Police and Fire Retirement Board

Item 4. October 10, 2023 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 12, 2023 Page 1 of 4 The regular meeting of the Center Line Police and Fire Retirement Commission was called to order at 3:22 p.m. by Vice-chairperson Bermudez. Members Present: Gregory Suma, Jorge Bermudez and Gregory Pearl. Members Absent: Richard Stys. Also Present: None. AGENDA ITEM 2A. – Approval of the Agenda: A. Motion by Trustee Pearl to approve the September 12, 2023 agenda was supported by Trustee Suma. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. 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 8, 2023. Trustee Pearl made the motion to approve the August 8, 2023 minutes was supported by Trustee Suma. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. AGENDA ITEM 5 – Remembrances of deceased Members and Beneficiaries: A. None. AGENDA ITEM 6 – Presentations: A. i. Market value as of September 5, 2023 $ 12,803,329.84 with asset allocation.  Item 4. October 10, 2023 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 12, 2023 Page 2 of 4 Trustee Suma made the motion to receive and file the September 5, 2023 market value report of $ 12,803,329.84 was supported by Trustee Pearl. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. ii. Morgan Stanley – On the Markets – Goldilocks Takes a Pause - August, 2023. Trustee Suma made the motion to receive and file the August 2023 Morgan Stanley’s On the Markets report was supported by Trustee Pearl. AGENDA ITEM 7 - For Your Information: A. None. AGENDA ITEM 8 – Old Business: A. Signing of revised City of Center Line Police and Fire Pension Plan Investment Policy & Objectives as approved on August 8, 2023. A motion by Trustee Suma was seconded by Trustee Pearl to approve the revisions and sign the document. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. AGENDA ITEM 9 – New Business: A. Legal Opinion from Thomas Michaud of VanOverbeke, Michaud & Timmony, P.C Dated: August 11, 2023. Re: Whether an individual must be a resident of the City of Center Line to serve as a Trustee on the Retirement Board of Trustees. Trustee Suma said at the last meeting we requested a legal opinion from our attorney and his response was that a member of this Commission does not have to be a resident of Center Line. A motion by Trustee Suma was seconded by Trustee Pearl to approve the legal opinion.  Item 4. October 10, 2023 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 12, 2023 Page 3 of 4 AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. AGENDA ITEM 10 – Retirements: A. None. AGENDA ITEM 11 – Annuity Withdrawals: A. None. AGENDA ITEM 12 – Approval of Pension Figures: A. Final pension benefit for Charles Schubert effective July 5, 2023. Straight Life with 60% to survivor and total annuity withdrawal. A motion by Trustee Suma and seconded by Trustee Pearl to approve the pension benefit. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. AGENDA ITEM 13 – Vouchers: A. August 25, 2023, pensions paid: Pay Report 516 ~ $ 127,222.10. A motion by Trustee Pearl pay the August 25, 2023 pensions was seconded by Trustee Bermudez. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. B. VanOverbeke, Michaud & Timmony, P.C. invoice dated: August 28, 2023 for services rendered from April 1, 2023 through June 39, 2023. Invoice # 111836 for $ 156.00.  Item 4. October 10, 2023 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING September 12, 2023 Page 4 of 4 A motion by Trustee Pearl to pay the invoice to VanOverbeke, Michaud & Timmony was seconded by Trustee Suma. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Stys. 14. Commission Members Comments: Trustee Suma said the commitment to Blackstone should take place October 1, 2023. Trustee Pearl asked if the mayor is going to talk to Danny Petroff about being added to the Commission. Trustee Suma said he has already said something to the mayor. The mayor does have a copy of the legal opinion. AGENDA ITEM 15 – Adjournment: As there was no further business to discuss, a motion by Trustee Suma and supported by Trustee Pearl that the meeting be adjourned at 3:30 p.m. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Sty.