MEETING NO JOURNAL OF PROCEEDINGS BOARD OF TRUSTEES OF THE GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT HELD WEDNESDAY, OCTOBER 14, 2015

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1 MEETING NO JOURNAL OF PROCEEDINGS BOARD OF TRUSTEES OF THE GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT HELD WEDNESDAY, OCTOBER 14, :00 A.M. RETIREMENT SYSTEMS CONFERENCE ROOM ONE DETROIT CENTER, 500 WOODWARD; SUITE 3000 DETROIT, MICHIGAN TRUSTEES PRESENT Wendell Anthony Lori Cetlinski Tasha L. Cowan Lou Hatty Eric Higgs Felicia Johnson John Naglick June Nickleberry Thomas Sheehan Trustee Trustee Trustee Trustee/Chairman Ex-Officio Trustee/Deputy CFO Trustee Ex-Officio Trustee/Finance Director Trustee Trustee/Vice-Chairman TRUSTEES EXCUSED None TRUSTEES ABSENT Scott Benson Ex-Officio Trustee/City Council Member ALSO PRESENT Cynthia A. Thomas Deborah A. Wilkerson Ryan Bigelow Michael VanOverbeke Rita Coats Executive Director Assistant Executive Director Chief Investment Officer General Counsel Recording Secretary STAFF EXCUSED None

2 CHAIRMAN LOU HATTY The Board s Recording Secretary took a verbal Roll Call at 10:10 a.m. and Chairman Hatty called the meeting to order. Present at Roll Call: Lori Cetlinski, Tasha L. Cowan, Lou Hatty, June Nickleberry and Thomas Sheehan. Re: Service Retirement(s) Motion By: Trustee Sheehan - Supported By: Trustee Cetlinski RESOLVED, that the application(s) for SERVICE RETIREMENT which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Wendy G. Booker Water Technician Water & Sewerage SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT April Hill Lib Tech Serv Asst - Library SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Russell M. Jones Laborer A General Services SERVICE CREDIT EFFECTIVE DATE Re: Vested Retirement(s) Motion By: Trustee Sheehan - Supported By: Trustee Cetlinski RESOLVED, that the application(s) for VESTED RETIREMENT which is outlined below be hereby APPROVED: - 2 -

3 Re: Vested Retirement(s) (Con t) NAME, TITLE, DEPARTMENT Dennis Kirkpatrick Storekeeper Water & Sewerage SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Nancy Miller Data Base Administrator Information Tech Services SERVICE CREDIT EFFECTIVE DATE Re: Change of Computation from Duty/Non-Duty Disability to Service Retirement(s) Motion By: Trustee Sheehan - Supported By: Trustee Cetlinski RESOLVED, that the application(s) for CHANGE OF COMPUTATION which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Gretchen Holmes Emer Serv Operator Police (Civilian) SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Linda Hughes TEO - Transportation SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT James McCallum TEO - Transportation SERVICE CREDIT 16-0 EFFECTIVE DATE NAME, TITLE, DEPARTMENT Christopher E. Mitchell - TEO - Transportation SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Howard L. Patterson - TEO - Transportation SERVICE CREDIT EFFECTIVE DATE

4 Re: Change of Computation from Non-Duty Disability to Service Retirement(s) (Con t) Re: Option Change Motion By: Trustee Sheehan - Supported By: Trustee Cetlinski RESOLVED, that the application(s) for OPTION CHANGE which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Arlue Moore, Jr. Inst. Attend and Spec Diet Cook - Health SERVICE CREDIT EFFECTIVE DATE FROM: Two/Pop-Up TO: Straight Life NAME, TITLE, DEPARTMENT Rodney C. Sutton TEO - Transportation SERVICE CREDIT EFFECTIVE DATE FROM: Straight Life Equate Age 65 TO: Two/Pop-Up Equate Age 65 Re: Change of Effective Date Motion By: Trustee Sheehan Supported By: Trustee Cetlinski RESOLVED, that the application (s) for CHANGE OF EFFECTIVE DATE which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Thomas McDonald Laborer A - DPW SERVICE CREDIT FROM: TO:

5 Re: Auto II - Spouse Motion By: Trustee Sheehan - Supported By: Trustee Cetlinski RESOLVED, that the application(s) for AUTO II SPOUSE which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Katrina McGee (David McGee Deceased) Line Helper Public Lighting SERVICE CREDIT EFFECTIVE DATE Re: Receipts The receipts which are referenced below were Acknowledged: - 5 -

6 Re: Fees and Expenses Resolution Moved By: Trustee Sheehan - Supported By: Trustee Nickleberry WHEREAS, the Board has been presented with the List of Disbursements for Board Approval which is referenced below requesting payment for Fees and Expenses, and WHEREAS, the Board has been requested to approve payment of said Fees and Expenses; THEREFORE BE IT RESOLVED, that subject to staff audit and approval of all Legal Fees by the Board s General Counsel, the Board APPROVE payment of the following Fees and Expenses: Trustee John Naglick joined the Board Meeting at 10:11 a.m

7 Re: Refunds of Accumulated Contributions Motion By: Trustee Nickleberry - Supported By: Trustee Cetlinski RESOLVED, that the contributions to the Annuity Savings Fund by members of the General Retirement System, as set forth on List No in the amount of $312, including interest, be REFUNDED, pending audit by the Retirement Systems Accounting Staff. Yeas: Cetlinski, Cowan, Hatty, Naglick, Nickleberry and Sheehan 6 Re: Employee Loan Program Motion By: Trustee Sheehan - Supported By: Trustee Nickleberry RESOLVED, that the disbursements for the Employee Loan Program by members of the General Retirement System, as set forth in the amount of $45,142.00, including interest, be hereby APPROVED. Yeas: Cetlinski, Cowan, Hatty, Naglick, Nickleberry and Sheehan 6 Re: Minutes/Journal No Motion By: Trustee Sheehan Supported By: Trustee Cetlinski RESOLVED, that the Minutes/Journal of Proceedings, Meeting No of the meeting of the Board of Trustees of the General Retirement System of the City of Detroit, held Wednesday, September 16, 2015 be hereby APPROVED as recorded and submitted. Yeas: Cetlinski, Cowan, Hatty, Naglick, Nickleberry and Sheehan 6-7 -

8 Re: Minutes/Journal No Motion By: Trustee Sheehan Supported By: Trustee Cetlinski RESOLVED, that the Minutes/Journal of Proceedings, Meeting No of the meeting of the Board of Trustees of the General Retirement System of the City of Detroit, held Wednesday, September 30, 2015 be hereby APPROVED as recorded and submitted. Yeas: Cetlinski, Cowan, Hatty, Naglick, Nickleberry and Sheehan 6 ASSISTANT EXECUTIVE DIRECTOR S REPORT The Assistant Executive Director, Deborah A. Wilkerson, discussed the following items: Re: Attended Great Lakes Water Authority ( GLWA ) informational meetings Approximately 100 members are scheduled to retire December 31, Effective January 1, 2016, Great Lakes Water Authority will take over Detroit Water and Sewerage Department. Trustee Wendell Anthony joined the Board Meeting at 10:16 a.m. and stepped out at 10:18 a.m. Re: Euclid Specialty Motion By: Trustee Sheehan Supported By: Trustee Cetlinski Motion to approve the Fiduciary Liability Insurance Renewal Application to have staff fill out form and submit to Scott Dickinson Republic Underwriters, Inc., effective December 21, Yeas: Cetlinski, Cowan, Hatty, Naglick, Nickleberry and Sheehan 6 Re: Chrysalis City New Payroll The City of Detroit is in the process of implementing a new payroll system. Dennis Linet is requesting the Board to approve hiring a vendor (Chrysalis) to assist the Retirement Systems for data extraction. Through the Chair: To have Dennis Linet come before the Board at next week s Board Meeting to explain the types of services Chrysalis would be providing for the Retirement Systems

9 Assistant Executive Director s Report (Con t) Re: Keeler v. GRS, et al The Board of Trustees was given a copy of the Obligation to Preserve Evidence - Litigation Hold - Keeler v. GRS, et al., dated October 9, 2015, by Attorney Sean P. Gallagher, of Clark Hill PLC. ~Concludes Assistant Executive Director s Report~ CHIEF INVESTMENT OFFICER S REPORT There were no informational or actionable items to report for this week s meeting. ~Concludes Chief Investment Officer s Report~ Open Forum Chairman Lou Hatty opened the meeting for public discussion: William Davis, (retiree and President of the Detroit Active and Retired Employees Association), addressed the Board regarding the following: DAREA update DWSD lay-offs President of newly formed group called TRUE Taxpaying Residents United for 21 st Education Suing various Emergency Financial Managers ~Concludes Public Comment~ EXECUTIVE DIRECTOR S REPORT There were no informational or actionable items to report for this week s meeting. ~Concludes Executive Director s Report~ - 9 -

10 GENERAL COUNSEL S REPORT General Counsel, Michael VanOverbeke, discussed the following items: Will be distributing form letters/documents regarding ASF Recoupment, notifications to go out to retirees for the Board to review for any comments. Discussion was held with Executive Director Cynthia Thomas and Trustee John Naglick, regarding DWSD, Great Lakes Water Authority, COBO, DDOT and other departments as it relates to the Retirement Systems actuarial/accounting issues; contributions, administrative expenses, investment incomes, etc. that they are all paying appropriate contributions. UHY will review and provide a recommendation. Life Assurance Fund - Re: Taxability aspect still pending. ~Concludes General Counsel s Report~ DISCUSSION Re: One Detroit Center Parking Request was made to include the names of individuals that the Retirement Systems and employee pay on a monthly basis at One Detroit Center. Through the Chair: To have Trustee Nickleberry and Cowan meet with the Executive Director to list the names of those individuals. Executive Director refuses to give Trustee Cowan the names of the employees she requested verbally and in writing regarding the payments made by employees which pays for parking. She only agreed to providing it verbally. Trustee Cowan disagrees to this approach. The Board RECESSED at 10:55 a.m. and RECONVENED at 11:10 a.m. Trustee Eric Higgs joined the Board Meeting during Break Period. Trustee Felicia Johnson joined the Board Meeting at 11:20 a.m

11 PRESENTATION Re: Banyan Realty Representative Louis E. Vogt, of Banyan Realty Advisors, appeared before the Board to give an update of the following: ICG Leaseback Loan (LOC) 2 nd Quarter Report 2015 Portfolio The Shops at Detroit s Gateway Park; Detroit, Michigan Kona Oasis & Terraces at Kahalu u, Kailua-Kona, Hawaii Fort Shelby Hotel Trustee Anthony rejoined the Board Meeting at 12:00 Noon. Trustee Cowan stepped away from the Meeting at 12:00 Noon ~Concludes Banyan Realty Presentation~ OLD BUSINESS None to report NEW BUSINESS Gabriel Roeder Smith & Co. is still working on setting a timeline/deadline prioritizing their assignments for Police & Fire and General Retirement Systems. ADJOURNMENT There being no further business before the Board, Chairman Hatty adjourned the meeting at 12:30 p.m. The Board s next meeting is scheduled for Wednesday, October 21, 2015, at 10:00 a.m. in the Retirement Systems Conference Room, 500 Woodward Avenue Suite 3000; Detroit, Michigan RESPECTFULLY SUBMITTED, DEBORAH A. WILKERSON ASSISTANT EXECUTIVE DIRECTOR