Mark Pilot

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.

The board approved applications for retirement, authorization of benefits, and payment of administrative expenses. New business included the appointment of delegates and alternates for the MAPERS 2026 Spring Conference. The investment consultant provided a market update, resulting in the approval of a transfer from the WCM International Equity Fund to the Cash Account and consent to the ownership change regarding Marathon funds. Legal counsel discussed ongoing communications with the city attorney regarding flex positions and upcoming periodic benefit meetings with the city.

The board reviewed and approved the consent agenda, which included retirement applications, benefit authorizations, and payment of various operational invoices. The investment consultant provided a performance report for the fourth quarter of the previous year, highlighting market trends and recommending a transfer of funds to the cash account. The board also addressed unfinished business regarding benefit commencements for specific retirees and approved a non-duty disability retirement application. Additionally, a resolution was adopted regarding an Eligible Domestic Relations Order to define pension benefit distribution.

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.