Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: SEPTEMBER 29, 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), Justin Cohen (CAPTRUST), and Michelle Hull (Human Resources Director). Chair Chubinski asked for approval of the agenda. Motion Martin, seconded by Wolfersberger. On a voice vote, motion carried. Presented minutes of the regular meeting from August 25, 2025. Motion Todd, seconded by Rabbitt to approve the regular meeting minutes from August 25, 2025. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for August: As of 8/31/2025, the market value of the portfolio was $205,356,165.32, a gain of $4,015,094.36 from the 7/31/2025 balance. For the month of August, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Administrative Fee City of Battle Creek 3,750.00 Quarterly 7/1/25-9/30/25 Cash Management Fees Loomis 133.49 Monthly 6/30/25-7/31/25 Cash Management Fees Comerica Bank 422.30 Monthly 6/30/25-7/31/25 Medical Fees Independent Medical Evaluations PC 2,300.00 As Needed Disability Exam No-Show Cost Misc Fees Comerica Bank 10.00 As Needed x1 Class Action Handling Fees Total Admin. Fees 6,615.79 Motion Martin, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for August. On a voice vote, motion carried. Board Reports Chubinski – none Martin – none Rabbitt – none Todd – none Wolfersberger – none Vardell – pg. 1   Joshua Street, Police Officer, terminated 8/7/25: o A letter regarding his options for withdrawal was sent 8/22/25.  Austin Dees-Hollis, Police Officer, terminated 8/4/25: o A letter regarding his options for withdrawal was sent 8/22/25. o Austin withdrew his contributions totaling $1,450.21 on 9/24/25.  Walter Hardy, Firefighter, exited the DROP with a retirement date effective 9/9/25: o Benefits and interest totaled $332,151.00 o $873.09 was withheld for admin costs (5%) o No early withdrawal penalty, as he remained in the DROP the full 5 years. o $331,277.91 was rolled over payable to Mission Square Retirement; this payment was issued on 9/19/25. o The first benefit payment will be made on 10/1/25 at the pro-rated amount of $3,846.20 (9/9/25-9/30/25). o Regular monthly benefits start on 11/1/25 in the amount of $5,244.82. New Business  Annual Policy Review – Election Policy o A revision was proposed to make it more clear in the Election policy that a member of the DROP is not an ‘active’ member. o Revisions were made to page 1 of the policy to include the following statement:  “Any Police or Fire member currently in the DROP is not considered an active member, and is not eligible to vote or be elected to the Board.” Motion Martin, seconded by Wolfersberger to accept the addition of the above statement to the Election policy. On a voice vote, motion carried.  Annual Policy Review – Re-employment of a Retiree Policy o The Re-employment of a Retiree policy was reviewed, and no changes were made. Motion Martin, seconded by Todd to accept the annual review of the Re-employment of a Retiree policy with no changes made. On a voice vote, motion carried.  CAPTRUST: Cohen provided an investment update as of 8/31/25: o For the month of August, U.S. Large-Cap Stocks were up 2.03%, U.S. Small-Cap Stocks were up 7.14%, U.S. Bonds were up 1.20%, International Developed Stocks were up 4.26%, and Emerging Market Stocks were up 1.28%. o Year-to-date as of 8/31/25, U.S. Large-Cap Stocks were up 10.79%, U.S. Small- Cap Stocks were up 7.06%, U.S. Bonds were up 4.99%, International Developed Stocks were up 22.79%, and Emerging Market Stocks were up 19.02%. o For the month of August, the beginning market value of the portfolio was $201,813,134 with an ending market value of $205,795,932. pg. 2  o Year-to-date as of 8/31/25, the beginning market value of the portfolio was $191,543,766 with an ending market value of $205,795,932. o For the month of August, the total portfolio was up 2.15%. o As of 9/18/25, the market value of the portfolio was at $209,101,103. o Portfolio needs rebalancing to raise the cash balance prior to the next Board meeting. A DROP distribution was just made and three months of City employer contributions will be deposited later this week. We also need to plan for upcoming DROP distributions. Motion Todd, seconded by Martin to approve CAPTRUST’s off-cycle rebalancing of the portfolio, which will occur prior to the Board’s next meeting, raising the cash balance. On a voice vote, motion carried. Public Comment – none Next regular meeting: Tuesday, October 21st at 1:30pm. Meeting adjourned at 1:55pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3