Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: DECEMBER 19, 2022 CITY HALL, ROOM 302A TIME: 1:30 P.M. Present: Stan Chubinski, Tammy Giannunzio, Ed Guzzo, Jake Martin, and Chris Rabbitt. Also Present: Aaron Kuhn (Assistant Revenue Services Director), Lily Vardell (Police & Fire Pension Administrator, Jeremy Tollas (CAPTRUST), Michelle Hull (Human Resources Director.) Chair Chubinski asked for approval of the agenda. Motion Martin, seconded by Rabbitt. On a voice vote, motion carried. Presented minutes of the regular meeting from November 21, 2022. Motion Guzzo, seconded by Giannunzio to approve the regular meeting minutes from November 21, 2022. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 11/30/2022, the market value of the portfolio was $161,144,495.02 a gain of $8,387,175.23 from the 10/31/2022 balance. For the month of November, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Actuarial Services Fee Gabriel Roeder Smith & Co. 6,000.00 As Needed Experience Study Membership Dues MAPERS 200.00 Annually Calendar Year 2023 Total Admin. Fees 6,200.00 Motion Guzzo, seconded by Martin to accept the financial reports and quarterly bank summaries submitted for November. On a voice vote, motion carried. Board Reports Chubinski - none Giannunzio – none Guzzo - none Martin – none Rabbitt – none Vardell  Joe Wilder, retired Police Officer, passed away 11/20/22. o His 12/1/22 payment was returned and replaced with a pro-rated portion for 20 days in November. o This final payment of $3,276.73 was made on 12/7/22. Page 1 of 2  o His surviving spouse, Jennifer, has completed the necessary paperwork and received her pro-rated December benefit payment in the amount of $1,114.92 on 12/12/22. o Jennifer’s regular benefit payments of $3,344.76 will begin on 1/1/23. o Only outstanding items we still need from Jennifer are a copy of her ID and a copy of Joe’s death certificate. New Business  Policy Review – Service Retirement Policy o Changes only to capitalization of a few words in the first section. Motion Guzzo, seconded by Giannunzio to approve the grammatical revisions to the Service Retirement Policy. On a voice vote, motion carried.  CAPTRUST: Tollas provided a November investment update: o Large-Cap stocks up 5.59% for the month, Small-Cap Stocks up 2.34%. o U.S. Bonds are up 3.68% o Total portfolio is up 6.23% for the month. o Overall positive month for November. o As of the end of November, portfolio increased to just over $161 million. o November report reflects new portfolio allocation of 65% stock, 35% bond. Public Comment - none Next regular meeting: Tuesday, January 17th at 1:30 PM Meeting adjourned at 1:47pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature Page 2 of 2