Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: January 12, 2016 CITY HALL, ROOM 112 TIME: 10:12 A.M. Present: Douglas Bagwell, Gail Budrow-Bradstreet, Stan Chubinski and Joe Newman. Absent: John Hausman. Also Present: Linda Morrison, Finance and Revenue Services Director. Chair Newman asked for approval of the amended agenda (presentation on 6/30/15 actuarial valuation removed). Motion Chubinski, seconded Bagwell to approve the agenda as amended. On a voice vote, motion carried. Minutes of the regular meeting of December 22, 2015 were presented. Motion Budrow- Bradstreet, seconded Bagwell to approve the minutes as presented. On a voice vote, motion carried. A summary of assets prepared by Comerica Bank was presented. A summary of assets prepared by Comerica Bank was presented. As of 12/31/15 the market value of our portfolio was $129,528,117, a loss of $755,775 since 11/30/15. As of today the market value of our portfolio is $125,326,492 presently a loss of $4,201,625 since the 12/31/15 month end. Motion Bagwell, seconded Chubinski to accept the financial report as submitted. On a voice vote, motion carried. Board Reports Bagwell: latest new hire did not make probation and was released 1/8/16. Budrow-Bradstreet:  Tim Bennett, police officer, resigned effective 1/2/16. He is vested. Letter sent 1/8/16 detailing his options.  Member Calvin Hardin request to purchase 12 months military service credit was approved by City Commission 1/5/16. Payment of $4,564.34 was received and sent to Comerica; service credit noted in the file.  Paperwork for James Walters sent in for actuarial calculation. Date of retirement 1/2/16. Chubinski – none. Newman – none. Old Business Disability retirement application – Received Medical Committee form from Dr. Tatineni designating Dr. Covarrubias as the third physician. Still waiting on form from VA – Dr. Meyer. Service Retirement Policy – no action at this time. New Business Police & Fire Pension Board January 12, 2016 Page 2 of 2 - Official Due to weather concerns, Plante Moran representative unable to attend. Reports were sent in advance of the meeting. Summary as follows:  Total year to date return of the portfolio as of 12/31/15 is 0.44% which beat the blended benchmark of -0.04%.  One half of the managers had positive returns and seven of ten beat their respective benchmark;  The time weighted return (net of fees) as of 1/4/16 for the fiscal year is -1.83%, annualized the return is -3.53%;  Asset allocation is slightly off due to the recent employer contribution held in cash. Public Comment – Linda Morrison, Finance and Revenue Services Director reminded Board this is the first year the police & fire pension liability is included with the city’s financial statements. Before it was just in the notes, but now shows up on government-wide financial statement. Next regular meeting: February 8, 2016 at 10:00 a.m. Meeting adjourned at 10:35 a.m. Respectfully submitted, Gail Budrow-Bradstreet, Secretary __________________________________ _________________________________ Board Member signature Board Member signature