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Public Safety Retirement System Commission Minutes
April 23, 2013 | Retirement Board Minutes

A Regular Meeting of the Public Safety Retirement System Commission was held on Tuesday, April 23, 2013 at 8:00 a.m.

Present on Roll Call: Commissioners Louis Theros, Marty West and Keith Colombo

Those Absent Were: Commissioners Conrad Koski and Rich Rosati.

Also Present: Shane L. Reeside, City Manager; John M Lamerato, City Controller/Treasurer; Monica Irelan, Assistant City Manager

MINUTES

The Minutes of the Regular Meeting, which was held on January 29, 2013, were approved as submitted.

ACTUARIAL VALUATION – JUNE 30, 2012

Documents Received:
Actual Valuation for June 30, 2012 from Rodwan Consulting.

Persons Addressing the Commission:
1-Denise Jones representing Sandra Rodwan.

The Actuarial Valuation for June 30, 2012, was received by the Commission and ordered placed on file.

INVESTMENT REPORT – J.P. MORGAN

Documents Received:
Investment Report for the quarter ended March 31, 2013.

Persons Addressing the Commission:
Mr. Dan Welker, J.P. Morgan

The Investment Report for the quarter ended March 31, 2013, was received by the Commission and ordered placed on file.

PERFORMANCE REVIEW – CLEARY GULL INC.

Documents Received:
Performance Report for the quarter ended March 31, 2013.

Persons Addressing the Commission:
Mr. Steve Perritt, Cleary Gull Inc.

The Performance Review for the quarter ended March 31, 2013, was received by the Commission and ordered placed on file.

 

 

INVESTMENT POLICIY REVIEW

Persons Addressing the Council:
1-Steve Perritt, Clearly Gull Inc.

Mr. Perritt reviewed the changes to be discussed at the next meeting of the Retirement Systems to be held on July 30, 2013 at 8:00 a.m.

CONSENT AGENDA

It was moved by Commissioner Broderick and supported by Commissioner Theros to approve the following from the Consent Agenda, as amended for Item #d :

a. The election of employee representatives to the Commission to be held on Friday, May 17, 2013 at 3:00 p.m. in the Treasurer’s Office.
b. Summary Annual Report – June 30, 2012.
c. Invoice for services rendered by J.P. Morgan, in the amount of $17,564.47, for the quarter ended March 31, 2013.
d. Record Retention Policy and Disposal Schedule, as amended, as follow: The Record Retention Policy and Disposal Schedule for the City of Grosse Pointe Farms General Employees and Public Safety Retirement Systems to appear in the Official Minutes.
e. Compensation for Services for VanOverbeke, Michaud & Timmony associated with the restatement of the Retirement Ordinance, in the total amount of $2,380.00.
f. Policy Resolution regarding the Code of Conduct/Education/Travel/Due Diligence, as follows: Policy Resolution to appear in the Official Minutes.
g. Approval of the Fiduciary Liability Insurance low quote to provide $1,000,000 in fiduciary liability insurance coverage for the period of July 1, 2013 through July 1, 2014 , in the amount of $4,067.00, to be split between both systems.

Unanimously Adopted
ADJOURNMENT

Upon proper motion made, supported and carried, the Meeting adjourned at 9:20 a.m.

THE NEXT MEETING OF THE RETIREMENT SYSTEMS COMMISSION WILL BE HELD ON TUESDAY, JULY 30, 2013 AT 8:00 A.M.


John M. Lamerato
Administrator
 

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