Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: SEPTEMBER 30, 2024 CITY HALL, ROOM 302A TIME: 1:30 P.M. Present: Stan Chubinski, Chris Rabbitt, Josita Todd, and Tammy Wolfersberger. Also Present: Lily Vardell (Police & Fire Pension Administrator), Jeremy Tollas (CAPTRUST), Aaron Kuhn (Revenue Services Director), and Scott Marshall (Police Dept.) Chair Chubinski asked for approval of the agenda. Motion Wolfersberger, seconded by Rabbitt. On a voice vote, motion carried. Presented minutes of the regular meeting from August 12, 2024. Motion Todd, seconded by Rabbitt to approve the regular meeting minutes from August 12, 2024. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for August: As of 8/31/2024, the market value of the portfolio was $191,866,840.27, a gain of $2,362,577.94 from the 7/31/2024 balance. For the month of August, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Investment Fees Loomis Sayles & Co 34,513.55 Quarterly 4/1/24‐6/30/24 Total Investment Fees 34,513.55 Actuarial Services Fee Gabriel Roeder Smith & Co. 1,600.00 As Needed DRO calculation Actuarial Services Fee Gabriel Roeder Smith & Co. 2,100.00 Annually 2024 Annual benefit calc cost Cash Management Fees Loomis 149.83 Monthly 6/30/24‐7/31/24 Cash Management Fees Comerica Bank 673.60 Monthly 6/30/24‐7/31/24 Consulting Services CAPTRUST 23,750.00 Quarterly 4/1/24‐6/30/24 Misc Fees Comerica Bank 10.00 As Needed x1 Class Action Handling Fee Training/Travel MAPERS 549.00 As Needed MAPERS Conf Reg & Hotel Dep Total Admin. Fees 28,832.43 Health Insurance 401(h) City of Battle Creek 202,527.72 Annually FY24 Motion Rabbitt, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for August. On a voice vote, motion carried. pg. 1 Board Reports Chubinski – none Martin – absent Rabbitt – none Todd –  Attended the Fall MAPERS conference.  At the conference, it was mentioned that a Michigan bill, House Bill 5203, could impact the DROP program.  Todd to follow‐up with her contact from the conference for more information. Vardell to reach out to the Board’s attorney for information as well. Wolfersberger – none Vardell –  Maxine Berry, surviving spouse of former Fire Dept. employee Donald Berry, passed away 8/2/24. o Her 9/1/24 pension benefit was reversed and replaced with a prorated benefit of $46.45 (for benefits earned 8/1/24‐8/2/24.)  Paul Weiss, former Fire Dept employee, passed away 8/10/24: o His 9/1/24 pension benefit was reversed and replaced with a prorated benefit of $966.18 (for benefits earned 8/1/24‐8/10/24.) o Surviving spouse Linda Weiss received a 9/1/24 prorated benefit of $1,217.39 (for benefits earned 8/11/24‐8/31/24.) o Linda’s regular benefit payments begin 10/1/24 in the amount of $1,797.10.  Carney Greene, former Police Officer who terminated 01/22/2022, withdrew his contributions totaling $1,940.27 on 9/4/24.  Two employees have submitted their retirement application: o Stuart Bell, Police Sergeant, has submitted his application to retire effective 9/14/24. He will have 25 years and 7 days of service. o Joseph Shanks, Firefighter, has submitted his application to retire effective 11/24/24. He will have 25 years and 1 day of service. New Business  Annual policy review – Re‐employment of a retiree policy. o Question from Todd – how does this policy impact the retirement system? o Comment from Vardell – it does not impact the retirement system. The retirees are not gaining service credit and their re‐employment time does not count towards their already calculated Final Average Compensation. Motion Todd, seconded by Wolfersberger to accept the Re‐employment of a retiree policy as written, with no changes made. On a voice vote, motion carried. pg. 2   Annual policy review – Election policy o Board reviewed this policy and no changes were made. Motion Rabbitt, seconded by Todd to accept the Election policy as written, with no changes made. On a voice vote, motion carried.  CAPTRUST: Tollas provided an investment update for the month ending 8/31/24: o For the month of August, U.S. Large‐Cap Stocks were up 2.43%, U.S. Small‐Cap Stocks were down 1.49%, and U.S. Bonds were up 1.44%. o Year‐to‐date, U.S. Large‐Cap Stocks were up 19.53%, U.S. Small‐Cap Stocks were up 10.39%, and U.S. Bonds were up 3.07%. o For August, the beginning market value of the portfolio was $189,926,718 with an ending market value of $192,294,110. o Asset allocation is still in line with the Plan’s target allocation. No rebalancing required at this time. o Calendar year‐to‐date, the total portfolio was up 12.14%. o As of 9/24/24, the market value of the portfolio was at $194,526,325. Public Comment: none Closed session to discuss disability retirement application. Motion Rabbitt, seconded by Wolfersberger to go into closed session. On a voice vote, motion carried. Motion Rabbitt, seconded by Wolfersberger to accept the duty disability retirement application, with a re‐examination in two years. On a voice vote, motion carried. Motion Rabbitt, seconded by Todd to exit closed session. On a voice vote, motion carried. Next regular meeting: Monday, October 28th at 1:30pm. Meeting adjourned at 2:04pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3