Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: DECEMBER 21, 2023 CITY HALL, ROOM 302A TIME: 1:30 P.M. Present: Stan Chubinski, Jake Martin, Chris Rabbitt, Josita Todd, and Tammy Wolfersberger. Also Present: Lily Vardell (Police & Fire Pension Administrator), Jeremy Tollas (CAPTRUST), and Aaron Kuhn (Revenue Services 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 November 20, 2023. Motion Rabbitt, seconded by Martin to approve the regular meeting minutes from November 20, 2023. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports: As of 11/30/2023, the market value of the portfolio was $167,820,448.30, a gain of $10,860,843.26 from the 10/31/2023 balance. For the month of November, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Cash Management Fees Comerica Bank 778.51 Monthly 9/30/23‐10/31/23 Total Admin. Fees 778.51 Motion Rabbitt, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for November. On a voice vote, motion carried. Board Reports Chubinski – none Martin – none Rabbitt – none Todd – none Wolfersberger – none Vardell –  One employee has submitted an application to enter the DROP: o Brad Barney, Fire Lieutenant, has submitted his application for entering the DROP effective 12/7/2023. Upon entering the DROP, he will have 25 years and 1 day of service. pg. 1   Two new firefighters hired on 11/27/23: o Andrew Dominick o Nolan Loss  Jason Alvarez, Firefighter, terminated 11/23/23: o A letter regarding his options for withdrawal was sent 12/1/23.  Chandler Barney, Police Officer, terminated 12/2/23: o A letter regarding his options for withdrawal was sent 12/15/23.  Jeff Case, Bronson Police Officer (retiree re‐hire), terminated 11/27/23. o Per Bronson LOU, he has withdrawn his contributions (excluding interest), a total of $3,191.07.  The following resolution needs approval: Re: Open Meetings Act – Electronic Meeting Attendance Policy WHEREAS, the City of Battle Creek Police & Fire Retirement System (“Retirement System”) is established and administered pursuant to its plan provisions, applicable collective bargaining agreements, and applicable state and federal laws including, but not limited to Public Act 314 of 1965, as amended (“Act 314”) [MCL 38.1132 et seq.], and WHEREAS, the Board of Trustees of the Retirement System (the “Board”) is vested with the authority and responsibility for the administration, management and proper operation of the Retirement System, and for making effective and construing its provisions, and WHEREAS, the plan provisions require the Board to hold regular meetings, and to conduct all meetings in accordance with the Open Meetings Act, as amended (MLC 15.261 et seq.), and WHEREAS, the Board is authorized, to make rules and regulations necessary to the proper conduct of the business of the Retirement System, and WHEREAS, the Board, having discussed this matter with its legal counsel and having deliberated with respect to the ability to attend Board meetings remotely via telecommunications device, desires to specify its policy with respect to attendance and participation at meetings of the Board via telecommunications device, therefore be it RESOLVED that Trustees may attend and participate in a meeting by conference telephone call or any similar telecommunications medium (e.g., Zoom, Teams, etc.) through which all persons in attendance at a meeting (including members of the public) are able to hear and communicate with one another, and be it further RESOLVED that participation in a Board meeting pursuant to this Policy shall constitute the Trustee’s presence at the meeting for purposes of attaining a quorum, and shall entitle the Trustee to vote on any matter which may come before the Board, and be it further RESOLVED that it shall be the responsibility of the Trustee wishing to participate via telecommunications device, to make appropriate preparations in advance of the meeting enabling his or her attendance via the arranged telecommunications device, and be it further pg. 2 RESOLVED that the minutes of all Board meetings shall reflect any Trustee’s participation by telecommunications device, and be it further RESOLVED that this Policy shall be administered in accordance with the Open Meetings Act, as amended. Motion Rabbitt, seconded by Wolfersberger to approve the resolution for adopting the Electronic Meeting Attendance Policy. On a voice vote, motion carried. New Business  Policy Review – Ethics Policy o Policy was reviewed and no changes were made. Motion Wolfersberger, seconded by Todd to accept the review of the Ethics Policy with no changes made. On a voice vote, motion carried.  Policy Review – Service Retirement Policy o One change was made to Section 2. Updated the location of the Retirement Checklist on new Human Resources portal. Motion Todd, seconded by Martin to accept the change made to Section 2 of the Service Retirement Policy. On a voice vote, motion carried.  CAPTRUST: Tollas provided an investment update for November: o November was a very positive month. U.S. Large‐Cap Stocks up 9.13%, 20.80% Year‐To‐Date. U.S. Small‐Cap Stocks up 9.05%, 4.20% Year‐to‐Date. U.S. Bonds up 4.53%, 1.64% Year‐to‐Date. o In November, the Beginning Market Value of the Retirement System was at $157,279,105, and the Ending Market Value was at $168,084,805. o Total Portfolio performance was up 7.16% for November. o As of 12/18/23, the Market Value of the portfolio was at $173,245,141. Public Comment: none Closed session to discuss disability retirement re‐examination. Motion Wolfersberger, seconded by Todd to go into closed session. On a voice vote, motion carried. pg. 3 Motion Martin, seconded by Rabbitt to accept the disability retirement re‐examination report and continue the retiree’s disability retirement status. On a voice vote, motion carried. Motion Wolfersberger, seconded by Todd to exit closed session. On a voice vote, motion carried. Next regular meeting: Wednesday, January 17th at 10:00 AM. Meeting adjourned at 2:04pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 4