Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: OCTOBER 21, 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). 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 September 29, 2025. Motion Todd, seconded by Martin to approve the regular meeting minutes from September 29, 2025. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for September: As of 9/30/2025, the market value of the portfolio was $209,019,219.11, a gain of $3,663,053.79 from the 8/31/2025 balance. For the month of September, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Cash Management Fees Loomis 120.36 Monthly 7/31/25-8/31/25 Cash Management Fees Comerica Bank 430.81 Monthly 7/31/25-8/31/25 Misc Fees Comerica Bank 20.00 As Needed x2 Class Action Handling Fees Total Admin. Fees 571.17 Motion Martin, seconded by Todd 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 –  Hunter Barnett, Police Officer, terminated 9/18/25: o A letter regarding his options for withdrawal was sent 10/3/25. o Hunter withdrew his contributions totaling $31,239.76 on 10/7/25. pg. 1   Two new firefighters hired on 9/29/25: o Ryan Todd o Jonathan Contreras  Georgina Delano, surviving spouse of Fire Dept. retiree Arthur Delano, passed away 9/14/25: o Her 10/1/25 pension benefit was reversed and replaced with a prorated benefit of $391.16 (for benefits earned 9/1/25-9/14/25.)  Scott Keeler, Fire Lieutenant, exited the DROP with a retirement date effective 10/4/25: o Benefits and interest totaled $403,526.21 o $1,034.27 was withheld for admin costs (5%) o No early withdrawal penalty as he remained in the DROP the full 5 years. o $402,491.94 was rolled over payable to AEIS; this payment was issued on 10/9/25. o His first benefit payment will be made on 11/1/25 at the pro-rated amount of $5,763.19 (10/4/25-10/31/25). o Regular monthly benefits start on 12/1/25 in the amount of $6,380.68. New Business  Annual Policy Review – Education & Travel Policy o The Education & Travel policy was reviewed, and no changes were made. Motion Martin, seconded by Wolfersberger to accept the annual review of the Education & Travel policy with no changes made. On a voice vote, motion carried.  Annual Policy Review – Investment Policy o Tollas provided a review of the CAPTRUST Investment Policy, with no recommended changes. The current policy was signed by the Board on 11/22/22. Motion Rabbitt, seconded by Todd to accept the annual review of the Investment policy with no changes made. On a voice vote, motion carried.  CAPTRUST: Tollas provided an investment update as of 9/30/25: o Comerica announced it will be merging with Fifth Third Bank. CAPTRUST is monitoring the situation and will provide more information as it becomes available. Merger is expected to occur in the first quarter of 2026. o For the month of September, U.S. Large Cap Stocks were up 3.65%, U.S. Small Cap Stocks were up 3.11%, International Developed Stocks were up 1.91%, and U.S. Bonds were up 1.09%. o Calendar year-to-date as of 9/30/25, U.S. Large Cap Stocks were up 14.83%, U.S. Small Cap Stocks were up 10.39%, International Developed Stocks were up 25.14%, and U.S. Bonds were up 6.13%. pg. 2  o For the month of September, the beginning market value of the portfolio was at $205,795,932 with an ending value of $209,433,745. o Calendar year-to-date as of September, the beginning market value of the portfolio was at $191,543,766 with an ending value of $209,433,745. o The total portfolio was up 2.47% for September, and up 12.33% calendar year- to-date as of September. o As of 10/15/25, the market value of the portfolio was at $210,533,744. Public Comment – none Next regular meeting: Monday, November 24th at 1:30pm. Meeting adjourned at 1:58pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3