Police and Fire Retirement Board

Item 4. February 13, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING January 9, 2024 Page 1 of 4 The regular meeting of the Center Line Police and Fire Retirement Commission was called to order at 3:05 p.m. by Chairperson Stys. Members Present: Richard Stys, Gregory Suma, Danny Petroff, Jorge Bermudez and Gregory Pearl who arrived at 3:08 p.m. Members Absent: None. Also Present: Timothy Brice from the Graystone Group of Morgan Stanley. AGENDA ITEM 2. – Approval of the Agenda: A. Motion by Trustee Petroff to approve the January 9, 2024 was supported by Trustee Bermudez. AYES: 4 NAYS: None Motion carried 4 - 0. ABSENT: Pearl. B. Election of Officers: a. Chairperson A motion by Trustee Suma to nominate Trustee Petroff as Chairperson was affirmed 4-0 by the commission. b. Vice-Chairperson A motion by Trustee Suma to nominate Trustee Bermudez as Vice-chairperson was Affirmed 4-0 by the commission c. Secretary A motion by Trustee Petroff to nominate Trustee Suma as Secretary was affirmed by the commission 5-0. AGENDA ITEM 3 – Public Comment Seeing there was no one in the audience this item was closed. AGENDA ITEM 4 – Approval of the minutes  Item 4. February 13, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING January 9, 2024 Page 2 of 4 A. Approval of the Regular Meeting minutes held on December 12, 2023. Trustee Petroff made the motion to approve the December 12, 2023 minutes was supported by Trustee Pearl. AYES: 5 NAYS: None Motion carried 5 - 0. ABSENT: None. AGENDA ITEM 5 – Remembrances of deceased Members and Beneficiaries: A. None. AGENDA ITEM 6 – Presentations: A. Timothy Brice from Graystone Consulting a division of Morgan Stanley. i. On The Markets – A Year That Broke the Models – January 2024. ii. Rebalance and Market Values through January 3, 2024 ~ $ 13,477,881.80. Mr. Brice addressed the On The Markets document. Mr. Brice said it is remarkable at how well the markets did last year in spite of all the turmoil in the markets. Interest rates soared by the FED’s intervention, wars in the world and bank failures. Corporate Amerca’s repairs to their balance sheets helped to keep the markets in positive territory. Morgan Stanley feels profits should be good for companies in 2024 but investors need to be cautious and diversify. Mr. Brice addressed the rebalance. All areas of the portfolio should be adjusted. We are trimming $ 405,000.00 from equities and reallocating the monies to our fixed Income managers. A lot of the money is coming from growth managers as it has had a large increase. Both of our fixed income managers have a longer duration and more income then other bond managers. We also should see much appreciation from our bond managers. Now our portfolio will move from a fixed income allocation of 15.34% to 18.35% which is still below out target. A motion by Trustee Suma was seconded by Trustee Pearl to accept and implement the proposed rebalance of the portfolio by Mr. Brice. AYES: 5 NAYS: None Motion carried 5 - 0.  Item 4. February 13, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING January 9, 2024 Page 3 of 4 ABSENT: None. Mr. Brice said for the 4th quarter of 2023 the portfolio is up 9.60%. And for 2023, the portfolio was up almost 16.50%. Trustee Pearl left the meeting at 3:16 p.m. and returned at 3:21 p.m. AGENDA ITEM 7 - For Your Information: A. Correspondence to Justin Ward Re: Packet for refund of employee contributions. A motion to receive and file was entertained by Trustee Petroff and seconded by Trustee Bermudez. AYES: 4 NAYS: None Motion carried 4 - 0. ABSENT: Pearl. B. JLL Income Property Trust statement as of December 31, 2023. Market Value $ 211,585.35. Trustee Suma said the JLL investment lost about 9.50% in 2023. Trustee Petroff asked if this is the company we interviewed while he was a member of the commission and Trustee Petroff was told yes. This was the conservative investment from the two candidates we interviewed. Mr. Brice said there is a one-month lag in JLL reporting performance. A motion by Trustee Suma to receive and file was seconded by Trustee Bermudez. AYES: 5 NAYS: None Motion carried 5 - 0. ABSENT: None. AGENDA ITEM 8 – Old Business: A. None. AGENDA ITEM 9 – New Business: A. None.  Item 4. February 13, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING January 9, 2024 Page 4 of 4 AGENDA ITEM 10 – Retirements: A. None. AGENDA ITEM 11 – Annuity Withdrawals: A. None. AGENDA ITEM 12 – Approval of Pension Figures: A. None. AGENDA ITEM 13 – Vouchers: A. December 22, 2023, pensions paid: Pay Report 529 ~ $ 128,218.52. A motion by Trustee Petroff pay the December 22, 2023 pensions was seconded by Trustee Pearl. AYES: 5 NAYS: None Motion carried 5 - 0. ABSENT: None. AGENDA ITEM 14. - Commission Members Comments: Motion by Suma no have Trustee Petroff and Trustee Suma as authorized signers on the account with Morgan Stanley was seconded by Trustee Pearl. AYES: 5 NAYS: None Motion carried 5 - 0. ABSENT: None. AGENDA ITEM 15 – Adjournment: As there was no further business to discuss, a motion by Trustee Pearl and supported by Trustee Bermudez that the meeting be adjourned at 3:24 p.m. AYES: 5 NAYS: None Motion carried 5 - 0. ABSENT: None.