JOURNAL OF PROCEEDINGS BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT 9:00 A.M.

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1 JOURNAL OF PROCEEDINGS BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT 9:00 A.M. IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS ONE DETROIT CENTER, 500 WOODWARD AVENUE, SUITE 3000, DETROIT, MICHIGAN TRUSTEES PRESENT JUNE ADAMS MARK DIAZ MATTHEW GNATEK ANGELA R. JAMES MICHAEL JAMISON BRENDA JONES JOHN NAGLICK JEFFREY PEGG PORTIA ROBERSON PAMELA SCALES JOHN SERDA TRACY THOMAS GREGORY TROZAK JOHN G. TUCKER EX/OFFICIO TRUSTEE/ALTERNATE-CORPORATION COUNSEL ELECTED TRUSTEE/POLICE ELECTED TRUSTEE/POLICE EX/OFFICIO TRUSTEE/POLICE/MAYORAL DESIGNEE EX/OFFICIO TRUSTEE/FINANCE DIRECTOR EX/OFFICIO TRUSTEE/CITY COUNCIL PRESIDENT EX/OFFICIO TRUSTEE/TREASURER ELECTED TRUSTEE/FIRE/CHAIRPERSON EX/OFFICIO TRUSTEE/ALTERNATE-HONORABLE MAYOR/VICE CHAIRPERSON EX/OFFICIO TRUSTEE/BUDGET DIRECTOR ELECTED TRUSTEE/POLICE ELECTED TRUSTEE/FIRE ELECTED RETIRANT TRUSTEE/POLICE ELECTED RETIRANT TRUSTEE/FIRE TRUSTEES EXCUSED SEAN P. NEARY ELECTED TRUSTEE/FIRE TRUSTEES ABSENT NONE STAFF PRESENT CYNTHIA A. THOMAS DAVID CETLINSKI RONALD A. KING JANET S. LENEAR EXECUTIVE DIRECTOR ASSISTANT EXECUTIVE DIRECTOR INTERIM GENERAL COUNSEL RECORDING SECRETARY STAFF EXCUSED RYAN C. BIGELOW CHIEF INVESTMENT OFFICER STAFF ABSENT NONE

2 MEETING NUMBER 3063 THURSDAY OCTOBER 29, CHAIRPERSON VICE CHAIRPERSON FOLLOWING A VERBAL ROLL CALL, CHAIRPERSON MEETING TO ORDER AT CALLED THE OCTOBER 29, 2015 AGENDA BY TRUSTEE DIAZ SUPPORTED BY TRUSTEE THOMAS, THAT TODAY S AGENDA BE APPROVED AS PREPARED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9 DROP APPLICATION OF LEO RHODES BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE DIAZ, THAT THE APPLICATION OF POLICE OFFICER, WHICH IS DESIGNATED BELOW, BE APPROVED:

3 MEETING NUMBER 3063 THURSDAY OCTOBER 29, DROP APPLICATION OF LEO RHODES - CONTINUED DROP APPLICATION NAME, TITLE, DEPARTMENT: LEO RHODES OFFICER - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CREDIT, EFFECTIVE DATE: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9 RETIREMENT APPLICATION OF TRINA GOODEN BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE DIAZ, THAT THE APPLICATION OF POLICE OFFICER, WHICH IS REFERENCED BELOW, BE APPROVED: RETIREMENT APPLICATION NAME, TITLE, DEPARTMENT: TRINA GOODEN OFFICER - POLICE RETIREMENT TYPE, PLAN: SERVICE - NEW SERVICE CREDIT, EFFECTIVE DATE: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9

4 MEETING NUMBER 3063 THURSDAY OCTOBER 29, RECEIPTS THE BOARD: WHICH FOLLOW WERE ACKNOWLEDGED BY THE DISBURSEMENTS BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE DIAZ, THAT THE DISBURSEMENTS WHICH ARE REFERENCED BELOW AND ON THE PAGES WHICH FOLLOW BE APPROVED:

5 MEETING NUMBER 3063 THURSDAY OCTOBER 29, DISBURSEMENTS CONTINUED

6 MEETING NUMBER 3063 THURSDAY OCTOBER 29, DISBURSEMENTS CONTINUED YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9 LOBBYIST ENTERED THE MEETING AT 9:25 A.M. REFUNDS OF ACCUMULATED CONTRIBUTIONS BY TRUSTEE THOMAS SUPPORTED BY TRUSTEE ADAMS, THAT THE CONTRIBUTIONS TO THE ANNUITY SAVINGS FUND BY MEMBERS OF THE POLICE AND FIRE RETIREMENT SYSTEM OF

7 MEETING NUMBER 3063 THURSDAY OCTOBER 29, REFUNDS OF ACCUMULATED CONTRIBUTIONS - CONTINUED THE CITY OF DETROIT, INCLUDING INTEREST, BE REFUNDED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: LIST NUMBER $247, LIST NUMBER $243, YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG DEFINED CONTRIBUTION PLAN (EMPLOYEE LOAN PROGRAM) BY TRUSTEE DIAZ SUPPORTED BY TRUSTEE GNATEK, THAT THE DEFINED CONTRIBUTION PLAN LOAN REQUEST LISTS SUBMITTED THIS DATE BE APPROVED AND THE REQUESTED AMOUNTS BE DISBURSED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: LIST #1 $43, LIST #2 $29, YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9

8 MEETING NUMBER 3063 THURSDAY OCTOBER 29, APPROVAL OF OCTOBER 1, 2015 MINUTES BY TRUSTEE TROZAK SUPPORTED BY TRUSTEE TUCKER, THAT THE MINUTES OF THE MEETING HELD BE APPROVED AS RECORDED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: YEAS TRUSTEES ADAMS, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 7 ABSTENTIONS TRUSTEES DIAZ AND GNATEK - 2 NOVEMBER 26, 2015 AND DECEMBER 31, 2015 BOARD MEETING CANCELLATIONS BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE DIAZ, THAT THE POLICE AND FIRE RETIREMENT SYSTEM BOARD MEETINGS OF AND BE CANCELLED, AND A NOTICE REFLECTING SAID CANCELLATIONS BE POSTED ONLINE, IN THE OFFICES OF THE RETIREMENT SYSTEMS AND ON THE BULLETIN BOARD OF THE COLEMAN A. YOUNG MUNICIPAL CENTER (FIRST FLOOR): YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9

9 MEETING NUMBER 3063 THURSDAY OCTOBER 29, ASSISTANT EXECUTIVE DIRECTOR S REPORTS ASSISTANT EXECUTIVE DIRECTOR ASKED THE BOARD TO APPROVE THE REQUEST OF THE DETROIT POLICE BENEFIT AND PROTECTIVE ASSOCIATION. REQUEST OF DETROIT POLICE BENEFIT AND PROTECTIVE ASSOCIATION BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE SERDA, THE BOARD IS IN RECEIPT OF AN OCTOBER 20, 2015 COMMUNICATION FROM THE DETROIT POLICE BENEFIT AND PROTECTIVE ASSOCIATION WHEREIN THE ASSOCIATION REQUESTS THAT THE BOARD PROVIDE THE ASSOCIATION WITH THE FOLLOWING INFORMATION: ALPHABETICAL PRINTOUT TO INCLUDE VARIOUS CENSUS DATA OF ALL RETIRED DETROIT POLICE OFFICERS WHO ARE RECEIVING PENSION CHECKS (SERVICE RETIREMENTS, 40 & 8 EARLY AND VESTED RETIREMENTS, DUTY DISABILITY RETIREMENTS AND NON-DUTY DISABILITY RETIREMENTS), AND, THE BOARD HAS DISCUSSED THE REQUEST OF THE ASSOCIATION WITH INTERIM GENERAL COUNSEL, THEREFORE BE IT, THAT THE REQUESTED INFORMATION BE PROVIDED TO THE ASSOCIATION, AND BE IT FURTHER

10 MEETING NUMBER 3063 THURSDAY OCTOBER 29, REQUEST OF DETROIT POLICE BENEFIT AND PROTECTIVE ASSOCIATION - CONTINUED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO THE ASSOCIATION AND RETIREMENT SYSTEM IT STAFF MEMBER MICHAEL POWNING: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, NAGLICK, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 9 ANNUAL ACTUARIAL VALUATION PRESENTED EACH BOARD AND ADMINISTRATIVE STAFF MEMBER WITH A DRAFT COPY OF THE SYSTEM S ANNUAL ACTUARIAL VALUATION OF COMPONENT II (AS OF JUNE 30, 2014) WHICH WAS PREPARED BY THE BOARD S ACTUARY, GABRIEL, ROEDER, SMITH & COMPANY. EXECUTIVE DIRECTOR S REPORTS EXECUTIVE DIRECTOR REPORT. HAD NOTHING TO CHIEF INVESTMENT OFFICER S REPORTS CHIEF INVESTMENT OFFICER TODAY S MEETING. IS EXCUSED FROM

11 MEETING NUMBER 3063 THURSDAY OCTOBER 29, PUBLIC RELATIONS DIRECTOR S REPORTS PUBLIC RELATIONS DIRECTOR PROVIDED THE BOARD WITH A STATUS UPDATE, RE: POST CHAPTER 9 BANKRUPTCY. TRUSTEE TRUSTEE ENTERED THE MEETING AT 9:30 A.M., AND ENTERED AT 9:31 A.M. LOBBYIST S REPORTS LOBBYIST MICHIGAN LEGISLATIVE UPDATE. PROVIDED THE BOARD WITH A TRUSTEE ENTERED THE MEETING AT 9:42 A.M. INTERIM GENERAL COUNSEL S REPORTS INTERIM GENERAL COUNSEL FOLLOWING MATTERS: DISCUSSED THE U.S. VERSUS JEFFREY BEASLEY, PAUL STEWART AND ROY DIXON U.S. TAX COURT SUBPOENA (CARL COOK VERSUS COMMISSIONER) KEISHA WILLIAMS VERSUS TYRONE JOHNSON (MOTION FOR ORDER TO SHOW CAUSE) ARN R. NOWICKI VERSUS KIMBERLY A. NOWICKI INTERIM COUNSEL THEN ASKED THE BOARD TO APPROVE ARN R. NOWICKI VERSUS KIMBERLY A. NOWICKI.

12 MEETING NUMBER 3063 THURSDAY OCTOBER 29, PARTICIPANT: ARN R. NOWICKI PENSION NUMBER ALTERNATE PAYEE: KIMBERLY A. NOWICKI ARN R. NOWICKI VERSUS KIMBERLY A. NOWICKI CASE NO.: DM LIVINGSTON COUNTY CIRCUIT FOR THE STATE OF MICHIGAN (HOWELL, MICHIGAN) By Trustee Diaz Supported By Trustee Gnatek, the Board of Trustees for the Police and Fire Retirement System for the City of Detroit ( Board ) is in receipt of an Eligible Domestic Relations Order dated July 24, 2015 ( EDRO ) which amends/supplements a Judgment of Divorce entered on December 16, 2014 wherein Alternate Payee is awarded certain rights to the Component I Retirement Allowance, Voluntary Employee Contributions and DROP Program benefits and Component II Pension, Annuity Pension Fund and DROP Program benefits of Participant, who is an active employee enrolled in the Deferred Retirement Option Plan ( DROP ), and, the Board has been informed that Participant is an active employee currently enrolled in the DROP, and, Participant s date of birth is November 23, 1966 and, to date, Participant has attained 25 years of service credit, and, the EDRO seeks to award the Alternate Payee a portion of the Participant s Component I Retirement Allowance, Voluntary Employee Contributions and DROP Program benefits, and, the EDRO seeks to award the Alternate Payee a portion of the Participant s Component II Pension, Annuity Pension Fund and DROP Program benefits, and and, the court order provides for the parties to share the cost of the actuary s fees,, said matter had been discussed with legal counsel who has opined that the applicable terms of said court order are consistent with the provisions of the Retirement

13 MEETING NUMBER 3063 THURSDAY OCTOBER 29, PARTICIPANT: ARN R. NOWICKI PENSION NUMBER ALTERNATE PAYEE: KIMBERLY A. NOWICKI ARN R. NOWICKI VERSUS KIMBERLY A. NOWICKI CASE NO.: DM LIVINGSTON COUNTY CIRCUIT FOR THE STATE OF MICHIGAN (HOWELL, MICHIGAN) - CONTINUED System and applicable law including Public Act 46 of 1991 (MCLA ) as applicable, therefore be it, that the Board acknowledges receipt of said court order and pay pension benefits consistent with said court order, and be it further, that this file be forwarded to the Board s actuary for calculation of the benefits to be paid to the former spouse, and be it further, that a copy of this resolution be attached as the top sheet of the pension file, and other appropriate records be kept for the Retirement System relative to this matter, and be it further, that copies of this resolution be forwarded to the Board s Actuary, Gabriel, Roeder, Smith & Company; Alternate Payee, Kimberly A. Nowicki; Christine Heckler, counsel for Alternate Payee; Participant, Arn R. Nowicki; and Denise D. Couling, counsel for Participant: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, JAMISON, JONES, NAGLICK, SCALES, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 12 INTERIM COUNSEL THEN ASKED THE BOARD TO ENTER INTO CLOSED SESSION TO DISCUSS PENDING LITIGATION.

14 MEETING NUMBER 3063 THURSDAY OCTOBER 29, CLOSED SESSION BY TRUSTEE DIAZ SUPPORTED BY TRUSTEE THOMAS, THAT THE BOARD ENTER INTO CLOSED SESSION FOR THE PURPOSE OF DISCUSSING PENDING LITIGATION: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: YEAS TRUSTEES ADAMS, DIAZ, GNATEK, JAMISON, JONES, NAGLICK, SCALES, SERDA, THOMAS, TROZAK, TUCKER AND CHAIR- PERSON PEGG 12 THE BOARD ENTERED INTO CLOSED SESSION AT TRUSTEE ENTERED THE MEETING AT 9:47 A.M., AS DID TRUSTEE. GENERAL RETIREMENT SYSTEM GENERAL COUNSEL ENTERED THE MEETING AT 9:58 A.M., AND INTERIM GENERAL COUNSEL TEMPORARILY EXCUSED HIMSELF AT 9:59 A.M. OPEN SESSION BY TRUSTEE JONES SUPPORTED BY TRUSTEE GNATEK, THAT THE BOARD RETURN TO OPEN SESSION:

15 MEETING NUMBER 3063 THURSDAY OCTOBER 29, OPEN SESSION - CONTINUED YEAS TRUSTEES ADAMS, DIAZ, GNATEK, JAMES, JAMISON, JONES, NAGLICK, ROBERSON, SCALES, SERDA, THOMAS, TROZAK, TUCKER AND CHAIRPERSON PEGG 14 THE BOARD RETURNED TO OPEN SESSION AT INTERIM GENERAL COUNSEL MEETING AT 10:40 A.M. RETURNED TO THE RECESS THE BOARD RECESSED FROM 10:40 A.M. UNTIL 10:50 A.M. RETIREMENT SYSTEM INFORMATION TECHNOLOGY IT CHIEF INFORMATION OFFICER DISCUSSED IT S EFFORTS AND PROJECTS FOR THE REMAINDER OF 2015 AND NEXT YEAR, FOCUSING ON THE SYSTEM S FROZEN AND HYBRID PLANS. HE ALSO DISCUSSED IT S EFFORTS WITH RESPECT TO TECHNICAL AND MISCELLANEOUS TASKS. EXCUSED HIMSELF AT 11:13 A.M. INTERIM GENERAL COUNSEL 11:15 A.M. EXCUSED HIMSELF AT

16 MEETING NUMBER 3063 THURSDAY OCTOBER 29, GENERAL COUNSEL DISCUSSION SPECIAL COUNSEL JOINED THE BOARD IN DISCUSSING SULLIVAN, WARD, ASHER & PATTON, P.C.; RACINE & ASSOCIATES; AND CLARK HILL, PLC VIA PHONE CONFERENCE. REMOVING RACINE AND ASSOCIATES FROM CONSIDERATION FOR GENERAL COUNSEL SERVICES BY TRUSTEE ROBERSON SUPPORTED BY TRUSTEE NAGLICK WHEREAS, THE BOARD OF TRUSTEES ISSUED A REQUEST FOR PROPOSAL FOR GENERAL COUNSEL LEGAL SERVICES; AND WHEREAS, RACINE AND ASSOCIATES APPLIED FOR CONSIDERATION FOR APPOINTMENT AS GENERAL COUNSEL; AND WHEREAS, THE BOARD HAS CONSIDERED, IN CLOSED SESSION, THE QUALIFICATIONS OF RACINE AND ASSOCIATES TO PROVIDE GENERAL COUNSEL SERVICES; AND WHEREAS, THE BOARD HAS DETERMINED, IN OPEN SESSION, THAT RACINE AND ASSOCIATES DOES NOT MEET THE CURRENT NEEDS OF THE PFRS FOR THIS POSITION; THEREFORE BE IT RESOLVED, THAT RACINE AND ASSOCIATES SHALL BE REMOVED FROM FURTHER CONSIDERATION FOR GENERAL COUNSEL; AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE PROVIDED TO RACINE AND ASSOCIATES:

17 MEETING NUMBER 3063 THURSDAY OCTOBER 29, REMOVING RACINE AND ASSOCIATES FROM CONSIDERATION FOR GENERAL COUNSEL SERVICES - CONTINUED YEAS TRUSTEES ADAMS, GNATEK, JAMES, JAMISON, JONES, NAGLICK, ROBERSON, SCALES, THOMAS, TROZAK, TUCKER AND CHAIR- PERSON PEGG 12 NAYS TRUSTEE SERDA 1 ABSTENTION TRUSTEE DIAZ 1 CONTINUATION OF RON KING (CLARK HILL) AS INTERIM GENERAL COUNSEL AND APPOINTMENT OF SPECIAL COUNSEL WORK TO SULLIVAN AND WARD, INCLUDING WORK RELATED TO THE PLAN OF ADJUSTMENT, WITH THE ADMINISTRATOR AND FIDUCIARY COUNSEL TO IDENTIFY APPROPRIATE PROJECTS BY TRUSTEE JONES SUPPORTED BY TRUSTEE JAMISON WHEREAS, THE BOARD OF TRUSTEES ISSUED A REQUEST FOR PROPOSAL FOR GENERAL COUNSEL LEGAL SERVICES; AND WHEREAS, SULLIVAN AND WARD HAS BEEN IDENTIFIED AS A POTENTIALLY SUITABLE CANDIDIATE; AND WHEREAS, THE BOARD BELIEVES THAT ASSIGNMENT OF LEGAL PROJECTS TO SULLIVAN AND WARD WOULD ASSIST IN IDENTIFYING THEIR SUITABILITY FOR FUTURE SERVICES WITH THE PFRS; AND WHEREAS, IN THE INTERIM, RON KING AND CLARK HILL WILL CONTINUE TO PROVIDE SATISFACTORY LEGAL SERVICES TO THE PFRS; AND WHEREAS, THE BOARD RECOGNIZES THAT FAMILIARITY WITH THE PLAN OF ADJUSTMENT AND ITS IMPLEMENTATION IS

18 MEETING NUMBER 3063 THURSDAY OCTOBER 29, CONTINUATION OF RON KING (CLARK HILL) AS INTERIM GENERAL COUNSEL AND APPOINTMENT OF SPECIAL COUNSEL WORK TO SULLIVAN AND WARD, INCLUDING WORK RELATED TO THE PLAN OF ADJUSTMENT, WITH THE ADMINISTRATOR AND FIDUCIARY COUNSEL TO IDENTIFY APPROPRIATE PROJECTS - CONTINUED CRITICAL TO SUCCESSFULLY PROVIDE GENERAL COUNSEL LEGAL SERVICES TO THE PFRS; AND WHEREAS, THE RELATIVE QUALIFICATIONS OF APPLICANTS WERE DISCUSSED IN CLOSED SESSION, BUT CONSIDERATION OF THE MATTERS IN THIS RESOLUTION WERE DISCUSSED IN OPEN SESSION, THEREFORE BE IT RESOLVED, THAT RON KING (CLARK HILL) SHALL CONTINUE AS INTERIM GENERAL COUNSEL; AND BE IT FURTHER RESOLVED, THAT SULLIVAN AND WARD SHALL BE APPOINTED AS A SPECIAL LEGAL COUNSEL AND SHALL BE PROVIDED ASSIGNMENTS WHICH CAN BE COMPLETED WITHIN A TIME CERTAIN TO DEMONSTRATE THEIR KNOWLEDGE AND FAMILIARITY WITH THE LEGAL NEEDS OF THE PFRS; AND BE IT FURTHER RESOLVED, THAT THE EXECUTIVE DIRECTOR, ASSISTANT EXCUTIVE DIRECTOR AND FIDUCIARY COUNSEL, ROBERT KLAUSNER, WORK TO IDENTIFY APPROPRIATE PROJECTS CONTEMPLATED BY THIS RESOLUTION; AND BE FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE PROVIDED TO ALL SPECIAL COUNSEL:

19 MEETING NUMBER 3063 THURSDAY OCTOBER 29, CONTINUATION OF RON KING (CLARK HILL) AS INTERIM GENERAL COUNSEL AND APPOINTMENT OF SPECIAL COUNSEL WORK TO SULLIVAN AND WARD, INCLUDING WORK RELATED TO THE PLAN OF ADJUSTMENT, WITH THE ADMINISTRATOR AND FIDUCIARY COUNSEL TO IDENTIFY APPROPRIATE PROJECTS - CONTINUED YEAS TRUSTEES ADAMS, DIAZ, GNATEK, JAMES, JAMISON, JONES, NAGLICK, ROBERSON, SCALES, SERDA, THOMAS, TROZAK AND TUCKER 13 NAYS CHAIRPERSON PEGG 1 INTERIM GENERAL COUNSEL MEETING AT 11:48 A.M. RETURNED TO THE PUBLIC FORUM AT, DECLARED THE MEETING IN OPEN FORUM FOR GENERAL DISCUSSION BY THE PUBLIC ATTENDING THE MEETING. ADJOURNMENT THERE BEING NO FURTHER BUSINESS BEFORE THE BOARD, ADJOURNED THE MEETING AT UNTIL, AT., IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS, ONE DETROIT CENTER, 500 WOODWARD AVENUE, 30 TH FLOOR (SUITE 3000), DETROIT, MICHIGAN

20 MEETING NUMBER 3063 THURSDAY OCTOBER 29, ADJOURNMENT - CONTINUED RESPECTFULLY SUBMITTED, DAVID CETLINSKI ASSISTANT EXECUTIVE DIRECTOR