Police & Fire Retirement Board

Board of frustees Polie e nnd Fire Retirernefit $ystenr Act :r45 A Pension Plan and Trust Fund 41625 Ryan Rd. Sterling Heights, Miohigan 4831 4-3945 Lamerato John Van()verbckc, Michaud & Timmony, P.C. Prcsidcnt Lcgal Counsel Kclly Burgan Sccretary Randall Schwarh 'l'ruslcc REGULAR MEETING MINUTES OFTHE RobertMalcseyk Trusree STERLING HEIGHTS Mary Chavez. POLICE AND FIRE RFJIREMENT SYSTEM, ACT 345 City Treasurer DECEMBER I7,20ZO AT 3:30PM "To mitigate the spread of the novcl coronayirus [COVID-l9), a new strain of coronavirus that had not been previously idenrified in humans which can easily spread from person to person and can rcsult in serious illness or dcath, the meeting is being hcld clectronically in accordance with Section 3a the Opcn Meetings Act in an cffort to protect the health and safety of the public." Mcmbers of the public wishing to participate in the mcoting may do so by clicking on the link below or calling into the meeting. You may also direct any questions or commcnts to the Board via email at kdzwonkowski@stedin$hejshts.net. Zoom link: https://zoom.us/i/99673722450?pwd=c3pWaGVURUhyTHIMTiBwalAvU0crUT09 Dial in: +7 372 626 6799 US fChicago) Meeting ID: 996 737 2 Z4S0 Passcode:689562 1. President Lamerato callcd the regular meeting of thc Police and Fire Rctircment System to urder at 3:30 pm. z. Board Members Present: fohn Lamerato flocated in Stcrling Hts, MI), Kelly Burgan (located in St. Clair Shores, MIJ, Randall Schwarb (located in Macomb, MI), Roberl Maleszyk 0ocated in Sterling Hts, MI), Mary Chavez flocated in Rochcstcr Hills, MI). Also prescnt Tom Michaud, Legal Counsel and Kerric Dzwonkowski, Pension Technician, 3. APPROVAL OF CONSENT AND RECULARAGENDAS Motion by Burgan, supported by Schwarh, to approve the consent agcnda as presented. Ayes: AIl. The motion carried unanimously. Motion by Burgarl supported by Schwarb, to approve the regular agcnda as present. Ayes: All. The moLion carried unanimously- +. APPROVAL OF MINUTES No corrections werc made to the draft minutes of thc regular meeting of November 19,2020, Motion by Burgan, supported by Chavez, to approve the minutes as prcscnted. Ayes: All. The motion carried unanimously. 5. CITIZEN PARTICIPATTON Maia Bon from Fund Map was in attcndance but made no comments. 6. REPORT FROM TEGAL COUNSEL Mr. Michaud stated that there is an extension on the new law regarding the Open Mcetings Act. Pension Boards will be ablc to conduct virtual mcctings through March. Regular Meeting Minutcs - Dccember t7,Z0Z0 Pagc Two CONSENTAGENDA 7. CORRESPONDENCE a. Corrc.spondcnce received fiom: 1. Morgan Stanley - correspondence regarding purchasinginvcstmcnts 2. Robbins Geller Rudman & Dowd LLP - Shareholder Class Actions B. BILLS AND EXPENDITURES a. Chcrking Account Summary Beginning Balancc $1,699.50 7tlu20 Additions [1J $5,000.00 Subtractions [0] $0.00 Hlcctronicwithdrawals [6] $3,754.21 1. 7714 380.44 IRS Fed. Tax w/h 2. 7U10 DD 1L23 1,325.77 Contract Paymcnt - KD 3, 11113 731_76 Contract fec - Gurin & Gurin 4. lUlB 380.46 IRS Fed. Tax w/h 5. LUZv 210.00 Michigan St taxw/h 6. 11125 DD 7124 7,325.78 Contract Payment KD Ending Balance $2,94529 11130/20 9. FUNDS MANAGEMENT a. Thc current value of funds as of November 30, 2020 is detailcd bclow: Clearing account $ 4,168,152.49 Winslow $ 13,324,386.81 Janus $ 16,445,LL6.94 Eagle $ 10,297,363.76 Confluence $ 2,510,804,24 Rothschild $ 14,911,433.01 Earnest $ 19,840,908.85 Aristotle $ 36,005,597.26 Western $ 22,856,158.58 Met West $ 15,930,274,75 Hancock fi 21,380,192.17 WCM $ 39,524,884.88 EIP $ 6,117,355.83 Victory $ 6,777,015.06 MS Cash $ z4 081.28 Checking account $ 2.945.29, TOTALFUNDS $ 2+7,116,656.20 b. The Board received a copy of the Summary of Employer Contributions to the Policc and Fire Retirement Systern for thc 202fr tdx year as of 72101/20. The System has received $10,555,600.00 of the 2020127 budget of $11,969,0S8.00. c. Benefit Register Listing as of Dccember 1, 2020 from Comerica Bank showing 397 retirees/beneficiaries with a payout for December of $1,724549.16 and a total year- to-date of $23,680,600. 57. d_ The currsnt Merrill Lynch Bond index for November 2020 is 1.100/o. Regular Mccting Minutcs - December 17,2020 Page Thrce REGUTARAGENDA B. BILLS AND EXPENDITIIRES a. Disbursements orher than retiree benefit payments [bills) 1. Disburscment to GRS in the total amount of $1,400.00 for an EDRO recalculation for Fcrgerson, Motion by Schwarb, supported by Chavez,, to approve thc disbursements as presentcd. Ayes: AII. Thc motion carricd. b, Disbursements to rctirees/membcrs other than monthly bcnefit paymcnts 1. Joseph Toth - partial DROP distribution - discussion Joseph Toth of the Fire Department tcrminated his DROP retircment effectivc fanuary 2,2,015. He is rcquesring a partial distribution of his DROP account. All papcrwork is on file in the Pension Office- 2. Michacl Solomon - Annuitywithdrawal disburscment - discussion Fire [nspcctor Michael Solomon of thc Fire Department entercd EROP participation effective Novcmber 20,2020. He is rcquesting a lump sum of his annuity wi[hdrawal distribution. All papenvork is on file in the Pension Office" Motion by Burgan, supported by Schwarb, to approve thc disbursements in the amount of $166,384,58. Ayes: All. The motion carried. 10. BENEFITS & PLAN AT,MINISTRATION a. New Busincss 1. Kevin Fergerson - rctirement and EDRO recalculation - discussion Fire Inspector Kcvin Fergerson retired effcctivc Novembcr 20, 2il20. He is also requesting a lump sum of his annuity withdrawal. Pcr tlre EDRO on file, Alternate Payee fex-spouse] Tonia Thomas is cntitled to 50% of the pcnsion bencfit and annuity withdrawal. Thc pension trcnufit was re-calculated and she will start receiving her portion of the pension benefit and a lump sum of thc annuity withdrawal. All paperwork is on file in the Pension Office. Motion by Burgan, supported by Schwarb, to approve thc pension bcnefit of $5,171.11 and the annuity withdrawal of $115,563.61 for the Fire mcrnber and pensiun benefit of $1,708.04 and annuity withdrawal of $42,939,31 for thc Alternatc Payee. Ayes: All. The motion carried. 2. Christopher Slczak - passed away - discussion Fire Inspcctor ChrisEopher Slezak passed away Nuvember 25, 2020. He separated service effcctive flecembcr ?I,2078. At the time of separation, hc did not comrnence his pension benefit. Per Act 345, sincc the membcr did not reccive a pension benefit, there will not be a surviving spousc benefit. Thc spouse/benoficiary is entitled to a lump sum of the refund of contributions. Papcrwork has bccn sent to the beneficiary and a dcath certificato has been rcquested. Motion by Burgary supported by Schwarb, to approve thc refund of contributions in the amount of $93,364.63. Ayes: All. The motion carried. Rcgular Mccting Minutes - Decembcr 77,2020 Page Four BEGULARACENDA 9. Funds Managcment c. Perforrnance Report Update 1. Mr, Brice gave an updatc on the portfolio perfornrance, The portfolio has recovercd and we are up higher than before thc pandemic- t. Privatc Real Estatc lntcnriews L. Jones Lang LaSalle presentation at 3:45 pm - Rob Connor and Allan Swaringcn representing Jones Lang LaSalle, wcro in attendancc to give a presentation on Private Rcal Estate. ., American RealtyAdvisors presentation at 4:15 pm - Todd Fowler, Scott Darling, and Austin Maddux were in altendance to give a prcscntation on Privatc Real Estate. The Buard members discussed each company and their prcscntations. They are very interestcd in Private Real Estate and rcquested that Mr. Bricc gather morc information and rcport back at thc January mceting for more discussion. L7. TRUSTEE COMMENTS Mrs. Chavez announccd that she will tre going on maternity leave at the end of the ycar and will bc out for 3 months, Ryan Clarlq Treasury Serviccs Coordinator will bc the acting Treasurer while she is out. Hc will be attcnding thc PFRS Board meeting.s and has authorization to approve and sign paperwork if needed. 72. ADJOURNMENT Motion by Lamcratq supportcd by Schwarb, to adiourn at 5:01 pm. Ayes: All. The meeting is hereby adjourned, Kelly Burgan Secrctary r(B/kd