Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: OCTOBER 24, 2023 CITY HALL, ROOM 302A TIME: 1:30 P.M. Present: Stan Chubinski, Jake Martin, Josita Todd, and Tammy Wolfersberger. Also Present: Lily Vardell (Police & Fire Pension Administrator), Jeremy Tollas (CAPTRUST), Aaron Kuhn (Revenue Services Director), and Michelle Hull (Human Resources Director.) Chair Chubinski asked for approval of the agenda. Motion Martin, seconded by Wolfersberger. On a voice vote, motion carried. Presented minutes of the regular meeting from September 15, 2023. Motion Wolfersberger, seconded by Martin to approve the regular meeting minutes from September 15, 2023. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports: As of 9/30/2023, the market value of the portfolio was $159,890,378.62, a loss of $7,250,126.07 from the 8/31/2023 balance. For the month of September, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Administrative Fee Loomis 112.83 Monthly 7/31/23‐8/31/23 Auditing Fee Rehmann 7,550.00 Annually FY 2023 Audit Cash Management Fees Comerica Bank 886.05 Monthly 7/31/23‐8/31/23 VanOverbeke, Michaud & Legislative Updates & Re‐employ Legal Fees Timmony, P.C. 721.50 As Needed retiree policy MAPERS Fall Conference MAPERS 416.70 As Needed Wolfersberger meals/mileage reimb Misc Fees Comerica Bank 10.00 As Needed Class Action Handling Fee Total Admin. Fees 9,697.08 Motion Martin, seconded by Wolfersberger to accept the financial reports and quarterly bank summaries submitted for September. On a voice vote, motion carried. Board Reports Chubinski – none Martin – none Rabbitt – absent pg. 1 Todd – none Wolfersberger – MAPERS report from attending the Fall Conference:  Electronic considerations for our web page o Brief description about the Board’s function o Members and term expiration o Residency requirements/term limits o Generic email for who to contact with questions o Include FOIA written summary and/or link Comment from Vardell – we should be able to add all of these items to our webpage with the help of the City’s Communications team.  Not recommended for our web page o Benefit calculations‐post minutes summary that does not include benefit amounts.  Scanning of retiree files in case of a fire. Comment from Vardell – Martin receives a copy of the documents that are completed when an employee retires, so that there are two physical records. We can talk to IT about creating electronic records for retirees. Vardell ‐  Tommie Daniels, Police Dept retiree, passed away 9/12/23: o His 10/1/23 pension payment was pulled back and replaced with a final pro‐ rated payment for 9/1/23‐9/12/23, a gross amount of $816.35. o Mr. Daniels does not have a surviving spouse.  Two new Firefighters hired on 9/18/23: o James Hickey o Kyle Van Dussen  New Firefighter hired on 9/20/23: o Andrew McElfresh o Terminated 9/29/23. A letter regarding his options for withdrawal was sent 10/6/23.  Angela Matthews, Police Officer, terminated 7/5/23. o A letter regarding her options for withdrawal was sent 7/19/23. o She returned all necessary paperwork 10/5/23. o A request was sent to Comerica 10/6/23 to issue her a lump‐sum payout of contributions totaling $13,634.64.  Connor Brecker, Firefighter, terminated 7/16/23. o A letter regarding his options for withdrawal was sent 7/27/23. o He returned all necessary paperwork 10/9/23. o A request was sent to Comerica 10/9/23 to issue him a lump‐sum payout of contributions totaling $1,630.31. pg. 2   Dan Wolfe, Fire Captain, entered the DROP effective 9/29/23. Benefit calculation request submitted to GRS 10/10/23. New Business  Policy Review – Education and Travel Policy: o Updated the policy to reflect that mileage is to be calculated from home or City Hall, whichever location is less expensive. Motion Martin, seconded by Wolfersberger to accept the mileage update to the Education and Travel Policy. On a voice vote, motion carried.  CAPTRUST: Tollas provided an investment update as of 9/30/23: o As of 9/30/23, U.S. Large‐Cap Stocks were down 4.77%, U.S. Small‐Cap Stocks were down 5.89%, and U.S. Bonds were down 2.54%. o Year‐to‐date, U.S. Large‐Cap Stocks are up 13.07%, U.S. Small‐Cap Stocks are up 2.54%, and U.S. Bonds are down 1.21%. o September was a difficult month. Concerns about rising interest rates. o For the month of September, the portfolio’s market value ended at $160,183,391. o Calendar Year‐To‐Date, the portfolio’s market value began at $155,476,934, so the plan is still up from the beginning of the year. o As of 10/17/23, the market value of the portfolio is up to $162,757,083. Public Comment: none Closed session to discuss disability retirement application. Motion Martin, seconded by Wolfersberger to go into closed session. On a voice vote, motion carried. Motion Wolfersberger, seconded by Todd to exit closed session. On a voice vote, motion carried. Next regular meeting: Monday, November 20th at 1:30 PM Meeting adjourned at 2:06pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3