General Retiree Health Care Trust Board Meeting
Regular MeetingMadison Heights, MI · October 19, 2022
Minutes
CITY OF MADISON HEIGHTS
GENERAL RETIREE HEALTH CARE BOARD
SPECIAL SCHEDULED TRUSTEE MEETING
October 19, 2022
The Meeting of the City of Madison Heights General Retiree Health Care Board of Trustees was held on Wednesday,
October 19, 2022, at 9:48 a.m. at 31313 Brush Street, Madison Heights, Michigan.
Present: Chairperson, Jeff Geralds
Board Members: Linda Kunath, Kevin Powers, Anthony Roberts
Others Present: Retirement System Attorney Thomas Michaud
Morgan Stanley\Graystone investment advisors Brian Brice and Tim Brice
Excused: Kevin Barrett
07-23 Excuse Trustee Kevin Barrett
Motion by Trustee Roberts and supported by Trustee Powers to excuse Trustee Kevin Barrett from the special meeting
of October 19, 2022.
Yeas: Geralds, Kunath, Powers, Roberts
Nays: None
Motion Carried.
08-23 Approval of Minutes of the Regular Meeting of August 30, 2022
Motion by Trustee Roberts and supported by Trustee Powers to approve minutes of the regular meeting of August 30,
2022.
Yeas: Geralds, Kunath, Powers, Roberts
Nays: None
Motion Carried.
Meeting Open to the Public
No items were discussed.
09-23 Morgan Stanley\Graystone Consulting Investment Report
Morgan Stanley discussed the asset allocation sheet, percentage of portfolio and differences to policy target. The total
assets as of October 10, 2022 were $15,459,685 and $15,255,394 as of September 30, 2022. The quarter end return was
-4.92% compared to -4.31% benchmark, one-year out was -16.3% compared to -18.38% benchmark, and up 5.03% 5-
years to date compared to 4.08% benchmark.
A discussion of the investments and review of the policy and targets will be added to the next agenda.
Motion by Trustee Roberts and supported by Trustee Powers to receive and file the investment reports.
Yeas: Geralds, Kunath, Powers, Roberts
Nays: None
Motion Carried.
1 10/19/2022
10-23 Adjournment
Motion by Trustee Roberts and supported by Trustee Powers to adjourn the meeting.
Yeas: Geralds, Kunath, Powers, Roberts
Nays: None
Motion Carried.
The meeting was adjourned at 9:55 a.m.
Respectfully submitted,
Linda Kunath, Secretary
2 10/19/2022
Agenda
CITY OF MADISON HEIGHTS
FIRE STATION 1 - 31313 BRUSH STREET
GENERAL RETIREE HEALTH CARE TRUST BOARD MEETING
AGENDA
OCTOBER 19, 2022 AT 8:30 AM
CALL TO ORDER
ROLL CALL
ADDITIONS/DELETIONS
APPROVAL OF MINUTES
1. Special Meeting of August 30, 2022
MEETING OPEN TO THE PUBLIC
REPORTS
2. Morgan Stanley\Graystone Review Investment Report
NEW BUSINESS
ADJOURNMENT
The Police & Fire Retirement System does not discriminate on the basis of disability in admission or
access to its programs, activities, or services as required by Title II of the Americans with Disabilities Act
of 1990. If you require further information or need to request an accommodation under the Americans
with Disabilities Act, please contact Linda Kunath by email at: lindakunath@madison-heights.org or by
calling 248-583-0846.
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