Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: AUGUST 25, 2025 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), Aaron Kuhn (Revenue Services Director), and Jeremy Tollas (CAPTRUST-participated 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 July 29, 2025. Motion Todd, seconded by Martin to approve the regular meeting minutes from July 29, 2025. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for July: As of 7/31/2025, the market value of the portfolio was $201,341,070.96, a gain of $1,073,025.38 from the 6/30/2025 balance. For the month of July, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Investment Fees Loomis Sayles & Co 36,481.87 Quarterly 4/1/25-6/30/25 Total Investment Fees 36,481.87 Actuarial Services Fee Gabriel Roeder Smith & Co. 1,400.00 As Needed Military Purchase Calc Actuarial Services Fee Gabriel Roeder Smith & Co. 1,080.00 Annually Pension Calcs FY25 Administrative Fee City of Battle Creek 3,300.00 Quarterly 4/1/25-6/30/25 Cash Management Fees Loomis 141.73 Monthly 5/31/25-6/30/25 Cash Management Fees Comerica Bank 529.82 Monthly 5/31/25-6/30/25 Consulting Services CAPTRUST 23,750.00 Quarterly 4/1/25-6/30/25 Administrative Fee Comerica Bank 11,631.16 Quarterly 3/31/25-6/30/25 Administrative Fee Loomis 2,924.37 Quarterly 3/31/25-6/30/25 VanOverbeke, Michaud & Timmony, Legal Fees P.C. 1,925.10 As Needed Legal Svcs 1/1/25-3/31/25 Misc Fees Comerica Bank 20.00 As Needed x2 Class Action Handling Fees Training/Travel MAPERS 246.80 As Needed MAPERS Reimb Total Admin. Fees 46,948.98 Health Insurance 401(h) City of Battle Creek 239,535.84 Annually FY25 pg. 1 Motion Martin, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for July. On a voice vote, motion carried. Board Reports Chubinski – none Martin – none Rabbitt – none Todd – none Wolfersberger – none Vardell –  William Beaty, former Fire Chief who terminated 9/16/24, withdrew his contributions totaling $27,687.44 on 7/29/25.  Dalton Turmell, former Police Officer who terminated 6/16/22, withdrew his contributions totaling $1,173.88 on 8/1/25.  One new firefighter hired on 7/21/25: o Charles Jinks  Military service purchase for Josh Hagen: o On 8/5/25, Resolution 204 was accepted by City Commission to approve the purchase of 12 months of military time for Firefighter Josh Hagen. o The actuarial cost of this purchase is $22,898.27, with Josh’s cost being $11,146.43. o On 7/1/25, Josh paid $1,400.00 to cover the actuarial calculation. o On 8/12/25, we received a check from Josh Hagen in the amount of $11,146.43 to pay for Josh’s military time purchase. This check was deposited into the Police & Fire Pension fund as an employee contribution. New Business  Annual Policy Review – Disability Retirement Policy o Revisions were made to pages 3-4 of the policy to include the following two statements:  “Additionally, the member shall be 100% responsible for any cancellation charges incurred due to the member’s failure to keep any scheduled appointment.”  “Additionally, if the member fails to keep three scheduled appointments with either the Board’s Medical Advisor or the third physician, then the Board will consider the member to not be in full cooperation with the application process and will consider the member’s application for a disability retirement to be void.” Motion Rabbitt, seconded by Wolfersberger to accept the addition of the above two statements to the Disability Retirement Policy. On a voice vote, motion carried. pg. 2   Annual Policy Review – Purchase of Military Time Policy o The Purchase of Military Time Policy was reviewed, and no changes were made. Motion Martin, seconded by Rabbitt to accept the annual review of the Purchase of Military Time policy with no changes made. On a voice vote, motion carried.  CAPTRUST: Tollas provided an investment update as of 6/30/25: o Year-to-date as of 6/30/25, U.S. Large Cap Stocks were up 6.2%, U.S. Small Cap Stocks were down 1.8%, and U.S. Bonds were up 4%. o Year-to-date as of 6/30/25, Mid Cap Growth was the high performer, up 9.8%. o Year-to-date as of 6/30/25, the beginning Market Value of the portfolio was $191,543,766 with an ending value of $200,685,335. o Year-to-date as of 6/30/25, the total portfolio was up 6.6%. o Year-to-date as of 7/31/25, the beginning Market Value of the portfolio was $191,543,766 with an ending value of $201,813,134. o As of 8/19/25, the market value of the portfolio was at $205,483,305.  CAPTRUST: Tollas provided an updated Advisory Services Agreement: o An updated Advisory Services Agreement was sent to all Board members for review prior to the 8/25/25 meeting. o The previous Advisory Services Agreement was grandfathered in from Plante Moran over five years ago. o The annual advisory services fee remains the same. o This agreement is open-ended and can be terminated at any time. Motion Martin, seconded by Todd to approve the updated Advisory Services Agreement presented by CAPTRUST. On a voice vote, motion carried. Public Comment – none Next regular meeting: Monday, September 29th at 1:30pm. Meeting adjourned at 2:07pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3