General Employees Retirement Board

OFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday December 20, 2018 Location: Room #202 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:34 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Jennifer Varney, Secretary Paul Henig, Trustee Mary Jaganjac, Treasurer BOARD MEMBERS ABSENT: Todd Marsh, Trustee – excused ALSO PRESENT: Tom Michaud, Legal Counsel Tim Brice, The Brice Group Ryan Clark, Treasury Service Coordinator APPROVAL OF AGENDA: Motion by Varney, supported by Henig, to approve the agenda as presented. Ayes: All. Motion carried unanimously. APPROVAL OF MINUTES: Motion by Jaganjac, supported by Henig, to approve the minutes of the regular meeting held November 28, 2018. Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL: 1) No update from Lansing on legislations 2) Lang case submitted in circuit court CONSENT AGENDA: Motion by Henig, supported by Jaganjac, to receive and file consent items I.A through I.D1 Ayes: All. Motion carried unanimously. RECEIVE AND FILE: A. Benefit Register Listing for December 1, 2018 from Comerica Bank B. Cash and Assets Statement as of November 30, 2018 from Comerica Bank and Morgan Stanley C. Correspondence items - 1-12 Item Date Communication 1 Sep 30, 2018 Annual Prospectus: Calvert Social Investment Fund 1  2 Nov 15, 2018 Boyd Watterson notice of address change To Morgan Stanley: email & letter for benefit 4 Nov 20, 2018 payments fund transfer From Morgan Stanley: consolidated trade 5 Nov 21, 2018 confirmation 6 Nov 26, 2018 Pension & Investments publication 7 Nov 26, 2018 From Morgan Stanley: wire transfer confirmation From Morgan Stanley: Retirement Plan Fee 8 Nov 26, 2018 Changes From Morgan Stanley: Boyd Watterson 9 Nov 27, 2018 management fees payment confirmation 10 Nov 30, 2018 Employee Benefit News publication From Morgan Stanley: consolidated trade 11 Dec 01, 2018 confirmation 12 Dec 10, 2018 Pension & Investments publication D. Approval items 1. Payable from City Assets for the service period ending November 30, 2018: Benefit calculation actuarial fees from Gabriel Roeder Smith & Co. in the amount of $1,650.00. REGULAR AGENDA: II. OLD BUSINESS A. Portfolio Rebalancing, The Brice Group, Morgan Stanley Motion by Henig, supported by Varney, to postpone rebalancing assets until January’s meeting based on current volatility in the markets. B. Service Retirement – Ann Piccolo Motion: by Henig, supported by Jaganjac, to approve Ann Piccolo receive Option B benefits with Pop-up at a monthly benefit of $2,687.98 with a one-time Annuity Withdrawal amount of $82,690.88 III. NEW BUSINESS A. Application for Service Retirement – Pam Ambriez, Senior Account Clerk, Treasury Motion by Varney, supported by Henig, to approve application for Pam Ambriez Straight Life benefits effective January 24, 2018 to be processed and that final calculation request be sent to actuary upon departure once leave banks payout and FAC can be calculated. B. Application for Service Retirement – Dawn Felosak, Deputy Court Clerk, 41A District Court Motion by Jaganjac, supported by Henig, to approve application for Dawn Felosak Option B benefit w/ Pop Up benefits and no annuity withdrawal effective January 18, 2018 to be processed and that final calculation request be sent to actuary upon departure once leave banks payout and FAC can be calculated. C. Pension Administration Comments Annual 415 limits to be promulgated at next meeting with discussions around process improvements to transition from trust fund to payroll. D. Trustee Comments 2 ADJOURN: Motion by Weiler, supported by Jaganjac, to adjourn the meeting at 2:04 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted, ___________________________________ Jennifer Varney, Secretary 3