General Employees Retirement Board

OFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM Thursday April 18, 2019 Location: Room #202 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:33 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Mary Jaganjac, Treasurer, Acting Secretary Todd Marsh, Trustee BOARD MEMBERS ABSENT: Jennifer Varney, excused Paul Henig, excused ALSO PRESENT: Tom Michaud, Legal Counsel Ryan Clark, Treasury Service Coordinator APPROVAL OF AGENDA: Motion by Marsh, supported by Jaganjac, to approve the agenda as presented. Ayes: All. Motion carried unanimously. APPROVAL OF MINUTES: Motion by Jaganjac, supported by Weiler, to approve the minutes of the following: - Regular Meeting of February 21, 2019 - Special Meeting March 5, 2019 Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL: Reviewed status of the Lang case. CONSENT AGENDA: Motion by Marsh, supported by Jaganjac, to receive and file consent items I.A through I.C16 Ayes: All. Motion carried unanimously. 1 RECEIVE AND FILE: A. Benefit Register Listing for March 1, 2019 from Comerica Bank showing 363 active retirees with a payout for the benefit month of $ $928,742 and Benefit Register Listing for April 1, 2019 from Comerica Bank showing 365 active retirees with a payout for the benefit month of $ $939,690 and a year-to-date of $3,729,798. B. Cash and Asset Statements as of March 31, 2019 from Comerica Bank and Morgan Stanley showing a total market value of $106,418,971 comprised as follows: 2  C. Correspondence items: Item Date Communication 1 Feb 01, 2019 Real Estate Investment Today 2 Feb 01, 2019 Employee Benefit News 3 Feb 15, 2019 From Morgan Stanley: trade confirmation 4 Feb 18, 2019 Pension & Investments publication Robbins Geller Rudman & Dowd Shareholder Class 5 Feb 22, 2019 Actions Portfolio Report 6 Feb 25, 2019 From Morgan Stanley: confirmation of instructions 7 Feb 25, 2019 From Morgan Stanley: confirmation of instructions 8 Feb 26, 2019 Western Assets Smash Series Prospectus 9 Feb 26, 2019 From Morgan Stanley: wire transfer confirmation 10 Mar 01, 2019 From Morgan Stanley: consolidated trade confirmation 11 Mar 04, 2019 Pension & Investments publication 12 Mar 07, 2019 From Morgan Stanley: trade confirmation 13 Mar 15, 2019 From Morgan Stanley: retirement plan fee changes 14 Mar 18, 2019 Pension & Investments publication 15 Mar 30, 2019 From Morgan Stanley: consolidated trade confirmation 16 Mar 31, 2019 From Boyd Waterson: statement of accounts . REGULAR AGENDA: II. OLD BUSINESS: None III. NEW BUSINESS A. Change in retiree status – Sara Garelik (deceased) Motion by Jaganjac, supported by Marsh, to approve termination of survivor retiree current waived monthly benefit in the amount of $308.49 for Sara Garelik due to her death on April 3, 2019 Ayes: All. Motion carried unanimously. B. Change in alt payee status – Phyllis Havey (deceased) Motion by Marsh, supported by Jaganjac, to approve termination of alternate payee monthly benefit in the amount of $255.06 for Phyllis Havey due to her death on April 11, 2019 and reinstate full Option A monthly benefit to retiree Gordon Havey in the amount of $510.13 according to the Domestic Relations Order No. 89-5069-DO C. Pension Administration Comments 3  1. Update of Disability Retiree Medical Exams and Income Verification Motion by Jaganjac, supported by Marsh, to receive and file the status report for the Disability Retiree Medical Exams and Income Verification D. Trustee Comments: None ADJOURN: Motion by Marsh, supported by Jaganjac, to adjourn the meeting at 1:50 p.m. Ayes: All. Motion carried unanimously. Respectfully Submitted, ___________________________________ Mary Jaganjac, Treasurer / Acting Secretary 4