Wednesday, May 23, 2012 - City of Kalamazoo

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CITY OF KALAMAZOO EMPLOYEES’ RETIREMENT SYSTEMPENSION BOARD OF TRUSTEES MINUTESWEDNESDAY, May 23, 2012Approval of Duty Disability ApplicationsThe Committee reviewed the supporting documentation for the following duty disability for:• Randy ErridgeMr. Skrobola noted to the Board that Mr. Erridge enrolled in the City’s Early Retirement Initiative. Uponenrollment, Mr. Erridge signed a document titled “Early Retirement Plan Early Retirement Election andWaiver of Claims Agreement” which Section 6 outlines the conditions for a “Termination of IncentiveBenefit”. This states that “the incentive benefit shall not be paid to an eligible employee who quits, isotherwise terminated, or becomes eligible for disability retirement under the Retirement System”.The City Attorney’s Office designed language to cancel participation in cases where the Pension Boarddecides to grant a disability retirement benefit. As a result, once the Pension Board of Trustees grants adisability retirement benefit to Mr. Erridge, his participation in the ERI program will automaticallyterminate.Motion was made and supported to approve Randy Erridge’s duty disability pension.Roll call vote:Ayes:City Manager Ken Collard, James Mallery, Alden Miller, Commissioner Barbara MillerNayes: NoneApproval of Military Buy-Back ApplicationsThe Committee reviewed the supporting documentation for the following military buy-back applicants:• Gregory Sutton• Guy Stevens• John ResseguieA motion was made and supported to approve the military buy-back applications. Roll call vote:Ayes:City Manager Ken Collard, James Mallery, Alden Miller, Commissioner Barbara MillerNayes: NoneApproval of Prior Service Buy-BackThe Committee reviewed the supporting documentation for the following prior service buy-back applicants:• Lorenzo Hoskin• Christopher PrattA motion was made and supported to approve the prior service buy-back applications.Roll call vote:Ayes:City Manager Ken Collard, James Mallery, Alden Miller, Commissioner Barbara MillerNayes: None2
CITY OF KALAMAZOO EMPLOYEES’ RETIREMENT SYSTEMPENSION BOARD OF TRUSTEES MINUTESWEDNESDAY, May 23, 2012Changes Due to Death – Information Only – 2 nd QtrDate Date Beneficiary Retiree BeneficiaryLast Name First Name of Hire of Death Benefit Benefit NameWearmouth Robert 3-14-1960 2-04-2012 $ 358.10 $ 716.19 Mary Ann WearmouthSoule Charlene 1-20-1975 2-14-2012 $1,165.66Cunningham Fred 4-28-1969 3-02-2012 $ 358.86Wearmouth Mary Ann 3-04-2012 $ 358.10Fletcher Victor 11-02-1947 3-14-2012 $ 589.26 $1,178.51 Audre FletcherDwire Barbara Jean 3-23-2012 $ 611.122012 New Hires: (information only)First Quarter Investment Activity Period Ending March 31, 2012The market value of portfolio assets increased from $522.5 million to $526.1 million during the firstquarter of 2012, an increase of $3.6 million or 0.69%.The weighted average return for the quarter net of manager fees was 10.0%. The 1-year annualized netreturn was 3.1% and the return since October 1982, net of manager fees, through the end of the quarterhas been 11.4%.Equities comprised 71.3% of the City portfolio at the end of the quarter. The equity portion of the Cityportfolio returned 13.8% for the quarter and 0.2% year-on-year.Fixed income comprised 23.5% of the City portfolio at the end of the quarter. Total fixed income returned0.5% for the quarter and 9.7% year-on-year.At the end of the quarter real estate investments were 5.0% of the portfolio and had returned 7.8%. Theone year return on real estate was 14.1%.The portfolio assets finished the quarter with 71.3% in equities, 23.5% in fixed income, and 5.0% in realestate. The portfolio target allocation is 70% equities, 25% fixed income, and 5%real estate.The inflation-adjusted or real return, for the quarter was 8.4% as the inflation rate for the quarter was a1.6%. With a year-on-year inflation rate of 2.7% the one year real return was 0.4%. Since October 1982the return on the portfolio, net of manager fees, has been 11.4% nominal and 8.5% real.CORRECTION: The market value of portfolio assets increased from $482.9 million to $526.1 million duringthe first quarter of 2012, an increase of $43.2 million or 8.95%.3
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Wednesday, May 23, 2012 - City of Kalamazoo

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