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HomeMy WebLinkAbout2021 Police and Fire Retirement Systems minutes FINAL CITY OF LANSING JOINT EMPLOYEES' RETIREMENT SYSTEM And POLICE AND FIRE RETIREMENT SYSTEM MEETING MINUTES Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. The meeting was called to order at 8:30 a.m. A quorum of both Retirement Boards were present. Trustees present (attending remotely): (ERS), Bahr (Lansing, 8:33), Carrigan (Lansing), Dedic (Laingsburg), Ebright (Lansing), Kirkland (Lansing, 8:34), Kraus (Delta Township), Parker (Lansing), Sanchez-Gazella (Lansing, 8:35), Schor (Lansing, 8:40), Wood (Lansing) — 10. (Police & Fire), Kirkland (Lansing, 8:34), Moore (Lansing), Schor (Lansing, 8:40), C. Wilcox (Haslett), R. Wilcox (Lansing), Wohlfert (Westphalia), Wood (Lansing) —98. Excused: 0. Others present: Karen Williams, Calais Maysonet; Human Resources Department; Robert Widigan, Finance Department; Aaron L. Castle, VanOverbeke, Michaud & Timmony, P.C.; Gregory Stump, Boomershine Consulting Group; Nathan Burk, Asset Consulting Group; Julie L. Pierro, Pam Thompson, UBS Real Estate Investment; Kevin Smith, Prudential. It was moved by Trustee C. Wilcox and supported by Trustee Kirkland to approve the January Police and Fire Retirement System Board meeting. Adopted by the following roll call vote: Yes: Kirkland, Moore, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 6. No: 0 Trustee Kraus indicated there was an error in the FY 2020 ERS pension contributions. It was moved by Trustee Kraus and supported by Trustee Carrigan to approve the January Police and Fire System Board meeting as amended. Adopted by the following roll call vote; Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Kraus, Parker, Sanchez-Gazella, Wood. — 9. No: 0 There were no public comments. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Two Secretary's Report (Police and Fire): 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total: Active membership: 373. 1 death(s), Richard J. Bushamp, Police, 1/16/2021, age 78, spouse to receive 50%. Refunds made since the last regular meeting amounted to $91,510.61. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of January 2021, amounted to $2,914,724.24. Total retirement checks printed for the P&F System: 756. Total retirement checks printed for both systems: 1,701. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible Domestic Relations Order Certified:0. Secretary's Report (Employees' Retirement System): 2 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total active membership: 479. Total deferred: 75. 1 death(s): Donald Adcock, Public Service, died 1/31/2021, age 78, surviving beneficiary to receive 100%. Refunds made since the last regular meeting mounted to $3,870.29. Retirement allowances paid for the month of January 2021, amounted to $2,027,472.71. Total retirement checks printed for the ERS System: 945. Total Retirement checks printed for both systems: 1,701. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. Ms. Williams explained that Mr. Stitt sent a letter of request to the Retirement Office to change his retirement date from February 20, 2021 to March 14, 2021. Ms. Williams explained that Mr. Stitt's original application was approved at the January meeting. Ms. Williams contacted the chair and legal counsel who advised that the Police and Fire Retirement Board would need to reconsider its action on the prior application and approve the new application when received. The Retirement Office confirmed that a new retirement application had been received. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Three It was moved by Trustee Wood and supported by Trustee C. Wilcox for the Police and Fire Retirement System Board to reconsider the application for Regular Age and Service of the following: Keegan C. Stitt (Police— CCLP Supervisory), 22 years, 4 months of service credits, age 49, effective 2/20/2021 (eligible to retire with additional 3 years, 3 months of reciprocal retirement credits from City of Chelsea-MERS) Attorney Aaron Castle stated that the appropriate action would be to rescind the original vote and then approve the new application. Trustee Wood withdrew her motion to reconsider. It was moved by Trustee Wood and supported by Trustee R. Wilcox for the Police and Fire Retirement System Board to rescind the application for regular age and service for the following: Keegan C. Stitt (Police — CCLP Supervisory), 22 years, 4 months of service credits, age 49, effective 2/20/2021 (eligible to retire with additional 3 years, 3 months of reciprocal retirement credits from City of Chelsea-MERS) Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 It was moved by Trustee R. Wilcox and supported by Trustee Kirkland to approve the following application for Regular Age and Service from the Police and Fire Retirement System: Keegan C. Stitt (Police— CCLP Supervisory), 22 years, 5 months of service credits, age 49, effective 3/14/2021 (eligible to retire with additional 3 years, 3 months of reciprocal retirement credits from City of Chelsea-MERS) Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Four It was moved by Trustee R. Wilcox and supported by Trustee Kirkland to approve the following application for Regular Age and Service from the Police and Fire Retirement System: Matthew Krumbach (Police —CCLP NonSupervisory), 25 years of service credits, age 51 effective February 13, 2021. Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 It was moved by Trustee Kraus and supported Trustee Bahr to approve the following application for Regular Age and Service from the Employees' Retirement System: Ronda Oberlin (Fire/Civilian — T243), 16 years, 4 month of service credits, age 54, effective 2/6/2021 (eligible to retire with additional 10 years, 2 months of eligibility within the Defined Contribution Plan — Total Eligibility 26 years, 6 months) Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 There were no requests for duty disability retirements for the Police and Fire Retirement System. There were no requests for duty disability retirement for the Employees' Retirement System. Karen Williams reported to the Employees' Retirement System that Applicant #2021- E0119 was listed as pending. The ERS disability subcommittee reviewed the request for non-duty disability and requested the applicant's medical records. The Retirement Office mailed a request for the medical release and records for the applicant. Once the retirement office receives the medical release and records, those documents will be forwarded to the medical director for review and evaluation of the applicant. There were no requests for non-duty disability retirements for the Police and Fire Retirement System. Trustee Carrigan provided an oral report of his attendance at the MAPERS One Day Virtual Conference. Trustee Carrigan stated that the conference was one hour and began with the definition of role of fiduciary in accordance with Public Act 314 of 1965. Mr. Carrigan indicated that topics included plan policies, monitoring and review, public meetings and discussion of personal liability. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Five Trustee Kirkland provided an oral report of her attendance at the MAPERS One Day Virtual Conference. Trustee Kirkland also discussed topics that included the trustees' fiduciary role, plan documents, control, compliance and policy, and the importance of reviewing audit reports and actuarial report. Karen Williams requested that members who have attended the City of Lansing Ethic Training send an email to the Retirement Office. Ms. Williams will report members who have attended during the training and education agenda item. The City Clerk's Office recommended that members who have attended the training be listed in the minutes. Trustee Carrigan stated that he reviewed the Ethic Training video and was very impressed with the information and the presenter. Trustee Kirkland stated that she also reviewed the Ethics Training presentation. It was moved by Trustee R. Wilcox and supported by Trustee C. Wilcox to approve the following request for refund of accumulated contributions from the Police and Fire Retirement System: Tanner Lewandosky, Police, not vested $22,262.03 Adopted by the following roll call vote: Yes: Kirkland, Monroe, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 There were no request for refund of accumulated contributions for the Employees' Retirement System. Karen Williams reported to the Police and Fire Retirement System Board that Trustee Robert Rose's appointment for citizen representative expired December 31, 2020. Mr. Rose contacted the Retirement Office and indicated that he was not seeking re- appointment. Attorney Castle opined that the trustee position expired at the end of his term. He stated that the Police and Fire Retirement System Board should acknowledge and make the City aware that a new Citizen Representative appointment is needed. Trustee Schor indicated that the City was aware that Trustee Rose's term has expired. Trustee Schor stated the City was seeking applications for the appointment. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Six It was moved by Trustee Wood and supported by Trustee Kirkland to approve the following Police and Fire Retirement System Board Subcommittee membership: Disability: R. Wilcox, C. Wilcox, Wohlfert Education: C. Wilcox, R. Wilcox, Monroe, Kirkland Investment: Kirkland, Wohlfert, Wood, C. Wilcox Special Projects: R. Wilcox, Wood, Wohlfert, Ex. Officio — Legal Counsel Adopted by the following roll call vote: Yes: Kirkland, Monroe, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the February Invoices for the Police and Fire Retirement System Board. Adopted by the following roll call vote: Yes: Kirkland, Monroe, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 It was moved by Trustee Kraus and supported by Trustee Kirkland to approve the following subcommittees of the Employees' Retirement System Board: Disability: Parker, Sanchez-Gazella, Bahr Investment: Dedic, Parker, Kraus, Carrigan, Kirkland Education: Carrigan, Bahr, Ebright, Kirkland Special Projects: Kraus, Dedic, Wood, Ebright Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 It was moved by Trustee Carrigan and supported by Trustee Bahr to approve the February Invoices of the Employees' Retirement System Board. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 Attorney Castle provided a legal counsel report for the Police and Fire Retirement System Board. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Seven Attorney Castle reviewed the Ethic Training video presented by the City of Lansing. Attorney Castle reviewed PA 314 and recommended a policy for political contributions. Attorney Castle also recommended a review and update of the Boards' current policies of both retirement boards. Attorney Castle also stated that there would be a new trustee training meeting for members in March. It was moved by Trustee Carrigan and supported by Trustee Wood to have legal counsel draft a policy for political contributions for the Employees' Retirement System Board. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 It was moved by Trustee Wood and supported by Trustee C. Wilcox to have legal counsel draft a policy for political contributions for the Police and Fire Retirement System Board. Adopted by the following roll call vote: Yes: Kirkland, Monroe, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 It was moved by Trustee Carrigan and supported by Trustee Bahr to refer the review of the Employees' Retirement System's current policies to the Special Projects subcommittee and have the members develop a timetable for updating the policies at a later meeting. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 Karen Williams reviewed the quarterly expenses and the proposed annual budgets for the Employees' Retirement System Board and the Police and Fire Retirement System Board. Mr. Greg Stump provided a summary of the Experience studies and the actuarial assumptions for the plans for the Police and Fire Retirement System and the Employees Retirement System of the last five years. He discussed potential changes and a funding outlook for the retirement systems. Attorney Stump reviewed the economic and demographic assumptions. Attorney Stump discussed the cost/funding impact of the experience study recommendations. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Eight Mr. Stump discussed inflation, wage growth and salary increases, investment return and retiree COLA. Mr. Stump recommended a decrease in the inflation rate from 2.75% to 2.5%. He recommended wage growth assumption to equal inflation at 2.5%. Mr. Stump recommended a decrease to the investment return. Mr. Stump recommended changing the mortality/life expectancy table to Pub 2010G/S (Below Median), with projection using Scale SSA (Generational). This public sector mortality table was finalized in 2019 and is the most recent scales. Mr. Stump recommended new tables for retirement with revised rates at some ages. Mr. Stump recommended higher rates for Police officers and firefighters eligible before 25 years of service. Mr. Stump also recommended updates to the termination tables with recent experience. Mr. Stump recommended to maintain current tables for disabilities. Mr. Stump discussed that the recommended assumptions will decrease the funding ratio for the Employees' Retirement System by 1%. Mr. Stump discussed that he recommended assumption will decrease the funding ration for the Police and Fire Retirement System by 2%. Mr. Stump recommended that the assumption changes should be updated for the 12/31/2020 valuation. Mr. Stump recommended the approval of the assumption changes detailed in his report. The recommendation would include reducing the interest rate to 7%, and lowering of the amortization rates. It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to accept the assumption changes recommended by the actuary, to lower the interest rate to 6.75%, and lower the amortization to 18 years. Trustee Wilcox accepted a friendly amendment to lower the interest rate to 7% and lower the amortization to 20 years. It was moved by Trustee Schor and supported by Trustee to table the motion due to effect it would have on budget issues. The motion failed. Yes: Kirkland, Schor - 2 No: Moore, C. Wilcox, R. Wilcox, Wohlfert, Wood -5 Trustee Schor expressed his concern of the significant impact that the changes would have on the budget with the increase of approximately $2.5 million dollars. He recommended 7% instead. It was moved by Trustee Ryan Wilcox and supported by Trustee Schor to amend the original motion to change the interest rate to 7% and lower the amortization to 20 years. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No. — 0. Joint Meeting February 16, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Nine Trustee Kraus left the meeting. It was moved by Trustee Wood and supported by Trustee Bahr to accept the assumption changes recommended by the actuary, to lower the interest rate to 7%, and lower the amortization to 20 years. Adopted by the following vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Parker, Sanchez-Gazella, Schor, Wood. — 9 No. — 0. Trustee Carrigan suggested the Boards make a press release regarding the experience study and how the Board are taking action to make the pension plans successful. Mr. Nathan Burk, Asset Consulting Group reviewed the fixed income portfolio of the Employees' Retirement System and the Police and Fire Retirement System. Asset Consulting Group recommended the Joint Boards to terminate the Franklin Templeton investment and allocate those monies to Black Rock. It was moved by Trustee Bahr and supported by Trustee Carrigan to terminate Franklin Templeton investment and re-allocate the fixed income portfolio as recommended by Asset Consulting Group for the Employees' Retirement System. Adopted by the following vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Parker, Sanchez-Gazella, Schor. - 8 No: 0. It was moved by Trustee C. Wilcox and supported by Trustee Kirkland to terminate Franklin Templeton investment and re-allocate the fixed income portfolio as recommended by Asset Consulting Group for the Police and Fire Retirement System. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. - 7 Mr. Nathan Burk of Asset Consulting Group reviewed the Quarterly Performance reports for the 4th quarter of 2020. Mr. Burk discussed the financial performance of the Employees' Retirement System and the Police and Fire Retirement System for the period ending January 31, 2021. 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 discussed retail traders that have driven up the price of individual stocks like GameStop. Mr. Burk provided an update on the Solar Winds breach. Asset Consulting Group has surveyed the Boards' investment managers and has been collecting data. There were currently no issues or data concerns. Ms. Julie Pierro provided an overview of the UBS Real Estate investment team. Ms. Pam Thompson, UBS, provided an update of the organizational structure and discussed the investment philosophy. Ms. Thompson discussed positioning in the portfolio, value investing in the market place. Ms. Pam Thompson addressed Trustee Wood's inquiry about the effect of employees' working at home. Ms. Thompson indicated city offices were doing worse than suburban offices market, with limited leasing activity. Ms. Thompson believed there would a recovery of leasing once the pandemic ended. She provided a review of the market environment, and the portfolio performance for the Employees' Retirement System and the Police and Fire Retirement System Board. Mr. Kevin Smith, Prudential real estate investment, Prissa II, provided an update of the portfolio performance for the Employees' Retirement System and Police and Fire Retirement System. Mr. Smith provided an overview of the investment team. It was moved by Trustee Bahr and supported by Trustee Dedic to adjourn the Employees' Retirement System meeting. Adopted by the following vote: unanimous It was moved by Trustee Wood and supported by Trustee C. Wilcox to adjourn the Police and Fire Retirement System meeting. Adopted by the following vote: unanimous The Meeting adjourned at 12:20 p.m. Minutes approved on 3/16/2021 Robert Widigan, Secretary Dennis R. Parker, Chairperson Eric P. Wohlfert, Chairperson Employees' Retirement System Police and Fire Retirement System CITY OF LANSING JOINT EMPLOYEES' RETIREMENT SYSTEM And POLICE AND FIRE RETIREMENT SYSTEM MEETING MINUTES Joint Meeting May 18, 2021 Via Zoom meeting Tuesday, 8:30 a.m. The meeting was called to order at 8:30 a.m. A quorum of both Retirement Boards were present. Trustees present (attending remotely): (ERS), Bahr (Lansing), Carrigan (Lansing), Dedic (Laingsburg), Ebright (Lansing), Kirkland (Lansing), Kraus (Delta Township), Parker (Lansing), Sanchez-Gazella (Lansing, 8:48), Schor (Lansing), Wood (Lansing) — 10. (Police & Fire), Kirkland (Lansing), Moore (Lansing), Schor (Lansing), C. Wilcox (Haslett), R. Wilcox (Lansing), Wohlfert (Westphalia), Wood (Lansing) —7. Excused: 0. Others present: Karen Williams, Human Resources Department; Robert Widigan, Finance Department; Aaron L. Castle, VanOverbeke, Michaud &Timmony, P.C.; James Dominguez, Tara Patock, William Blair Investments; Nathan Burk, Tom Janisch, Asset Consulting Group It was moved by Trustee C. Wilcox and supported by Trustee Wood to approve the April Police and Fire Retirement System Board meeting. Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. —7. No: 0 It was moved by Trustee Dedic and supported by Trustee Kirkland to approve the April Employees' Retirement System Board meeting. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Kraus, Parker, Schor, Wood. — 9. No: 0 There were no public comments. Joint Meeting May 18, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Two Secretary's Report (Police and Fire): 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 369. 0 death(s). Refunds made since the last regular meeting amounted to $0.00. Reimbursements to the System year-to-date amount to$0.00. Retirement allowances paid for the month of April 2021, amounted to $2,929,812.21. Total retirement checks printed for the P&F System: 758. Total retirement checks printed for both systems: 1,696. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible Domestic Relations Order Certified:0. Secretary's Report (Employees' Retirement System): i 1 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total active membership: 477. Total deferred: 74. 1 death(s): Kenneth Pulver,(Public Service —Teamster, retired1/5/1993), died 4/18/2021, age 83, no beneficiary. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of April 2021, amounted to $2,020,362.08. Total retirement checks printed for the ERS System: 938, Total Retirement checks printed for both systems: 1,696. Eligible domestic relations orders received: 1. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee R. Wilcox and supported by Trustee C. Wilcox for the Police and Fire Retirement System Board to approve the application for the following regular age and service retirement: Donald Porter (Police — CCLP Supervisory), 23 years of service credits, age 51, effective 5/15/2021 (eligible to retire with additional 4 years, 6 months of reciprocal retirement credits from MERS) Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. —7. No: 0 It was moved by Trustee Bahr and supported Trustee Dedic to approve the following application for Regular Age and Service from the Employees' Retirement System: Rick Hill (Public Service — UAW), 15 years, 5 months of service of service credits, Age 58, effective 7/1/2021 Joint Meeting May 18, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Three It was moved by Trustee Bahr and supported Trustee Dedic to approve the following application for Regular Age and Service from the Employees' Retirement System (continued): Amy Mugnolo (Police/Civilian —T243), 9 years, 4 month of service credits, age 59, effective 5/1/2021 (From Deferred) Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Kraus, Parker, Schor, Wood. — 9. No: 0 Karen Williams reported that the Police and Fire Retirement System had received a request for duty disability for Applicant # 2021-F0519D from the Fire Chief. Karen Williams reported that the Police and Fire Retirement System had received a request for non-duty disability for Applicant#2021-F0518 ND. It was moved by Trustee C. Wilcox and supported by Trustee Kirkland to send Applicant #2021-F0519D to the medical director for duty disability evaluation. Adopted by the following roll call vote: Yes: Kirkland, Moore, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. —7. No: 0 It was moved by Trustee C. Wilcox and supported by Trustee Kirkland to send Applicant #2021-F0518 ND to the medical director for non-duty disability evaluation. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Kraus, Parker, Schor, Wood. — 9. No: 0 There were no requests for duty disability for the Employees' Retirement System. There were no requests for non-duty disability retirements for the Employees' Retirement System. Karen Williams reported that the ABS Conference that is held in Boston is being planned for July. The Retirement Office is waiting for additional information regarding registration. It was moved by Trustee R. Wilcox and supported by Trustee Moore to approve any member who wishes to attend the ABS Conference for the Police and Fire Retirement System Board. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. —7. No: 0 Joint Meeting May 18, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Four It was moved by Trustee Kraus and supported by Trustee Carrigan to approve any member who wished to attend the ABS Conference for the Employees' Retirement System Board. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, .Ebright, Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood.— 10. No: 0 There were no requests for refunds of accumulated contributions. Ms. Williams updated the Police and Fire Retirement System regarding the duty disability income verification. The Police and Fire Retirement System extended the deadline for reporting until June 1, 2021. Karen Williams reviewed the Police and Fire Retirement System invoices for the month of May. i It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the Police and Fire Retirement System May invoices. i Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 Karen Williams reported,that the Police and Fire Retirement System received a memo from Jeffrey Scharnowske regarding new employee contributions, Ms. Williams reported that on April 30, 2021, $1,079,272.20 was transferred by the City to the Police and Fire Retirement for the Net Employee Contributions for the period 7/1/2020 through 12/31/2020. On April 30, 2021, $638,161.64 was transferred by the City to the Police and Fire Retirement System for the Net Employee Contributions for the period 1/1/2021 through 3/31/2021. Trustee Wood inquired and requested information regarding the verification of the data and the amounts provided for employee contributions. She inquired if a spreadsheet could be provided to show that the contributions are accurate for each employee. Mr. Robert Widigan stated that the Finance Department works with the payroll office to verify the data and ensure that the appropriate contributions match each employee. He will work with the Finance Department to provide a spreadsheet for the Boards. Ms. Williams updated the Employees' Retirement System regarding the duty disability income verification. The Employees' Retirement System extended the deadline for reporting until May 30, 2021. Joint Meeting May 18, 2021 Via Zoom meeting Tuesday, 8:30 a.m. Page Five Karen Williams reported that an election would be held to fill a Trustee position on the Employees' Retirement System for the position that expires June 30 2021. Petitions would be available May 21, 2021. Karen Williams reviewed the Employees' Retirement System invoices for the month of May. It was moved by Trustee Carrigan and supported by Trustee Kirkland to approve the Employees' Retirement System May invoices. Adopted by the following roll call vote: Yes: Bahr, Carrigan, Dedic, Ebright, Kirkland, Kraus, Parker, Sanchez-Gazella, Schor, Wood. — 10. No: 0 Karen Williams reported that the Employees' Retirement System received a memo from Jeffrey Scharnowske regarding new employee contributions. Ms. Williams reported that on April 30, 2021, $186,103.57 was transferred by the City to the Employees' Retirement System for the Net Employee Contributions for the period 7/1/2020 through 12/31/2020. On April 30, 2021, $131,953,97 was transferred by the City to the Employees' Retirement System for the Net Employee Contributions for the period 1/1/2021 through 3/31/2021. Trustee Wood requested that a spreadsheet be provided to show that the contributions are accurate for each employee, when these contributions are made. Attorney Castle provided his legal counsel report for the Police and Fire Retirement System. Attorney Castle will draft an amended Prior Military Time Policy. Attorney Castle reported that he met with the Board's Special Projects Sub-Committee to discuss prioritization of the Policy review project authorized by the Board. Attorney Castle provided his legal counsel report for the Employees' Retirement System. Attorney Castle provided a legal opinion addressing the t the gender ew neutrality 2010 mortality recommended mortality table. Attorney Castle opined tables recommended by the Board's Actuary are gender neutral by virtue of the fact that they are equally applicable to male and female members of the Retirement System. It was further opined that the new mortality tables are complaint with the gender neutrality requirements of the collective bargaining agreements and may be approved by the Board for use in calculating joint and survivor forms of benefit for all Retirement System members. Trustee Parker inquired that given the recent disbarment of the Board's former legal counsel for fraud, should the Board review any of the opinions given or decisions based upon those opinions. Attorney Castle opined that he has not been made aware of any fraud or issues that would affect the retirement boards related to the former counsel's disbarment. The disbarment was related to a different client and did not involve the boards. Joint Meeting May 18, 2021Tuesday, 8;30 a.m. Via Zoom meeting Page Six Trustee Wood expressed concern that the complaint filed could relate to a pattern of conduct that would affect the retirement boards. Attorney Castle opined that he did not see any indication or evidence of any malpractice or fraud in regards to the Retirement Boards. Trustee Schor requested a copy of letter regarding the disbarment. Trustee Parker indicated that he discovered the letter while reviewing case law. It was moved by Trustee Wood and supported by Trustee Bahr to approve the Pub-201- mortality tables as recommended by the actuary. Adopted by the following roll call vote: la Yes:Scho Bahr, ar1g0an, Dedic, Ebright, Kirkland, Kraus, Parker, Sanchez G No: 0 Trustee Dedic requested that Attorney Castle review the legal opinions of the former legal counsel. Attorney Abood indicated that the former d and approved by the City Atto unsel was working on f rney's office Attorney's office. His opinions were of the City reviewed pp before issue. Karen Williams provided an update of the report of the dates for the service providers. Ms. Williams reviewed the quarterly expenses reports for the Employees Retirement System and the Police and Fire Retirement System. Mr. Nathan Burk of Asset Consulting Group reviewed he Quarterly rtelofPerformance the Employeeeports for the 1 st quarter of 2021. Ms. Burk discussed the financial performance System and the Police and Fire Retirement iscussed the equity fixed gnco System forme0and2 real re�ate reviewed the market environment a investments within the financial portfolio. Mr. Burk provided a review of the structure of both plans and discussed fees and asset allocation. the yees Mr. Burke discussed updated asset allocation ix Fire Ret cement System Btoard.for The asset alplo�at on Retirement System Board and the uPoli and 63%, and Real Assets, 10%. would be Fixed income, 27%; Equity, the asset It was moved by Trustee Kraus and supported Retement Sy Sy by Trustee stem alc to approve s presen t d by Asset Connsulting ocation mix recommendation for the Employees Group. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood. — 7. No: 0 May 18, 2021 Joint Meeting Tuesday, 8:30 a.m. Via Zoom meeting Page Seven supported b. Trustee C. Wilcox to approve the asset It was moved by Trustee Wood and supp Y al location mix recommendation for the Police and Fire Retirement System as presented by Asset Consulting Group. do ted by the following roll call vote: Yes: BWood Carrigan, Dedic, Ebright, Ap Kirkland, Kraus, Parker, Sanchez-Gazelle, Schor, No: 0 Nat han Burk reviewed the Investment Policy Statement revisions fo Retirement the Employees' equested R etirement System and the Police and Fire Retirement oved a SetrmBu�eCommendapons.ission to update the Investment Policy Statement with the PP policy and give It was moved by Trustee Dedic and supported by Trustee Kraus to approve the p Y ACG authority to amend policy statement. Truste e Parker inquired if the members would like to see the amended Investment Policy Statement prior to voting on the changes. The motion was withdrawn. s. James Dominguez provided an overview of the WiaiiastrBcture andlair md scussed tent team, he Mr. Jam ation Dominguez provided an update of the organiz analysts. Ms. investment philosophy and structure of the William Blair team, discussed updates to the William Blair small/mid cap team is the market place. She Ms. Patock ortfolio, value investing Patock discussed positioning in the p portfolio performance for the provided a review of the market d the environment, d Fire Retirement System Board. .. Employees' Retirement System and the to ees Equity Long/Short options for the Emp Y Mr. Burk provided an overview of the Eq ynt Retirement System Board and the Police and Fire Retire me w tscompa red to o he ABS Mr. Tom Retire YMauna Kea pre-packaged fund Janish discussed theexplained aired that ABScwas a fund of funds that wasthe Mauna Kea portfolio. Mr. Janish psh Mauna Ka that allocated to several managers, of individual! managers through a single provider. Access Platform was a custom p ' ment Board requested that Attorney Castle receive the em ntationnts to The The Retire portfolio contributions and imp review. The Boards alkguired aboutwith a current c customer. Boards request n and supported by Trustee Kraus to adjourn the It was moved by Trustee Carriga Employees' Retirement System meeting. Adopted by the following vote: unanimous It was moved by Trustee Kirkland and supported by Trustee R. Wilcox to adjourn the Police and Fire Retirement System meeting. Adopted by the following vote; unanimous The Meeting adjourned at 11:12 a.m. Minutes approved on —_--- Robert Widigan, Secretary Eric P. Wohlfert, Chairperson Dennis R. Parker, Chairperson police and Fire Retirement System Employees' Retirement System CITY OF LANSING JOINT EMPLOYEES' RETIREMENT SYSTEM And POLICE AND FIRE RETIREMENT SYSTEM MEETING MINUTES Joint Meeting August 17, 2021 10th Floor Conference Room Tuesday, 8:30 a.m. The meeting was called to order at 8:30 a.m. A quorum of both Retirement Boards were present. Trustees present: (ERS) Bahr, Carrigan, Dedic (8:46), Ebright, Kirkland (8:40), Kraus, Parker, Sanchez-Gazella (8:40), Schor, Wood — 10. (Police & Fire), Kirkland (8:40), Schor, Taylor, C. Wilcox, R. Wilcox, Wood —6. Excused: 0. Others present: Karen Williams, Human Resources Department; Aaron L. Castle, VanOverbeke, Michaud & Timmony, P.C.; Nathan Burk, Tom Janisch, Asset Consulting Group. Trustee Ryan Wilcox presided for the Police and Fire Retirement System Board. It was moved by Trustee Wood and supported by Trustee C. Wilcox to excuse Trustee Moore and Trustee Wohlfert from the August Joint Retirement System Board meeting. Adopted by the following vote: 5 — 0. It was moved by Trustee Wood and supported by Trustee C. Wilcox to approve the Official minutes of the Police and Fire Retirement System Board meeting of July 20, 2021. Adopted by the following vote: 5 -0 It was moved by Trustee Bahr and supported by Trustee Ebright to approve the Official minutes of the Employees Retirement System Board meeting of July 20, 2021. Adopted by the following vote: 7 — 0. There were no public comments. Joint Meeting August 17, 2021 10th Floor Conference Room Tuesday, 8:30 a.m. Page Two Secretary's Report (Police and Fire): 19 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 387. 1 death(s). Robert Miller, CCLP NonSupervisory, died 6/22/2021, age 74, beneficiary to receive 50% Refunds made since the last regular meeting amounted to $26,593.78. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of July 2021, amounted to $2,982,117.96. Total retirement checks printed for the P&F System: 762. Total retirement checks printed for both systems: 1,704. Domestic relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified:1. Secretary's Report (Employees' Retirement System): 1 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active membership: 476. Total deferred: 74. 1 death(s): Carl A. Ozanich,(Finance —Teamster, retired1/5/1993), died 7/9/2021, age 88, no surviving beneficiary. Refunds made since the last regular meeting mounted to $18,843.37. Retirement allowances paid for the month of July 2021, amounted to $2,035,939.42. Total retirement checks printed for the ERS System: 938. Total Retirement checks printed for both systems: 1,704. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 1. It was moved by Trustee C. Wilcox and supported by Trustee Wood to approve the following applications for regular age and service retirements for the Police and Fire Retirement System: Jacob Atwood (Fire — IAFF), 25 years of service credits, age 48, effective 9/11/2021. (Sworn Date: 10/7/1996) James F. Cherry, Jr. (Fire — IAFF), 25 years of service credits, age 45, effective 9/11/2021.(Sworn Date: 9/30/1996) James L. Harrington (Fire -IAFF) 24 years, 3 months of service credits, age 50, effective 9/2/2021 (Eligible to Retire with additional 1 year, 6 months of reciprocal time with City of Muskegon, Sworn Date; 6/9/1997) Jeffrey L. Hundt (Fire — IAFF) 25 years of service credits, age 58, effective 9/12/2021. (Sworn Date: 9/30/1996) Joint Meeting August 17, 2021 loth Floor Conference Room Tuesday, 8:30 a.m. Page Three It was moved by Trustee C. Wilcox and supported by Trustee Wood to approve the following applications for regular age and service retirement for the Police and Fire Retirement System (continued): Terry Isra'el (Fire — IAFF), 25 years of service credits, age 47, effective 9/12/2021. (Sworn Date: 9/30/1996) Adopted by the following vote: 5 — 0. It was moved by Trustee Kraus and supported Trustee Bahr to approve the following application for Regular Age and Service from the Employees' Retirement System: Chad Gamble (Transportation — NonBargaining), 25 years, 4 months of service credits, Age 52, effective 9/25/2021 Alexander Smith (Public Service — UAW), 20 years, 4 month of service credits, age 58, effective 8/21/2021 Adopted by the following vote: 7-0. Karen Williams reported that Applicant#2021-P0817 D has requested to be evaluated for duty disability. It was moved by Trustee Wood and supported Trustee C. Wilcox to recess the Joint Meeting to allow for the disability subcommittee to review the duty disability request. Adopted by the following vote: 8 -0. The meeting recessed at 10:41. The meeting resumed at 10:42. Karen Williams reported that the disability subcommittee had met to review the request of applicant#2021-P0817. It was moved by Trustee Wilcox and supported by Trustee Wood to have Applicant #2021-P0817 D go through the Police and Fire disability process and be sent to the medical director for evaluation. Adopted by the following vote: 8 — 0. Joint Meeting August 17, 2021 10t" Floor Conference Room Tuesday, 8:30 a.m. Page Four Karen Williams updated the Police and Fire Retirement System Board that Applicant #2021 —F0519 D had seen the medical director. The disability subcommittee is waiting for the report. Kar en Williams updated the Police and Fire Retirement System Board that Applicant #2021-F0518 ND had been scheduled to see the medical director. Kar en Williams updated the Employees' Retirement System Board that Applicant#2021- E0615 had been scheduled to see the medical director. BP Conferences. Karen Williams reported the upcoming MAPERS, NCPE oRconta D theERetirement office Ms. Williams reminded members who wished to attend for registrations and hotels. ugust Invoices rom Karen Williams reported the Police and Fire Retirement Group, Integrity Investments,f PBI Asset Consulting Group, Boomershine Consulting Gr p, Death check services, T Rowe Price investments, Zoom. It was moved by Trustee Wood and supported by Trustee C.Wilcox to approve the August Invoices of the Employees' Retirement System Board. Adopted by the following vote: 10 — 0. Karen Williams reported from the Finance Departm Ms, t lilli quart redo a plat on oyee contributions to the Police and Fire Retirement Syste Juy ,I 23 2021, $495,296.93 was transferred by the City tot 20P1lice and Fire Retirement System for the net employee period 4/1/2021 through 6 3o It was moved by Trustee Wood and supported by Trustee Kirkland to accept the quarterly employee contributions of $495,296.93 from the City to the Police and Fire Retirement System. Adopted by the following vote: 6 — 0. Kar en Williams reported the Employees' Retirement System t Invoices from Asset Consulting Group, Boomershine Consulting Group, In g Y check services, T Rowe Price investments, Zoom. It was moved by Trustee Bahr and supported by Trustee Carrigan to approve the August Invoices of the Employees' Retirement System Board. Adopted by the following vote: 10 — 0. August 17, 2021 Joint Meeting Tuesday, 8:30 a.m. 10th Floor Conference Room Page Five Karen Williams reported from the Finance Department the quarterly reported that the cal employee contributions to the Employees Retirement System. Finance t employee contributions for thculated e period 4/1/2021throughn6/tp/{he2Cityas general fund• of of $38,598.47 due from the Employee Retirement Sys e Finance will forward this to the next quarter to and off t Retirement System against the net po� Q1 Contribution due from the General Fund to the Employees' FY2022. and supported by Trustee Wood to accept the quarterly It was moved by Trustee Dedic to ees' Retirement System. employee contributions memo from Finance to the Emp Y Adopted by the following vote: 10 -0. provided a legal counsel report for the Joint Retirement safeguardsBoards.of the Attorney Castle prove the Cybersec y Attorney Castle reported that he was reviewing and their most recent Boards' pension administration serviSOCo2taudiract tUreport. He will provide a full summary System and Organization Controls ( ) of his findings at a later meeting. ed the Special Projects sub-committees soand amendments to ue to meet and Attorney Castle report procedures as well as update review recommended policies and p policies.the Retirement Ordinances and the Boards' existing p and Fire Retirement ce Attorney Castle provided a legal uccounsel on and Travel Poli Polies recommended by the he System. A revised draft Board Educeresponsibility Special Pro jects Sub-Committee for the full Board's rd,slfdiduc ary role and additions revised draft Policy are intended to expand on the Boa regulations with respect day-to-day operation of the City of Lansing police a nd Fire Retirement with respect to the day Y System, include additional detail regarding the Boards rules and Without limitation, the Y to Retirement System related travel dand ale Board members and staff traveling on reporting and accountability require Retirement System business. rove the revised it was moved by Trustee Wood and supported by Trustee Kirkland to approve po lice and Fire Retirement System Board Education and Travel Policy. Adopted by the following vote: 7 - 0• ' ed a vendor update report that contained when contracts were last Karen Williams proved renewed. schedule of Nathan Burk, Asset Consulting Group, reported that they maintain a rotating ocumenting ard requested a invest ment managers to visit the Board. The s and the investment managers. the most recent meetings between the Boards a Au ust 17, 2021 9 Joint Meeting Tuesday, 8:30 a.m. 10th Floor Conference Room Page Six Karen Williams reviewed the Police and Fire Retirement System quarterly expenses report for the period ending June 30, 2021 Karen Williams reviewe d the Employees' Retirement System quarterly expenses report for the period ending June 30, 2021. Check services 'K aren Williams updated the Joint Boards that the cur thatnt PI Death he Board moved toe is being discontinued D ecember 2021.th Death Audit, PBI has recom new product Ce Trust ee Parker referred the death check services to the ES psoyees' Retirement System special projects subcommittee to draft a request for propo l . TrusY tee R an referred the death check services to the Police and Fire Retirement System special projects subcommittee to draft a request for prop s. The Joi nt Board discussed moving the September and October meetings due to the MAPERS, NCPERS and IFEBP conferences. e and It was moved by Trustee C. Wilcox and supported by Trustee Wood for the P dates toFire Retirement System to change the September and October meeting September 14, and October 12 for 2021. Adopted by the following vote: 6-0. It was moved by Trustee Kraus and supported by Trustee Bahr for the Employees Re tirement System to change the September and October meeting dates to September 14, and October 12 for 2021. Adopted by the following vote: 9-0. orts Mr. Nat han Burk of Asset Consulting Group reviewed the Quarterly terly performance rep the for the 2nd quarter of 2021. Mr. Burk discussed thefor the stem Employee s' Retirement System and the Police and Fire Retir onmenment tyand discussed period the ending July 31, 2021. Mr. Burk reviewed the market envir equity, fi xed income and real estate investments within th financial fee nd asset allocation. Burk provided a review of the structure of both plans and discussed August V, 2021 Joint Meeting Tuesday, 8:30 a.m. loth Floor Conference Room Page Seven Mr. Tom J anisch discussed the K2 Ascent platform. Mr. JanisMrpran sch explained overview that the investment and the name change each Board Manua with ACG's recommendation and included the portfolio would be custom Y fees would be lower. Each Board would select the investment with more exposure, in its portfolio. The portfolios would have more ma giving hi9 withher return for the increased risk. The investment would ehave t 10 idumanageK2 and Asset Consulting Group. would The initial investment Changes es to the portfolios would be approximately one per year. Mr. Janisch discussed the portfolio construction and fee comparison. Trustee Parker expressed concern about time lags where money could be out of the mar ket because it generally takes the Board some time to make investment decisions. Trustee Wood expressed concern that individual managers would reach out to trustees to solicit inclusion into the portfolio. ' that managers should not be contacting individual trustees. He indicated Mr. Burk ind prospective managers would contact K2. Mr. indicated that K the would Ib'ninvestment t makena decision on o select K2. Burk discussed Trustee Kraus asked what would be the deadline to make a decision.Mr. Burk st ated that a decision would be needed by the November meeting and the investment could be made in December or January. ed b Trustee Kraus and supported by Trustee Sanchez -Gazella for the It was mov Y s' Retirement System to redeem ABS and follow the 31'n2021 recommended y Employee December Asset Consulting Group to fund the K2 investment by Trustee Kra us indicated that by the end of year, it was expected that manager selection, notification to ABS, and contract negotiation would be done. new trustees may ing Trustee Wood expressed concern that waiting ossibil ty that the ntil the new rdec s orn would drag for to the Board. With the turnover, there is a p additional months. Trustee Ryan Wilcox expressed concern and did not believe that the Boards moved fast enough in making changes to participate in this investment. The motion failed by the following vote: 2 - 6 The Meeting adjourned at 10:45 p.m. Minutes approved on 9/14/2021 Karen Williams, Recording Secretary Eric P. Wohlfert, Chairperson Dennis R. Parker, Chairperson Police and Fire Retirement System Employees' Retirement System CITY OF LANSING JOINT EMPLOYEES' RETIREMENT SYSTEM And POLICE AND FIRE RETIREMENT SYSTEM MEETING MINUTES Joint Meeting November 17, 2021 101h Floor Conference Room Tuesday, 8:30 a.m. The meeting was called to order at 8:30 a.m. A quorum of both Retirement Boards were present. Trustees present: (ERS) Carrigan, Dedic (8:46), Ebright, Kirkland, Parker, Sanchez- Gazella (8:36), Wood — 7. (Police & Fire), Kirkland (8:40), Moore, Taylor, C. Wilcox, Wohlfert, Wood —6. Excused: ERS: Bahr, Kraus, Schor Excused: Police & Fire: Ryan Wilcox, Schor Others present: Karen Williams, Human Resources Department; Aaron L. Castle, VanOverbeke, Michaud & Timmony, P.C.; Nathan Burk, Asset Consulting Group; Sally Corbin, USA Union Services: Kevin Gore, Account Representative, Travis Carr, Product specialist, Western Asset Management. It was moved by Trustee C. Wilcox and supported by Trustee Wood to excuse Trustee Ryan Wilcox of the Police and Fire Retirement System from the November Joint Retirement System Board meeting. Adopted by the following vote: 6 — 0. It was moved by Trustee C. Wilcox and supported by Trustee Taylor to approve the Official minutes of the Police and Fire Retirement System Board meeting of October 12, 2021. Adopted by the following vote: 6 -0 There were no public comments. Joint Meeting November 9, 2021 loth Floor Conference Room Tuesday, 8:30 a.m. Page Two Secretary's Report (Police and Fire): 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 371. 3 death(s). Stephen Fuller, CCLP NonSupervisory, died 10/25/2021, age 77, beneficiary to receive 50%; Leslie Harold Hunter, IAFF, died 9/20/2021, age 73, beneficiary to receive 50%; Kirt Baker, IAFF, died 10/30/2021, spouse to receive 50%. Refunds made since the last regular meeting amounted to $38,590.65. Reimbursements to the System year-to- date amount to $0.00. Retirement allowances paid for the month of October 2021, amounted to $2,999,903.19. Total retirement checks printed for the P&F System: 766. Total retirement checks printed for both systems: 1,702. Domestic relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified:0. Secretary's Report (Employees' Retirement System): 2 new member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active membership: 480. Total deferred: 74. 2 death(s): John W. Lipka, (Parks -Teamster 243, retired 4/24/1981), died 10/28/2021, age 83, spouse to receive 50%; Dortha R. Pile, (Civic Center —NonBargaining, retired 2/18/1982), died 11/l/2021, age 98, no beneficiary. Refunds made since the last regular meeting mounted to $0.00. Retirement allowances paid for the month of October 2021, amounted to $2,017,838.28. Total retirement checks printed for the ERS System: 936. Total Retirement checks printed for both systems: 1,702. Eligible domestic relations orders received: 0. Domestic relations orders pending: 0. Eligible domestic relations orders certified: 0. It was moved by Trustee Ebright and supported by Trustee Wood to excuse Trustee Bahr, Trustee Dedic and Trustee Kraus of the Employees' Retirement System Board from the November Joint Retirement System Board meeting. Adopted by the following vote: 6 — 0 It was moved by Trustee Carrigan and supported by Trustee Ebright to approve the Official minutes of the Employees Retirement System Board meeting of October 12, 2021. Adopted by the following vote: 6 — 0. There were no public comments. Joint Meeting November 9, 2021 101h Floor Conference Room Tuesday, 8:30 a.m. Page Three It was moved by Trustee C. Wilcox and supported by Trustee Kirkland to approve the following applications for regular age and service retirements for the Police and Fire Retirement System: Krishna J. Singh (Fire — IAFF), 21 years, 2 months of service credits, age 58, effective 10/22/2021. (Sworn Date: 8/14/2000) Adopted by the following vote: 6 - 0 It was moved by Trustee Ebright and supported Trustee Sanchez-Gazella to approve the following application for Regular Age and Service from the Employees' Retirement System: Sherry Blom (Public Service— UAW), 15 years, 10 month of service credits, age 62, effective 12/4/2021 Adopted by the following vote: 7 -0. It was moved by Trustee Ebright and supported Trustee Sanchez-Gazella to approve the following application for Regular Age and Service from the Employees' Retirement System: David Brand (Fire/Civilian — Teamster 243), 9 years, 6 months of service credits, Age 58, effective 11/1/2021 (From Deferred) Adopted by the following vote: 7-0. Karen Williams reported that the Police and Fire Disability subcommittee had received medical reports for Applicant #2021-P0817 D, Applicant #2021-F0519 D, and Applicant #2021-F0518 ND. It was moved by the Trustee Chris Wilcox and supported by Trustee Kirkland to recess the Joint Retirement Board meeting to allow the Police and Fire Disability subcommittee to review the medical director's reports. Adopted by the following vote: 6- 0 Karen Williams reported that the Employees Retirement System subcommittee had received the medical report for Applicant #2021-E0615. Karen Williams reported that there was a request from Applicant #2021-E1108 to be evaluated for duty disability. Joint Meeting November 9, 2021 10th Floor Conference Room Tuesday, 8:30 a.m. Page Four It was moved by Trustee Wood and supported Trustee Kirkland to recess the Joint Meeting to allow Employees' Retirement System disability to review the disability requests. Adopted by the following vote: 7 -0. The meeting recessed at 8:44. The meeting resumed at 8:55. Karen Williams reported that the disability subcommittee had met to review the request of applicant#2021-P0817, applicant#2021-F0518 ND. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to concur with the medical director's report and deny the Police and Fire duty disability retirement for Applicant#2021-F0519 D. Adopted by the following vote: 6— 0. It was moved by Trustee Chris Wilcox and supported by Trustee Wood to concur with the medical director's report and approve the Police and Fire duty disability retirement for Applicant#2021-P0817 D. Adopted by the following vote: 6 — 0. It was moved by Trustee Wilcox and supported by Trustee Wood to concur with the medical director's report and approve the Police and Fire nonduty disability retirement for Applicant #2021-F0519 ND. Adopted by the following vote: 6 -0. Karen Williams reported that the Employees' Retirement System subcommittee had met and reviewed the medical report for Applicant #2021-E0615, and the subcommittee had reviewed the request for Applicant E2021-E0615. It was moved by Trustee Sanchez-Gazella and supported by Trustee Carrigan to refer Applicant #2021 -E1108 to the medical director for duty disability evaluation for the Employees' Retirement System. Adopted by the following vote: 8 — 0. Joint Meeting November 9, 2021 101h Floor Conference Room Tuesday, 8:30 a.m. Page Five Trustee Chris Wilcox, Police and Fire Retirement System Board, reported that he attended the IFEBP Annual Conference. He discussed the workshops that he attended that included alternative investments and real estate. Trustee Dedic, Employees' Retirement System Board, reported that he attended the IFEBP Conference. Trustee Dedic provided an overview of the workshop that he attended that included a discussion of index funds and covid issues. Karen Williams reported the annual memberships for MAPERS ($200/per board), NCPERS ($275/per board), and IFEBP ($550, per board). The membership fees are paid for the Board's administrative funds for training and education. It was moved by Trustee Carrigan and supported by Trustee Sanchez-Gazella to approve the annual membership fees for MAPERS, NCPERS and IFEBP for the Employees' Retirement System Board. Adopted by the following vote: 8 — 0. It was moved by Trustee Chris Wilcox and supported by Trustee Taylor to approve the annual membership fees for MAPERS, NCPERS and IFEBP for the Police and Fire Retirement System Board. Adopted by the following vote: 6 — 0. It was moved by Trustee Chris Wilcox and supported by Trustee Taylor to approve the following request for refund of accumulated contributions from the Police and Fire Retirement System: Kelvin Williams, IAFF, not vested of $33,118.444. Adopted by the following vote: 6 -0 It was moved by Trustee Kirkland and supported by Trustee Ebright to approve the following request for refund of accumulated contributions from the Employees' Retirement System: Stephen Guel, Teamster 243, not vested, $6,291.75 Adopted by the following vote: 8 -0. Karen Williams reported the Police and Fire Retirement System November Invoices from VanOverbrke, Michaud & Timmony, P.C., Integrity, Boomershine, Mondrian, William Blair, MES Solutions and Zoom. Joint Meeting November 9, 2021 101h Floor Conference Room Tuesday, 8:30 a.m. Page Six It was moved by Trustee Wood and supported by Trustee C. Wilcox to approve the November Invoices of the Police and Fire Retirement System Board. Adopted by the following vote: 6 — 0. Trustee Wohlfert noted that Trustee Bahr rented a car at the IFEBP conference for himself, Trustee Dedic, Trustee Ryan Wilcox and Trustee Chris Wilcox. He stated that it was less expensive than taking cabs. Trustee Wohlfert stated that he wanted to ensure that Trustee Bahr was reimbursed. Karen Williams reported from the Finance Department, the quarterly employee contributions to the Police and Fire Retirement System. Ms. Williams reported that on October 27, 2021, $595,015.39 was transferred by the City to the Police and Fire Retirement System for the net employee period 7/1/2021 through 9/30/2021. It was moved by Trustee Wood and supported by Trustee Taylor to accept the quarterly employee contributions of $595,015.39 from the City to the Police and Fire Retirement System. Adopted by the following vote: 6 — 0. Karen Williams reported that the Retirement Office has received one nominating petition for the office of Fire Trustee. The Board rules indicate that if only one nominating petition is received, that person is declared the winner. Trustee Wohlfert inquired if the Retirement Office had received an explanation for the inflation adjustment fee on the Northern Trust bill. Nathan Burk, Asset Consulting Group, stated that he would reach out to Northern Trust to have an explanation sent to the Boards. Karen Williams reported the Employees' Retirement System November Invoices from VanOverbrke, Michaud & Timmony, P.C., Integrity, Boomershine, William Blair, MES Solutions and Zoom. It was moved by Trustee Dedic and supported by Trustee Sanchez-Gazella to approve the November Invoices of the Employees' Retirement System Board. Adopted by the following vote: 8 — 0. Joint Meeting November 9, 2021 loth Floor Conference Room Tuesday, 8:30 a.m. Page Seven Karen Williams reported from the Finance Department the quarterly employee contributions to the Employees Retirement System. Finance reported that the calculated net employee contributions for the period 7/1/2021 through 9/30/2021 was a net amount of $27,685.91 due to the Employee Retirement System from the City's general fund. It was moved by Trustee Ebright and supported by Trustee Wood to accept the quarterly employee contributions memo from Finance to the Employees' Retirement System. Adopted by the following vote: 8 -0. Attorney Castle provided a legal counsel report for the Joint Retirement System Boards. Attorney Castle provided a draft service provider review schedule for approval. It was moved by Trustee Wood and supported by Trustee Moore to approve the service provider review schedule for the Police and Fire Retirement System Board. Adopted by the following vote: 6-0. It was moved by Trustee Wood and supported by Trustee Sanchez-Gazella to approve the service provider review schedule for the Employees' Retirement System Board. Adopted by the following vote: 8 — 0. Attorney Castle reported the Special Projects sub-committees continue to meet and review recommended policies and procedures as well as updates and amendments to the Retirement Ordinances and the Boards' existing policies. Attorney Castle provided an update of House Bill 5427 that would amend the Open Meetings Act (OMA). Effective January 1, 2022, the Boards will no longer be able to meet remotely under the OMA. Attorney Castle noted that the OMA does not prohibit non-Board members from attending meetings remotely. Karen Williams reviewed the Police and Fire Retirement System quarterly expenses report for the period ending September 30, 2021. Karen Williams reviewed the Employees' Retirement System quarterly expenses report for the period ending September 30, 2021. Karen Williams updated the Joint Boards that the current PBI Death Check services were being discontinued December 31, 2021. PBI has recommended that the Board moved to its new product CertiDeath Death Audit. The Board of Water and Light inquired if the retirement boards were willing to re-issue the request for proposals jointly with the Board of Water and Light who are also looking for death audit services. Joint Meeting November 8, 2021 10th Floor Conference Room Tuesday, 8:30 a.m. Page Eight Attorney Castle recommended additional due diligence for the death audit services. The Retirement Board did not receive responses for its request for proposals. Trustee Wood recommended that PBI present to the Boards at the December meetings. PBI would present at 9:30 between the Police and Fire and the Employees' Retirement System Board. Trustee Bart Carrigan reported that he would abstain from voting and recuse himself from the Employees' Retirement System discussion regarding USA Union Services. He believed that it was a conflict of interest as he has done consulting work with USA Union services. Ms. Sally Corbin provided her background and her expertise in the fiduciary liability area. The USA Union Services has expanded to trustees and boards. Ms. Corbin indicated that she speaks regularly at the IFEBP education workshops, and she recently presented at MAPERS regarding Cyber Liability coverage. Ms. Corbin distributed information and provided an overview of fiduciary liability. She discussed the types of lawsuits that clients could face and fiduciary exposure. The coverage would provide personal fiduciary liability insurance for trustees. Ms. Corbin discussed that there are limited carriers that provide this type of insurance. Ms. Corbin described the application process, and an underwriting process that would be needed to be completed. Trustee Wood inquired if legal counsel reviewed the City Council resolution regarding liability coverage for City Boards. Trustee Wood also inquired about the protections or coverages for retiree data. Ms. Corbin also discussed Cyber liability coverage that would provide insurance for data and information breaches. Ms. Corbin indicated that there is a lengthy application process audit and underwriting to receive the coverage. The system would be required to have multi factor authentication. Trustee Wood indicated that the Boards are established and required by the charter and retirement ordinance. Trustee Wood inquired if it would be appropriate for the City to pay for the insurance. Ms. Corbin discussed indemnification and would the City provide coverage. Joint Meeting November 8, 2021 10th Floor Conference Room Tuesday, 8:30 a.m. Page Nine It was moved by Trustee Wood and supported by Trustee Sanchez-Gazella to request a written clarification from the City Attorney regarding fiduciary liability coverage at the next meeting for the Employees' Retirement System Board. Adopted by the following vote: 7-0. It was moved by Trustee Chris Wilcox and supported by Trustee Taylor to request a written clarification from the City Attorney regarding fiduciary liability coverage at the next meeting for the Police and Fire Retirement System Board. Adopted by the following vote: 6 — 0. Mr. Kevin Gore, account representative, provided an overview of the Western Asset Management portfolio and the fixed income investment team. Mr. Travis Carr, product specialist, discussed the Western Asset strategy and the investment approach. Mr. Carri reviewed the portfolio performance for the Employees' Retirement System and the Police and Fire Retirement System. Mr. Carr discussed what happened in the fixed income market and how Western Asset Management has positioned the portfolio. He discussed corporate bonds, high yield selection of bonds, and treasuries to provide performance above the benchmark. He discussed the effect of inflation, supply change issues and interest rates. Mr. Nathan Burk discussed Black Rock Investment requests direct lending through the strategic income opportunities fund. They are sending a proxy vote to its investors to allow Black Rock the ability for direct lending. Asset Consulting Group recommended that the Boards approve the vote. It would enhance yield and return and allow more flexibility for Black Rock to navigate the fixed income markets. It was moved by Trustee Chris Wilcox and supported by Trustee Moore for the Police and Fire Retirement System Board to approve the vote for by proxy to allow Black Rock investment to direct lend, as recommended by Asset Consulting Group Adopted by the following vote: 6-0. It was moved by Trustee Carrigan and supported by Trustee Kirkland for the Employees' Retirement System to approve the vote by proxy to allow Black Rock investment to direct lend, as recommended by Asset Consulting Group Adopted by the following vote: 8-0. Mr. Nathan Burk of Asset Consulting Group reviewed the Quarterly Performance reports for the 3rd quarter of 2021. Mr. Burk discussed the financial performance of the Employees' Retirement System and the Police and Fire Retirement System for the period ending October 31, 2021. 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. It was moved by Trustee Wood and supported by Trustee Kirkland to adjourn the November Joint Retirement System Board for the Employees Retirement System. Adopted by following vote: unanimous It was moved by Trustee Chris Wilcox and supported by Trustee Moore to adjourn the November Joint Retirement System Board for the Police and Fire Retirement System. Adopted by following vote: unanimous The Meeting adjourned at 11:23 a.m. Minutes approved on 12/14/2021 Karen Williams, Recording 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 January 19, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. The Board was called to order at 8:30 a.m. Present (via remotely): Trustees Kirkland (Lansing), Moore (Lansing), Schor (Lansing), C. Wilcox (Haslett), R. Wilcox, (Lansing) Wohlfert (Westphalia), Wood (Lansing) — 7. Absent: Rose -1 Others: Karen E. Williams, Human Resources Department; Robert Widigan, Finance Department, Attorney Aaron Castle (legal counsel). Karen Williams reported that the Lansing City Council has appointed Carol Wood as the city council representative to the Police and Fire Retirement Board for 2021. Karen Williams distributed the election results for the Police Trustee position. Justin Moore submitted a valid nomination petition and the received the most votes. Mr. Moore has been sworn in by the city clerk. It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to confirm the election results and declare Justin Moore as a Police Trustee to the Police and Fire Retirement System Board. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No — 0. It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to approve the Official Minutes of the Joint Employees' Retirement System and Police and Fire Retirement System Board of December 9, 2020. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No — 0. It was moved by Trustee Chris Wilcox and supported by Trustee Wood to approve the Official minutes of the Police and Fire Retirement System Board meeting of December 15, 2020. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No — 0. Special Meeting December 15, 2020 Via Zoom Meeting Tuesday, 8:30 a.m. Page 2 Secretary's Report. 0 new sworn fire member(s), 3 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total: Active membership: 373. 3 death(s): Shirley Alvord, died 11/30/2020, age 80 spouse of Police retiree; Michael D. Betcher, IAFF, died 12/9/2020, age 75, spouse to receive 50%; Charles Finn, Police-Nonsupervisory, died 12/25/2020, age 82, spouse to receive 50%. Refunds made since the last regular meeting amounted to $0.00. Reimbursements to the System year-to-date amount to$19,644.35. Retirement allowances paid for the month of December 2020, amounted to $2,885,394.88. Total retirement checks printed for the P&F System: 755. Total retirement checks printed for both systems: 1,699. Domestic relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified: 0. It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to approve the following applications for regular age and service retirements: Sheila Platner, (Fire— IAFF), 25 years of service credits, age 51, effective 12/19/2020 (with the purchase of 11 months of universal service credits Teresa Robinson (Fire — IAFF), 25 years of service credits, age 46, effective 1/16/2021 (with the purchase of 10 months of universal service credits. Keegan C. Stitt (Police — CCLP Supervisory), 22 years, 4 months of service credits, age 49, effective 2/20/021 (eligible to retire with additional 3 years, 3 months of reciprocal retirement credits from City of Chelsea- MERS) Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No — 0. There were no requests for duty disability. There were no requests for non-duty disability retirement. Regular Meeting January 19, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to approve the following request for refund of accumulated contributions: Jason G. Knopps, IAFF, vested, $91,510.61 Attorney Castle inquired if the former employee was required to complete a form that acknowledges that the employee forfeits all rights to a pension. Ms. Williams read the notarized form that employee acknowledges that he understands that upon withdrawal of retirement contributions, he is forfeiting all rights to pension, health care and of life insurance benefits. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No — 0. Karen Williams updated the conferences available through IFEBP, NCPERS, and MAPERS. She reported that a MAPERS One Day Conference was to be held Friday, February 12, 2021. The one day session was geared toward new trustees. She requested that members who were interested contact the Retirement Office to be registered for the session. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to excuse Trustee Rose from the January Police and Fire Retirement System Board meeting. Adopted by the following vote: Yes: Kirkland, Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No— 0. There were no public comments. Karen Williams provided retirement board January invoices (Northern Trust, Boomershine) for approval in accordance with the new authorized signers policy. It was moved by Trustee Ryan Wilcox and supported by Trustee Chris. Wilcox to approve the January invoices. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -7. No: 0. Regular Meeting January 19, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 4 i Attorney Aaron Castle provided a legal counsel report and reviewed the income Research & Management selection as the system's Core Fixed Income. Attorney Castle reviewed the negotiated contract provision for the Police and Fire Retirement System Board. He also reviewed an Act 314 compliance opinion that legally qualified the investment. The opinion discusses the terms of the investment and a legal analysis of how the investment qualified under Act 314. Trustee Wood inquire if security protocols were included in the contract. Attorney Castle reported that he specifically included information in the side letter that included security insurance coverage. Attorney Castle was asked to review the Police and Fire Retirement Ordinance regarding a health insurance fund. Attorney Castle provided analysis of the ordinance section regarding the IRS Code 401 H account. The IRS stated that contributions to the health insurance fund should be no more than 25% of the aggregate pension contributions funding. Attorney Castle discussed IRS requirements and the language in the retirement ordinance. A separate VEBA has been recommended for the health care contributions As of last valuation, there were over $42 million in the health insurance fund. Attorney Castle provided an overview of distribution schedule. The Board set the assumptions for the health insurance fund and has investment fiduciary for the fund. Attorney Castle was asked to create a memo regarding the Solar Winds hack. The memo would requesting vendors to notify the Board if they were impacted by the Solar Winds breach. Attorney Castle indicated that his law firm uses a competitor to the Solar Winds software and were not affected by the breach. It was moved by Trustee Wood and supported by Trustee Chris Wilcox to send the Solar Winds memo to vendors for response. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -7. No: 0. Attorney Castle updated the Board regarding Public Act 254 that amended the Michigan Open Meeting Act to allow public bodies to meet remotely under any circumstances through March 31, 2021. Trustee Wood asked to return to the discussion regarding the health insurance fund. She inquired what action does the Board need to take going forward. Regular Meeting January 19, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 4 Attorney Castle indicated that the Board would need to approve the actuarial assumptions on a regular basis, monitor that contributions are made, and as an investment fiduciary. He recommended asking for additional detail Karen Williams indicated that the Board received notification from the Finance Department regarding the FY 2020 Police and Fire Contribution. In December $16,950,155 was transferred from the City of Lansing to the Police and Fire Retirement System, which was 100% actuarially calculated amount. Trustee Wood requested that the contribution atrmount indicate how much was allocated for the health insurance fund. It was moved by Trustee R. Wilcox and supported by Trustee Kirkland to approve the FY 2020 Police and Fire Pension Contribution. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -7. No: 0. Mr. Vargas, a duty disability retiree, requested a beneficiary change for his pension. The current spouse was not named as beneficiary at the time of the duty disability retirement in 2008. Mr. Vargas sent in a marriage certificate and was married in 2015. Attorney Castle opined that the Mr. Vargas cannot his pension beneficiary election after his retirement in 2008. Attorney Castle indicated that he could change who would receive his accumulated contributions in the event of the death. Trustee Wood requested that Attorney Castle draft a letter than can be sent to Mr. Vargas in response to his request. Karen Williams reviewed the subcommittee memberships and requested that members contact the Retirement Office or the chairperson for additions or changes to the committees. Trustee Ryan Wilcox nominated Eric Wohlfert as chairperson for the Police and Fire Retirement System. The nomination was supported by the Trustee Wood. Trustees Wood nominated Ryan Wilcox as vice chairperson for the Police and Fire Retirement System. The nomination was supported by Trustee Chris Wilcox. It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve and accept Eric Wohlfert as chairperson ad Ryan Wilcox as vice chairperson of the Police and Fire Retirement System Board. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -7. No: 0. Karen Williams reported that she had received several from the laid-off officers regarding their breaks in service and its effects on their retirement dates. Ms. Williams will be completed with Police Department requests and will move to the Fire Department requests next. Greg Stump reviewed the actuarial valuation report for the period ending in December 31, 2019. Mr. Stump reviewed demographic information, funding level and the contribution calculation for the year. He discussed the market and actuarial rate of return. Greg Stump requested to attend the February Joint meeting to discuss the experience study proposed recommendations. Karen Williams reviewed the monthly investment report for the month ending December 31, 2020. The meeting adjourned at 9:29 am. Minutes approved on Robert Widigan, 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 16, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. The Board was called to order at 8:30 a.m. Present (via remotely): Trustees Kirkland (Lansing, 9:01), Moore (Lansing), Schor (Lansing), C. Wilcox (Haslett), R. Wilcox, (Lansing) Wohlfert (Westphalia), Wood (Lansing) — 7. Absent: 0 Others: Karen E. Williams, Human Resources Department; Robert Widigan, Finance Department,Attorney Aaron Castle (legal counsel). It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to approve the Official Minutes of the Joint Employees' Retirement System and Police and Fire Retirement System Board of February 16, 2021. Adopted by the following vote: Yes: Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 2 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 374. x death(s): Shirley Alvord, died 11/30/2020, age 80 spouse of Police retiree; Michael D. Betcher, IAFF, died 12/9/2020, age 75, spouse to receive 50%. Refunds made since the last regular meeting amounted to $22,262.03. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of February 2021, amounted to$2,817,699.27. Total retirement checks printed for the P&F System: 755. 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 Chris Wilcox and supported by Trustee Wood to approve the following applications for regular age and service retirements: Michael Demps, (Fire — IAFF), 18 years of service credits, age 55, effective 4/2/2021 (with the purchase of 12 months of universal service credits) Adopted by the following vote: Yes: Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 7. No Regular Meeting March 16, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 2 There were no requests for duty disability. There were no.requests for non-duty disability retirement. It was moved by Trustee Chris Wilcox and supported by Trustee Wood to approve the following request for refund of accumulated contributions: Matthew Blazok, IAFF, not vested, $8,928.35 Adopted by the following vote: Yes: Moore, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No - 0. Ms. Williams indicated that Trustee Chris Wilcox and Trustee Wohlfert notified the Retirement office that they had completed the City of Lansing Ethics Training. Trustee Wood inquired if the training that was provided to the City Council by the City Attorney's office was met the requirement for the annual ethics training for the Boards. Trustee Schor also indicated that he had the same training from the City's Attorney office. The Board agreed the ethics training that Trustee Wood and Trustee Schor met the requirement. There were no public comments for items not on the agenda. Karen Williams provided retirement board March invoices (Zoom, Asset Consulting Group) for approval in accordance with the new authorized signers policy. It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the March invoices. Adopted by the following roll call vote: Yes: Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -6. No: 0. Attorney Aaron Castle provided a legal counsel report and presented a Service provider Disclosure policy. He reviewed the policy that addressed the compensation and political contribution disclosure requirements of Michigan Public Act 314. He provided forms that could be used for the necessary disclosures. Trustee Wood inquired when the compensation disclosure forms should be scheduled annually. Attorney Castle opined stated that once the Board has adopted the policy, the compensation disclosure form could be done Regular Meeting March 16, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve the Service Provider Disclosure policy with the reporting period from January to December. Trustee Schor offered a friendly amended that was accepted by Trustee Wood to send out compensation disclosure forms for 2021 with a due date for April or May, and then starting next year,the forms will be sent out in February and due March 1. Adopted by the following roll call vote: Yes: Kirkland, Rose, Schor, C. Wilcox, R. Wilcox, Wohlfert, Wood -7. No: 0. Attorney Castle with get the forms finalized and set out to members. Attorney Castle updated his policy review memo to reflect a suggested prioritization of Board policies. Attorney Castle reviewed the Open meeting Act (OMA), regarding remote meetings. Several pieces of proposed legislation were introduced with respect to public bodies' ability to meet remotely in compliance with the Michigan Open Meeting Act 276 or 1997, as amended. He discussed Senate Bill No. 207 that would amend the OMA to extend dates for public bodies to meet remotely, under any circumstances, through June 30, 2021. He discussed House Bill No. 4286 would amend the OMA to permit public bodies whose members are appointed or elected in a manner other than via a general or special election and who are not compensated for service other than for reimbursement Trustee Schor inquired if the local government had an emergency declaration in place, then the Boards could meet remotely through the end of the year. Attorney Castle confirmed that if the City of Lansing has an emergency declaration, then the retirement boards can continue to meet remotely. Trustee Wood inquired if the Board policy review can be referred to the Special Projects subcommittee. Trustee Wohlfert referred the Board policy review to the Special Projects subcommittee. Karen Williams reported the Special Projects subcommittee members were Trustee Ryan Wilcox, Trustee Wood, Trustee Wohlfert and legal counsel. Karen Williams distributed the 2021 Annual budget for members review. The numbers from last year were used for the budget, with the only adjustments to payroll. Regular Meeting March 16 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 4 It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the 2021 Annual Budget. Trustee Schor inquired if the Board was required by law to send out a Request for Proposals for its Investment advisor every five years and would that result in the amount allocated for that item to be different Attorney Castle opined that legally the Board is not required to send out a request for proposal for its investment advisor. Attorney Castle recommended that the Board have a due diligence schedule to review its vendors. Attorney Castle indicated that under Public Act 314, the Board would need to prepare request for proposals for its actuary or have an actuarial peer review. Trustee Schor requested information for the last time the investment advisor had been reviewed for a future meeting. Karen Williams indicated that Asset Consulting Group was creating a spreadsheet that track responses for the Solar Winds hack. Once all the response have been received, the Retirement office will provide it for members. Karen Williams requested permission for the minute master update prepared by Gabriel Roeder Smith. The last update fee was $1,860. Trustee Wohlfert inquired if there were an alternative to minute master. Trustee Wood indicated that if the Board was to stop the service, then could the Board get the information back from minute master. Karen Williams will contact Gabriel Roeder Smith for further information. Karen Williams reviewed the monthly investment report for the month ending February 28, 2021. It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:28 am. Minutes approved on 4/20/2021 Robert Widigan, 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 April 20, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. The Board was called to order at 8:30 a.m. Present (via remotely): Trustees Kirkland (Lansing), Schor (Lansing), C. Wilcox (Haslett), R. Wilcox, (Lansing) Wohlfert (Westphalia), Wood (Lansing) — 6. Absent: Moore, excused Others: Karen E. Williams, Human Resources Department; Robert Widigan, Finance Department, Attorney Aaron Castle (legal counsel); Mr. Greg Stump, Boomershine Consulting Group. It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve the Official Minutes of the Police and Fire Retirement System Board of March 16, 2021. Adopted by the following vote: Yes: Kirkland, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 372. 6 death(s): Margaret L. Cavanaugh, died 4/6/2021, age 92, spouse of Police retiree; Marilyn Freeman, died 2/8/2021, age 66, spouse of Fire retiree; William D. McElroy, IAFF, died 3/29/2021, age 87, spouse to receive 50%; Brian L. Gaukel, Fire, died 4/5/2021, age 59, beneficiary to receive 50%; Donald Schneider, Police, died 3/13/2021, age 75, beneficiary to receive 50%; Mary A. Sweitzer, died 3/11/2021, age 89, spouse of Fire retiree. Refunds made since the last regular meeting amounted to $8,928.35. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of March 2021, amounted to $2,922,395.37. 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. Ms. Williams explained that Mr. Demps had requested a change to his date and purchase of service credits, then changed his mind. Ms. Williams placed it on the agenda for the information to be reconfirmed. Regular Meeting April 20, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 2 It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to approve the following applications for regular age and service retirements with a friendly amendment from Trustee Wood that the April 20,2021 information for Mr. Demps be the only information considered: Joel Cutler, (Police — CCLP NonSupervisory), 24 years, 8 months of service credits, age 47, effective 5/2/2021 (with the purchase of 4 months of universal service credits) Michael Demps (Fire — IAFF), 18 years of service credits, age 55, effective April 2, 2021 (with the purchase of 1 year of universal service credits) Duane R. Hopewell (Fire —IAFF), 19 years, 1 month of service credits, age 56, effective April 21, 2021. Brandon E. Russell (Police — CCLP NonSupervisory), 25 years of service credits, age 51, effective April 16, 2021. Billy Windom, (Police — CCLP Supervisory) 25 years of service credits, age 48, effective May 14, 2021 (with the purchase of 2 years of military service credits) Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No- 0. There were no requests for duty disability. There were no requests for non-duty disability retirement. There were no requests for refunds of accumulated contributions. Ms. Williams indicated that she checked the websites of MAPERS and NCPERS for updates. Ms. Williams reported that MAPERS does list an in-person Fall Conference in September. Ms. Williams will email trustees with virtual education opportunities. Trustee Wohlfert inquired if ABS was having its annual conference. Ms. Williams will provide updates at the next meeting. There were no public comments for items not on the agenda. Trustee Ryan Wilcox indicated that Trustee Moore was at a training exercise and could not attend the meeting. Regular Meeting April 20, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to excuse Trustee Moore from the April Police and Fire Retirement System Board meeting. Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No- 0. Karen Williams provided retirement board April invoices (Asset Consulting Group, Boomershine Consulting Group, Tegrit, Zoom, Asset Consulting Group) for approval in accordance with the new authorized signers policy. It was moved by Trustee Wood and supported by Trustee Kirkland to approve the March invoices. Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No- 0. Attorney Aaron Castle provided a legal counsel report that a Special Projects subcommittee meeting has been scheduled on May 4, 2021 to initiate the policy review project that was authorized by the Board. Attorney Castle will have an update at the May Board meeting. Trustee Wood inquired if the political contribution disclosure forms were distributed to candidates. Attorney Castle indicated that he sent out the political contribution disclosure forms to all trustees and the forms could be made available for those individuals that may need it. Mr. Greg Stump reviewed the current military service credit purchase policy and the intervening military service credit. Mr. Stump requested an amendment that would address the issues of a member that was deployed and comes back, but does not purchase time within the one-year window as intervening service. Mr. Stump suggested language that would change the interest from the date of membership to date of return to service or date of membership. Mr. Stump discussed with Attorney Castle regarding the amount of interest that was required to be paid Attorney Castle explained that if a member did not purchase time within the specified time frame, the current policy would require interest from the date of hire. Attorney Castle agreed with Mr. Stump that interest should be from the time of return to service, for those members who had intervening military service. Attorney Castle recommended that the Board vote upon the change and he will bring and updated policy. Regular Meeting April 20 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 4 It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to amend the military service credit purchase and the intervening military service credit purchase policies as recommended by the actuary and legal counsel. Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No - 0. Trustee Wohlfert requested that any contributions that are repaid to the Police and Fire Retirement system be reported to the Board, so that there is a record of the payment. Mr. Greg Stump reported that due to update of the mortality tables, it is suggested to update the reduction factors for non-spousal options. The reductions factors should be reviewed after every experience study and assumption review. He reviewed the new reductions factors for the Board. It was moved by Trustee Ryan Wilcox and supported by Trustee Wood to accept the recommendation from the actuary to update the reduction factors for non-spousal options, and to review the reduction facts after every assumption review. Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No - 0. Karen Williams provided a results of the Solar Wind responses from the investment managers. Attorney Castle drafted a memo that was sent out to our investments regarding the Solar Winds breach. The breach had no impact on any of the investment managers. Karen Williams contacted Gabriel Roeder Smith regarding options available if the Board was to stop the Minute master service. Karen Williams indicated that Gabriel Roeder could not download their searchable software, but it could return the minutes that we provided to them for the update. Trustee Wood inquired regarding the fees for minute master. Ms. Williams indicated that Gabriel Roeder Smith quoted fees not to exceed $3,300, but last year's update was $1860. It was moved by Trustee Kirkland and supported by Trustee Ryan Wilcox to approve the update for Minute Master. Adopted by the following vote: Yes: Kirlkand, Schor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 6. No - 0. OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES CITY OF LANSING POLICE AND FIRE RETIREMENT SYSTEM Regular Meeting June 15, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. The Board was called to order at 8:30 a.m. Present (via remotely): Trustees Kirkland (Lansing), Moore (Lansing), Schor (Lansing), Taylor (Lansing), C. Wilcox (Lansing), R. Wilcox, (Lansing) Wohlfert (Detroit), Wood (Lansing) — 8. Absent: 0 Others: Karen E. Williams, Human Resources Department; Robert Widigan, Finance Department, Attorney Aaron Castle (legal counsel); Mr. Nathan Burk, Mr. Tom Janisch, Asset Consulting Group. Ms. Williams announced that Ms. Terri Taylor had been appointed as a new citizen trustee and had been sworn by the City Clerk. It was moved by Trustee Wood and supported by Trustee Chris Wilcox to approve the Joint Official Minutes of the Employees' Retirement System and the Police and Fire Retirement System Board of May 18, 2021. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 3 retired. Total: Active membership: 369. 0 death(s). Refunds made since the last regular meeting amounted to $8,928.35. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of May 2021, amounted to $2,937,054.46. Total retirement checks printed for the P&F System: 759. Total retirement checks printed for both systems: 1,699. Domestic relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified: 0. Regular Meeting June 15, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 2 It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to approve the following applications for regular age and service retirements: Chad Frazier, (Police — CCLP Nonsupervisory), 25 years of service credits, age 48, effective 7/152021 Daryl Green (Police — CCLP Supervisory), 24 years, 2 months of service credits, age 53, effective 6/25/2021 (Eligible to retire with the purchase of 10 months of military service credits for 25 years of eligibility) Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0. Ms. Williams updated the Board that applicant #2021 —F0519 D was mailed a letter of request for information and a medical release. The applicant has returned the medical release. Ms. Williams updated the Board that applicant #2021- F0518 ND was mailed a letter of request for information and a medical release. The applicant has returned the medical release. There were no requests for refunds of accumulated contributions. Ms. Williams indicated that MAPERS' website indicated that the Fall Conference will be held in September. Ms. Williams will provide additional information as details become available. There were no public comments for items not on the agenda. Karen Williams provided retirement board June invoices (Asset Consulting Group, William Blair Northern Trust, Tegrit, Zoom) for approval in accordance with the new authorized signers policy. It was moved by Trustee Kirkland and supported by Trustee Wood to approve the Police and Fire Retirement System invoices. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0. Attorney Aaron Castle reviewed amendments to the Prior Military Service credit policy. The proposed revision details the purchase of additional (prior), military service time. The policy amendments were reviewed by the Special Projects Subcommittee. The subcommittee recommended approval by the Board. Regular Meeting June 15, 2021 Via Zoom Meeting Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Wood and supported by Trustee Kirkland to approve the Prior Military Time Policy. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0. Attorney Castle reviewed the Professional Advisor and Service Provider Review policy. This policy was intended to replace the Board's existing Fee Disclosure/Vendor Review Policy, The Board's Special Projects Subcommittee considered and recommended the adoption of the policy. It was moved by Trustee Wood and supported by Trustee R. Wilcox to approve the Professional Advisor and Service Provider Review Policy. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0 Attorney Aaron Castle provided a compliance report regarding the K2 Mauna Kea. Attorney Castle reviewed the offering documents for prospective investment of the Police and Fire Retirement System assets in the K2 Mauna Kea LLC. He reviewed that the Board's consideration of the investment is being made in consultation with the Board's investment Consultant to invest a portion of the System's long/short equity asset allocation. Attorney Castle reviewed the fund background and provided analysis and concluded that the fund does comply with Public Act 314 of 1965, as amended. Attorney Castle would require a side letter regarding compliance Karen Williams provided an update on the income verification. There were six retirees that had not submitted their verification. Ms. Williams reviewed the policy and explained that a second letter is sent out for those who did not respond. For those members who do not respond to the requests, the Board may suspend those retirees pension until the income verification has been submitted. Mr. Nathan Burk presented a proposal for a timeline of K2 Mauna Kea LLC and reviewed the implementation process. Mr. Tom Janisch discussed the potential customization of the K2 Mauna Kea LLC. The Board would be required to approve each manager selected for the portfolio. Mr. Janisch discussed the K2 Mauna Kea LLC would result in lower fees, and the Board could adjust the portfolio regarding exposure and risk. Trustee Wood expressed concern that the Board only meets once a meeting. She inquired if that would be an issues for making timely decision with market trends. Tom Janisch indicated the Board would not be making decisions to time the market. Trustee Ryan Wilcox recommended that the Board should table the discussion until the next meeting when the members will be able to meet in person. It was moved by Trustee Wood and supported by Trustee Kirkland to table the discussion of the K2 Mauna Kea investment until the next meeting. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0 Mr. Nathan Burk discussed the amendments to the Investment Policy Statement that addressed the new portfolio asset allocation approved at the May Joint meeting. It was moved by Trustee C. Wilcox and supported by Trustee Wood to approve the amended Police and Fire Retirement System Investment Policy Statement. Adopted by the following vote: Yes: Kirkland, Moore, Schor, Taylor, C Wilcox, R. Wilcox, Wohlfert, Wood.- 8. No - 0 It was moved by Trustee Kirkland and supported by Trustee Chris Wilcox to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:30 am. Minutes approved on 7/20/2021 Robert Widigan, 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 20, 2021 10th Floor City Council Conference Room Tuesday, 8:30 a.m. The Board was called to order at 8:30 a.m. Present: Trustees Kirkland, Moore, Schor, Taylor, R. Wilcox, Wohlfert, Wood — 7. Absent: C. Wilcox, excused Others: Karen E. Williams, Human Resources Department; Robert Widigan, Finance Department, Attorney Aaron Castle, Vanoverbeke, Michaud & Timmony, RC.(legal counsel); Attorney Abood, City Attorney's Office. It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the official minutes the Police and Fire Retirement System Board of July 20, 2021. Adopted by the following vote: 7 — 0. There were no public comments for items on the agenda. Trustee Wood expressed concern regarding the public comments section on the agenda. Trustee Wood requested clarification if Board will hold hybrid meetings and allow participation by Zoom. She indicated that the City Council is not allowing Zoom participation for in-person meetings. Attorney Castle commented that there is no legal requirement to have the hybrid participation when the meeting is in person. Attorney Castle recommended that the retirement board be consistent with counsel. The Police and Fire Retirement System Board to not allow Zoom participation for the public for in-person meetings. Secretary's Report. 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 368. 2 death(s), Peggy Powers, died 6/10/2021, age 90, spouse of Fire retiree; Neal Wright, IAFF, died 7/1/2021, age 87, 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 June 2021, amounted to $2,947,550.18. Total retirement checks printed for the P&F System: 760. Total retirement checks printed for both systems: 1,701. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible Domestic Relations Order Certified: 0. Regular Meeting July 20, 2021 loth Floor, City Council Conference Room Tuesday, 8:30 a.m. Page 2 There were no regular age and service retirements. Ms. Williams reported that Applicant #2021-F0519 D submitted their medical release and documents. Their information has been forwarded to the medical director for an appointment. Ms. Williams reported that Applicant #2021-170518 ND submitted their medical release and documents. Their information has been forwarded to the medical director for an appointment. Trustee Wood inquired if there were any delays for applicants to see the doctor due to covid. Ms. Williams indicated that the medical director will normally receive an appointment a few weeks after documents have been forwarded to the medical director. Karen Williams reported that the Retirement Office received the following request for the refund of accumulated contribution: Michael Lynn, IAFF, not vested, $26, 593.78 It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to approve the following request for refund of accumulated contributions: Michael Lynn, IAFF, not vested, $26, 593.78 Trustee Schor requested to recuse himself from the vote due to ongoing litigation. Trustee Wood inquired if the accumulated contribution included interest. Ms. Williams indicated that interest was included and was at 3% annually. Trustee Wood inquired to the City Attorney Abood if she needed to recuse herself also because City Council had the ability to approve settlements. City Attorney Abood stated that Trustee Wood did not need to recuse herself. Adopted by the following vote: 6-0. Trustee Schor recused himself from the vote. Trustee Moore provided his oral report of his attendance at the ABS Conference. Trustee Moore thought the conference was well-organized. Trustee Moore was impressed with ABS discussion of their Crossover Product that invest in private equity. Asset Consulting Group will research to see if the portfolio could invest in the Crossover Product. Trustee Moore indicated that the managers are from the countries that ABS has its investments. Regular Meeting July 20, 2021 10th Floor City Council Conference Room Tuesday, 8:30 a.m. Page 3 Trustee Kirkland also provided her oral report for her attendance at the ABS Conference. Trustee Kirkland felt that the conference was well done. Trustee met with the founders of the organization and was impressed with their re-investment in the business and their analytic work. She also discussed the ABS Crossover product. Karen Williams reported that the conferences dates for IFEBP, MAPERS and NCPERS; It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to allow any members to attend the following conference: IFEBP Employee Benefits Conference, Denver, Colorado —October 17-Octoer 20, 2021 MAPERS Conference. Doubletree Hotel, Bay City, MI — September 18-21, 2021 NCPERS Fall Conference, Scottsdale, Arizona — September 26-28 Adopted by the following vote: 7- 0 Karen Williams reviewed the Expense Reports and the 2021 City Travel and Business expense rates. Trustee Wohlfert inquired if the Finance Department required the original reports. Mr. Widigan stated that the auditors preferred the original. It was moved by Trustee Wood and supported by Trustee Moore to excuse Trustee Chris Wilcox from the July Police and Fire Retirement System Board. Adopted by the following vote: 7 -0. There were no public comments for items not on the agenda. Attorney Aaron Castle updated the Board on the K2 Mauna Kea LLC investment. Attorney Castle reached out the references provided by Asset Consulting Group. He spoke with Mindy Harris, Board of Public Utilities for Kansas City. Ms. Harris stated that K2 Mauna Kea has been cost effect and the investment performance has been good, outperforming the bench mark. The administration of the fund required a side letter. The administration of the fund has been straight forward. Ms. Harris indicated the ACG provides the recommendation and their Board approves the recommendations.Attorney Castle stated that through negotiation, he would request a a side letter. Trustee Wood inquired if any investment manager has warranties against cyber security. Regular Meeting July 20, 2021 loth Floor City Council Conference Room Tuesday, 8:30 a.m. Page 4 Attorney Castle stated that the investment manager do not have warranties, but many have insurance. Karen Williams reported that Tegrit receives downloads from One Solution and maintains data. Trustee Wood requested that Attorney Castle review the Tegrit Contract regarding protections regarding cyber security. Karen Williams provided retirement board July invoices (Gabirel Roeder Smith, Vanoverbeke, Michaud & Timmony, PC, Zoom) for approval in accordance with the new authorized signers policy. It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the Police and Fire Retirement System invoices. Adopted by the following vote: Yes: 7-0 Karen Williams reported that Attorney Castle sent out the Political Contributions Disclosure Form. Asset Consulting Group provided its form to the Police and Fire Retirement System Board. Ms. Williams indicated that she would provide the completed forms as they were submitted. Karen Williams reported that Trustee Wohlfert requested that notice be made in the minutes when a member paid their contributions for intervening military time. Karen Williams reported that Mr. Videto paid his contributions of$2,049.87 for intervening military time. Trustee Wohlfert requested that confirmation be sent to Mr. Videto for his records Trustee Ryan Wilcox recommended that the Board keep the discussion of K2 Mauna Kea LLC tabled until the Joint meeting. Karen Williams reviewed the monthly investment report for the period ending June 30, 2021. It was moved by Trustee Ryan Wilcox and supported by Trustee Moore to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:16 am. Minutes approved on 8/17/2021 Robert Widigan, 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 14, 2021 2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m. The Board was called to order at 8:35 a.m. Present: Trustees Kirkland, Moore, Schor, Taylor, C. Wilcox, R. Wilcox, Wohlfert, Wood — 8. Absent: Wood - excused Others: Karen E. Williams, Human Resources Department; Attorney Aaron Castle, Vanoverbeke, Michaud & Timmony, P.C. (legal counsel); Attorney Abood, City Attorney's Office; Linda Sanchez-Gazella, Human Resources. It was moved by Trustee R. Wilcox and supported by Trustee Moore to approve the official Joint minutes the Employees' Retirement System Board and Police and Fire Retirement System Board of August 17, 2021. Adopted by the following vote: 7 — 0. There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 1 retired. Total: Active membership: 377. 2 death(s), Shirley L. Hollandsworth, died 8/11/2021, age 101, spouse of Police retiree; Michael J. Mezzano, Police - Nonsupervisory, died 8/19/2021, age 74, beneficiary 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 August 2021, amounted to $2,955,366.41. Total retirement checks printed for the P&F System: 762. Total retirement checks printed for both systems: 1,701. Domestic relations order received: 0. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified: 0. It was moved by Trustee C. Wilcox and supported by Trustee R. Wilcox to approve the regular age and service retirement: Michael J. Mulder (Fire — IAFF), 25 years of service credits, age 55, effective September 15, 2021. Adopted by the following vote: 7 — 0. Regular Meeting September 14, 2021 2nd Floor, Lansing Police Conference Room Tuesday, 8:30 a.m. Page 2 Ms. Williams reported that Applicant#2021-F0519 D had been seen by the medical director and a report had been received and forwarded to the disability subcommittee for review. Ms. Williams reported that Applicant #2021-F0817D submitted their medical release and documents. Their information has been forwarded to the medical director for an appointment. It was moved by Trustee Ryan Wilcox and supported by Trustee Chris Wilcox to recess the meeting to allow the disability subcommittee to meet. Adopted by the following vote: 7 — 0. The meeting recessed at 8:39 The meeting resumed at 8:49 Trustee Christopher Wilcox reported that the committee had met and recommended that Attorney Castle send a letter to the medical director for further information regarding Applicant #2021-F0519D so the committee could make a determination. It was moved by Trustee C. Wilcox and supported by Trustee R. Wilcox to have legal counsel send a notice to the medical director for further explanation. Attorney Castle explained that the medical report that does not indicate if the applicant is permanently disabled. The report indicates that a determination could not be made and requested additional information. Attorney Castle recommended that a letter be sent to Dr. Roth explaining the standard for duty disability in the Ordinance and request clarification if the applicant meets the standard. Attorney Castle stated the at the subcommittee level, there will be a form created for the medical director to check boxes whether the applicant meet the criteria. Adopted by the following vote: 7 -0. Ms. Williams reported that Applicant#2021-F0518 ND has seen the medical director. The Board is waiting for the medical report. It was moved by Trustee Ryan Wilcox and supported by Trustee Kirkland to approve the following request for refund of accumulated contributions: Yamel Marmoiejos-Tolentino, CCLP Non-Supervisory, not vested, $11,978. Adopted by the following vote: 7-0. Regular Meeting September 14, 2021 2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m. Page 3 Karen Williams reported that the upcoming conferences dates for IFEBP, MAPERS and NCPERS. IFEBP Employee Benefits Conference, Denver, Colorado—October 17-Octoer 20, 2021 MAPERS Conference. Doubletree Hotel, Bay City, MI — September 18-21, 2021 NCPERS Fall Conference, Scottsdale, Arizona — September 26-28 Karen Williams reported that Trustee Wood requested excuse from the October meeting It was moved by Trustee Ryan Wilcox and supported by Trustee Moore to excuse Trustee Chris Wilcox from the September Police and Fire Retirement System Board. Adopted by the following vote: 7 -0. There were no public comments for items not on the agenda. Karen Williams provided retirement board September invoices (MES, Zoom) for approval in accordance with the new authorized signer's policy. It was moved by Trustee Wood and supported by Trustee Ryan Wilcox to approve the Police and Fire Retirement System invoices. Adopted by the following vote: 7-0 Attorney Castle reviewed a draft Request for Proposals for a death audit provider. Attorney Castle also included a list of potential providers. It was moved by Trustee R. Wilcox and supported Trustee Kirkland to finalize the Request for Proposal draft and send it out. Adopted by the following vote: 7 — 0. Attorney Castle provided and reviewed a memo regarding the fiduciary and cyber liability coverage of the Police and Fire Retirement System Board. The memo analyzed the coverage for the Boards of Trustees of the City of Lansing Retirement Systems and the individual Trustees serving on the respective Boards. Attorney Castle reviewed the City's General Liability insurance policy, Indemnification and defense of claims and Cyber liability. Attorney Castle reported that he reviewed the Tegrit Group contract in regard to cyber security and liability. Regular Meeting September 14, 2021 2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m. Page 4 Attorney Castle concluded that based on the foregoing the City's policy appears to provide the Plans, the Boards, and the individual Trustees with partial coverage in the event of claims or losses pertaining to the management and administration of the Retirement System. The Tegrit Agreement also offers a limited level of protection in the event of a cyber security incident with respect to the pension administration software hosted by Tegrit. Attorney Castle opined that the Boards may want to pursue retaining its own insurance broker to work to procure separate policies of fiduciary liability insurance, and possibly, cyber liability coverage. Attorney Abood reviewed Attorney Castle's memo and indicated that when the Board had the City Attorney as its legal counsel, the Board had another level of protection when it was receiving advice from the City Attorney under the City's liability coverage for the opinions provided. Attorney Abood had no comment upon the Cyber Liability coverage. Attorney Abood did not disagree a fiduciary liability policy may be appropriate as the retirement board does not have the same level of protection with outside legal counsel under the City policy. Attorney Ryan Wilcox suggested that insurance brokers be invited to the next Joint meeting to provide information regarding coverages. Attorney Castle indicated that he was most familiar with Union Services Agency that specialize in insuring retirement boards. He stated that are limited insurance brokers who specialize in the cyber security and fiduciary liability insurance. Trustee Schor questioned if the members are covered under their individual department/agencies through the respective City policies. Attorney Castle expressed concern that the current policies may not protect trustees in their role as fiduciary. Attorney Ryan Wilcox recommended that Union Services Agency be invited to the joint meeting to answer questions from trustees. Trustee Schor suggested that legal counsel reach out to the city's IT Department also regarding cyber security. Karen Williams distributed a posting for a Fire trustee election for Christopher Wilcox with nominating petitions for October 8, 2021. Karen Williams reported that Trustee Wohlfert requested that notice be made in the minutes when a member paid their contributions for intervening military time. Karen Williams reported that Mr. Videto paid his contributions of $2,049.87 for intervening military time. Trustee Linda Sanchez-Gazella presented a proposal to the Police and Fire Retirement System Board to hire a part-time contract person to assist the retirement analyst for upcoming projects with a cost not too exceed $4,000 shared between both boards. Trustee Sanchez-Gazella expressed concern regarding the workload for the retirement analyst position and to establish succession plans for the position. Trustee Sanchez-Gazella indicated that the Board had paid for a support person in the past. Trustee Wilcox inquired if the previous support person had been paid by the Board. Karen Williams explained that the previous administrative support person had left the City after transitioning to a full time position in another department. The support person was initially paid by the Board to assist with data entry with Tegrit. Trustee Ryan Wilcox requested that because retirement board funds are being spent, the Board should have input in the decision. It was moved by Trustee R. Wilcox and supported by Trustee C. Wilcox to send the proposal to the Special Projects subcommittee to work with Human Resources and the Employees Retirement System Board representative to formulate a plan and process to hire administrative support for the retirement analyst. Adopted by the following vote: 7 -0 Karen Williams reviewed the monthly investment report for the period ending August 31, 2021. It was moved by Trustee Ryan Wilcox and supported by Trustee Moore to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:16 am. Minutes approved on 10/12/2021 Karen E. Williams, Recording 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 12, 2021 10'h Floor Lansing Police Conference Room Tuesday, 8:30 a.m. The Board was called to order at 8:31 a.m. Present: Trustees Kirkland, Moore, Schor, Taylor, C. Wilcox, R. Wilcox, Wohlfert— 7. Absent: Wood - excused Others: Karen E. Williams, Human Resources Department; Attorney Aaron Castle, Vanoverbeke, Michaud & Timmony, P.C. (legal counsel); Attorney Abood, City Attorney's Office It was moved by Trustee R. Wilcox and supported by Trustee Moore to approve the Police and Fire Retirement System Board of September 14, 2021. Adopted by the following vote: 7 — 0. There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 1 new sworn police member(s), 0 reinstatement(s), 0 refund(s), 0 transfers, 6 retired. Total: Active membership: 372. 3 death(s), Ronald A. Finley, Fire, died 9/28/2021, age 66, spouse to receive 86%; Carolyn Manns, died 7/1/2021, age 75, spouse of Fire retiree; Douglas Thomas, Fire, died 9/4/2021, age 74, spouse to receive 50%. Refunds made since the last regular meeting amounted to$11,978.18. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of September 2021, amounted to $2,988,830.10. Total retirement checks printed for the P&F System: 764. Total retirement checks printed for both systems: 1,701. Domestic relations order received: 1. Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified: 0. It was moved by Trustee C. Wilcox and supported by Trustee R. Wilcox to approve the regular age and service retirement: Mauricio Barrera (Fire — IAFF), 25 years of service credits, age 49, effective September 15, 2021. Adopted by the following vote: 7 — 0. Regular Meeting October 12, 2021 10th Floor, City Council Conference Room Tuesday, 8:30 a.m. Page 2 Ms. Williams reported that Applicant #2021-F0519 D, Applicant #2021-P0817 D, Applicant #2021-P00518 ND had been seen by the medical director. The Retirement Office expects the reports for the next meeting. It was moved by Trustee Ryan Wilcox and supported by Trustee Moore to approve the following request for refund of accumulated contributions: Jacob R. Schmidt, CCLP Non-Supervisory, not vested, $38,590.65 Adopted by the following vote: 7-0. Trustee. Moore provided an oral report for the MAPERS Conference. He reviewed the new trustee conference, and MAPERS business meeting. Trustee Taylor provided an oral report for the NCPERS Conference. She discussed options to fund the unfunded liability through pension obligation bonds. Trustee Wohlfert attended the MAPERS Conference and reviewed the actuarial and cyber security workshops. Trustee Wilcox also attended the MAPERS Conference and discussed the cyber security workshop and discussed insurance. Trustee Ryan Wilcox attended the NCPERS Conference and reviewed the workshop regarding real estate market. The workshop discussed why people moved into certain markets, communities that are investing in building and the breaking point for rent was $1,000. Trustee Wilcox also discussed single family dwellings houses dual families. Trustee Moore also attended the NCPERS Conference and discussed the real estate market workshop. He also discussed the workshop that compared the defined benefit plans versus the defined contribution plan. Ms. Williams reported that there was a mask mandate for those members who would be attending the IFEBP Conference. Ms. Williams reported that second annual Michigan Institutional Forum that will be hosted in East Lansing on November 30, 2021. Asset Consulting Group inquired if any members would be attending. Karen Williams reported that Trustee Wood requested excuse from the October meeting. Regular Meeting October 12, 2021 10th Floor City Council Conference Room Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Chris Wilcox and supported by Trustee Ryan Wilcox to excuse Trustee Wood from the October Police and Fire Retirement System Board. Adopted by the following vote: 7 -0. There were no public comments for items not on the agenda. Karen Williams provided retirement board October invoices (ACG, Northern Trust, Zoom) for approval in accordance with the new authorized signer's policy. Trustee Schor inquired about the inflation adjustment on the Northern Trust invoice. The Retirement office will contact ACG and Northern Trust regarding the line item. It was moved by Trustee C. Wilcox and supported by Trustee Ryan Wilcox to approve the Police and Fire Retirement System invoices. Adopted by the following vote: 7-0 Attorney Castle reported that the Request for Proposals for Death Audit Services was issued through the City's Purchasing Department on September 17, 2021. Responses would be due by October 15, 2021. Attorney Castle reviewed the Disability Certification Forms that would be completed by the medical director regarding his evaluation. It was moved by Trustee Chris Wilcox and supported Trustee Kirkland to approve the Disability Certification forms. Adopted by the following vote: 7 — 0. Attorney Castle provided and discussed the Actuarial Funding Policy. The policy was intended to address the Board's legal and fiduciary responsibility with respect to the actuarial valuation of the Retirement System and other reporting obligations under the Retirement Ordinance and applicable state law. It was moved by Trustee Chris Wilcox and supported by Trustee Moore to approve the Actuarial Funding Policy. Adopted by the following vote: 7— 0. Regular Meeting October 12, 2021 10th Floor City Council Conference Room Tuesday, 8:30 a.m. Page 4 Attorney Castle provided and discussed a draft service retirement policy and corresponding forms. The Policy was intended to memorialize the current retirement process. Trustee Ryan Wilcox inquired about Pre-Retirement Beneficiary form that allowed members to update their beneficiary for retirement. Ms. Williams explained that the Pre-Retirement Beneficiary Form allow members to designate pension beneficiary and accumulated contributions beneficiaries. The form also included a spousal sign-off, if member wanted to nominate a beneficiary other than their spouse. Trustee Wilcox stated that some of his members were not familiar with the form and asked if it could be sent out as a part of open enrollment. He further inquired if the form was completed for new hires and should a new form be completed with changes to beneficiary status, such as marriages. Ms. Williams stated that she reviews the form with members when she meets with them during retirement meeting. She recommended that members update their form as needed. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to approve the Service Retirement Policy and corresponding forms. Adopted by the following vote: 7 -0. Karen Williams updated the Retirement Board regarding the trustee election. The election is to fill a Fire Trustee position held by Trustee Chris Wilcox that expires December 31, 2021. Nominating petition would be available starting October 8, 2021. Nominating petitions must contain not less than 25 or more than 50 fire member signatures. The deadline for nominating petition would be November 9, 2021. Karen Williams reported that Martin Anderson has submitted a form to repay intervening military service credit. Mr. Anderson has entered a payment plan with the payroll office not to exceed five years. Karen Williams provided Asset Consulting Group Quarterly Cash Flow Withdrawal recommendations for the Police and Fire Retirement System: $5 million from T. Rowe Price and $4 million from the Northern Trust S & P 500 index fund. It was moved by Attorney Ryan Wilcox and supported by Trustee Moore to approve the quarterly cash flow withdrawal of $5 million from T. Rowe Price and $4 million from the Northern Trust S & P 500 index fund as recommended by Asset Consulting Group. Adopted by the following vote: 7 — 0. Karen Williams reviewed the 2022 meeting scheduled and the conference schedules. The Police and Fire Retirement System Board reviewed the following dates: January 18, February 15, March 15, April 19, May 17, June 21, July 19, August 16, September 13, October 18, November 8, and December 20. It was moved by Trustee Wilcox and supported by Trustee Moore to approve the 2022 meeting schedule. Adopted by the following vote: 7 — 0. Greg Stump reviewed the Police and Fire Actuarial Valuation Report. Mr. Stump discussed the valuation summary, changes from the prior year and the funding outlook. Mr. Stump reviewed the funding progress, contributions to the system and actuarial assumptions. He discussed the investment/contribution experience, contribution outlook and populations changes. Mr. Stump noted that the Police and Fire Retirement System had more deaths than normal. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to accept the Police and Fire Actuarial Valuation report as of December 31, 2020. Adopted by the following vote: 7 -0 Karen Williams reviewed the monthly investment report for the period ending September 30, 2021. It was moved by Trustee Ryan Wilcox and supported by Trustee Moore to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:38 am. Minutes approved on 11/9/2021 Karen E. Williams, Recording 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 14, 2021 2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m. The Board was called to order at 8:35 a.m. Present: Trustees Kirkland, Schor (8:37), Taylor, C. Wilcox, Wohlfert, Wood — 6. Absent: Moore, R. Wilcox - excused Others: Karen E. Williams, Human Resources Department; Attorney Aaron Castle, Vanoverbeke, Michaud & Timmony, P.C. (legal counsel); Attorney Abood, City Attorney's Office. It was moved by Trustee Wood and supported by Trustee Kirkland to approve the official Joint minutes the Employees' Retirement System Board and Police and Fire Retirement System Board of November 9, 2021, as amended. Adopted by the following vote: 5— 0. There were no public comments for items on the agenda. Secretary's Report. 0 new sworn fire member(s), 0 new sworn police members, 0 reinstatement(s), 0 refund(s), 0 transfers, 2 retired. Total: Active membership: 370. 1 death(s), Richard F. Cook, Sr. Police, died 12/5/2021, age 91, spouse to receive 50%. Refunds made since the last regular meeting amounted to $33,118.44. Reimbursements to the System year-to-date amount to $0.00. Retirement allowances paid for the month of November 2021, amounted to $2,985,506.40. Total retirement checks printed for the P&F System: 765. Total retirement checks printed for both systems: 1,702. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible Domestic Relations Order Certified: 0. It was moved by Trustee C. Wilcox and supported by Trustee Taylor to approve the regular age and service retirement: Michelle Hood-Marble (CCLP Nonsupervisory), 25 years of service credits, age 48, effective January 15, 2022 (with the purchase of 2 years of military service credits) (Sworn Date: 2/8/1999) Adopted by the following vote: 6 — 0. Regular Meeting December 14, 2021 2nd Floor, Lansing Police Conference Room Tuesday, 8:30 a.m. Page 2 There were no requests for duty disability retirement. There were no requests for non-duty disability retirement. It was moved by Trustee Chris Wilcox and supported by Trustee Wood to approve the following request for refund of accumulated contributions: Alex Rojas, CCLP Non-Supervisory, not vested, $11,496.03 Benjamin Blanck, CCLP Nonsupervisory, not vested, $9495.20 Adopted by the following vote: 6-0. Karen Williams reported that Trustee Moore and Trustee Ryan Wilcox requested to be excused from the December meeting. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to excuse Trustee Chris Ryan Wilcox and Trustee Moore from the December Police and Fire Retirement System Board. Adopted by the following vote: 6 -0. There were no public comments for items not on the agenda. Karen Williams provided retirement board December invoices (Boomershine, Tegrit, Zoom) for approval in accordance with the new authorized signer's policy. It was moved by Trustee Wood and supported by Trustee Kirkland to approve the Police and Fire Retirement System invoices. Adopted by the following vote: 6-0 Karen Williams distributed the Tegrit fee increase proposal and project change options for the Board consideration. Tegrit proposed two cost options to accommodate the City of Lansing bargaining unit changes in the pension software. Tegrit provided a change request that outlined the high-level requirement and offered a fixed fee cost. Tegrit also included fee increase to the Board's contact that could incorporate the bargaining unit changes. The contract fee change would cover through 2023. Annual cost of hosting and maintenance would increase, with the opportunity to purchase additional hours. Trustee Wood requested not to exceed language be added to the contract proposal. She requested that legal counsel review the proposal and determine appropriate questions to ask. Regular Meeting December 14, 2021 2nd Floor Lansing Police Conference Room Tuesday, 8:30 a.m. Page 3 It was moved by Trustee Wood and supported by Trustee Kirkland to have a Joint Retirement Board meeting to have Tegrit come in to discuss and answer questions regarding the proposals and fee increase. Adopted by the following vote: 6 — 0. Karen Williams reported that Attorney Abood had a written opinion regarding fiduciary liability coverage of the Retirement Boards held by the City of Lansing. The opinion is waiting for approval by the City Attorney at which time it can be distributed. Karen Williams reported that the deadline for turning in nominating petitions for the term of Fire Trustee for the Police and Fire Retirement System Board was 4:00 p.m. on Tuesday, November 9, 2021. One petition was received and certified. Since there was only one candidate for the position, it was not necessary to conduct a general election for the Fire Department Trustee. Mr. Christopher Wilcox filed a valid petition and was running unopposed, therefore in according with the Police and Fire election rules, he has been declared the winner for the Fire Department Trustee position for the term ending December 31, 2026. It was moved by Trustee Schor and supported by Trustee Kirkland to accept the election results and name Christopher Wilcox Fire Department Trustee, with the term ending December 31, 2026. Adopted by the following vote: 6 — 0. Mr. Jeffrey D. Scharnowske submitted a memo regarding FY2021 Police and Fire Pension Employee Contribution. The memo indicated that on December 10, 2021, $2,802.31 was transferred by the City of Lansing to the Police and Fire Retirement System. The amount represented a FY2021 correction of underpayments to the Police and Fire Retirement Plan. It was moved by Trustee Wood and supported by Trustee Chris Wilcox to accept the FY 2021 Police and Fire Employee Contribution as of June 30, 2021. Adopted by the following vote; 6 -0. Karen Williams reviewed the monthly investment report for the period ending November 30, 2021. It was moved by Trustee Chris Wilcox and supported by Trustee Kirkland to adjourn the meeting. Adopted: unanimously The meeting adjourned at 9:16 am. Minutes approved on 1/18/2022 Karen E. Williams, Recording Secretary Police & Fire Retirement System Eric P. Wohlfert, Chairperson Police & Fire Retirement System