Police & Fire Retirement Board

SPECIAL MEETING MINUTES OF THE STERLING HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM, ACT 345 JUNE 7, 2012 FIRE DEPARTMENT CONFERENCE ROOM 41625 RYAN ROAD STERLING HEIGHTS, MI 48313 1. The special meeting of the Police and Fire Retirement System was called to order by President Solak at 4:03 p.m. 2. Board Members present: Solak, Wellhausen, Padovini, Nash, Varney. Also present: Tim Brice, representing Merrill Lynch Private Client Group; and Nancy Duyck, Pension Technician. 3. APPROVAL OF AGENDA Motion by Wellhausen, supported by Nash, to approve the special agenda as presented. Ayes: All. The motion carried. 4. CITIZEN PARTICIPATION There was no citizen participation. 5. BENEFITS & PLAN ADMINISTRATION a. Review large cap value equity candidates - discussion Mr. Brice reviewed the value search book with the Board. The Board commented on the various candidates. After discussion, the following motion was considered: To have the following firms participate in the manager search process: Herndon Capital, Black Rock and Eagle Capital. Motion by Solak, supported by Wellhausen.  Ayes: All. The motion carried. Mr. Brice will contact the selected firms for attendance at the June 21, 2012 regular meeting and notify the Board. The Board will meet in the next couple of months to discuss alternative asset classes to further diversify the portfolio. 6. TRUSTEE COMMENTS: None. 7. ADJOURNMENT Motion by Padovini, supported by Wellhausen, to adjourn at 5:00 p.m. Ayes: All. The motion carried; the meeting is hereby adjourned. Mark Wellhausen Secretary