General Employees Retirement Board

UNOFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday, August 16, 2012 ___________________________________________________________________ __ _ ___ Location: Room #201 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2331 Acting Chairperson Baker called the meeting to order at 1:31 p.m. BOARD MEMBERS PRESENT: Brian Baker, Acting Chairperson Jennifer Varney, Acting Secretary / Treasurer Paul Henig, Trustee Todd Marsh, Trustee BOARD MEMBERS ABSENT: Richard Weiler, Chairperson (excused) ALSO PRESENT: Walt Hessell, Pension Administrator; Thomas Michaud, Legal Counsel, VanOverbeke, Michaud & Timmony, P.C. APPROVAL OF AGENDA: Motion by Marsh, supported by Henig, to approve the agenda as presented. Ayes: All. Motion carried unanimously. APPROVAL OF MINUTES: Motion by Marsh, supported by Henig, to approve the minutes of the regular meeting held July 19, 2012. Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL: No formal report. Michaud commented on issues as they appeared on the agenda. CONSENT AGENDA: Motion by Marsh, supported by Henig, to receive and file consent items I A through I E-1. Ayes: All. Motion carried unanimously. I. RECEIVE AND FILE: A. Benefit register listing for August 1, 2012 from Comerica Bank showing 327 active retirees with a payout for July 2012 of $736,131.62 and a year-to-date payout of $5,824,561.60. B. Cash and Asset Statements as of July 31, 2012 from Comerica Bank and Merrill Lynch showing a total market value of $106,133,040.27 comprised as follows: C. Securities Lending Income Summary showing $20.29 collected fiscal year-to-date as compared to $209.13 last fiscal year-to-date. D. Correspondence 1. Merrill Lynch AIM quarterly performance reports in CD-ROM format for the first quarter 2012. 2. Email correspondence and letters sent to Merrill Lynch and Comerica Bank dated July 19, 2012 regarding the transfer of funds for the payment of benefits. 3. Email correspondence with Merrill Lynch and Comerica Bank dated July 23, 2012 regarding the authorization for payment of money manager fees. 4. Email correspondence with City Clerk’s office dated July 23, 2012 notifying of official GERS meeting schedule for the 2012 / 2013 fiscal year. 5. Class Action Settlements Claims Due September 2012. 6. Wire transfer notification received from Merrill Lynch dated July 26, 2012 regarding the transfer of funds for  the payment of benefits. 7. "The Advocate for Institutional Investors" Summer 2012. 8. "Pension & Investments" magazine dated July 23, 2012. E. Approve Invoices for Payment 1. Payable from City Assets for the quarterly service period ending June 30, 2012 Quarterly investment consultant fees from Merrill Lynch Consulting Services in the amount of $8,208.33. REGULAR AGENDA: II. OLD BUSINESS: A. Retirement Information Under ERIP for Matthew Schmidt, City Assessor Motion by Varney, supported by Marsh, to approve the service retirement under ERIP (Early Retirement Incentive Program) for Matthew Schmidt, effective June 30, 2012 with service credit of 22 years and the monthly pension amount of $5,207.88 under option A 100% pop-up with annuity withdrawal based upon a monthly final average compensation of $11,974.31. Ayes: All. Motion carried unanimously. B. Retirement Information for Karen Majewski, Management Assistant, Office of City Management Motion by Marsh, supported by Henig, to approve the service retirement for Karen Majewski, Management Assistant, Office of City Management, effective June 30, 2012 with service credit of 19 years, nine months and the monthly pension amount of $2,038.41 under option B 50% pop – up with annuity withdrawal based upon a monthly final average compensation of $5,178.40. Ayes: All. Motion carried unanimously. C. Retirement Information for Mark Carufel, Purchasing / Risk Manager Motion by Varney, supported by Marsh, to approve the service retirement for Mark Carufel, Purchasing / Risk Manager effective June 19, 2012 with service credit of 21 years, nine months and the monthly pension amount of $4,726.68 under  option A 100% pop-up with annuity withdrawal based upon a monthly final average compensation of $11,231.74. Ayes: All. Motion carried unanimously. D. Retirement Information for Cynthia Critzon, Senior Account Clerk, Office of Financial Services Motion by Varney, supported by Marsh, to approve the service retirement for Cynthia Critzon, Senior Account Clerk, effective June 30, 2012 with service credit of 19 years, six months and the monthly pension amount of $1,928.34 under straight life with annuity withdrawal based upon a monthly final average compensation of $4,741.60. Ayes: All. Motion carried unanimously. E. Retirement Information for Linda Pierce, Assistant FOIA Coordinator, Police Department Motion by Henig, supported by Marsh, to approve the service retirement for Linda Pierce, Assistant FOIA Coordinator, Police Department, effective June 30, 2012 with service credit of 19 years, six months and the monthly pension amount of $1,508.09, under option A 100% with annuity withdrawal based upon a monthly final average compensation of $4,379.56. Ayes: All. Motion carried unanimously. F. Retirement Information for Mark Dyer, Lead Engineering Inspector, Office of Engineering Motion by Varney, supported by Henig, to approve the service retirement for Mark Dyer, Lead Engineering Inspector, Office of Engineering, effective June 30, 2012 with service credit of 21 years, five months and the monthly pension amount of $3,269.08 under option A 100% with annuity withdrawal based upon a monthly final average compensation of $9,223.35. Ayes: All. Motion carried unanimously. G. Retirement Information for Dawn Peterson, Appraiser III, Office of Assessing Motion by Henig, supported by Varney, to approve the service retirement for Dawn Peterson, Appraiser III, Office of Assessing, effective June 30, 2012 with service credit of 19 years, eleven months and the monthly pension amount of $3,233.85 under straight life with annuity withdrawal based on a monthly final average compensation  of $7,644.51. Ayes: All. Motion carried unanimously. H. Retirement Information for Nancy Zaleski, Senior Account Clerk, Office of City Clerk Motion by Varney, supported by Henig, to approve the service retirement for Nancy Zaleski, Senior Account Clerk, Office of City Clerk, effective June 30, 2012 with service credit of 12 years, one month and the monthly pension amount of $1,048.23 under straight life with annuity withdrawal based on a monthly final average compensation of $4,257.33 Ayes: All. Motion carried unanimously. I. Retirement Information for Noel Santos, Civil Engineer III, Office of Engineering Motion by Henig, supported by Marsh, to approve the service retirement for Noel Santos, Civil Engineer III, Office of Engineering, effective June 19, 2012 with service credit of 23 years, eleven months and the monthly pension amount of $4,699.61, under option A 100% pop-up without annuity withdrawal based upon a monthly final average compensation of $9,849.12. Ayes: All. Motion carried unanimously. J. Retirement Information for Judy Skamiera, Lead Bus Driver, Senior Center Motion by Varney, supported by Marsh, to approve the service retirement for Judy Skamiera, Lead Bus Driver, Senior Center, effective June 30, 2012 with service credit of 21 years, ten months and the monthly pension amount of $2,231.70 under straight life with annuity withdrawal based on a monthly final average compensation of $4,908.18. Ayes: All. Motion carried unanimously. K. Retirement Information for Philip Lang, Equipment Operator B, Department of Public Works Motion by Henig, supported by Marsh, to approve the service retirement for Philip Lang, Equipment Operator B, Department of Public Works, effective June 30, 2012 with service credit of 27 years and the monthly pension amount of $3,254.59 under option A 100% with annuity withdrawal based  upon a monthly final average compensation of $6,161.05. Ayes: All. Motion carried unanimously. L. Retirement Information for Walter Fox III, Equipment Operator A, Department of Public Works Motion by Henig, supported by Marsh, to approve the service retirement for Walter Fox III, Equipment Operator A, Department of Public Works, effective June 30, 2012 with service credit of 26 years, one month and the monthly pension amount of $3,593.29 under option A 100% with annuity withdrawal based upon a monthly final average compensation of $6,873.85. Ayes: All. Motion carried unanimously. M. Request City Clerk to Conduct an Election of Trustees to a Three-Year Term due to the expiration of Paul Henig’s Term on October 15, 2012 (three year term) Motion by Varney, supported by Marsh, to adopt a resolution which provides for the conducting of an election by the City Clerk and the acceptance of candidates who are active members of the GERS and who may live outside the City limits but within 20 miles of the City boundaries as required by State Law, due to the expiration of Paul Henig’s term on October 15, 2012 (three year term). Ayes: All. Motion carried unanimously. N. Municipal Service Credit Buyback for L. Jerry Jackson, Appraiser III, Assessing Department Motion by Marsh, supported by Henig, to confirm receipt of $10,816.67 in payroll deductions and to approve the addition of one year of service credit to the pension record of L. Jerry Jackson, Appraiser III, Assessing Department as of July 27, 2012 in compliance with Section 36.3 of the MAPE Technical – Office collective bargaining unit and the previous action of the Board on August 27, 2009. Ayes: All. Motion carried unanimously. III. NEW BUSINESS: A. Application for Service Retirement Under ERIP, Kay Walsh, Account Clerk, Department of Public Works  Motion by Marsh, supported by Henig, to receive and file the application for service retirement under ERIP (Early Retirement Incentive Program) for Kay Walsh, Account Clerk, Department of Public Works Ayes: All. Motion carried unanimously. B. Application for Service Retirement Under ERIP, Susan Woodward, Library Circulation Supervisor, City Library Motion by Marsh, supported by Varney, to receive and file the application for service retirement under ERIP (Early Retirement Incentive Program) for Susan Woodward, Library Circulation Supervisor, City Library Ayes: All. Motion carried unanimously. C. Change in Retiree Status – Arlene Washburn (Deceased) Motion by Henig, supported by Marsh, to approve termination of straight life option benefits for retiree Arlene Washburn, due to her death on August 1, 2012. Ayes: All. Motion carried unanimously. D. Change in Retiree Status – William Crites (Deceased) Motion by Henig, supported by Varney, to approve Anita Crites (survivor/beneficiary) to receive option A benefits equal to 100% that of deceased retiree William Crites in the monthly gross amount of $2,234.07. Ayes: All. Motion carried unanimously. E. Pension Administration Comments - None F. Trustee Comments – None ADJOURN: Motion by Varney, supported by Baker, to adjourn the meeting at 2:05 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted ___________________________________ Jennifer Varney, Acting Secretary / Treasurer