HomeMy WebLinkAboutPolice & Fire Retirement Minutes 05.12.26CITY OF LANSING
JOINT EMPLOYEES' RETIREMENT SYSTEM
And POLICE AND FIRE RETIREMENT SYSTEM
MEETING MINUTES
Joint Meeting Minutes May 12, 2026
10th Floor Conference Room Tuesday, 8:30 a.m.
The meeting was called to order at 8:30 a.m.
Trustees present: (Police & Fire) Garza, Moore, Schor, Taylor, Wilcox, Wright, Zolnai – 7
(ERS) Bahr, Dedic, Ebright, Garza, Jeffries, Kalis, O’Leary, Sanchez-Gazella, Schor, Wright –
10
Excused: (Police & Fire) Wohlfert
Excused: (ERS) 0
Others present: Karen E. Williams, Thomas Lindemann, Human Resources Department;
Attorney Frank Judd, VanOverbeke, Michaud & Timmony, P.C.; Attorney Lisa Hagen-
Lawrence, City Attorney’s Office; Dennis Parker, Labor Relations; Mr. Nathan Burk, Asset
Consulting Group; Jason Hogan, IT Director; Crystal Thomas, Finance Director; Johnathan
Davidson, Foster & Foster;
Karen Williams reported that Trustee Wohlfert contacted the Retirement Office and requested to
be excused from the May Joint Meeting.
It was moved by Trustee Wilcox and supported by Trustee Zolnai to excuse Trustee Wohlfert
from the May Joint Meeting for the Police and Fire Retirement System.
Adopted by the following vote: 7 – 0
It was moved by Trustee Wilcox and supported by Trustee Taylor to approve the Official
Minutes of the Police and Fire Retirement System Board meeting of April 14, 2026.
Adopted by the following vote: 7 – 0.
It was moved by Trustee Kalis and supported by Trustee Ebright to approve the Official Minutes
of the Employees’ Retirement System Board meeting of April 14, 2026 with corrections.
Adopted by the following vote: 10 – 0.
There were no public comments for items on the agenda.
Joint Retirement Minutes May 12, 2026
Page 2 Tuesday, 8:30 a.m.
Secretary’s Report (Police & Fire):
0 Sworn Officer(s), 0 reinstatement(s), 0 refund(s), 0 transfer(s), 1 retired. Total active
membership: 321. 2 Death(s): Wendell Trowbridge (IAFF) died 4/24/2026, age 67,
Beneficiary to receive 50%; Euphemio Longoria (CCLP Supervisory) died 4/30/2026, age 74,
Beneficiary to receive 75%. Refunds made since last regular meeting amounted to $64,662.56.
Reimbursements to the System year-to-date amount to $0.00. Retirement allowances for the
month of April 2026 are $3,590,588.06. Total retirement checks printed for P&F System: 827.
Total retirement checks printed for both systems: 1,734. Domestic relations orders received: 0.
Domestic relations orders pending: 0. Eligible Domestic Relations Order Certified: 0.
Secretary’s Report (Employees’ Retirement System):
5 new members, 0 reinstatement(s), 0 refund(s), 0 transfers, 0 retired. Total active membership:
434. Total deferred: 69; 1 Death(s): George Sloan (UAW) died 4/23/2026, age 94, No
Beneficiary. Refunds made since last regular meeting amounted to $0; Retirement allowances
for the month of April 2026 amounted to $2,052,271.00. Total retirement checks printed for
ERS System: 907. Total retirement checks printed for both systems: 1,734. Eligible domestic
relations orders received: 1. Domestic relations orders pending: 0. Eligible domestic relations
orders certified: 0.
It was moved by Trustee Wilcox and supported by Trustee Schor to approve the following
applicants for Regular Age and Service Retirement of the Police and Fire Retirement System:
Scott Ellis (CCLP Non-Supervisory) 15 years, 1 month of service, Age 55, effective 6/1/2026.
Sworn date: November 13, 1996. (From deferred list.)
Note for the record: Trustee Schor disclosed that Scott Ellis has contributed to his political
campaign. Trustee Schor stated he does not believe abstention is required but wished to disclose
the matter for the record. No objections were raised.
Adopted by the following vote: 7 – 0.
It was moved by Trustee Wilcox and supported by Trustee Taylor to approve the following
applicants for Regular Age and Service Retirement of the Police and Fire Retirement System:
Jimmy Garcia (CCLP Supervisory) 23 years, 10 months of service, Age 55, effective
7/16/2026. Sworn date: November 12, 2002.
Adopted by the following vote: 7 – 0.
There were no requests for Regular Age and Service Retirement for the Employees’ Retirement
System.
Joint Retirement Minutes May 12, 2026
Page 3 Tuesday, 8:30 a.m.
There were no requests for Duty Disability Retirement for the Police and Fire Retirement
System.
There were no requests for Non-Duty Disability Retirement for the Police and Fire Retirement
System.
There were no requests for Duty Disability Retirement for the Employees’ Retirement System.
There were no requests for Non-Duty Disability Retirement for the Employees’ Retirement
System.
Ms. Williams reported that Mr. Seth Arbanas, IAFF, not vested, requested a refund of his
accumulated contributions of $14,323.43. The refund request was submitted in two applications:
a portion designated as a direct transfer to MERS, and the remaining balance to be paid directly
to him.
It was moved by Trustee Wilcox and supported by Trustee Taylor to approve the following
requests for refund of accumulated contributions from the Police and Fire Retirement System:
Mr. Seth Arbanas, IAFF, not vested, $14,323.43 (split: partial direct transfer to MERS;
balance to member).
Adopted by the following vote: 7 – 0.
Ms. Williams reported that Mr. Keith Creamer, IAFF, not vested, requested a refund of his
accumulated contributions of $11,475.04.
It was moved by Trustee Wilcox and supported by Trustee Taylor to approve the following
request for refund of accumulated contributions from the Police and Fire Retirement System:
Mr. Keith Creamer, IAFF, not vested, $11,475.04.
Adopted by the following vote: 7 – 0.
Ms. Williams noted that Karen Krish was removed from the agenda pending verification of her
eligibility dates.
Ms. Williams reported that Ms. Holly Eli, Teamsters 214 Non-Supervisory, not vested, requested
a refund of her accumulated contributions of $22,915.41.
Joint Retirement Minutes May 12, 2026
Page 4 Tuesday, 8:30 a.m.
It was moved and supported to approve the following request for refund of accumulated
contributions from the Employees’ Retirement System:
Ms. Holly Eli, Teamsters 214 Non-Supervisory, not vested, $22,915.41.
Adopted by the following vote: 10 – 0.
Trustee Wright provided an oral report on the ABS Conference and due diligence meetings held
in Boston and New York (April 27–30, 2026). The trip consisted of two components: attendance
at the ABS Conference and separate due diligence meetings with Income Research &
Management (IR&M) in Boston and Warburg Pincus in New York.
The ABS Conference was divided into morning and afternoon sessions. The morning session
focused on pre-IPO markets, with the key takeaway being the increasing concentration of
technology companies at the top of the market, with consensus that this is not expected to change
significantly in the near term. The emerging markets session provided a global overview of
market performance and investment opportunities in various regions.
Regarding the due diligence meetings with IR&M and Warburg Pincus, Trustee Wright noted
that both are substantial firms with significant physical presence in Boston and New York
respectively. Both demonstrated strong performance against benchmarks. A notable theme
across all sessions was the value of participation in the late-stage private/pre-IPO investment
space, and the informational advantages that can be gained in that market. Trustee Wright noted
a key observation from the ABS Conference: there is no prohibition on insider trading in the
private markets, meaning significant information advantages exist that can influence public
market analysis.
Ms. Williams reported on upcoming conferences and travel:
Ms. Williams reported that the MAPERS Spring Conference is scheduled for May 16 – 19, 2026,
in Bay City, Michigan. Trustees wishing to attend should contact Thomas Lindemann.
Ms. Williams reported that the NCPERS Spring Conference is scheduled for May 17 – 20, 2026,
in Las Vegas, Nevada. Trustees wishing to attend should contact Thomas Lindemann.
Ms. Williams reported that the IFEBP (International Foundation of Employee Benefit Plans)
Annual Conference is scheduled for October 25 – 28, 2026, in New Orleans, Louisiana. Due to
high demand, hotel reservations fill quickly. It was recommended that both boards vote to
authorize attendance by any trustee wishing to attend.
Joint Retirement Minutes May 12, 2026
Page 5 Tuesday, 8:30 a.m.
It was moved by Trustee Wilcox and supported by Trustee Zolnai to approve any trustee who
wishes to attend the IFEBP Annual Conference for the Police and Fire Retirement System.
Adopted by the following vote: 7 – 0.
It was moved by Trustee Kalis and supported by Trustee Ebright to approve any trustee who
wishes to attend the IFEBP Annual Conference for the Employees’ Retirement System.
Adopted by the following vote: 10 – 0.
It was moved by Trustee Kalis and supported by Trustee Ebright to approve any trustee who
wishes to attend the NCPERS Spring Conference for the Employees’ Retirement System.
Adopted by the following vote: 10 – 0.
Ms. Williams reported the Police and Fire Retirement System invoices for May 2026: Mondrian
Investment Partners, $56,129.09; Segal (fiduciary liability insurance renewal), $18,734.00
(approval contingent upon board acceptance of policy); VanOverbeke, Michaud & Timmony,
P.C. (quarterly legal fees), $4,533.30; MES (duty disability medical review), $700.00.
The Joint Boards agreed to defer final approval of the Segal fiduciary liability policy to the June
9, 2026 meeting, allowing trustees additional time for review. Invoice payment for the Segal
premium was approved contingent upon acceptance of the policy at the June meeting. Attorney
Judd confirmed that no action will be held up by deferring the vote, as the June meeting date
precedes the policy renewal date.
It was moved by Trustee Wilcox and supported by Trustee Wright to approve the Police and Fire
Retirement System invoices for May 2026, with approval of the Segal fiduciary liability
premium contingent upon board acceptance of the renewed policy.
Adopted by the following vote: 7 – 0.
Mr. Lindemann provided the quarterly expense report for the Police and Fire Retirement System
(Quarter 1, 2026): Payroll, $10,625,274.06; Investment fees, $154,829.99; ACG, $21,678.00;
Boomer Shine (actuary), $1,400.00; MAPERS conference, $1,200.00; Tegrit, $31,500.00;
Berwyn annual fee, $2,000.00; death audit report, $381.75; administrative (parking passes); legal
fees (including prior year carry-forward), $13,535.10. Quarter 1 Total: $10,851,888.90,
representing approximately 25% of the annual Police and Fire budget.
Ms. Williams reported the Employees’ Retirement System invoices for May 2026: Segal
(fiduciary liability insurance renewal), $9,557.00 (approval contingent upon board acceptance of
policy); VanOverbeke, Michaud & Timmony, P.C. (quarterly legal fees), $4,678.20.
Joint Retirement Minutes May 12, 2026
Page 6 Tuesday, 8:30 a.m.
It was moved by Trustee Wright and supported Trustee Schor to approve the Employees’
Retirement System invoices for May 2026, with approval of the Segal fiduciary liability
premium contingent upon board acceptance of the renewed policy.
Adopted by the following vote: 10 – 0.
Mr. Lindemann provided the quarterly expense report for the Employees’ Retirement System
(Quarter 1, 2026): Payroll, $6,199,629.60; Investment fees, $101,066.08; ACG, $21,768.00;
Boomer Shine (actuary), $2,000.00; MAPERS conference, $800.00; Tegrit, $31,500.00; Berwyn
annual fee, $2,000.00; death audit report, $381.75; administrative (parking passes); legal fees
(including prior year carry-forward), $10,286.10. Quarter 1 Total: $6,369,431.53, representing
approximately 23.3% of the annual ERS budget.
Discussion was held regarding the legal fees line item, which reflected payments covering both a
prior-year unpaid balance from the finance-to-Northern Trust billing transition and current-
quarter charges.
Ms. Williams presented the Segal fiduciary liability insurance renewal for board review. The
policy renews June 21, 2026. The full policy (approximately 32 pages) was distributed
electronically to all trustees. Legal Counsel had reviewed the policy and recommended it be
placed on the agenda for board approval. The limit of liability is $3,000,000 for Police and Fire
and $1,000,000 for ERS. Discussion was held regarding the coverage limits and the option to
increase them.
Ms. Williams presented the proposed election schedule for the Employees’ Retirement System
trustee election to fill the position currently held by Chair Bahr, whose term expires June 30,
2026. The new term commences July 1, 2026. Any active ERS member may seek candidacy by
obtaining a nominating petition from the City of Lansing Retirement Office.
Proposed election schedule:
Posting begins: May 15, 2026 (minimum 30-day posting required by board rules)
Nominating petition deadline: Monday, June 15, 2026, at 4:00 p.m.
Primary election (if necessary): Thursday, June 18, 2026
General election (if necessary): Wednesday, June 24, 2026
New term begins: July 1, 2026
Elections will be conducted electronically (24-hour ballot period). Upon board approval, the
election notice will be posted.
It was moved by Trustee Wright and supported by Trustee Sanchez-Gazella to approve the
proposed Employees’ Retirement System trustee election schedule.
Adopted by the following vote: 10 – 0.
Joint Retirement Minutes May 12, 2026
Page 7 Tuesday, 8:30 a.m.
Ms. Williams presented the matter of physical retirement file storage in light of City Hall’s
planned relocation (anticipated October 2026). The retirement office maintains physical files
going back 30–50 years, separate from personnel files. These files include life insurance
records, disability documents, and actuary-related materials, many of which are designated as
permanent records under the board’s retention policy. The city will not have space to store
retirement files at the new location.
Options discussed included: (1) off-site physical storage with a maintenance and records storage
company; (2) scanning to Laserfiche or on the retirement board’s shared R drive; or (3) scanning
followed by destruction of physical files once secure digital storage with redundancy is
confirmed.
Discussion was held regarding cloud storage redundancy, data center backups, and the risks of
continued paper storage. The board expressed support for scanning files into a secure, redundant
digital system and, once confirmed as properly stored, destroying the physical files. Trustees
requested that IT Director Jason Hogan present an overview of the city’s scanning and
redundancy processes at a future meeting.
The Retirement Boards directed staff to arrange for retirement files to be scanned into a secure
digital system with redundant backup, have the scanned files reviewed and verified for legibility
and completeness, and, once confirmed secure, destroy the physical files.
It was moved by Trustee Schor and supported by Trustee Dedic to approve the records scanning
and disposal directive for the Police and Fire Retirement System.
Adopted by the following vote: 7 – 0.
It was moved by Trustee Schor and supported by Trustee Wilcox to approve the records
scanning and disposal directive for the Employees’ Retirement System.
Adopted by the following vote: 10 – 0.
Mr. Dennis Parker, Labor Relations, and Crystal Thomas, Finance Director provided a
preliminary overview of the proposed transition of retiree healthcare payments from the city’s
general fund to dedicated healthcare reserve accounts within the retirement portfolio. The
discussion focused on the mechanics of funding contributions, and timing of payments. It was
noted that the Budget Director is also involved in coordinating this transition. The boards agreed
to schedule a detailed presentation at the June 9, 2026 meeting, allowing time for all parties to be
present.
Joint Retirement Minutes May 12, 2026
Page 8 Tuesday, 8:30 a.m.
Karen Williams provided an overview on the status of the Pension Administration Software. . A
final decision was anticipated after the in-person interviews. The boards were reminded that the
option to remain with the current vendor, Tegrit, is also available
Mr. Nathan Burk, Asset Consulting Group, reviewed the Monthly Investment Report and
Quarterly Performance through March 31, 2026, as well as a preliminary April 2026
performance update.
Mr. Nathan Burk of Asset Consulting Group supplemented the oral report during the investment
presentation. Mr. Burk noted that the ABS emerging markets strategy has delivered exceptional
recent returns, up over 17% for the month and approximately 59% over one year, outperforming
its benchmark by 45%. The due diligence visits confirmed that both IR&M and Warburg Pincus
continue to perform well against their respective benchmarks.
Ms. Williams provided an update on the pension administration software Request for Proposals
process. Four vendors were selected as finalists at the February 2026 Joint Meeting. In April
2026, virtual software demonstrations were held for staff and the special projects committee.
Attendees at the April demonstrations included Trustees Jeffries, Moore, Kalis, and Zolnai.
Based on the demonstrations, consensus feedback indicated that Pension Technology Group and
Milliman were standout performers. Pension Technology Group would build custom software,
while the other three finalists (Foster & Foster, Milliman, and a fourth vendor) offer pre-existing
platforms to be configured for the city’s needs.
All four finalist vendors conducted final in-person presentations. Each presentation was
structured as 40 minutes of presentation followed by questions and answers. Four presentations
were held, Foster & Foster, Milliman, Nyhart and Pension Technology Group. IT Director Jason
Hogan was present to participate in technical review. A board discussion followed all four
presentations:
.
Foster & Foster
Mr. Jonathan Davidson provided an overview of Foster & Foster. Mr. Davidson detailed that the
company had offices in multiple states including Michigan and worked with over 2,600 public
pension plan and OPEB plans nationally. Mr. Davidson discussed that background of the
company and reviewed the implementation process.
Milliman (MARC System)
Presenters: Chris Gatti (Project Manager) and Kevin Hart (MARC Product Manager), and Kevin
Hicks. The presentations provided an overview of its company and the MARC product. Key
features discussed included: a secure, cloud-based administration portal and member portal
accessing the same database; 13 years of focused government plan experience.
Joint Retirement Minutes May 12, 2026
Page 10 Tuesday, 8:30 a.m.
Nyhart (nyPAS system)
Presenters: Derek Schmitt, Matt Hopewell
The presentation provided an overview of its company, its history, employees and Michigan
focus. The presentation detailed the parent company ASCENSUS and reviewed features of the
nyPAS system and the implementation timeline.
Pension Technology Group
Mr. Chris Lodge provided an overview of the Pension Technology Group company. Mr. Lodge
detailed that the company had offices in multiple states, was an active MAPERS member and
had over 20 years of public pension experience. Mr. Lodge discussed the PensionPro+ platform
and reviewed the implementation strategy.
There were no public comments for items not on the agenda.
It was moved and supported to adjourn the Joint Retirement System Board meeting for the Police
and Fire Retirement System.
Adopted by the following vote: unanimous.
It was moved and supported to adjourn the Joint Retirement System Board meeting for the
Employees’ Retirement System.
Adopted by the following vote: unanimous.
The meeting adjourned at approximately 2:00 p.m.
Minutes approved on 6/9/2025.
________________________
Crystal Thomas, Secretary
Employees’ Retirement System
Police and Fire Retirement System
___________________________ ________________________
Matthew Bahr, Chairperson Eric P. Wohlfert, Chairperson
Employees’ Retirement System Police and Fire Retirement System