General Employees Retirement Board

SPECIAL MEETING MINUTES OF THE STERLING HEIGHTS GENERAL EMPLOYEES RETIREMENT SYSTEM AND POLICE AND FIRE RETIREMENT SYSTEM MAY 30, 2019 CITY HALL, CONFERENCE ROOM 201 40555 UTICA ROAD STERLING HEIGHTS, MI 48313 1. The special meeting of the Sterling Heights General Employees Retirement System and the Police and Fire Retirement System was called to order by Lamerato at 1:00pm. 2. Board Members present: Burgan, Henig, Jaganjac, Lamerato, Marsh, Schwarb, Varney. Board Members excused-absent: Maleszyk and Weiler. Also present: Thomas Michaud, Legal Counsel; Nick Makie, City Controller; Ryan Clark, Treasury Services Coordinator; and Kerrie Dzwonkowski, Pension Technician. 3. APPROVAL OF AGENDA Motion by Henig, supported by Jaganjac, to approve the special agenda for the General Employees Retirement System, as presented. Motion by Schwarb, supported by Burgan, to approve the special agenda for the Police and Fire Retirement System, as presented. Ayes: Burgan, Henig, Jaganjac, Lamerato, Marsh, Schwarb, Varney. The motion carried. 4. Interview Actuary candidates a. 1:00 – Cavanaugh Macdonald Consulting, LLC. – Larry Langer represented Cavanaugh Macdonald Consulting, LLC. He presented his material and responded to Board Members’ questions. b. 1:45 – Findley – Tom Swain and Matt Klein represented Findley. They presented their material and responded to Board Members’ questions. c. 2:30 – Gabriel, Roeder, Smith & Company – Mark Buis and Francois Pieterse represented Gabriel, Roeder, Smith & Company. They presented their material and responded to Board Members’ questions. d. 3:15 – Discussion – The Police and Fire Board members stepped out to discuss in private. After discussion, both Pension Boards agreed to have Legal Counsel negotiate prices. No official decision was made. After negotiation, a conference call will be set for an official decision. 5. ADJOURNMENT Motion by Marsh, supported by Henig, for the General Employees Retirement System, to adjourn at 3:49pm. Motion by Schwarb, supported by Jaganjac, for the Police and Fire Retirement System, to adjourn at 3:49pm. Ayes: Burgan, Henig, Jaganjac, Lamerato, Marsh, Schwarb, Varney. The motion carried, the meeting is hereby adjourned.