Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: JANUARY 17, 2023 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 Giannunzio. On a voice vote, motion carried. Presented minutes of the regular meeting from December 19, 2022. Motion Guzzo, seconded by Martin to approve the regular meeting minutes from December 19, 2022. On a voice vote, motion carried. Bank Summary of Assets & Expense Report: As of 12/31/2022, the market value of the portfolio was $155,476,933.73 a loss of $5,667,561.29 from the 11/30/2022 balance. For the month of December, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Investment Fees Loomis Sayles & Co 40,387.91 Quarterly 4/1 -6/30/22 Investment Fees Loomis Sayles & Co 38,657.67 Quarterly 7/1 -9/30/22 Total Investment Fees 79,045.58 Motion Martin, seconded by Rabbitt to accept the financial reports and quarterly bank summaries submitted for December. On a voice vote, motion carried. Board Reports Chubinski - none Giannunzio – none Guzzo - none Martin – none Rabbitt – none Vardell • Actuarial Valuation presentation by GRS has been scheduled for Monday, March 20th. Calendar invite was sent out. • Subpoena request received 1/3/23 for information regarding retiree Martin Brown. This information request was completed 1/6/23. Page 1 of 4 • New Police Officer hired on 12/12/22: o Chandler Barney • New Police Officers hired on 12/14/22: o Cole Natta o Travis Hartman • 14 New Police Officers hired on 12/19/22: o Justin Smith o Skyler Brower o Jenna Brower o Jasmine McLemore o Caleb Kirby o Austin Cole o Colton Campbell o Nathan Belson o Fatima Jamison o Jennifer Vetter-Fair o Corey Phillips o Justin Force o Jonathan Lee o Alexis Nickles • Mike Fleisher, Battalion Chief, entered the DROP effective 11/16/22. • Jack Denney, Fire Dept retiree, passed away 12/11/22. o His 1/1/23 payment was returned and replaced with a pro-rated portion for 11 days in December. o This final payment of $504.63 was made on 1/1/23. o His surviving spouse, Linda Denney, has completed the necessary paperwork and received her pro-rated January benefit payment of $550.51 on 1/3/23. o Linda’s regular benefit payments of $853.29 will begin on 2/1/23. • Marylou Belote, Police Dept retiree, passed away 12/17/22. o Her 1/1/23 payment was returned and replaced with a pro-rated portion for 17 days in December. o This final payment of $1,642.93 was made on 1/1/23. o Her surviving spouse, Robert Belote, is completing the necessary paperwork and will receive his pro-rated January benefit payment of $811.80 as soon as the paperwork is complete. o Robert’s regular benefit payments of $1,797.56 will begin on 2/1/23. • Jaye Tkac, Fire Equipment Operator, exited the DROP with a retirement date effective 12/24/22: Page 2 of 4  o Benefits and interest totaled $96,438.07 o Less 5% of interest earned ($78.37) o Less early withdrawal penalty of 75% interest earned ($1,175.48) o The remaining balance of $95,184.22 was rolled over payable to Mission Square Retirement. Rollover request sent to Comerica on 12/29/22. o An off-cycle payment dated 1/1/23 for $1,524.03 reflects a pro-rated portion for December (8 days.) o His regular monthly benefit payments of $5,905.61 will begin on 2/1/23. • Brad Wise, Police Inspector, exited the DROP with a retirement date effective 1/1/23: o Benefits and interest totaled $167,011.27 o Less 5% of interest earned ($226.79) o The remaining balance of $166,784.48 was rolled over payable to Pershing LLC. Rollover request sent to Comerica on 12/31/22. o His regular monthly benefit payments of $5,415.85 will begin on 2/1/23. New Business • Policy Review – Police and Fire Pension Benefit Handbook o Only grammatical changes were made to the Handbook. Changes will be reviewed and approved with a motion at the February meeting. • 6-month Budget Review – 7/1/22-12/31/22 o Presented a look at Revenue and Expenditures so far for this fiscal year. o As of 12/31/22, Revenue totals $4,796,709.30 while Expenditures total $7,133,785.25. More Expenditures occur during the first half of the fiscal year than the second. Overall, we are on track with the Budget. • CAPTRUST: Tollas provided a December investment update: o U.S. Large-Cap Stocks down 5.76%. U.S. Small-Cap Stocks down 6.49%. Bonds down 0.45%. o We will re-visit the Asset Allocation later in 2023 to make sure the Asset Allocation continues to look appropriate. o As of December 31st, the Total Market Value of the portfolio was $155,476,933.73. o Month-to-Date, the Total Portfolio in December was down 3.24%. Year-to-Date, the Total Portfolio was down 15.10%. Page 3 of 4 Public Comment - none Next regular meeting: Tuesday, February 21st at 1:30 PM Meeting adjourned at 2:02pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature Page 4 of 4