentation for the
City Attorney's Office to review.
Mr. Eric Weber indicated he would like to review the list of daces f rat letters were
with
the information that he had. Mr. Weber also expressed
sent out to membership before the union could review them.
their service eber re ivedn
many calls from members who were concerned about
receiving letters. Mr: Tim Garver, Local 421 agreed to determine r estreet aeady,,state
records and certifications would be a better source
state records to determine "street ready"
Trustee Fabus also recommended using
and checking with the City Clerks records.
Ms. Bennett reported that the Finance Department did receive additional records
from the clerk's office after the list was prepared.
Mr. Klug inquired if for Police, before contributions are made and letters sent out,
the union would like to review the letters.
Mr. Weber inquired if social security would be taken out of the refunds.
Attorney Lane noted that the refunds are „onemb different track than the
Memorandum of Understanding for street ready
Trustee Wohlfert inquired who should receive the state documentation.
Mr. Weber expressed concern about the Cit records. like toe has
received
the
information from members that had different dates and
spreadsheet.
Attorney Lane recommended that for member d issues regarding
's Office.
their dates forward that information to the City Attorney
Mr. Klug requested that refunds of contributions not be released until the issues on
dates are resolved.
Ms. Bennett suggested that a letter would go to affected members indicating the
e mailed until the Board takes action.
amount of refund. Checks would not b
March 20, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Four
Lansing, MI Trustee Wood for individuals
It was moved by Trustee Good and supported by
who thi
nk their information is incorrect to get their documentation to either City
Attorney, Finance Director or Union officials,
Weber ex ith the administration to fix
Mr. We expressed concern that meetings set up w
p
the issue have been delayed.
Attorney Lane indicated that the City Attorney's Office has been working on a
Y to resolve the issues with the "street ready"
memorandum of understanding
members. and
Truste
e Wood recommended both the administration at on pion meet prior to the
memorandum of understanding to review all the in o
gested that members are unaware of the IRS implications and the
Mr. Weber su g
effect of this issue on the Plan.
Trustee Good withdrew her motion, but would like action made on the issue.
Attorney
Lane distributed a revised budget for 2018 that included the travel
expenses average of trustees.
It was moved by
Trustee Wood and supported by Trustee Christopher Wilcox to
approve the 2018 budget as submitted.
Adopted by the following vote: 7 — 0.
Bennett indicated that Trustee Schor provided a proposal to reduce the travel
Ms. per member to $5,000 per member when looking
expense allocation from $10,000 p public document
at recent years' usage. Ms. Bennett stated that the budget to showthe public that the
and Trustee Schor expressed that it was a good way
Board is
sensitive to the concerns regarding how retirement monies that is spent
on travel. rove the
It was moved by
Trustee Fabus and supported by Trustee Wood to approve
following 2018 Police and Fire Subcommittee membership list:
— Fabus, Good, C. Wilcox, Wohlfert
Disability Committee
-- Rose, Wohlfert, Wood, C. Wilcox, Good
Investment Committee
Education Committee -- C. Wilcox, R. Wilcox, Wood
Pro'om -- Wood, R. Wilcox, Wohlfert, Ex-officio Legal Counsel
Special 1
Attorney Lane indicated that he contacted his colleague for information on the
Medical Director for the City of Detroit. The retirement system's medical director is
a part of the Henry Ford Health System.
Karen Williams recommended sending out a request for information to MAPERS
administrators.
on: Who
Attorney Lane posed the two questions
irector? How long has the person or serves as the system's medical d entity served
as the medical director?
Ms. Williams reviewed the Monthly Investment Report and the Securities Lending
report for the month of February 28, 2018.
Trustee Fabus reported that he was contacted by a retiree who had social security
taken out of his pension check. Trustee Fabus inquired if the retirees checks were
reviewed for accuracy.
Trustee Wohlfert inquired if there was a policy in place for reviewing retiree
checks.
on
k had
Ms. Bennett was aware of the retiree and reported hHumatnthe Resourcles and report
been corrected. Ms. Bennett will follow up `
back to the Board.
It was moved by Trustee Rose and supported by Trustee Good to adjourn the
meeting.
Adopted by the following vote: 7 — 0.
The meeting adjourned at 9:43 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
April 17, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:36 a.m.
Present: Trustees
Fabus, Good, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert—7.
Absent: Wood
Angela Bennett, Finance Department; Attorney Ken
Others: Karen E. esentin Aey
's Office
Williams, ); Thomas L. Krug, Capitol
Lane, Clark Hill (representing the City Attorn
City Labor Program, Inc.; Tim Garver, IAFF, Local 421.
supported by Trustee Ryan Wilcox to approve
It was moved by Trustee Good and stem Board meeting of
the Official Minutes of the Police and Fire Retirement Sy
March 20, 2018.
Adopted by the following vote: 7 -0.
0 refund(s),
0 new police members, 0 reinstatement(s), Refunds
0 new fire member(s), 354. 0 death(s).
amounted to $0.00• Reimbursements
paid for the
0 transfers, 4 retire dre regular meeting amounted
membership:
made since the la g
the System year-to-date amount d o $2, Retirement allowances checks
f March 2018, amounted to $2,680,? chec60.31. lksretirementprinted
for both
month o stem: 743. Total retirement
printed for the P&F Sy
systems: 1652. Domestic relations order received: o.orders certified:Domestic relations
0. Eligible domestic relation
orders pending: Good to approve the
It was moved by Trustee Fabus and e &Service Retirement:
supported by Trustee
following application for Regular Ag
Kevin Kilbourn, Police Department, 25 years of service credits, age 49,
effective May 19, 2018. (Sworn Date, 61211993).
Adopted by the following vote: 7- 0•
There were no requests for duty disability retirement.
There were no requests for non-duty disability retirement.
Karen Williams distributed the City
Of Lansing Travel Policy for Board members
review. Ms. Williams noted the updated mileage amount and reminded members
to maintain their conference receipts.
Regular Meeting April 17, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
Karen Williams provided the dates for the following conferences: MAPERS Spring
Conference, May19-22; ABS Investor Conference, May 9-10 and NCPERS Annual
Conference, May 13-16.
There were no requests for refunds of accumulated contributions.
Karen Williams updated the Police and Fire Retirement System Board regarding Tegrit's
notification of its intent to switch hosting providers. Ms. Williams indicated that a
conference call had been set up for members who had questions. Ms. Williams spoke
with the City's Information Technology Director who reviewed the proposed change on
behalf of the Board. Karen Williams reported that the Information Technology Director
stated that all of his questions and concerns had been addressed and the Board could
move forward with the proposed change.
Chairperson Wohlfert asked if any members had questions for Tegrit. There were no
further questions or concerns regarding the new hosting provider for Tegrit.
Attorney Lane reported that he received communication from the Police and Fire Board's
investment consultant, Asset Consulting Group that UBS Global Asset fund had some
management changes due retirement. Asset Consulting Group indicated the retirements
are normal and would be replaced by other senior managers. Attorney Lane informed
trustees that Asset Consulting Group recommended that no action be taken and that UBS
would be providing a fee waiver.
Attorney Lane informed the Police and Fire Retirement System Board that the Michigan
Department of Treasury had published a summary of funds that were underfunded. The
summary was available on the Treasury Department webpage.
Ms. Angela Bennett reported that the City of Lansing filed a waiver for the Employees'
Retirement System and the City's health systems that did not meet the State threshold as
defined by the State of Michigan. The Police and Fire Retirement System was not listed
as underfunded and there were no further action needed.
Attorney Lane updated that the Police and Fire Retirement Board that there had
not been any meetings with the unions regarding the memorandum of
understanding for "street ready" members sworn date. Attorney Lane
recommended that trainees who paid into the system receive refunds and service
credit adjustments.
Ms. Bennett reported that all members received a letter explaining the dates for
those affected and for those whose dates did not change. She also explained that
trainees who had paid into the system would receive another letter indicating the
amount calculated for the refund of contributions.
Trustee Wohlfert expressed his preference that the sworn date issue be resolved
prior to any refunds.
Regular Meeting April 17, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Trustee Good indicated that at the last Board meeting, there was a motion for the
unions would to provide information regarding members who had incorrect dates.
Mr. Garver, IAFF, indicated that scheduled meetings for Fire between the union
and the administration and been canceled.
Trustee Schor indicated that a meeting had been canceled so that the
administration could review an alternate proposal. The review has been
completed, so those meetings can be rescheduled.
Trustee Wohlfert inquired about "street ready" members who are ready to retire.
Trustee Wohlfert asked what date would be used for those members if the
memorandum of understanding is not completed.
Ms. Bennett indicated if there were no signed memorandum of understanding, the
sworn date would be the appropriate date to use for membership.
Attorney Ken Lane also stated that the "street ready" members may need to be re-
evaluated if no memorandum of understanding is yet.
Mr. Krug indicated that the Police had no meetings with the City. Mr. Krug
requested that before contributions are made and letters sent out, the union would
like to review the letters.
Trustee Good inquired about a timeline for the City and the union to meet to settle
these issues.
Attorney Lane distributed and explained a listing of responses from the MAPERS
administrators regarding their medical director. He noted three recurring
organizations: MMRO, MES solutions, and Exam Works. Attorney Lane will send
the RFP out to the additional organizations with a 30-day deadline.
Trustee Wohlfert stated that he received a concern from a disability retiree
regarding the information requested for the annual income verification.
Ms. Williams explained that the income verification makes reference to certain line
numbers on 1040 tax form, where member can find the information needed to
complete their form. Some members were confused if they should report the line
number if they filed jointly and the income was for their spouse. Ms. Williams
explained that retirees only need to report their portion of the income when filing
jointly.
Ms. Williams reviewed the Monthly Investment Report and the Securities Lending
report for the month of March 31, 2018.
Regular Meeting April 17, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Trustee Fabus inquired if the retirees' checks were reviewed for accuracy due to a
problem with a retiree having social security taxes deducted from his retirement
check.
Ms. Good indicated that the mistake on Mr. St. Aubin's check was a one-time
error. The error was caught and corrected.
Kay Williams reported that the May Police and Fire Retirement Board meeting
date had been changed to May 8, 2018.
It was moved by Trustee Rose and supported by Trustee Chris Wilcox to adjourn
the meeting.
Adopted by the following vote: 7 — 0.
The meeting adjourned at 9:11 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting May 8, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:34 a.m.
Present: Trustees Fabus, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood — 7.
Absent: Good
Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney Ken
Lane, Clark Hill (representing the City Attorney's Office).
It was moved by Trustee Fabus and supported by Trustee Christopher Wilcox to
approve the Official Minutes of the Police and Fire Retirement System Board
meeting of April 17, 2018.
Adopted by the following vote: 7-0
0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s),
0 transfers, 1 retired. Total: Active membership: 353. 0 death(s). Refunds
made since the last regular meeting amounted to $0.00. Reimbursements to
the System year-to-date amount to $0.00. Retirement allowances paid for the
month of April 2018, amounted to $2,672,249.75. Total retirement checks
printed for the P&F System: 744. Total retirement checks printed for both
systems: 1654. Domestic relations order received: 0. Domestic relations
orders pending: 0. Eligible domestic relations orders certified: 0.
There were no applicants for Regular Age and Service Retirements.
There were no requests for Duty Disability Retirements.
There were no requests for Non-Duty Disability Retirements.
Karen Williams reviewed the dates and registration material for the following conferences:
MAPERS Spring Conference, May19-22; and NCPERS Annual Conference, May 13-16.
There were no requests for refund of accumulated contributions.
Karen Williams reported that Trustee Good notified the Police and Fire Retirement
Board that she would be at a conference and requested to be excused.
The Police and Fire Retirement Board noted that Trustee Good was ex-officio and
a vote was not needed to excuse her.
Regular Meeting May 8, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
Attorney Lane reported regarding the State of Michigan reporting requirements for
municipal retirement system. Public Act 314 requires that the actuarial report with the
system's year-end financial report to the Department of Treasury. Secretary Bennett has
completed this year's system filing. Public Act 202 has additional requirements for
municipalities that are less than 60% funded.
Attorney Ken Lane updated the Police and Fire Retirement Board that the system
did not need to file a request for waiver because the Board's funding was over the
threshold. Attorney Lane noted that a waiver was submitted for the Employees'
Retirement System and was still being received by the Michigan Treasury
Department.
Attorney Lane provided an update of the sworn date and contribution audit.
Attorney Lane met with both union regard street ready members. Letters have
gone to trainees regarding estimated refunds.
Trustee Fabus was contacted by a member who did not get a letter but had money
taken out of his checks while he was a trainee. Trustee Fabus wanted to ensure
that
Ms. Bennett noted that some trainees without sworn dates might not have
received a letter pending negotiations regarding how those without dates are
treated. Trainees who are scheduled to receive contributions have received letters
detailing the amount and copies of payroll records.
Attorney Lane requested that updated information from members be forwarded to
legal counsel or Angela Bennett. Attorney Lane recommended that trainee
contributions should be pending until next month with final numbers.
Karen Williams provided the annual Duty Disability Income Verification Report.
Four fire retirees and four police retirees had not submitted their annual outside
income certification. Retirees who did not respond will be sent a second letter. If
the retiree does not respond, the Retirement Board may suspend the disability
retirees' pension.
Attorney Ken Lane indicated that he sent the Medical Director Request for
Proposal to three additional organizations that were found by contacting MAPERS
Administrators. He requested that the proposals be submitted within 30 days.
Attorney Lane should have a report at the next meeting.
Ms. Williams reviewed the Quarterly Expenses Report and the securities lending
report for the month of April 30, 2018.
The meeting adjourned at 9:01 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
CITY OF LANSING RETIREMENT
JOINT POLICE AND FIRE RETIRE
SYSTEM BOARD
and
EMPLOYEES' RETIREMENT SYSTEM
BOARD MEETING MINUTES
February 20, 2018
Joint Meeting Tuesday, 9:15 a.m.
Council Conference Room
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:34 a.m.
A quorum of the Employees' Retirement System Board and Police and Fire Retirement
System Board was present.
• ERS , Dedic (10:30), Kraus, Munroe, D. Parker, M. Parker, Schor. —
Trustees present. ( )
6.
Police & Fire), Fabus, Rose, Schor, C. Wilcox, Wohlfert, Wood - Hill Law
( artment; Ken Lane, Clark
resent: Karen E. Williams, Finance Dep Boomershine Consulting
Others p the City Attorney's Office); Greg Stump, Dominguez, Tara
Office (representing y g James
Group; Nathan Burk, George Tarlas, Asset Consulting Group;
Patrick, William Blair Investments. Trustee Kraus to excuse
It was moved by
Trustee Mark Parker and supported by
Trustees Dedic and Washington.
Adopted by the following vote: 5 — 0.
rted by Trustee Christopher Wilcox to excuse
It was moved by Trustee Wood and suppo
Trustee Ryan Wilcox.
Adopted by the following vote: 6 — 0
distribute inform
d ation for a new voice recorder to meetings minutes. The
Ms. Williams d with the current computer operating system.
current recorder can no longer be use
The new recorder can be used with Windows 7 and later. her Wilcox for the
orted by Trustee Christopher
It was moved by Trustee Wood and supp the purchase of the voice recorder and
Police and Fire Retirement System to approvestem Board.
split the cost with the Employees Retirement Sy
Adopted by the following vote: 6 - 0•
February 20. 2018
Joint Meeting Tuesday, 9:15 a.m.
Council Conference Room
10th Floor City Hall Page 2
Lansing, MI
It was moved by Trustee Mark Parker and supported rustee Munroe voice recorder an the
the
Employees' Retirement System to approve the purchase of the
split the cost with the Police and Fire Retirement System Board.
Adopted by the following vote: 5- 0
Karen Williams distributed a notice form Tegrit regarding an upcoming technology
change. Tegrit has requested permission to change its preferred hosting provider.
Karen Williams reported that she provided the notice to the City's Information
Technology director and to legal counsel.
Attorney Lane expressed that the he reviewed the notice and reviewed the issues
expressed by the IT director. There were no issues with the particular provider change
but there are some issues to discuss regarding
ailscthat the T technical Director It bought would
al issues of
employee data. There were some security
best be addressed in a closed session.
Attorney Lane opined that the change would be substantive and the Board could cancel
the contract.
Trustee Wood inquired if the Board could seek damages if they needed to cancel the
contract.
Trustee Schor inquired why the retirement system had a separate system from Human
Resources.
Trustee Kraus explained that at the time, Human Resources did not have any system
that implemented retirement data. Retirement calculations were done manually.
The Board requested that Tegrit come to a future meeting to explain what they are
doing.
Attorney Lane stated that he could review the legal issues surrounding
Boardslcould have atclosed
y, and
technical details regarding confidential employee data
session to discuss these issues.
It was moved by Trustee Kraus and supported by Trustee Mark Parker for the
Employees Retirement System to have Attorney Lane review the information and
provide a legal opinion regarding securing employee data.
Adopted by the following vote: 5 - 0
It was moved by Trustee Wood and supported by Trustee Fabus for the police
oli ee a and
leg re
Retirement Board to have Lane review the information and p
dal
s Attorney
data.
opinion regarding securing
Adopted by the following vote: 6 -0.
Boomershine Consulting Group, provided an annual actuarial
Mr. Gregory Stump, stem and the Police and Fire Retirement
update for the Employees' Retirement Sy status, the impact of the 2018
System. Mr. Stump discussed the current funding t n and five year projections.
investment, implementation of the 7.25% assume
contributions and the plan maturity of both
Mr. Stump reviewed the funding progress, act and the gains of 2017 on
system. He discussed the investment return imp
contributions.
provided an overview o
Mr. James Dominguez, William Blair Investment ge hin the small-mid cap growth
company. He reviewed the assets under management
strategy and portfolio team, performance
portfolio specialist discussed the investment p stem
Ms. Tara Patrick, William Blair p stem and the Police and Fire Retre einvestment
portfolios. Ms. Patrick discussed the philosophy and the SMID growth
process, portfolio characteristics and holdings.
Mr. Nathan Burk,
Asset Consulting Group discussed the reduction of fees procured from
Integrity.
reviewed the Asset Consulting Group transparency letter. The letter
Mr. Nathan Trustee meals.
describes the limits regarding portfolio analysis.
ce of the Employees' Retirement System M d
Mr. Burk and Mr. Tarlas reviewed the market environment and total
Mr. Burk discussed the financial performance
for the period ending December 31, 2017.
the Police and Fire Retirement Sy oiod os equity, fixed income, and real
Mr. Burk and Tarlas provided an analysis of the p
estat
e investments. Mr. Burk reviewed the January monthly financial report.
The meeting adjourned at 11:40 a.m.
Minutes approved on
Angela Bennett, Secretary
Eric Wohlfert, Chairperson stem
Denni Chairperson s R. Parker, Police and Fire Retirement Sy
Employees' Retirement System
CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT
SYSTEM BOARD
and
POLICE AND FIRE RETIREMENT SYSTEM
BOARD MEETING MINUTES
May 24, 2018
Joint Meeting Thursday, 9:15 a.m.
Council Conference Room
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:25 a.m.
e Em loyees' Retirement System Board and Police and Fire Retirement
A quorum of th p
System Board was present.
Trustees prese
nt: ERS), Dedic, Good, Munroe, D. Parker, M. Parker, Sanchez-Gazella,
Schor, Washington. — 8•
Police & Fire), Fabus, Good, Rose, Schor, R. Wilcox, Wohlfert, Wood -
( artment; Ken Lane, Clark Hill Law
Others present: Karen E. Williams, Finance George Tarlas, Asset Consulting Group;
Office (representing the City Attorneys office);
Property Fund).
Julie Pierro, Peter Shaplin, UBS Realty
It was moved by Trustee Dedic and supported by Trustee Good to excuse Trustee
Kraus from the May Joint Retirement Board's meeting.
Adopted by the following vote: 6-0
It was moved by Trustee Good and supported by Trustee Fabus to excuse Trustee
Christopher Wilcox from the May Joint Retirement Board's meeting.
Adopted by the following vote: 7 -0.
ne updated the Joint Retirement Board regarding the Medical Director
Attorney La p Attorney Lane distributed a memo with a list of questions
Request for Proposal (RFP). Lane's recommendation was
the Retirement Boards' current provider.
from one of organizations that received the RFP. At orney din the Retirement
not answer specific questions regarding
Attorney Lane suggested to answer the general questions regarding
Boards. to ees.
Attorney Lane updated the Joint Retirement Board regarding ee t oretract turn to work as a
Att Y prohibits a retired employee practice an in
Attorney Lane explained that the IRS p a The IRS deems this
contract employee with the same job, hour and es not allow.
service distribution which the City of Lansing
Joint Meeting May 24, 2018
Thursday, 9:15 a.m.
Council Conference Room
10th Floor City Hall Page 2
Lansing, MI
The City Attorney currently reviews contracts of retirees that return to work for
rpheay, and
The contracts are reviewed for differences that include limited hours,
different changes in duties to be compliant o Itl neh anln al rconeact reviewtoprocedurney resLand
recommended a policy that would
require written notification from the City Attorney's office.
Trustee Wood reported that the City retiree Council
may
could work review retirement
der ct ordinance changes
that would limit the amount of time a
Ms. Julie Pierro, USB Realty, provided an overview of the Trumbull Property Fundy and
discussed upcoming retirements of investmentanagers and
and their a rev reviewemen of the team
Pierro provided an overview of UBS current
members.
Mr. Shaplin discussed the investment performance of the 'Employees' Retirement
System and the Police and Fire Retirementand investment System
portfolios.
grade Mr.cre Shaplin provided a
market overview and discussed high yield
Mr. George Tarlas, Asset Consulting Group, reviewed the following Police and Fire
Retirement System Quarterly Cash flow recommendations to meet retirement system
obligations of$8 million:
Redeem $1.5 million from Mondrian
Redeem $2.5 million from T. Rowe Price
Redeem $4 million from Norther Trust Index Fund
It was moved by Trustee Wood and supported by Trustee Rose to approve the quarterly
cash flow redemption of $8 million as recommended by Asset Consulting Group and to
redeem $20,000 from securities for the Board's Administrative Expenses.
Adopted by the following vote: 6 — 0.
Mr. George Tarlas Burk, Asset Consulting
reviewed
tothe
meetlretirement wing Employees'
system
Retirement System Quarterly Cash flow recommendations
obligations of $6 million:
Redeem $1 million from William Blair
Redeem $1 million from Wells Fargo Berkeley Street
Redeem $1 million from Integrity
Redeem $3 million from Earnest Partners
It was moved by Trustee Mark Parker and supported by Trustee Good approve the
quarterly cash flow redemption of $6 million as recommended by Asset Consulting
Group and to redeem $20,000 from securities for the Board's Administrative Expenses.
Adopted by the following vote: 7 — 0.
Mr. Tarlas reviewed the updates to the Joint Retirement Boards' investment policy that
included decreasing the assumed rates of interest to 7.25%.
It was moved by Trustee Dedic and supported by Trustee Mark Parker to approve the
updates to the Employees' Retirement System Board.
Adopted by the following vote: 7 — 0
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the
updates to the Police and Fire Retirement System Board.
Adopted by the following vote: 6 — 0.
Mr. Tarlas presented a comparison of the MERS investment portfolio and the City of
Lansing Retirement System. He reviewed the performance and risk profiles of the
retirement systems over 1, 5 and 10 year period.
Mr. Tarlas reviewed the market environment and total portfolio analysis. Mr. Tarlas
discussed the financial performance of the Employees' Retirement System and the
Police and Fire Retirement System for the period ending March 31, 2018. He provided
an analysis of the portfolios equity, fixed income, and real estate investments. Mr.
Tarlas reviewed the April monthly financial report.
The meeting adjourned at 11:02 a.m.
Minutes approved on
Angela Bennett, Secretary
Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson
Employees' Retirement System Police and Fire Retirement System
CITY OF LANSING
JOINT POLICE AND FIRE RETIREMENT
SYSTEM BOARD
And
EMPLOYEES' RETIREMENT SYSTEM
BOARD MEETING MINUTES
August 21, 2018
Joint Meeting Tuesday, 9:15 a.m.
Council Conference Room
loth Floor City Hall
Lansing, MI
The meeting was called to order at 9:33 a.m.
A quorum of the Employees' Retirement System Board and Police and Fire Retirement
System Board was present.
Trustees present: (ERS), Good, Munroe, D. Parker, M. Parker, Sanchez-Gazella, Schor
(9:59) — 6• se, Schor (9:59), C. Wilcox, R. Wilcox, Wohlfert, Wood
(Police & Fire), Fabus, Good, Ro
- 8
Others present: Karen E. Williams, Finance Department;ttorneys Off ce)Attorneyy City NathanoBurrk,
Abood, Attorney Ken Lane (at the request of the City
George Tarlas, Asset Consulting Group.
It was moved by
Trustee Good and supported by Trustee Mark Parker to excuse
Trustee Dedic and Washington from the August Joint Retirement Board meeting.
Adopted by the following vote: 6-0
of
Attorney Abood updated the Joint Retirement B hisrownrai m,ing tand hehe thas exptressed
torney
Ken Lane. Attorney Lane left Clark Hill to establish
an interest to continue staffing the Boards as legal counsel.If approved,Lthe City Attorney
approved City Council list, but his approval is pending.
tinue tostaff the
nting the City
would recommend that Attorney Lane con he Boards ardsare allowards ed eunder PA 314
Attorney's office. Attorney Abood also explained t
to hire its own counsel.
int Retirement Boards ieat in the al counsel.past, the City Attorneys
Trustee Wood reminded the Jo
office has accepted the Boards recommendations for g
Joint Meeting August 21, 2018
Council Conference Room Tuesday, 9:15 a.m.
10th Floor City Hall Page 2
Lansing, MI
It was moved by Trustee Wood and supported by Trustee Good to recommend Attorney
Kenneth Lane to represent the Police and Fire Retirement System Board provided he
be approved by City Council.
Trustee Chris Wilcox expressed interest in performing due diligence and looking at all
options.
Trustee Ryan Wilcox also expressed interest in exploring legal counsel.
Trustee Dennis Parker inquired about a request for proposals and inquired if the Board
are required to take action on the City Attorney's recommendation.
Trustee Wood stated that it was important for the Board to take action to recommend
legal counsel instead of no action.
Adopted by the following vote: 7- 0
It was moved by Trustee Good and supported by Trustee Sanchez-Gazella to
recommend Attorney Kenneth Lane to represent the Employees' Retirement System
Board provided that he be approved by City Council.
Adopted by the following vote: 6 — 0.
Mr. Burk reviewed the market environment and total portfolio analysis. Mr. Tarlas
discussed the financial performance of the Employees' Retirement System and the
Police and Fire Retirement System for the period ending June 30, 2018. He provided an
analysis of the portfolios equity, fixed income, and real estate investments. Mr. Burk
reviewed the July monthly financial report. Mr. Tarlas indicated that there were no
recommendations to make changes to the portfolio at this time.
Mr. Burk stated that ACG generally negotiates with investment managers for more
favorable fees for its clients. ACG is currently negotiating with Northern Trust regarding
a reduction of custodian fees.
Mr. Burk provided an overview of the new Trustee handbook. Mr. Burk reviewed an
outline of the decision makers, fiduciaries, investment managers, legal counsel, staffing,
vendors and liaisons. Mr. Burk reviewed the process for adding investment managers
for Board consideration. Mr. Burk discussed the role of the fiduciary that includes
having an investment policy statement, having a diversified portfolio, using professional
investment managers, accounting for expenses, and monitoring activities of investment
managers. Mr. Burke provided an overview of asset allocation.
The meeting adjourned at 11:08 a.m.
Minutes approved on
Angela Bennett, Secretary
Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson
Employees' Retirement System Police and Fire Retirement System
CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT
SYSTEM BOARD
And
POLICE AND FIRE RETIREMENT SYSTEM
BOARD MEETING MINUTES
November 8, 2018
Joint Meeting Tuesday, 9:30 a.m.
Council Conference Room
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:33 a.m.
A uorum of the Employees' Retirement System Board and Police and Fire Retirement
q
System Board was present.
Trustees present: (ERS), Dedic, Good, Kraus, Munroe, D. Parker, M. Parker, Sanchez-
Gazella, Washington (9:59) — 8•
(Police & Fire), Fabus, Good, Rose, C. Wilcox, R. Wilcox, Wohlfert, Wood — 7
Others present: Karen E. Williams, Angela Bennett, Finance Department,
Deputy City
Attorney Joseph Abood, Attorney Ken Lane (at the requ Fumarolo,st of the (Senty ior Relationship
A Y Lawrence A.
Nathan Burk, Asset Consulting Group;
Manager, Mac Nickey, Senior Investment Manager, Northern Trust.
AY
ttorne Ken Lane distributed copies of Contract Employees' policy for discussion. He
also distributed the approved Duty Disability re-examination policy.
The Joint Boards agreed to leave the issue pending to allow members additional time to
review the Contract Employees' policy. ce
coul
ttorne Abood updated the Joint Retirement Board that the
City
p t o ney' on off(behalf of
AY f
not locate a legal advisor request for information that wa
the retirement boards.
Tr
ustee Kraus indicated that she does not believe that there was a request for proposal
(RFP) prepared by the retirement boards.
It was moved by Trustee Wood and supported by Trustee n hri ssuecox that the and Request Police
for
and Fire Retirement Board request that the City Y
Information (RFI) and bring the recommendations to the Board.
Trustee Kraus mentioned that this item was not discussed in the Employees' Retirement
System Board meeting last month and inquired why the issue has been brought up.
Joint Meeting November 8, 2018
Council Conference Room
Tuesday, 9:15 a.m.
10th Floor City Hall Page 2
Lansing, MI
Trustee Wohlfert indicated that at recent conferences, it was explained that Board could
still be liability if they do not perform due diligence on its professional services.
Trustee Dennis Parker indicated that the City Attorney provided a recommendation of
legal counsel to the Board, without any research.
Trustee Wood discussed that process that the City Attorney make a recommendation of
legal counsel as its representative and make payment for service.
ham
mith
Trustee Dedic provided a history of the s with stated Chty Attorney at all profesB og al services
regarding hiring a legal counsel. Trustee Dedic
should be subject to review and due diligence from the Boards.
Attorney Abood indicated the Public Act 314 has been amended since that time to allow
the Retirement Boards to hire its own legal counsel and pay the cost for those services.
The City Attorney has selected Attorney Ken Lane to staff the retirement Boards.
Trustee Kraus inquired if the intent was to prepare a Request for Qualifications and
Proposals (RFQP) or a Request for Information (RFI).
Trustee Dennis Parker did not believe the Retirement Boards could compel the City
Attorney to issue the RFQP. Trustee Parker recommended that the City Attorney's
office issue the RFI.
Attorney Abood indicated that the City Attorney's office would prepare the RFI and the
Retirement Boards would issue the request.
Trustee Kraus inquired where the fiduciary responsibility and liability fall when the City
plays for the service.
Attorney Ken Lane opined that there would still be liability for the Board. He provided
an example that if he gave bad advice or not exemptoneous eformation that was not d ability because the City profides
ned
by the Boards. The Boards are from
the payment.
Trustee Good stated that the Board would still be responsible not questioning bad
advice whether the Board or the City paid for the services.
Trustee Washington stated that it is the Board's fiduciary responsibility to at least follow
the process to review professional services.
Adopted by the following vote: 7 — 0.
November 8, 2018
Joint Meeting Tuesday, 9:15 a.m.
Council Conference Room
10th Floor City Hall Page 3
Lansing, MI
Supported by Trustee Washington that the
It was moved by Trustee Munroe and issue a RFI and bring the
Employees' Retirement System
request that the City Attorney
information back to the B process of the City
Trustee Kraus stated that the process is not the Board's, but it is the
Attorneys Office. 's office, a RFI
Attorney Abood indicated that if the request came to the City Attorney
ould only issue to the attorney on its list.
would be issued. Attorney Abood w
Adopted by the following vote: 7 - 0 banking
r. Fumarolo, Northern Trust explained the services offered by a custody
M role is to custody and safeguard the Board's assets. Northern
relationship. The primary of investments. Mr. Fumarolo discussed its
Trust reports on the buying and selling
r security and reported that there had been n a breaches.ndles a adsreportss securities
cybe Y proceeds.
Mr.
technologies in financial services. Norther posts system class action p
litigation for the retirement boards and p y
Fumarolo provided an overview of the securities lending program. mix. Mr.
Mr. Nickey provided a review of the City of Lansing retirement boards manager g of the
Nickey discussed the performance and provided a market value summary
'rement boards' portfolio. He reviewed the Northern Trust S&P 500 Index no -
ret►
lending fund.
for quarterly cash
forow
Burk, As
set Consulting Group, distributed recommendations
and $5 9 million for
for $8.1 million for the PsliS{e1anBo iced Retirement System
Employees Retirement y
d b Trustee Mark Parker and supported by Trustee Kraus to redeem $1•g
It was move y
m T. Row
million
from the Northern Trust S&P 500 Index Fund redeem
from Northern Troust Secur ty
Price, redeem 2 million e Retestern emenAsset, and System quarterly cash flow.
Lending for the Employes
Adopted by the following vote: 5 - 0
It was moved Trustee Good and supported by Trustee Ryan Wilcox to redeem $2.5
owe Price,
million fro
m the Northern Trust S &P 500 Index Fund, redeem rom $Northem Trust t Security
redeem $3.1 million from William Blair and $15,0arterl cash flow.
Lending for the Police and Fire Retirement System quarterly
Adopted by the following vote: 6 — 0.
Mr. Burk provided an overview and update of the global economic markets. He
discussed the market environment and total portfolio analysis. Mr. Burk discussed the
financial performance of the Employees' Retirement System and the Police and Fire
Retirement System for the period ending September 30, 2018. He provided an analysis
of the portfolios equity, fixed income, and real estate investments. Mr. Burk reviewed
the October monthly financial report.
The meeting adjourned at 11:10 a.m.
Minutes approved on
Angela Bennett, Secretary
Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson
Employees' Retirement System Police and Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM -updated
Regular Meeting June 19, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:33 a.m.
Present: Trustees Good, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert— 6.
Absent: Fabus, Wood
Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney Ken
Lane, Clark Hill (representing the City Attorney's Office); Eric Weber, IAFF Local
421; Thomas Krug, CCLP; Craig Powers, Fire Department.
It was moved by Trustee Rose and supported by Trustee Good to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of May 8
17, 2018.
Adopted by the following vote: 6 — 0
It was moved by Trustee Christopher Wilcox and supported by Trustee Good to
approve the Employees' Retirement System and Police and Fire Retirement
System Joint Meeting minutes of May 24, 2018
Adopted by the following vote: 6 -0
Mr. Eric Weber inquired that he wished to speak regarding the applications for
regular age and service. Trustee Wohlfert requested that Mr. Weber could speak
when we get to that item on the agenda.
0 new fire member(s), 2 new police members, 0 reinstatement(s), 0 refund(s),
0 transfers, 1 retired. Total: Active membership: 356. 2 death(s), Winifred
Karnes, died February 14, 2018, age 88, spouse of Fire retiree; Patricia
Koenigsknecht, died 5/21/2018, age 89, spouse of Police retiree. Refunds
made since the last regular meeting amounted to $0.00. Reimbursements to
the System year-to-date amount to $0.00. Retirement allowances paid for the
month of May 2018, amounted to $2,675,995.03. Total retirement checks
printed for the P&F System: 744. Total retirement checks printed for both
systems: 1655. Domestic relations order received: 0. Domestic relations
orders pending: 0. Eligible domestic relations orders certified 0.
Karen Williams reported that there were applicants for Regular Age and Service
Retirements.
Craig Powers, Fire Department, 24 years, 11 months of service
credits, age 47, effective July 19, 2018, with the purchase of 2 years
of universal service credits (Sworn Date, 9/15/1995)
Regular Meeting June 19, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
Mr. Eric Weber stated that arbitration regarding the sworn date issue had been
requested. Mr. Weber stated that both members who submitted retirement
applications were fully qualified as firefighters prior to their sworn date. Mr. Weber
stated a memorandum of understanding had been drafted and submitted to the
unions. Mr. Weber was advised by IAFF legal counsel to not sign the
memorandum or action would be taken against the local 421. Mr. Weber stated
that Trustee Wohlfert had advised that the issue was between the union, the city
attorney and the City of Lansing. Mr. Weber disagreed and believed that the issue
should come before the Board. Mr. Weber submitted and read a prepared
statement (added as an addendum).
Attorney Lane explained indicated that three criteria must be met for an employee
to be a member of the Police and Fire Retirement System: 1. Full-time permanent
employee, 2. Hold a rank of police officer or firefighter, 3. taken the oath of office.
Attorney Lane also explained the Memorandum of Understanding was drafted to
address explained his role as legal counsel to the Board representing the City
Attorney's Office. There are legal opinions from the City Attorney's office from
1996 regarding trainees. Attorney Lane also explained the Ordinance requires the
Board to correct errors that are discovered that would allow members to receive
more or less, than the member is entitled to and could affect the I.R.S. status.
It was moved by Trustee Rose and supported by Trustee Good to approve the
following applications for regular age and service retirement:
Craig Powers, Fire Department, 24 years, 11 months of service
credits, age 47, effective July 19, 2018, with the purchase of 2 years
of universal service credits (Sworn Date, 9/15/1995)
Trustee Schor inquired what would happen if the applications were approved.
Karen E. Williams explained that the members retirement payments would be
deferred until age 55.
Trustee Schor inquired if the application was denied, would the member need to
reapply.
Karen Williams indicated that the member could reapply for retirement.
Trustee Rose explained that the members have the option to withdraw their
application prior to their effective date. Trustee Rose expressed concern about
denying the request. There is no valid reason to deny their application as
presented.
Adopted by the following vote: 4 -1
Regular Meeting June 19, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Rose and supported by Trustee Good to approve the
following applications for regular age and service retirement:
Brent Gillespie, Fire Department, 24 years, 8 months of service
credits, age 53, effective July 13, 2018 (Sworn Date 12/17/1993)
Adopted by the following vote: 5 -0
Ms. Williams read a letter of request for duty disability from the Police Chief for
Applicant#2018-P0619.
Applicant #2018-P0619 request for duty disability was referred to the disability
subcommittee.
The Police and Fire Retirement Board recessed to allow the disability
subcommittee to meet.
The Board recessed at 9:10 a.m.
The Board resumed at 9:15 a.m.
There were no requests for Non-Duty Disability Retirements.
Trustee Rose provided his oral report for attending MAPERS Spring Conference. He
provided an overview of the actuary hour.
Trustee Ryan Wilcox attended the MAPERS Conference and gave an oral review of the
New Trustee Development workshop, the actuary hour and at NCPERS he attended
workshops regarding millennials and cybercrime.
Trustee Christopher Wilcox gave his oral report from his attendance to NCPERS Annual
Conference and MAPERS Spring Conference. Trustee Wilcox explained that NCPERS
provided investment strategies, and investment consultant. Trustee Wilcox also attended
MAPERS and learned a lot from the actuary hour. He also attended the workshop that
discussed investments from the consultant's view and learned information regarding due
diligence visit.
Trustee Wohlfert provided his oral report for his attendance at the MAPERS Spring
Conference. He discussed the actuary hour, which provided and breakdown of all the
important numbers of the actuarial valuation. He also discussed investments for
environment social and government strategies workshops. He also attended NCPERS
and contrasted the plans, with some plans at 170 billion dollars. He found both
conferences informative.
June 19, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Four
Lansing, MI
Attorney Ken Lane also attended the MAPERS and direuBoard the
thatlegislative
update.
for he
discussed PA 202 and informed the Police and F
Employees' Retirement System Board had been
Health Care enied nplans d a �ThelPolice and Fae
would be necessary for the ERS Board and City
Retirement System was above the 60% threshold and its reporting requirements for the
year had been completed.
It was moved by
Trustee Christopher Wilcox and supported by Trustee Good to excuse
d from the June meeting.
the Trustee Board members, Fabus and Woo
Adopted by the following vote: 6 - 0
There were no requests for refund of accumulated contributions.
Meo
andum of
Mr. Tom Krug, CCLP reported that the Police union was
sent
the The ion is exploring
Understanding from the City. It has not been sign .
additional remedies as necessary. Mr. Krug believes d tehat if an employee has paid
into the system, he should be a member from that
Mr. Craig Powers, Fire explained his situation and stated his qualifications at time
of his hire. He feels he was being unjustly punished because his sworn date was
later than hire date.
tor
Attorney Lan Attorney Ken Lane indicated that ations that werhe sent the leafound c by
Request for Proposal to three additional organ
contacting MAPERS Administrators. The Board received one response from
MMRO.
Trustee Rose recommended sending the RFPs to a committee for review.Attorney Lane distributed a contract employee
applicable cable ERS regulationsy, This procedure uld be used for
evaluating contracts to ensure compliance w pp
AttorneyLane provided an update of the sworn e ate and contribution
strib tiers have
Attorney Lane met
th both
est estimated refunds.
tree Y
gone to trainees
Karen Williams provided the annual Duty Disability louts de income ncome tion Ration.
Two disability retirees had not submitted their annual
d the disability retirees' pension.
Retirees who did not respond would be sent a second letter. If the retiree does
not re Williamshe Rtirement Board will suspen
al o reported there wound be one pension adjustment.
Karen
It was moved by Trustee Good and supported by Trustee Wilcox to send certified
return receipt letters to the remaining members who had not reported.
Adopted by the following vote: 6 - 0.
Attorney Lane recommended a duty disability medical re-evaluation policy
detailing the criteria for annual medical reviews.
Trustee Wohlfert explained the current procedure for determining how disability
retirees are reviewed.
Karen Williams reported that the August Joint Meeting would include new trustee
training, performance review and education.
Karen Williams reported that ACG would provide an education forum for all of its
Lansing areas clients, the week of September 10, 2018. ACG will provide more
details as they become available.
Trustee Wohlfert referred the medical doctor RFP to the disability subcommittee.
Karen Williams will distribute the RFPs to the membership.
Ms. Williams reviewed the Quarterly Expenses Report and the Securities lending
report for the month of May 31, 2018.
The meeting adjourned at 9:48 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting July 17, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:34 a.m.
Present: Trustees Fabus, Good, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert,
Wood — 8.
Absent: 0.
Others: Karen E. Williams, Finance Department; Attorney Ken Lane, Clark Hill
(representing the City Attorney's Office); Eric Weber, IAFF Local 421; Thomas
Krug, CCLP.
It was moved by Trustee Good and supported by Trustee Wilcox to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of June
18, 2018.
Adopted by the following vote: 8 — 0
0 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s),
0 transfers, 0 retired. Total: Active membership: 357. 1 death(s). Robert
Hanes, Fire, died July 4, 2018, age 89, spouse to receive 50%. Refunds made
since the last regular meeting amounted to $0.00. Reimbursements to the
System year-to-date amount to $0.00. Retirement allowances paid for the
month of June 2018, amounted to $2,672,572,27. Total retirement checks
printed for the P&F System: 742. Total retirement checks printed for both
systems: 1656. Domestic relations order received: 1. Domestic relations
orders pending: 0. Eligible Domestic Relations Order Certified: 0.
Karen Williams reported that Mr. Craig Powers and Mr. Brent Gillespie submitted
written requests to rescind their retirement applications.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to
reconsider the following requests for Regular Age and Service Retirements:
Craig Powers, Fire Department, 24 years, 11 months of service
credits, age 47, effective July 19, 2018, with the purchase of 2 years
of universal service credits (Sworn Date, 9/15/1995) —Application
withdrawn
Regular Meeting July 19, 2018
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 Chris Wilcox to
reconsider the following requests for Regular Age and Service Retirements:
Brent Gillespie, Fire Department, 24 years, 8 months of service
credits, age 53, effective July 13, 2018 (Sworn Date 12/17/1993) —
Application Withdraw
Adopted by the following vote: 8-0.
It was moved by Trustee Good and supported by Trustee Fabus to approve the
request to withdraw the applications of Craig Powers and Brent Gillespie for
Regular Age and Service Retirements.
Adopted by the following vote: 8- 0.
It was moved by Trustee Christopher Wilcox and supported by Trustee Wood to
approve the following request for Regular Age and Service Retirement;
Douglas Burke, Fire Department, 23 years, 0 months of service
credits, age 49, effective August 18, 2018, with purchase of 2 years
of universal service credits, total credits are 25 years of service.
(Sworn Date, 9/15/1995)
Adopted by the following vote: 8 — 0.
Karen Williams reported that Applicant #2018 — P0619 has been scheduled to see
the medical director.
There were no requests for Non-Duty Disability Retirements.
Karen Williams announced the following upcoming Training and Education for
trustees:
ACG Joint Meeting and Education, August 21, 2018
ACG Education Forum, September 12, 2018
MAPERS 2018 Fall Conference, September 22-25, 2018
Karen Williams reported that the August Joint Meeting would include new trustee
training, performance review and education.
Regular Meeting July 17, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Fabus and supported by Trustee Good to approve the
following request for Accumulated Contribution:
Matthew Priebe, Police, not vested, $38,670.05
Adopted by the following vote; 8 -0
There were no members to excuse.
Attorney Ken Lane announced that he had resigned from Clark Hill for private
practice and will no longer serve as the City Attorney's office representative on the
Retirement Boards for future meetings. He explained that the City Attorney
requested that he attend the July meeting as they transition to new legal counsel.
Attorney Lane indicated that Attorney Gallagher, of Clark Hill will replace him. He
has updated Attorney Gallagher regarding the current proceedings of both Board.
Trustee Wood expressed concern regarding who would be selected as legal
counsel to the retirement Board. She discussed the controversy over the years
with City Attorney's office and the Board's choice for legal counsel.
Attorney lane indicated that changes in Public Act 314 would allow the retirement
system to hire legal counsel.
Trustee Fabus expressed concern because Attorney Lane has nine years of
experience with the Boards and has knowledge of important issues such as the
State Waivers and Financial health Team that affect the retirement system.
Trustee Schor stated that he would have a conversation with the City Attorney
regarding the legal counsel replacement.
The Police and Fire Board discussed if they should hire their own attorney.
Trustees discussed the possibility to hire Attorney Lane.
Trustee Wood requested that Attorney Ken Lane attend the next meeting in
August.
Trustee Schor indicated that Attorney Lane would not be obligated to attend the
meeting.
Trustee Rose recommended that a subcommittee meet with the new legal
counsel.
Trustee Wood stated that her biggest concern was that the Boards will have
someone from the City Attorney's office attend the meeting on a consistent basis.
Trustee Fabus reminded members that the Retirement Board had its Actuary
change companies and the Board stayed with the actuary, so the Board is not
obligated to stay with the legal firm selected by the City Attorney's Office.
Regular Meeting July 19, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Trustee Fabus wanted to know what the options are for the Retirement Board.
It was moved by Trustee Wood and supported by Trustee Good to discuss options
for legal representation at the next meeting.
Adopted by the following vote: 8 — 0.
Attorney Ken Lane reported that Duty Disability medical re-examination policy needed
some additional work and will be presented at the next joint meetings because it would
affect both Boards.
Karen Williams provided the annual Duty Disability Income Verification Report.
Two disability retirees had not submitted their annual outside income certification.
The Retirement Office sent out return receipt letters to those members last month.
It was moved by Trustee Good and supported by Trustee Fabus to withhold the
retirement pension until the disability retirees submitted their annual outside
income certification. Trustee Wood offered a friendly amendment that was
accepted to withhold the retirement pension in accordance with the current Board
policy.
Adopted by the following vote: 8 - 0.
Karen Williams reported that the disability subcommittee would meet to discuss
the Medical Doctor RFP.
Ms. Williams reviewed the monthly investment report and the Securities lending
report for the month of June 30, 2018.
The meeting adjourned at 9:25 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting August 21, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:38 a.m.
Present: Trustees Fabus, Good, Rose, C. Wilcox, R. Wilcox, Wohlfert, Wood — 7.
Absent: Schor.
Others: Karen E. Williams, Finance Department; Linda Sanchez-Gazella, Human
Resources Department; City Attorney James Smiertka, Deputy City Attorney
Joseph Abood, Attorney Ken Lane (at the request of the City Attorney's Office);
Eric Weber, IAFF Local 421.
It was moved by Trustee Good and supported by Trustee Christopher Wilcox to
approve the Official Minutes of the Police and Fire Retirement System Board
meeting of July 18, 2018.
Adopted by the following vote: 7 — 0
0 new fire member(s), 6 new police members, 0 reinstatement(s), 0 refund(s),
0 transfers, 0 retired. Total: Active membership: 364. 2 death(s). James
Rapp, Police, died July 27, 2018, age 72, spouse to receive 50%; Carl
Wagner, Fire, died July 6, 2018, age 93, spouse to receive 50%. Refunds
made since the last regular meeting amounted to $38,670.05.
Reimbursements to the System year-to-date amount to $0.00. Retirement
allowances paid for the month of July 2018, amounted to $2,672,249.76. Total
retirement checks printed for the P&F System: 742. Total retirement checks
printed for both systems: 1657. Domestic relations order received: 1.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Good to approve
the following request for Regular Age and Service Retirement:
Bruce Odom, Fire Department, 23 years, 2 months of service credits
from hire date, age 50, effective August 18, 2018, with purchase of
military service credits (No Sworn Date)
Trustee Wood inquired regarding the sworn date. Karen Williams reported that
the Retirement Office could not locate a sworn date certificate for Mr. Odom in the
City Clerk's office. The Retirement Office only has a hire date for Mr. Odom of
June 26, 1995. Mr. Odom did not remember what date he was sworn.
Trustee Good inquired into what classification was Mr. Odom hired. Ms. Williams
reported that his payroll records indicated he was a firefighter I.
Regular Meeting August 21, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall Page Two
Lansing, MI
Attorney Abood introduced himself and indicated that Attorney Ken Lane was at
the meeting by invitation from the City Attorney's office. Attorney Lane has worked
on the issue and has made his services available.
Attorney Abood indicated that the City Attorney's office reviewed the issues and
opined that in absence of any records of his sworn date, the Law Department
recommendation was to use the hire date.
Trustee Wood inquired when Mr. Odom started paying into the system. The
Retirement System indicated that Mr. Odom began his contributions as of his hire
date. Trustee Wood also inquired about when contributions were paid into the
system for Mr. Powers and Mr. Burke. Ms. Williams indicated that contributions
were made as of their hire date.
Trustee Wood inquired how many members did not have sworn dates.
Ms. Angela Bennett indicated that there were 27 members between Police and
Fire that did not have sworn dates that were listed as Firefighter I or Police officer.
There were 10 members between Police and Fire that did not have sworn dates
that were listed as Trainees. The total amount of those members without sworn
dates are 37.
Trustee Fabus inquired if Mr. Powers was hired as a firefighter or trainee. Ms.
Williams indicated that Mr. Powers was hired as a Firefighter I.
Trustee Good stated that the Police and Fire Board has to use the Ordinance to
consider the information that is before it.
Trustee Rose indicted that the predicament presented to the Board is not an
action cause by the Board or the retirement fund. Trustee Rose indicated as
fiduciaries of the fund, the Board must ensure that the fund is sustained and
comply with the law.
Attorney Abood requested that Attorney Ken Lane review membership in the
Police and Fire Retirement System as defined in the Ordinance.
Attorney Lane reviewed the Police and Fire Retirement System Ordinance Section
294.02(g) which defined membership. It does indicate when there is doubt; the
Board has the ability to determine when membership began.
Trustee Wood indicated that there was a likelihood that Mr. Odom was sworn with
this class on September 15, 2018.
Trustee Fabus indicated that the Police Department have their officers sworn on
the first day. He inquired about Fire Department.
Regular Meeting August 21, 2018
Council Conference Room
Tuesday, 8:30 a.m.
10th Floor, City Hall Page Three
Lansing, MI
at the
Trustee Wohlfert indicated that the w Irn after the completede did not have a etdheeCity pof Lansing
time. Members were generally
training, even if they were certificated the date they were hired.
Attorney Abood indicates the sworn date is recognized in the Police and Fire
Retirement System, the City Charter, and the Collective Bargaining Agreements.
When there is a sworn date, the law is clear. The Board can speculative using
additional information what the date could be in the case of a member who did not
have a sworn date.
Trustee Wood inquired if a member sworn
thedate
recommendatiop of aid
thethinto
e law
the
system until three month later, what would
department.
Attorney Abood indicted that the contribution date is not as significant as the
sworn date or the hire date as a firefighter or police officer. The contributions can
be corrected.
Trustee Wood detailed that the Police and Fire Retirement Board had two choices:
one is to take the hire date or look at evidence of other people within the class and
use the 9/15/2018.
Trustee Wood inquired to Attorney Ken Lane if the Board would be in jeopardy
with other members who have retired or if the
date od vision would be a precedent if the
Board approved the retirement from the
Attorney Ken Lane opined that the facts in Mr. Odom's case are unique. Attorney
Lane indicated that he did not believe that approval of the retirement from hire
date would place the Board in jeopardy. If a member with the identical facts and
circumstances in Mr. Odom's case came before the Board, the decision made in
Mr. Odom's case would be a precedent.
Trustee Wood inquired about Human Resources view on the subject.
Ms. Linda Sanchez-Gazella stated that the matter had been turned over to the
Finance Department and City Attorney's Office.
Attorney Smiertka stated that the Board has the ability to interpret the ordinance
as long as you have a rational basis. Attorney Smiertka opined that every Board
has the ability to determine membership. Attorney Smiertka stated that the
Ordinance can be amended.
Attorney Ken Lane indicated because there were so many different scenarios that
an amendment was not recommended to City Council.
Regular Meeting August 21, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Trustee Ryan Wilcox inquired if an amendment could be made that would allow
someone to retire upon reaching 300 service credits no matter when they started.
Attorney Abood opined that the charter and ordinance indicates that a member
must be sworn to be a police officer or firefighter for membership in the Police and
Fire Retirement System.
Adopted by the following vote: 7 — 0.
It was moved by Trustee Good and supported by Trustee Rose to approve the
following request for Regular Age and Service Retirement:
Craig Powers, Fire Department, 23 years, 1 months of service
credits, age 47, effective September 15, 2018, with the purchase of
23 months of universal service credits (Sworn Date, 9/15/1995)
Trustee Wood inquired about the contributions from hire date 6/26/1995 through
the sworn date 9/15/1995.
Ms. Bennett reported that the contributions between the hire date and sworn date
would be refunded.
Trustee Fabus inquired if the member would receive contributions as describe in
the Board's policy.
Trustee Fabus inquired if it was the Law Department's recommendation to use the
sworn date for Mr. Powers who was hired on 6/26/1995.
Attorney Abood stated that it was the Law Department's recommendation to use
the sworn date.
Adopted by the following vote: 7 — 0.
Mr. Eric Weber was granted permission to speak. Both Mr. Odom and Mr. Powers
both hired upon the date and contributions were taken out at the same time. Mr.
Odom was in training when the other members were sworn. Mr. Weber also
discussed Mr. Gillespie and Mr. Brassington. Mr. Weber requested that Mr.
Gillespie and Mr. Brassington to be approved for retirement effective immediately.
He believed what was done for Mr. Odom should be considered for everyone who
hired in prior to 1996 to be fair and equitable.
Karen Williams reported that Applicant #2018 — P0619 had seen the medical
director. The disability subcommittee is waiting for the medical report.
Regular Meeting August 21, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Five
There were no requests for Non-Duty Disability Retirements.
Karen Williams announced the following upcoming Training and Education for
trustees:
ACG Joint Meeting and Education, August 21, 2018
ACG Education Forum, September 12, 2018
MAPERS 2018 Fall Conference, September 22-25, 2018
There were no members to excuse.
The Police and Fire Retirement System Board agreed to move the discussion for
the Retirement Board Legal Counsel to the Joint meeting.
Karen Williams reported that two duty disability retirees' pension were withheld
until they submitted their annual outside income certification. Ms. Williams
reported that both retirees submitted their forms and have received their pension
checks.
Karen Williams reported that the disability subcommittee was scheduled to meet
to discuss the Medical Doctor RFP.
The Police and Fire Retirement System Board recessed to allow the disability
subcommittee to meet regarding the medical director RFP.
The Police and Fire Board recessed at 9:21 a.m.
The Police and Fire Board resumed at 9:23 a.m.
Karen Williams reported that the disability subcommittee had met and had a
recommendation for the Police and Fire Retirement Board.
It was moved by Trustee Good and supported by Trustee Christopher Wilcox to
maintain the current contract with Dr. Roth.
Adopted by the following vote: 7 — 0.
Trustee Wood inquired about the length of the current contract.
Attorney Ken Lane indicated the contract is open-ended and allows either party to
terminate with 30-day notice. There will be a letter sent to MMRO regarding the
Board's decision.
Ms. Williams reviewed the Quarterly Expenses report and the Securities lending
report for the month of July 31, 2018.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to adjourn
the meeting.
Adopted by the following vote; 7 -0.
The meeting adjourned at 9:28 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting September 18, 2018
Council Conference Room
Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:36 a.m.
Present: Trustees Fabus, Good, Rose, Schor, C. Wilcox, Wohlfert— 6.
Absent: R. Wilcox, Wood.
Others: Karen E. Williams, Angela Bennett, Finance Department; Deputy City
Attorney Joseph Abood, Attorney Ken Lane (representing the City Attorney's
Office.
It was moved by Trustee Good and supported by Trustee Christopher Wilcox to
approve the Official Minutes of the Police and Fire Retirement System Board
meeting of August 21, 2018.
Adopted by the following vote: 6 — 0
It was moved by Trustee Fabus and supported by Trustee Good to approve the
Official Minutes of the Police and Fire Retirement System and the Employees'
Retirement System Board Meeting of August 21, 0
Adopted by the following vote: 6 - 0.
0 new fire member(s), 1 new police members, 0 reinstatement(s), 0 refun
0 transfers, 2 retired. Total: Active membership: 364. 2 death(s). Paul
Blonde, Fire, died June 30, 2018, age 89, spouse to receive 50%; Barbara
Scheidt died May 30, 2018, age mountedo toe$Of00ire Reimbursements to the
made
since the last regular meeting for
System year-to-date ut to Oto $2,672,249 76. To al eti emen.00. Retirement allowances dt checks
month of August 20188,, amounted
printed for the P&F System:
Total
retirement
ecevedchOcDomrestic relafions
oth
systems: 1659. Domestic relations order
orders pending: 1. Eligible Domestic Relations Order Certified: 0.
There were no applications for Regular Age and Service retirement.
Karen Williams updated the Board that the medical report for Applicant #2018 —
P0619 had been received and forwarded to the disability subcommittee for review.
It was moved by Trustee Rose and supported by Trustee Christopher Wilcox to
recess the meeting to allow the disability subcommittee to meet to review the
medical report for Applicant#2018-P0619.
Adopted by the following vote: 6 - 0
September 18, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Two
Lansing, MI
The Police and Fire Retirement System Board recessed at 8:39 a.m.
The Police and Fire Retirement System Board resumed at 8:41 a.m.
Trustee Fabus reported that the diisaeb► ity subcommittee had met and
recommends that Applicant#2018 P061 be
approved.
It was moved by Trustee Fabus and supported by Trustee Good to approve the
request for duty disability retirement of Applicant#2018 — P0618.
Adopted the following vote: 6 -0.
There were no requests for non-duty disability retirements.
Trustee Wohlfert provided his repot for in e ACG actuary ration ion Forum. Trustee
Wohlfert overviewed the informationregarding the
Trustee Christopher Wilcox provided
his
who talked out the economic d to�tlookra d
Trustee Wilcox discussed the speaker
how interest rates affect bonds.
Trustee Rose enjoyed the speakers at the ACG Education Forum and gained a
better understanding how system become denfluences.Trustee He like Rose at the (forum
cated
the speakers discussed the economic market
was smaller than the usual conferences.
Trustee Good attended the ACG Education Forum and enjoyed the review of the
historical data and trends and the discussion of actuary reporting.
Karen Williams reported the upcoming training and education conferences:
Mapers 2018 Fall Conference, September, 22-25; NCPERS 2018Pu Public
S4f ety
Conference, October 28-31; and IFEBP 2018 Annual Conference, O
Ms. Williams indicated that members who
Reted to o to out of ste emegt System Board members.
conferences
would need approval of the Police and F
It was moved by Trustee Fabus and supported by Trustee Christopher Wilcox to
allow the chairperson and any trustees who wished to attend the IFEBP 2018
Annual Conference.
Adopted by the following vote: 6 - 0.
Regular Meeting September 18, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Karen Williams reported that the following refunds of accumulated contributions for
Police and Fire Board approval: Douglas Burke, Fire, IAFF, retired, $501.37; Craig
Powers, Fire, IAFF, retired, $501.37. Ms. Williams indicated these are
contributions from the members' hired date through sworn date with 3% annual
interest.
Trustee Wohlfert inquired if Mr. Guy Pace's contributions had been refunded.
Ms. Angela Bennett indicated that Mr. Pace was a trainee instead of fully trained
and the trainee issue was in arbitration. Ms. Bennett stated that Finance was
waiting for completion of arbitration.
Trustee Fabus inquired why Mr. Burke and Mr. Powers were receiving refunds.
Attorney Lane indicated that Mr. Burke and Mr. Powers were not trainees and the
arbitration was only for the trainees. The arbitration was not regarding the
members who were street ready at time of hire
It was moved by Trustee Fabus and supported by Trustee Good to approve the
following refunds of accumulated contributions:
Douglas Burke, Fire, IAFF, retired $501.37
Craig Powers, Fire, IAFF, retired $501.37
Adopted by the following vote: 6 — 0
Karen Williams reported that Trustee Wood and Trustee Ryan Wilcox had
requested to be excused from the September board meeting.
It was moved by Trustee Good and supported by Trustee Christopher Wilcox to
excuse Trustee Wood and Trustee Ryan Wilcox from the September Police and
Fire Retirement Board meeting.
Adopted by the following vote: 6 — 0.
Attorney Ken Lane reviewed the letter to inform MMRO of the Board's decision
regarding the Medical Director request for proposal. Attorney Lane will prepare
the letter for the chairperson's signature.
Attorney Lane discussed the duty disability re-examination policy that provides a
written procedure and guidelines for Board review. The policy would formalize
what the Board has been doing each year.
Trustee Schor inquired if there was a mechanism for someone to report a disability
retiree or alert the system when fraud is suspected.
Regular Meeting September 18, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Attorney Lane indicated that the Police and Retirement Board did have a policy in
place for reporting fraud and allowed the Board to hire a private investigator.
Trustee Schor requested that the disability re-examination policy reference the
reporting policy reference or insert language that would allow for reporting fraud.
Attorney Lane also discussed amendments to the proposed contract employee
policy for Board review.
Karen Williams reported that Daniel Miller had seen the medical director for re-
evaluation. The medical director has recommended that Mr. Miller continue on
disability.
Attorney Lane announced that he was re-appointed by the City Attorney to serve
as legal counsel to the Police and Fire Retirement Board.
Attorney Lane opined that once a member has retired, there is case law that
states that the Board cannot retract the retirement.
Attorney Lane recommended that members who had no sworn date, or had
eligibility issues would come to the Board meeting, where that member could be
questioned by trustees.
Attorney Lane reported that there is an arbitration regarding the trainee issue and
there is a memorandum of understanding regarding those members deemed
"street-ready" presented to both the Police and Fire unions.
Ms. Williams reviewed the monthly investment report and the Securities lending
report for the month ending August 31, 2018.
It was moved by Trustee Fabus and supported by Trustee Good to adjourn the
meeting.
Adopted by the following vote: 6 -0.
The meeting adjourned at 9:04 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFF
ICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
October 9, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:30 a.m.
Present: Trustees Fabus, Good, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert,
Wood — 8.
Absent: 0.
Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney Ken
Lane (representing the City Attorney's Office.)
It was moved by Trustee Good and supported by Trustee Fabus to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of
September 18, 2018.
Adopted by the following vote: 8 — 0
0 new police members, 0 reinstatement(s), 0 refund(s),
0 new fire member(s), 364. 2 death(s). Elton L.
0 transfers, 2 retired. Total: Active membership: spouse to receive 50%;
Sellers, Fire, died September 18, 2018, age 87,
Deborah Fraser died September 6,
2018, age 64, spouse of Fire retiree.
02.74.
Refunds made since the last rearlto_dateeamounng tlto $0 00ounted , Retirement
Reimbursements to the System ye amounted to
allowances paid taI retirement checks printed foor the month of r the tthe P&ber 01System: 743. Total
$2,687,245.02. To Dom
order
retirement checks printed for both systems: 1662.EI b eeDtomesticl Relations
received: 0. Domestic relations orders pending: 9
Order Certified: 0.
upported by Trustee Good to approve the
It was moved by Trustee Fabus and s
application for Regular Age and Service Retirement:
Hung Tran, Police Department, 25 years of service credits, age 47,
effective
October 13, 2018 (Sworn Date 11/8/1993)
Adopted by the following vote: 8 — 0.
Karen Williams reported that Applicant#2018 —F1009 submitted a request for duty
disability retirement.
The request for duty disability retirement was referred to the disability
subcommittee for review.
Regular Meeting October 9, 2018
Council Conference Room
Tuesday, 8:30 a.m.
10th Floor, City Hall Page Two
Lansing, MI
It was moved by Trustee Fabus and supported by Trustee
rev review Bequest for duty
the
meeting to allow the disability subcommittee to meet to
disability for Applicant#2018-F1009.
Adopted by the following vote: 8 - 0
The Police and Fire Retirement System Board recessed at 8:34 a.m.
The Police and Fire Retirement System Board resumed at 8:40 a.m.
Trustee Good reported that the disaility bated fob dutydisability.ittee d met and recommends
that Applicant#2018-F1009 be dial
It was moved by Trustee Good and supported by Trustee Wilcox to send Applicant
#2018 — F1009 to the medical director for duty disability evaluation.
Adopted the following vote: 8 -0.
There were no requests for non-duty disability retirements.
Trustee Wohlfert provided his report for the fall 2018 MAPERS Conference.
Trustee Wohlfert stated that the conference was very good. Trustee Wohlfert
provided an update the trustee development session and actuary hour. Trustee
Wohlfert discussed the `Is itl 24,al and PublicActa202v1ew He alsoons of enjoyed IheIT'm
Constitution, Article 9, Section
Skubick's workshop that focused on politics.
Trustee Christopher Wilcox provided his report of the fall MAPERS Conference.
Trustee Wilcox also highlighted vvorksho thaim lck's workshop. Trustee t detailed better decision makinglcox
by
discussed the behavioral financeP
overcoming emotions.
Trustee Ryan Wilcox agreed that Tim Skubick's session was very good. Trustee
Wilcox discussed the lack of knowledge that many people have regarding how
politics affects pension, health care and unions. He also discussed the behavioral
finance workshop and noted how a person's beliefs and influences can affect
investing.
PES
Attorney Ken Lane provided a legislative there is ate notaflotm the going onAthaR impact
Conference. Attorney Lane stated
pensions. The MAPERS lobbyist expressed concern that there may be a busy
lame duck session after the mid-term elections. The only proposed legislation
regarding pensions is HB 61 that prohibits retirement systems from having open
amortization.
Regular Meeting October 9, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
He also discussed public act 202 actuarial assumptions that were provided by the
State Treasurer. Attorney Lane discussed the waiver system and the corrective
plan process.
Karen Williams reported the upcoming training and education conferences:
NCPERS 2018 Public Safety Conference, October 28-31; and IFEBP 2018 Annual
Conference, October 14-17.
Karen Williams reported that the following requests for refunds of accumulated
contributions for Police and Fire Board approval: Eric Lovell, Fire, IAFF, not
vested, $6,582.33.
It was moved by Trustee Good and supported by Trustee Ryan Wilcox to approve
the following refunds of accumulated contributions:
Eric Lovell, Fire, IAFF, not vested $6,582.33
Adopted by the following vote: 8 — 0
There were no public comments.
Attorney Lane discussed the duty disability re-examination policy that provides a
written procedure and guidelines for Board review. The policy would formalize
what the Board has been doing each year. Attorney Lane added a section that
would reference the Board's investigation policy.
It was moved by Trustee Wood and supported by Trustee Good to approve the
duty disability re-examination policy.
Adopted by the following vote; 8 — 0.
Attorney Lane also discussed the Contract Employee Policy and request Board
review.
ACG has negotiated with Northern Trust for lower rates. The new rates would
save the Police and Fire Retirement System approximately $11,000 a year.
Attorney Lane has reviewed the amendment to contract regarding the fees and
has the paperwork for the chairperson's signature.
Trustee Wohlfert explained as a part of due diligence that was discussed at recent
conferences that the Board should send out a Request For Proposal (RFP) for
legal counsel.
Trustee Rose indicated that the Ordinance that stated that the City Attorney shall
be the legal advisor to the Board.
Regular Meeting October 9, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Trustee Schor inquired why the request for proposal was necessary if the Board
was not planning on hiring or changing its legal counsel.
Trustee Wood indicated that the retirement board does have the ability to hire its
own counsel. She reminded members that a proposal for information was sent out
when the Board changed actuary firms.
Attorney Lane indicated that the Public Act 314 had been amended to allow
retirement boards to hire its own legal counsel and to use system assets.
Trustee Rose expressed concerned that the RFP was a strong tool that requests
firms and the committee to go through a process that may not be needed.
Trustee Wood stated that she would have no issue with recommending a proposal
for information. Trustee Wood did remind the Board that by going through the
request for proposal process, the Board learned information to update their policy
book and other material.
Trustee Ryan Wilcox indicated at the recent conferences, he learned that the
request for proposal would be a part of the Board's due diligence.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to prepare
a request for information for legal advisor.
It was moved by Trustee Rose to table the request until the joint meeting with the
Employees Retirement System.
Motion failed by the following vote: 4-4.
Trustee Fabus did express concern that the Police and Fire Retirement Board
would not wait until November to discuss the issue with the Employees'
Retirement Board. The legal advisor generally serves both boards.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to
withdraw the motion to prepare a request for information for legal advisor.
Adopted by the following vote: 8 — 0
It was moved by Trustee Fabus and supported by Trustee Rose to request the
request for proposal for legal advisor to be forwarded to the City Attorney's office
for review and discuss the request at the Joint meeting with the Employees'
Retirement System Board.
Regular Meeting October 9, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Five
Trustee Ryan Wilcox asked if the City Attorney's office could have a draft ready for
the joint meeting.
Trustee Schor expressed concern about creating an RFI and going through the
process to get to the same place. He did understand the importance of due
diligence and was more comfortable if there was a model or draft that had already
been created from a previous search
Trustee Good requested that the RFP be sent out to members to review before
the Joint meeting.
Adopted by the following vote: 8 — 0.
Karen Williams distributed a fire trustee election posting for Trustee Wohlfert's
term that expires December 31, 2018. Trustee Wohlfert requested that the date
for the primary election, if needed, be amended to Thursday, December 6, 2018
through Friday, December 7, 2018 to allow all Fire shifts the ability to vote.
It was move by Trustee Good and supported by Trustee Wood to approve the Fire
Trustee Election posting with the amended dates for the primary election,
December 6-December 7, 2018.
Adopted by the following vote: 8 -0
Ms. Angela Bennett provided a review of updated provisions from the State of
Michigan Treasurer regarding public Act 202. Ms. Bennett indicated that Police
and Fire Retirement System did not fall below the level of 60%. The 2018 Actuary
would require the City of Lansing to either report to the State using the standard
assumptions or require a supplemental valuation.
The state assumptions uses a 3.5% wage increase, mortality tables RP2000,
amortization period of 20 years. Ms. Bennett contrasted the state assumptions
with the City of Lansing. She will send out a comparison of the State assumption
versus the City of Lansing for Board review.
Trustee Wood inquired if the Boomershine Consulting Group had received the
information needed for to prepare the actuarial report. Trustee Wood also inquired
if the actuary would have new mortality tables for the retirement board.
Ms. Bennett stated that she spoke to Mr. Stump and he indicated the valuation
would be ready for the November meeting.
Attorney Ken Lane stated that Public Act 202 requires that every eight years there
must be a peer review by another actuarial firm.
Ms. Williams reported that there were three duty disability re-examinations reports
received for Mr. Hallett, Mr. Coddington and Mr. Hoffman. The medical director
has recommended that duty disability continue for all three retirees.
Attorney Ken Lane reported that a deal was being worked on regarding the Sworn
Date/Trainee issue.
Ms. Williams reviewed the monthly investment report and the Securities lending
report for the month ending September 30, 2018.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to adjourn
the meeting.
Adopted by the following vote: 6 -0.
The meeting adjourned at 9:34 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting November 6, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:31 a.m.
Present: Trustees Fabus, Good, Rose, C. Wilcox, R. Wilcox, Wohlfert, Wood — 7.
Absent: Schor.
Others: Karen E. Williams, Angela Bennett, Finance Department; Greg Stump,
Boomershine Consulting Group; Attorney Ken Lane (representing the City
Attorney's Office.)
It was moved by Trustee Good and supported by Trustee Ryan Wilcox to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
October 9, 2018.
Adopted by the following vote: 7 — 0
0 new fire member(s), 1 new police member, 0 reinstatement(s), 0 refund(s), 0
transfers, 1 retired. Total: Active membership: 365. 1 death(s). Patricia A.
Mills died September 22, 2018, age 84, spouse of Police retiree. Refunds
made since the last regular meeting amounted to $6,582.33. Reimbursements
to the System year-to-date amount to $0.00. Retirement allowances paid for
the month of October 2018, amounted to $2,692,688.17. Total retirement
checks printed for the P&F System: 742. Total retirement checks printed for
both systems: 1661. Domestic relations order received: 0. Domestic relations
orders pending: 0. Eligible Domestic Relations Order Certified: 1.
There were no applicants for regular age and service retirement.
It was moved by Trustee Chris Wilcox and supported by Trustee Wood to approve
the following applicant for regular age and service retirement.
Brenda Brassington (Fire — IAFF), 25 years of service credits, age 56,
effective December 1, 2018 (Sworn Date: 12/17/1993)
Adopted by the following vote: 7 — 0.
Karen Williams reported that the retirement office is waiting for Applicant #2018
—F100 for his medical records. The records will be forwarded to the medical
director for review and to set an appointment.
Regular Meeting November 6, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
There were no requests for non-duty disability retirements.
Trustee Chris Wilcox provided his report for the 2018 IFEBP Conference. Trustee
Wilcox stated that it was one of the larger conference that he attended. He
attended workshop that discussed systems that were under funded.
Trustee Ryan Wilcox gave an oral report of his attendance at the 2018 IFEBP
Conference. Trustee Wilcox enjoyed the keynote speaker that discussed
technology and changes in the future. He also attended sessions regarding
health care, unions and private industry and their 401 K plans. Trustee Wilcox liked
that there was an opportunity to meet different people from so many areas.
Trustee Wohlfert discussed his attendance at the 2018 IFEBP Conference. He
explained there were over 200 sessions to attend. Trustee Wohlfert attended
sessions that reviewed understanding financial statements and fiduciary
responsibilities. He explained as fiduciaries it is important to ask that right
questions. There were more private than public sector industry represented.
Karen Williams reported the Board's membership annual dues: IFEBP-$525;
MAPERS-$200; NCPERS-$250.
It was moved by Trustee Wood and supported by Trustee Good to approve the
payment for the annual membership dues for IFEBP, MAPERS, and NCPERS.
Adopted by the following vote: 7 — 0.
There are no public comments.
Attorney Ken Lane reported that he will provide copies of the duty disability re-
examination policy to the Joint meeting. He will also discuss the Contract
Employee policy at the Joint meeting.
Karen Williams updated the Police and Fire Retirement System Board trustee
election. There was only nominating petition submitted. If no additional petitions
are filed by the deadline, there will not be an election in accordance with the Board
rules.
Karen Williams distributed a meeting schedule for 2019 for the Police and Fire
Retirement System Board. She also distributed a list of the 2019 Education
Conferences.
The Police and Fire Retirement Board amended the May meeting to May 14, 2019
and the November meeting to November 12, 2019.
Regular Meeting November 6, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Mr. Greg Stump, Boomershine Consulting Group, presented the Police and Fire
actuarial valuation for the period ending December 31, 2017, Mr. Stump
discussed the state of Michigan uniform assumption and reviewed figures based
on the return assumption of 7%. Mr. Stump provided a summary of the
investment performance, funding recommendations, funding progress and
assumption changes.
Mr. Stump reviewed the plan asset information and discussed the smoothing of
value assets. He reviewed the healthcare reserve. Mr. Stump discussed the
participant summary, reviewed the demographics and actuarial liability. Mr. Stump
reviewed the importance of preparing an experience study every five years.
Mr. Stump discussed the development of the Employer Contributions. He
reviewed the normal (benefit) cost based on the current assumptions. The
numbers were calculated as a percentage of pay. He reviewed the amortization
policy, which is now at 24 years of 30 year closed amortization. Mr. Stump
reviewed the long-term projections of funding and contributions.
There were no public comments.
Attorney Ken Lane reported that a deal was being worked on regarding the Sworn
Date/Trainee issue.
Ms. Williams reviewed the Quarterly Expenses report for the period ending
September 30, 2018.
It was moved by Trustee Fabus and supported by Trustee Rose to adjourn the
meeting.
Adopted by the following vote: 7 -0.
The meeting adjourned at 9:37 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting December 18, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The meeting was called to order at 8:32 a.m.
Present: Trustees Fabus, Rose, Schor(8:39) , C. Wilcox, R. Wilcox, Wohlfert, Wood
— 6.
Absent: Good
Others: Karen E. Williams,Angela Bennett, Finance Department;Attorney Ken Lane
(representing the City Attorney's Office.); Mr. Thomas L. Krug, Capital City Labor
Program, Inc. (CCLP.)
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
November 6, 2018.
Adopted by the following vote: 5 — 0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Fabus to approve
the Official Minutes of the Employees' Retirement System Board and the Police and
Fire Retirement System Board Joint Meeting of November 8, 2018.
Adopted by the following vote: 5 — 0.
12 new fire member(s), 0 new police members, 0 reinstatement(s), 0 refund(s),
0 transfers, 1 retired. Total: Active membership: 377. 0 death(s). Refunds
made since the last regular meeting amounted to $0.00. Reimbursements to
the System year-to-date amount to $0.00. Retirement allowances paid for the
month of November 2018, amounted to $2,695,656.63. Total retirement checks
printed for the P&F System: 744. Total retirement checks printed for both
systems: 1664. Domestic relations order received: 0. Domestic relations orders
pending: 0. Eligible Domestic Relations Order Certified: 0.
Karen Williams reported that Ms. Brenda Brassington submitted a written request
to rescind her retirement application. She wished to change the date of her
retirement.
Regular Meeting December 18, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to
approve the motion to reconsider the following application for Regular Age and
Service Retirement:
Brenda Brassington (Fire — IAFF), 25 years of service credits, age 56,
effective December 1, 2018 (Sworn Date: 12/17/1993)
Adopted by the following vote: 5 — 0.
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to approve
the following applications for regular age and service retirement:
Brenda Brassington (Fire — IAFF), 25 years, 6 months of service credits,
age 56, effective December 7, 2018 (Sworn Date: 12/17/1993)
Brent Gillespie (Fire — IAFF), 25 years, 7 months of service credits, age
53, effective December 21, 2018 (Sworn Date: 12/17/1993)
Dominic V. Marcantonio (Police —Supervisory), 15 years, 3 months of
service credits, age 55, effective December 1, 2018. (From Deferred)
Daymon L. Nicholson (Fire— IAFF), 25 years, 7 months of service credits,
age 50, effective December 26, 2018 (Sworn Date: 12/17/1993)
Attorney Ken Lane reported that a memorandum of understanding was signed with
the IAFF to change the sworn dates to match the date of hires. The City Attorney's
office wanted the trustees to know that the memorandum does not change the
Police and Fire Retirement Ordinance provision that their pension would be capped
at 25 years of service.
Trustee Rose requested that the minutes reflect that approve fire members
pensions would be capped at 25 years of service credits.
Attorney Ken Lane also opined that under the Police and Fire Retirement Ordinance
when a member is terminated, the retirement allowance is forfeited. Attorney Lane
opined that if the member resigned, the pension is not forfeited. The Police and
Fire Retirement System can approve deferred pension for members who have
resigned.
Adopted by the following vote: 5 — 0.
Karen Williams reported that the Applicant #2018 —F1009 for has seen the medical
director. The medical report should be back for the next meeting.
Regular Meeting December 18, 2018
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
There were no requests for non-duty disability retirements.
There were no requests for refunds of accumulated contributions.
Trustee Wohlfert reported that Trustee Wood contacted him and requested to be
excused from the December meeting due to another engagement.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to excuse
Trustee Wood from the December Police and Fire Retirement System.
Adopted by the following vote: 6 — 0.
Antonia Kraus, beneficiary to the system, commended the Police and Fire
Retirement System Board on its work dealing with the sworn date/hire date issue.
Mrs. Kraus stated that she understood that it was a stressful time given the outside
influences and requests. Mrs. Kraus stressed the importance of staying true to the
system as fiduciaries.
Attorney Ken Lane distributed copies of the Contract Employee policy for approval.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to approve
the Contract Employee policy.
Adopted by the following vote: 6 — 0.
Attorney Ken Lane distributed a draft of the 2019 Police and Fire Retirement System
budget for Board review. The amounts can be finalized when the end of the year
numbers are available next year.
Trustee Wohlfert requested a list of the year-end amounts to be brought to the Board
meeting in January.
Karen Williams distributed the Police and Fire Retirement System Board actuarial
valuation for the period ending December 31, 2017 for review.
Ms. Angela Bennett reviewed the minor corrections to the actuarial report. The
corrections did not affect the valuation.
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to accept
the Police and Fire Retirement System Actuarial Valuation for the period ending
December 31, 2017.
Adopted by the following vote: 6 — 0.
December 18, 2018
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Four
Lansing, MI
Karen Williams updated the Police and Fire Retirement System Board trustee
election. Karen Williams read the following memo.
TO: Trustees, Police and Fire Retirement System Trustee Board
Full-Time Permanent Sworn Employees who are members of the POLICE AND
FIRE RETIREMENT SYSTEM (Defined Benefit Plan)
FROM: Angela Bennett, Secretary of the Board, Finance Director
DATE: November 26, 2018
SUBJECT: Election—Board of Trustee—Retirement System
The deadline for turning in nominating petitions for the term of office as Fire Trustee of
the Police and Fire Retirement System Board was 4:00 p.m. on Monday, November 19,
2018. One petition was received from Mr. Eric Wohlfert, and has been certified by the
Secretary of the Board, Ms.Angela Bennett. Since there was only 1 candidate for this
position, it will not be necessary to conduct a Primary and General election for the office
of Police and Fire Retirement System Board Trustee.
Mr. Eric Wohlfert has filed a valid petition and is running unopposed; therefore, he has
been declared the winner for the office of Police and Fire Retirement System Board
Trustee. Mr. Eric Wohifert's term will expire December 31, 2023.
It was moved by Trustee Chris Wilcox
pFir Retire Trustee
m nt System Board accept the
Fire Trustee Election results for the Pol ce and e
Adopted by the following vote: 6 — 0.
Attorney Ken Lane updated the Police and Fire Retirement Board System that City
has signed a memorandum of understanding with the IAFF union that amends the
sworn date to the hire date for members who were considered "street ready."
Attorney Ken Lane stated that there was a pending memorandum of understanding
under consideration by the CCLP union membership.
Mr. Tom Krug, CCLP indicated that the union has received a draft memorandum of
understanding that is under legal review. He anticipated that the memorandum of
understanding would be under consideration by their board and membership within
the next week.
Ms. Williams reviewed the Monthly Investment Report and the Securities Lending
Report for the period ending November 30, 2018.
It was moved by Trustee Fabus and supported by Trustee Wilcox to adjourn the
meeting.
Adopted by the following vote: 6 -0.
The meeting adjourned at 8:56 a.m.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System