Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: DECEMBER 22, 2025 CITY HALL, ROOM 302A TIME: 1:30 P.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). 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 November 24, 2025. Motion Todd, seconded by Martin to approve the regular meeting minutes from November 24, 2025. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for November: As of 11/30/2025, the market value of the portfolio was $212,347,319.98, a gain of $460,295.17 from the 10/31/2025 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. 8,500.00 Annually Annual GASB 67/68 Reports Administrative Fee City of Battle Creek 3,750.00 Quarterly 10/1/25-12/31/25 Cash Management Fees Loomis 141.00 Monthly 9/30/25-10/31/25 Cash Management Fees Comerica Bank 1,396.88 Monthly 9/30/25-10/31/25 Legal Fees VanOverbeke, Michaud & Timmony, P.C. 1,324.80 As Needed Legal Svcs 4/1/25-6/30/25 Legal Fees VanOverbeke, Michaud & Timmony, P.C. 745.50 As Needed Legal Svcs 7/1/25-9/30/25 Misc Fees Loomis 30.00 As Needed x3 Class Action Handling Fees Membership Dues MAPERS 200.00 Annually Calendar Year 2026 Total Admin. Fees 16,088.18 Motion Wolfersberger, seconded by Todd 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 – absent Todd – none Wolfersberger – none pg. 1 Vardell –  Pension Valuation received for 6/30/25. GRS provided potential dates in February & March for their annual review with the Board.  Todd Miller, Fire Lieutenant, has submitted his application for service retirement with an effective retirement date of December 4th, 2025. Upon retirement, Todd will have 25 years of service.  William Payne, Fire Inspector, 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.  Two resolutions to approve below: CHAD M. FRANCISCO, POLICE OFFICER – RETIREMENT WHEREAS, the Board of Trustees is in receipt of an application for retirement from Chad M. Francisco requesting an effective retirement date of 12/18/2025, and WHEREAS, Chad M. Francisco is eligible for retirement based on his service credit pursuant to Act 345 of the Public Acts of 1937, as amended, and retirement provisions of the union contract, and WHEREAS, the final actuarial calculation was received, and WHEREAS, Chad M. Francisco elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Chad M. Francisco for retirement is approved, and RESOLVED, the retirement benefit for Chad M. Francisco shall commence as of 12/18/25, and RESOLVED, the gross monthly benefit is $4,279.62, subject to tax withholdings and any other elective deductions, and RESOLVED, the gross retroactive payment of $1,932.73 for 14 days in December will be paid on 1/1/26 and the regular gross monthly benefits shall begin 2/1/26. MATTHEW J. BEAUCHAMP, FIRE BATTALION CHIEF – EDRO & RETIREMENT WHEREAS, the Board of Trustees is in receipt of an application for retirement from Matthew J. Beauchamp requesting an effective retirement date of 10/12/2025, and WHEREAS, Matthew J. Beauchamp is eligible for retirement based on his service credit pursuant to Act 345 of the Public Acts of 1937, as amended, and retirement provisions of the union contract, and WHEREAS, the final actuarial calculation was received, and WHEREAS, Matthew J. Beauchamp elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Matthew J. Beauchamp for retirement is approved, and RESOLVED, the retirement benefit for Matthew J. Beauchamp shall commence as of 10/12/25, and RESOLVED, the gross monthly benefit is $9,603.65, subject to tax withholdings and any other elective deductions, and pg. 2 RESOLVED, the gross retroactive payment of $6,195.90 for 20 days in October was paid on 12/1/25 and the regular gross monthly benefits shall also begin 12/1/25. WHEREAS, the Board of Trustees is in receipt of an eligible domestic relations order (EDRO) for Matthew J. Beauchamp and Kimberly A. Beauchamp, and WHEREAS, Kimberly A. Beauchamp, the alternate payee, is eligible for certain benefits pursuant to Public Act 46 of 1991, as amended, and WHEREAS, the EDRO has been accepted by the City of Battle Creek Police and Fire Retirement System Board of Trustees by resolution at its regular meeting on 6/11/2019, and WHEREAS, the final actuarial calculations have been received and paid for, therefore be it RESOLVED, the alternate payee EDRO benefit for Kimberly A. Beauchamp shall commence as of 12/1/25, and RESOLVED, the gross monthly EDRO benefit for Kimberly A. Beauchamp is $2,093.38, subject to tax withholdings, and RESOLVED, the gross monthly retirement benefit for Matthew J. Beauchamp has been reduced to the $9,603.65 listed above, subject to tax withholdings. Motion Martin, seconded by Wolfersberger to approve the retirement resolution for Chad M. Francisco and the EDRO and retirement resolution for Matthew J. Beauchamp. On a voice vote, motion carried. New Business  Annual Policy Review – Service Retirement Policy o The Board completed their annual review of the Service Retirement policy, and no changes were made.  CAPTRUST: Tollas provided an October & November investment update: o For the month of October: U.S. Large-Cap Stocks were up 2.34%, U.S. Small-Cap Stocks were up 1.81%, International Developed Stocks were up 1.18%, and U.S. Bonds were up 0.62%. o YTD as of 10/31/25: U.S. Large-Cap Stocks were up 17.52%, U.S. Small-Cap Stocks were up 12.39%, International Developed Stocks were up 26.61%, and U.S. Bonds were up 6.80%. o For the month of November, the beginning market value of the portfolio was at $212,393,939 with an ending value of $212,826,770. o YTD as of 11/30/25, the beginning market value of the portfolio was at $191,543,766 with an ending value of $212,826,770. o For the month of November, the total portfolio was up 0.41%. o YTD as of 11/30/25, the total portfolio was up 14.31%. o As of 12/18/25, the market value of the portfolio was at $209,588,234. pg. 3 Public Comment: none Closed session to discuss disability retirement application. Motion Martin, seconded by Todd to go into closed session. On a voice vote, motion carried. Motion Todd, seconded by Wolfersberger to exit closed session. On a voice vote, motion carried. Next regular meeting: Monday, January 26th at 1:30pm. Meeting adjourned at 2:30pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 4