Police & Fire Retirement Board

Board of Trustees Police gl,,,d Fire Retirement System Act it45 orl A Pension Plan and Trust Fund 41625 Ryan Rd. Sterling Heights, Michigan 48314-3945 John Lamerato VanOverbeke, Michaud & TimmonY, P'C President Legal Counsel Kelly Burgan REGULAR MEETING MINUTES OF THE Secretary STERLING HEIGHTS Randall Schwarb Trustee POLICE AND FIRE RETIREMENT SYSTEM, ACT 345 Robert Maleszyk FEBRUARY 20, 2O?O Trustee Mary Jaganjac FIRE DEPARTMENT CONFERENCE ROOM City Treasurer 41 625 RYAN ROAD STERLING HEIGHTS, MI 48314 586-446-2958 1. President Lamerato called the regular meeting of the Police and Fire Retirement System to order at 3:27pm. ?. Board Members Present: Lamerato, Burgan, Schwarb, Jaganjac. Absent: Maleszyk (excused). Also present: Tim Brice, representing The Brice Group/Morgan Stanley Graystone Consulting; Robert Abb, Legal Counsel; and Kerrie Dzwonkowski, Pension Technician. 3. APPROVAL OF CONSENT AND REGULAR AGENDAS Motion by Schwarb, supported by Burgan, to approve the consent agenda as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. Motion by Schwarb, supported by Burgan, to approve the regular agenda as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 4, APPROVAL OF MINUTES No corrections were made to the draft minutes of the regular meeting of January 16,20?0. Motion by Schwarb, supported by Burgan, to approve the minutes as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 5. CITIZEN PARTICIPATION There was no Citizen participation. 6. REPORT FROM LEGAL COUNSEL Mr. Abb commented on items of new business as they were considered. He stated that pension in the US will be changing soon for private sectors, but not for public sectors. There will be a formal report from our Legal Counsel at a later date. CONSENT AGENDA 7, CORRESPONDENCE a. Correspondence received from: 1. Morgan Stanley - market value monthly updates 2. Morgan Stanley - correspondence regarding purchasing investments 3. Robbins Geller Rudman & Dowd LLP - Settlement Report Regular Meeting Minutes - February ?0, Z0?0 Page Two CONSENT AGENDA 8. BILLS AND EXPENDITURES a. Checking Account Summary Beginning Balance $2,380.49 1/1/20 Additions (1) $5,000.00 Subtractions (2) $205.98 1. 1/22 Ck 208s $205.98 City of SH - Accounting Electronic withdrawals (7) $3,921.88 1. 1/2 370.28 IRS Fed. Tax w/h 2. 1/8 DD 1 100 1,295.65 Contract Payment KD 3. 1/10 85.70 Contract fee - Gurin & Gurin 4. 1/1s 369.30 IRS Fed. Taxw/h 5. 1/21 1 36.00 Michigan St. tax w,/h 6. 1/22 DD 1 101 1,295.65 Contract Payment KD 7. 1/29 369.30 IRS Fed. Tax w,/h Ending Balance $3,252.63 1/31/20 d Transmittal of Checks 1. None 9 FUNDS MANAGEMENT The current value of funds as of January 31 , 2020 is detailed below: Clearing account $ 748,074.34 Winslow $ 13,9 18,22g.g7 Janus $ 1 3,009,677.82 Eagle $ 1 1,443,535.69 Confluence $ 6,729,145.39 Rothschild $ 14,876,238.28 Earnest $ 15,91 8,201.70 Aristotle $ 21,849,753.98 western $ 25,897,5?7.16 Met West $ 19,1 43,794.99 Hancock $ 26,130,496.00 Cushing $ 8,483,321.69 WCM $ 43,763,348.95 MS Cash $ 8,41?.75 Checking account $ 3.2s2.60 TOTAL FUNDS $ ?21 ,923,01 .31 1 Regular Meeting Minutes - February 20,2020 Page Three CONSENT AGENDA 9. FUNDS MANAGEMENT - cont. b. The Board received a copy of the Summary of Employer Contributions to the Police and Fire Retirement System for the 2019 tax year as of 2/13/20.The System has received $9,439,359.37 of the 2O19/2O budget of $9,813,390.00.00, leaving a balance of $374,030.63. c. Benefit Register Listing as of February 1,20?O from Comerica Bank showing 390 retirees/beneficiaries with a payout for January of $1 ,687,426.93 and a total year-to-date of $3,705,83 9.85. d. The current Merrill Lynch Bond index for January 2O2O is 1.960/o. REGULAR AGENDA 8. BILLS AND EXPENDITURES a. Disbursements other than retiree benefit payments (bills) 1. Disbursement to MetWest Management in the amount of $16,404.08 for investment management fees for the quarter ending 12/31/19. 2. Disbursement to Eagle Capital Management in the amount of $24,071.31 for investment management fees for the quarter ending 12/31/19. 3. Disbursement to WCM lnvestment Management in the amount of $94,164.56 for investment management fees for the quarter ending 12/31/19. 4. Disbursement to Morgan Stanley in the total amount of $226,420.49 for investment management fees for the quarter ending 12/31/19. Motion by Schwarb, supported by Burgan, to approve the bills as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. b. Disbursements to retirees/members other than monthly benefit payments 1. Daniel Dye - partial DROP distribution - discussion Daniel Dye of the Fire Department terminated his DROP retirement as of July 22,2014. He is requesting a partial DROP distribution from his DROP account. All required paperwork is on file in the Pension Office. 2. Darrell Gudenau - partial DROP distribution - discussion Darrell Gudenau of the Police Department terminated his DROP retirement as of December 8, 2009. He is requesting a partial DROP distribution from his DROP account. All required paperwork is on file in the Pension Office. 3. Thomas Fett - partial DROP distribution - discussion Thomas Fett of the Police Department terminated his DROP account as of January 29, 2016. He is requesting a partial distribution of his DROP account. All required paperwork is on file in the Pension Office. 4. Joseph Opalewski - total DROP distribution - discussion Joseph Opalewski of the Fire Department terminated his DROP retirement as of December 17,2011. He is requesting a total DROP distribution from his DROP account. All required paperwork is on file in the Pension Office. Motion by Burgan, supported by Schwarb, to approve the disbursements as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. Regular Meeting Minutes - February 20,20?0 Page Four REGULAR AGENDA 9. FUNDS MANAGEMENT e. Quarterly Performance Report 1. The Brice Group The following manager specific comments were discussed: MetWest a. The total portfolio return in the fourth quarter was 9.55%, ranking in the 31st percentile of the lM U.S. Broad Market Fixed Sample. lt exceeded the BC Aggregate Bond index (8.720/o). b. Their total portfolio return was 3.53%o since inceplion (4/1/15). This exceeded the BC Aggregate Bond index (2.86%o). c. The market value as of December 31, 2019 was $18,732,741.86, which represented 8.39% of the total portfolio. Western Asset Management a. The total portfolio return in the fourth quarter was 1?.1 60/0, ranking in the 2nd percentile of the lM U.S. Broad Market Fixed Sample. lt exceeded the BC Aggregate Bond index (8.72%). b. Their total portfolio return was 4.660/o since inception (7/1/11). This exceeded the BC Aggregate Bond index (3.32%). c. The market value as of December 31,2019 was $25,434,162.69, which represented 11.39o/o of the total portfolio. lntercontinental Real Estate a. The lntercontinental Real Estate return for the fourth quarter was 10.09o/o. b. Their total portfolio return was 1 ?.12o/o since inceplion (7 /1/04). c. The market value as of December 31, 2019 was $853,961.00, which represented 0.38% of the total portfolio. John Hancock a. The total portfolio return in the fourth quarter was 10.77o/o, ranking in the 5th percentile of the lM U.S. Large Cap Core Equity. It exceeded the S & P 500 lndex 9.07%). b. Their total portfolio return was 1 1.18o/o since inception (4/1/18). This trailed the S & P 500 Index 1 4.39o/o). c. The market value as of December 31, 2019 was $13,985,355.01, which represented 6.260/o of the total portfolio. John Hancock - iShares Core SP 500 ETF a. The total portfolio return in the fourth quarter was 31.08o/o, ranking in the 3Sth percentile of the lM U.S. Large Cap Core Equity. It trailed the S & P 500 lndex 31.49o/o). b. Their total portfolio return was 12.02o/o since inception (4/1/15). This trailed the S & P 500 lndex (1 2.11o/o). c. The market value as of December 31, 2019 was $12,331,093.,l8, which represented 5.52o/o of the total portfolio. Regular Meeting Minutes - February ?0,20?0 Page Five REGULAR AGENDA 9. FUNDS MANAGEMENT e. Quarterly Performance Report 1. The Brice Group - cont. Confluence lnvestment Counsel a. The total portfolio return in the fourth quarter was 5.92%, ranking in the 88th percentile of the lM U.S. Large Cap Value Equity. lt trailed the Russell 1 000 Value lndex 7.41o/o). b. Their total portfolio return was 13.38o/o since inception (4/1/16). This exceeded the Russell 1000 Value lndex (11.87o/o). c. The market value as of December 31, 2019 was $6,770,073.38, which represented 3.O3o/o of the total portfolio. Eagle lnvestment Counsel a. The total portfolio return in the fourth quarter was 10.330/0, ranking in the 12th percentile of the lM U.S. Large Cap Value Equity. lt exceeded the Russell 1000 Value lndex (7.410/o). b. Their total portfolio return was 15.160/o since inception (10/1/12). This exceeded the Russell 1000 Value lndex (1 1.97o/o). c. The market value as of December 31,2019 was $1,706,526.18, which represented 5.640/o of the total portfolio. Rothschild lnvestment Counsel a. The total portfolio return in the fourth quarter was 7.840/0, ranking in the 52nd percentile of the lM U.S. Large Cap Value Equity. lt exceeded the Russell 1000 Value lndex7.41o/o). b. Their total portfolio return was 1?.05o/o since inceplion (4/1/16). This exceeded the Russell 1000 Value lndex (1 1.87o/o). c. The market value as of December 31 , 2019 was $6,580,644.13, which represented 2.95o/o of the total portfolio. Winslow lnvestment Counsel a. The total portfolio return in the fourth quarter was 9.17o/o, ranking in the 62nd percentile of the lM U.S. Large Cap Growth Equity. lt trailed the Russell 1000 Growth lndex (10.620/o). b. Their total portfolio return was 14.68% since inception (4/1/12). This trailed the Russell 1000 Growth lndex (15.2?o/o). c. The market value as of December 31,2019 was $4,283,906.96, which represented 1.92o/o of the total portfolio. Janus lnvestment Counsel a. The total portfolio return in the fourth quarter was 8.26%o, ranking in the 77th percentile of the lM U.S. Large Cap Growth Equity. lt trailed the Russell 1000 Growth lndex (10.620/o). b. Their total portfolio return was 15.27o/o since inception (1 /1/10). This exceeded the Russell 1000 Growth lndex (15.21o/o). c. The market value as of December 31, 2019 was $12,645,446.14, which represented 5.66%o of the total portfolio. Regular Meeting Minutes - February 20,2020 Page Six REGULAR AGENDA 9. FUNDS MANAGEMENT e. Quarterly Performance Report 1. The Brice Group - cont. Earnest Partners a. The total portfolio return in the fourth quarter was 10.05%, ranking in the 8th percentile of the lM U.S. SMID Cap Core Equity. lt exceeded the Russell 2500 lndex 7.060/o). b. Their total portfolio return was 1 0.630/o since inception (1 O/1/06). This exceeded the Russell 2500 lndex (9.24o/o). c. The market value as of December 31, 2019 was $1 5,871 ,636.05, which represented 7.11% of the total portfolio. Aristotle a. The total portfolio return in the fourth quarter was 7.02o/o, ranking in the 94th percentile of the lM lnternational Equity. lt trailed the MSCI EAFE net (8.92%). b. Their total portfolio return was 7.02o/o since inception (1 O/1/19). This trailed the MSCI AC World x US net (8.92o/o). c. The market value as of December 31,2019 was $16,117,851.04, which represented 7.22o/o of the total portfolio. WCM a. The total portfolio return in the fourth quarter was 1Q.600/o, ranking in the 41st percentile of the lM lnternational Equity. lt exceeded the MSCI AC World x US net (8.92o/o). b. Their total portfolio return was 15.760/o since inception (1 /1/16). This exceeded the MSCI AC World x US net (6.19%). c. The market value as of December 31, 2019 was $44,345,182.37, which represented 19.86% of the total portfolio. Harding Loevner b. The total portfolio return in the fourth quarter was 12.07o/o, ranking in the 27th percentile of the lM Emerging Markets Equity. It exceeded the MSCI EM net 11.84o/o). b. Their total portfolio return was 1.18% since inception (1/1/18). This exceeded the MSCI EM net (0.58%). c. The market value as of December 31, 2019 was $6,345,860.94, which represented 2.84o/o of the total portfolio. Cushing a. The total portfolio return in the fourth quarter was -0.77o/o, ranking in the B3rd percentile of the Alerian MLP lndex. lt exceeded the lM U.S. Equity (-4.08o/o). b. Their total portfolio return was -3.94% since inception ('l /1/17). This exceeded the lM U.S. Equity (-4.44o/o). c. The market value as of December 31, ?019 was $9,051,807.24, which represented 4.05o/o of the total portfolio. The following tables detail the lnvestment Performance Review for the fourth quarter ending December 31, 2019. Market value of the funds under management as of December 31,2019 was $223,?93,645.75. Regular Meeting Minutes - February 20, ?020 Page Seven REGULAR AGENDA 9. FUNDS MANAGEMENT e. Quarterly Performance Report 1. The Brice Group - cont. The total fund return for the fourth quarter was 7.17o/o,ranking in the 3rd percentile of Public Plans < $250 million, as summarized below: 9/19 12/18 12/16 12/14 12/09 1/9? To 12/19 ro 12/19 to 12/19 to 12/19 to 12/19 to 12/19 Total fund* 7.17/3 26.97/1 11.79/2 8.18/4 9.07/9 7.64/66 *Ranked against Public Plans < $250 million The following manager specific return information is detailed separately from the other long-term data: 9/19 1?/18 12/16 4/15 MetWest to 12/19 to 12/19 to 12/19 to 12/19 Total Fundn 0.70/9 9.55/31 5.01/9 3.53/24 *Ranked against the lM U.S. Broad Market Fixed 9/19 12/18 12/16 12/14 7/11 Western to 12/19 to 12/19 to 12/19 to 12/19 to 12/19 Total Fund* 1.OZ /5 12.16/2 5.60/3 4.48/4 4.66/6 *Ranked against the lM U.S. Broad Market Fixed 9/19 12/18 12/16 12/14 12/09 7/04 tntercontinental to 12/19 to 12/19 to 12/19 to 12/19 to 12/19 to 12/19 3.1 10.09 8.44 6.62 7.73 12.12 9/19 12/18 4/18 Hancock to 12/19 to 12/19 to 12/19 Total Fund* -10.77 /5 37.01/Z 11 .18/71 *Ranked against the lM U.S. Large Cap Core Equity 9/ 19 12/ 18 12/16 4/ 15 Hancock iShares to 12/19 to 1?/19 to 12/19 to 1?/19 Total Fund* 8.87 /35 31 .08/38 1 5.1 0/36 12.02/28 *Ranked against the IM U.S. Large Cap Core Equity 9/19 12/18 12/16 4/16 Confluence to 12/19 to 12/19 to 12/19 to 12/19 Total Fund* 5.92188 35.58/6 14.38/14 1 3.38/33 *Ranked against the lM U.S. Large Cap Value Equity 9/19 12/18 12/16 12/14 10/12 Eagle to 12/19 to 1?/19 to 12/19 to 12/19 to 12/19 Total Fund* 10.33/12 31.55/16 15,99/5 12.18/7 1 5.1615 *Ranked against the lM U.S. Large Cap Value Equity 9/19 12/18 12/16 4/16 Rothschild to 12/19 to 12/19 to 12/19 to 12/19 Total Fund* 7.81/52 27.60/48 11.04/47 12.05/61 *Ranked against the lM U.S. Large Cap Value Equity 9/19 12/18 12/16 12/14 4/12 Winslow to 12/19 to 12/19 to 12/19 to 1?/19 to 1?/19 Total Fund* 9.17 /6? 33.15/57 23.10/14 14.58/34 14.68/5? *Ranked against the lM U.S. Large Cap Growth Equity Regular Meeting Minutes - February 20, Z0Z0 Page Eight REGULAR AGENDA 9. FUNDS MANAGEMENT e. Quarterly Performance Report 1. The Brice Group - cont. 9/19 1?/18 12/16 12/ 14 1/10 Janus to 12/19 to 1?/19 to 12/19 to 1?/19 to 12/19 Total Fund* 8.26/77 37.64/19 22.18/26 16.11/11 15.27 /33 *Ranked against the lM U.S. Large Cap Growth Equity 9/ 19 12/ 18 12/16 12/ 14 12/09 1 0/06 12/19 to 12/19 to 12/19 to 1?/19 Earnest Part. To to 1?/19 to 12/19 Total Fund* 10.05/8 33.44/34 15.72/33 11.97/23 14.49/23 10.63/36 *Ranked against the lM U.S. SMID Cap Core Equity 10/19 Aristotle to 12/19 Total Fund* 7.02/94 *Ranked against the lM lnternational Equity Developed Markets 9/19 12/18 6/17 WCM to 1?/19 to 12/19 to 12/19 Total Fund* 10.60/41 40.14/2 15.76/2 *Ranked against the lM lnternational Equity 9/19 12/18 1/18 Harding to 12/19 to 1?/19 to 12/19 Total Fund* 1?.07 /27 -?5.58/2? 1 .18/37 *Ranked against lM Emerging Markets Equity 9/19 12/18 1?/16 1/17 Cushing to 12/19 to 12/19 to 1?/19 to 12/19 Total Fund* -0.77 /83 11 .77 /7 5 -3.63/90 -3.94/89 *Ranked against the lM US Other Equity Mr. Brice discussed the fourth quarter performance of the total portfolio. He suggested rebalancing the portfolio. After discussion, the following motions were made: Motion by Schwarb, supported by Jaganjac, to rebalance the money in the Retirement system's portfolio. Motion by Schwarb, supported by Jaganjac, to sell iShares and purchase Vanguard. Motion by Jaganjac, supported by Schwarb, to terminate Cushing and hire Energy lncome Partners. Motion by Schwarb, supported by Jaganjac, to hire Fidelity and Victory for Small Cap. 10. BENEFITS & PLAN ADMINISTRATION a. New Business 1 . 2019 STD Report - discussion The Board received a listing of Police and Fire members who were off on short-term term disability during 2019 from the City Human Resources/Risk Management Department. Two people affected by periods of STD were sent correspondence detailing the preliminary findings according to the report and the amount of time that may be lost net of the sixty-day allowance permitted by Act 345. Regular Meeting Minutes - February 20, Z0?O Page Nine REGULAR AGENDA 10. BENEFITS & PLAN ADMINISTRATION a. New Business - cont. 1. 201 9 STD Report - cont. Total Total Total Adjusted Member Name Days Off Days credited Lost time Adj. Hire Date Merpi, Maureen 130 60 70 4-25-1999 Nowicki, Thomas 38 38 0 N/A Peterson, Robert 84 60 24 7-1 0-1 998 Potts,Jessica 13 13 0 N/A Todd, David 20 20 0 N/A Watson,Sean 6 6 0 N/A It is recommended that the Board approve the adjustment to the hire dates. Motion by Schwarb, supported by Burgan, to approve the 2019 short-term disability report with credits and adjustments as listed. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 2 2020/21 Proposed Budget - discussion The Secretary reviewed a mid-year spreadsheet for actual expenditures with percentages of budget spent. He also reviewed recommendations for lhe 2020/21 budget. During discussion, the following budget center amounts were considered: ?O2O/21 PROPOSED BUDGET ITEM BUDGET ?019/?0 PROPOSED ZOZO/21 SUPPLIES 729.000 Postage 400 400 (No change) 730.000 Publications 0 0 (No change) 751.000 Operating Supplies 200 200 (No change) 758.000 Computer Software 0 0 (No change) Total Supplies 600 600 (No change) OTHER CHARGES 802.000 Audit/accounting 25,000 40,000 (increase) 806.000 Legal Services 1 1,000 1 1,000 (No change) 807.000 Medical Services 5,000 5,000 (No change) 826.000 Other Contracted 1,459,250 1,600,000 (increase) 903.000 Printing 200 200 (No change) 92?.OOO Telephone 0 0 (No change) 956.000 Local Meetings 0 0 (No change) 957.000 Memberships 200 200 (no change) 959.000 Education/Training 10-000 10.000 (No change) TOTAL 1 ,51 0,650 1,666,400 TOTAL ACTIVITY 1,51 1,250 1,667,000 (increase) CAPITAL EqUIPMENT 979.000 Computer Equipment A A (No change) TOTAL ACTIVITY 1 ,51 1 ,250 1,667,000 (increase) Regular Meeting Minutes - February 20,2020 Page Ten REGULAR AGENDA 10. BENEFITS & PLAN ADMINISTRATION a. New Business 2. 2O2O/21 Proposed Budget - cont. Mr. Lamerato discussed the budget for Education/Training. The Fall 2O?O MAPERS Conference will be held in Mackinac lsland, Ml and he anticipates a high cost. He suggested increasing the budget by $2,000. Motion by Schwarb, supported by Jaganjac, to approve lhe 2020/21 budget as presented and to increase the Education/Training budget. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The moti carried. 3 S 2020 Spring Conference - discussion The has received registration information for the 2020 Spring Confe nce. lt is scheduled for May 16-19, 2020 at the Motor City Hotel in Detro Ml. Four members are budgeted to attend this conference. Lam and Burgan will be attending the conference. Motio by Schwarb, supported by Burgan, to register for up to four for the MAPERS 2020 Spring Conference. Absent: Maleszyk. Ayes Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 4 Joel bernathy - deferred retirement - discussion Joel ernathy of the Fire Department terminated employment effective March 15, 2009. He was vested 14 years of service credit at the time of separation. He has reached 25 years and is eligible to start receiving his pension benefit, effective February 12, 2020, in the gross monthly amount of $2,97?.59. All required paperwork is on file in the Pension Office. Motion by Burgan, supported by Schwarb, to approve the deferred retirement benefit as presented. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 5. David Brantley - retirement - discussion Battalion Chief David Brantley of the Fire Department retired effective January 3, ?0?0. He is requesting his annuity withdrawal. All required paperwork is on file in the Pension Office. Motion by Burgan, supported by Schwarb, to approve the regular straight life pension benefit in the gross monthly amount of $7,920.52 with annuity withdrawal. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 6. Account Transfer for March benefit payments - discussion As of February I8, 2020, the Clearing Account had a balance of $706,926.70. An additional $2,000,000.00 is needed for the March 1, 2020 pension benefit payments and bills from the Clearing Account. The Brice Group has forwarded an e-mail that the additional amount needed should be taken from the following accounts; based on asset allocation targets: Earnest - $400,000 Winslow - $400,000 Eagle - $400,000 Western - $800,000 Regular Meeting Minutes - February 20, ?020 Page Eleven REGULAR AGENDA 10. BENEFITS & PLAN ADMINISTRATION a. New Business - cont. 6. Account Transfer for March benefit payments - discussion Motion by Burgan, supported by Schwarb, to approve the transfer of $2,000,000 from the Earnest, Winslow, Eagle, and Western accounts to provide for pension benefit payments and other disbursements on March 1, 2020. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried. 11. TRUSTEE COMMENTS Mr. Schwarb and Mr. Burgan discussed the interpretation of the contract with the Unions regarding the reduction calculation of the annuity withdrawal when terminating the EROP. The general consensus of both Unions is that the calculation should be done at the beginning of EROP and not at the end. The Board members agreed. Mr. Lamerato stated that he will be absent for the March 19,2020 Board meeting 12 ADJOURNMENT Motion by Schwarb, supported by Burgan, to adjourn at 4:31pm. Absent: Maleszyk. Ayes: Lamerato, Burgan, Schwarb, Jaganjac. The motion carried; the meeting is hereby adjourned. k\ri"trySwg.^,^ lkd Kelly Burgan Secretary KB/Kd