Police & Fire Retirement Board

SPECIAL MEETING MINUTES OF THE STERLING HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM, ACT 345 SEPTEMBER 12, 2013 TREASURER’S OFFICE IN CITY HALL 40555 UTICA ROAD STERLING HEIGHTS, MI 48313 1. The special meeting of the Police and Fire Retirement System was called to order by President Solak at 9:07 a.m. Members participated via a conference call in the Treasurer’s Office at City Hall. 2. Board Members present: Solak (via phone), Wellhausen, Varney. Absent: Nash and Lamerato. Also present: Tom Michaud (via phone), Legal Counsel; and Nancy Duyck, Pension Technician. 3. APPROVAL OF AGENDA Motion by Wellhausen, supported by Varney, to approve the special agenda as presented. Ayes: Wellhausen, Solak, Varney. Absent: Nash and Lamerato. The motion carried. 4. CITIZEN PARTICIPATION There was no citizen participation. 5. BENEFITS & PLAN ADMINISTRATION a. Old Business 1. Suzanne Valken – EDRO benefit resolution – discussion Suzanne (Valken) Hartley, Alternate Payee of Jeffrey Valken, has supplied the necessary paperwork to start receiving her monthly benefit as stipulated in the EDRO as of October 1, 2013. All required paperwork is on file in the Pension Office. After discussion, the following resolution was considered:  L 13-9-12-1 Re: SUZANNE (VALKEN) HARTLEY EDRO BENEFIT WHEREAS, the City of Sterling Heights Police and Fire Retirement System consists of a defined benefit plan and defined contribution plan which are qualified plans under applicable provisions of the Internal Revenue Code, and WHEREAS, the Retirement System is generally subject to Public Act 46 of 1991 of the State of Michigan statutes (MCLA 38.1701, et seq.), and WHEREAS, the Board of Trustees previously received an Eligible Domestic Relations Order (EDRO), dated August 16, 2013, purporting to grant SUZANNE (VALKEN) HARTLEY with certain rights and claims regarding Retirement System benefits normally payable to JEFFREY VALKEN, who elected a DROP retirement as of June 18, 2011, and WHEREAS, the Board, at its regular meeting of September 19, 2013, approved the Eligible Domestic Relations Order, dated August 16, 2013, wherein SUZANNE (VALKEN) HARTLEY, the former spouse of the member, was granted certain rights to the Defined Benefit Plan benefit of the aforesaid member, and WHEREAS, Section 6 of the EDRO states that the Participant’s DROP Account is divisible immediately, therefore be it RESOLVED, that the Board hereby acknowledges receipt of the Eligible Domestic Relations Order, dated August 16, 2013, and shall pay pension benefits consistent with said Court Order, and further RESOLVED, that notwithstanding Section 6 of the EDRO, the Participant’s DROP Account is not divisible until the Participant terminates employment with the City of Sterling Heights and terminates his DROP participation, and further RESOLVED, that in accordance with the EDRO, SUZANNE (VALKEN) HARTLEY shall be paid a yearly regular retirement pay in the amount of $14,297.64 or monthly benefits of $1,191.47. That the Treasurer shall immediately calculate and pay SUZANNE (VALKEN) HARTLEY the appropriate amount as of October 1, 2013, and further RESOLVED, that pension benefits, consistent with the elections herein and in accordance with the provisions of the August 16, 2013 EDRO, be paid to the former spouse, SUZANNE (VALKEN) HARTLEY. Motion by Solak, supported by Varney, to adopt the resolution as presented and process the disbursement. Ayes: Solak, Wellhausen, Varney.  Absent: Nash, Lamerato. The motion carried. 6. ADJOURNMENT Motion by Wellhausen, supported by Solak, to adjourn at 9:16 a.m. Ayes: Wellhausen, Solak, Varney. Absent: Nash and Lamerato. The motion carried; the meeting is hereby adjourned. Mark Wellhausen Secretary MW/nd