Board of Trustees - IN-PERSON ONLY
Detroit General Retirement System
Wednesday, May 15, 2024
10:00 a.m. — 12:00 p.m. EDT
500 Woodward Ave Detroit, MI 48226 (Directions)
Suite 3000
Please review this Pension Board Resource Guide for explanations of terms and discussions you may encounter on this assignment!
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Reporting
Edited and summarized by the Detroit - MI Documenters Team
The new retirement system website is late and over budget; the board is considering selling an investment property in Hawaii; and the work records used to calculate the amount owed by retirees to the bankruptcy-era "clawback" have all been destroyed. Only one spreadsheet remains.
The new retirement system website is late and over budget; the board is considering selling an investment property in Hawaii; and the work records used to calculate the amount owed by retirees to the bankruptcy-era "clawback" have all been destroyed. Only one spreadsheet remains.
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06:22 AM May 15, 2024 CDT
More information on the General Retirement System can be found at the website:
There's a motion on the floor, I will try to catch up.
They are calling the roll now.
There is a quorum.
#1 Kathleen--upcoming pension conference in Atlanta, today is the last day for the discounted hotel rates.
Request from the library department. The President of the library commission wants to get access to the retiree list for everyone who retired from 1/1/2020 to the present.
The man speaking said that payroll brought this to his attention.
Answer: they check whether anyone on the payroll is contributing. Some seasonal people are not required to provide the mandatory deduction.
Question: does our document on this make everything really clear?
Part-time and seasonal employees of the library do not pay into the pension.
They seem concerned because DPL has a different HR department. Someone could be classified as part-time when they are full-time, and they could receive a benefit without paying into it.
They are buttering up fiscal year 24.
As this is my first time covering this meeting, I'm trying to keep up and make sure I understand what they're talking about.
They spoke about this with the City Council during budget talks. They need to get the correct data.
He's only going to speak in generic terms without numbers.
They are working with a national firm to get their feedback. In 2-4 weeks, they will have information on the tax appeals.
They are talking about property tax appeals and the local government.
I'm wondering how much land in Hawaii they are talking about and how it was acquired.
They have been trying to find out options, things like a long term land lease.
They are looking at every possible alternative.
This might have changed since they first got involved in this investment.
The land apparently came to the board after some kind of investment.
Now Kevin Leonard is presenting online.
Looking at the YTD column.
I'm assuming these are performances of companies the pension fund invests in.
They are moving through these numbers quickly.
They are seeing more volatility in the market.
These are returns at EOB last Friday.
Talking about their budget and where they stand.
Next, they need to update all the deaths in the system.
Then, disability and divorce roll out.
Registration letters to all outstanding members, postcards, notifications to departments, website blogs and emails, training webinars...
Answer: They are doing these final reviews and realizing that new requirements have popped up that they need to integrate into the system.
Requirements and functionality have changed. What is the original budget, and how much is it over?
Answer: They are slowly trickling over, but I don't have an exact number.
She said there is a lack of accountability on UHI's side.
They've had review sessions and new developments that have changed things out of the new requirements.
They did some testing with the tools for vulnerability. They need to talk to Dave to get more information. John Chapman is the IT guy.
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Agency Information
Detroit General Retirement System
The General Retirement System of the City of Detroit is a program helps Detroit families plan for the economic challenges of retirement, disability or death.