Southfield Employee Retirement System Regular Meeting
The board approved a consent agenda covering retirement applications, benefit authorizations, and various invoices for consulting, asset management, and experience study services. A 5-year experience study was presented and accepted, with recommended updates to actuarial valuation assumptions and methods adopted effective July 1, 2026. The investment consultant provided a market update and recommended transferring $1,000,000 from the Fidelity 500 Index Fund to a cash account, as well as terminating the Champlain Mid Cap Fund in favor of a Vanguard S&P Mid-Cap 400 Index fund due to underperformance. Additionally, the board discussed travel and education policy for conference attendance and authorized the retirement administrator to provide necessary documentation for a recertification process with BTG Pactual.