General Employees Retirement Board

UNOFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday January 17, 2019 Location: Room #202 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:35 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Jennifer Varney, Secretary Mary Jaganjac, Treasurer Todd Marsh, Trustee Paul Henig, Trustee BOARD MEMBERS ABSENT: ALSO PRESENT: Tom Michaud, Legal Counsel Tim Brice, The Brice Group Ryan Clark, Treasury Service Coordinator APPROVAL OF AGENDA: Motion by Varney, supported by Jaganjac, to approve the agenda as presented. Ayes: All. Motion carried unanimously. APPROVAL OF MINUTES: Motion by Varney, supported by Jaganjac, to approve the minutes of the regular meeting held December 20, 2018. Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL: None CONSENT AGENDA: Motion by Jaganjac, supported by Varney, to receive and file consent items I.A through I.D1 Ayes: All. Motion carried unanimously. 1 RECEIVE AND FILE: A. Benefit Register Listing for January 1, 2019 from Comerica Bank B. Cash and Assets Statement as of December 31, 2018 from Comerica Bank and Morgan Stanley C. Correspondence items - 1-8 Item Date Communication Robbins Geller Rudman & Dowd Shareholder 1 Nov 30, 2018 Class Actions Portfolio Report 2 Dec 18, 2018 To Morgan Stanley: funds xfer request From Morgan Stanley: wire transfer 4 Dec 20, 2018 confirmation 5 Dec 24, 2018 Pension & Investments publication Wester Asset Management management team 6 Dec 31, 2018 changes From Morgan Stanley: Account Statement and 7 Jan 03, 2019 Cash Management Activity 8 Jan 07, 2019 Pension & Investments publication D. Approval items 1. Payable from City Assets for the service period ending December 31, 2018: VanOverbeke, Michaud & Timmony, P.C. legal service fees for 1/1/2018 through 12/31/2018 totaling $19,380 for both legal and litigation services. Gabriel, Roeder, Smith & Company actuarial service fees for 1/1/2018 through 12/31/2018 for calculations performed on benefits, FAC limits and exclusion ratios totaling $1,995. REGULAR AGENDA: II. OLD BUSINESS A. Portfolio Rebalancing, The Brice Group, Morgan Stanley Motion by Varney, supported by Jaganjac, to rebalance assets based on guidance from and January 17, 2019 market values from The Brice Group. III. NEW BUSINESS A. Pension Administration Comments: None B. Trustee Comments: None 2 ADJOURN: Motion by Jaganjac, supported by Henig, to adjourn the meeting at 1:55 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted, ___________________________________ Jennifer Varney, Secretary 3