Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: February 16, 2021 Electronic Zoom Meeting TIME: 10:00 A.M. Present: Stan Chubinski, Tammy Giannunzio, Ed Guzzo & Chris Rabbitt. Absent: Jake Martin Also Present: Justin Cohen, Dori Drayton and Jeremy Tollas, CAPTRUST; Sarah VanWormer, IT Director; Jessica Vanderkolk, Communications Manager; and Kourtney Matuschka, Finance Officer/Police & Fire Retirement System Administrator. Chair Chubinski asked for approval of the agenda. Motion Guzzo, seconded Giannunzio to approve the agenda. On a voice vote, motion carried. Presented minutes of the regular meeting on January 19, 2021. Motion Rabbitt, seconded Guzzo to approve the regular session minutes. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 1/31/2021, the market value of the portfolio was $174,884,781 a loss of $1,548,522 from the 12/31/2020 balance. As of 2/11/2021, the portfolio market value was $180,636,905, which is a gain of $5,752,124 since 1/31/2021. For the month of January, the following expenses were deducted. Additional Expense Type Payee Amount Frequency Details Misc Fees (asset manager) Misc Admin fees - non investment 1,141.75 Monthly 1/1 - 1/31/21 Invoice Fee Comerica Bank 18,716.04 Quarterly 10/1 - 12/31/20 Medical Fees 800.00 Varies Re-Examination Membership Dues City of Battle Creek/MAPERS 200.00 Annually Calendar Year 21 Total Admin. Fees 20,857.79 Motion Giannunzio, seconded Guzzo to accept the financial report and quarterly bank summary as submitted. On a voice vote, motion carried. Board Reports Chubinski – none. Giannunzio – none. Guzzo – none. Matuschka  Jeremy Harrell, hired as a Police Officer on 8/3/20.  Caitlin LaValley and Darryn Gorman, hired as Police Officers on 12/10/20.  Joseph Seech, former Police Officer, withdrew his contributions totaling $2,558.26 paid on 1/21/21. February 16, 2021 Page 2 of 2 - Official Received the Actuarial Valuation Report on 1/20/21. Will work with GRS to schedule a time to present to the Board. Rabbitt – none. Old Business Final Average Compensation Policy: Board agreed with revisions. Matuschka will accept all proposed changes and present final copy for the Board to review at next meeting. New Business Domestic Relations Order Policy: Matuschka presented revisions to the Domestic Relations Order Policy. Board requested consistency between policies regarding use of Pension Board or Retirement Board. Matuschka will research proper name and provide an updated Policy for next meeting. CAPTRUST – Asset Manager Portfolio Update: Drayton presented an economic update.  S&P 500 down 1% through January month end and Russell 2000 Small Cap is up 5%. Through 2/12/21 S&P up 5% and Russell up 16%.  International Stocks and Emerging Market Stocks had strong 4 th quarter returns bringing their year to date growth at 7.8% for international and 18.3% for emerging stocks.  S&P 500 ended up 18.4% for calendar year 2020. Leading sectors are technology and consumer discretionary, while energy sector was the lagging sector. Tollas and Cohen discussed 4th quarter Investment Reports and Portfolio Allocations as of January month end.  4th quarter of 2020 had a net investment return of over 15.5 million. When comparing the year to date, the portfolio had a return of over 23.6 million.  The portfolio remains within our target allocations, no rebalancing needed.  Total portfolio returns month to date -.74% vs. benchmark of -.40%. Public Comment – none. Next regular meeting: Monday, March 15, 2021 at 1:00 p.m. Meeting adjourned at 11:07 a.m. Respectfully submitted, Kourtney Matuschka, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature