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

2 CHAIRMAN THOMAS SHEEHAN VICE-CHAIRMAN LOU HATTY The Board s Recording Secretary took a verbal Roll Call at 11:15 a.m. and Chairman Sheehan called the meeting to order. Present at Roll Call: Wendell Anthony, Lori Cetlinski, Tasha L. Cowan, Lou Hatty, Felicia Johnson, June Nickleberry and Thomas Sheehan. Re: NASP Ms. Kathleen Colin appeared before the Board of s to request their appearance to a scholarship benefit to be held at the Detroit Regional Chambers, located at One Woodward, 19 th Floor; Detroit, MI 48226, held on Friday, January 23, 2015, from 8:00 a.m. to 3:00 p.m. PUBLIC COMMENT Mr. Peter Zaffuto appeared before the Board of s to discuss his Annuity balance statements. Mr. Cedric Cook appeared before the Board of s to continue discussion of the following: 1. Response from General Counsel Conflict of Interest 2. Staffing by both boards & salary 3. Cappozzoli SCC Investment Eric Higgs joined the Board Meeting at 11:45 a.m. Scott Benson joined the Board Meeting at 11:48 a.m. ~Concludes Public Comment~ - 2 -

3 Re: SERVICE RETIREMENTS RESOLVED, that the applications for SERVICE RETIREMENT(S) which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Gilbert Baker Sewage Plant Attendant Water & Sewerage SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Theresa Biggs Principal Clerk Exempted City Clerk SERVICE CREDIT EFFECTIVE DATE Re: EARLY RETIREMENTS RESOLVED, that the applications for EARLY RETIREMENT(S) which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Raphael J. Chirolla Manager I Water & Sewerage SERVICE CREDIT EFFECTIVE DATE NAME, TITLE, DEPARTMENT Miriam L. Dixon General Manager Water & Sewerage SERVICE CREDIT EFFECTIVE DATE

4 Re: VESTED RETIREMENT RESOLVED, that the application for VESTED RETIREMENT which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Mathew T. Sam Assoc Indus Hygienist - Health SERVICE CREDIT EFFECTIVE DATE Re: CHANGE OF COMPUTATION FROM NON-DUTY/DUTY DISABILITY TO SERVICE RETIREMENT RESOLVED, that the application for CHANGE OF COMPUTATION FROM DUTY DISABILITY TO SERVICE RETIRMENT which is outlined below be hereby APPROVED: NAME, TITLE, DEPARTMENT Valeree A. Coulter TEO - Transportation SERVICE CREDIT EFFECTIVE DATE

5 Re: CONFIRMATIONS: RESOLVED, that the receipts and disbursements which are referenced below be CONFIRMED: John Naglick joined the Board Meeting at 12:00 Noon

6 Re: REFUNDS OF ACCUMULATED CONTRIBUTIONS Motion By: Hatty Supported By: Anthony 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 $844,542.99, including interest, be REFUNDED, pending audit by the Retirement Systems Accounting Staff as reflected. Yeas: Anthony, Benson, Cetlinski, Cowan, Hatty, Higgs, Johnson, Naglick, Nickleberry and Sheehan 10 Re: EMPLOYEE LOAN PROGRAM RESOLVED, that the disbursements for the Employee Loan Program by members of the General Retirement System, as set forth in the amount of $61, including interest, be hereby APPROVED. Yeas: Anthony, Benson, Cetlinski, Cowan, Hatty, Higgs, Johnson, Naglick, Nickleberry and Sheehan

7 ASSISTANT EXECUTIVE DIRECTOR S REPORT Re: FEES AND EXPENSES Resolution Moved By: Hatty Supported By: Anthony 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 APPROVED payment of the following said Fees and Expenses: - 7 -

8 Re: FEES AND EXPENSES (con t) Yeas: Anthony, Benson, Cetlinski, Cowan, Hatty, Higgs, Johnson, Naglick, Nickleberry and Sheehan 10 ~Concludes Assistant Executive Director s Report~ PRESENTATION: Director of Labor Relations/Human Resources, Michael Hall, appeared before the Board to discuss and announce that Mayor Mike Duggan has a program for Retiree and Active city employees to buy auctioned homes on city-owned land. To inquire, you can go online at ~Concludes Presentation~ Higgs stepped away from the Board Meeting at 12:00 Noon and returned at 12:25 p.m. Naglick stepped away from the Board Meeting at 12:00 Noon and returned at 12:25 p.m. EXECUTIVE DIRECTOR S REPORT None to report this week. ~Concludes Executive Director s Report~ CHIEF INVESTMENT OFFICER S REPORT The Chief Investment Officer has no actionable items to report for this week. The following issues will be discussed at next week s meeting with the Board: Property on Jefferson Seminole Walker & Dunlop Real Times General s Investment Committee ~Concludes Chief Investment Officer s Report~ - 8 -

9 NEW BUSINESS/OPEN FORUM The following items were discussed: Security Will be provided to Pension the month of March Reduction in pension, effective March 1 st. ASF Recoupment Funds were taken from active members January 2, 2015 DWSD a false affidavit form is being circulated regarding the ASF recoupment. Please be aware. Income Stabilization Fund Will be implemented by the State of Michigan, who will be eligible for the program. GENERAL COUNSEL S REPORT Re: GREENHILL & CO LLC. Lou Hatty made a Motion to pay Greenhill & Company $750, for fees they have provided during the Bankruptcy proceedings. Following discussion Hatty s motion received no support. ~Concludes General Counsel s Report~ ADJOURNMENT There being no further business before the Board, Chairman Sheehan adjourned the meeting at 1:16 p.m. The Board s next meeting is scheduled for Wednesday, January 21, 2015, at 10:00 a.m. in the Retirement Systems Conference Room, 500 Woodward Avenue Suite 3000; Detroit, Michigan RESPECTFULLY SUBMITTED, DEBORAH WILKERSON ASSISTANT EXECUTIVE DIRECTOR - 9 -