Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: DECEMBER 19, 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), 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 November 25, 2024. Motion Wolfersberger, seconded by Todd to approve the regular meeting minutes from November 25, 2024. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for November: As of 11/30/2024, the market value of the portfolio was $197,408,796.45 a gain of $7,269,270.11 from the 10/31/2024 balance. For the month of November, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Actuarial Services Fee Gabriel Roeder Smith & Co. 8,300.00 Annually Annual GASB report FY24 Cash Management Fees Loomis 93.05 Monthly 9/30/24‐10/31/24 Cash Management Fees Comerica Bank 353.10 Monthly 9/30/24‐10/31/24 Misc Fees Comerica Bank 30.00 As Needed x3 Class Action Handling Fees Training/Travel MAPERS 238.15 As Needed MAPERS Reimb Membership Dues MAPERS 200.00 Annually Calendar Year 2025 Total Admin. Fees 9,214.30 Motion Todd, seconded by Rabbitt 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 – none pg. 1 Old Business  Disability retirement policy discussion: o Updates shared from Vardell:  Board’s attorney (VMT Law) agrees that the Board is ‘not subject to a grievance from the union.’  From this point forward, the Board’s attorney will handle this claim and provide the Board with updates during the process.  The Actuaries (GRS) agree that if there is a change made to the multiplier used in the Disability retirement policy, a supplemental valuation will need to be completed to determine the long‐term impact on the P&F Pension plan. Tabled. The Board will continue to review this discussion in future meetings as information is received from the Board’s attorney. New Business  Annual policy review – Service Retirement Policy. o The Service Retirement policy was reviewed and no changes were made. Motion Martin, seconded by Wolfersberger to approve the annual review of the Service Retirement Policy as is, with no changes made. On a voice vote, motion carried.  Actuarial Valuation received for fiscal year ending 6/30/24: o Actuaries (GRS) will attend a future board meeting in February or March to give their annual presentation of the valuation.  CAPTRUST: Tollas provided an investment update as of 11/30/24: o For November, the S&P 500 was up 5.87%, Russell 2000 was up 10.97%, International was up 0.84%, and Bonds were up 1.06%. o Year‐to‐date, the S&P 500 was up 28.07%, Russell 2000 was up 21.58%, International was up 7.35%, and Bonds were up 2.93%. o Calendar year‐to‐date, the beginning market value of the portfolio was at $174,831,887, with an ending value in November of $197,847,526. o No rebalancing needed for the Plan at this time. o For November, the total portfolio was up 3.76%. Calendar year‐to‐date, the total portfolio was up 15.81%. o As of 12/16/24, the total portfolio value was at $196,978,926. Public Comment:  Comment from Aaron Kuhn, Revenue Services Director: The Fire RHFVT Board has engaged GRS to perform a study for the Fire retiree health insurance funding trust arrangement with the City. We wanted the P&F Pension Board to be aware, since this study involves pg. 2  reviewing pension data, and involves retirees and active members that are also a part of the P&F Pension plan. Next regular meeting: Monday, January 27th at 1:30pm. Meeting adjourned at 2:05pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3