City of Southfield

The meeting included approval of the agenda and the minutes from the preceding March 13, 2018 meeting. The board approved monthly benefit payments and a contribution refund for an individual. The investment consultant presented the Asset/Manager Summary as of April 16, 2018, noting a decrease in portfolio value due to market fluctuation and advising that the Investment Policy Statement would be reviewed at the next meeting. Financial reports for periods ending December 31, 2017, and January 31, 2018, were reviewed, with the net asset balance reported as $119,069,712 as of January 31, 2018. Several financial matters involved approving payments to various investment consultant and management firms for services rendered during the first quarter of 2018. The legal section addressed a memorandum concerning non-career employees and their status within SERS, concluding that their reemployment does not adversely impact the funding level since there is no benefit accrual. Finally, there was a discussion regarding a letter from a Councilman about meeting with all boards, and a To Do List was updated.

The regular meeting addressed several key items under the Consent Agenda, including informational items, authorization of benefits for K. Elledge, and approval of various bills and expenses such as Comerica invoices, an expense report for a MAPERS seminar, and consulting service invoices from AndCo. In New Business, the Investment Consultant provided a market update and recommended the transfer of $1.5 million from Reinhart Partners Small Cap Fund to Pacific Income Fixed Income Fund, which was approved. Furthermore, a $3 million commitment to the Marathon Dislocation Fund was recommended and approved, subject to legal review. The Board also approved sending instructions to Comerica Bank regarding the payoff of the securities lending collateral liability debt before July 1, 2024. Under the Legal Counsel Report, the Board approved the draft retirement handbook, directing that comments be received by April 11, 2024, before final approval at the next meeting. They also approved the Board Governance Policies & Procedures and acknowledged receipt of the securities litigation communication appointing SERS as lead plaintiff in the Advanced Auto Parts action. The Retirement Administrator provided updates regarding working remotely in April and coordinating communication regarding the custodial bank change to Fifth Third Bank.

The meeting addressed several items, including the approval of the agenda and minutes from the previous meeting in May 2016. Authorization of benefits was granted for two individuals, Timothy Duncan and Josephine Lentine-Tomaszeczki. Key discussions involved the Investment Consultant's recommendations, specifically the retention of Templeton for the global fixed income mandate, which involved transferring $2M from International Equity funds after City Attorney review. The consultant also presented an overview of target return assumptions, noting that a reasonable expectation for the next 10 years is between 6% and 8%. The board received and filed the legal opinion on the Templeton investment compliance and the financial report as of April 30, 2016. Financial matters included approving legal service payments to VanOverbeke, Michaud & Timmony, P.C., and approving reimbursements for multiple board members who attended the MAPERS Spring Conference in May 2016, as well as approving a payment for Comerica Bank Cardmember Service purchases.

The meeting included the approval of the agenda and the minutes from the January 17, 2023, Regular Meeting. The Consent Agenda items approved involved Comerica invoices, retirement applications for M. Jones, authorization of benefits for several members, and the approval of various bills and expenses, including asset management service invoices from LSV, Champlain, PIA, and WCM. The Investment Consultant provided a market update, reviewing performance data ending December 31, 2022, noting the fund was up 7.48% for the quarter. A portfolio rebalancing was approved, transferring funds from LSV International Equity Fund and Titan Masters International Fund to the Cash Account. Following a search for a small/mid cap value manager, DeRoy & Devereaux was selected pending contract negotiations. The Board also consented to the assignment of the Reinhart investment advisory agreement due to an acquisition. Legal Counsel provided an update on state legislation regarding public pension taxation. The Retirement Administrator reported on the re-election of Chris Diaz as the active employee member representative and provided status on the open retired employee member election. Pending matters discussed included the development of a retirement handbook and a pre-retirement workshop.

The meeting included the approval of the agenda and prior meeting minutes. Key actions involved authorizing monthly benefit payments to two individuals. In investment matters, the Board reviewed the portfolio summary, recommending a partial rebalancing involving transfers to cash and Pacific Income Advisors. Following a discussion on Large Cap Investments, the Board elected to maintain the current WAM S&P 500 structure. The Board also authorized the payoff of a $148,503.67 Sigma Liability balance using a 60-month, 0% interest payment plan. The legal report provided an update on recent pension legislation that passed both houses after revisions reflecting the task force report. Financial reports for September and October 2017 were reviewed. Several payments were approved, including those for actuarial services, GASB reporting, legal services, and investment management. The 2018 meeting calendar was approved, with a noted change for the September meeting date. Public comments raised concerns regarding career part-time employee pensions, the overall funding status, and re-employment of retirees collecting pensions, leading to a commitment for a legal opinion review. Finally, the Authorized Signers List for Comerica Bank was updated following a board member's retirement.