Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: November 16, 2020 Electronic Zoom Meeting TIME: 10:00 A.M. Present: Doug Bagwell, Stan Chubinski, Tammy Giannunzio, Ed Guzzo & Jake Martin. Also Present: Dori Drayton CAPTRUST; Linda Morrison, Revenue Services Director; Sarah VanWormer, IT Director; and Kourtney Matuschka, Finance Officer/Police & Fire Retirement System Administrator. Chair Chubinski asked for approval of the agenda. Motion Bagwell, seconded Giannunzio to approve the agenda. On a voice vote, motion carried. Presented minutes of the regular meeting on October 21, 2020. Motion Guzzo, seconded Bagwell to approve the regular session minutes. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 10/31/2020, the market value of the portfolio was $159,440,747, a loss of $2,970,124 from the 9/30/2020 balance. As of 11/13/2020, the portfolio market value was $167,994,970, which is a gain of $8,554,223 since 10/31/2020. For the month of October, the following expenses were deducted. Expense Type Payee Amount Frequency Additional Details Misc Fees (asset manager) Misc Admin fees - non investment 1,933.57 Monthly 10/1 - 10/31/20 Administrative Fee City of Battle Creek 2,849.75 Quarterly 10/1 - 12/31/20 Auditing Fee Rehmann 7,250.00 Annually FY 2020 Invoice Fee Comerica Bank 18,008.09 Quarterly 7/1 - 9/30/20 Misc Fees City of Battle Creek 6.90 As Needed Certified Mailing Total Admin. Fees 30,048.31 Motion Guzzo, seconded Bagwell to accept the financial report and quarterly bank summary as submitted. On a voice vote, motion carried. Board Reports Bagwell – none. Chubinski – none. Giannunzio – none. Guzzo – none. Martin – none. Matuschka  Surviving Spouse, Myrna Beaver died 10/12/20. Her 11/1/20 payment was pulled back and replaced with a pro-rated portion for 12 days in October.  Stephen Bush, transitioned back to Lieutenant from Police Major effective 11/6/2020, entered DROP program 11/7/2020. November 16, 2020 Page 2 of 3 - Official  Jeffrey Slayton, Fire Lieutenant resigned 11/4/2020. He is eligible for deferred pension effective 1/3/2021. Pension benefits begin 2/1/2021, payable on 3/1/2021.  The following resolution needs approved: RANDOLPH E. REINSTEIN WHEREAS, the Board of Trustees is in receipt of an application for retirement from Randolph E. Reinstein requesting an effective retirement date of 7/25/20, and WHEREAS, Randolph E. Reinstein is eligible for retirement based on his service pursuant to Act 345 of the Public Acts of 1937, as amended, and retirement provisions of the union contract, and WHEREAS, the final actuarial calculation was received and, WHEREAS, Randolph E. Reinstein elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Randolph E. Reinstein for retirement is approved, and RESOLVED, the retirement benefit for Randolph E. Reinstein shall commence as of 7/25/20, and RESOLVED, the gross monthly benefit is $4,449.61 subject to tax withholdings and any other elective deductions, and RESOLVED, the gross retroactive payment of $1,004.75 for 7 days in July was paid on 8/13/20 and the regular gross monthly benefit shall begin 9/1/20. Motion Bagwell, seconded Martin to accept the retirement resolution for Randolph E. Reinstein. On a voice vote, motion carried. New Business Disability Re-examination: Jason Crape has not responded to Board’s request for reexamination after two mailed letters, a phone call from Bagwell and email from Matuschka. Board requested additional information from Nancy Mullett, Labor Attorney or the Board’s attorney, regarding the option to suspend Mr. Crape’s disability pension payment. Bagwell and Martin will also attempt to make contact with Mr. Crape. CAPTRUST – Asset Manager Portfolio Update: Drayton presented an update on the economic status, 3rd quarter review and current portfolio.  Reviewed asset allocation, no rebalancing needed at this time.  3rd quarter portfolio performance net of fees was 5.09% vs benchmark 4.45%.  Year to date returns for fixed income is 6.62%, strong return compared to prior years.  Asset Manager review shows Boston LCV and Westfield Mid Cap Growth are underperforming when compared to their benchmarks. November 16, 2020 Page 3 of 3 - Official  Reviewed managers and their monitoring score. Earnest Partners, Boston LCV, Lazard and Harding all were marked for review; however, no recommended changes at this point.  Month ending 10/31/20 Richmond TIPS posted -2.3% return vs benchmark of -.45%. Comerica is researching and CAPTRUST will update the findings at the next meeting. Public Comment – none. Next regular meeting: Monday, December 21, 2020 at 10:00 a.m. Meeting adjourned at 10:40 a.m. Respectfully submitted, Kourtney Matuschka, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature