General Employees Retirement Board

UNOFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday, July 19, 2018 Location: Room #101 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:41 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Todd Marsh, Trustee Paul Henig, Trustee Mary Jaganjac, Treasurer BOARD MEMBERS ABSENT: Jennifer Varney, Secretary (excused) ALSO PRESENT: Tom Michaud, Legal Counsel Ryan Clark, Treasury Service Coordinator APPROVAL OF AGENDA: Motion by Henig, supported by Marsh, to approve the agenda as presented. Ayes: All. Motion carried unanimously. APPROVAL OF MINUTES: Motion by Henig, supported by Weiler, to approve the minutes of the regular meeting held June 21, 2018. Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL Michaud commented on items as they appeared on the agenda. CONSENT AGENDA: Motion by Marsh, supported by Henig, to receive and file consent items I A through I D-1. Ayes: All. Motion carried unanimously. I. RECEIVE AND FILE: A. Benefit Register Listing for July 1, 2018 from Comerica Bank showing 363 active retirees with a payout for June 2018 of $927,618.33 and a year-to-date of $6,458,094.33. B. Cash and Asset Statements as of June 30, 2018 from Comerica Bank and Morgan Stanley showing a total market value of $110,467,394.55 comprised as follows: 1  C. Correspondence 1. May 9, 2018 confirmation of personal and account information 2. May 9, 2018 Morgan Stanley confirmation of personal and account information Important Account Information booklet 3. May 11, 2018 Morgan Stanley confirmation of personal and account information Bank Deposit Program Disclosure Statement 4. May 13, 2018 Morgan Stanley confirmation of personal and account information addition of Account Risk Profile under Investment Suitability section 5. May 15, 2018 Morgan Stanley securities prospectus 6. May 25, 2018 Robbins Geller Rudman & Dowd shareholder class actions settlement report 7. June 15, 2018 St Jude Securities settlement 8. June 19, 2018 letter to Morgan Stanley authorizing funds transfer 9. June 20, 2018 letter to Comerica with St Jude litigation settlement 10. June 25, 2018 The Pomerantz Monitor publication 11. June 25, 2018 Morgan Stanley wire transfer confirmation for pension disbursement funds 12. June 25, 2018 Pension & Investments publication 13. June 27, 2018 Morgan Stanley confirmation of personal and account information 14. June 30, 2018 Morgan Stanley consolidated mailing of trade confirmations for fixed income securities 15. June 30, 2018 Boyd Watterson statement of accounts 16. July 9, 2018 Pension & Investments publication D. Approve Invoices for Payment 1. Invoices from Boyd Watterson in the amounts of $3,234 and $4,910 for net quarterly management fees through June 30, 2018. REGULAR AGENDA: II. OLD BUSINESS: A. Change to Retiree Benefit Waiver of Rights - Sara Garelik Motion by Henig, supported by Marsh, to approve the Stop & Redeposit individual pensioner's July 1st payment for Sara Garelik, in addition to the August 1 2018 through August 1 2019 Retiree Benefit Waiver of Rights. Ayes: All. Motion carried unanimously. 2 III. NEW BUSINESS: A. Change in Pensioner Status - Jason Ruggirello (non-duty death) Motion by Marsh, supported by Henig, to approve Amy Ruggirello (surviving spouse) to receive Option A benefits of the deceased pensioner Jason Ruggirello in the monthly gross amount of $2,190.53 effective June 4, 2018 to commence with August 1st, 2018 pension benefit. Ayes: All. Motion carried unanimously. Discussion raised by Marsh and Henig to include reminder letter with Summary Annual Report to active pensioners regarding an update to pensioner beneficiaries where changed. Michaud provided support and situations supporting this. B. Revised Legal Representation Agreement – VanOverbeke, Michaud & Timmony, P.C. Motion by Henig, supported by Weiler, to approve and sign the revised Legal Representation Agreement recieved June 22, 2018 for VanOverbeke, Michaud & Timmony, P.C. increasing the billing rates for non-litigation & litigation services from $165 & $180 per hour to $180 & $195 per hour, respectively. Ayes: All. Motion carried unanimously. C. Pension Administration Comments 1. Requested change to November 15th Regularly scheduled meeting Request granted to move meeting from Thursday November 15th, 2018 to Wednesday November 14th, 2018. D. Trustee Comments: None ADJOURN: Motion by Henig, supported by Marsh, to adjourn the meeting at 2:55 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted, ___________________________________ Jennifer Varney, Secretary 3