Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: MAY 27, 2025 CITY HALL, ROOM 302A TIME: 10:00 A.M. Present: Stan Chubinski, Jake Martin, Josita Todd, and Tammy Wolfersberger. Also Present: Lily Vardell (Police & Fire Pension Administrator), Aaron Kuhn (Revenue Services Director), and Jeremy Tollas (CAPTRUST – attended virtually). Chair Chubinski asked for approval of the agenda. Motion Todd, seconded by Wolfersberger. On a voice vote, motion carried. Presented minutes of the regular meeting from April 25,2025. Motion Wolfersberger, seconded by Todd to approve the regular meeting minutes from April 25, 2025. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for April: As of 4/30/2025, the market value of the portfolio was $187,946,910.36, a gain of $69,280.21 from the 3/31/2025 balance. For the month of April, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Investment Fees Loomis Sayles & Co 36,112.67 Quarterly 1/1/25‐3/31/25 Total Investment Fees 36,112.67 Administrative Fee City of Battle Creek 3,300.00 Quarterly 1/1/25‐3/31/25 Cash Management Fees Loomis 197.47 Monthly 2/28/25‐3/31/25 Cash Management Fees Comerica Bank 821.21 Monthly 2/28/25‐3/31/25 Consulting Services CAPTRUST 23,750.00 Quarterly 1/1/25‐3/31/25 Administrative Fee Comerica Bank 11,575.55 Quarterly 12/31/24‐3/31/25 Administrative Fee Loomis 2,884.23 Quarterly 12/31/24‐3/31/25 Total Admin. Fees 42,528.46 Motion Martin, seconded by Wolfersberger to accept the financial reports and quarterly bank summaries submitted for April. On a voice vote, motion carried. pg. 1 Board Reports Chubinski – none Martin – none Rabbitt – absent Todd – attended MAPERS Spring Conference. Will share a Board report at the next meeting. Wolfersberger – none Vardell –  Aden Chambers, Police Officer, terminated 4/15/25: o A letter regarding his options for withdrawal was sent 5/2/25.  Fatima Jamison, Police Officer, terminated 4/22/25: o A letter regarding her options for withdrawal was sent 5/2/25.  Timothy Bussing, Police Officer, terminated 4/28/25: o A letter regarding his options for withdrawal was sent 5/16/25.  Trevor Hegner, Firefighter, has started the process to purchase 12 months of military time. The Board will receive further information once this purchase is approved by the City Commission. New Business  Annual Policy Review – Correction of Errors, Overpayment/Underpayment: o The Board completed their annual review of this policy. No changes were made to the policy.  CAPTRUST: Tollas provided an investment update for Quarter 1, the quarter ending 3/31/25: o For Q1 of 2025, U.S. Large‐Cap Stocks were down 4.3%, U.S. Bonds were up 2.8%, and Developed International Stocks were up 7%. o For Q1 of 2025, Large Cap Value performed the best, up 2.1%. Small Cap Growth performed the worst, down 11.1%. o For Q1 of 2025, the total portfolio was down 0.95%.  CAPTRUST: Tollas provided an investment update for April, 2025: o For the month of April, the beginning market value of the portfolio was $188,271,011 with an ending value of $188,399,005. o Calendar‐year‐to‐date, the beginning market value of the portfolio was $191,543,766, with an ending value of $188,399,005. o As of 5/22/25, the total market value of the portfolio was $193,168,404. Public Comment – none Closed session to discuss new disability retirement application. Motion Martin, seconded by Todd to go into closed session. On a voice vote, motion carried. pg. 2 Motion Martin, seconded by Wolfersberger to exit closed session. On a voice vote, motion carried. Next regular meeting: Tuesday, July 29th at 1:30pm. Meeting adjourned at 10:50am Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3