Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: August 16, 2021 Electronic Zoom Meeting TIME: 1:30 P.M. Present: Stan Chubinski from Battle Creek, MI; Tammy Giannunzio from City Hall in Battle Creek, MI; Ed Guzzo from Battle Creek, MI; and Jake Martin from Battle Creek, MI; and Chris Rabbitt from BCPD in Battle Creek, MI. Also Present: Jeremy Tollas, CAPTRUST; Sarah VanWormer, IT Director; Linda Morrison, Revenue Services Director; and Kourtney Matuschka, Finance Services Manager/Police & Fire Retirement System Administrator. Chair Chubinski asked for approval of the agenda. Motion Guzzo, seconded Giannunzio to approve the agenda with the addition to new business for CAPTRUST. On a voice vote, motion carried. Presented minutes of the regular meeting from July 27, 2021. Motion Rabbitt, seconded Martin to approve the regular meeting minutes from July 27, 2021. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 7/31/2021, the market value of the portfolio was $186,325,483 a gain of $115,149 from the 6/30/2021 balance. As of 8/11/2021, the portfolio market value was $187,492,470, which is a gain of $1,166,987 since 7/31/2021. For the month of July, the following expenses were deducted. Additional Expense Type Payee Amount Frequency Details Investment Fees Richmond Capital Management 2,098.00 Quarterly 4/1 - 6/30/21 Investment Fees Westfield Capital Management 14,452.92 Final 4/1 - 5/27/21 Investment Fees Earnest Partners Intermediate 13,596.37 Quarterly 4/1 - 6/30/21 Investment Fees Loomis Sayles Large Cap Growth 8,944.44 Final 4/1 - 5/26/21 Total Investment Fees 39,091.73 Misc Fees (asset manager) Misc Admin fees - non investment 2,122.14 Monthly 7/1 - 7/31/21 Actuarial Services Fee Gabriel Roeder smith & Co. 3,675.00 Annually 7/1 - 6/30/21 Consulting Services CAPTRUST 23,750.00 Quarterly 4/1 - 6/30/21 Invoice Fee Comerica Bank 13,022.33 Quarterly 4/1 – 6/30/21 Health Insurance 401(h) City of Battle Creek 331,307.74 Annually FY 2021 Total Admin. Fees 373,877.21 August 16, 2021 Page 2 of 2 - Official Motion Guzzo, seconded Giannunzio to accept the financial report and quarterly bank summary submitted. On a voice vote, motion carried. Board Reports Chubinski – none. Giannunzio – none. Guzzo – none. Martin – none. Rabbitt – none. Matuschka  Sarah Bentley, Police Sergeant, retired 7/24/21.  Deferred member, Maria Alonso-Saylor submitted retirement paperwork effective 7/14/21. She received her first pro-rated payment on 7/30/21 for 18 days in July totaling $1,764.31. Her regular retirement benefit payment will begin 9/1/2021 in the amount of $3,038.53. A resolution will be presented once we receive final numbers from GRS. New Business CAPTRUST – Asset Manager Portfolio Update: Tollas provided the 2nd quarter investment report.  US Stocks are up 15.2% year to date, 8.5% earned in the 2nd quarter.  Economic Outlook: market surged as businesses reopen and GDP grew 6.4% in the first quarter.  Over 9 million job openings in April, many industries are struggling to fill open jobs.  Top three asset class returns for 2021 are with small, mid and large cap value.  For 2021, the portfolio is up 6.95% vs. benchmark of 7.05% and 2nd quarter up 4.04% vs benchmark of 4.72%. The portfolio lagged the benchmark due to trades happening at the same time the market rallied.  Portfolio is evenly balanced due to trades made in June.  Through the month of July the portfolio is up 7.74%. Public Comment – None. Next regular meeting: Thursday, September 23, 2021. Meeting adjourned at 1:55 p.m. Respectfully submitted, Kourtney Matuschka, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature