Police & Retiree Retiree Health Care Trust Board Meeting

CITY OF MADISON HEIGHTS POLICE & FIRE RETIREE HEALTH CARE BOARD SPECIAL SCHEDULED TRUSTEE MEETING December 7, 2022 The Meeting of the City of Madison Heights Policemen & Fire Retiree Health Care Board of Trustees was held on Wednesday, December 7, 2022, at 9:47 a.m. at 31313 Brush Street, Madison Heights, Michigan. Present: Chairperson, Jeff Geralds Board Members: Kevin Barrett, Linda Kunath, Kevin Powers, Anthony Roberts Others Present: Retirement System Attorney Thomas Michaud Morgan Stanley\Graystone investment advisors Tim Brice 11-23 Approval of Minutes of the Regular Meeting of October 19, 2022 Motion by Trustee Roberts and supported by Trustee Powers to approve minutes of the regular meeting of October 19, 2022. Yeas: Barrett, Geralds, Kunath, Powers, Roberts Nays: None Motion Carried. Meeting Open to the Public No items were discussed. 12-23 Morgan Stanley\Graystone Consulting Investment Report Morgan Stanley discussed the Plan’s asset allocation, percentage of portfolio and differences to policy target. The total assets as of November 28, 2022 were $25,058,183 and $22,658,737 as of September 30, 2022. Quarter to date returns were higher by 10.2%, a $2.2 million appreciation since September 30, 2022. Trustee Powers was absent from the meeting at 9:51a.m. during the motion and support, and returned at 9:55 a.m. Motion by Trustee Roberts and supported by Trustee Barrett to receive and file the investment reports. Yeas: Barrett, Geralds, Kunath, Powers, Roberts Nays: None Motion Carried. 13-23 Review of Investment Policy Statement Motion by Trustee Barrett and supported by Trustee Roberts to approve Investment Policy Statement. Yeas: Barrett, Geralds, Kunath, Powers, Roberts Nays: None Motion Carried. 14-23 New Business The Board discussed designation of an additional individual authorized to act on behalf of the Board for custodial transactions in addition to Finance Director. Motion by Trustee Barrett and supported by Trustee Powers to approve authorizing Deputy Finance Director Melba Kastelic as authorized signer in absence of Finance Director. Yeas: Barrett, Geralds, Kunath, Powers, Roberts Nays: None Motion Carried. 1 12/07/2022 15-23 Adjournment Motion by Trustee Barrett and supported by Trustee Roberts to adjourn the meeting. Yeas: Barrett, Geralds, Kunath, Powers, Roberts Nays: None Motion Carried. The meeting was adjourned at 9:56 a.m. Respectfully submitted, Linda Kunath, Secretary 2 12/07/2022