MEETING NUMBER 2729 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT

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1 MEETING NUMBER 2729 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE PROCEEDINGS HELD THURSDAY, APRIL 16, :00 A.M. IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS 910 COLEMAN A. YOUNG MUNICIPAL CENTER DETROIT, MICHIGAN PRESENT Marty Bandemer Gregory Best Barbara-Rose Collins Seth Doyle Heather Johnson James Moore Timothy Ngare George Orzech Jeffrey Pegg Paul Stewart Walter Stampor Janet S. Lenear Ronald Zajac Joe Turner Regina ld O Nea l Elected Trustee/Chairperson Elected Trustee Ex/Officio Trustee/Councilperson Ex/Officio Trustee Ex/Officio Trustee Elected Trustee Ex/Officio Trustee/Treasurer Elected Trustee Elected Trustee/Vice Chairperson Elected Trustee Executive Secretary Recording Secretary Legal Counsel Special Legal Counsel Medical Director EXCUSED Tonya Guy-Wilson Cynthia A. Thomas Richard Huddleston Ex/Officio Trustee Assistant Executive Secretary Investment Analyst ABSENT

2 2 CHAIRPERSON Marty Bandemer VICE CHAIRPERSON Jeffrey Pegg ROLL CALL WAS TAKEN AT 9:11 A.M. BY THE BOARD S RECORDING SECRETARY AND THE MEETING WAS CALLED TO ORDER. CLOSED SESSION BY MR. DOYLE SUPPORTED BY MR. MOORE WHEREAS, The Board s Medical Director is now before the Board 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 and psyc hia tric reports of individ ua ls who have received re-examinations, and WHEREAS, The Michigan Open Meetings Act 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: Chairman Bandemer entered the meeting. A Roll Call vote was taken as follows: Trustees Bandemer, Best, Doyle, Moore, Orzech, Stewart And Vice Chairman Pegg 7 - The Board entered into Closed Session at 9:11 A.M.

3 3 Vice Chairman Pegg relinquished the Chair to Chairman Bandemer. OPEN SESSION BY MR. STEWART SUPPORTED BY MR. PEGG Resolved, That the Board return to Open Session: A Roll Call vote was taken as follows: Trustees Best, Collins, Doyle, Johnson, Moore, Ngare, Orzech, The Board returned to Open Session at 10:01 A.M. DISABILITY RETIREMENT APPLICATIONS NAME PATRICK HAYDEN TITLE LIEUTENANT DEPARTMENT FIRE PENSION NO DISABILITY TYPE DUTY INJURY (INJURIES) LOWER BACK RECOMMENDATION DUTY RELATED INJURY BOARD ACTION APPROVE NAME KEITH NAPPO TITLE OFFICER DEPARTMENT POLICE PENSION NO DISABILITY TYPE DUTY INJURY (INJURIES) LEFT KNEE RECOMMENDATION DUTY RELATED INJURY BOARD ACTION APPROVE NAME DERRICK SMITH TITLE FIRE FIGHTER DEPARTMENT FIRE PENSION NO DISABILITY TYPE DUTY INJURY (INJURIES) BOTH WRISTS RECOMMENDATION DUTY RELATED INJURIES BOARD ACTION APPROVE

4 4 DISABILITY RETIREMENT APPLICATIONS NAME KENNETH WALKER TITLE FIRE FIGHTER/DRIVER DEPARTMENT FIRE PENSION/SSN DISABILITY TYPE DUTY INJURY (INJURIES) RIGHT KNEE RECOMMENDATION DUTY RELATED INJURY BOARD ACTION APPROVE TRUSTEE NGARE ENTERED THE MEETING. PATRICK HAYDEN BY MR. STEWART SUPPORTED BY MR. PEGG RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING PATRICK HAYDEN, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. HAYDEN S APPLICATION FOR DUTY DISABILITY RETIREMENT: YEAS NAYS TRUSTEES BEST, DOYLE, MOORE, NGARE, ORZECH, PEGG, STEWART AND CHAIRMAN BANDEMER 8 NONE KEITH NAPPO BY MR. STEWART SUPPORTED BY MR. BEST RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING KEITH NAPPO, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. NAPPO S APPLICATION FOR DUTY DISABILITY RETIREMENT: YEAS TRUSTEES BEST, DOYLE, MOORE, NGARE, ORZECH, PEGG, STEWART AND CHAIRMAN BANDEMER 8

5 5 KEITH NAPPO NAYS NONE TRUSTEE ORZECH EXCUSED HIMSELF. DERRICK SMITH BY MR. BEST SUPPORTED BY MR. PEGG RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING DERRICK SMITH, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. SMITH S APPLICATION FOR DUTY DISABILITY RETIREMENT: YEAS NAYS TRUSTEES BEST, DOYLE, MOORE, NGARE, PEGG, STEWART AND CHAIRMAN BANDEMER 7 NONE KENNETH WALKER BY MR. PEGG SUPPORTED BY MR. BEST RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING KENNETH WALKER, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. WALKER S APPLICATION FOR DUTY DISABILITY RETIREMENT: YEAS NAYS TRUSTEES BEST, DOYLE, MOORE, NGARE, PEGG, STEWART AND CHAIRMAN BANDEMER 7 NONE ANNUAL RE-EXAMINATIONS BY MR. BEST SUPPORTED BY MR. PEGG

6 6 ANNUAL RE-EXAMINATIONS RESOLVED, THAT THE FOLLOWING BE APPROVED IN ACCORDANCE WITH THE RECOMMENDATION OF THE BOARD S MEDICAL DIRECTOR: YEAS NAYS TRUSTEES BEST, DOYLE, MOORE, NGARE, PEGG, STEWART AND CHAIRMAN BANDEMER 7 NONE RE-EXAMINATIONS NAME DEPARTMENT DISABILITY TYPE RE-EXAM NUMBER CONTINUE ON DISABILITY RETIREMENT PAYROLLS WITH NEXT RE-EXAM IN 1 YEAR CONTINUE ON DISABILITY PAYROLLS. NO FURTHER RE-EXAMS REQUIRED CONTINUE, BUT MUST RECEIVE NEXT RE-EXAM IN DETROIT, MICHIGAN JONATHAN LOVELACE FIRE DUTY THIRD RE- EXAM CONTINUE, 1 YEAR MAYA REECE POLICE NON/DUTY FIRST RE- EXAM CONTINUE, 1 YEAR BRIAN BRANCH FIRE DUTY SECOND RE-EXAM CONTINUE, 1 YEAR ANTHONY HUGHES - FIRE DUTY SECOND RE-EXAM CONTINUE, 1 YEAR MICHAEL ENGLISH FIRE FIRE DUTY SECOND RE- EXAM CONTINUE, NO FURTHER RE-EXAMS REQUIRED

7 7 TRUSTEE JOHNSON ENTERED THE MEETING. TRUSTEE ORZECH RE-JOINED THE MEETING. TRUSTEE COLLINS ENTERED THE MEETING. CLOSED SESSION DISCUSSIONS DURING CLOSED SESSION, SPECIAL LEGAL COUNSEL JOE TURNER DISCUSSED THE DETROIT FREE PRESS, INC.; WARNER, NORCROSS & JUDD, LLP; KEITH BROOKS AND ERNEST L. JARRETT VERSUS THE CITY OF DETROIT; AND RDD INVESTMENT CORPORATION. MR. TURNER ALSO PROVIDED EACH MEMBER OF THE BOARD WITH COPIES OF THE FOLLOWING DOCUMENTS: DETROIT FREE PRESS, INC. LITIGATION DEFENDANTS (GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT AND POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT) FIRST AMENDED ANSWER TO COMPLAINT, AFFIRMATIVE DEFENSES AND JURY DEMAND WARNER, NORCROSS & JUDD, LLP LITIGATION OPPOSITION TO MOTION FOR CHANGE OF VENUE KEITH BROOKS AND ERNEST L. JARRETT LITIGATION BRIEF ON APPEAL PLAINTIFF S BRIEF IN PLAINTIFF-APPELLANT S GENERAL COUNSEL RONALD ZAJAC DISCUSSED MMA DURING CLOSED SESSION. EXTENSIVELY MMA EARL COLE DISCUSSED VARIOUS MATTERS WITH THE BOARD, INCLUDING THE STATUS OF THE MMIT GROUP TRUST, THE PURCHASE OF THE MAYFAIR MANSIONS TAX-EXEMPT BOND, AND FUNDING ALTERNATIVES. HE ALSO PROVIDED THE BOARD WITH A SUMMARY OF INVESTMENT ACTIVITY FOR MMA REALTY CAPITAL ADVISORS, INC. WIND POINT PARTNERS MI CHAEL NELSON AND AN ASSOCIATE DISCUSSED PRIVATE EQUITY INVESTING, PERFORMANCE AND WIND POINT S NEW FUND WIND POINT PARTNERS VII (WHICH MR. NELSON WOULD LIKE THE BOARD TO CONSIDER INVESTING IN).

8 8 LEGAL COUNSEL S REPORTS LEGAL COUNSEL RONALD ZAJ AC DISCUSSED VARIOUS MATTERS WITH THE BOARD, INCLUDING 3202 BEHREND DRIVE, 3151 BEHREND DRIVE, JARACZ VERSUS JARACZ (MACOMB COUNTY CASE # DM), PATTERSON VERSUS PATTERSON (WAYNE COUNTY CASE # DM), UBS SECURITIES, RREEF AND MMA. SPECIAL LEGAL COUNSEL F. LOGAN DAVIDSON DISCUSSED 3202 AND 3151 BEHREND DRIVE AS WELL. JARACZ VERSUS JARACZ MACOMB COUNTY CASE NUMBER DM BY MR. DOYLE SUPPORTED BY MR. MOORE WHEREAS, THE BOARD IS IN RECEIPT OF A MARCH 11, 2009 ELIGIBLE DOMESTIC RELATIONS ORDER WHICH AMENDS/ SUPPLEMENTS A JANUARY 28, 2008 JUDGMENT OF DIVORCE WHEREIN TAMMY JARACZ IS AWARDED CERTAIN RIGHTS TO THE DEFINED BENEFIT PLAN AND DEFINED CONTRIBUTION PLAN BENEFITS OF BYRON JARACZ WHO IS CURRENTLY AN ACTIVE EMPLOYEE, AND WHEREAS PARTICIPANT S DATE OF BIRTH IS MARCH 6, 1964, AND, TO DATE, PARTICIPANT HAS ATTAINED 22 YEARS AND 11 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 THE DEFINED CONTRIBUTION PLAN, 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 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 FURTHER 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

9 9 JARACZ VERSUS JARACZ MACOMB COUNTY CASE NUMBER DM 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 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, A COPY OF THIS RESOLUTION BE IMMEDIATELY ATTACHED AS THE TOP SHEET OF THE PENSION FILE, OTHER APPROPRIATE RECORDS BE RETAINED BY THE RETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND A COPY OF THIS RESOLUTION BE FORWARDED TO ATTORNEY DENNIS ZAMPLAS, ATTORNEY CARL CHIONI, TAMMY JARACZ, BYRON JARACZ, AND RETIREMENT SYSTEM STAFF MEMBER DAVID CETLINSKI: PFRS 3202 Behrend Drive Corp.: 2008 Annual Report By Mr. Moore Supported by Mr. Pegg WHEREAS, the Board is the sole shareholder of the corporation, WHEREAS, the Boa rd ha s been requested to a uthorize the exec ution of the 2008 Arizona Annual Report (d a ted April 16, 2009) by a n offic er of the corporation, and WHEREAS, the execution of said document has been recommended by

10 10 PFRS 3202 Behrend Drive Corp.: 2008 Annual Report the Boa rd s spec ia l legal c ounsel, F. Logan David son, and WHEREAS, the exec ution of said d oc ument ha s been reviewed a nd a pproved a s to form by the Boa rd s legal c ounsel a nd the exec ution of said document is consistent with prior action of the Board, Therefore be it RESOLVED, tha t said d oc ument be exec uted by the a ppropria te corporate officer on behalf of the corporation: Entry in Minutes Re: PFRS 3202 Behrend Drive Corp.: 2008 Annual Report The Board of Trustees was made aware of the execution of the 2008 Arizona Annual Report (dated April 16, 2009) by an officer of the corporation. PATTERSON VERSUS PATTERSON WAYNE COUNTY CASE NUMBER DM BY MR. DOYLE SUPPORTED BY MR. MOORE WHEREAS, THE BOARD IS IN RECEIPT OF A STIPULATED ORDER DATED MARCH 27, 2009, JUDGMENT OF DIVORCE DATED MAY 19, 2004 AND DOMESTIC RELATIONS ORDER DATED JUNE 27, 2005 (WHICH STIPULATED MARCH 27, 2009 ORDER AMENDS A PRIOR ORDER DATED JUNE 27, 2005) (WHICH AMENDS/ SUPPLEMENTS A JUDGMENT OF DIVORCE DATED MAY 19, 2004) WHEREIN GAIL PATTERSON IS AWARDED CERTAIN RIGHTS TO THE DEFINED BENEFIT PLAN AND/ OR DEFINED CONTRIBUTION PLAN BENEFITS OF PAUL PATTERSON WHO IS CURRENTLY AN ACTIVE EMPLOYEE, AND WHEREAS, THE BOARD PREVIOUSLY ADOPTED RESOLUTIONS ON JANUARY 27, 2005 AND JULY 23, 2005, AND WHEREAS, THE BOARD HAS BEEN INFORMED THAT PARTICIPANT HAS APPLIED FOR A DUTY DISABILITY RETIREMENT AND WILL REACH A 25 TH ANNIVERSARY DATE OF MARCH 9, 2017, AND

11 11 PATTERSON VERSUS PATTERSON WAYNE COUNTY CASE NUMBER DM WHEREAS PARTICIPANT S DATE OF BIRTH IS MAY 12, 1971, AND, TO DATE, PARTICIPANT HAS ATTAINED 17 YEARS AND 01 MONTH 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 THE DEFINED CONTRIBUTION PLAN AND 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 PAYEE UPON PARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, OR UPON PARTICIPANT OTHERWISE BEING ELIGIBLE TO WITHDRAW AMOUNTS FROM THE DEFINED CONTRIBUTION PLAN AND FURTHER 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 ALTERNATE PAYEE IS MARCH 9, 2017, AND WHEREAS, THE COURT ORDER LIMITS THE TIME WHEN THE ALTERNATE PAYEE MAY RECEIVE PAYMENTS FROM THE DEFINED BENEFIT PLAN, 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 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, A COPY OF THIS RESOLUTION BE IMMEDIATELY ATTACHED AS THE TOP SHEET

12 12 PATTERSON VERSUS PATTERSON WAYNE COUNTY CASE NUMBER DM OF THE PENSION FILE, OTHER APPROPRIATE RECORDS BE RETAINED BY THE RETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND A COPY OF THIS RESOLUTION BE FORWARDED TO ATTORNEY LAURA KEETH, GAIL PATTERSON, PAUL PATTERSON AND RETIREMENT SYSTEM STAFF MEMBER DAVID CETLINSKI: CAPITAL CALLS BY MR. PEGG SUPPORTED BY MR. MOORE WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE CAPI TAL 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: FEES AND EXPENSES BY MR. PEGG SUPPORTED BY MR. NGARE WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE FEES AND EXPENSES WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS REQUESTING PAYMENT FOR SERVICES RENDERED, AND

13 13 FEES AND EXPENSES WHEREAS, THE BOARD IS SATISFIED THAT THE SERVICES THAT WERE REQUESTED BY THE BOARD WERE PROVIDED TO THE BOARD, THEREFORE BE IT RESOLVED, THAT SUBJECT TO APPROVAL BY LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVE PAYMENT OF SAID FEES AND EXPENSES: Trustee Stewa rt a sked tha t the foregoing motion be tempora rily held in abeyance and then made the motions which follow: GRAND JURY SUBPOENAS BY MR. STEWART SUPPORTED BY MS. COLLINS WHEREAS, the Boa rd of Trustees is c ogniza nt tha t the United Sta tes Attorney s Offic e is c ond uc ting a n overa ll governmenta l rela ted investiga tion and ha s served gra nd jury subpoena s on c ertain Retirement Systems sta ff members a nd genera l c ounsel, a nd WHEREAS, it is possible future subpoena s ma y be served upon the Boa rd trustees, staff or other agents, and WHEREAS, it is the Boa rd s polic y to provid e lega l representa tion for its trustees and sta ff and c onsistent with tha t polic y, the Boa rd ha s previously a pproved legal representa tion for its trustees a nd Retirement System sta ff, a s well a s the genera l c ounsel a nd rea ffirms the selec tion of Cla rk Hill PLC per Ma rtin E. Cra nd a ll a s Spec ia l Counsel regarding gra nd jury a nd related matters, and WHEREAS, the Boa rd is a wa re tha t Ad rian And erson of North Point Advisors (the Boa rd s Consulta nt) ha s rec eived a gra nd jury subpoena rela tive to his c a pac ity a s the princ ipal of the Boa rd s Consulta nt a nd a s suc h has engaged c ounsel a t Mr. And erson s persona l expense, a nd WHEREAS, the Boa rd ha s c onsid ered the inequity of Ad rian Anderson or his c ompany, paying his legal expenses a nd c osts a ssoc iated with a ny gra nd jury subpoena a nd a ppea ra nc e before the gra nd jury a nd / or informa l meetings with federal authorities, and

14 14 GRAND JURY SUBPOENAS WHEREAS, the Boa rd d esires tha t the Boa rd Consulta nt or its princ ipal should not inc ur a ny fina nc ia l expense for legal fees a nd / or c osts rela tive to a ny gra nd jury subpoena a ssoc iated with North Point Advisors c a pacity a s the Boa rd s Consulta nt or Ad ria n And erson s a c tivity on behalf of North Point Advisors. WHEREAS, the Board has considered this matter, and THEREFORE BE IT RESOLVED, tha t Ad ria n Anderson shall submit a ll previously inc urred invoic es for legal fee expenses to the Retirement System for reimbursement, and be it further RESOLVED, the Retirement System sha ll pay a ny a nd a ll past a nd future legal c osts of Ad rian And erson of North Point Advisors c omplying with a ny gra nd jury subpoena s a ssoc ia ted with North Point Advisors c a pacity a s the Boa rd s Consulta nt subjec t to a pprova l of amounts by the Boa rd of Trustees, and be it further RESOLVED, tha t the Genera l Retirement System is requested to c ontribute its pro-rata share regarding this matter, and be it further RESOLVED, tha t a c opy of this resolution be forwa rd ed to Ma rtin E. Crandall, North Point Advisors, the Genera l Retirement System, the Boa rd s Spec ia l Legal Counsel, a nd the Ac c ounting Division of the Retirement Systems: GRAND JURY LEGAL FEES AND COSTS FOR ADRIAN ANDERSON BY MR. STEWART SUPPORTED BY MS. COLLINS WHEREAS, Ad ria n And erson of North Point Advisors (the Boa rd s Consultant) a nd the Business Consulta nt were na med third -party d efend a nts in the c a se entitled POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT, a pension pla n and trust esta blished by the Cha rter a nd Munic ipal Code of the City of Detroit, Mic higa n, both in its own c a pacity a nd in its c a pacity a s Ad ministra tive and Colla tera l Agent for the and the

15 15 GRAND JURY LEGAL FEES AND COSTS FOR ADRIAN ANDERSON GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT; a pension pla n a nd trust esta blished by the Cha rter a nd Munic ipal Code of the City of Detroit, Mic higa n (Plaintiffs/ Counter-Defend a nts) v. DONALD V. WATKINS, a n individ ua l, a nd WATKINS AVIATION, LLC, a Dela wa re limited liability c om p a ny (Defend a nts/ Counter-Pla intiffs/ Third Pa rty Pla intiffs) v. NORTH POINT ADVISORS, LLC, a nd ADRIAN ANDERSON (Third -Pa rty Defend a nts); Ca se No. 2:08-cv in the United Sta tes Distric t Court for the Ea stern Distric t of Mic higan, Southern Division before the Honora ble Vic toria A. Roberts, suc h c a se ema na ted from the Tra d ewind s Airlines tra nsa c tion in whic h North Point Advisors was the Boa rd s Business Advisor, a nd Ad ria n And erson a c ted on beha lf of the Boa rd s Advisor, a nd WHEREAS, Ad ria n And erson a nd North Point Advisors were na med as third - party defendants in the Tra d ewind s litigation d ue, in releva nt part, to the advisory capacity of each in the TradeWinds transaction, and WHEREAS, Ad ria n And erson and the Business Consulta nt have inc urred substantial legal fees, and WHEREAS, the Boa rd is a wa re of the inequity of Ad ria n And erson p a ying a nd inc urring substantia l lega l fees for his a nd the Boa rd s Consultant s d efense in the Tra d ewind s litiga tion while ea c h were in their a dvisory capacity on behalf of the Board, and WHEREAS, the Boa rd d esires tha t neither Ad ria n Anderson nor the Business Consultant should pay any legal fees or costs, and WHEREAS, the Board has considered this matter, and THEREFORE BE IT RESOLVED, tha t Ad ria n And erson sha ll submit to the Retirement System a ll past, c urrent a nd future legal fees a nd c osts for payment or reimbursement as the case may be, and be it further RESOLVED, tha t the Retirement System sha ll pay any and a ll past, c urrent a nd future legal fees a nd c osts of Ad ria n And erson a nd North Point Advisors assoc ia ted with the Tra d ewind s litigation subjec t to a pprova l of the amounts by the Board of Trustees, and be it further RESOLVED, tha t the Genera l Retirement System is requested to c ontribute its pro-rata share regarding this matter, and be it further

16 16 GRAND JURY LEGAL FEES AND COSTS FOR ADRIAN ANDERSON RESOLVED, tha t a c opy of this resolution be forwa rd ed to North Point Advisors, the Genera l Retirement System, the Boa rd s Spec ia l Legal Counsel, and the Accounting Division of the Retirement Systems: Trustees Collins, Doyle, Johnson, Moore, Ngare, Orzech, Pegg, Stewart and Chairman Bandemer 9 Trustee Best 1 CHAIRMAN BANDEMER DIRECTED THAT TRUSTEE PEGG S MOTION TO PAY THE SYSTEM S FEES AND EXPENSES BE BROUGHT FORWARD FOR A VOTE: FEES AND EXPENSES BY MR. PEGG SUPPORTED BY MR. NGARE WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE FEES AND EXPENSES WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS REQUESTING PAYMENT FOR SERVICES RENDERED, AND WHEREAS, THE BOARD IS SATISFIED THAT THE SERVICES THAT WERE REQUESTED BY THE BOARD WERE PROVIDED TO THE BOARD, THEREFORE BE IT RESOLVED, THAT SUBJECT TO APPROVAL BY LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVE PAYMENT OF SAID FEES AND EXPENSES: RETIREMENTS BY MR. DOYLE SUPPORTED BY MR. ORZECH RESOLVED, THAT THE RETIREMENT APPLICATIONS WHICH ARE OUTLINED BELOW BE APPROVED:

17 17 RETIREMENTS RETIREMENTS NAME MARVIN REDMOND TITLE SERGEANT DEPARTMENT POLICE RETIREMENT SERVICE PLAN NEW SERVICE CREDIT EFFECTIVE DATE NAME JOHN MILLER TITLE CAPTAIN DEPARTMENT FIRE RETIREMENT SERVICE PLAN NEW SERVICE CREDIT EFFECTIVE DATE NAME MARK HALPIN TITLE FIRE ENGINE OPERATOR DEPARTMENT FIRE RETIREMENT VESTED PLAN NEW SERVICE CREDIT EFFECTIVE DATE NAME WILLIAM DURKIN TITLE OFFICER DEPARTMENT POLICE RETIREMENT DUTY DISABILITY RETIREMENT CONVERSION PLAN NEW SERVICE CREDIT EFFECTIVE DATE

18 18 RETIREMENTS NAME MARY HERRADA TITLE COMMUNICATIONS OFFICER/POLICE OFFICER DEPARTMENT POLICE RETIREMENT SERVICE PLAN NEW SERVICE CREDIT EFFECTIVE DATE CONFIRMATIONS BY MR. NGARE SUPPORTED BY MR. PEGG RESOLVED, THAT THE RECEIPTS AND DISBURSEMENTS WHICH ARE REFERENCED BELOW BE CONFIRMED: CONFIRMATIONS (RECEIPTS AND DISBURSEMENTS) RECEIPTS-BNY General Fund 04/09/09 Weekly Annuity Contribution $ 310, Trellises of Kentucky 04/09/09 Distribution 24, Columns of Kentucky 04/09/09 Distribution 14, Churchill Mortgage Investment 04/09/09 Construction Loan Interest-March 26, MMA Construction Finance 04/09/09 Construction Loan Interest-March 172, MMA Realty Capital 04/09/09 Construction Loan Interest-March 103, Kales Building 04/13/09 Distribution 46, TOTAL RECEIPTS $ 698, DISBURSEMENTS-BNY General Fund 04/09/09 Administrative Expense $ Perseuse Partners 04/13/09 Capital Call #8 1,500, First Independence National Bank 04/14/09 Administrative Expense 2, Bank of New York Mellon 04/14/09 EAFE Index 3rd Qtr'08 46, Clark Hill 04/14/09 Legal Invoices for Feb'09 67, Syndicated Communications 04/14/09 Capital Call #29 108, Churchill Mortgage Investment 04/14/09 Cyrpess Meadows Draw 74, DISBURSEMENTS-COMERICA Petty Cash 04/13/09 Reimbursement TOTAL DISBURSEMENTS $ 1,800,540.42

19 19 REFUNDS OF ACCUMULATED CONTRIBUTIONS BY MR. PEGG SUPPORTED BY MR. DOYLE RESOLVED, THAT THE CONTRIBUTIONS (INCLUDING INTEREST) TO THE ANNUITY SAVINGS FUND BY MEMBERS OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT BE REFUNDED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: LIST NUMBER: 3313 REFUND AMOUNT: $38, MINUTES OF APRIL 2, 2009 BY MR. ORZECH SUPPORTED BY MR. PEGG RESOLVED, THAT THE MINUTES OF THE MEETING HELD THURSDAY, APRI L 2, 2009 BE APPROVED AS RECORDED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: Pegg, and Chairman Bandemer 9 Abstain Trustee Stewart (as he was excused from that meeting) 1 DRRB OF DONALD WILLIAMS CHAIRMAN BANDEMER DIRECTED THAT ARBITRATOR DONALD SUGERMAN S APRIL 10, 2009 OPINION AND AWARD THAT DONALD WI LLI AMS IS NOT ENTITLED TO RECEIVE DUTY DISABILITY RETIREMENT BENEFITS BE MADE A MATTER OF RECORD AND MR. WILLIAMS BE APPRISED OF SAME.

20 20 CHANGE IN REPRESENTATION FOR THE POLICE CHIEF ON THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM CHAIRMAN BANDEMER DIRECTED THAT AN APRIL 13, 2009 COMMUNICATION FROM POLICE CHIEF J AMES R. BARREN NAMING INSPECTOR TONYA GUY-WILSON TO REPLACE DEPUTY CHIEF JAMIE FIELDS AS HIS REPRESENTATIVE ON THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT BE MADE A MATTER OF RECORD AND INSPECTOR GUY-WILSON BE INFORMED THAT, PER CHARTER REQUIREMENT, SHE MUST BE SWORN IN AS AN ALTERNATE TRUSTEE BY THE CITY CLERK S OFFICE. RREEF AMERICA REIT II, INC. BY MR. ORZECH SUPPORTED BY MR. STEWART WHEREAS, THE BOARD SUBMITTED RREEF S AMERICA REIT II, INC. ANNUAL MEETING OF STOCKHOLDERS PROXY TO COURTLAND PARTNERS FOR REVIEW AND RECOMMENDATION ON MARCH 26, 2009, AND WHEREAS, COURTLAND PARTNERS HAS PRESENTED THE BOARD WITH AN APRIL 14, 2009 COMMUNICATION WHEREIN COURTLAND RECOMMENDS THAT THE REGISTERED PARTY ON BEHALF OF THE SYSTEM CAST A VOTE IN FAVOR OF ALL LISTED NOMINEES AND PROPOSED BALLOT AMENDMENTS, THEREFORE BE IT RESOLVED, THAT THE RECOMMENDATION OF COURTLAND PARTNERS IS HEREBY APPROVED, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO COURTLAND PARTNERS: Police and Fire Retirement System of the City of Detroit Pre-Employment Military Service Credit By Mr. Moore Supported by Ms. Collins

21 21 Police and Fire Retirement System of the City of Detroit Pre-Employment Military Service Credit Resolved, Tha t the Boa rd s motion regarding Sh er eece Fl em i n g- Freeman, whic h wa s ta bled on September 19, 2008, be removed from the tabled: A Roll Call vote was taken as follows: Following is the Boa rd s Sep t em b er 18, 2008 motion rega rding Shereec e Fleming-Freeman: Police and Fire Retirement System of the City of Detroit Pre-Employment Military Service Credit By Mr. Scott Supported by Mr. Moore Wherea s, The individua ls whose names a re d esigna ted below have a pplied to this Boa rd for Pre-Employment Milita ry Servic e Credit a nd have c omplied with a ll of the nec essa ry requirements of Sec tion b of the Cha rter Provisions, a s a mend ed by Boa rd resolution of Februa ry 3, 1983, Therefore Be It Resolved, Tha t payment of the full a mounts be ma d e to the Pension Ac c umulation Fund by the method selec ted by the individ ua ls a nd the number of months eligible ac tive d uty be c red ited them a s membership servic e c redit subjec t to the c onditions a nd limita tions of the a uthorizing 0rdinance Provisions, as amended by Board resolution of February 3, 1983: Shereece Fleming-Freeman (Police Department - Pension # )

22 22 PUBLIC FORUM AT 3:05 P.M., CHAIRMAN BANDEMER 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 BANDEMER ADJOURNED THE MEETING AT 3:13 P.M. UNTIL THURSDAY, APRI L 23, 2009 AT 9:00 A.M., IN ROOM 910 OF THE COLEMAN A. YOUNG MUNICIPAL CENTER, DETROIT, MICHIGAN RESPECTFULLY SUBMITTED, WALTER STAMPOR EXECUTIVE SECRETARY