Meeting #2563 02/16/2006 - detroit police & fire retirement system

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Meeting #2563 02/16/2006 - detroit police & fire retirement system

POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 20063RETIREMENTSBY MR. STEWART – SUPPORTED BY MR. BESTRESOLVED, THAT THE APPLICATIONS FOR RETIREMENT WHICHARE OUTLINED BELOW BE APPROVED:Yeas – Trustees Bandemer, Best, Christian, English, Orzech,Stewart, Talabi and Chairperson Isom – 8Nays – NoneRETIREMENTSNAME, TITLE, DEPARTMENTJOHN H. WITKOR – SERGEANT – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 32 02 16EFFECTIVE DATE 01 06 06NAME, TITLE, DEPARTMENTLAWRENCE E. SNOWDEN – BATTALIONFIRE CHIEF – FIRERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 36 00 07EFFECTIVE DATE 03 08 06NAME, TITLE, DEPARTMENT PATRICIA D. CAGLE – INVESTIGATOR –POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 31 01 02EFFECTIVE DATE 01 10 06NAME, TITLE, DEPARTMENT ALFRED GOMEZ-MESQUITA –LIEUTENANT – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 46 06 28EFFECTIVE DATE 02 11 06


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 20064RETIREMENTSNAME, TITLE, DEPARTMENTHARRY H. SMITH – SERGEANT – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 28 09 08EFFECTIVE DATE 01 25 06NAME, TITLE, DEPARTMENTLEO BLAKELY – OFFICER – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 24 04 21EFFECTIVE DATE 03 13 06NAME, TITLE, DEPARTMENTHENRY HARRIS – LIEUTENANT – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 35 08 22EFFECTIVE DATE 02 27 06NAME, TITLE, DEPARTMENT HILTON NAPOLEON – INSPECTOR –P.C.O.A. – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 24 05 03EFFECTIVE DATE 03 01 06NAME, TITLE, DEPARTMENTSAMUEL CARTER – LIEUTENANT – POLICERETIREMENT, PLANSERVICE – NEWSERVICE CREDIT 38 04 14EFFECTIVE DATE 03 07 06CONFIRMATIONSBY MR. ENGLISH – SUPPORTED BY MR. BANDEMERRESOLVED, THAT THE DISBURSEMENTS AND RECEIPTS WHICHARE OUTLINED ON THE PAGE WHICH FOLLOWS BE CONFIRMED:Yeas – Trustees Bandemer, Best, Christian, English, Orzech,Stewart, Talabi and Chairperson Isom – 8Nays – None


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 20067BILL PAYMENT REQUESTSFIRM OR INDIVIDUAL, DATE, AMOUNT, SERVICE(S) PROVIDEDHUDSON & MUMA – FEBRUARY 28, 2006 - $4,300.00 – TRUSTEEINSURANCE POLICY FEEIRON MOUNTAIN – JANUARY 31, 2006 - $699.79 – POLICE ANDFIRE PORTION OF $1,399.58 – CONTRACT/MISCELLANEOUSSERVICES – CUSTOMER IDENTIFICATION NUMBER L-166-DMAYFIELD GENTRY – FEBRUARY 9, 2006 - $97,521.02 – ASSETMANAGEMENT AND MORTGAGE SERVICING FEES FORFEBRUARY, 2006MAYFIELD GENTRY – FEBRUARY 9, 2006 - $94,023.82 –OPERATIONAL EXPENSES AND CAPITAL IMPROVEMENTS FORGRAND PARK CENTREMCTEVIA & ASSOCIATES – FEBRUARY 1, 2006 - $1,396.50 –JANUARY, 2006 – CRESCENT PRIVATE CAPITALMERRILL LYNCH – FEBRUARY 8, 2006 - $21,000.00 – 2005FOURTH QUARTER FEESPLANTE & MORAN – DECEMBER 13, 2005 - $1,300.00 –CONTRACT-MISCELLANEOUS SERVICES – ACCOUNT #52495PLANTE & MORAN – DECEMBER 13, 2005 - $10,357.50 – POLICEAND PORTION OF $1,857.50 – CONTRACT/MISCELLANEOUSSERVICES – ACCOUNT #52495PUGH CAPITAL MANAGEMENT – JANUARY 31, 2006 - $39,256.44– 2005 FOURTH QUARTER FEESVIKING OFFICE PRODUCTS – FEBRUARY 7, 2006 - $150.24 –OFFICE SUPPLIES


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 20068BILL PAYMENT REQUESTSFIRM OR INDIVIDUAL, DATE, AMOUNT, SERVICE(S) PROVIDEDVIKING OFFICE PRODUCTS – FEBRUARY 8, 2006 - $256.09 –POLICE AND FIRE PORTION OF $512.17 – OFFICE SUPPLIESVIKING OFFICE PRODUCTS – FEBRUARY 4, 2006 - $20.98 –POLICE AND FIRE PORTION OF $41.97 – OFFICE SUPPLIESVIKING OFFICE PRODUCTS – FEBRUARY 10, 2006 - $118.58 –POLICE AND FIRE PORTION OF $237.16 – OFFICE SUPPLIESVIKING OFFICE PRODUCTS – FEBRUARY 13, 2006 - $30.96 –POLICE AND FIRE PORTION OF $61.92 – OFFICE SUPPLIESYeas – Trustees Bandemer, Best, Christian, Doyle,Orzech, Stewart, Talabi and Chairperson Isom – 9English,Nays – NoneJ. P. MORGANCLARENCE LEWIS AND TWO ASSOCIATES APPEARED BEFORETHE BOARD, DISCUSSED HIGH-YIELD INVESTING.▓ EX/OFFICIO TRUSTEE JEFFERY BEASLEY ENTERED THEMEETING DURING J. P. MORGAN’S PRESENTATION.▓ LEGAL COUNSEL RONALD ZAJAC ENTERED THE MEETINGDURING J. P. MORGAN’S PRESENTATION.THE BOARD THEN EXCUSED MR. LEWIS AND HIS ASSOCIATES.


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 20069SANDRA HURD HEARINGPOLICE OFFICER SANDRA HURD ATTENDED A HEARING BEFORETHE BOARD OF TRUSTEES OF THE POLICE AND FIRERETIREMENT SYSTEM OF THE CITY OF DETROIT REGARDINGTHE POLICE DEPARTMENT’S APPLICATION FOR HER NON-DUTYDISABILITY RETIREMENT.CLOSED SESSIONBy Mr. Bandemer – Supported by Mr. StewartResolved, That the Board enter into Closed Session for thepurpose of discussing medical data relating to Ms. Hurd’sapplication for Duty Disability retirement as well as the PoliceDepartment’s application for her Non-Duty Disability retirement:A Roll Call Vote was taken as follows:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays - NoneThe Board entered into Closed Session at 10:32 A.M.Legal Counsel Ronald Zajac conducted the Hearing and CourtReporter Lesa Nielsen made a transcript of the proceedings.OPEN SESSIONBy Mr. Christian – Supported by Mr. EnglishResolved, That the Board return to Open Session:


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200610OPEN SESSIONA Roll Call Vote was taken as follows:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays - NoneOPEN SESSIONThe Board returned to Open Session at 10:50 A.M. and the Boardexcused Ms. Hurd and Ms. Nielsen.SANDRA HURDBY MR. ORZECH – SUPPORTED BY MR. BANDEMERWHEREAS, SANDRA HURD HAS APPLIED FOR DUTY DISABILITYRETIREMENT AND THE POLICE DEPARTMENT HAS SUBMITTED ANAPPLICATION FOR MS. HURD’S NON-DUTY DISABILITY RETIREMENT,AMDWHEREAS, MS. HURD APPEARED BEFORE THE BOARD THIS DATE ATA HEARING DURING WHICH THE BOARD ALLOWED HER 15 DAYS FROMFEBRUARY 16, 2006 TO PROVIDE THE BOARD WITH ANY ADDITIONALMEDICAL REPORTS OR OTHER INFORMATION SHE WISHES TO BEMADE A PART OF HER FILE, WHICH WILL BE SUBMITTED TO THEBOARD’S MEDICAL DIRECTOR, THEREFORE BE ITRESOLVED, THAT MS. HURD SUBMIT ANY ADDITIONAL MEDICALREPORTS OR OTHER INFORMATION RELATIVE TO THE PENDINGDISABILITY RETIREMENT APPLICATIONS REGARDING MS. HURDWITHIN 15 DAYS FROM THIS DATE, AND BE IT FURTHERRESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TOMS. HURD:


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200611SANDRA HURDYeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays - NoneSMITH BARNEYBRUCE BALLARD AND AN ASSOCIATE APPEARED BEFORE THEBOARD, DISCUSSED 2005 THIRD QUARTER MANAGER PERFORMANCEAND THEN EXCUSED THEMSELVES.CLARK ET AL & RETIRED POLICE & FIREFIGHTERS’ ASSOCIATION ETAL VERSUS THE CITY OF DETROIT BOARD OF TRUSTEES ET ALWAYNE CIRCUIT CASE NO. 82-235598-CLBY MR. ORZECH – SUPPORTED BY MR. BESTResolved, That all petitions of said pre-July 1, 1983 and pre-July 1,1986 (as applicable) 0ption II and 0ption III retirants, whosebeneficiaries pre-deceased the retirants, for adjustment of retirementbenefits to a Straight Life retirement be granted effective the first dayof the month following the date of application and procedures befollowed otherwise identical to the processing and computation foradjustments made to divorced 0ption II and 0ption III retirantspursuant to domestic relations court orders:JOSEPH KARAS – P-120937POLICE DEPARTMENTYeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – None▓ EX/OFFICIO TRUSTEE TALABI TEMPORARILY EXCUSED HERSELF.


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200612LEGAL COUNSEL’S REPORTSLEGAL COUNSEL RONALD ZAJAC DISCUSSED VARIOUS MATTERSWITH THE BOARD, INCLUDING WILSON VERSUS WILSON, SNOWDENVERSUS SNOWDEN AND FICKETT VERSUS FICKETT.WILSON VERSUS WILSONWAYNE COUNTY CASE #04-435805-DMBY MR. STEWART – SUPPORTED BY MR. BANDEMERWHEREAS, THE BOARD IS IN RECEIPT OF A FEBRUARY 6, 2006ELIGIBLE DOMESTIC RELATIONS ORDER WHICHAMENDS/SUPPLEMENTS A JUDGMENT OF DIVORCE WHEREINTRAVINA WILSON IS AWARDED CERTAIN RIGHTS TO THEDEFINED BENEFIT PLAN AND DEFINED CONTRIBUTION PLANBENEFITS OF DERRICK WILSON WHO IS CURRENTLY AN ACTIVEEMPLOYEE, ANDWHEREAS, PARTICIPANT’S DATE OF BIRTH IS JUNE 25, 1971,AND, TO DATE, PARTICIPANT HAS ATTAINED 11 YEARS AND 06MONTHS OF SERVICE CREDIT, ANDWHEREAS, ALTERNATE PAYEE IS ENTITLED TO CLAIM APORTION OF PARTICIPANT’S DEFINED CONTRIBUTION PLAN,PAYMENT OF WHICH IS SUBJECT TO PARTICIPANT’SELIGIBILITY FOR WITHDRAWAL FROM DEFINED CONTRIBUTIONPLAN; AND ALTERNATE PAYEE IS ENTITLED TO CLAIM APORTION OF PARTICIPANT’S DEFINED BENEFIT PLAN, ANDWHEREAS, DEFINED CONTRIBUTION PLAN AMOUNTS CAN BEMADE TO THE PARTICIPANT OR ALTERNATE PAYEE UPONPARTICIPANT ATTAINING 25 YEARS OF SERVICE CREDIT, ORTERMINATION OF SERVICE, OR UPON PARTICIPANT ATTAININGTHE AGE OF 60 YEARS, OR UPON PARTICIPANT OTHERWISEBEING ELIGIBLE TO WITHDRAW AMOUNTS FROM THE DEFINEDCONTRIBUTION PLAN AND SUBJECT TO APPLICATION FOR


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200613WILSON VERSUS WILSONWAYNE COUNTY CASE #04-435805-DMSAME BEING MADE BY THE PARTY SEEKING PAYMENT; ANDTHE EARLIEST DATE THAT PAYMENTS FROM THE DEFINEDBENEFIT PLAN CAN BE MADE TO THE PARTICIPANT ORALTERNATE PAYEE IS UPON PARTICIPANT ATTAINING 25YEARS OF SERVICE CREDIT OR OTHERWISE RECEIVINGRETIREMENT BENEFITS, ANDWHEREAS, SAID MATTER HAS BEEN DISCUSSED WITH LEGALCOUNSEL WHO HAS OPINED THAT THE APPLICABLE TERMS OFSAID COURT ORDER ARE CONSISTENT WITH THE PROVISIONSOF THE RETIREMENT SYSTEM AND APPLICABLE LAW,INCLUDING PUBLIC ACT 46 OF 1991 (MCLA 38.1701), ASAPPLICABLE, THEREFORE BE ITRESOLVED, THAT THE BOARD ACKNOWLEDGE RECEIPT OFSAID COURT ORDER AND PAY PENSION BENEFITS CONSISTENTWITH SAID COURT ORDER, A COPY OF THIS RESOLUTION BEIMMEDIATELY ATTACHED AS THE TOP SHEET OF THE PENSIONFILE, OTHER APPROPRIATE RECORDS BE RETAINED BY THERETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND A COPYOF THIS RESOLUTION BE FORWARDED TO ATTORNEY SORENIAWHITTINGTON, ATTORNEY K. ALEXANDER, TRAVINA WILSONAND DERRICK WILSON:YEAS – TRUSTEES BANDEMER, BEASLEY, BEST, CHRISTIAN,DOYLE, ENGLISH, ORZECH, STEWART AND CHAIR-PERSON ISOM – 9NAYS – NONE


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200614SNOWDEN VERSUS SNOWDENWAYNE COUNTY CASE #96-605713-DOBY MR. STEWART – SUPPORTED BY MR. BANDEMERWHEREAS, THE BOARD IS IN RECEIPT OF A MAY 21, 1997ELIGIBLE DOMESTIC RELATIONS ORDER WHICHAMENDS/SUPPLEMENTS A JUDGMENT OF DIVORCE WHEREINTERRY SNOWDEN IS AWARDED CERTAIN RIGHTS TO THEDEFINED BENEFIT PLAN BENEFITS ONLY OF LAWRENCESNOWDEN WHO IS CURRENTLY AN ACTIVE EMPLOYEE, ANDWHEREAS, THE BOARD HAS BEEN INFORMED THATPARTICIPANT RETIRED EFFECTIVE MARCH 9, 2006, ANDWHEREAS, PARTICIPANT’S DATE OF BIRTH IS MARCH 9, 1946,AND, TO DATE, PARTICIPANT HAS ATTAINED 36 YEARS, 00MONTHS AND 08 DAYS OF SERVICE CREDIT, ANDWHEREAS, ALTERNATE PAYEE IS NOT ENTITLED TO CLAIM APORTION OF PARTICIPANT’S DEFINED CONTRIBUTION PLANBECAUSE ALL AMOUNTS WERE PREVIOUSLY WITHDRAWN FROMTHE DEFINED CONTRIBUTION PLAN; BUT ALTERNATE PAYEE ISENTITLED TO CLAIM A PORTION, I.E., ONE-HALF OF THREE (3)YEARS VALUE) OF PARTICIPANT’S DEFINED BENEFIT PLAN, ANDWHEREAS, THE EARLIEST DATE THAT PAYMENTS FROM THEDEFINED BENEFIT PLAN CAN BE MADE TO THE PARTICIPANT ORALTERNATE PAYEE IS IMMEDIATELY, OR UPON PARTICIPANTRECEIVING RETIREMENT BENEFITS, ANDWHEREAS, THE BOARD’S POLICY IS TO REQUIRE THAT THECOST FOR THE ACTUARY’S CALCULATIONS ARE TO BE BORNEBY THE PARTIES TO THE DOMESTIC RELATIONS PROCEEDINGS,AND


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200615SNOWDEN VERSUS SNOWDENWAYNE COUNTY CASE #96-605713-DOWHEREAS, SAID MATTER HAS BEEN DISCUSSED WITH LEGALCOUNSEL WHO HAS OPINED THAT THE APPLICABLE TERMS OFSAID COURT ORDER ARE CONSISTENT WITH THE PROVISIONSOF THE RETIREMENT SYSTEM AND APPLICABLE LAW,INCLUDING PUBLIC ACT 46 OF 1991 (MCLA 38.1701), ASAPPLICABLE, THEREFORE BE ITRESOLVED, THAT THIS FILE BE FORWARDED TO THE BOARD’SACTUARY FOR CALCULATION OF THE BENEFITS TO BE PAID TOTHE FORMER SPOUSE EFFECTIVE MARCH 9, 2006, AND BE ITFURTHERRESOLVED, THAT THE BOARD ACKNOWLEDGE RECEIPT OFSAID COURT ORDER AND PAY PENSION BENEFITS CONSISTENTWITH SAID COURT ORDER, A COPY OF THIS RESOLUTION BEIMMEDIATELY ATTACHED AS THE TOP SHEET OF THE PENSIONFILE, OTHER APPROPRIATE RECORDS BE RETAINED BY THERETIREMENT SYSTEM RELATIVE TO THIS MATTER, AND A COPYOF THIS RESOLUTION BE FORWARDED TO ATTORNEY MORRISGOODMAN, ATTORNEY MORRIS LEFKOWITZ, TERRY SNOWDENAND LAWRENCE SNOWDEN:YEAS – TRUSTEES BANDEMER, BEASLEY, BEST, CHRISTIAN,DOYLE, ENGLISH, ORZECH, STEWART AND CHAIR-PERSON ISOM – 9NAYS – NONE


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200616FICKETT VERSUS FICKETTWAYNE COUNTY CASE #05-504786-DMBY MR. STEWART – SUPPORTED BY MR. BANDEMERWHEREAS, THE BOARD IS IN RECEIPT OF A DECEMBER 13, 2005CONSENT JUDGMENT OF DIVORCE WHEREIN KAREN FICKETTMAY HAVE BEEN AWARDED CERTAIN RIGHTS TO THE DEFINEDCONTRIBUTION PLAN BENEFITS OF WILLIAM FICKETT WHO ISCURRENTLY AN ACTIVE EMPLOYEE, ANDWHEREAS, PARTICIPANT’S DATE OF BIRTH IS OCTOBER 6,1965, AND, TO DATE, PARTICIPANT HAS ATTAINED 08 YEARSAND 08 MONTHS OF SERVICE CREDIT, ANDWHEREAS, SUBJECT TO ENTRY OF AN ELIGIBLE DOMESTICRELATIONS ORDER (“EDRO”) PURSUANT TO PUBLIC ACT 46 OF1991, ALTERNATE PAYEE IS ENTITLED TO CLAIM A PORTION OFPARTICIPANT’S DEFINED CONTRIBUTION PLAN SUBJECT TOALTERNATE PAYEE FILING AN APPLICATION FOR SAME; BUTALTERNATE PAYEE IS NOT ENTITLED TO CLAIM A PORTION OFPARTICIPANT’S DEFINED BENEFIT PLAN, ANDWHEREAS, SUBJECT TO THE ENTRY OF AN EDRO, DEFINEDCONTRIBUTION PLAN AMOUNTS CAN BE MADE TO THEPARTICIPANT OR ALTERNATE PAYEE UPON PARTICIPANTATTAINING 25 YEARS OF SERVICE CREDIT, OR TERMINATIONOF SERVICE, OR UPON PARTICIPANT ATTAINING THE AGE OF 60YEARS, SUBJECT TO APPLICATION FOR SAME BEING MADE BYTHE PARTY SEEKING PAYMENT, ANDWHEREAS, SAID MATTER HAS BEEN DISCUSSED WITH LEGALCOUNSEL WHO HAS OPINED THAT THE APPLICABLE TERMS OFSAID COURT ORDER ARE NOT CONSISTENT WITH THEPROVISIONS OF THE RETIREMENT SYSTEM BECAUSE AN EDROUNDER PUBLIC ACT 46 OF 1991 (MCLA 38.1701) MUST BEENTERED, THEREFORE BE IT


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200617FICKETT VERSUS FICKETTWAYNE COUNTY CASE #05-504786-DMRESOLVED, THAT THE BOARD ACKNOWLEDGE RECEIPT OFSAID COURT ORDER AND, SUBJECT TO THE ENTRY OF ANEDRO, PAY PENSION BENEFITS CONSISTENT WITH SAID COURTORDER, A COPY OF THIS RESOLUTION BE IMMEDIATELYATTACHED AS THE TOP SHEET OF THE PENSION FILE, OTHERAPPROPRIATE RECORDS BE RETAINED BY THE RETIREMENTSYSTEM RELATIVE TO THIS MATTER, AND A COPY OF THISRESOLUTION BE FORWARDED TO ATTORNEY CRAIG NEMIER,ATTORNEY LARRY POLK, KAREN FICKETT AND WILLIAMFICKETT:YEAS – TRUSTEES BANDEMER, BEASLEY, BEST, CHRISTIAN,DOYLE, ENGLISH, ORZECH, STEWART AND CHAIR-PERSON ISOM – 9NAYS – NONE▓ EX/OFFICIO TRUSTEE TALABI RE-JOINED THE MEETING.OPPENHEIMER CAPITALBY MR. ENGLISH – SUPPORTED BY MR. STEWARTWhereas, The Board has been requested to execute anAcknowledgement Letter (dated January 20, 2006), re:responsibility of the custodial bank, relative to the foregoingtransaction, andWhereas, The execution of said document has been reviewedand approved as to form by the Board’s Legal Counsel, and the


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200618OPPENHEIMER CAPITALexecution of said document is consistent with prior action of theBoard, Therefore Be ItResolved, That said document be executed by two (2) authorizedsignatories on behalf of the Board, and be it furtherResolved, That the executed original document be forwarded tothe appropriate party, and be it furtherResolved, That the Retirement System retain copies of saidexecuted original document:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays - NoneClass Action LitigationBy Mr. Best – Supported by Mr. EnglishWHEREAS, The Police and Fire Retirement System participates incertain class action cases as a lead plaintiff or co-lead plaintiff inan effort to maximize recoveries on behalf of the RetirementSystem and class members, andWHEREAS, The Board of Trustees has selected, as special legalcounsel, law firms as class action litigation firms who monitorthe Retirement System’s portfolio by identifying losses andidentifying potential class action lawsuits in which theRetirement System might be involved as a plaintiff or classrepresentative, and


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200619Class Action LitigationWHEREAS, Such special legal counsel for class action litigationhave executed confidentiality agreements with the RetirementSystem with respect to the monthly trading reports which aresent to class action counsel by the Retirement System’sInvestment Analyst, per past direction of the Board of Trustees,andWHEREAS, The current arrangement requires the involvement ofthe Board’s Investment Analyst, which duties regarding thismatter can be performed by the Retirement System’s custodialbank by either the custodial bank forwarding the information orby the custodial bank allowing access to the information, andWHEREAS, The Board deems it more efficient for the custodialbank to provide the information or access to the information andthe custodial bank has indicated its willingness and capability ofproviding the information, andWHEREAS, The Board has discussed this matter, Therefore Be ItRESOLVED, That the Retirement System’s custodial bank, theBank of New York, provide access to the monthly trading equityand fixed income reports of the Retirement System to theRetirement System’s special class action litigation firms whichare currently Allen Brothers/Kirby, McInerney and Squire;Bernstein, Litowitz, Berger and Grossman, LLP and Kohn, Swiftand Graf, and be it furtherRESOLVED, That the Board’s general counsel coordinate with theRetirement System’s custodial bank regarding this matter, andbe itRESOLVED, That an “Information List” listing the appropriateinformation regarding names, addresses, phone numbers, faxnumbers, e-mail addresses, and contact persons for the special


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200620Class Action Litigationlegal counsel firms be forwarded to the Bank of New York, andbe it furtherRESOLVED, That a copy of this resolution be forwarded to theBank of New York, attn: Thomas Barrett, and the special legalcounsel class action firms identified above.Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays - NoneAA CAPITAL PARTNERS, INC./AA CAPITAL ALTERNATIVE ASSETFUND, L.P.BY MR. ORZECH – SUPPORTED BY MR. ENGLISHWhereas, The Board has indicated its interest in making theforegoing investment subject to a number of conditions beingmet including the approval of final transaction documents afterall negotiations are completed by the Board and Special LegalCounsel, andWhereas, The Board notes that legal services required toprepare the proposed transaction documents for considerationby the Board will be fairly extensive and time-consuming and willrequire immediate attention, requiring consecutive hours ofattention by Special Legal Counsel, andWhereas, The Board’s policy in such cases is to select andretain Special Legal Counsel relative to such investmentproposal who will report to the Board’s General Counsel and tothe Board of Trustees, as appropriate, with fees and expenses of


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200621AA CAPITAL PARTNERS, INC./AA CAPITAL ALTERNATIVE ASSETFUND, L.P.said Special Legal Counsel to be paid for from an escrow accountfunded by the Proposed Borrower, Therefore Be ItResolved, That Special Legal Counsel be selected and retainedby the Board regarding this investment:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – NonePENN CAPITALRICHARD HOCKER AND ASSOCIATE CHRIS NOYES APPEAREDBEFORE THE BOARD, DISCUSSED HIGH-YIELD INVESTMENT ANDTHEN EXCUSED THEMSELVES.CLOSED SESSIONBy Mr. Doyle – Supported by Mr. EnglishResolved, That the Board enter into Closed Session for thepurpose of discussing matters involving attorney/client privilege:A Roll Call Vote was taken as follows:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – NoneThe Board entered into Closed Session at 2:50 P.M.


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200622OPEN SESSIONBy Mr. Bandemer – Supported by Mr. EnglishResolved, That the Board return to Open Session:A Roll Call Vote was taken as follows:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – NoneThe Board returned to Open Session at 2:56 P.M.ADVANCED MARKETING SERVICES CLASS ACTION LITIGATIONBY MR. ORZECH – SUPPORTED BY MR. ENGLISHWHEREAS, THE BOARD, IN CLOSED SESSION THIS DATE, HASRECEIVED A STATUS UPDATE REGARDING THIS CASE, ALONGWITH A RECOMMENDED SETTLEMENT AMOUNT, ANDWHEREAS, THE BOARD DISCUSSED THIS MATTER IN CLOSEDSESSION THIS DATE AS A MATTER OF ATTORNEY/CLIENTPRIVILEGE, THEREFORE BE ITRESOLVED, THAT THE BOARD ACCEPT THE SETTLEMENTAMOUNT RECOMMENDED BY SPECIAL COUNSEL (BERNSTEIN,LITOWITZ, BERGER AND GROSSMAN, LLP), AND BE IT FURTHERRESOLVED, THAT THE SETTLEMENT AMOUNT BE MADE AMATTER OF RECORD IN THE MINUTES AFTER THE SETTLEMENTIS EFFECTUATED, AND BE IT FURTHER


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200623ADVANCED MARKETING SERVICES CLASS ACTION LITIGATIONRESOLVED, THAT A COPY OF THIS RESOLUTION BEFORWARDED TO SPECIAL COUNSEL, ATTENTION: ROBERTGANS:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – NoneSENECA CAPITALSAM AUSTIN AND AN ASSOCIATE APPEARED BEFORE THEBOARD, DISCUSSED HIGH-YIELD INVESTING AND THENEXCUSED THEMSELVES.CONFERENCES/SEMINARSBy Mr. Stewart – Supported by Mr. BandemerResolved, That the Board approve the attendance of allTrustees, the Executive Secretary and the Assistant ExecutiveSecretary at the below-referenced conferences, and be it furtherResolved, That the Board approve expenditures for all Trustees,the Executive Secretary and the Assistant Executive Secretaryto attend said conferences:Public Funds ConferenceLas VegasApril 2, 2006 – April 5, 2006


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200624CONFERENCES/SEMINARSCredit Suisse Global Leveraging/Finance ConferenceArizonaMarch 28, 2006 – March 30, 2006Indispensable Assistant SeminarMichigan (Troy)April 25, 2006Indispensable Assistant SeminarMichigan (Ann Arbor)May 22, 2006Indispensable Assistant SeminarMichigan (Farmington Hills)April 25, 2006Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – NoneSBK BROOKSBY MR. BEASLEY – SUPPORTED BY MR. CHRISTIANRESOLVED, THAT SBK BROOKS REPRESENTATIVES BEREQUESTED TO APPEAR BEFORE THE BOARD OF TRUSTEESFOR PRESENTATION PURPOSES:Yeas – Trustees Bandemer, Beasley, Best, Christian, Doyle,English, Orzech, Stewart, Talabi and Chairperson Isom –10Nays – None


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200625DOCTORS HOSPITALLEGAL COUNSEL PROVIDED EACH BOARD MEMBER WITH A COPY OF AFEBRUARY 13, 2006 COMMUNICATION FROM CLARK HILL TO THEBOARD REGARDING THE ABOVE-CAPTIONED MATTER.BOARD AUTHORIZATION TO CHANGE THE AMORTIZATION PERIOD TOTHIRTY (30) YEARSBY MR. BEASLEY – SUPPORTED BY MR. DOYLERESOLVED, THAT THE BOARD’S MOTION REGARDING 30-YEARAMORTIZATION, WHICH WAS TABLED FEBRUARY 9, 2006, BEREMOVED FROM THE TABLED:A ROLL CALL VOTE WAS TAKEN AS FOLLOWS:YEAS – TRUSTEES BANDEMER, BEASLEY, BEST, CHRISTIAN, DOYLE,ENGLISH, ORZECH, STEWART, TALABI AND CHAIRPERSON ISOM - 10NAYS – NONEFOLLOWING IS THE BOARD’S FEBRUARY 9, 2006 MOTION REGARDING 30-YEAR AMORTIZATION:BOARD AUTHORIZATION TO CHANGE THE AMORTIZATION PERIOD TOTHIRTY (30) YEARSBY MS. MCPHAIL – SUPPORTED BY MR. NGAREWHEREAS, THE PUBLIC EMPLOYEE RETIREMENT SYSTEMINVESTMENT ACT, MCL 38.1140 (M) AUTHORIZES THE ADOPTION OFAMORTIZATION PERIODS NOT EXCEEDING THIRTY (30) YEARS, ANDWHEREAS, THE PASSAGE OF THIS RESOLUTION IS NOT INTENDED TOAND SHOULD NOT BE CONSTRUED AS INDICATING ANY CHANGE INTHE LITIGATION POSTURE OF EITHER OF THE PARTIES TO CURRENTLITIGATION, THEREFORE BE ITRESOLVED, THAT THE POLICE AND FIRE RETIREMENT SYSTEMHEREBY ADOPTS AN AMENDED AMORTIZATION PERIOD OF THIRTY


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200626BOARD AUTHORIZATION TO CHANGE THE AMORTIZATION PERIOD TOTHIRTY (30) YEARS(30) YEARS FOR THE JUNE 30, 2004 ACTUARIAL VALUATION ANDAUTHORIZES THE BOARD’S ACTUARY, GABRIEL, ROEDER, SMITH ANDCOMPANY, TO DEVELOP AMENDED FINAL CONTRIBUTION RATES FORTHE CITY OF DETROIT USING THIRTY (30) YEARS AS THEAMORTIZATION PERIOD COMMENCING WITH THE FISCAL YEAR 2005-2006:YEAS – TRUSTEES BEASLEY, CHRISTIAN, DOYLE AND TALABI – 4NAYS – TRUSTEES BANDEMER, BEST, ENGLISH, ORZECH, STEWARTAND CHAIRPERSON ISOM – 6▓ EX/OFFICIO TRUSTEE BEASLEY AND TRUSTEE STEWART EXCUSEDTHEMSELVES.GSC PARTNERSTHE BOARD CONTACTED HENRY BRENNAN (VIA SPEAKERPHONE) TODISCUSS GSC PARTNERS.CLOSED SESSIONBy Mr. Doyle – Supported by Mr. ChristianResolved, That the Board enter into Closed Session for thepurpose of discussing matters involving attorney/client privilege:A Roll Call Vote was taken as follows:YEAS – TRUSTEES BANDEMER, BEST, CHRISTIAN, DOYLE, ENGLISH,ORZECH, TALABI AND CHAIRPERSON ISOM - 8NAYS – NONEThe Board entered into Closed Session at 3:22 P.M.


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200627OPEN SESSIONBy Mr. Bandemer – Supported by Mr. DoyleResolved, That the Board return to Open Session:A Roll Call Vote was taken as follows:YEAS – TRUSTEES BANDEMER, BEST, CHRISTIAN, DOYLE, ENGLISH,ORZECH, TALABI AND CHAIRPERSON ISOM - 8NAYS – NONEThe Board returned to Open Session at 3:32 P.M.GSC PARTNERSBY MR. ORZECH – SUPPORTED BY MR. DOYLEWHEREAS, THE BOARD DISCUSSED STRATEGY WITH SPECIALCOUNSEL IN CLOSED SESSION THIS DATE AS A MATTER OFATTORNEY/CLIENT PRIVILEGE, ANDWHEREAS, SPECIAL COUNSEL HENRY BRENNAN OF (HOWARD ANDHOWARD) MADE CERTAIN RECOMMENDATIONS TO THE BOARD INCLOSED SESSION THIS DATE, THEREFORE BE ITRESOLVED, THAT SPECIAL COUNSEL PROCEED CONSISTENT WITHTHE RECOMMENDATIONS DISCUSSED THIS DATE IN CLOSEDSESSION, AND BE IT FURTHERRESOLVED, THAT THE SUBSTANCE OF THE RECOMMENDATIONS BEMADE A MATTER OF RECORD IN THE MINUTES AT THE APPROPRIATETIME SO AS NOT TO ADVERSELY AFFECT THE SYSTEM:YEAS – TRUSTEES BANDEMER, BEST, CHRISTIAN, DOYLE, ENGLISH,ORZECH, TALABI AND CHAIRPERSON ISOM - 8NAYS – NONE


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200628GABRIEL, ROEDER, SMITH & COMPANYBY MR. ORZECH – SUPPORTED BY MR. BESTWHEREAS, NORM JONES OF GABRIEL, ROEDER, SMITH & COMPANY(THE BOARD’S ACTUARY) HAS REQUESTED THE BOARD TOAUTHORIZE AND DIRECT THAT A DEFINITION AND EXPLANATION OFTHE TERM “ADMINISTRATIVELY COMPLEX” BE FURNISHED BY THEACTUARY TO THE DPOA REGARDING THEIR (THE ACTUARY’S) USE OFTHE TERM IN A LETTER DATED MARCH 10, 2005,WHEREAS, THE BOARD HAS DISCUSSED THIS MATTER, THEREFOREBE ITRESOLVED, THAT THE BOARD APPROVES THE FOREGOING REQUEST,AND BE IT FURTHERRESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TONORM JONES OF GABRIEL, ROEDER, SMITH & COMPANY:YEAS – TRUSTEES BANDEMER, BEST, CHRISTIAN, DOYLE, ENGLISH,ORZECH, TALABI AND CHAIRPERSON ISOM - 8NAYS – NONE▓ EX/OFFICIO TRUSTEE BEASLEY RE-JOINED THE MEETING.PUBLIC FORUMAT 3:35 P.M., CHAIRPERSON ISOM DECLARED THE MEETING IN OPENFORUM FOR GENERAL DISCUSSION BY THE PUBLIC ATTENDING THEMEETING.


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200629ADJOURNMENTTHERE BEING NO FURTHER BUSINESS BEFORE THE BOARD,CHAIRPERSON ISOM ADJOURNED THE MEETING AT 3:54 P.M. UNTILTHURSDAY, FEBRUARY 23, 2006 AT 9:00 A.M., IN ROOM 910 OF THECOLEMAN A. YOUNG MUNICIPAL CENTER, DETROIT, MICHIGAN48226.RESPECTFULLY SUBMITTED,_________________________________________ASSISTANT EXECUTIVE SECRETARY


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200630


POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROITMEETING NUMBER 2563 – THURSDAY – FEBRUARY 16, 200631

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