HomeMy WebLinkAbout2019 Police and Fire Retirement System minutes FINAL OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:36 a.m.
Present: Trustees Fabus, Rose (8:51), C. Wilcox, R. Wilcox, Wohlfert, Wood— 6.
Absent: Schor
Others: Karen E. Williams, Finance Department; Attorney Joseph Abood; Law
Department).
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
December 18, 2018.
Adopted by the following vote: 5 — 0.
The Police and Fire Retirement System Board acknowledged the City Council
appointment of Carol Wood to the Police and Fire Retirement System Board for
2019.
There were no public comments.
Secretary's Report.
2 new fire member(s), 0 new police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 2 retired. Total: Active membership: 379. 2
death(s), Mack Hethorn, Fire, died 12/1/2018, age 89, no surviving
beneficiary; Jerry L. Mires, Police, died 11/18/2018, age 74, beneficiary to
receive to 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 December 2018 amounted to
$2,696,642.24. 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 orders certified: 0.
Trustee Wood inquired if the two new fire members listed had been sworn.
She requested that the future secretary's report list that the member is sworn.
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
It was moved by Trustee Fabus and supported by Trustee C. Wilcox to
approve the following application for Regular Age and Service Retirement:
Norman Naimy, Police Department, 25 years of service credits, age
52, effective February 22, 2019 (Date of Hire: 2/21/1994)
Adopted by the following vote: 5 — 0
Karen Williams reported that the Police Department has requested that Applicant
#2019-P0122 be evaluated for Duty Disability retirement based on an injury at
work.
Karen Williams reported that the Police and Fire Retirement Board that Applicant
#2018-F1009 had been evaluated by the Medical Director. She reported the
medical report had been received and forwarded to the disability subcommittee for
review.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to recess
the meeting to allow the disability subcommittee to meet.
Adopted by the following vote: 5 -0.
The Police and Fire Retirement System Board recessed the meeting at 8:41 a.m.
The Police and Fire Retirement System Board resumed the meeting at 8:51 a.m.
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to send
applicant #2019-P0122 to be sent to the medical director to be evaluated for duty
disability.
Adopted by the following vote: 6 — 0
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to approve
the duty disability for applicant#2018 — F 1009.
Adopted by the following vote: 6 — 0.
There were no requests for non-duty disability retirement.
There were no requests for refunds of accumulated contributions.
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Karen Williams reported that the MAPERS One Day Conference would be held
March 1, 2019. Members who wished to attend should contact the Retirement
Office to register.
Karen Williams reported that Trustee Schor had contacted the Retirement Office to
notify the Board that he would not be able to attend the January meeting.
Attorney Joseph Abood reported to the Police and Fire Retirement System Board
budget can updated with final numbers and could be tabled until the next meeting.
Trustee Wood requested that the item be tabled until more information for the
fiscal year is available.
Trustee Rose requested that the retirement office provide the past two years of
retirement expenses for Board review at the next meeting.
Karen Williams reported that the Police and Fire rules indicate that officers are
elected and subcommittees are confirmed each January.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to
nominate and approve Eric Wohlfert as chairperson and Thomas Fabus as vice
chairperson for the Police and Fire Retirement System Board for 2019.
Adopted by the following vote: 6 — 0.
The Police and Fire Retirement System confirmed the following 2019
subcommittees:
Disability: Fabus, C. Wilcox, Wohlfert
Investment: Rose, C. Wilcox, Wohlfert, Wood
Education: C. Wilcox, R. Wilcox, Wood
Special Projects: R. Wilcox, Wohlfert, Wood, Ex-off icio Legal Counsel
Attorney Abood reported that the approved Contract Employee Policy would be
available for distribution at the next meeting.
Karen Williams reported that Gabriel Roeder Smith has sent a proposal to update
Minute Master. The cost would not exceed $3,100.
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve
$2,500 for the update of Minute Master.
Trustee Wood noted that if the costs exceeds $2,500, then Gabriel Roeder Smith
should come back to the Board for approval of the amount above what has been
allocated.
Adopted by the following vote: 6 — 0.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending December 31, 2018.
Trustee Wood inquired about the date and amount of the annual City contribution
to the Police and Fire Retirement System.
Ms. Williams stated that she would have a memo from the Finance Director at the
next meeting.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 9:07 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting February 19, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:33 a.m.
Present: Trustees Bennett, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood— 7.
Absent: Fabus
Others: Karen E. Williams, Finance Department; Attorney Joseph Abood; Law
Department).
It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
December 18, 2018.
Adopted by the following vote: 7 — 0.
There were no public comments.
Secretary's Report.
0 new fire member(s), 3 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 1 retired. Total: Active membership: 382. 3 death(s),
Mack Hethorn, Fire, died 12/1/2018, age 89, no surviving beneficiary;
Josephine Labioda, died 1/23/2019, age 95, spouse of Fire retiree; Nellie
Schmidt, died 12/9/2018, age 87, spouse of Fire 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
January 2019, amounted to $2,725,680.20. Total retirement checks printed for
the P&F System: 744. Total retirement checks printed for both systems: 1667.
Domestic relations order received: 0. Domestic relations orders pending: 0.
Eligible Domestic Relations Order Certified: 0.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to
approve the following application for Regular Age and Service Retirement:
Norm Armstrong (Police — CCLP NonSupervisory), 25 years of service
credits age 49, effective February 16, 2019 (Date of Hire: 1/28/1994)
Adopted by the following vote: 7— 0.
Regular Meeting February 19, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
Karen Williams reported Applicant #2019 — P0122 has been sent a letter
requesting medical documentation.
Karen Williams reported that the Police Department has requested that Applicant
#2019-P0219 and Applicant #2019-P0220 be evaluated for Duty Disability
retirement based on injuries at work.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to recess
the meeting to allow the disability subcommittee to meet.
Adopted by the following vote: 7 -0.
The Police and Fire Retirement System Board recessed the meeting at 8:38 a.m.
The Police and Fire Retirement System Board resumed the meeting at 8:51 a.m.
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to send
applicant #2019-P0122 to be sent to the medical director to be evaluated for duty
disability.
Adopted by the following vote: 6 — 0
It was moved by Trustee Chris Wilcox and supported by Trustee Fabus to approve
the duty disability for applicant#2018 — F 1009.
Adopted by the following vote: 6 — 0.
There were no requests for non-duty disability retirement.
There were no requests for refunds of accumulated contributions.
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Karen Williams reported that the MAPERS One Day Conference would be held
March 1, 2019. Members who wished to attend should contact the Retirement
Office to register.
Karen Williams reported that Trustee Schor had contacted the Retirement Office
to_notify the Board that he would not be able to attend the January meeting.
Attorney Joseph Abood reported to the Police and Fire Retirement System Board
budget can updated with final numbers and could be tabled until the next meeting.
Trustee Wood requested that the item be tabled until more information for the
fiscal year is available.
Trustee Rose requested that the retirement office provide the past two years of
retirement expenses for Board review at the next meeting.
Karen Williams reported that the Police and Fire rules indicate that officers are
elected and subcommittees are confirmed each January.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to
nominate and approve Eric Wohlfert as chairperson and Thomas Fabus as vice
chairperson for the Police and Fire Retirement System Board for 2019.
Adopted by the following vote: 6 — 0.
The Police and Fire Retirement System confirmed the following 2019
subcommittees:
Disability: Fabus, C. Wilcox, Wohlfert
Investment: Rose, C. Wilcox, Wohlfert, Wood
Education: C. Wilcox, R. Wilcox, Wood
Special Projects: R. Wilcox, Wohlfert, Wood, Ex-officio Legal Counsel
Attorney Abood reported that the approved Contract Employee Policy would be
available for distribution at the next meeting.
Karen Williams reported that Gabriel Roeder Smith has sent a proposal to update
Minute Master. The cost would not exceed $3,100.
Regular Meeting January 22, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve
$2,500 for the update of Minute Master.
Trustee Wood noted that if the costs exceeds $2,500, then Gabriel Roeder Smith
should come back to the Board for approval of the amount above what has been
allocated.
Adopted by the following vote: 6 — 0.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending December 31, 2018.
Trustee Wood inquired about the date and amount of the annual City contribution
to the Police and Fire Retirement System.
Ms. Williams stated that she would have a memo from the Finance Director at the
next meeting.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 9:07 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting March 19, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:34 a.m.
Present: Trustees Bennett, Fabus, Rose, C. Wilcox, Wohlfert, Wood— 6.
Absent: Schor. R. Wilcox
Others: Karen E. Williams, Finance Department; Attorney Kenneth Lane; Law
Department).
It was moved by Trustee Wood and supported by Trustee Fabus to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of
February 19, 2019.
Adopted by the following vote: 6 — 0.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to approve
the Official Minutes of the Joint Employees Retirement System Board and the
Police and Fire Retirement System Board meeting of February 19, 2019.
Adopted by the following vote: 6 - 0.
There were no public comments.
Secretary's Report.
0 new fire member(s), 0 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 1 retired. Total: Active membership: 381. 1 death(s),
Catherine Ann Spitzley, died 2/10/2019, age 89, spouse of Police retiree.
Refunds made since the last regular meeting amounted to $29,096.16.
Reimbursements to the System year-to-date amount to $0.00. Retirement
allowances paid for the month of February 2019, amounted to $2,725,680.20.
Total retirement checks printed for the P&F System: 744. Total retirement
checks printed for both systems: 1667. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
March 19, 2019
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Two
Lansing, MI
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to
approve the following application for Regular Age and Service Retirement:
Terry Blount (Police — CCLP NonSupervisory), 25 years of service
credits age 47, effective April , 2019
1se(Swornrvice credits.
10/24/1994) with
the purchase of 6 months of universal
Kenneth I. Callison (Police —CCLP Supervisory), 25 years of service
credits, age 45, effective March
22, 20l 9 (ceor Date: 10/9/1995) with
the purchase of 18 months of
Michael B. Carey (Police —CCLP NonSupervisory), 25 years of service
credits, age 46, effective March 15, 2019 (Sworn Date; 3/6/1996) with
the purchase of 23 months of military service credits.
Joel Mires (Police —CCLP NonSupervisory), 25 years of service credits,
age 50, effective April 2019 worn Date 12/19/1994) with the
purchase of 8 months of military sere
Adopted by the following vote: 6— 0.
Karen Williams reported Applicant #2019 — P0122, Applicant #2019 —P0219,
Applicant#2019-P0220 have been sent letters requesting medical documentation.
There were no requests for non-duty disability retirement.
Karen Williams reported that the MAPERSho019 Spring contact theerence — May Retirement Offi$e to
2019. Members who wished to attend should
register.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Schor
had
attendcontacted
the March meeting.Retirement
TrOustee
ffice
to notify the Board that he would not be able to
Ryan Wilcox contacted the chairperson and requested to be excused from the
meeting.
It was moved Trustee Wood and supportedR y Trustee
Board meeting.se Trustee
Ryan Wilcox from the March Police and Fire
Adopted by the following vote: 6 — 0.
March 19, 2019
Regular Meeting Tuesday, 8:30 a.m.
Council Conference Room
10th Floor, City Hall Page Three
Lansing, MI
It was noted that Trustee Schor did not need to be excused because his position
was ex-officio. changes:
Attorney Ken Lane distributed the amended budget
ACG alloclth ationh shall befollowing increased by
investment fees shall be reduced by $500,
$20,000; and an Administrative account shall be added with an allocation of $5,000.
Adopted by the following vote: 6 —0. rove the
It was moved by
Trustee Wood and supposed by Trustee C. Wilcox to approve
amended 2019 Budget for the Police and Fire Retirement System.
Adopted by the following vote: 6— 0• provisions for the
Line of Duty
Attorney Ken Lane reported than the D d tw in the ill be upd D
ated in the The
Fire Department had been chastem Policy regarding Death In the Line of Y
Police and Fire Retirement Sy
could be rescinded. The Ordinance amendment would make the policy irrelevant.
uires
Karen Williams reported that the Duty Disability Income
e Verifiform. The curcation rent rl Qcome
an update due to the changes in the Federal 10
Verification Form line numbers do not match the updated Federal 1040.
Attorney Ken Lane reported that he reviewed the form and provided line changes
for the income Verification form.
quested that the Retirement
The Police and Fire Retirement System Board re eswith a letter of explanation.
Office correct the form and re-send to disability retireprepared
Karen Williams distributed a Legal Advisor Request for Information (RFI) p
CityAttorney's Office, for the review by the Police and Fire Retirement
by the
System Board. Joint
The Police and Fire Board requested that the RS I be Officeiscussed at the May
Retirement Board meeting with the City Attor y
Williams reviewed the Monthly Investment Report and the Securities
KarenFebruary 28, 2019.
Lending Report for the period ending
It was moved by
Trustee Wood and supported by Trustee Chris Wilcox to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 8:51 am.
Minutes approved on
Angela Bennett, Secretary Stem
police & Fire Retirement Sy
Eric p. Wohlfert, Chairperson
police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting April 16, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:33 a.m.
Present: Trustees Bennett, Fabus, Rose, C. Wilcox, Ryan Wohlfert— 6.
Absent: Schor. Wood
Others: Karen E. Williams, Finance Department; Attorney Kenneth Lane; Law
Department), Tom Krug, Capitol City Labor Program (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
March 19, 2019.
Adopted by the following vote: 6 — 0.
Secretary's Report.
0 new fire member(s), 1 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 1 retired. Total: Active membership: 382. 2 death(s),
Harvey Lee Adams, Police, died 4/3/2019, age 62, spouse to receive 50%;
Stephen J. Jex, Police, died 2/22/2019, age 64, no surviving beneficiary.
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 March 2019, amounted to $2,738,103.25.
Total retirement checks printed for the P&F System: 745. Total retirement
checks printed for both systems: 1675. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to
approve the following application for Regular Age and Service Retirement:
Cherie L. Ballor (Police — CCLP Supervisory), 24 years of service
credits age 55, effective May 17, 2019 (Sworn Date: 6/5/1995).
Adopted by the following vote: 6 — 0.
Regular Meeting April 16, 2019
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 following application for Regular Age and Service Retirement:
Bradley Sampson (Police —CCLP Supervisory), 25 years of service
credits, age 49, effective May 17, 2019 (Sworn Date: 10/18/1994) with
the purchase of 4 months of universal service credits.
Adopted by the following vote: 6 — 0.
Karen Williams reported Applicant #2019 — P0122, Applicant #2019 —P0219,
Applicant#2019-P0220 have submitted their documentation to be forwarded to the
medical director.
There were no requests for non-duty disability retirement.
Karen Williams reported that the MAPERS 2019 Spring Conference — May 18-21,
2019. Members who wished to attend should contact the Retirement Office to
register.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Wood had contacted the Retirement Office to
notify the Board that he would not be able to attend the April meeting.
It was moved Trustee Fabus and supported by Trustee Bennett to excuse Trustee
Wood from the April Police and Fire Retirement Board meeting.
Adopted by the following vote: 6 — 0.
It was noted that Trustee Schor did not need to be excused because his position
was ex-officio.
Mr. Tom Krug, Capitol City Labor program (CCLP), reported expressed concern
that there was a potential backlog in the Retirement Office due to an increase of
police members who wished to retire early before a new contract is negotiated.
Mr. Krug stated that a few members who were afraid that actuaries would not be
received in time for them to retire contacted him. Mr. Krug requested with the
increase of requests that the Board take action to make sure that the actuaries
can be completed.
Regular Meeting April 16, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Ms. Williams explained the process to purchase time and that the actuarial
valuations are only valid for 60 days. The valuations, rollovers and retirements
must be done within a fixed period. Ms. Williams did not want the officers to have
to have additional valuations completed because there requests were too early.
Trustee Bennett stated that if there were a workload issue, staffing adjustments
would be made to accommodate the members who are purchasing time.
Ms. Williams indicated that all of the members who have contacted the Retirement
Office have been scheduled in order to submit their actuary requests.
Trustee Fabus inquired if the Frequently Asked Questions could be updated to
discuss how service credits are earned, and how service credits can be
purchased.
Attorney Ken Lane will update the document and send it out to trustees to review
prior to the next meeting.
Attorney Ken Lane discussed reviewing the investment fees for next year budget to bring
it more in line with expenses.
Attorney Ken Lane reported that the Death in the Line of Duty provisions for the Fire
Department had been changed and will be updated in the Ordinance. The Police and Fire
Retirement System Policy regarding Death in the Line of Duty could be rescinded. The
Ordinance amendment would make the policy irrelevant. Attorney Lane recommended
repealing the Fire duty death policy.
Trustee Bennett announced that the City of Lansing had hired a new treasurer, Judy
Kehler, who will be a new trustee to the Retirement Boards.
Karen Williams updated the Police and Fire Retirement System regarding Duty
Disability Income Verifications. The deadline for submission would be April 30,
2019. Members, who do not submit by April 30, receive a second request before
action is taken to modify their benefit.
Karen Williams distributed a Legal Advisor Request for Information (RFI) prepared
by the City Attorney's Office, for the review by the Police and Fire Retirement
System Board. The Police and Fire Board requested that the RFI be discussed at
the May Joint Retirement Board meeting with the City Attorney's Office.
Trustee Fabus inquired if the Retirement Boards could have an educational
meeting on Wednesday for with both Boomershine Consulting Group and Asset
Consulting Group.
Karen Williams will check with the Employees' Retirement System Board
regarding a joint meeting for an educational meeting.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending March 31, 2019.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 9:09 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT
SYSTEM BOARD
And
POLICE AND FIRE RETIREMENT SYSTEM
BOARD MEETING MINUTES
Joint Meeting February 19, 2019
Council Conference Room Tuesday, 9:15 a.m.
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:15 a.m.
A quorum of the Employees' Retirement System Board and Police and Fire Retirement
System Board was present.
Trustees present: (ERS), Bennett, Kraus, Munroe, D. Parker, M. Parker, Sanchez-
Gazella, Schor. — 7.
(Police & Fire), Bennett, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood — 7
Others present: Karen E. Williams Finance Department; Attorney Ken Lane
(representing the City Attorney's Office); Nathan Burk, George Tarlas, Asset Consulting
Group; Kitty Swenson, Director of Client Relations, Wasatch Investments; Tim McClure,
Tegrit; Greg Stump, Boomershine Consulting Group.
It was moved by Trustee Mark Parker and supported by Trustee Schor to excuse
Trustee Dedic and Trustee Washington from the February Joint Retirement Board
meeting.
Adopted by the following vote: 7 — 0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to excuse
Trustee Fabus from the February Joint Retirement Board meeting.
Adopted by the following vote: 7 — 0.
Karen Williams updated the Board that the City Attorney's Office would provide an
update regarding the legal advisor request for information at the March meetings.
Mr. Tim McClure, CEO, Tegrit provided a performance review of the company. Mr.
McClure reported that over the past 3-year period, revenues are up 30%, with an 18%
gross profit margin. Tegrit has added three major contracts in Missouri, California and
Louisiana, which will produce 22 million in revenues. Tegrit has updated the Arrivos
product to version 2.0. Mr. McClure reviewed the increased efficiencies and between
versions 1.0 and 2.0 and their cost structures.
Joint Meeting February 19, 2019
Council Conference Room Tuesday, 9:15 a.m.
10th Floor City Hall
Lansing, MI Page 2
Mr. McClure reviewed the company's security procedures, and discussed that the
company was employee-owned. Mr. McClure have added 20 new employees. Many of
the new hires have been in research and development. Tegrit is growing and looking to
purchase a building in the Livonia area.
Mr. Greg Stump, Boomershine Consulting Group provided an actuarial valuation
preview for the period ending 2018. Mr. Stump discussed last year's valuations, the
current valuations and the long and short term. Mr. Stump reviewed the funding level,
the investment report and contribution level.
Mr. Stump discussed the investment losses for 2018 due to market returns, and
described the process of five asset smoothing that recognize 1/5 of the loss each year.
For the short term, the total amount of contributions will increase greater than expected
for both pension plans. Mr. Stump reviewed demographic expectations for the City of
Lansing. Mr. Stump discussed service purchases effect on the valuation. He discussed
the recent mortality public sector tables that were published by the society of actuaries.
He will review and discuss phasing-in the RP2014 mortality tables when the Boards
perform its next Experience Study.
Mr. Burke, Asset Consulting Group, provided an overview of the Wasatch investment.
He explained personnel changes that have happened recently. Wasatch also lost three
large clients within the emerging market small cap strategy.
Ms. Kitty Swenson, Wasatch Investment firm, discussed the employee changes on the
research team. Ms. Swenson manages the institutional clients and explained the firm is
100% employee owned, with 1.2 billion in assets within the emerging market small cap
strategy. Ms. Swenson provided a review of the City of Lansing retirement boards'
manager mix. Ms. Swenson discussed the performance and provided a market value
summary of the retirement boards' portfolio.
Mr. George Tarlas announced that Asset Consulting Group would be celebrating its 30th
year in 2019. He expressed his appreciation to the City of Lansing as its client.
Mr. Burk discussed the Wasatch presentation with the Joint Boards. Mr. Burk discussed
the portfolio asset allocation and the market volatility for Employees' Retirement System
and the Police and Fire Retirement System.
Mr. Burk explained the Asset Consulting Group transparency letter for public fund client.
The letter describes the maximum amount that may be paid on behalf of a client, such
as a meal.
Burk provided an overview and update of the global economic markets. Mr. Tarlas
Mr. B p
Mr. Burk discussed the market environment and totalR tirfementnSystem and the
alysis. Mr. Burk
and performance of the Employe
discussed the financial p
Police and Fire Retirement System for the period ending December 31, 2018.
provide an analysis of the portfolios equity, fixed income, and real estate
Mr. Burk p investments. He reviewed the January monthly financial report.
supported by Trustee Ryan Wilcox to adjourn
It was moved by Trustee Chris Wilcox and stem Board and Police and Fire
the February Joint Employees' Retirement Sy
Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 11:12 a.m.
Minutes approved on
Angela Bennett, Secretary
Dennis R. Parker, Chairperson
Eric P. Wohlfert, Chairperson
Em loyees' Retirement System Police and Fire Retirement System
p
CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT
SYSTEM BOARD
And
POLICE AND FIRE RETIREMENT SYSTEM
BOARD MEETING MINUTES
Joint Meeting May 16, 2019
Council Conference Room Tuesday, 9:15 a.m.
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:29 a.m.
A quorum of the Police and Fire Retirement System Board was present.
Trustees present: (ERS), Kehler, Kraus, D. Parker, M. Parker. — 4.
(Police & Fire), Fabus, Kehler, Rose, C. Wilcox, Wohlfert, Wood — 6
Others present: Karen E. Williams Finance Department; Attorney Ken Lane
(representing the City Attorney's Office); Nathan Burk, Asset Consulting Group; Joe
Gilbert, Andrea Leistra, Integrity Investments; Attorney Joseph Abood, City Attorney's
Office.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to excuse
Trustee Ryan Wilcox from the May Joint Retirement Board meeting.
Adopted by the following vote: 6 — 0.
Attorney Joseph Abood submitted the draft Legal Advisor Request for information (RFI)
document to the Joint Boards for consideration.
Trustee Wood inquired if there was a list of pension board attorneys available to send
the RFI.
Attorney Abood indicated that he had not created a list and felt the pension boards
would be directing who the RFI should be sent.
Trustee Kraus expressed concern of the intent of the document. Trustee Kraus
indicated that the attorney's office is responsible for the due diligence since they provide
the legal staffing of the retirement boards. Trustee Kraus inquired if the Boards were
planning on taking over the hiring for legal counsel and recommended taking the cost
section out of the RFI. Trustee Kraus recommended just asking for the legal counsel's
resume.
Joint Meeting May 16, 2019
Council Conference Room Thursday, 9:15 a.m.
10th Floor City Hall
Lansing, MI Page 2
Trustee Wood indicated that the retirement boards did go through a similar process of
reviewing legal firms and was able to make a recommendation to the City Attorney's
Office.
Attorney Lane indicated that he represented the City Attorney's Office and that in
situations where the Retirement Board disagree with his opinion, the Boards have the
ability to hire counsel.
Trustee Wohlfert indicated that the RFI would provide costs of the services. Trustee
Wohlfert stated that if the Boards ever decided to hire a legal advisor, then he would
need information regarding pricing. Trustee Wohlfert stated that it was important for the
Retirement Board to perform due diligence.
Attorney Abood drafted the RFI template at the retirement boards's direction. Attorney
Abood indicated that although the retirement boards can hire their own counsel, the City
Attorney's Office plans to continue to provide legal staffing to the Board.
Trustee Kraus explained the process for distribution of the request for information. She
explained the RFI was generally used to determine and narrow the qualifications for a
specific project. Trustee Kraus contrasted the explanation with request for proposals.
Trustee Rose further explained the intent of the request for information. Trustee Rose
explained that there would be a difference between qualifications and guidelines
suggested for legal counsel and going out for bid.
Attorney Abood created a hybrid Request for Information that included costs to address
the questions regarding pricing that Board requested. Attorney Abood recommended if
the Board wish to move the document forward, the Boards could use the City Council
Approved List or posting the RFI in legal journals.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox for the Police
and Fire Retirement System Board to distribute the RFI with the responses due to the
Retirement Office by July 1, 2019.
Adopted by the following vote: 6 — 0.
Trustee Kraus recommended delaying the response date because the Employees'
Retirement System could not vote on the RFI due to lack of quorum.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox for the Police
and Fire Retirement System Board to reconsider the RFI with responses due to the
Retirement Office by July 1, 2019.
Adopted by the following vote: 6 — 0.
Joint Meeting May 16, 2019
Council Conference Room
Thursday, 9:15 a.m.
10th Floor City Hall Page 3
Lansing, MI
It was moved by Trustee Wood and supported by Trustee Chris Wilcox for the Police
and Fire Retirement System Board to reconsider the RFI with responses due to the
Retirement Office by August 1, 2019.
Adopted by the following vote: 6 - 0
Ms. Andrea Leistra, Client Relationship Manager, Integrity Investments. Ms. Leistra
discussed that 15% of the stock is now public and discussed the employee additions to
the research team. Ms. Leistra manages the institutional
Intelients grity hasd explained the firm
recently purchased
is majority employee owned. Victory Capital that owns
USAA.
Mr. Joe Gilbert provided a review o he City of ia nvlesg retireent boards'tmentsm He performanceaand
ger
mix. Mr. Gilbert discussed the process of selectng
provided a market value summary of the retirement boards' portfolio.
Mr. Burk, Asset Consulting Group, distributed recommendations for quarterly cash flow
for $8.5 million for the Police and Fire Retirement System Board
It was moved Trustee Wood and supported by Trustee Ryan Fabus to redeem $8.5
million from the Police and Fire Retirement System 000 from Nlio ortheased upon the
n Trust Security
recommendations of Asset Consulting Group a $
Lending for the quarterly cash flow.
Adopted by the following vote: 5 — 0.
Mr. Burk discussed recommendations for a new Emerging
have a special meeting June 25Joint
Board discussed the search process and agreed
2019 to interview and review managers.
Mr. Burk provided an overview and update of the global economic markets. Mr. Burk
discussed the market environment and total portfolio analysis. Mr. Burk discussed the
financial performance of the Employees Retirement OS8ystem and the Police and Fire
Retirement System for the period ending Marc ,
Mr. Burk provided an analysis of the portfolios
c al equity,
fixed income, and real estate
investments. He reviewed the April monthlyreport.
It was moved by Trustee Rose and supported by Trustee Chris Wilcox to adjourn the
May Joint Employees' Retirement System Board and Police and Fire Retirement
System Board meeting.
Adopted by the following vote: 5 — 0.
The meeting adjourned at 11:34 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 JOINT BOARSD
OF TRUSTEES FOR THE CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
AND THE
EMPLOYEES' RETIREMENT SYSTEM
INVESTMENT MEETING
Regular Meeting June 25, 2019
Council Conference Room Tuesday, 8:15 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:19 a.m.
Present: ERS: Trustees Bahr, Dedic, Kehler, Kraus, D. Parker, M. Parker,
Sanchez-Gazella, Washington— 8.
Police & Fire: Fabus, Kehler, Rose, C. Wilcox, R. Wilcox, Wohlfert, Wood- 7.
Absent: Schor
Others: Karen E. Williams, Finance Department; Nathan Burk. Asset Consulting
Group; Guilherme Vaille, Portfolio Manager, Jon Feinberg, Business
Development, ABS Emerging Market Strategic Portfolio; Chris Lively, Portfolio
manager; Steve Hanson, Client Service and Marketing, Axiom Investors; Kevin
Gergits, Director of Institutional Sales; Gokce Bulut, Portfolio Manager, LGM
Responsible GEM Equity Strategy.
Trustee Carol Wood distributed a posting for the Chief Strategy Officer. Trustee
Wood stated the position would be working on retirement related issues and
wanted the Board to be aware.
Mr. Nathan Burk reported that T. Rowe Price would be lowering its fees that would
be provide approximately $17,000 of annual savings to the Boards. T. Rowe
would provide an amendment to their agreement that can be reviewed and voted
on by the Boards at their next regular meeting.
Mr. Burk provided an overview of the investment managers that the Board would
meet; ABS, fund of fund manager; Axiom, traditional approach, and LGM, ESG
social responsible investment approach.
Mr. Jon Feinberg provided an overview of the ABS Company, its employees, and
assets under management. Mr. Valle provided a discussion of the emerging
market investment strategy and the selection of stocks.
Mr. Hanson provided an overview of the Axiom Company. Mr. Lively provided a
presentation on their emerging market strategy.
Mr. Kevin Gergits provided an overview of the LGM Company. He explained the
socially responsible strategy, ESG. Mr. Bulut provided a presentation on the LGM
Responsible GEM Equity Strategy.
The joint Board discussed the three investment companies' downside protection,
liquidity, and fee structure and portfolio allocation.
It was moved by Trustee Kraus and supported by Trustee Dedic to select ABS as
its emerging market investment manager for the Employees' Retirement System
Board.
Adopted by the following vote: 8 — 0.
It was moved by Trustee Chris Wilcox and supported by Trustee Wood to select ABS as
its emerging market investment manager for the Police and Fire Retirement System
Board.
Adopted by the following vote: 7 —0.
The meeting adjourned at 11:19 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
Dennis R. Parker, Chairperson
Employees' Retirement System
CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT SYSTEM
and POLICE AND
FIRE RETIREMENT SYSTEM
MEETING MINUTES
Joint Meeting November 21, 2019
Council Conference Room Thursday, 9:15 a.m.
10th Floor City Hall
Lansing, MI
The meeting was called to order at 9:40 a.m.
A quorum of the Police and Fire Retirement Board was present.
Trustees present: (ERS), Bahr, Dedic, Kehler, Kraus, D. Parker, M. Parker, Sanchez-
Gazella, Schor — 8.
(Police & Fire), Fabus, Kehler, Rose, Schor, C. Wilcox, R. Wilcox, Wood —7.
Trustee Fabus presided for the Police and Fire Retirement System Board.
Others present: Karen Williams, Human Resources Department; Shelbi Frayer, Finance
Department; Attorney Ken Lane (representing the City Attorney's Office); Chris
Carmody, Michael Halper, ABS Long/Short Equity Investments; Nathan Burk, Asset
Consulting Group.
It was moved by Trustee Dedic and supported by Trustee Mark Parker to excuse
Trustee Washington from the November Joint Retirement Boards meeting.
Adopted by the following vote: 8-0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Kehler to excuse
Trustee Wohlfert from the November Joint Retirement Boards meeting.
Adopted by the following vote: 7-0.
Karen Williams distributed the 2020 Meeting Dates. Trustee Dennis Parker explained
that he spoke with Trustee Eric Wohlfert about having all the meetings on one day. The
actuary and other vendors would only have to come one day for both meetings. The
Joint Retirement Boards discussed meeting on the same dates. The Board determined
that each Board would meet on Tuesday, with Police and Fire System meeting at 8:30
a.m., followed by Employees' Retirement System meeting at 9:30 a.m.
Joint Meeting November 21, 2019
Council Conference Room Thursday, 9:15 a.m.
10th Floor City Hall
Lansing, MI Page Two
Trustee Kraus inquired how the quarterly meetings would be handled. The Joint Board
determined the quarterly meetings held February, May, August, and November would
include official business from both boards and begin at 8:30 a.m. instead of three
separate meetings.
It was moved by Trustee Kraus and supported by Trustee Mark Parker to move the
Employees' Retirement System meetings to Tuesdays at 9:30 a.m., following the Police
and Fire Retirement System Board for the 2020 Meeting Dates.
Adopted by the following vote: 8- 0.
Shelbi Frayer distributed Finance Department memo regarding payroll transfers for
employee contributions from the City due to the retirement accounts. Ms. Frayer
explained that these transfers were generally done twice a year. The Finance
Department recommended that these transfers be done monthly.
Shelbi Frayer explained that Finance inadvertently changed the authorized signers on
one of the Board investment accounts, BlackRock. The investment account removed
the chairpersons and only listed Ms. Frayer. Ms. Frayer explained a blanket letter was
sent out to all the City accounts to update the authorized signers. Ms. Frayer spoke with
Dennis R. Parker and corrected the error with a letter to BlackRock. The Finance
Department only needed viewing access only for audit and actuarial purposes.
Karen Williams reported that the Finance Department requested the chairpersons'
authorization to receive bank confirmation for the City's annual financial report.
The Joint Boards approved viewing access of statements only for the Finance
Department.
Trustee Fabus reviewed the Joint subcommittee met to review the RFPQ for legal
advisors. He noted that the Employees Retirement System had discussed and voted to
move forward with interviews and provide a recommendation, in cooperation with the
Office of the City Attorney. The Police and Fire Retirement System recommended a
joint meeting with the ERS Board to move forward with interviews.
It was moved by Trustee Ryan Wilcox and supported by Trustee Wood for the Police
and Fire Retirement Board to hold interviews for legal services.
Adopted by the following vote: 5 -2
Trustee Dennis Parker indicated that the Joint subcommittee recommended three law
firms to interview: AML, VanOverbeke and Sullivan.
Joint Meeting November 21, 2019
Council Conference Room Thursday, 9:15 a.m.
10th Floor City Hall
Lansing, MI Page Three
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox for the Police
and Fire Retirement System Board to interview AML, Sullivan, and VanOverbeke law
firms.
Adopted by the following vote: 5 -2.
It was moved by Trustee Kraus and supported by Trustee Dedic for the Employees'
Retirement System Board to interview AML, Sullivan and VanOverbeke law firms.
Trustee Mark Parker inquired regarding what distinguished the three firms that were
selected.
Trustee Kraus stated the joint subcommittee felt the three firms selected were best
positioned to address the needs of the retirement boards.
Trustee Mark Parker indicated that firms were selected based upon their resources and
that the specialized in providing legal counsel to .retirement boards
Adopted by the following vote: 7 -1.
Mr. Chris Carmody, business development manager for ABS Long/Short Equity,
provided an overview of the investment team. He provided an update and overview of
the organizational structure and noted the low turnover at the firm. Mr. Michael Halper
provided a 2019 review of the market environment, ABS Global portfolio performance.
Mr. Halper discussed the ABS approach to the Emerging Markets investing strategy.
Mr. Burk reviewed the Police and Fire Retirement System quarterly cash flow request
for $8.6 million. Asset Consulting Group recommendation was to redeem $3,000,000
from the Northern Trust S&P 500 Index portfolio and $3,500,000 from the T. Rowe Price
portfolio, and $2,100,000 from the William Blair investment.
It was moved by Trustee Wood and supported by Trustee Rose to redeem from the
Police and Fire Retirement System portfolio: 3,000,000 Northern Trust S&P 500 Index,
and $3,500,000 from T. Rowe Price, and $2,100,000 from William Blair for quarterly
cash flow needs as outlined by Asset Consulting group memo, and $20,000 from
securities lending for administrative expenses
Adopted by the following vote: 7 -0.
Joint Meeting November 21, 2019
Council Conference Room Thursday, 9:15 a.m.
10th Floor City Hall
Lansing, MI Page Four
Mr. Burk reviewed the Employees' Retirement System quarterly cash flow request for $6
million. Asset Consulting Group recommendation was to redeem $1,000,000 from the
Northern Trust S & P 500 Index Fund, $1,300,000 from T. Rowe Price and $3,700,000
million from MD Sass.
It was moved by Trustee Mark Parker and supported by Trustee Kehler to redeem from
the Employees' Retirement System portfolio: $1,000,000, from Northern Trust S&P 500
Index, and $1,300,000 from T. Rowe Price, and $3,700,000 from MD Sass for quarterly
cash flow needs as outlined by Asset Consulting group memo, and $20,000 from
securities lending for administrative expenses
Adopted by the following vote: 6 -0.
Mr. Nathan Burk of Asset Consulting Group reviewed the Quarterly Performance reports
for the 3rd quarter of 2019. Ms. Burk discussed the financial performance of the
Employees' Retirement System and the Police and Fire Retirement System for the
period ending October 31, 2019. Mr. Burk reviewed the market environment and
discussed the equity, fixed income and real estate investments within the financial
portfolio. Mr. Burk provided a review of the structure of both plans and discussed fees
and asset allocation.
Mr. Burk reviewed the UBS Trumbull property Fund Loyalty program. The agreement
would provide a 25% base fee discount for clients that elect to stay with the manager 4
years. If the Boards decide to leave USB before four years, the plans would be required
to pay back the money. Asset Consulting Group recommendation was for the Joint
Retirement Board
It was moved'by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to accept
Asset Consulting Group's recommendation to approve the USB Trumbull Property Fund
Loyalty discount program for the Police and Fire Retirement Board portfolio.
Adopted by the following vote: 6 -0
It was moved by Trustee Mark Parker and supported by Trustee Sanchez-Gazella to
accept Asset Consulting Group's recommendation to approve the USB Trumbull
Property Fund Loyalty discount program for the Employees' Retirement System Board
portfolio.
Adopted by the following vote: 7 — 0.
Mr. Burk recommended that the Retirement Boards accept total distribution from the
UBS discount program and no re-invest those funds. The funds would be distributed to
the securities lending account.
It was moved by Trustee Rose and supported by Trustee Wood to accept Asset
Consulting Group's recommendation to take total distributions from the UBS discount
program for the Police and Fire Retirement System portfolio.
Adopted by the following vote: 7 -0
It was moved by Trustee Kraus and supported by Trustee Kehler to accept Asset
Consulting Group's recommendation to take total distributions from the UBS discount
program for the Employees' Retirement System portfolio.
Adopted by the following vote: 6 — 0
Mr. Burk reviewed and recommended amendments to the fixed income portion of the
portfolios. Asset Consulting Group will research firms and provide selection to the Joint
Boards for review.
There were no public comments.
It was moved by Trustee Kraus and supported by Trustee Kehler to adjourn the Joint
Meeting of the Employees' Retirement System Board and the Police and Fire
Retirement System Board
The Meeting adjourned at 11:06 a.m.
Minutes approved on
Shelbi Frayer, 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
Regular Meeting May 14, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:31 a.m.
Present: Trustees Fabus, Rose, C. Wilcox, Wohlfert, Wood— 5.
Absent: Kehler, Schor, R. Wilcox
Others: Karen E. Williams, Finance Department; Attorney Kenneth Lane; Law
Department).
It was moved by Trustee Fabus and supported by Trustee Rose to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of April
16, 2019.
Adopted by the following vote: 5 — 0.
Secretary's Report.
0 new fire member(s), 1 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 0 retired. Total: Active membership: 383. 3 death(s),
James R. Cochran, Police, died 4/2/2019, age 78, spouse to receive 50%;
Calvin Hildenbrand, Fire, died 3/10/2019, age 92, no surviving beneficiary;
John C. Miller, Police, died 3/28/2019, age 77, 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 April 2019, amounted to $2,738,637.23. Total
retirement checks printed for the P&F System: 744. Total retirement checks
printed for both systems: 1676. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
It was moved by Trustee Fabus and supported by Trustee Chris Rose to
approve the following application for Regular Age and Service Retirement:
Leith I. Curtis, III (Police — CCLP Supervisory), 25 years of service
credits, age 49, effective June 15, 2019 (Sworn Date: 7/20/1994) with
the purchase of 1 month of universal service credit.
Adopted by the following vote: 5 —0.
Regular Meeting May 14, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
It was moved by Trustee Fabus and supported by Trustee Rose to approve the
following application for Regular Age and Service Retirement:
Andrew J. Hogan (Police — CCLP NonSupervisory), 22 years, 1 month
of service credits age 55, effective May 16, 2019 (Sworn Date:
6/5/1995).
Adopted by the following vote: 5 — 0.
Karen Williams reported Applicant #2019 —P0219, Applicant #2019-P0220 have
submitted their documentation to be forwarded to the medical director.
Karen Williams reported that Applicant #2019-P0122 has not completed a medical
release.
The Board discussed the procedure for when an applicant does not submit its
medical release. Attorney Lane recommended that if the applicant did not submit
the release, the application should be denied.
Trustee Fabus inquired if the City could subpoena medical records that they have
paid for.
Trustee Wood inquired if the applicant or the department had applied for the duty
disability. Trustee Wood expressed concern regarding patient confidentiality
without the medical release.
The Retirement Office indicated that the department had submitted the request for
duty disability.
Attorney Lane indicated the Retirement Office to notify the applicant that the
request would be denied if the medical release were not received by the June
meeting.
There were no requests for non-duty disability retirement.
Trustee Christopher Wilcox provided an oral report regarding the ABS
Conference. Trustee Wilcox stated that the one-day conference hosted about 50
people. The conference focuses on Emerging markets and discussed artificial
intelligence and technology. Five managers reviewed the Mexico, Russia and
Taiwan markets. Trustee Wilcox thought it was a great conference.
Regular Meeting May 14, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Karen Williams reported that the MAPERS 2019 Spring Conference — May 18-21,
2019. Members who wished to attend should contact the Retirement Office to
register.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Kehler had contacted the Retirement Office
to notify the Board that he would not be able to attend the May meeting. Trustee
Ryan Wilcox contact the chairperson and requested to be excused from the May
meeting.
It was moved Trustee Wood and supported by Trustee Wilcox to excuse Trustee
Wood from the May Police and Fire Retirement Board meeting.
Adopted by the following vote: 5 — 0.
Attorney Ken Lane distributed the Frequently Asked Questions Document for the
Police and Fire Retirement System.
Trustee Fabus inquired about when health care would start for members who
purchased military time, universal time, or were deferred. He requested that
information be included in the Frequently Asked Questions document.
Ms. Williams explained that members who purchased military time received health
care at retirement. Members who purchased universal time were required to wait
until their true anniversary date as indicated in the bargaining agreement.
Members who were deferred received health care at the time of retirement under
the contract in place.
Ms. Williams updated the Board regarding disability income verification and re-
exams. Ms. Williams provided a list of duty disabled retirees to the disability
subcommittee for review. Ms. Williams indicated that the retirement office would
send out a second letter for members who have not submitted their income
verification. If the retirees do not respond to the second request, the Board may
suspend their pensions until compliance. The disability subcommittee provided a
list of members to be re-examined to the retirement office.
Karen Williams indicated that the Legal Advisor Request for Information (RFI)
prepared by the City Attorney's Office, would be reviewed at the Joint meeting with
the Employees Retirement System Board
Karen Williams reviewed the Quarterly Expenses Report and the Securities
Lending Report for the period ending April 30, 2019.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 5 — 0.
The meeting adjourned at 9:01 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting June 18, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:32 a.m.
Present: Trustees Kehler (8:34), Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood— 6.
Absent: Fabus, Rose
Others: Karen E. Williams, Finance Department; Attorney Kenneth Lane; Law
Department); Marie Rosicky, retiree.
It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
May 14, 2019.
Adopted by the following vote: 5 — 0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to approve
the Official Joint Minutes of the Employees' Retirement System Board and the Police and
Fire Retirement System Board Meeting of May 16, 2019.
Adopted by the following vote; 5 —0.
Secretary's Report.
0 new fire member(s), 3 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 0 retired. Total: Active membership: 386. 1 death(s),
Harrison O. Rees, Fire, died 4/14/2019, age 90, 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 May 2019, amounted to $2,749,778.44. Total
retirement checks printed for the P&F System: 744. Total retirement checks
printed for both systems: 1673. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
It was moved by Trustee Wood and supported by Trustee Chris Wilcox to
approve the following application for Regular Age and Service Retirement:
David M. Babcock (Fire — IAFF), 25 years of service credits, age 51,
effective June 1, 2019 (Sworn Date: 4/29/1996) with the purchase of 23
months of military service credit.
Adopted by the following vote: 6 — 0.
Regular Meeting June 18, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
It was moved by Trustee Ryan Wilcox and supported by Trustee Kehler to
approve the following application for Regular Age and Service Retirement:
Richard Dietrich (Police — CCLP NonSupervisory), 22 years, 2
month of service credits, age 54, effective June 28, 2019 (Sworn
Date: 3/23/1998). Eligible to retire by using 4 years of Reciprocal
Retirement Act service with the State of Michigan public School
Employees Retirement System
Adopted by the following vote: 6 —0.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to
approve the following application for Regular Age and Service Retirement:
Eric Eichenberg (Police — CCLP Supervisory), 25 years of service
credits, age 48, effective July 13, 2019 (Sworn Date: 2/20/1995) with the
purchase of 7 months of service credit.
Adopted by the following vote; 6 — 0
It was moved by Trustee Kehler and supported by Trustee Chris Wilcox to
approve the following application for Regular Age and Service Retirement:
Paul A. Hood (Fire — IAFF), 19 years, 1 month of service credits, age
55, effective June 17, 2019 (Sworn Date: 6/12/2000)
Adopted by the following vote; 6 — 0
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox
to approve the following application for Regular Age and Service Retirement:
Tracy T. Jones (Police - CCLP NonSupervisory), 25 years of service
credits, age 51, effective June 15, 2019 (Sworn Date: 4/10/1995) with
the purchase of 9 months of prior service credits.
Adopted by the following vote; 6 — 0
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox
to approve the following application for Regular Age and Service Retirement:
George R. Kelley (Police — CCLP NonSupervisory), 25 years of service
credits, age 48, effective July 9, 2019 (Sworn Date: 8/19/1996) with the
purchase of 24 months of military service credits.
Adopted by the following vote: 6- 0
Regular Meeting June 18, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Ryan Wilcox and supported by Trustee Kehler to
approve the following application for Regular Age and Service Retirement:
Kristy K. Szczesny (Police — CCLP Supervisory), 23 years, 6 months of
service credits, age 55, effective July 6, 2019 (Sworn Date: 1/10/1996).
Adopted by the following vote: 6 -0
Karen Williams reported that Applicant #2019-P0122 submitted his medical
release to the Retirement Office. The Retirement Office has gathered his
documentation to be forwarded to the medical director.
Karen Williams reported Applicant #2019 —P0219, Applicant #2019-P0220 have
been evaluated by Dr. Roth and he has provided medical reports for the disability
subcommittee's review.
Trustee Wohlfert recessed the meeting to allow the disability subcommittee to
meet to review the medical reports.
The meeting was recessed at 8:40 a.m.
The meeting resumed at 8:42 a.m.
Karen Williams reported that the disability subcommittee met and reviewed the
medical reports for Applicant#2019-P0219 and Applicant#2019-P0220.
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to
approve the duty disability requests for Applicant #2019-P0219 and Applicant
#2019-P0220.
Adopted by the following vote: 6 — 0.
Karen Williams reported that she received a request from Marie Rosicky to convert
her duty disability to age and service. Ms. Williams explained that the conversion
would be effective July 1, 2019.
Ms. Rosicky expressed concern that the CCLP contract expired June 30, 2019
and that her retirement would be affected by changes within a new contract.
Trustee Wood explained that no changes would be effective until the union ratified
a contract and it was ratified by City Council.
Trustee Schor further explained that negotiations were ongoing and no
agreements had been met.
There were no requests for non duty disability.
Trustee Ryan Wilcox provided an oral report regarding the ABS Conference.
Trustee Wilcox stated that the one-day conference was informative. The
conference brought investment managers from all over the world. The managers
had first hand knowledge from markets that included China, Russia and Thailand.
Trustee Wilcox provided an oral report regarding the MAPERS Spring conference.
Trustee Wilcox attended a workshop on the Michigan economy and a workshop
on trustee development.
Trustee Wohlfert attended MAPERS and attended investment basics workshop.
He also attended the actuary hour and stated that overall it was a good
conference
Trustee Wilcox's oral report detailed workshops on health care, and that cities are
using more health savings accounts.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Fabus and Trustee Rose had contacted the
Retirement Office to notify the Board that they would not be able to attend the
June meeting.
It was moved Trustee Wood and supported by Trustee Chris Wilcox to excuse
Trustee Fabus and Trustee Rose from the June Police and Fire Retirement Board
meeting.
Adopted by the following vote: 6 — 0.
Attorney Ken Lane distributed the Frequently Asked Questions Document for the
Police and Fire Retirement System. He requested that the members review the
document for updates and changes.
The Legal Advisor Request for Information (RFI) prepared by the City Attorney's
Office, was reviewed at the Joint meeting with the Employees Retirement System
Board. At the meeting the ERS Board did not have a quorum and could not move
the RFI. The Police and Fire Retirement Board approved the RFI with updates
and would wait for ERS Board before it would be sent out to the approved city
council list. The Police and Fire Board also requested that the RFI be sent out to
the approved list and to MAPERS with a due date of August 1, 2019.
Karen Williams reported that A(.(, Fmi-minn RAarkntc canrnh %Airmii,i ho kohl
Tuesday, June 25, 2019.
Karen Williams reviewed the Quarterly Expenses Report and the Securities
Lending Report for the period ending May 31, 2019.
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to
adjourn the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 8:58 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting July 16, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:31 a.m.
Present: Trustees Fabus, Rose, C. Wilcox, R. Wilcox, Wood— 5.
Absent: Kehler, Schor, Wohlfert
Others: Karen E. Williams, Finance Department; Attorney Kenneth Lane; Law
Department).
Trustee Fabus presided.
It was moved by Trustee Wood and supported by Trustee Rose to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of June
14, 2019.
Adopted by the following vote: 5 — 0.
It was moved by Trustee Wood and supported by Trustee Wilcox to approve the
Official Joint Minutes of the Employees' Retirement System Board and the Police
and Fire Retirement System Board Investment meeting for June 25, 2019.
Adopted by the following vote; 5 — 0.
Secretary's Report.
0 new fire member(s), 5 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 6 retired. Total: Active membership: 389. 1 death(s),
Joan Miller, died 7/2/2019, age 88, spouse of Fire 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
June 2019, amounted to $2,748,245.67. Total retirement checks printed for the
P&F System: 744. Total retirement checks printed for both systems: 1676.
Domestic relations order received: 0. Domestic relations orders pending: 0.
Eligible Domestic Relations Order Certified: 0.
Regular Meeting July 16, 2019
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 Rose to
approve the following application for Regular Age and Service Retirement:
Michael A. Yankowski (Police — CCLP Supervisory), 25 years of service
credits, age 46, effective August 15, 2019 (Sworn Date: 10/11/1994)
with the purchase of 1 month of universal service credit.
Adopted by the following vote: 5— 0.
Karen Williams reported that Applicant #2019-P0122 has been scheduled for a
medical evaluation with Dr. Roth.
There were no requests for non-duty disability retirement.
Karen Williams reported that the MAPERS 2019 Fall Conference — September 21
-24, 2019 in Kalamazoo, Michigan. Members who wished to attend should contact
the Retirement Office to register.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Kehler had contacted the Retirement Office
to notify the Board that she would not be able to attend the July meeting. Trustee
Wohlfert also requested to be excused from the July meeting.
It was moved Trustee Wood and supported by Trustee Ryan Wilcox to excuse
Trustee Wohlfert from the July Police and Fire Retirement Board meeting.
Adopted by the following vote: 5 — 0.
Attorney Ken Lane distributed the Frequently Asked Questions Document for the
Police and Fire Retirement System. He requested that members review the
document for updates or changes.
Attorney Lane updated the Police and Fire Retirement System Board regarding the
Pontiac/Oakland County contract employee issue with the Internal Revenue Service. The
County had an established program for retirees to come back to work as contract
employees. Attorney Lane reviewed the City of Lansing Retirement Board policy
regarding contract employees and did not recommend any changes.
Karen Williams reported that the TRowe Price has forwarded a fee reduction
amendment for the Board approval. The amendment was reviewed by legal
counsel.
Regular Meeting July 16, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Wood and supported by Trustee Rose to approve the
TRowe Price fee reduction amendment.
Adopted by the following vote; 5 -0.
Karen Williams reported that the Joint Retirement Boards met June 25, 2019 to
interview Emerging Markets managers. The retirement boards selected ABS as
its new investment manager. ABS will replace Wells Capital investment and
Wasatch. The contracts have been reviewed by legal counsel and can be signed
Karen Williams indicated that the Legal Advisor Request for Information (RFI)
prepared by the City Attorney's Office, would be sent out to the City Council
approved list.
Trustee Wood requested a copy of the list that the City Attorney used to send out
the RFI.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending June 30, 2019.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 5 — 0.
The meeting adjourned at 8:47 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Thomas Fabus, Vice Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting August 20, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:31 a.m.
Present: Trustees Fabus, Kehler (8:56), Rose, C. Wilcox, R. Wilcox, Wohlfert,
Wood— 7.
Absent: Schor
Others: Karen E. Williams, Angela Bennett, Finance Department; Attorney
Kenneth Lane (representing the City Attorney's Office).
It was moved by Trustee Ryan Wilcox and supported by Trustee Fabus to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
July 16, 2019.
Adopted by the following vote: 6 — 0.
There were no comments for items on the agenda.
Secretary's Report.
0 new fire member(s), 0 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 3 retired. Total: Active membership: 385. 2 death(s),
John Baylis, Police, died 7/20/2019, age 81, spouse to receive 50%; Brian E.
Hunter, Police, died 7/16/2019, age 58, no beneficiary. 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
July 2019, amounted to $2,808,206.06. Total retirement checks printed for the
P&F System: 756. Total retirement checks printed for both systems: 1687.
Domestic relations order received: 0. Domestic relations orders pending: 0.
Eligible Domestic Relations Order Certified: 0.
There were no applicants for Regular Age and Service retirements.
Karen Williams reported that Applicant #2019 — P0122 had seen the medical
director for evaluation. The medical report has been received from Dr. Roth and
forwarded to the disability subcommittee.
Trustee Wohlfert recessed the August meeting to allow the disability
subcommittee to meet.
Regular Meeting August 20, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
The meeting recessed at 8:34 a.m.
The meeting resumed at 8:36 a.m.
Karen Williams reported that the disability subcommittee met and reviewed the
medical report.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to
approve the request for duty disability retirement of applicant #2019 — P0122 per
the medical director's recommendation.
Adopted by the following vote: 6 — 0.
Trustee Wood inquired if the applicant to be approved was submitted by the Police
department.
Karen Williams reported that the request for duty disability for the applicant was
submitted by the Police Department.
There were no requests for non-duty disability retirement.
Karen Williams reported that the MAPERS 2019 Fall Conference — September 21-
24, 2019. Members who wished to attend should contact the Retirement Office to
register.
Karen Williams also reported upcoming conference for NCPERS Public Safety
Conference, October 27 — 30.
Trustee Wohlfert also indicated the IFEBP Annual Conference would be held in
October.
Karen Williams reported that if the chairperson or more than 2 members wished to
attend out-of-state conferences, the approval to attend must be approved by the
Police and Fire Retirement Board.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve
members attendance at the NCPERS Public Safety Conference and the IFEBP
Annual Conference.
Adopted by the following vote: 6 — 0.
There were no requests for refunds of accumulated contributions.
Regular Meeting August 20, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
Karen Williams reported that Trustee Schor's office contacted the Retirement
Office to notify the Board that he would not be able to attend the August meeting.
Trustee Schor is Ex-Officio and does not need a vote to be excused.
Attorney Ken Lane distributed the Frequently Asked Questions Document for the
Police and Fire Retirement System.
Ms. Williams reported that a disability retiree who had been recently approved was
already eligible to convert to age and service retirement. Ms. Williams explained
that Ms. Sukovich became eligible to retire prior to approval for duty disability. Ms.
Williams inquired about when Ms. Sukovich should be converted to age and
service. The bargaining agreement states that the disability retiree should convert
at full retirement but does not specify if that is at age 55 or 25 years of service.
Ms. Sukovich has less than 25 years of service.
Attorney Ken Lane recommended that the Retirement Office meet with Ms.
Sukovich and inform her ability to convert to age and service retirement.
Attorney Wood indicated that she was contacted by the ex-spouse of a member
who stated that she was supposed to start her pension, but it had been delayed.
Attorney Lane explained that the ex-spouse submitted an EDRO that would give
her a guaranteed amount. The state law does not allow the guaranteed amount
as specified in the EDRO. Attorney Lane and the actuary has spoken to the ex-
spouse's attorney.
Ms. Williams indicated that the EDRO that was submitted was denied by the
actuary. The Retirement Office sent the ex-spouse and her attorney a denial letter
that had been review by the City Attorney's Office.
Attorney Lane recommended that the ex-spouse consult with her attorney to
submit an amended EDRO.
Trustee Wood was also contacted by a retiree's son who stated that he had not
received his father's life insurance proceeds. Trustee Wood indicated that she
contacted the Retirement Office. The Retirement Office did research by
contacting Aetna Life Insurance, who indicated that the check had been issued
and their records indicated that the check had been cashed.
Ms. Williams indicated that Aetna stated that they would send a copy of the check
to the beneficiary for review. If the check was not cashed by the beneficiary, the
family could file a police report for theft. Aetna would then be able to reissue the
check.
s indicated that the Retirement Office had not received any Request
Karen William responses. She indicated that she would request the City
for Information (RFI)
'I A sue the RFI with an October 1 response date.
Council Approved list and could is
be issued to the City
Trustee Wood
indicated that the Boards voted for the RF�eo tirement board meeting
Council Approved List and to MA PERS at an earlier loin
with an Augus
t 1 deadline for responses. Trustee Wood move forward.pressed cern that
the RFI had not been issued and that the Board needed orequests
issue
Tru
stee Ryan Wilcox inquired about who generally would draft received legal re�ew before they
for information. He inquired if these requests the delay and recommended that
ern
the Board send out a
were issued. He expressed regarding
Request for Proposals (RFP).
proposal hen
Attorney Lane suggested that it aunclear
Boardhregarding
as d afted the who would issue prop and
Attorney Lane stated that in the past, the
legal counsel would review it, before issue.
The Board tabled the discussion until the Joint meeting. Securities
Karen Williams reviewed the Quarterly Expenses Report and the
Lending Report for the period ending July 31, 2019.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 7— 0.
The meeting adjourned at 9:03 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting September 17, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:31 a.m.
Present: Trustees Fabus, Kehler (8.44), Rose, Schor, C. Wilcox, R. Wilcox,
Wohlfert, Wood— 8.
Absent: 0
Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance
Department; Attorney Kenneth Lane (representing the City Attorney's Office).
It was moved by Trustee Fabus and supported by Trustee Wood to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of
August 20, 2019.
Adopted by the following vote: 7 — 0.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve
the Official Minutes of the Joint Employees' Retirement System and the Police and
Fire Retirement System meeting of August 20, 2019.
Adopted by the following vote: 7 - 0
There were no comments for items on the agenda.
Secretary's Report.
0 new fire member(s), 0 new sworn police members, 0 reinstatement(s), 0
refund(s), 0 transfers, 2 retired. Total: Active membership: 383. 1 death(s),
Cherie L. Blonde, died 7/24/2019, age 87, spouse of Fire 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 August 2019, amounted to $2,833,360.44, Total retirement checks
printed for the P&F System: 757. Total retirement checks printed for both
systems: 1692. Domestic relations order received: 0. Domestic relations
orders pending: 0. Eligible Domestic Relations Order Certified: 0.
Regular Meeting September 17, 2019
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 Wood to approve
the following request for Regular Age and Service retirement:
Shawn M. Deprez, Fire Department, 25 years of service credits, age
51, effective September 15, 2019 (with the purchase of 9 months of
universal service credits) — Sworn Date 6/26/1995
Adopted by the following vote: 7 — 0.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to approve
the following request for Regular Age and Service retirement:
Lee M. McCallister, Police Department, 25 years of service credits, age
49, effective September 22, 2019 (with the purchase of 12 months of
universal service credits) — Sworn Date 9/21/1995
Adopted by the following vote; 7 — 0.
There were no requests for duty disability.
There were no requests for nonduty disability.
Karen Williams reported that the MAPERS 2019 Fall Conference — September 21-
24, 2019. Members who wished to attend should contact the Retirement Office to
register.
Karen Williams also reported upcoming conference for NCPERS Public Safety
Conference, October 27 — 30.
Karen Williams reported that the IFEBP Annual Employee Benefits Conference
would be held October 20 -23.
Karen Williams reported the Michigan Institutional Forum would be held October
10, 2019.
Karen Williams reported that there were two requests for accumulated
contributions, Clyde E. Davis, Jr., Fire, vested, $71,065.08 and Mr. Robert D.
March, CCLP, nonsupervisory, not vested, $5,101.35.
Regular Meeting September 17, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to
approve the request for Refund of Accumulated Contributions:
Clyde E. Davis, Fire, vested, $71,065.08.
Trustee Wood inquired if Mr. Davis understood that taking his money out of the
system would void his pension.
Ms. Williams stated that she spoke with Mr. Davis and Trustee Wohlfert also
stated that he spoke with Mr. Davis regarding the ramifications of withdrawing
contributions.
Adopted by the following vote: 8 — 0.
It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to
approve the following request for Refund of Accumulated Contributions:
Robert D. March, CCLP Nonsupervisory, not vested $5,101.35
Adopted by the following vote: 8 — 0.
Trustee Wohlfert inquired about the policy to repay withdrawals of accumulated
contributions for members who return to City service.
Attorney Ken Lane indicated that members must pay back contributions with
interest within six months by installment payments. If the members need more
than six months, the payment plan would require retirement board approval.
Attorney Lane discussed the policy regarding Firefighter Children's Duty Death
Benefit. Attorney Lane explained that the fire union through collective bargaining
had updated language to be similar to what was in place for the police contracts.
The policy can be rescinded after the ordinance has been updated and approved
by City Council.
Attorney Lane updated the Retirement Board regarding the ex-spouse who
submitted an EDRO that would give her a guaranteed amount. The state law
does not allow the guaranteed amount as specified in the EDRO. Attorney Lane
has spoken with the ex-spouse's attorney regarding the submission of an
amended EDRO.
Ms. Williams indicated that the actuary denied the EDRO that was submitted. The
Retirement Office spoke with the ex-spouse and recommended that she consult
with her attorney to submit an amended EDRO.
Ms. Williams updated the Board regarding Ms. Sukovich request for further
information. Ms. Sukovich inquired if she stayed on duty disability would she
continue to receive service credits and be able to convert at 25 years of service.
Ms. Sukovich inquired if contributions could be made to make up the time.
Attorney Lane opined that the Retirement Ordinance states that she would not
continue to receive service credits. The Retirement Ordinance requires that duty
disability must convert when they become eligible to retire. Attorney Lane opined
contributions could not be made after retirement to purchase service.
Karen Williams indicated that the Retirement Board received questions regarding
the Request for proposal (RFPQ) that was issued.
Trustee Wood recommended that the Retirement Board chairpersons work with
the retirement office to respond to the questions.
Trustee Wood inquired about the actuarial information and had been informed that
the data had not been submitted. Trustee Wood requested an update.
Ms. Shelbi Frayer responded that she had a phone conversation with the actuary
to understand what was expected. Ms. Frayer stated that she had raw data files
to review from one of the accountants to make sure that information was what the
actuary was looking for. Ms. Frayer stated that she was working to get the
information to the actuary as soon as possible.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending August 30, 2019.
Trustee Wood inquired about when the City contribution would be made to the
retirement system.
Ms. Frayer stated that she update the retirement boards.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 8— 0.
The meeting adjourned at 9:05 am.
Minutes approved on
Angela Bennett, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting October 15, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:32 a.m.
Present: Trustees Rose, Schor (8:39), C. Wilcox, R. Wilcox, Wohlfert — 5.
Absent: Fabus, Kehler, Wood - 3
Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance
Department; Attorney Kenneth Lane (representing the City Attorney's Office).
There were no comments for items on the agenda.
Secretary's Report.
1 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s),
0 refund(s), 0 transfers, 2 retired. Total: Active membership: 380. 1 death(s)
Montague Thocker, Fire, died 10/8/2019, age 81, no surviving beneficiary.
Refunds made since the last regular meeting amounted to $76,166.43.
Reimbursements to the System year-to-date amount to $0.00. Retirement
allowances paid for the month of September 2019, amounted to
$2,820,808.15. Total retirement checks printed for the P&F System: 756. Total
retirement checks printed for both systems: 1693. Domestic relations order
received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations
Order Certified: 1.
Ms. Williams provided an update of the Eligible Domestic Relations Order that had
been certified. Ms. Williams spoke with the alternate payee regarding payment
distribution, upon receipt of an amount calculated by the actuary.
Trustee Wohlfert inquired regarding about the procedure for members who wish to
pay back their accumulated contribution
It was moved by Trustee Ryan Wilcox and supported by Trustee Rose to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
September 17, 2019.
Adopted by the following vote: 5 — 0.
There were no applications for Regular Age and Service retirements.
There were no requests for duty disability retirements.
Regular Meeting October 15, 2019
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 Wohlfert provided his oral report from the MAPERS 2019 Fall Conference.
He discussed a workshop that detailed investment manager performance based
fees. He also attended the actuarial workshop that focused on how to read the
actuary report.
Trustee Chris Wilcox reviewed his attendance at the MAPERS 2019 Fall
Conference. He discussed the actuary hour, economic forecast. He also
attended a workshop regarding real estate.
Trustee Ryan Wilcox provided his oral report from the MAPERS Fall Conference.
He discussed the legislative update, and the amount of bills that were entered
during the lame duck session in the Michigan. He also reviewed retirees who
return to work as contract employee.
Trustee Ryan Wilcox attended the Michigan Institutional Forum and provided an
oral report. He discussed topics regarding man vs. machine, and how companies
are more dependent on data. He discussed artificial intelligence. Trustee Ryan
reviewed the economic forecast and discussed interest rates. He also reviewed
changes in the medical field and its effect on patients.
Trustee Rose provided an oral report of his attendance at the Michigan
Institutional Forum. He discussed economic forecast, regarding recession, zero
percent interest. He also discussed bonds, quality of long-term rates. Trustee
Rose also discussed the reliance on "big data." Trustee Rose also reviewed the
forum's presentation on Gold.
Karen Williams also reported upcoming conference for NCPERS Public Safety
Conference, October 27 — 30.
Karen Williams reported that the IFEBP Annual Employee Benefits Conference
would be held October 20 -23.
Karen Williams reported that there was one requests for accumulated
contributions, Mark Borowski, Fire, not vested, $12,165.94.
It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to
approve the request for Refund of Accumulated Contributions:
Mark Borowski, Fire, not vested, $12,165.94.
Adopted by the following vote: 5 — 0.
Regular Meeting October 15, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Ryan Wilcox and supported by Trustee Rose to excuse
Trustee Fabus, Trustee Kehler, and Trustee Wood from the October Police and
Fire Retirement System Agenda.
Adopted by the following vote: 5 — 0.
Karen Williams reported that Mr. Hemstreet contacted the retirement office to
check on his beneficiary. The application that was on file did not have his proper
beneficiary. Ms. Williams provided background that Mr. Hemstreet filed a duty
disability application that was approve on May 20, 1981. Mr. Hempstreet returned
to work February 21, 1984, which voided the duty disability application and
beneficiary listed. Mr. Hemstreet subsequently retired by age and service, April
15, 1995. There was no age and service application in Mr. Hemstreet's file. The
Retirement Office contacted legal counsel to confirm that the spouse at the time of
the age and service retirement is the proper beneficiary. Ms. Williams also
instructed Mr. Hempstreet to complete paperwork so that an application was on
file.
Attorney Ken Lane opined that the Ordinance provides that the spouse at the time
of retirement is the default beneficiary of record unless the spouse sign a waiver.
There was no waiver signed.
Attorney Ken Lane updated the Board regarding the approved Eligible Domestic
Relation order. The first EDRO that was submitted requested a specific amount.
The actuary could not certify the amount, so it was amended to allow the benefit to
be actuarially calculated.
Attorney Ken Lane also updated the Board on the policy to repay withdrawals of
accumulated contributions for members who return to City service. Attorney Ken
Lane indicated that members must pay back contributions within one year.
Members can make a single payment or they can request a payment plan. The
Board must approve a payment plan for six months.
Attorney Lane updated the Board regarding the service credit purchase policy to
inform members that all requests to purchase must be received prior to separation
or retirement.
It was moved by Trustee Rose and supported by Trustee Wilcox to table the
discussion on the service credit purchase policy.
Adopted by the following vote: 5 — 0
Regular Meeting October 15, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Four
Karen Williams explained that the last Retirement Conference was in 2017. Ms.
Williams explained that recent conferences had two session: mornings for
retirees, and evening for active employees. The Boards also provided dinner in-
between the two main sessions. The Retirement Boards vendors also attend the
conference and provide workshops.
Trustee Wohlfert inquired if there is a policy on how frequently the Board should
hold retirement conferences.
Attorney Ken Lane stated there was no policy in place for the frequency of the
retirement conferences.
Trustee Wohlfert explained that deferred compensation committee wanted to have
employee workshops and inquired when the next Retirement Conference would
be held. Trustee Wohlfert suggested every five years for the Retirement
Conference.
Trustee Schor agreed with the suggestion of five years, but recommended
reaching out to sponsors for the Retirement Conference.
It was moved by Trustee Chris Wilcox and supported by Trustee Schor to have the
retirement conference every five years.
Adopted by the following vote: 5 — 0.
Ms. Williams indicated that there were seven responses for the legal advisor
request for information (RFPQ).
Trustee Wohlfert named the following members to an ad hoc subcommittee to
review the RFPQs. The following trustees were appointed: Trustees Chris Wilcox,
Trustee Ryan Wilcox, and Trustee Wohlfert. Trustee Wohlfert also included Shelbi
Frayer for the committee.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending September 30, 2019.
It was moved by Trustee Chris Wilcox and supported by Trustee Rose to adjourn
the Police and Fire Retirement System Board meeting.
Adopted by the following vote: 5— 0.
The meeting adjourned at 9:12 am.
Minutes approved on
Shelbi Frayer, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting November 12, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:31 a.m.
Present: Trustees Fabus, Rose, Kehler (8:44), Rose, Schor, C. Wilcox, R. Wilcox,
Wohlfert, Wood— 8.
Absent: 0
Others: Karen E. Williams, Human Resources Department; Attorney Kenneth
Lane; Law Department).
It was moved by Trustee Fabus and supported by Trustee Wood to approve the
Official Minutes of the Police and Fire Retirement System Board meeting of
October 15, 2019.
Adopted by the following vote: 7 — 0.
Secretary's Report.
0 new sworn fire member(s), 1 new sworn police members, 0 reinstatement(s),
1 refund(s), 0 transfers, 1 retired. Total: Active membership: 376. 6 death(s):
Gloria Ann Cook, died 10/31/2019, age 87, spouse of Fire retiree; Laverne
Foess, Fire, died 10/15/2019, age 81, surviving spouse to receive 50%; Peter
K. Loepke, Police, died 10/7/2019, age 80, surviving beneficiary to receive
50%; Cleo J. Taggart, died 9/8/2019, age 93, spouse of Fire retiree; Gary L.
Thomas, Fire, died 8/15/2019, age 88, surviving spouse to receive 50%;
Douglas R. Williams, Police, died 7/20/2019, age 79, no surviving beneficiary.
Refunds made since the last regular meeting amounted to $12,165.94.
Reimbursements to the System year-to-date amount to $0.00. Retirement
allowances paid for the month of October 2019, amounted to $2,839,270.71.
Total retirement checks printed for the P&F System: 758. Total retirement
checks printed for both systems: 1,698. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
It was moved by Trustee Wood and supported by Trustee Fabus to approve
the following application for Regular Age and Service Retirement:
Kathryn Castelein, Police Department, 12 years of service credits, age
55, effective December 1, 2019 (from Deferred)
Adopted by the following vote: 8 — 0.
Regular Meeting November 12, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Two
It was moved by Trustee C. Wilcox and supported by Trustee Kehler to
approve the following application for Regular Age and Service Retirement:
Eric J. Weber, Fire Department, 25 years of service credits, age 44,
effective December 27, 2019 (with the purchase of 1 year, 3 months of
service credits)
Adopted by the following vote: 8 — 0.
There were no requests for duty disability retirement.
There were no requests for non-duty disability retirement.
Trustee Ryan Wilcox attended the NCPERS Public Safety Conference and
provided his oral report. Trustee Wilcox reviewed a workshop that discussed real
estate. He noted that the United States has more real estate per individual than
other country. He discussed land use, with an overabundance of retail space.
Trustee Wohlfert attended the IFEBP Conference and provided his oral report.
Trustee Wohlfert reviewed the workshops he attended on effective
communication. He noted that workers should plan their investment as if they
were to live to age 99. He discussed plans that went from pensions to deferred
compensation back to pension. Trustee Wohlfert attended the fiduciary refresher
and discussed trustee expenses.
Trustee Chris Wilcox attended the IFEBP Conference and provided his oral report.
He discussed the workshop regarding working with your A Team. The workshop
recommended that pension systems review their vendors every five years.
Trustee Chris Wilcox discussed technology within the health care industry and the
effects on lowering costs.
Trustee Ryan Wilcox attended the IFEBP Conference and provided his oral report.
He reviewed the workshop regarding trustee expenses dealing with travel. He
also discussed the re-evaluation of vendors and fees.
Attorney Ken Lane indicated that the retirement boards had a policy to re-evaluate
its vendors every five year.
Karen Williams reported that the annual memberships for the IFEBP of $532.50,
MAPERS of $200.00 and NCPERS of$260.00 were due.
Regular Meeting November 12, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve
the payment of annual membership for IFEBP, MAPERS and NCPERS from its
administrative fund.
Adopted by the following vote: 8 — 0
There were no requests for refunds of accumulated contributions.
Attorney Ken Lane distributed the Repayment of Accumulated Contribution policy.
He drafted amendments to the policy. The member if paying in a lump sum would
have six months for repayment. The member, if paying with installments, would
have a year and the plan would need to be approved by the Board. Trustees
inquired if the both payments could have a one-year period. Attorney Ken Lane
stated that he would make the amendments and bring it back at the next meeting.
It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to un-table
the service credit purchase policy discussion.
Adopted by the following vote: 8 -0.
Attorney Lane described that the policy outlines the steps that a member would
need to complete prior to separation or retirement from the City.
Trustee Fabus inquired if a time line can be included with the steps listed in the
service credit purchase policy.
Trustee Schor expressed about including dictating exact time lines in the policy
binding the City.
Trustee Rose recommended a policy or notice that could be sent to duty disability
applicants who wanted to purchase time.
Trustee Wood also wanted applicants who are in the duty disability applicant
process to know of the service purchase policy requirements.
Attorney Lane stated that he would amend the service credits purchase policy and
bring it back to the next meeting.
Karen Williams distributed the 2020 calendar of meetings.
The Board amended some of the monthly meeting calendar dates to May 26,
September 8, November 10, and December 8.
It was moved by Trustee Wood and supported by Trustee Kehler the 2020
Meeting Dates and Conferences with amendments.
Adopted by the following vote: 8 -0
Karen Williams reported that each year, the Police and Fire Retirement Board
reviewed the Northern Trust Security Documents. Ms. Williams has forwarded the
document to Attorney Ken Lane.
Attorney Lane indicated that he will review the document and forward it to the
Information Technology division for review.
Karen Williams reported the request Master to update
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decisions and minutes.
The Board requested the amount of the last update to review. The minute master
request was placed on pending.
Karen Williams reported that the Ms. Shelbi Frayer, Finance Department
requested access to investment account for statements.
Trustee Wood requested that the request be tabled until the November meeting
when Ms. Frayer could be at the meeting.
Trustee Kehler requested that she be included for access to investment account
as the treasurer and custodian of the retirement funds per the Ordinance.
Karen Williams reported that the Retirement Office received seven responses to
the Legal Advisor RFPQ. Ms. Williams reported that the retirement boards
subcommittee will review and provide recommendation at the November Joint
meeting.
Karen Williams reviewed the Quarterly Expenses Report and the Securities
Lending Report for the period ending October 31, 2019.
It was moved by Trustee Fabus and supported by Trustee Rose to adjourn the
Police and Fire Retirement System Board meeting.
Adopted by the following vote: 8 — 0.
The meeting adjourned at 9:36 am.
Minutes approved on
Shelbi Frayer, Secretary
police & Fire Retirement System
Eric p. Wohlfert, Chairperson
police & Fire Retirement System
OFFICIAL PROCEEDINGS OF THE BOARD OF
TRUSTEES CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM
Regular Meeting December 17, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI
The Board was called to order at 8:30 a.m.
Present: Trustees Fabus, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert— 6 - 0.
Absent: Kehler, Wood -excused.
Others: Karen E. Williams, Human Resources Department; Shelbi Frayer, Finance
Department; Brian Lefler, Municipal Advisor; Attorney Kenneth Lane, (representing
the Law Department).
It was moved by Trustee Ryan Wilcox and supported by Trustee Rose to approve
the Official Minutes of the Police and Fire Retirement System Board meeting of
November 12, 2019.
Adopted by the following vote: 6 — 0.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to approve
the Official Minutes of the Joint Employees' Retirement System Board and the
Police and Fire Retirement System Board meeting of November 21, 2019.
Adopted by the following vote; 6 -0
Secretary's Report.
0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s),
1 refund(s), 0 transfers, 1 retired. Total: Active membership: 376. 2 death(s):
Barbara Baylis, died 11/25/19, age 78, spouse of Police retiree; James Cook,
Police, died 10/25/2019, age 73, surviving spouse to receive 50%. Refunds
made since the last regular meeting amounted to $12,165.94.
Reimbursements to the System year-to-date amount to $0.00. Retirement
allowances paid for the month of November 2019, amounted to $2,827,850.47.
Total retirement checks printed for the P&F System: 757. Total retirement
checks printed for both systems: 1,698. Domestic relations order received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order
Certified: 0.
Regular Meeting December 17, 2019
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 Fabus to approve
the following application for Regular Age and Service Retirement:
Ellen Vogt, Fire Department, 23 years, 3 months of service credits,
age 55, effective December 21, 2019 (with the purchase of 2 years
of service credits) Sworn Date 10/5/1998
Marshaun J. Blake, Fire Department, 25 years of service credits, age
49, effective January 18, 2020 (with the purchase of 5 months of
service credits) Sworn Date: 6/25/1995
Adopted by the following vote: 6 — 0.
There were no requests for duty disability retirement.
There were no requests for non-duty disability retirement.
There were no requests for refunds of accumulated contributions.
Karen Williams reported that Trustee Wood asked to be excused from the
December meeting due to a work obligation.
It was moved by the Trustee Chris Wilcox and supported by Trustee Rose to
excuse Trustee Wood from the December Police and Fire Retirement System
meeting.
Adopted by the following vote: 6 -0.
Mr. Greg Stump, Boomershine Consulting Group, explained the delay in actuarial
report due to a mix-up with the plan assets, but the issue was corrected. Mr.
Stump provided an overview of the Police and Fire Retirement System actuarial
valuation for the plan year ending December 31, 2018. Mr. Stump reviewed the
investment performance, funding recommendations and the funding progress. Mr.
Stump discussed the amortization policy, investment risk and demographic risks.
Mr. Stump discussed the state of Michigan uniform assumption and reviewed
figures based on the return assumption of 7%
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.
Regular Meeting December 17, 2019
Council Conference Room Tuesday, 8:30 a.m.
10th Floor, City Hall
Lansing, MI Page Three
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 23 years of 30 year closed amortization. Mr. Stump
reviewed the long-term projections of funding and contributions
Trustee Rose inquired regarding information to address how a recession would
affect the investment and funding in the actuarial numbers.
Mr. Brian Lefler responded to Trustee Rose's question and requested information
that would explain for the public the impact of the investment not hitting the 7.25%
assumed rate of interest. He also inquired how often the demographics were
updated, the average amortization. He stated he was asking questions in his new
role as the municipal advisor to the city. Mr. Lefler inquired regarding the
difference between the market value and the actuarial value of assets.
Mr. Greg Stump explained the difference and responded to trustee questions
regarding recommendation and updating of the mortality tables. Mr. Stump
recommended level dollar payment and adopting a new mortality table.
It was moved by Trustee Fabus and supported by Chris Wilcox to accept the
Police and Fire Actuarial Valuation for the plan year ending December 2018.
Adopted by the following vote: 6 - 0
Attorney Ken Lane provided an update regarding the review of the Northern Trust
SAS 70/Operational report.
Attorney Ken Lane distributed the amended Service Credit purchase policy for
review.
It was moved by Trustee Rose and supported by Trustee Schor to approve the
Service Credit Purchase policy.
Adopted by the following vote: 6 -0.
Attorney Lane distributed the amended return of accumulated contributions policy.
Attorney Lane revised the form for returning members to complete regarding their
options to repay monies with installments or lump sum. The Board must approve
installment payments.
It was moved by Trustee Fabus and supported by Trustee Chris Wilcox to approve
the Return of Accumulated Contributions policy.
Adopted by the following vote: 6 — 0.
Karen Williams reported that the Retirement Office contacted the law firms for
interviews scheduled for January 14, 2020 at a Joint meeting of both Boards.
Karen Williams reviewed the Monthly Investment Report and the Securities
Lending Report for the period ending November 30, 2019.
It was moved by Trustee Fabus and supported by Trustee Ryan Wilcox to adjourn
the Police and Fire Retirement System Board December meeting.
Adopted by the following vote: 6 — 0.
The meeting adjourned at 9:31 am.
Minutes approved on
Shelbi Frayer, Secretary
Police & Fire Retirement System
Eric P. Wohlfert, Chairperson
Police & Fire Retirement System