Police & Fire Retirement Board

REGULAR MEETING MINUTES OF THE STERLING HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM, ACT 345 DECEMBER 17, 2015 FIRE DEPARTMENT CONFERENCE ROOM 41625 RYAN ROAD STERLING HEIGHTS, MI 48314 1. President Lamerato called the regular meeting of the Police and Fire Retirement System to order at 3:30 p.m. 2. Board Members Present: Lamerato Wellhausen, Schwarb, Maleszyk, Varney. Also present: Tom Michaud, Legal Counsel; and Nancy Duyck, Pension Technician. 3. APPROVAL OF CONSENT AND REGULAR AGENDAS Motion by Wellhausen, supported by Schwarb, to approve the consent agenda as presented. Ayes: All. The motion carried. Motion by Wellhausen, supported by Schwarb, to approve the regular agenda as presented. Ayes: All. The motion carried. Regular Meeting Minutes – December 17, 2015 Page Two 4. APPROVAL OF MINUTES No corrections were made to the draft minutes of the regular meeting of November 19, 2015. Motion by Schwarb, supported by Varney, to approve the minutes as presented. Ayes: All. The motion carried. 5. CITIZEN PARTICIPATION There was no Citizen participation. 6. REPORT FROM LEGAL COUNSEL No formal legal report was presented. Mr. Michaud commented on items of new business as they were considered. PRESENTATION Experience Study Proposal by Rodwan Consulting Company Denise Jones from Rodwan Consulting Company was unable to attend the meeting to review the experience study proposal with the Board. The Board reviewed the proposal as submitted. The following motion was then considered: Motion by Varney, supported by Schwarb, to proceed with the experience study per the written proposal. Ayes: All. The motion carried. The Secretary will notify Rodwan Consulting Company of the Board’s action. CONSENT AGENDA 7. CORRESPONDENCE a. Correspondence from Intercontinental dated November 17, 2015 re: distribution in Intercontinental U.S. Real Estate Investment Fund. b. Other correspondence received from: 1. Morgan Stanley – market value weekly updates 2. Pomerantz LLP 3. NCPERS 4. Robbins Geller Rudman & Dowd LLP 5. VOYA Regular Meeting Minutes – December 17, 2015 Page Three CONSENT AGENDA 7. CORRESPONDENCE – cont. c. Magazines received: 1.Institutional Investor for December 2015 2. Pensions & Investments for November 30 and December14, 2015. 8. BILLS AND EXPENDITURES c. Checking Account Summary Beginning Balance $6,690.55 11/01/15 Subtractions (5) $ 2,014.62 1. 11/30 Check 1986 29.51 AT & T phone bill – 11/16/15 2. 11/27 Check 1987 41.26 City of S.H. – printer charges 3. 11/06 Check 5349 932.05 Contract Payment Nancy Duyck 4. 11/09 Check 5350 79.76 Contract fee – Gurin & Gurin 5. 11/20 Check 5351 932.04 Contract Payment Nancy Duyck Electronic withdrawals (4) $1,338.54 1. 11/09 461.54 IRA contribution 2. 11/12 385.08 IRS Fed. tax w/h 3. 11/20 106.82 Michigan St. tax w/h 4. 11/25 385.10 IRS Fed. tax w/h Ending Balance $3,337.39 11/30/15 d. Transmittal of Checks 1. There were no checks received this month. 9. FUNDS MANAGEMENT a. The current value of funds as of November 30, 2015 is detailed below: Clearing account $ 6,725,294.16 Intercontinental $ 4,516,317.35 Winslow $ 15,959,009.02 Janus $ 16,871,169.06 Eagle $ 15,991,326.61 Herndon $ 15,589,612.14 Earnest Partners $ 14,106,503.36 Cambiar $ 14,237,129.25 AIM/Invesco $ 16,319,809.19 Western $ 27,147,118.70 Regular Meeting Minutes – December 17, 2015 Page Four CONSENT AGENDA 9. FUNDS MANAGEMENT a. The current value of funds as of November 30, 2015 is detailed below: – cont. Met West $ 25,241,528.24 London Co. $ 30,787,533.17 MS Cash $ 648.00 Checking account $ 3,337.39 TOTAL FUNDS $ 203,496,335.64 b. The Board received a copy of the Summary of Employer Contributions to the Police and Fire Retirement System for the 2015 tax year as of 12/14/15. The System has received $7,658,600.00 of the 2015/16 budget of $7,986,312.00, leaving a $327,712.00 balance.  c. Benefit Register Listing as of December 1, 2015 from Comerica Bank showing 337 retirees/beneficiaries with a payout for December of $1,409,116.44 and a year-to-date of $18,578,952.94. d. The current Merrill Lynch Bond index for November 2015 is 2.37%. 10. BENEFITS & PLAN ADMINISTRATION a. Old Business 1. None. REGULAR AGENDA 8. BILLS AND EXPENDITURES a. Disbursements other than retiree benefit payments (bills) 1. Disbursement to Rodwan Consulting Company in the total amount of $8,100.00 for the quarter ended December 31, 2015 (12/31/14 Actuarial Report, and the quarters ended September 30, 2015 and December 31, 2015 for the 6/30/15 actuarial report. Motion by Wellhausen, supported by Maleszyk, to approve the disbursement as presented. Ayes: All. The motion carried. Regular Meeting Minutes - December 17, 2015 Page Five REGULAR AGENDA 8. BILLS AND EXPENDITURES – cont. b. Disbursements to retirees/members other than monthly benefit payments 1. Dennis Adler – partial DROP distribution Dennis Adler of the Fire Department terminated his DROP retirement as of May 30, 2014. He is requesting a partial DROP distribution from his DROP account. All required paperwork is on file in the Pension Office. Motion by Wellhausen, supported by Schwarb, to approve the disbursement as presented. Ayes: All. The motion carried. 2. Andrew Bradfield - refund of contributions Police Officer Andrew Bradfield was hired on February 9, 2015 and terminated employment on May 1, 2015. He has requested a refund of his contributions and interest. Walt Hessell has calculated the amount of the refund. All required paperwork is on file in the Pension Office.  Motion by Schwarb, supported by Wellhausen, to approve the refund as presented. Ayes: All. The motion carried. 10. BENEFITS & PLAN ADMINISTRATION a. New Business None. 11. TRUSTEE COMMENTS None. Regular Meeting Minutes - December 17, 2015 Page Six 12. ADJOURNMENT Motion by Wellhausen, supported by Maleszyk, to adjourn at 3:45 p.m. Ayes: All. The motion carried; the meeting is hereby adjourned. Mark Wellhausen Secretary