Police and Fire Retirement Board

Item 4 A. April 9, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING March 12, 2024 Page 1 of 4 The regular meeting of the Center Line Police and Fire Retirement Commission was called to order at 3:11 p.m. by Secretary Suma. Members Present: Richard Stys, Gregory Suma, and Gregory Pearl. Members Absent: Danny Petroff and Jorge Bermudez. Also Present: None. AGENDA ITEM 2. – Approval of the Agenda: A. Approval of Agenda: March 12, 2024: A motion by Trustee Stys to approve the agenda for March 12, 2024 was seconded by Trustee Pearl. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. 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. Correction on February 13, 2024 agenda to State it was the approval of the January 9, 2024 minutes. A motion by Trustee Pearl to approve the minutes was seconded by Trustee Stys. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. B. Approval of the Regular Meeting minutes held on February 13, 2024., 2024. A motion by Trustee Stys to approve the minutes was seconded by Trustee Pearl. AYES: 3  Item 4 A. April 9, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING March 12, 2024 Page 2 of 4 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. AGENDA ITEM 5 – Remembrances of deceased Members and Beneficiaries: A. George Hughes deceased on January 3, 2024. Trustee Suma said he was aware of Mr. Hughes passing away in January but was waiting on the death certificate to put his name on the agenda for remembrance. Trustee Suma asked for a moment of silence. AGENDA ITEM 6 – Presentations: A. None. AGENDA ITEM 7 - For Your Information: A. Gabriel, Roeder, Smith & Co. ~ NCPERS Releases 2024 Public Retirement Systems Study – February 8, 2024. Re: In 2023, the average investment return assumption was 6.91% compared with 6.86% in 2022 for responding funds. Overall, the reporting funds experienced varying returns. On average, 20-year returns were 7.3%, 10-year returns were 7.9%, 5-year returns were 6.8%, and 1-year returns were -1.9%. Of those reporting funds that offered a cost-of-living adjustment (COLA) for members, the average was 2.2% in 2023 as compared with 2.0% in 2022. Trustee Suma said in the study conducted 157 state and city pension funds were studied. Fifty-two percent were city pension plans and forty-eight percent were state pension plans. A motion to receive and file was entertained by Trustee Pearl and seconded by Trustee Stys. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. B. Fourth Quarter 2023 review from Allan Swaringen, President and Chief Executive Officer of JLL Income Property Trust.  Item 4 A. April 9, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING March 12, 2024 Page 3 of 4 Trustee Suma said the report states that in the fourth quarter the fund returned a loss of -3.55%. Trailing 1 year, 3 year and 5 years returns were respectively, down -9.25%, up 6.78% and up 5.06%. A motion to receive and file was entertained by Trustee Stys and seconded by Trustee Pearl. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. AGENDA ITEM 8 – Old Business: A. None. AGENDA ITEM 9 – New Business: A. None. 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. February 23, 2024, pensions paid: Pay Report 536 ~ $ 127,233.98. A motion by Trustee Stys pay the February 23, 2024 pensions was seconded by Trustee Bermudez. A motion by Trustee Stys to pay the pension benefits was seconded by Trustee Pearl. AYES: 3  Item 4 A. April 9, 2024 CENTER LINE POLICE & FIRE RETIREMENT COMMISSION MINUTES REGULAR MEETING March 12, 2024 Page 4 of 4 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. B. Fourth Quarter 2023 Money Manager fees – October 2023 $ 2,331.72, November 2023 $ 2,456.86, December 2023 $ 2,682.07. Total: $ 7,470.65. A motion by Trustee Pearl to pay the money manager fees was seconded by Trustee Stys. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez. AGENDA ITEM 14. - Commission Members Comments: None. AGENDA ITEM 15 – Adjournment: As there was no further business to discuss, a motion by Trustee Pearl and supported by Trustee Stys that the meeting be adjourned at 3:18 p.m. AYES: 3 NAYS: None Motion carried 3 - 0. ABSENT: Danny Petroff and Jorge Bermudez.