General Employees Retirement Board

UNOFFICIAL MINUTES OF REGULAR MEETING OF THE STERLING HEIGHTS GENERAL EMPLOYEE’S RETIREMENT SYSTEM September 19, 2019 Location: Room #201 40555 Utica Road, Sterling Heights, MI 48313 (586) 446-2783 Chairperson Weiler called the meeting to order at 1:37 p.m. BOARD MEMBERS PRESENT: Richard Weiler, Chairperson Todd Marsh, Trustee Mark Dunaj, Trustee Jennifer Varney, Secretary Mary Jaganjac, Treasurer BOARD MEMBERS ABSENT: None ALSO PRESENT: Tom Michaud, Legal Counsel Ryan Clark, Treasury Service Coordinator Paul Henig, Pensioner 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 Marsh, supported by Jaganjac, to approve the minutes of the following: - Regular Meeting of August 14, 2019 Ayes: All. Motion carried unanimously. COMMUNICATION FROM CITIZENS: None REPORT FROM LEGAL COUNSEL Michaud reported out on the following items: - MAPERS notice of attempt for fraudulent transfer of funds CONSENT AGENDA: Items I.A through I.D2 Motion by Marsh, supported by Jaganjac, to approve consent agenda items I.A through I.D2 Ayes: All. Motion carried unanimously. I. RECEIVE AND FILE: A. Benefit Register Listing for September 1, 2019 from Comerica Bank showing 364 active retirees with a payout for the benefit months of $938,363 and a year-to-date of $8,399,102. B. Cash and Asset Statements month end August 2019 from Comerica Bank and Morgan Stanley showing a total market value outlined below: P:\Ryan\PENSION\GERS MEETING FILES\Minutes\2020 Fiscal\19.9.19 1 approved minutes.docx  Desired Percentage Asset Class Manager / Fund $ Balance Allocation 2.00% 2.83% LARGE CAP GROWTH CLEARBRIDGE $ 3,024,324.16 2.00% 3.11% LARGE CAP GROWTH ISHARES RUSSELL 1000 GROWTH ETF $ 3,321,426.24 3.00% 2.75% LARGE CAP GROWTH JANUS CAPITAL $ 2,936,094.30 4.00% 4.22% LARGE CAP VALUE CONFLUENCE $ 4,516,560.43 3.00% 3.57% LARGE CAP VALUE ISHARES RUSSELL 1000 VALUE ETF $ 3,820,494.86 4.00% 3.86% LARGE CAP VALUE MFS $ 4,127,587.92 6.00% 4.24% LARGE CAP CORE JOHN HANCOCK $ 4,535,418.07 4.00% 4.25% LARGE CAP CORE ISHARES S&P 500 ETF $ 4,539,703.29 4.00% 4.16% SMID CAP VALUE EDGE $ 4,450,974.15 11.00% 7.43% SMID CORE EARNEST PARTNERS $ 7,939,373.45 11.00% 9.65% INTERNATIONAL CAMBIAR $ 10,319,027.69 6.00% 7.87% INTERNATIONAL WCM $ 8,410,827.69 6.00% 5.78% INTERNATIONAL HARDING LOEVNER $ 6,182,662.80 1.50% 1.90% EMERGING HARDING LOEVNER HLEMX $ 2,030,291.36 1.50% 1.14% EMERGING LAZARD $ 1,223,852.42 2.00% 2.91% REITS PRINCIPAL $ 3,108,761.92 12.00% 12.29% FIXED INCOME WESTERN ASSET MANAGEMENT $ 13,142,397.50 12.00% 11.56% FIXED INCOME BOYD WATTERSON $ 12,356,908.25 5.00% 4.74% MLPS CUSHING $ 5,063,300.26 0.00% 1.75% CASH CASH $ 1,869,745.61 100.00% 100.00% $ 106,919,732 C. Communication items listed below: Item Date Communication 1 Aug 10, 2019 MS | Trade confirm TO MS | Confirmation to terminate Cambiar & hire Aristotle 2 Aug 21, 2019 Capital Management 3 Aug 23, 2019 MS | Wire xfer confirm 4 Aug 23, 2019 MS | Benefit Communication for Retirement Plan 5 Aug 26, 2019 MS | Updates to Select UMA Account 6 Aug 30, 2019 MS | Trade confirm 7 Aug 31, 2019 MS | Consolidated Trade confirm 8 Sep 06, 2019 VMT LAW | Request for Information for Lang Litigation 9 Sep 11, 2019 TO MS | Wire xfer request D. Approval items i. Payable from City Assets for the service period ending June 30, 2019:  Q1 & 2 Legal fees: $14,494.50  GRS GASB & Valuation fees: $17,880 ii. Payable from Fund Assets for the service period ending June 30, 2019: None REGULAR AGENDA II. OLD BUSINESS A. Approval of Payment Schedule for QEBA Participants Motion by Varney, approved by Jaganjac, to approve Payment Schedule for QEBA Participants Ayes: All. Motion carried unanimously. III. NEW BUSINESS P:\Ryan\PENSION\GERS MEETING FILES\Minutes\2020 Fiscal\19.9.19 2 approved minutes.docx  A. Application for Service Retirement for Paul Henig, Mechanic, DPW Field electing Option B with Pop-Up with annuity withdrawal benefit to be effective September 13, 2019. Motion by Jaganjac, supported by Marsh, to approve application for Paul Henig Option B with Pop-Up with annuity withdrawal benefit effective September 13, 2019 for processing and that final calculation request be sent to actuary upon departure once leave banks payout and FAC can be calculated. Ayes: All. Motion carried unanimously. B. Application for Service Retirement for Lori Petersion, Appraiser III, Assessing electing Straight Life benefit without annuity withdrawal to be effective January 1, 2020. Motion by Varney, supported by Marsh, to approve application for Lori Peterson Straight Life benefit without annuity withdrawal effective January 1, 2020 for processing and that final calculation request be sent to actuary upon departure once leave banks payout and FAC can be calculated Ayes: All. Motion carried unanimously C. Retiree Status Change – Paul Andries (deceased) Motion by Marsh, supported by Jaganjac, to approve cessation of benefit for Paul Andries Option A benefit without annuity withdrawal due to his death and to setup Phyllis Andries alternate payee monthly benefit in the amount of $527.22. Ayes: All. Motion carried unanimously D. Retiree Status Change – Gloria Gajos Option B benefit Pop-Up option Motion by Varney, supported by Jaganjac, to approve Gloria Gajos Option B benefit Pop- Up option due to death of alternate payee, Kenneth Gajos, increasing the monthly benefit amount of $2,716.56 to $2,855.20 Ayes: All. Motion carried unanimously E. Pension Administration Comments 1. MAPERS Message to member systems 2. General Employees Retirement System - Certificate of Determination Board Member Employee Representative Motion by Marsh, supported by Weiler, to receive and file pension administrator comments Ayes: All. Motion carried unanimously. F. Trustee Comments: None ADJOURN Motion by Marsh, supported by Varney, to adjourn meeting. Ayes: All. Motion carried unanimously. Respectfully Submitted, Jennifer Varney, Secretary P:\Ryan\PENSION\GERS MEETING FILES\Minutes\2020 Fiscal\19.9.19 3 approved minutes.docx