Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: October 14, 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: Dori Drayton, 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 Martin, seconded Guzzo to approve the agenda. On a voice vote, motion carried. Presented minutes of the regular meeting from September 23, 2021. Motion Giannunzio, seconded Rabbitt to approve the regular meeting minutes from September 23, 2021. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 9/30/2021, the market value of the portfolio was $184,210,344 a loss of $5,312,178 from the 8/31/2021 balance. As of 10/8/2021, the portfolio market value was $185,594,358, a gain of $1,384,014 since 9/30/21. For the month of September, the following expenses were deducted. Additional Expense Type Payee Amount Frequency Details Investment Fees Robeco Boston Partners SCV 15,474.09 Final 4/1 - 5/28/21 Investment Fees Robeco Boston Partners LCV 8,575.41 Final 4/1 - 5/28/21 Total Investment Fees 24,049.50 Misc Fees (asset manager) Misc Admin fees - non investment 10.00 Monthly 9/1 - 9/30/21 Administrative Fee City of Battle Creek 3,000.00 Quarterly 7/1 - 9/30/21 Total Admin. Fees 3,010.00 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. October 14, 2021 Page 2 of 2 - Official Rabbitt – none. Matuschka  Thomas Smith, Fire Equipment Operator, entered the DROP effective 9/23/21.  James Grafton, Deputy Police Chief, retired on 9/12/21.  Two military purchases were approved at the 10/5/21 commission meeting. Brock Howland and Steven Foster, Fire Fighters purchased 12 months of service time. Both employees will be responsible to pay $7,001.57 to be added to their accumulated employee contribution total.  Shannon Bagley, Deputy Police Chief, was hired on 9/27/21.  Joshua Barrix and Carney Greene, Police Officers hired on 9/27/21.  The following Firefighters were hired on 10/4/21, Michael Asiala, Nicholas Mingle, Steven Nemeth, Bradley Root, Markell Spivey and Ryan Wright. New Business CAPTRUST – Asset Manager Portfolio Update: Drayton provided an economic update through September 30, 2021.  Most classes have a negative month to date return but still positive returns for YTD.  No rebalancing needed at this time.  Total portfolio -2.62% for September, -.33 for 9/30/21 quarter and 6.59% YTD returns. Public Comment Next regular meeting: Monday, November 15, 2021 at 1:30 p.m. Meeting adjourned at 1:45 p.m. Respectfully submitted, Kourtney Matuschka, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature