Police and Fire Retirement Board

CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING LjA. September 10, 2019 Page 1 of 4 The regular meeting of the Center Line Police and Fire Pension Board was called to order at 2:30 p.m. by Danny Petroff. Members Present: Danny Petroff, Bernadette Helkowski, Deputy Treasurer Gregory Suma and Richard Stys. Members Absent: Michael Gerald. Also Present: Shana Neeson from the GRS Consulting. AGENDA ITEM 2 A. - Approval of the Aqenda Motion by Trustee Stys to approve the agenda was seconded by Trustee Helkowski. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 3 - Public Comment Seeing there was no one in the audience this item was closed. AGENDA ITEM 4 - Approval of the minutes A. Approval of the Regular Meeting Minutes held on August '13, 20'l9. A motion by Trustee Stys to approve the minutes was seconded by Trustee Suma. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 5 - Remembrances A. None AGENDA ITEM 6 - Presentations: A. Shana Neeson from GRS Retirement Consulting to discuss the Fifty-Seventh Annual Actuarial Valuation for the City of Center Line P & F Retirement System for the period Ending December 31, 20"l8. Mrs. Neeson said the report will give the Employer contributions for the 2021 Fiscal Year. The contribution is made up of two pieces. The normal cost is the contribution required for active members years of service the second piece is for the unfunded actuarially liability and it is amortized over a period of years. In Section C 6, Mrs. Neeson touched on the historical data for retirees. We currently are paying forty-three retirees and beneficiaries a pension benefit and the  CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 10, 2019 Page 2 of 4 average age of the pool is 67.2 years of age. We are a mature plan as we have 43 individuals receiving a benefit and only 19 actives. We have 19 active members who average age is 41.7 and has 11.8 years of service. Mrs. Neeson pointed out that about half the active participants are in the 0 to 9 years of service range and the other half is in the 15 to 24 years of service. Mrs. Neeson briefly touched on the Plan benefit provisions on page C 1. She also mentioned the two tiers of benefits. Those hired before September 12, 2011 and those hired after that date. Discussion ensued about Public Act 345 and what age you need to retire. Everyone was in agreement that you need twenty-five years of service as one requirement but is the age 55 or 50? This will affect some of the younger public safety officers. Mrs. Neeson then touched on the plan assets on page C 9. The plan market value as of December 31, 2018is at $11,188,140.00. From an actuarially funding value where a four year smoothing approach is utilized the funding value is $ 4 2, 193,644.00. Because the Retirement Commission recently approved new actuarially assumptions, the assumed rate of return going forward will be 6.75%. Mrs. Neeson then covered the FY 2021 employer required contribution Of $1 ,026,832.00. Mrs. Neeson had the Trustees turn to page B 5, Comments and Certification. She went over the comments from A to F. This also showed the actuarially assumptions changes in Comment B. Risk Commentary and Actuarial Standards were touched upon on pages B 10 and B 11. A motion by Trustee Suma and seconded by Trustee Helkowski to inform the City Manager and City Treasurer that the Commission adopt the December 31, 2018 actuarial valuation and that this City contributes $1,026,832.00 in employer contributions for Fiscal Year 2021. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 7 - For Your Information: A. None AGENDA ITEM 8 - Old Business A. None AGENDA ITEM 9 - New Business A. Request by Robert Major for Refund of Contributions. A motion by Trustee Suma was seconded by Trustee Stys to refund Robert Major's employee contributions in the plan. AYES:4 NAYS: None Motion carried 4 - 0.  CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 10, 2019 Page 3 of 4 ABSENT: Michael Gerald B. Amending Investment Policy Statement & Objectives to include Real Estate Investment Trusts to be added as an asset class and amending new target limits on asset classes. Draft provided by Morgan Stanley, The Brice Group. Effective: September 10, 20'l9. Trustee Suma conveyed that after the last meeting where we conducted an investment manager search for a REIT manager but took no action and it was determined that we should modify our IPS to add REIT managers as an asset class so if we do hire one in the future, we would be compliant within our IPS. Trustee Stys asked have we not amended the policy since September 19, 1990 which is showing at the top of the IPS. Trustee Suma said we have, and believes that was the original date the first Investment Policy Statement & Objectives were adopted. Trustee Suma pointed out that we recently amended it by adding Emerging Markets and International Managers. A motion by Trustee Stys and seconded by Trustee Helkowski to approve the modified IPS contingent upon the date of September 19, 1990 being confirmed as the original date. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 10 - Retirements A. None AGENDA ITEM 1 1 - Annuity Withdrawals A. None AGENDA ITEM 12 - Approval of Pension Fiqures A. William Dempsey Straight Life with 60% survivor benefit and total annuity withdrawal. A motion by Trustee Suma was seconded by Trustee Stys to approve William Dempsey's pension benefit numbers. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 1 3 - Vouchers A. August 23, 20'l9 pensions paid: Pay Report 329 - $110,263.38.  CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 10, 2019 Page 4 of 4 Motion by Trustee Helkowski supported by Trustee Stys to approve the August 23, 2019 pension Pay Report 329 for $110,263.38. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald B. Gabriel, Roeder, Smith & Co. Invoice # 448817 Dated: August 22, 2019 for the December 31, 2018 P & F Retirement actuarial valuation. - $ 9,800.00. Motion by Trustee Stys supported by Trustee Helkowski to approve the invoice of $ g,soo.oo. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Michael Gerald AGENDA ITEM 14 - Commission Members Comments Trustee Helkowski has been registered for the Fall 20'l9 MAPERS conference and will be the only attendee from our Commission. AGENDA ITEM 15 - Adjournment As there was no further business to discuss, a motion by Trustee Suma and supported by Trustee Stys that the meeting be adjourned at 3:06 p.m. AYES:4 NAYS: None Motion carried 4 - 0. ABSENT: Danny Petroff, Michael Gerald. Minutes Approved At ! "t "? Meeting: Chai an Date 17/'/2/17 ' [/lz//9 Date