Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: JANUARY 17, 2024 CITY HALL, ROOM 302A TIME: 10:00 A.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 Amanda Woodin (Assistant Revenue Services 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 December 21, 2023. Motion Wolfersberger, seconded by Todd to approve the regular meeting minutes from December 21, 2023. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports: As of 12/31/2023, the market value of the portfolio was $174,491,021.95, a gain of $6,670,573.65 from the 11/30/2023 balance. For the month of December, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Actuarial Services Fee Gabriel Roeder Smith & Co. 20,600.00 Annually 2023 Actuarial Valuation 7/1/23-9/30/23 & 10/1/23- Administrative Fee City of Battle Creek 6,600.00 Quarterly 12/31/23 Cash Management Fees Comerica Bank 698.10 Monthly 10/31/23-11/30/23 Independent Medical Evaluations Medical Fees PC 2,925.00 As Needed Disability Exam Cost Independent Medical Evaluations Medical Fees PC 2,450.00 As Needed Disability Re-Exam Cost Misc Fees Comerica Bank 20.00 As Needed x2 Class Action Handling Fees Membership Dues MAPERS 200.00 Annually Calendar Year 2024 Total Admin. Fees 33,493.10 Motion Martin, seconded by Wolfersberger to accept the financial reports and quarterly bank summaries submitted for December. On a voice vote, motion carried. pg. 1 Board Reports Chubinski – none Martin – none Rabbitt – none Todd – none Wolfersberger – none Vardell –  Chandler Barney, Police Officer, terminated 12/2/23: o A letter regarding his options for withdrawal was sent 12/15/23. o Update: Chandler withdrew his contributions totaling $6,225.17 on 12/26/23.  Two new police officers hired 12/20/23: o Ethan Wilks o Kole Kellems  One Bronson police officer re-hired 12/26/23: o Michael McKenzie  One resolution needs approval: BRADLEY J. BARNEY WHEREAS, the Board of Trustees is in receipt of an application for participation in the Deferred Retirement Option Plan (DROP) from Bradley J. Barney requesting an effective retirement date of 12/7/2023, and WHEREAS, Bradley J. Barney is eligible for retirement based on his service credit pursuant to Act 345 of the Public Acts of 1937, as amended, and retirement provisions of the union contract, and WHEREAS, the final actuarial calculation was received, and WHEREAS, Bradley J. Barney elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Bradley J. Barney for participation in the DROP is approved, and RESOLVED, the DROP benefit for Bradley J. Barney shall commence as of 12/7/23, and RESOLVED, the gross monthly retirement benefit is $7,100.43 and shall be Bradley J. Barney’s DROP benefit credited monthly to his DROP account and RESOLVED, Bradley J. Barney’s participation in the DROP shall terminate on 12/6/2028. Motion Martin, seconded by Rabbitt to accept the DROP resolution for Bradley J. Barney. On a voice vote, motion carried. New Business  CAPTRUST: Tollas provided an investment update for December: o For December, U.S. Large-Cap Stocks were up 4.54%, U.S. Small-Cap Stocks were up 12.22%, International Stocks were up 5.31%, and U.S. Bonds were up 3.83%. pg. 2  o Year-to-date, U.S. Large-Cap Stocks were up 26.29%, U.S. Small-Cap Stocks were up 16.93%, International Stocks were up 18.24%, and U.S. Bonds were up 5.53%. o December was another positive month. The beginning Market Value of the portfolio was $168,084,805 and the ending Market Value of the portfolio was $174,831,887. o Calendar Year-to-Date, the beginning Market Value was $155,476,934 and the ending Market Value was $174,831,887. o 4th Quarter return was up 9.55%. o As of 1/16/24, the Market Value of the portfolio was $175,109,603. Public Comment: none Next regular meeting: Tuesday, February 20 th at 1:30 PM. Meeting adjourned at 10:15am Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3