JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT

Transcription

1 MEETING NUMBER 2829 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT PROCEEDINGS HELD THURSDAY, MARCH 17, :00 A.M. IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS 910 COLEMAN A. YOUNG MUNICIPAL CENTER DETROIT, MICHIGAN PRESENT Gregory Best Janice Butler Matthew Gnatek Cheryl R. Johnson Brenda Jones James Moore Sean P. Neary Jeffrey Pegg Paul Stewart Fred D. Wheeler Walter Stampor Janet S. Lenear Ronald Zajac Elected Trustee Ex/Officio Trustee Elected Trustee Ex/Officio Trustee/Treasurer Ex/Officio Trustee/Council Member Elected Trustee/ Chairperson Elected Trustee/Vice Chairperson Elected Trustee Elected Trustee Ex/Officio Trustee/Interim Fire Commissioner Executive Secretary Recording Secretary Legal Counsel EXCUSED Cynthia A. Thomas Joe Turner Assistant Executive Secretary Special Legal Counsel ABSENT

2 2 CHAIRPERSON James Moore VICE CHAIRPERSON Sean P. Neary ROLL CALL WAS TAKEN AT 9:00 A.M. BY THE BOARD S RECORDING SECRETARY AND THE MEETING WAS CALLED TO ORDER. CLOSED SESSION BY MR. PEGG SUPPORTED BY MR. STEWART WHEREAS, The Boa rd s Medic a l Direc tor is now before the Boa rd of Trustees of the Polic e a nd Fire Retirement System of the City of Detroit to disc uss the medic a l a nd psyc hia tric reports of individua ls who have a pplied for disa bility retirement, a nd the medic a l a nd psyc hiatric reports of individuals who have received re-examinations, and WHEREAS, The Mic higa n Open Meetings Ac t provid es for Closed Sessions in certain circumstances, including the foregoing matter, and WHEREAS, The Boa rd ha s disc ussed this ma tter c onsistent with the Michigan Open Meetings Act, Therefore be it RESOLVED, Tha t the Boa rd enter into Closed Session c onsistent with the Michigan Open Meetings Act: A Roll Call vote was taken as follows: Trustees Best, Butler, Gnatek, Neary, Pegg, Stewart and Chairman Moore 7 The Board entered into Closed Session at 9:12 A.M. Trustee Brend a Jones entered the meeting d uring Closed Session (9:17 A.M.)

3 3 Trustee Cheryl Johnson entered the meeting during Closed Session (9:20 A.M.) OPEN SESSION BY MR. STEWART SUPPORTED BY MR. NEARY Resolved, That the Board return to Open Session: A Roll Call vote was taken as follows: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart and Chairman Moore 9 The Boa rd returned to Op en Session at 9:28 A.M. a nd the Boa rd s Medical Director was excused for the remainder of the Meeting. DISABILITY RETIREMENT APPLICATIONS EMPLOYEE INFORMATION Name KENNETH KENWARD Title OFFICER Department POLICE Pension No Disability Type DUTY Plan NEW Injury/Injuries LOWER BACK SSN MEDICAL DIRECTOR S RECOMMENDATION APPROVE DENY APPEAL DUTY RELATED LOWER BACK INJURY X KENNETH KENWARD BY MR. STEWART SUPPORTED BY MR. PEGG RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING KENNETH KENWARD, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. KENWARD S APPLICATION FOR DUTY DISABILITY RETIREMENT: Trustees Best, Butler, Gnatek, Neary, Pegg, Stewart and Chairman Moore 7

4 4 TRUSTEE BRENDA JONES ENTERED THE MEETING AT 9:17 A.M. TRUSTEE CHERYL JOHNSON ENTERED THE MEETING AT 9:20 A.M. RE-EXAMINATIONS BY MR. NEARY SUPPORTED BY MR. PEGG RESOLVED, THAT IN ACCORDANCE WITH THE RECOMMENDATION OF THE BOARD S MEDICAL DIRECTOR, THE FOLLOWING DIRECTIVES BE APPROVED: RE-EXAMINATIONS NAME DEPARTMENT DISABILITY TYPE RE-EXAM NUMBER CONTINUE ON DISABILITY RETIREMENT PAYROLLS WITH NEXT RE-EXAM IN 1 YEAR CONTINUE ON DISABILITY RETIREMENT PAYROLLS. NO FURTHER RE-EXAMS NECESSARY CONTINUE ON DISABILITY RETIREMENT PAYROLLS AND MUST RECEIVE NEXT RE-EXAM AT LOCAL CLINIC (IN DETROIT, MICHIGAN) DEVON FIELDS FIRE DUTY FOURTH RE-EXAM CONTINUE WITH NEXT RE-EXAM IN ONE YEAR. DENY RETURN TO WORK REQUEST AND INFORM OF RIGHT TO APPEAL DEVON JACKSON POLICE DUTY FIRST RE-EXAM CONTINUE WITH NEXT RE-EXAM IN ONE YEAR CHARLES LEONARD POLICE DUTY FOURTH RE-EXAM CONTINUE WITH NO FURTHER RE-EXAMS BEING NECESSARY AARON TENNIS FIRE DUTY FIRST RE-EXAM CONTINUE WITH NEXT RE-EXAM IN ONE YEAR ANTHONY THOMAS FIRE DUTY SECOND RE-EXAM CONTINUE WITH NEXT RE-EXAM IN ONE YEAR KENNETH WALKER FIRE DUTY SECOND RE-EXAM CONTINUE WITH NEXT RE-EXAM IN ONE YEAR JEFFREY WIELCZOPOLSKI DUTY FOURTH RE-EXAM FIRE CONTINUE WITH NO FURTHER RE-EXAMS BEING NECESSARY Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart and Chairman Moore 9

5 5 LEGAL COUNSEL RONALD ZAJAC ENTERED THE MEETING AT 9:25 A.M. DROP RETIREMENTS BY MR. PEGG SUPPORTED BY MR. GNATEK RESOLVED, THAT THE DROP RETIREMENT APPLICATIONS WHICH ARE REFERENCED BELOW BE APPROVED: DROP RETIREMENTS NAME, TITLE, DEPARTMENT: ROSALYN MERRIT OFFICER - P DROP - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: VERDINE DAY FIRE ENGINE OPERATOR - F DROP - NEW SERVICE CR./EFFECTIVE DATE: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart and Chairman Moore 9 Trustee Wheeler entered the meeting at 9:46 A.M. RETIREMENTS BY MR. GNATEK SUPPORTED BY MR. PEGG RESOLVED, THAT THE RETIREMENT APPLICATIONS WHICH ARE DESIGNATED BELOW BE APPROVED: RETIREMENTS NAME, TITLE, DEPARTMENT: VENETIA COOPER SERGEANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: RAPHAEL DAVIS SERGEANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: WILLIE COLEMAN SERGEANT - P SERVICE - NEW

6 6 RETIREMENTS CONTINUED SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: GORDON HAMPTON OFFICER - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: ROY JOPES SERGEANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: LANCE LABURDY LIEUTENANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: MICHAEL MUSIAL SERGEANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: DIANA PESSINA SERGEANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: RHONDA TILLMAN LIEUTENANT - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: ROGER CLEMONS INVESTIGATOR - P SERVICE - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: RODNEY WILSON OFFICER - P DUTY DISABILITY CONVERSION - NEW

7 7 RETIREMENTS CONTINUED SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: CORLEEN SEWELL OFFICER - P DUTY DISABILITY CONVERSION - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: MAUREEN ST. CLAIR INVESTIGATOR - P DUTY DISABILITY CONVERSION - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: KAREN LESKIE-IANITELLI OFFICER - P DUTY DISABILITY CONVERSION - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: EVE MARSTON OFFICER - P DUTY DISABILITY CONVERSION NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: RAYMOND ZAPALSKI SERGEANT - P VESTED PENSION - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: KEVIN BRATHWAITE OFFICER P EARLY RETIREMENT - NEW SERVICE CR./EFFECTIVE DATE: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10

8 8 CONFIRMATIONS BY MR. NEARY SUPPORTED BY MR. PEGG RESOLVED, THAT THE RECEIPTS AND DISBURSEMENTS WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS BE CONFIRMED: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 REFUNDS OF ACCUMULATED CONTRIBUTIONS BY MR. STEWART SUPPORTED BY MR. NEARY RESOLVED, THAT THE CONTRIBUTIONS TO THE ANNUITY SAVINGS FUND BY MEMBERS OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT, AS SET FORTH ON LIST NUMBER 3394, IN THE AMOUNT OF $676,047.71, INCLUDING INTEREST, BE REFUNDED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 MINUTES OF FEBRUARY 24, 2011 BY MR. GNATEK SUPPORTED BY MR. WHEELER RESOLVED, THAT THE MINUTES OF THE MEETING HELD THURSDAY, FEBRUARY 24, 2011, BE APPROVED AS RECORDED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10

9 9 SG CAPITAL GROUP DERRON SANDERS AND JOSHUA GRIGGS PROVIDED THE BOARD WITH PROJECT UPDATES; RE: SIX TRAILS; KINGS POINTE; TUSCAN PARK AND LAKEVIEW VILLAS (PENDING ACQUISITION). MAYFIELD GENTRY REALTY ADVISORS, LLC ALICIA DIAZ DISCUSSED MAYFIELD GENTRY S GENESIS VALUE FUND, L.P. AND THEN EXCUSED HERSELF. Police and Fire Retirement System of the City of Detroit Pre-Employment Military Service Credit By Mr. Best Supported by Mr. Pegg Whereas, The individual whose name is designated below has applied to this Board for Pre-Employment Military Service Credit and has complied with all of the necessary requirements of Section b of the Charter Provisions, as amended by Board resolution of February 3, 1983, Therefore Be It Resolved, That payment of the full amounts be made to the Pension Accumulation Fund by the method selected by the individual and the number of months eligible active duty be credited him/her as membership service credit subject to the conditions and limitations of the authorizing ordinance provisions as amended by Board resolution of February 3, 1983: Pension Number, Name, Address Patrick J. McNulty W. Main St. Armada, Michigan Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10

10 10 MGRA Genesis Value Fund, L.P. By Mr. Pegg Supported by Ms. Johnson WHEREAS, on December 9, 2010, the Board adopted a resolution approving the request of Mayfield Gentry Realty Advisors, LLC to dissolve MGRA Genesis Value REIT Inc., a Maryland corporation (the Company ) and exchange the Retirement System s stock in the Company for a equal percentage of limited partner interests in MGRA Genesis Value Fund, L.P., a Delaware limited partnership (the Partnership ), and WHEREAS, the dissolution of the Company was completed, and the Retirement System became a limited partner in the Partnership by the execution of a Second Amended and Restated Agreement of Limited Partnership of MGRA Genesis Value Fund, L.P. dated as of December 15, 2010, and WHEREAS, the limited partners of the Partnership and their respective capital commitments are: (i) the Retirement System ($81,110,081.08), (ii) the General Retirement System of the City of Detroit ($10,000,000) and (iii) the Los Angeles City Employees Retirement System ( LACERS ) ($10,000,000), and WHEREAS, LACERS has decided to withdraw as a limited partner from the Partnership, and in order to allow LACERS to withdraw from the Partnership (and become the sole limited partner of MGRA Genesis Value Fund Parallel A, L.P.), MGRA GP, LLC, the general partner of the Partnership has requested the Retirement System execute a Written Consent of Limited Partners to the withdrawal of LACERS from the Partnership and the acknowledgment of Limited Partnership Agreement of MGRA Genesis Value Fund Parallel A, L.P., to be dated as of March 17, 2011 (the Consent ), and WHEREAS, said document has been approved as to form by the Board s special legal counsel, F. Logan Davidson, P.C. and WHEREAS, this resolution has been approved as to form by the Board s legal counsel and the execution of said document is consistent with prior action of the Board, therefore be it RESOLVED, that said document be executed by two authorized signatories on behalf of the Board., and further RESOLVED, that a copy of this resolution be forwarded to Mayfield Gentry Realty Advisors, LLC,100 River Place, Suite 300, Detroit, Michigan 48207; F. Logan Davidson, P.C., 28 West Adams, Suite 300, Detroit, Michigan 48226; and the Accounting Division of the Retirement System:

11 11 MGRA Genesis Value Fund, L.P. - Continued CHAUNCEY MAYFIELD MAYFIELD GENTRY REALTY ADVISORS, LLC 100 RIVER PLACE SUITE 300 DETROIT, MICHIGAN F. LOGAN DAVIDSON, P.C. 28 WEST ADAMS SUITE 300 DETROIT, MICHIGAN Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 LEGAL COUNSEL S REPORTS LEGAL COUNSEL RONALD ZAJAC DISCUSSED VARIOUS MATTERS WITH THE BOARD, INCLUDING HARP VERSUS HARP; FERENSIC VERSUS FERENSIC; DEBORAH LEE AND HILTON NAPOLEON. TRUSTEES JONES AND JOHNSON EXCUSED THEMSELVES AT 11:00 A.M HARP VERSUS HARP LIVINGSTON COUNTY CASE NO DM BY MR. NEARY SUPPORTED BY MR. BEST WHEREAS, THE BOARD IS IN RECEIPT OF TWO (2) ELIGIBLE DOMESTIC RELATIONS ORDERS DATED FEBRUARY 17, 2011 WHICH AMEND/ SUPPLEMENTS A JUDGMENT OF DIVORCE DATED MAY 2, 2000 WHEREIN DALIA R. HARP IS AWARDED CERTAIN RIGHTS TO THE DEFINED BENEFIT PLAN AND DEFINED CONTRIBUTION PLAN BENEFITS OF WILLIAM M. HARP WHO IS CURRENTLY AN ACTIVE EMPLOYEE, AND WHEREAS, PARTICIPANT S DATE OF BIRTH IS NOVEMBER 8, 1964 AND, TO DATE, PARTICIPANT HAS ATTAINED 21 YEARS AND 09 MONTHS OF SERVICE CREDIT, AND WHEREAS, ALTERNATE PAYEE IS ENTITLED TO CLAIM A PORTION OF PARTICIPANT S DEFINED CONTRIBUTION PLAN, PAYMENT OF WHICH IS SUBJECT TO PARTICIPANT S ELIGIBILITY FOR WITHDRAWAL FROM DEFINED CONTRIBUTION PLAN AND FURTHER SUBJECT TO ALTERNATE PAYEE FILING AN APPLICATION FOR SAME, AND

12 HARP VERSUS HARP LIVINGSTON COUNTY CASE NO DM - CONTINUED WHEREAS, ALTERNATE PAYEE IS ENTITLED TO CLAIM A PORTION OF PARTICIPANT S DEFINED BENEFIT PLAN, AND WHEREAS, DEFINED CONTRIBUTION PLAN AMOUNTS CAN BE MADE TO THE PARTICIPANT OR ALTERNATE PAYEE UPON PARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, OR TERMINATION OF SERVICE, OR UPON PARTICIPANT OTHERWISE BEING ELIGIBLE TO WITHDRAW AMOUNTS FROM THE DEFINED CONTRIBUTION PLAN, AND SUBJECT TO APPLICATION FOR SAME BEING MADE BY THE PARTY SEEKING PAYMENT, AND WHEREAS, THE EARLIEST DATE THAT PAYMENTS FROM THE DEFINED BENEFIT PLAN CAN BE MADE TO THE PARTICIPANT OR ALTERNATE PAYEE IS UPON PARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, OR OTHERWISE RECEIVING RETIREMENT BENEFITS, AND WHEREAS, THE BOARD S POLICY IS TO REQUIRE THAT THE COST FOR THE ACTUARY S CALCULATIONS ARE TO BE BORNE BY THE PARTIES TO THE DOMESTIC RELATIONS PROCEEDINGS, AND WHEREAS, THE COURT ORDER PROVIDES FOR THE PARTIES TO SHARE THE COST OF THE ACTUARY S FEES, AND WHEREAS, SAID MATTER HAS BEEN DISCUSSED WITH LEGAL COUNSEL WHO HAS OPINED THAT THE APPLICABLE TERMS OF SAID COURT ORDER ARE CONSISTENT WITH THE PROVISIONS OF THE RETIREMENT SYSTEM AND APPLICABLE LAW, INCLUDING PUBLIC ACT 46 OF 1991 (MCLA ), AS APPLICABLE, THEREFORE BE IT RESOLVED, THAT THE BOARD ACKNOWLEDGE RECEIPT OF SAID COURT ORDER AND PAY PENSION BENEFITS CONSISTENT WITH SAID COURT ORDER SUBJECT TO APPLICATION BEING FILED BY THE PARTY SEEKING PAYMENT, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE IMMEDIATELY ATTACHED AS THE TOP SHEET OF THE PENSION FILE, AND OTHER APPROPRIATE RECORDS BE RETAINED BY THE RETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO ATTORNEY DAVID G. JOHNSON; ATTORNEY JOHN K. HARRIS; DALIA R. HARP; WILLIAM M. HARP; AND RETIREMENT SYSTEM STAFF MEMBER DAVID CETLINSKI: Trustees Best, Butler, Gnatek, Neary, Pegg, Stewart, Wheeler and Chairman Moore 8

13 FERENSIC VERSUS FERENSIC HURON COUNTY CASE NO DM BY MR. NEARY SUPPORTED BY MR. BEST WHEREAS, THE BOARD IS IN RECEIPT OF AN ELIGIBLE DOMESTIC RELATIONS ORDER DATED FEBRUARY 22, 2011 WHICH AMENDS/ SUPPLEMENTS A JUDGMENT OF DIVORCE WHEREIN ANITA G. FERENSIC IS AWARDED CERTAIN RIGHTS TO THE DEFINED BENEFIT PLAN AND DEFINED CONTRIBUTION PLAN BENEFITS OF DONALD J. FERENSIC WHO IS CURRENTLY AN ACTIVE EMPLOYEE, AND WHEREAS, PARTICIPANT S DATE OF BIRTH IS SEPTEMBER 15, 1969 AND, TO DATE, PARTICIPANT HAS ATTAINED 12 YEARS AND 07 MONTHS OF SERVICE CREDIT, AND WHEREAS, ALTERNATE PAYEE IS ENTITLED TO CLAIM A PORTION OF PARTICIPANT S DEFINED CONTRIBUTION PLAN, PAYMENT OF WHICH IS SUBJECT TO PARTICIPANT S ELIGIBILITY FOR WITHDRAWAL FROM DEFINED CONTRIBUTION PLAN AND FURTHER SUBJECT TO ALTERNATE PAYEE FILING AN APPLICATION FOR SAME, AND WHEREAS, ALTERNATE PAYEE IS ENTITLED TO CLAIM A PORTION OF PARTICIPANT S DEFINED BENEFIT PLAN, AND WHEREAS, DEFINED CONTRIBUTION PLAN AMOUNTS CAN BE MADE TO THE PARTICIPANT OR ALTERNATE UPON PARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, OR TERMINATION OF SERVICE, OR UPON PARTICIPANT ATTAINING THE AGE OF 60 YEARS, OR UPON PARTICIPANT OTHERWISE BEING ELIGIBLE TO WITHDRAW AMOUNTS FROM THE DEFINED CONTRIBUTION PLAN, AND SUBJECT TO APPLICATION FOR SAME BEING MADE BY THE PARTY SEEKING PAYMENT, AND WHEREAS, THE EARLIEST DATE THAT PAYMENTS FROM THE DEFINED BENEFIT PLAN CAN BE MADE TO THE PARTICIPANT OR ALTERNATE PAYEE IS UPON PARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, OR OTHERWISE RECEIVING RETIREMENT BENEFITS, AND WHEREAS, THE BOARD S POLICY IS TO REQUIRE THAT THE COST FOR THE ACTUARY S CALCULATIONS ARE TO BE BORNE BY THE PARTIES TO THE DOMESTIC RELATIONS PROCEEDINGS, AND WHEREAS, THE COURT ORDER PROVIDES FOR THE PARTIES TO SHARE THE COST OF THE ACTUARY S FEES, AND WHEREAS, SAID MATTER HAS BEEN DISCUSSED WITH LEGAL COUNSEL WHO HAS OPINED THAT THE APPLICABLE TERMS OF SAID COURT ORDER ARE CONSISTENT WITH THE PROVISIONS OF THE RETIREMENT SYSTEM AND APPLICABLE LAW, INCLUDING PUBLIC ACT 46 OF 1991 (MCLA ), AS APPLICABLE, THEREFORE BE IT RESOLVED, THAT THE BOARD ACKNOWLEDGE RECEIPT OF SAID COURT ORDER AND PAY PENSION BENEFITS CONSISTENT WITH SAID COURT ORDER SUBJECT TO APPLICATION BEING FILED BY THE PARTY SEEKING PAYMENT, AND BE IT FURTHER

14 FERENSIC VERSUS FERENSIC HURON COUNTY CASE NO DM - CONTINUED RESOLVED, THAT A COPY OF THIS RESOLUTION BE IMMEDIATELY ATTACHED AS THE TOP SHEET OF THE PENSION FILE, AND OTHER APPROPRIATE RECORDS BE RETAINED BY THE RETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO ATTORNEY SARA R. PROUT; ANITA G. FERENSIC; DONALD J. FERENSIC; AND RETIREMENT SYSTEM STAFF MEMBER DAVID CETLINSKI: Trustees Best, Butler, Gnatek, Neary, Pegg, Stewart, Wheeler and Chairman Moore 8 Trustee Johnson re-joined the meeting at 11:10 A.M. DEBORAH LEE PENSION NO BY MR. STEWART SUPPORTED BY MR. PEGG WHEREAS, THE BOARD OF TRUSTEES IS IN RECEIPT OF A WAYNE COUNTY CIRCUIT COURT ORDER DATED DECEMBER 14, 2009 WHICH PROVIDES THAT DEBORAH LEE RECEIVE A SERVICE RETIREMENT EFFECTIVE FEBRUARY 27, 2007 (IMPLIEDLY) BASED UPON ACTUAL SERVICE CREDIT, AND WHEREAS, THE BOARD S UNDERSTANDING IS THAT THERE MAY BE AN ISSUE WITH RESPECT TO THE EFFECTIVE DATE OF MS. LEE S RETIREMENT, AND WHEREAS, IT APPEARS THAT MS. LEE IS ENTITLED TO RETIREMENT BENEFITS (I.E., EARLY REDUCED RETIREMENT BENEFITS) WITH OR WITHOUT ANY UNDERSTANDING BETWEEN HER AND HER EMPLOYER REGARDING ANY RETROACTIVE RETIREMENT BENEFITS BASED ON HER ACTUAL SERVICE CREDIT, THEREFORE BE IT RESOLVED, THAT ABSENT ANY FURTHER COURT ORDER OR DEVELOPMENTS REFLECTED BY FURTHER ACTION OF THE BOARD OF TRUSTEES, MS. LEE BE PLACED ON THE RETIREMENT ROLLS (A SERVICE RETIREMENT) EFFECTIVE MARCH 17, 2011 BASED ON HER ACTUAL SERVICE CREDIT, AND BE IT FURTHER RESOLVED, THAT ABSENT ANY FURTHER COURT ORDER OR DEVELOPMENTS, THE BOARD WILL ENTERTAIN A MOTION TO IMPLEMENT THE DECEMBER 14, 2009 COURT ORDER RETROACTIVE TO FEBRUARY 27, 2007, AND BE IT FURTHER

15 15 DEBORAH LEE PENSION NO CONTINUED RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO DEBORAH LEE; ATTORNEY GERALD L. PORTNEY, P.C. (FAX: ); AND THE CITY OF DETROIT LAW DEPARTMENT, ATTENTION: ANDREW JARVIS: DEBORAH LEE GERALD L. PORTNEY, P.C BISHOP 4023 MOSELLE DETROIT, MICHIGAN WEST BLOOMFIELD, MICHIGAN ANDREW JARVIS LAW DEPARTMENT 660 WOODWARD AVENUE 1650 FIRST NATIONAL BUILDING DETROIT, MICHIGAN Trustees Best, Butler, Gnatek, Johnson, Neary, Pegg, Stewart, Wheeler and Chairman Moore 9 SPECIAL LEGAL COUNSEL S REPORTS IN SPECIAL LEGAL COUNSEL JOE TURNER S ABSENCE, LEGAL COUNSEL RONALD ZAJAC PRESENTED HIS REPORTS TO THE BOARD. MR. ZAJAC DISCUSSED THE RETIRED DETROIT POLICE AND FIRE FIGHTERS ASSOCIATION, INC. VERSUS DETROIT POLICE OFFICERS ASSOCIATION, ET AL; AND GRS, ET AL, VERSUS ONYX CAPITAL ADVISORS, LLC, ET AL; AND PROVIDED EACH BOARD AND ADMINISTRATIVE STAFF MEMBER WITH A COPY OF THE FOLLOWING DOCUMENTS: RETIRED DETROIT POLICE AND FIRE FIGHTERS ASSOCIATION, INC., ET AL, VERSUS DETROIT POLICE OFFICERS ASSOCIATION, ET AL MARCH 9, 2011 PLAINTIFF-APPELLANT S REPLY TO DPCOA AND DFFA S RESPONSE IN OPPOSITION TO APPLICATION FOR LEAVE TO APPEAL GRS, ET AL, VERSUS ONYX CAPITAL ADVISORS, LLC, ET AL MARCH 11, 2011 PLAINTIFFS GRS AND PFRS RESPONSE IN OPPOSITION TO THE FARR DEFENDANTS MOTION TO STAY DISCOVERY; AND MARCH 14, 2011 PLAINTIFFS THE BOARD OF

16 16 GRS, ET AL, VERSUS ONYX CAPITAL ADVISORS, LLC, ET AL - CONTINUED TRUSTEES OF PONTIAC GENERAL EMPLOYEES RETIREMENT SYSTEM S RESPONSE TO THE FARR DEFENDANTS MOTION TO STAY DISCOVERY KENNEDY CAPITAL MANAGEMENT FRANK LATUDA AND RANDALL KIRKLAND DISCUSSED PERFORMANCE. TRUSTEE JONES RE-JOINED THE MEETING DURING KENNEDY S PRESENTATION (11:45 A.M.). MEDICAL DIRECTOR REGINALD O NEAL CONTACTED THE BOARD VIA TELECONFERENCE TO DISCUSS THE DUTY DISABILITY RETIREMENT APPLICATIONS OF EMMETT QUAINE AND LARRY ZAFFUTO, SO THE BOARD WAS ASKED TO ENTER INTO CLOSED SESSION. TRUSTEE JOHNSON EXCUSED HERSELF AT 1:30 P.M. CLOSED SESSION BY MR. GNATEK SUPPORTED BY MR. STEWART Resolved, That the Board enter into Closed Session for the purpose of discussing medical matters: A Roll Call Vote was taken as follows: Trustees Best, Butler, Gnatek, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 9 The Board entered into Closed Session at 1:40 P.M. TRUSTEE JOHNSON RE-JOINED THE MEETING DURING CLOSED SESSION (1:44 P.M.)

17 17 OPEN SESSION BY MR. STEWART SUPPORTED BY MR. GNATEK Resolved, That the Board return to Open Session: A Roll Call Vote was taken as follows: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 The Board returned to Open Session at 1:45 P.M. EMMETT QUAINE BY MR. GNATEK SUPPORTED BY MS. JONES RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING EMMETT QUAINE, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. QUAINE S APPLICATION FOR DUTY DISABILITY RETIREMENT: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 LARRY ZAFFUTO BY MR. GNATEK SUPPORTED BY MS. JONES RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING LARRY ZAFFUTO, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. ZAFFUTO S APPLICATION FOR DUTY DISABILITY RETIREMENT:

18 18 LARRY ZAFFUTO - CONTINUED Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Stewart, Wheeler and Chairman Moore 10 TRUSTEE STEWART AND LEGAL COUNSEL RONALD ZAJAC EXCUSED THEMSELVES AT 1:45 P.M. CAPITAL CALLS BY MR. PEGG SUPPORTED BY MR. NEARY WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE CAPITAL CALLS WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS, AND WHEREAS, THE BOARD HAS BEEN REQUESTED TO APPROVE FUNDING OF SAID CAPITAL CALLS, THEREFORE BE IT RESOLVED, THAT SUBJECT TO FINAL APPROVAL OF ALL TRANSACTION DOCUMENTS BY THE BOARD S LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVES FUNDING OF SAID CAPITAL CALLS: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Wheeler and Chairman Moore 9 FEES AND EXPENSES BY MR. PEGG SUPPORTED BY MR. BEST WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE FEES AND EXPENSES WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS, AND WHEREAS, THE BOARD HAS BEEN REQUESTED TO APPROVE PAYMENT OF SAID FEES AND EXPENSES, THEREFORE BE IT RESOLVED, THAT SUBJECT TO FINAL APPROVAL OF ALL TRANSACTION DOCUMENTS BY THE BOARD S LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVES PAYMENT OF SAID FEES AND EXPENSES: Trustees Best, Butler, Gnatek, Johnson, Jones, Neary, Pegg, Wheeler and Chairman Moore 9

19 19 LEGAL COUNSEL RONALD ZAJAC RE-JOINED THE MEETING AT 1:46 P.M. TRUSTEE STEWART RE-JOINED THE MEETING AT 1:49 P.M. PARAMOUNT LIMITED, LLC MARIE RACINE OF RACINE & ASSOCIATES AND MARTY WEST OF MILESTONE REALTY SERVICES, INC. DISCUSSED MILESTONE S PROPOSED FEE SCHEDULE, AGREEMENT FOR ADVISORY SERVICES (BETWEEN MILESTONE AND THE RETIREMENT SYSTEM), AND TRANSITION PLAN RELATING TO PARAMOUNT LIMITED, LLC, RE: PARAMOUNT LIMITED, LLC. MS. RACINE AND MR. WEST ALSO INFORMED THE BOARD THAT DESPITE ABNER MCWHORTER S EXECUTION OF THE FEBRUARY 15, 2011 COOPERATION AGREEMENT, HE HAS YET TO RESPOND TO MILESTONE S MARCH 2, 2011 OR RACINE & ASSOCIATES MARCH 14, 2011 REQUESTS FOR CERTAIN DOCUMENTATION AND INFORMATION. MS. RACINE ALSO NOTED THAT RACINE & ASSOCIATES ENGAGED PLANTE MORAN TO ASSIST RACINE & ASSOCIATES AND MILESTONE IN THE ASSESSMENT, ANALYSIS, OPERATIONS AND POTENTIAL LIQUIDATION MATTERS PERTAINING TO PARAMOUNT, WITH PLANTE MORAN S FEES BEING PAID BY RACINE & ASSOCIATES. MR. MCWHORTER APPEARED BEFORE THE BOARD AND INFORMED THE BOARD THAT ALL TAXES HAVE BEEN PAID ON ALL PARAMOUNT PROPERTIES. HE ALSO NOTED THAT HE HAD PROVIDED F. LOGAN DAVIDSON WITH MOST OF THE DOCUMENTATION AND INFORMATION REQUESTED IN MILESTONE S AND RACINE & ASSOCIATES REQUESTS. PRIOR TO EXCUSING HIMSELF, MR. MCWHORTER ASKED THE BOARD TO CONSIDER ALLOWING HIM TO ACQUIRE CONTROLLING INTEREST IN PARAMOUNT. TRUSTEE JOHNSON EXCUSED HERSELF AT 3:15 P.M. PARAMOUNT LIMITED, LLC/PARAMOUNT LAND HOLDINGS, LLC BY MR. PEGG SUPPORTED BY MR. NEARY WHEREAS, THE BOARD HAS BEEN REQUESTED TO EXECUTE AN AGREEMENT FOR ADVISORY SERVICES (DATED MARCH 17, 2011 WITH AN EFFECTIVE DATE OF FEBRUARY 21, 2011) WITH MILESTONE REALTY SERVICES, INC., WHICH

20 20 PARAMOUNT LIMITED, LLC/PARAMOUNT LAND HOLDINGS, LLC - CONTINUED INCLUDES A DESCRIPTION OF SERVICES AND A FEE SCHEDULE WITH HOURLY RATES RANGING FROM $100 PER HOUR TO $ PER HOUR, DEPENDING UPON THE PERSONS PROVIDING SERVICE, RELATIVE TO THE AFORESAID TRANSACTION, AND WHEREAS, THE EXECUTION OF SAID DOCUMENT HAS BEEN REVIEWED AND APPROVED AS TO FORM BY THE BOARD S GENERAL COUNSEL AND THE EXECUTION OF SAID DOCUMENT IS CONSISTENT WITH PRIOR ACTION OF THE BOARD, THEREFORE BE IT RESOLVED, THAT SAID DOCUMENT BE EXECUTED BY TWO AUTHORIZED SIGNATORIES ON THE BOARD S BEHALF, AND BE IT FURTHER RESOLVED, THAT THE EXECUTED ORIGINAL DOCUMENT BE FORWARDED TO MILESTONE REALTY SERVICES, INC., AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE IMMEDIATELY FORWARDED TO MILESTONE REALTY SERVICES, INC. (ATTENTION: MARTY WEST, 306 S. WASHINGTON AVENUE, SUITE 300, ROYAL OAK, MICHIGAN 48067); RACINE & ASSOCIATES (ATTENTION: MARIE RACINE, 1001 WOODWARD AVENUE, SUITE 1100, DETROIT, MICHIGAN 48226); AND THE ACCOUNTING DIVISION OF THE RETIREMENT SYSTEM; AND BE IT FURTHER RESOLVED, THAT RETIREMENT SYSTEM ACCOUNTING STAFF RETAIN A COPY OF SAID EXECUTED ORIGINAL DOCUMENT: MARTY WEST MILESTONE REALTY SERVICES, INC. 306 S. WASHINGTON AVENUE SUITE 204 ROYAL OAK, MICHIGAN MARIE RACINE RACINE & ASSOCIATES 1001 WOODWARD AVENUE SUITE 1100 DETROIT, MICHIGAN YEAS NAYS TRUSTEES BEST, BUTLER, GNATEK, JONES, NEARY, PEGG, STEWART, WHEELER AND CHAIRMAN MOORE 9 NONE

21 21 MILESTONE BY M R. PEGG TERMINATE DEVELOPMENT SERVICE SUPPORTED BY M R. N EARY WHEREAS, THE BOARD OF TRUSTEES IS IN RECEIPT OF A LETTER/MEMO FROM MILESTONE REALTY SERVICES, INC. ( MILESTONE ) WHEREIN MILESTONE REQUESTS: 1. THAT THE BOARD OF TRUSTEES ACKNOWLEDGE THAT THE DEVELOPMENT SERVICES AGREEMENT DATED DECEMBER 18, 2008, BETWEEN MILESTONE AND THE TERMINATED EFFECTIVE JUNE 10, 2010, AND PFRS/GRS JEFFERSON AVENUE CORP. WAS 2. SEEKING APPROVAL OF CONTINUATION OF SERVICES AT THE PROPERTY BY MILESTONE RE: INSURANCE, SNOW REMOVAL, SITE INSPECTING AND RESPONDING TO INQUIRES FROM THIRD-PARTIES REGARDING DEVELOPMENT INQUIRIES, AND WHEREAS, THE BOARD HAS DISCUSSED THESE MATTERS, THEREFORE BE IT RESOLVED, THAT THE BOARD ACKNOWLEDGES THAT THE AFORESAID DEVELOPMENT SERVICES AGREEMENT DATED DECEMBER 18, 2008, WAS TERMINATED EFFECTIVE JUNE 10, 2010 (PER RESOLUTION DATED MARCH 17, 2011), AND BE IT FURTHER RESOLVED, THAT REQUEST (2) ABOVE CONTINUE AS A PENDING MATTER FOR FUTURE DECISION BY THE BOARD OF TRUSTEES AFTER RECEIPT OF HISTORICAL INFORMATION REGARDING FEES FROM MILESTONE, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO THE BOARD OF TRUSTEES OF THE GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT; MILESTONE REALTY SERVICES, INC.; AND THE ACCOUNTING DIVISION OF THE RETIREMENT SYSTEM: YEAS NAYS TRUSTEES BEST, BUTLER, GNATEK, JONES, NEARY, PEGG, STEWART, WHEELER AND CHAIRMAN MOORE 9 NONE

22 22 SR. INVESTMENT ANALYST COMMITTEE AT THE CHAIR S DIRECTION, THE BOARD OF TRUSTEES OF THE GENERAL RETIREMENT SYSTEM IS TO BE NOTIFIED THAT THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM SELECTS RYAN BIGELOW TO PROVIDE SERVICES AS A SR. INVESTMENT ANALYST SUBJECT TO THE FOLLOWING: A. MUTUAL AGREEMENT WITH THE BOARD OF TRUSTEES OF THE GRS B. APPROVAL OF A CONTRACT BETWEEN THE PFRS AND GRS AS MUTUALLY APPROVED AS TO TERMS BY BOTH BOARDS OF TRUSTEES AND PREPARED AND APPROVED AS TO FORM BY SPECIAL LEGAL COUNSEL, CLARK HILL, PLC (PER JOE TURNER) C. THE RELOCATION FEES OF MR. BIGELOW BEING SHARED EQUALLY BY BOTH RETIREMENT SYSTEMS D. MR. BIGELOW S EMPLOYMENT CONTRACT TERMS BEING PROPOSED BY THE EXECUTIVE SECRETARY AND APPROVED BY BOTH RETIREMENT SYSTEMS TRUSTEE NEARY ASKED THAT THE RECORD REFLECT HIS BELIEF THAT MANAGEMENT SHOULD HAVE BEEN RESPONSIBLE FOR SELECTING THE SR. INVESTMENT ANALYST NOT A COMMITTEE OF THE BOARD. ENERGY INVESTORS FUND AT THE CHAIR S DIRECTION, NORTH POINT ADVISORS (PER ADRIAN ANDERSON) WILL BE REQUESTED TO ASCERTAIN WHETHER ROOM IS AVAILABLE WITHIN THE SYSTEM S ALTERNATIVE INVESTMENTS PORTFOLIO TO INVEST $10,000, IN ENERGY INVESTORS FUND IV AND, IF SO, TO PROVIDE THE BOARD WITH A FUNDING SOURCE. RETIREMENT SYSTEM INVESTMENT POLICY STATEMENT AT THE CHAIR S DIRECTION, GRAYSTONE WILL BE ASKED TO BE AVAILABLE VIA TELECONFERENCE ON THE 24TH TO PROVIDE THE BOARD WITH THEIR COMMENTS REGARDING THE SYSTEM S INVESTMENT POLICY STATEMENT.

23 23 HOUSE BILL 4214 TRUSTEE PEGG ASKED THAT STAFF INQUIRE AS TO WHETHER THE BOARD S LOBBYIST (LUCIUS VASSAR) WOULD BE AVAILABLE ON THE 24TH TO DISCUSS THE RAMIFICATIONS OF HOUSE BILL PUBLIC FORUM AT 4:30 P.M., CHAIRMAN MOORE DECLARED THE MEETING IN OPEN FORUM FOR GENERAL DISCUSSION BY THE PUBLIC ATTENDING THE MEETING. ADJOURNMENT THERE BEING NO FURTHER BUSINESS BEFORE THE BOARD, CHAIRMAN MOORE ADJOURNED THE MEETING AT 4:35 P.M. UNTIL THURSDAY, MARCH 24, 2011 AT 9:00 A.M., IN ROOM 910 OF THE COLEMAN A. YOUNG MUNICIPAL CENTER, DETROIT, MICHIGAN RESPECTFULLY SUBMITTED, WALTER STAMPOR EXECUTIVE SECRETARY

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