Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: December 15, 2014 CITY HALL, ROOM 112 TIME: 11:00 A.M. Present: Doug Bagwell, Gail Budrow-Bradstreet, Stan Chubinski and John Hausman Absent: Joe Newman. Also Present: Linda Morrison, Finance and Revenue Services Director. Vice Chair Chubinski asked for approval of the agenda. Motion Hausman, seconded Bagwell to approve the agenda. On a voice vote, motion carried. Minutes of the regular meeting of November 25, 2014 were presented. Motion Budrow- Bradstreet, seconded Hausman to approve the minutes as presented. On a voice vote, motion carried. A summary of assets prepared by Comerica Bank was presented. As of 11/30/14 the market value of our portfolio was $133,235,316 which is a gain of $2,169,640 since 10/31/14. As of today the market value of our portfolio is $129,787,957, presently a disappointing loss of $3,450,359 since the 11/30/14 month end. Motion Bagwell, seconded Hausman to accept the financial report as submitted. On a voice vote, motion carried. Board Reports Bagwell – none. Budrow-Bradstreet: Jay Hileman, Fire fighter, resigned effective 11/29/14. A letter with deferment and withdrawal options will be sent immediately. Motion Bagwell, seconded Budrow-Bradstreet to approve the following resolutions: WHEREAS, the Board of Trustees is in receipt of an application for service-connected disability retirement from Nichole A. Marshall, and WHEREAS, Nichole A. Marshall is eligible for retirement based on the independent medical examinations of her designated physician and the physician appointed by the Police and Fire Retirement System Board pursuant to Act 345 of the Public Acts of 1937, as amended, and WHEREAS, the final average compensation has been calculated and is used for the monthly benefit, which is calculated at 50% of the FAC, until Marshall reaches age 55, and WHEREAS, an actuarial valuation calculation will be requested for purposes of providing Marshall’s monthly benefit when she reaches age 55, be it RESOLVED, that the application of Nichole A. Marshall for service-connected disability retirement is approved, and RESOLVED, the retirement benefit for Nichole A. Marshall shall commence as of 11/25/14, and RESOLVED, the gross monthly benefit is $2,397.72 subject to tax withholdings and any other elective deductions until age 55, and RESOLVED, the gross retroactive payment of $479.54 was paid on or about 12/15/14 and the regular gross monthly benefit shall begin 1/1/2015. Police & Fire Pension Board December 15, 2014 Page 2 of 2 - Official WHEREAS, Officer LaVern Brann was killed in the line of duty on May 9, 2005, and WHEREAS, his surviving spouse, Melanie Brann, has been receiving worker’s disability compensation payments since that time, and WHEREAS, Public Act 345 of 1937, as amended, states the surviving spouse will receive a duty death pension of the same amount each week as that which has been paid the surviving spouse under the worker’s disability compensation act of 1969 payable upon the termination of said payments, and WHEREAS, the worker’s disability compensation payment of $664.34 per week ends as of 12/8/2014, be it RESOLVED, that duty death pension benefits for surviving spouse Melanie Brann shall commence effective 12/9/2014, and RESOLVED, the gross monthly benefit is $2,878.85 subject to tax withholdings. On a voice vote, motion carried. Chubinski – none. Hausman – Fire will have about ten (10) pension recalculations as a result of the FLSA settlement with the City. Three more new hires coming in January. Old Business FAC Policy Review – still working on it. Esteban Rivera request to purchase military time – actuarial valuation complete with calculations for the purchase of 1 year and 3.4083 years per request. Task Force for City Policy on Purchase of Military Time – should we reconsider having more than one person representing the Pension Board given our fiduciary responsibility? New Business Due to illness, no one from PMFA was on hand to give an update. Instead PMFA provided a Time Weighted Return Summary as of November 30, 2014. The total portfolio year to date return (net of fees) is 7.06%, slightly behind the blended benchmark of 7.37%. Large Cap stocks continue to underperform. All other investments had positive returns and outperformed the benchmark. Public Comment - none. Next regular meeting: Tuesday, January 20, 2015 at 10:00 a.m. Meeting adjourned at 11:52 a.m. Respectfully submitted, Gail Budrow-Bradstreet, Secretary __________________________________ _________________________________ Board Member signature Board Member signature