Other Post Employment Benefits Advisory Committee

2.,/ og/l/ / 2-@ City of Center Line Other Than Post-Employment Benefits Trust Committee 0fE.6 7070 East Ten Mile Road Center Line, Ml 48015 Agenda February 11, 2020 1:00 P.M. 1. Roll Call a. Election of Officers: 1. Chairperson II. Secretary 2. Approval of Agenda 3. Public Comment 4. Approval of Minutes: a. Regular Meeting Minutes - November 12, 20'l9 5. For Your Information: a. Three taxes repealed within the Affordable Care Act; The Cadillac Tax, The Hit tax and The Medical Device Tax. Provided by Manquen and Vance updated through December 2'l, 2019. b. Correspondence from Morgan Stanley dated: December 30, 20'l9 Re: An error occurred by Morgan Stanly when they applied money market adjustments in all of our OPEB accounts during 2016 and 2019. A credit will be applied to our accounts on or about December 19, 2019. 6. Presentations: a. Tim Brice from Morgan Stanley to discuss Money Manager performance results through December 31, 20'l9 and discussion on: i. Morgan Stanley Wealth Management - On the Markets January 2020 With 2020 0utlook. ii. Manager Search for MLPs. iii. Discussion on OPEB portfolio rebalance. 7. Old Business a. None. 8. New Business a. None. 9. Approval of vouchers: a. Gabriel, Roeder, Smith & Company Invoice # 45'l066, dated: December 06, 2019 Re: Preparation of the GASB Nos. 74 and 75 Valuation for the Retiree Healthcare Plan and preparation of PA 202 Uniform Assumption results as of June 30, 2019 - $ s,soo.oo. b. Morgan Stanley/Graystone Consulting 4th Qtr. 20191nvestment Management Fees - $13,948.10. '10. Commissioners comments retary Date  City of Center Line Other Than Post-Employment Benefits Trust Committee 7070 East Ten Mile Road Center Line, Ml 48015 Addendum to the Agenda February 11, 2020 I:OO P.M. 8. New Business a. Correspondence from Rebecca L. Wolfe of Morgan Stanley - Graystone Consulting dated: February 10, 2020. Re: All Unified managed Accounts (UMA) Will begin to see investment manager fees debited on a monthly basis starting with January billing. Date  c==.l Graystorie Conscilting 34")01 VVoodward Ave Off:8 Sui!e :IOO 8immighai, Ml 48C)09 Mlehlvh tel 800-258-'1750 ozliil'Z" Tax 248-8'l7-/1795 MorganStanLey February 10, 2020 City of Center Line Police & Fire Pension City of Center Line OPEB c/o Mr. Greg Suma 7070 E 10 Mile Road Center Line, Ml 48015-1101 Dear Board of Trustees: As you requested, the Following provides detail on the recent billing changes that apply to your accounts effective January 1s'. * Intra-period adjustment, including capital change adjustments and manager reallocations, will be eliminated for all accounts. * All Unified Managed Accounts (uMA) will begin to see investment manager fees debited on a monthly basis starting with January billing. The Graystone consulting and Morgan Stanley overly fee for UMA will remain unchanged and continue to be invoiced in arrears on a quarterly basis. Please feel free to contact our office with any questions. Sincerely, Rebecca L. Wolfe Vice President - Investments Group Dlrector Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Bamey LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment services are offered through Morgan Stanley Smith Barney LLC. unless specifically disclosed In writing, investments and services offered through Morgan Stanley Smith Barney LLC are not Insured by the FDIC, are not deposits or other obligations of, or guaranteed by, a bank and involve investment risks, including possible loss of principal amount invested.