Retirement Board
Regular MeetingRoyal Oak, MI · May 1, 2026
Minutes
Minutes
Retirement Board Meeting
May 1, 2026, 9:30 a.m.
City Hall, Room 122
203 S. Troy Street
Royal Oak, Michigan 48067
Present: Lee Collick - Chairperson
Zachary Meckl – Vice Chairperson
Monica Hunt - Trustee
Nic Grochowski – Interim City Manager
Tony DeCamp – Assistant Finance Director
Lisa Genord – Financial Analyst / Pension Technician
Rebecca Chase – Senior Accountant
Tom Michaud – VanOverbeke, Michaud, & Timmony, P.C.
Florence Mwaura – SEI Investments
Chris Pettia – SEI Investments (via conference call)
Absent: Amanda Herzog - Trustee
_____________________________________________________________________
1. Call to Order
The meeting was called to order at 10:05 a.m.
2. Public Comment
None
3. Approval of Agenda
Resolution Number: Approve the agenda for May 1, 2026.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
4. Approval of Minutes
Resolution Number: Approve the draft meeting minutes for February 6,
2026 as presented.
Moved by: Lee Collick
Seconded by: Zachary Meckl
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Motion Adopted
5. Consideration for Approval - Adjustments / Applications / Benefits
a. Adjustments: Jason Paulick EDRO; Daniel Adorjan Service Purchase
b. Applications: Daniel Starrs, Jeffrey D. Carroll, Mark Finitzer, Bruce Handrinos.
c. Benefits: Timothy S. Brown
Resolution Number: Approve the adjustments, applications and benefits as
presented.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
6. Investments
SEI investment report presented by Florence Mwaura of SEI Investments
Market value/allocation of assets as of March 31, 2026, equaled $176,677,528
One-month performance (except core property) – total portfolio outperformed
benchmark: -4.66% return vs. -4.78% index.
Three-month performance – total portfolio underperformed the benchmark: -
1.24% return vs. -1.19% index.
YTD performance - total portfolio underperformed the benchmark: -1.24% return
vs. -1.19% index
Fiscal YTD performance – total portfolio underperformed the benchmark: 6.88%
return vs. 7.34% index.
One-year performance – total portfolio underperformed the benchmark: 14.26%
return vs. 15.71% index.
Three-year performance – total portfolio outperformed the benchmark: 12.22%
return vs. 11.84% index.
Five-year performance – total portfolio outperformed the benchmark: 6.94%
return vs. 6.27% index.
Inception - total portfolio outperformed the benchmark: 7.92% return vs. 7.24%
index
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Florence provided the following update on the city’s portfolio as well as on broad
market performance:
Calendar-to-date the portfolio was slightly negative in an eventful quarter,
with geo-politics, AI disruption and private credit issues with particular
concern on software companies, contributed to volatility during the quarter.
Financial markets were mostly flat in the quarter, except for commodities
and inflation-linked bonds.
The Iran War of 2026 has had a larger disruption than prior crises (20%)
relative to global oil dependency.
SEI’s macro outlook has a higher inflation bias as the lasting effects of the
war are likely to linger even with a quick resolution.
The city’s portfolio positioning is a good environment for active
management with the portfolio value of $185.2M as of April 30, 2026.
Chris Pettia (via conference call), SEI Head of Private Assets, explained SEI’s
programmatic approach to building an allocation within private assets and also
reviewed SEI GPA Funds V & VI in detail. Chris also commented on the on the
US real estate market recovery which has had seven quarters in a row of positive
returns. Chris stated that a new market cycle commenced, however, there is
construction supply uncertainty due to tariffs.
Florence stated that SEI added a disclosure on their presentation booklet and
advised the board that it was acceptable to post their materials on the city
website within the retirement board meeting agenda packets. Lee Collick,
chairperson, stated that the board does not want any investment materials
posted on the city website moving forward.
Florence stated that the private asset target allocation was previously approved
at 5%, however, it is currently at 3.1% with commitments to SEI GPA Funds V &
VI (the board opted out of a commitment to GPA Fund VII), so Florence would
like to understand boards desire for next steps and / or if the private asset
allocation should be reduced within next Investment Policy Statement (IPS).
Tom Michaud, retirement board attorney, suggested that Florence put together
education for board / trustees on these private asset investments, their life cycle,
and how the funds work from practical standpoint.
Resolution Number: Receive and file all investment reports.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
7. Legal
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a. State of Michigan PA 4 of 2023 – full exemption on pension income by the
2026 tax year.
Tom Michaud, retirement board attorney, reviewed the historical tax changes
regarding State of Michigan (SOM) Public Act 4 of 2023 and stated that public
pensions for general and public safety retirees are non-taxable at the state level
by calendar year 2026. Tom stated that administrators / staff should ensure that
they provide the W-4P form upon request and refer retirees to personal advisors
and SOM Treasury website for guidance on form completion.
b. Disability Policy – Final Review and Adoption
Tom stated that the board has reviewed the draft disability policy in the past, with
two items remaining to be addressed and then be voted upon for adoption.
The month for medical reexaminations of disability retirees – the board agreed to
May, which has been past practice.
Determine what the medical director is evaluating against –the board agreed to
using the past practice, which has been the job description, in other words, can
this person do the job based on their medical evaluation relative to job
description.
Resolution Number: Adopt the draft disability policy with the two
discussed revisions.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
Resolution Number: Receive and file all legal reports.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
8. Other
a. Annual advisor and consultant review - Medical Director
Tom Michaud, retirement board attorney, stated that the board could contact the
current medical director to request their attendance at a future retirement board
meeting to give a presentation to understand their process and the services
provided. Tom also stated another option could be to issue a Request for
Proposal (RFP) for medical director services To perform due diligence, the
board agreed to have staff contact the current medical director to request a
presentation of their services in-person at a retirement board meeting or via a
brief video call.
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Resolution Number: Receive and file the OMA Handbook - March 2026
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
9. Adjournment
The next quarterly meeting is scheduled for 9:00 a.m. Friday, August 7, 2026,
located in conference room # 122 at the City Hall Building at 203 S. Troy Street.
The meeting was adjourned at 11:15 a.m.
Moved by: Lee Collick
Seconded by: Zachary Meckl
Motion Adopted
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Agenda
Agenda
Retirement Board Meeting
Friday, May 1, 2026, 9:30 a.m.
City Hall, Room 122
203 S. Troy Street
Royal Oak, Michigan 48067
Anyone planning to attend the meeting who has need of special assistance under the Americans with
Disabilities Act (ADA) is asked to contact the city clerk’s office at 248-246-3050 at least two (2)
business days prior to the meeting.
1. Call to Order
2. Public Comment
3. Approval of Agenda
Request that the Board approve the agenda for May 1, 2026.
4. Approval of Minutes
Request that the Board approve the draft meeting minutes for February 6, 2026.
5. Consideration for Approval - Adjustments / Applications / Benefits
a. Adjustments
1. Jason Paulick - request for EDRO acceptance:
WHEREAS, the Board of Trustees is in receipt of an Eligible Domestic Relations Order
dated January 5, 2026, wherein Lindsey Catherine Paulick, the Alternate Payee, is awarded
certain rights to the benefits of Jason Andrew Paulick, the Participant, and
WHEREAS, the Alternate Payee is entitled to a portion of the Participant’s benefits from the
Retirement System, which is subject to either the Participant or the Alternate Payee making
an application for the same, and
WHEREAS, the payments from the plan to the Alternate Payee shall begin either when the
Participant commences benefits from the Retirement System, or any time after the
Participant reaches his earliest retirement date upon either the Participant’s or the Alternate
Payee’s application, and
WHEREAS, the Board’s policy is to require that the cost for the actuary’s calculations is to
be borne by the parties to the domestic relations proceedings, and the order provides that
the Participant and the Alternate Payee shall equally share responsibility for any, and all,
additional costs for actuarial services, and
WHEREAS, said matter having been discussed with legal counsel who has opined that the
applicable terms of said court order are consistent with the provisions of the Retirement
System and applicable law, therefore be it
RESOLVED that the Board acknowledges receipt of said court order and will administer
benefits consistent with said order upon application by the Participant or the Alternate
Payee, and further
RESOLVED that a copy of this Resolution be immediately attached as the top sheet of the
Participant’s pension file and other appropriate records be retained by the Retirement
System relative to this matter, and further
RESOLVED that copies of this resolution be sent to Jason Andrew Paulick, the Participant;
Lindsey Catherine Paulick, the Alternate Payee; Marcus B. Connor, Esq., attorney for the
Alternate Payee; and the Board’s Actuary.
2. Daniel J. Adorjan of the Fire department, Fire bargaining unit, requests to purchase 4
years of service credit in the amount of $74,179.
Request that the Board approve the service purchase of 4 years by Daniel J. Adorjan in the
amount of $74,179.
b. Applications
1. Daniel A. Starrs, Fire Lieutenant, Fire bargaining unit, 26 years and 8 months of service
credit. Eligible based on years of service and age. Requested retirement date of June 29,
2026. Daniel A. Starrs requests an estimated pension payment in accordance with the
following policy: Effective January 1, 2020, the board will allow for payment of an estimated
pension payment for new retirees that make the election, and the estimated calculation will
be calculated by taking 75% of the straight life calculation using average base wage only
(base wage that will be utilized in the in FAC excludes roll-ins), years of service and the
applicable multiplier(s). Any under/overpayments will be paid/collected. This policy will be
available to those employees with a retirement date of January 1, 2020, through August 31,
2020. At the July 10, 2020, retirement board meeting, Lee Collick motioned to continue
paying estimated payments from January 1 – August 31st each year, as long as the criteria
is met by the applicant. The motion was adopted unanimously 5/0.
Request for Board approval of the retirement application and the estimated pension payment
for Daniel A. Starrs.
2. Jeffrey D. Carroll, Fire Captain, Fire bargaining unit, 26 years and 10 months (including 3
years of contract time) of service credit. Eligible based on years of service and age.
Requested retirement date of June 24, 2026. Jeffrey D. Carroll requests an estimated
pension payment in accordance with the following policy: Effective January 1, 2020, the
board will allow for payment of an estimated pension payment for new retirees that make the
election, and the estimated calculation will be calculated by taking 75% of the straight life
calculation using average base wage only (base wage that will be utilized in the in FAC
excludes roll-ins), years of service and the applicable multiplier(s). Any under/overpayments
will be paid/collected. This policy will be available to those employees with a retirement date
of January 1, 2020, through August 31, 2020. At the July 10, 2020, retirement board
meeting, Lee Collick motioned to continue paying estimated payments from January 1 –
August 31st each year, as long as the criteria is met by the applicant. The motion was
adopted unanimously 5/0.
Request for Board approval of the retirement application and the estimated pension payment
for Jeffrey D. Carroll.
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3. Mark Finitzer, Fire Lieutenant, Fire bargaining unit, 22 years and 5 months of service
credit. Eligible based on years of service and age. Requested retirement date of June 30,
2026. Mark Finitzer requests an estimated pension payment in accordance with the following
policy: Effective January 1, 2020, the board will allow for payment of an estimated pension
payment for new retirees that make the election, and the estimated calculation will be
calculated by taking 75% of the straight life calculation using average base wage only (base
wage that will be utilized in the in FAC excludes roll-ins), years of service and the applicable
multiplier(s). Any under/overpayments will be paid/collected. This policy will be available to
those employees with a retirement date of January 1, 2020, through August 31, 2020. At the
July 10, 2020, retirement board meeting, Lee Collick motioned to continue paying estimated
payments from January 1 – August 31st each year, as long as the criteria is met by the
applicant. The motion was adopted unanimously 5/0.
Request for Board approval of the retirement application and the estimated pension payment
for Mark Finitzer.
4. Bruce Handrinos, Police Officer, ROPOA bargaining unit, 21 years (including 3 years of
contract time) of service credit. Eligible based on years of service and age. Requested
retirement date of July 4, 2026. Bruce Handrinos requests an estimated pension payment in
accordance with the following policy: Effective January 1, 2020, the board will allow for
payment of an estimated pension payment for new retirees that make the election, and the
estimated calculation will be calculated by taking 75% of the straight life calculation using
average base wage only (base wage that will be utilized in the in FAC excludes roll-ins),
years of service and the applicable multiplier(s). Any under/overpayments will be
paid/collected. This policy will be available to those employees with a retirement date of
January 1, 2020, through August 31, 2020. At the July 10, 2020, retirement board meeting,
Lee Collick motioned to continue paying estimated payments from January 1 – August 31st
each year, as long as the criteria is met by the applicant. The motion was adopted
unanimously 5/0.
Request for Board approval of the retirement application and the estimated pension payment
for Bruce Handrinos.
c. Retirement Benefits
1. Timothy S. Brown, Police Sergeant, PCOA bargaining unit, 25 years (including 2 years
and 1.5 months contract time and 2 years, 3 months and 10 days of ordinance time) of
service credit. Eligible based on years of service and age. Retirement date of March 2,
2026. Selected Option D 75% to surviving spouse - $7,859.49 gross monthly benefit with
withdrawal of contributions / interest of $106,895.39.
Request for Board approval of the gross monthly benefit payment of $7,859.49 to Timothy S.
Brown, with withdrawal of contributions / interest of $106,895.39.
6. Investments
Market value / allocation of asset review as of March 31, 2026.
Presentation by Florence Mwaura of SEI Investments
Request that the Board receive and file all investment reports.
7. Legal
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a. State of Michigan PA 4 of 2023 - full exemption on pension income by the 2026 tax year.
b. Disability Policy - Board review and adoption requested.
Request to receive and file all legal reports.
8. Other
a. Annual advisor and consultant review – In accordance with Board policy, each year one
of the existing advisors/consultants is reviewed along with prospective advisors /
consultants. The medical director is due for review (retirement board only).
b. State of Michigan Open Meetings Act (OMA) Handbook - March 2026 (provided for
informational purposes).
9. Adjournment
Next quarterly meeting is scheduled for 9:00 a.m. August 7, 2026, located in conference
room # 122 at the City Hall Building at 203 S. Troy Street.
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