Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: OCTOBER 28, 2024 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 – attended virtually), and Aaron Kuhn (Revenue Services Director.) Chair Chubinski asked for approval of the agenda. Motion Martin, seconded by Todd. On a voice vote, motion carried. Presented minutes of the regular meeting from September 30, 2024. Motion Wolfersberger, seconded by Todd to approve the regular meeting minutes from September 30, 2024. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for September: As of 9/30/2024, the market value of the portfolio was $194,977,972.40, a gain of $3,111,132.13 from the 8/31/2024 balance. For the month of September, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Cash Management Fees Loomis 137.18 Monthly 7/31/24-8/31/24 Cash Management Fees Comerica Bank 523.46 Monthly 7/31/24-8/31/24 Misc Fees Loomis 30.00 As Needed x3 Class Action Handling Fees Misc Fees Comerica Bank 20.00 As Needed x2 Class Action Handling Fees Total Admin. Fees 710.64 Motion Rabbitt, 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 – none Todd – none Wolfersberger – none Vardell –  Bill Beaty, Fire Chief, terminated 9/16/24.: o A letter regarding his options for withdrawal was sent 10/4/24. pg. 1   Response from Board’s attorney (VMT law) regarding the Michigan ‘1,000 hour rule’ House Bill 5203 discussed at the September 30th board meeting: this Bill, if passed, would not impact the P&F Pension system or its DROP program, since the Pension system is governed by Act 345, not by the County Pension Plan Act.  Three resolutions need approval: STUART BELL, POLICE SERGEANT – RETIREMENT WHEREAS, the Board of Trustees is in receipt of an application for retirement from Stuart R. Bell requesting an effective retirement date of 9/14/24, and WHEREAS, Stuart R. Bell 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, Stuart R. Bell elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Stuart R. Bell for retirement is approved, and RESOLVED, the retirement benefit for Stuart R. Bell shall commence as of 9/14/24, and RESOLVED, the gross monthly benefit is $6,357.59 subject to tax withholdings and any other elective deductions, and RESOLVED, the gross retroactive payment of $3,602.63 for 17 days in September was paid on 10/14/24 and the regular gross monthly benefit shall begin 11/1/24. STEPHANIE ESTREE, POLICE DETECTIVE – RETIREMENT WHEREAS, the Board of Trustees is in receipt of an application for retirement from Stephanie D. Estree requesting an effective retirement date of 9/22/24, and WHEREAS, Stephanie D. Estree is eligible for retirement based on her 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, Stephanie D. Estree elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Stephanie D. Estree for retirement is approved, and RESOLVED, the retirement benefit for Stephanie D. Estree shall commence as of 9/22/24, and RESOLVED, the gross monthly benefit is $5,299.50 subject to tax withholdings and any other elective deductions, and RESOLVED, the gross retroactive payment of $6,889.35 for 9 days in September and 31 days in October will be paid on 11/1/24 and the regular gross monthly benefit shall begin 12/1/24. pg. 2 TODD C. ELLIOTT – POLICE LIEUTENANT DROP WHEREAS, the Board of Trustees is in receipt of an application for participation in the Deferred Retirement Option Plan (DROP) from Todd C. Elliott requesting an effective retirement date of 9/15/2024, and WHEREAS, Todd C. Elliott 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, Todd C. Elliott elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Todd C. Elliott for participation in the DROP is approved, and RESOLVED, the DROP benefit for Todd C. Elliott shall commence as of 9/15/24, and RESOLVED, the gross monthly retirement benefit is $7,811.86 and shall be Todd C. Elliott’s DROP benefit credited monthly to his DROP account and RESOLVED, Todd C. Elliott’s participation in the DROP shall terminate on 9/14/2029. Motion Rabbitt, seconded by Todd to approve the retirement resolution for Stuart Bell, the retirement resolution for Stephanie Estree, and the DROP resolution for Todd Elliott. On a voice vote, motion carried. New Business  Annual policy review – Education and Travel Policy. o Policy was reviewed by the Board and no changes were made. Motion Martin, seconded by Rabbitt to accept the Education and Travel Policy as written, with no changes made. On a voice vote, motion carried.  CAPTRUST: Annual policy review – Investment Policy. o Tollas provided an annual review of the Investment Policy. The Policy in its current form was adopted in November 2022. It was reviewed in 2023 with no recommended changes. There are also no recommended changes to the Policy for 2024.  CAPTRUST: Tollas provided an investment update for the month ending 9/30/24: o As of 9/30/24, U.S. Large Cap Stocks were up 2.14%, U.S. Small Cap Stocks were up 0.70%, International Stocks were up 0.92%, and U.S. Bonds were up 1.34%. o Year-to-date, U.S. Large Cap Stocks were up 22.08%, U.S. Small Cap Stocks were up 11.17%, International Stocks were up 12.99%, and U.S. Bonds were up 4.45%. o For the month of September, the beginning market value of the portfolio was $192,294,110, with an ending market value of $195,340,260. o Calendar year-to-date, the beginning market value of the portfolio was $174,831,887 with an ending market value of $195,340,260. pg. 3  o Asset allocation of the portfolio is still in the targeted range, so there is no recommended rebalancing of the portfolio. o For the month of September, the total portfolio was up 1.52%. Calendar year-to- date, the total portfolio was up 13.84%. o As of 10/23/24, the portfolio value was at $193,300,318. Public Comment: none Next regular meeting: Monday, November 25th at 1:30pm. Meeting adjourned at 2:08pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 4