MEETING NUMBER 2947 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 2947 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT PROCEEDINGS HELD THURSDAY, AUGUST 8, :00 A.M. IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS 910 COLEMAN A. YOUNG MUNICIPAL CENTER DETROIT, MICHIGAN PRESENT James Edwards Matthew Gnatek Edsel Jenkins Cheryl R. Johnson James Moore George Orzech Jeffrey Pegg Michael Simon Louis Sinagra Tanya Stoudemire David Cetlinski Ryan C. Bigelow Janet S. Lenear TaKneisha Johnson Joe Turner Ex/Officio Trustee/Alternate for Corporation Counsel Elected Trustee Ex/Officio Retirant Trustee (Fire) (Mayoral Designee) Ex/Officio Trustee/Treasurer Elected Trustee Elected Trustee/Chairman Elected Trustee Elected Retirant Trustee Elected Retirant Trustee Ex/Officio Trustee/Alternate for Finance Director Assistant Executive Director Investment Officer Recording Secretary Recording Secretary Legal Counsel EXCUSED Mark Diaz Angela R. James Brenda Jones Sean P. Neary Lamont D. Satchel Cynthia A. Thomas Elected Trustee/Vice Chairman Ex/Officio Retirant Trustee (Police) (Mayoral Designee) Ex/Officio Trustee/City Council Representative Elected Trustee Ex/Officio Trustee/Alternate for Mayor Executive Director ABSENT Medina Noor Ex/Officio Trustee/Alternate for Budget Director

2 MEETING NUMBER 2947 THURSDAY AUGUST 8, CHAIRPERSON George Orzech VICE CHAIRPERSON Mark Diaz CHAIRMAN ORZECH TOOK A VERBAL ROLL CALL AT 9:02 A.M. AND CALLED THE MEETING TO ORDER. AGENDA APPROVAL BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE SIMON RESOLVED, THAT TODAY S AUGUST 8, 2013 AGENDA BE APPROVED AS PREPARED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA AND CHAIRMAN ORZECH 7 SERVICE RETIREMENT APPLICATION BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE PEGG RESOLVED, THAT PIERRE CHILDRESS SERVICE RETIREMENT APPLICATION, WHICH IS REFERENCED BELOW, BE APPROVED: SERVICE RETIREMENT APPLICATION OF PIERRE CHILDRESS NAME, TITLE, DEPARTMENT: PIERRE CHILDRESS LIEUTENANT - FIRE RETIREMENT, PLAN: SERVICE - NEW SERVICE CREDIT, EFFECTIVE DATE: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA AND CHAIRMAN ORZECH 7 TRUSTEE TANYA STOUDEMIRE ENTERED THE MEETING AT 9:05 A.M.

3 MEETING NUMBER 2947 THURSDAY AUGUST 8, CONFIRMATIONS BY TRUSTEE PEGG - SUPPORTED BY TRUSTEE SINAGRA RESOLVED, THAT THE RECEIPTS AND DISBURSEMENTS WHICH ARE OUTLINED BELOW BE CONFIRMED: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 8 REFUNDS OF ACCUMULATED CONTRIBUTIONS BY TRUSTEE SINAGRA SUPPORTED BY TRUSTEE PEGG 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 #3499, IN THE AMOUNT OF $1,465,143.55, INCLUDING INTEREST, BE REFUNDED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 8

4 MEETING NUMBER 2947 THURSDAY AUGUST 8, CAPITAL CALLS, FEES AND EXPENSES BY TRUSTEE PEGG SUPPORTED BY TRUSTEE GNATEK WHEREAS, THE BOARD HAS BEEN PRESENTED WITH THE SUMMARY OF CAPITAL CALLS AND FEES AND EXPENSES WHICH ARE REFERENCED BELOW, AND WHEREAS, THE BOARD HAS BEEN REQUESTED TO APPROVE FUNDING OF SAID CAPITAL CALLS AND 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 FUNDING OF SAID CAPITAL CALLS AND PAYMENT OF SAID FEES AND EXPENSES: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 8 LEGAL COUNSEL JOE TURNER ENTERED THE MEETING AT 9:07 A.M.

5 MEETING NUMBER 2947 THURSDAY AUGUST 8, ASSISTANT EXECUTIVE DIRECTOR S REPORTS ASSISTANT EXECUTIVE DIRECTOR DAVID CETLINSKI ASKED THE BOARD TO APPROVE THE PRE-EMPLOYMENT MILITARY SERVICE CREDIT APPLICATION OF MARCEL A. PRUDE. MARCEL A. PRUDE PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE PEGG WHEREAS, MARCEL A. PRUDE 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 MR. PRUDE AND THE NUMBER OF MONTHS ELIGIBLE ACTIVE DUTY BE CREDITED MR. PRUDE AS MEMBERSHIP SERVICE CREDIT, SUBJECT TO THE CONDITIONS AND LIMITATIONS OF THE AUTHORIZING ORDINANCE PROVISIONS, AS AMENDED BY BOARD RESOLUTION OF FEBRUARY 3, 1983: YEAS TRUSTEES EDWARDS, GNATEK, MOORE, PEGG, SIMON, SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 8 TRUSTEE EDSEL JENKINS ENTERED THE MEETING AT 9:09 A.M. DETROIT PUBLIC SAFETY ACADEMY RETIREMENT SYSTEM STAFF PAYROLL SUPERVISOR KAMAL CHEEKS WAS INTRODUCED TO THE BOARD AND INFORMED THE BOARD THAT THE DETROIT PUBLIC SAFETY ACADEMY (WHERE HE VOLUNTEERS) WILL BE HOSTING AN OPEN HOUSE ON AUGUST 13, 2013 (FROM 3:00 P.M. UNTIL 6:00 P.M ROSA PARKS BOULEVARD, DETROIT, MI) TO EDUCATE CHILDREN (GRADES 9 THROUGH 12) ABOUT PUBLIC SAFETY. THE ACADEMY WILL ALSO ENCOURAGE THEM TO SEEK CAREERS AS POLICE OFFICERS, FIRE FIGHTERS AND PARAMEDICS.

6 MEETING NUMBER 2947 THURSDAY AUGUST 8, PUBLIC RELATIONS ADVISOR S REPORTS PUBLIC RELATIONS ADVISOR BRUCE BABIARZ DISCUSSED THE FOLLOWING MATTERS WITH THE BOARD: VETTED MESSAGES RETIREE INTERVIEWS THE CITY OF DETROIT S CHAPTER 9 BANKRUPTCY FILING LEGAL COUNSEL S REPORTS LEGAL COUNSEL JOE TURNER DISCUSSED THE FOLLOWING MATTERS WITH THE BOARD: SPECIAL LEGAL COUNSEL KLAUSNER & KAUFMAN (CONSIDER UTILIZING THE SERVICES OF KLAUSNER & KAUFMAN, RE: CITY OF DETROIT S CHAPTER 9 BANKRUPTCY FILING) CITY OF DETROIT, CHAPTER 9 DEBTOR (NOTICE OF FILING AMENDED LIST OF CREDITORS HOLDING 20 LARGEST UNSECURED CLAIMS [205] FILED ON JULY 31, 2O13) PFRS VERSUS LEIBOWITZ (PLAINTIFF S RESPONSE TO DEFENDANT S MOTION FOR PROTECTIVE ORDER AND/OR ASSESS SANCTIONS AND/OR TO DIRECT DISCOVERY DEPOSITION FILED ON AUGUST 1, 2013) FOIA REQUEST OF DETROIT FREE PRESS REPORTER JOE GUILLEN (CORRESPONDENCE TO MR. GUILLEN FROM ASSISTANT EXECUTIVE DIRECTOR DAVID CETLINSKI DATED AUGUST 1, 2013) TRUSTEE JOHNSON EXCUSED HERSELF AT 9:13 A.M. AND RETURNED TO THE MEETING AT 9:15 A.M. INVESTMENT OFFICER RYAN C. BIGELOW ENTERED THE MEETING AT 9:25 A.M. MEDICAL DIRECTOR REGINALD O NEAL ENTERED THE MEETING AT 9:28 A.M.

7 MEETING NUMBER 2947 THURSDAY AUGUST 8, CLOSED SESSION BY TRUSTEE PEGG SUPPORTED BY TRUSTEE GNATEK WHEREAS, THE BOARD S MEDICAL DIRECTOR IS NOW BEFORE THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT TO DISCUSS THE MEDICAL AND PSYCHIATRIC REPORTS OF INDIVIDUALS WHO HAVE APPLIED FOR DISABILITY RETIREMENT AND THE MEDICAL AND PSYCHIATRIC REPORTS OF INDIVIDUALS WHO HAVE RECEIVED RE-EXAMINATIONS, AND WHEREAS, THE MICHIGAN OPEN MEETINGS ACT PROVIDES FOR CLOSED SESSIONS IN CERTAIN CIRCUMSTANCES, INCLUDING THE FOREGOING MATTERS, AND WHEREAS, THE BOARD HAS DISCUSSED THIS MATTER CONSISTENT WITH THE MICHIGAN OPEN MEETINGS ACT, THEREFORE BE IT RESOLVED, THAT THE BOARD ENTER INTO CLOSED SESSION CONSISTENT WITH THE MICHIGAN OPEN MEETINGS ACT: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10 THE BOARD ENTERED INTO CLOSED SESSION AT 9:35 A.M. OPEN SESSION BY TRUSTEE MOORE SUPPORTED BY TRUSTEE GNATEK RESOLVED, THAT THE BOARD RETURN TO OPEN SESSION: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

8 MEETING NUMBER 2947 THURSDAY AUGUST 8, CONTINUATION OF OPEN SESSION THE BOARD RETURNED TO OPEN SESSION AT 10:13 A.M. AND MEDICAL DIRECTOR REGINALD O NEAL WAS EXCUSED. EMPLOYEE INFORMATION APPROVE DENY APPEAL TABLE NAME TITLE DEPARTMENT DISABILITY TYPE PLAN INJURY/INJURIES OFFICER POLICE NON-DUTY NEW MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER NON-DUTY RELATED INJURIES APPROVE NON-DUTY DISABILITY RETIREMENT LISA BELTON PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING LISA BELTON, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MS. BELTON S APPLICATION FOR NON-DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

9 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION APPROVE DENY APPEAL TABLE NAME TITLE DEPARTMENT DISABILITY TYPE PLAN INJURY/INJURIES MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER FIRE FIGHTER FIRE DUTY NEW DUTY RELATED INJURY APPROVE DUTY DISABILITY RETIREMENT TRAVELLE ECHOLS PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING TRAVELLE ECHOLS, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. ECHOLS APPLICATION FOR DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

10 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION NAME TITLE SERGEANT DEPARTMENT POLICE DISABILITY TYPE DUTY PLAN NEW INJURY/INJURIES APPROVE DENY APPEAL TABLE MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER DUTY RELATED INJURIES APPROVE DUTY DISABILITY RETIREMENT EMILY KINCAID PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING EMILY KINCAID, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MS. KINCAID S APPLICATION FOR DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

11 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION APPROVE DENY APPEAL TABLE NAME TITLE DEPARTMENT DISABILITY TYPE PLAN INJURY/INJURIES MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER FIRE FIGHTER/DRIVER FIRE DUTY NEW DUTY RELATED INJURY APPROVE DUTY DISABILITY RETIREMENT MARK NETZEL PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING MARK NETZEL, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. NETZEL S APPLICATION FOR DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

12 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION APPROVE DENY APPEAL TABLE NAME TITLE DEPARTMENT DISABILITY TYPE PLAN INJURY/INJURIES OFFICER POLICE DUTY NEW MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER DUTY RELATED INJURIES APPROVE DUTY DISABILITY RETIREMENT ADRIANNE O NEAL ELLIS PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING ADRIANE O NEIL ELLIS, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MS. ELLIS APPLICATION FOR DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

13 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION NAME TITLE FIRE FIGHTER DEPARTMENT FIRE DISABILITY TYPE DUTY PLAN NEW INJURY/INJURIES APPROVE DENY APPEAL TABLE MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER DUTY RELATED INJURIES APPROVE DUTY DISABILITY RETIREMENT JASON SCRIVO PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING JASON SCRIVO, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY APPROVES MR. SCRIVO S APPLICATION FOR DUTY DISABILITY RETIREMENT: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

14 MEETING NUMBER 2947 THURSDAY AUGUST 8, EMPLOYEE INFORMATION APPROVE DENY APPEAL TABLE NAME TITLE DEPARTMENT DISABILITY TYPE PLAN INJURY/INJURIES MEDICAL DIRECTOR S RECOMMENDATION PENSION NUMBER SOCIAL SECURITY NUMBER OFFICER POLICE DUTY NEW DUTY RELATED INJURIES, BUT PREMATURE TO APPROVE DUTY DISABILITY RETIREMENT DENY DUTY DISABILITY RETIREMENT AND REFER BACK TO DR. O NEAL IN SIX (6) MONTHS. INFORM MS. VANOVER OF HER RIGHT TO APPEAL SAID DENIAL. CHARITY VANOVER PENSION NUMBER BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE EDWARDS RESOLVED, THAT THE BOARD ACCEPT THE REPORT AND RECOMMENDATION OF ITS MEDICAL DIRECTOR REGARDING CHARITY VANOVER, AND BE IT FURTHER RESOLVED, THAT BASED UPON THE BOARD S MEDICAL DIRECTOR S RECOMMENDATION, THE BOARD HEREBY DENIES MS. VANOVER S APPLICATION FOR DUTY DISABILITY RETIREMENT, AND BE IT FURTHER RESOLVED, THAT MS. VANOVER BE DIRECTED TO REPORT TO THE BOARD S MEDICAL DIRECTOR IN SIX (6) MONTHS FOR RE-EXAMINATION, AND BE IT FURTHER RESOLVED, THAT MS. VANOVER BE APPRISED OF HER RIGHT TO APPEAL SAID DENIAL PURSUANT TO PROCEDURES ESTABLISHED BY COLLECTIVE BARGAINING: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

15 MEETING NUMBER 2947 THURSDAY AUGUST 8, NAME DEPARTMENT DISABILITY TYPE RE-EXAM NUMBER ON DISABILITY RETIREMENT PAYROLLS ON DISABILITY RETIREMENT PAYROLLS ON DISABILITY RETIREMENT PAYROLLS MICHAEL CRETU FIRE DUTY X 1 ST KERRY DELIBERA POLICE DUTY X 3 RD JEFFREY EAKER FIRE DUTY X 3 RD SONJA HOLLIS POLICE DUTY X 1 ST JOHN PETTIT POLICE DUTY X 2 ND TANYA SHAW POLICE DUTY 2 ND X CACIN TURNER POLICE DUTY X 3 RD RE-EXAMINATIONS BY TRUSTEE JENKINS SUPPORTED BY TRUSTEE STOUDEMIRE RESOLVED, THAT IN ACCORDANCE WITH THE RECOMMENDATION OF THE BOARD S MEDICAL DIRECTOR, THE DIRECTIVES WHICH ARE REFERENCED ABOVE BE FOLLOWED: SINAGRA, STOUDEMIRE AND CHAIRMAN ORZECH 10

16 MEETING NUMBER 2947 THURSDAY AUGUST 8, RECESS THE BOARD RECESSED AT 10:15 A.M., DURING WHICH TIME TRUSTEES JOHNSON AND STOUDEMIRE EXCUSED THEMSELVES. CHAIRMAN ORZECH RECONVENED THE MEETING AT 10:30 A.M. IT UPGRADE ISSUES IT SUPERVISOR DENNIS LINET DISCUSSED THE FOLLOWING COLEMAN A. YOUNG MUNICIPAL CENTER ISSUES WITH THE BOARD: PFRS/GRS BUILDING ISSUES AT COLEMAN A. YOUNG MUNICIPAL CENTER THE CITY IT DEPARTMENT S MOVE WILL REQUIRE THE RETIREMENT SYSTEMS TO PAY FOR AIR CONDITIONING FOR THE 9 TH FLOOR SERVER ROOM, BOARD ROOM AND BACK OFFICES. SHOULD THE RETIREMENT SYSTEMS STAY HOUSED IN THE CAYMC, THERE ARE TWO (2) TEMPORARY OPTIONS AND TWO (2) LONG-TERM SOLUTIONS: TEMPORARY OPTIONS 1. MAINTAIN EXISTING 40-YEAR-OLD CHILLER AT AN ESTIMATED COST OF $25,000 PER MONTH 2. ACQUIRE NEW AIR CONDITIONING UNITS FOR APPROXIMATLEY $70,000. ASSUME THE ELECTRICAL COST OF $17,000 PER MONTH AND ANNUAL WATER COSTS OF $80,000 LONG-TERM SOLUTIONS 1. INSTALL A GLYCOL CHILLER. THE ONE-TIME COST IS ESTIMATED TO BE BETWEEN $600,000 AND $750,000. IT WOULD ELIMINATE THE ELECTRICAL BILL FOR THE PUMP COSTS, AND THE WATER COSTS. MAINTENANCE IS EXPECTED TO BE $10,000 PER YEAR 2. MOVE INTO A MODERN BJILDING AND ELIMINATE THE NEED FOR A CHILLER. THE COSTS FOR MOVING ARE ESTIMATED TO BE $200,000 AND $10,000 FOR ANNUAL MAINTENANCE. ALL OR A PORTION OF THE COST TO MOVE COULD BE PAID BY THE NEW LANDLORD

17 MEETING NUMBER 2947 THURSDAY AUGUST 8, DEFINED CONTRIBUTION PLAN (EMPLOYEE LOAN PROGRAM) MR. LINET INFORMED THE BOARD THAT THE EMPLOYEE LOAN PROGRAM SHOULD BE OPERATIONAL THE THIRD WEEK OF SEPTEMBER (2013). ONE DETROIT CENTER BY TRUSTEE PEGG SUPPORTED BY TRUSTEE GNATEK WHEREAS, since 2010, the Retirement Systems of the City of Detroit have considered relocating to another site or remaining at the present site, and WHEREAS, due to impending relocations of certain City of Detroit departments, which share, inter alia, computer chiller facilities with RSCD, the RSCD chiller maintenance or replacement costs may dramatically increase due to such costs being borne solely by RSCD, and WHEREAS, in late 2011 and 2012, following various studies, the RSCD Boards Executive Staff recommended to both boards to relocate to the One Detroit Center, and WHEREAS, previously, the GRS Board, mindful of the foregoing, approved the relocation of its offices to One Detroit Center, and WHEREAS, on May 16, 2013, the PFRS Board engaged Exclusive Realty to perform a study of the feasibility of relocating the RSCD offices or renewing at the current site, and WHEREAS, on even date, the Board received, reviewed and considered the Exclusive Realty Report, and WHEREAS, this matter was discussed in open session, and NOW THEREFORE BE IT RESOLVED, that the Board hereby authorizes Exclusive Realty to finalize negotiations and negotiate a final letter of intent (LOI) in favor of the General Retirement System of the City of Detroit (GRS) and the Police and Fire Retirement System of the City of Detroit (PFRS) for an office lease at One Detroit Center in terms more favorable than those set forth in the Exclusive Realty Report and submit such LOI to the GRS Board and PFRS Board, c/o Executive Director for further consideration, and be it further RESOLVED, that the Executive Director, Assistant Executive Director and Investment Officer are authorized to and will provide assistance to Exclusive Realty to effectuate the foregoing resolution, and be it further

18 MEETING NUMBER 2947 THURSDAY AUGUST 8, ONE DETROIT CENTER CONTINUED RESOLVED, that upon the execution of a lease resulting from the LOI, the RSCD shall pay the customary broker s fee and PFRS will pay its one-half share, and be it further RESOLVED, that a copy of this resolution shall be provided to Exclusive Realty and the GRS Board, c/o Assistant Executive Director: FOLLOWING DISCUSSION OF THE FOREGOING MOTION, THE MOTION WHICH FOLLOWS WAS MADE: BY TRUSTEE PEGG SUPPORTED BY TRUSTEE SIMON RESOLVED, THAT THE FOREGOING MOTION BE TABLED: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: SINAGRA AND CHAIRMAN ORZECH 9 INVESTMENT OFFICER S REPORTS INVESTMENT OFFICER RYAN C. BIGELOW DISCUSSED THE FOLLOWING MATTERS WITH THE BOARD: TRUSTEE JOHNSON RETURNED TO THE MEETING AT 11:01 A.M. BONY SECURITIES LENDING (UPDATE) MARTIN J. WEST (LEFT ALEX BROWN REALTY, INC. TO JOIN PLANTE MORAN) VALSTONE PARTNERS (VALSTONE WANTS THE BOARD TO COMMIT $30,000,000 TO VALSTONE OPPORTUNITY FUND V) VALSTONE OPPORTUNITY FUND V AT THE CHAIR S DIRECTION, A COMMUNICATION WILL BE SENT TO GERALD C. TIMMIS OF VALSTONE PARTNERS INFORMING HIM THAT THOUGH APPRECIATIVE OF HIS INTEREST, THE BOARD IS NOT PRESENTLY INTERESTED IN COMMITTING $30,000,000 TO VALSTONE OPPORTUNITY FUND V.

19 MEETING NUMBER 2947 THURSDAY AUGUST 8, RE: DION PEOPLES PENSION NUMBER DION PEOPLES VERSUS TEISHA PEOPLES WAYNE COUNTY CIRCUIT COURT, DETROIT, MICHIGAN CASE NO DM ALTERNATE PAYEE: TEISHA PEOPLES BY TRUSTEE MOORE SUPPORTED BY TRUSTEE PEGG WHEREAS, the Board is in receipt of an Eligible Domestic Relations Order dated August 2, 2013 (EDRO) which amends / supplements a Judgment of Divorce dated June 18, 2002, wherein TEISHA PEOPLES is awarded certain rights to the defined benefit plan and defined contribution plan benefits of DION PEOPLES, who is currently [an active] [a retired] employee, and WHEREAS, the Board of Trustees has been informed that Participant DION PEOPLES retired effective April 27, 2011, and is receiving retirement benefits, and WHEREAS, Participant s date of birth is February 24, 1967, and, to date, Participant has attained 25 years, 00 months, and 13 days of service credit, and WHEREAS, Alternate Payee TEISHA PEOPLES IS entitled to claim a portion of participant s defined benefit 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 contribution benefit plan, and WHEREAS, the court order provides for the parties to share the cost of the actuary s fees and the parties shall submit a $250 check to the System, and WHEREAS, 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 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 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

20 MEETING NUMBER 2947 THURSDAY AUGUST 8, RE: DION PEOPLES PENSION NUMBER DION PEOPLES VERSUS TEISHA PEOPLES WAYNE COUNTY CIRCUIT COURT, DETROIT, MICHIGAN CASE NO DM ALTERNATE PAYEE: TEISHA PEOPLES - CONTINUED RESOLVED, that a copy of this resolution be IMMEDIATELY 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 RESOLVED, that a copy of this resolution be sent to Gabriel, Roeder, Smith & Company, the Board s Actuary; DION PEOPLES (Participant); and John G. Mooney of Mooney & Gilboe, attorneys for TEISHA PEOPLES (Alternate Payee): SINAGRA AND CHAIRMAN ORZECH 9 RTP, LLC, ET AL, VERSUS ORIX REAL ESTATE CAPITAL, INC. CIVIL ACTION NO. 13-CV BY TRUSTEE PEGG SUPPORTED BY TRUSTEE JENKINS Whereas, The Board s policy is to assign Special Legal Counsel to certain matters, and Whereas, The Board has discussed this matter, Therefore Be It Resolved, That Clark Hill (Attention: Ron King) is hereby appointed Special Legal Counsel regarding this matter, and be it further Resolved, That a copy of this resolution be forwarded to Special Legal Counsel, and be it further Resolved, That the Retirement System retain a copy of this resolution for its files: SINAGRA AND CHAIRMAN ORZECH 9

21 MEETING NUMBER 2947 THURSDAY AUGUST 8, PUBLIC FORUM AT 11:25 A.M., CHAIRMAN ORZECH DECLARED THE MEETING IN OPEN FORUM FOR GENERAL DISCUSSION BY THE PUBLIC ATTENDING THE MEETING. TRUSTEE PEGG INTRODUCED FIRE FIGHTER DENNIS HUNTER AND SEVERAL OF HIS CO-WORKERS TO THE BOARD, AND MR. HUNTER INFORMED THE BOARD THAT HE AND HIS CO-WORKERS HAD RECENTLY FORMED A GROUP - THE PUBLIC SAFETY WORKERS ACTION GROUP - TO APPRISE THE COMMUNITY OF SAFETY ISSUES. THEY ALSO DISCUSSED THE CITY S BANKRUPTCY FILING AND ASKED THE TRUSTEES TO REVEAL THEIR STRATEGY FOR REPRESENTING ACTIVE AND RETIRED FIRE FIGHTERS AND POLICE OFFICERS WITH RESPECT TO SAID FILING. ADJOURNMENT THERE BEING NO FURTHER BUSINESS BEFORE THE BOARD, CHAIRMAN ORZECH ADJOURNED THE MEETING AT 11:30 A.M. UNTIL THURSDAY, AUGUST 15, 2013 AT 9:00 A.M., IN ROOM 910 OF THE COLEMAN A. YOUNG MUNICIPAL CENTER, DETROIT, MICHIGAN RESPECTFULLY SUBMITTED, DAVID CETLINSKI, ASSISTANT EXECUTIVE DIRECTOR