Pension Board Meeting

PENSION BOARD 2/6/2025 MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES FOR THE RETIREMENT SYSTEM (i.e. The Board) OF THE CITY OF GROSSE POINTE WOODS, HELD ON THURSDAY, FEBRUARY 6, 2025, IN THE CONFERENCE ROOM OF THE MUNICIPAL BUILDING, 20025 MACK PLAZA, GROSSE POINTE WOODS, MICHIGAN. The meeting was called to order at 6:04 p.m. by Chairperson Mayor Bryant. The following members were present: Chairperson Mayor Arthur Bryant Council Representative Victoria Granger Public Safety Representative Brian Conigliaro Citizen Representative Gary Zarb Also present: Pension Administrator, Steve Schmidt Pension Attorney, Michael VanOverbeke Fund Evaluation Group (FEG), Jeffrey Davis Foster & Foster Actuary, Jason Franken Recording Secretary, Tina Hoenicke Council Person, Jim Motschall Motion by Granger, supported by Zarb to excuse General Employee Representative Jeremy Bastien from today’s meeting. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb that all items on today’s agenda be received and placed on file. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb to accept and place on file the minutes of the pension board meeting dated November 7, 2024. Pension Board Meeting 2/6/2025 Page 2 Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb to receive and place on file the trial balance report as presented through December 31, 2024. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb to accept the following actuarial reports from Foster & Foster Actuaries and Consultants for Fiscal Year ending June 30, 2024: Actuarial Valuation as of June 30, 2024, that includes the Grosse Pointe Woods Retirement System GASB 67/68 Disclosure Information as of June 30, 2024, Actuarial Valuation as of June 30, 2024- Supplemental Annuity, Public Act 202 Valuation as of June 30, 2024 and to be effective July 1, 2025. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Conigliaro to acknowledge receipt of the presentation of the annual valuation as well as copies of the valuation GASB Report and PA 202 Funding status be forwarded to the employers in an indication of the required contributions to come into the plan for the fiscal year beginning July 1, 2025 and the actuary will re-issue the annual evaluation using the investment return assumption rate of 7.3%. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb to receive and place on file an excerpt from the City of Grosse Pointe Woods Annual Comprehensive Financial Report for Fiscal Year End June 30, 2024. Pension Board Meeting 2/6/2025 Page 3 Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Conigliaro to accept the 4th Quarter 2024 Fund Evaluation Group Report. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Jeff Davis, from FEG did not recommend any changes to the fund at this time. Motion by Granger, supported by Zarb to authorize payment of the invoice from FEG in the amount of $14,745.00, Comerica in the amount of $1,500.00, Foster & Foster Actuaries and Consultants in the amount of $2,500.00. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Motion by Granger, supported by Zarb to authorize payment of $14,000.00 to the City of Grosse Pointe Woods General Fund for administrative fees. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien New Business/Public Comment: Per Pension Attorney, Michael VanOverbeke: The Social Security Fairness Act was signed into law on January 5, 2025. The Act ends the Windfall Elimination Provision and Government Pension Offset. These provisions reduced or eliminated the Social Security benefits of workers (and their eligible family members) if they received or were entitled to pensions based on earnings from employment not covered by Social Security. This law increases Social Security benefits for certain types of workers, including some: teachers, firefighters and police officers in many states. Pension Board Meeting 2/6/2025 Page 4 Michael VanOverbeke also shared information in regard to the Actuary Contract signed in 2022- a new actuary auditor doesn’t need to be reviewed until 8 years from our contract date as we retained Foster & Foster as a new actuarial company in 2022. Motion by Granger, supported by Zarb to adjourn at 7:05 pm. Motion CARRIED by the following vote: YES: Bryant, Granger, Zarb, Conigliaro NO: None ABSENT: Bastien Minutes recorded by Tina Hoenicke Approved by the Pension Board: ___________________________ Steve Schmidt, Pension Administrator