Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: APRIL 15, 2024 CITY HALL, ROOM 302A TIME: 10:00 A.M. Present: Stan Chubinski, 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 Rabbitt, seconded by Wolfersberger. On a voice vote, motion carried. Presented minutes of the regular meeting from March 18, 2024. Motion Wolfersberger, seconded by Rabbitt to approve the regular meeting minutes from March 18, 2024. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports: As of 3/31/2024, the market value of the portfolio was $184,986,165.15, a gain of $4,152,295.00 from the 2/29/2024 balance. For the month of March, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Administrative Fee City of Battle Creek 3,300.00 Quarterly 1/1/24‐3/31/24 Cash Management Fees Loomis 87.09 Monthly 1/31/24‐2/29/24 Cash Management Fees Comerica Bank 474.01 Monthly 1/31/24‐2/29/24 Medical Fees Independent Medical Evaluations PC 2,150.00 As Needed Disability Exam Cost Misc Fees Comerica Bank 10.00 As Needed x1 Class Action Handling Fee Total Admin. Fees 6,021.10 Motion Rabbitt, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for March. On a voice vote, motion carried. Board Reports Chubinski – none Martin – absent Rabbitt – none Todd – none Wolfersberger – none Vardell – pg. 1   Caleb Skaggs, Police Officer, terminated 2/19/24. o A letter regarding his options for withdrawal was sent 3/8/24. o Update: Caleb withdrew his contributions totaling $12,656.37 on 3/22/24.  Ray Felix, Police Dept retiree, passed away 3/29/24.  One employee has submitted an application to enter the DROP: o Holly Vansickle, Fire Lieutenant, has submitted her application for entering the DROP effective 4/28/24. Upon entering the DROP, she will have 25 years and 23 days of service.  Quincy Jones exited the DROP with a retirement date effective 4/1/24: o Benefits and interested totaled $228,483.23 o $366.06 was withheld for admin costs (5%) o $732.12 was withheld for early withdrawal penalty (10%) o $971.35 was withheld for EDRO calculation costs o $226,413.70 was rolled over payable to Mission Square Retirement, this payment was issued on 4/2/24. o Regular monthly benefits start on 5/1/24 in the amount of $5,641.80.  Jeannell Justin exited the DROP with a retirement date effective 4/3/24: o Benefits and interest totaled $224,128.07 o $329.48 was withheld for admin costs (5%) o $658.96 was withheld for early withdrawal penalty (10%) o $223,139.63 was rolled over payable to Mission Square Retirement, this payment was issued on 4/4/24. o The first benefit payment will be made 5/1/24 at the pro‐rated amount of $6,176.35 (4/3/24‐4/30/24) o Regular monthly benefits start on 6/1/24 in the amount of $6,617.52. New Business  CAPTRUST: Tollas provided a March investment update: o U.S. Large‐Cap stocks were up 3.22% for March, up 10.56% year‐to‐date. o U.S. Small‐Cap stocks were up 3.58% for March, up 5.18% year‐to‐date. o International stocks were up 3.29% for March, up 5.78% year‐to‐date. o U.S. Bonds are still fairly flat, up 0.92% for March, down 0.78% year‐to‐date. o For March, the Beginning Market Value of the portfolio was $181,119,887 with an ending value of $185,349,150. o Calendar year‐to‐date, the Beginning Market Value of the portfolio was $174,831,887 with an ending value of $185,349,150. o After the allocation adjustments the Board approved last meeting, the portfolio is back in line with its target allocations with 2.53% in Cash & Equivalents, 30.82% in Total Fixed Income, 51.10% in Total U.S. Equities, and 15.55% in Total International Equities. pg. 2  o Overall, the total portfolio was up 2.56% for March. o As of 4/11/24, the market value of the portfolio was at $182,082,811. o The expected Rate of Return for the portfolio shows a current target of 6.56%, compared to the GRS actuary assumed rate of return of 6.25%. Public Comment: none Next regular meeting: Monday, May 13th at 10:30 AM. Meeting adjourned at 10:29am Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3