General Employees Retirement Board

OFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday August 16, 2018 Location: Room #201 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:32 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Jennifer Varney, Secretary Todd Marsh, Trustee Paul Henig, Trustee Mary Jaganjac, Treasurer BOARD MEMBERS ABSENT: ALSO PRESENT: Tom Michaud, Legal Counsel Ryan Clark, Treasury Service Coordinator 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 Henig, supported by Marsh, to approve the minutes of the regular meeting held July 19, 2018. Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL Michaud commented on PA 202 and the updated State guiding principles for local government trust funds, which are stressing a longer-term perspective than in the past. Additionally, Michaud mentioned the difficult dynamic facing funds below 60% and 45% funding, as well as the 10% pension funding threshold from the general fund. CONSENT AGENDA: Motion by Varney, supported by Marsh, to receive and file consent items I A through I D-1. Ayes: All. Motion carried unanimously. RECEIVE AND FILE: A. Benefit Register Listing for August 1, 2018 from Comerica Bank B. Cash and Assets Statement as of July 30, 2018 from Comerica Bank and Morgan Stanley C. Correspondence 1. May 10, 2018 Morgan Stanley Bank Deposit Program Disclosure Statement 2. June 12, 2018 Morgan Stanley confirmation of personal and account Information 3. June 29, 2018 Robbins Geller Rudman & Dowd LLP shareholder class action settlement report 4. July 17, 2018 Lord Abbett Semi-Annual Report 5. July 17, 2018 Morgan Stanley Prospectus for Westeran Asset Management Smash Series C 6. July 18, 2018 Morgan Stanley confirmation of account change in the select UMA Program 1  7. July 18, 2018 July benefit transfer letter to Morgan Stanley 8. July 20, 2018 Morgan Stanley confirmation of personal and account Information 9. July 20, 2018 Morgan Stanley confirmation of personal and account Information 10. July 23 Morgan Stanley confirmation of instructions for benefit transfer 11. July 23, 2018 Morgan Stanley retirement plan fee changes 12. July 23, 2018 Pension & Investments publication 13. August 1, 2018 Hartford International / Global Equities Funds Semi-Annual Report 14. August 6, 2018 Pension & Investments publication 15. August 9, 2018 Real Estate Investment Today publication D. Approve Invoices for Payment 1. Payable from City Assets for the services rendered August 6, 2018 Actuarial fees from Gabriel Roeder Smith & Co. for the June 30, 2018 annual actuarial valuation in the amount of $15,200.00 and for the GASB Statement Nos. 67 & 68 report in the amount of $9,500.00. 2. Payable from Fund Assets for fees in the amounts of $135,848.39, $5,989.41, $10,465.31, $35,665.20 and $11,446.19 for Morgan Stanley consolidated, WCM, Edge, Harding Loevner and Harding Loevner Emerging Markets, respectively. 3. Payable from Fund Assets for Comerica bank fees in the amount of $4,878.00 REGULAR AGENDA: II. OLD BUSINESS: A. Retiree Option B benefit - Marilyn McDonell Motion by Henig, supported by Marsh, to approve Marilyn McDonell (survivor/retiree) receive Option B benefits equal to 50% that of the deceased retiree Thomas McDonell in the monthly gross amount of $437.08 with a one-time retroactive amount of $874.16 for the benefit payment beginning September 1, 2018. Ayes: All. Motion carried unanimously. III. NEW BUSINESS: A. GASB 67/68 Pension Valuation Executive Summary Motion by Henig, supported by Varney, to receive and file the GASB 67/68 Valuation Executive Summary from GRS delivered on August 6, 2018. Ayes: All. Motion carried unanimously. A. Pension Administration Comments None B. Trustee Comments: None ADJOURN: Motion by Henig, supported by Weiler, to adjourn the meeting at 2:04 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted, ___________________________________ Jennifer Varney, Secretary 2