Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: September 23, 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: Justin Cohen, CAPTRUST; Sarah VanWormer, IT Director; Cassandra Cooper, Communications Specialist; 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. On a voice vote, motion carried. Presented minutes of the regular meeting from August 16, 2021. Motion Martin, seconded Rabbitt to approve the regular meeting minutes from August 16, 2021. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 8/31/2021, the market value of the portfolio was $189,522,522 a gain of $3,197,039 from the 7/31/2021 balance. As of 9/17/2021, the portfolio market value was $188,708,837, which is a loss of $813,685 since 8/31/2021. For the month of August, the following expenses were deducted. Additional Expense Type Payee Amount Frequency Details Investment Fees Loomis Sayles & Co 44,901.58 Quarterly 4/1 - 6/30/2021 Total Investment Fees 44,901.58 Misc Fees (asset manager) Misc Admin fees - non investment 262.90 Monthly 8/1 - 8/31/21 Invoice Fee Comerica Bank 10,148.61 Quarterly 4/1 - 6/30/21 Legal Fees VanOverbeke, Michaud & Timmony, P.C. 561.00 Quarterly 4/1 - 6/30/21 Total Admin. Fees 10,972.51 Additional Notes: Attorney's invoice contained $561.00 for EDRO review for two different members. Motion Guzzo, seconded Martin to accept the financial report and quarterly bank summary submitted. On a voice vote, motion carried. Board Reports Chubinski – none. Giannunzio – none. September 23, 2021 Page 2 of 3 - Official Guzzo – none. Martin – Fire Department onboarding 7-9 new employees. Rabbitt – none. Matuschka  Everett Lanphar, Police Officer, terminated 8/17/21. A letter regarding his option for withdrawal was sent on 8/27/21.  Jaye Tkac, Fire Equipment Operator, entered the DROP effective 8/22/21.  Michael Archer, former Fire Equipment Operator, withdrew his contributions totaling $58,368.33. This total consisted of $32,767.40 in pre-tax contributions, $22,178.95 in after tax contributions and $3,421.98 in interest. A payment was issued to Mr. Archer on 8/26/21.  The following resolution need approved: MARIA N. ALONSO-SAYLOR WHEREAS, the Board of Trustees is in receipt of an application for vested retirement benefits from Maria N. Alonso-Saylor requesting an effective retirement date of 7/14/2021, and WHEREAS, Maria N. Alonso-Saylor is eligible for retirement based on her deferred benefits, credited years of service and having reached what would have been 25 years of 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, Maria N. Alonso-Saylor elected straight life with 60% surviving spouse benefit, and RESOLVED, that the application of Maria N. Alonso-Saylor for retirement is approved, and RESOLVED, the retirement benefit for Maria N. Alonso-Saylor shall commence as of 7/14/2021, and RESOLVED, the gross monthly benefit is $3,038.53 subject to tax withholdings, and RESOLVED, the gross retroactive payment of $1,764.31 for eighteen days in July was paid on or about 7/30/2021 and the regular gross monthly benefit shall begin 9/1/2021. Motion Rabbitt, seconded Martin to approve the vested retirement benefit for Maria Alonso- Saylor. On a voice vote, motion carried. New Business CAPTRUST – Asset Manager Portfolio Update: Cohen provided an economic update and review of the current portfolio through August 31, 2021.  Overall from a year to date perspective, US stocks have outperformed other markets.  US Large-Cap stocks are up 21.5% year to date, 3.04% for the month of August.  CAPTRUST is still working with Comerica to close out Earnest Partners bank account.  All Equity managers have outperformed the benchmark for month to date. September 23, 2021 Page 3 of 3 - Official Public Comment – Morrison said she is still working on an Administrator replacement and two military purchase requests will be presented to Commission in October. Next regular meeting: Thursday, October 14, 2021. Meeting adjourned at 1:51 p.m. Respectfully submitted, Kourtney Matuschka, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature