Board of Trustees — IN-PERSON ONLY

Detroit Police and Fire Retirement System

Finance

Thursday, Oct. 3, 2024
9:00 a.m. — 11:00 a.m. EDT

500 Woodward Ave Detroit, MI 48226 (Directions)

Ally Building, Suite 3000, 30th Floor

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Reporting

Edited and summarized by the Detroit - MI Documenters Team

Note-taking by Shiva Shahmir

The board debated the best way to divide $5 million in supplemental payments to its members: give everyone the same amount, give everyone the same percentage of their regular monthly checks, or base the payments on years of service. No decision was made.

View notes

Live reporting by Benjamin Haddix

Bhx @BhxDetroit

Hello! I attended the Police and Fire Retirement System Trustees meeting at 9:00 BUT twitter was blocked on the wifi in the meeting space. Not sure if this had to do with the ransomware situation for Wayne county offices.

11:36 AM Oct 3, 2024 CDT

Bhx @BhxDetroit 2/20

So, with a delay, i will post a few of the notes from said meeting..

Bhx @BhxDetroit 3/20

(I am reporting for #DETDocumenters. Media Partners: @DetDocumenters media partners: @BridgeDet313 @chalkbeatDET @freep @metrotimes @Michigan_Public @media_outlier @PlanetDetroit @wdet @wxyzdetroit)

Bhx @BhxDetroit 4/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Meeting called to order at 9:01

Bhx @BhxDetroit 5/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Here is a picture of today's agenda:

Bhx @BhxDetroit 6/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit All 4 retirement applications under review were approved

Bhx @BhxDetroit 7/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Some discussion regarding the Social Security Fairness Act, which they hoped would pass. iaff.org/news/discharge…

iaff.org/news/discharge…

Bhx @BhxDetroit 8/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Some discussion regarding the Retirees Task Force spearheaded currently by City Council Members Durham and Waters

Bhx @BhxDetroit 9/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit There was encouragement for the Board of Trustees to go down to the City Council meetings to help shape the Retirees Task Force.

Bhx @BhxDetroit 10/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit This discussion included something about a $5million to be divided into supplemental checks for retirees. I can't say I fully understand what this $5million is exactly…

Bhx @BhxDetroit 11/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit …but they discussed needing to collaborate with The Retiree Task Force to decide how to disperse said amount – either allocating amount by how many years a retiree worked, OR by the amount of the retiree's salary…

Bhx @BhxDetroit 12/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit … the board member describing this situation seemed to favor the former as it would be more equitable and fair, rather than the rich getting richer.

Bhx @BhxDetroit 13/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Pension investment officer Lorenzo Newsome gives report: indicates that equity in portfolio has done it’s job (seeming to say that investments are doing reasonably well)

Bhx @BhxDetroit 14/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Some discussion from Newsome regarding maintaining exposure to the private credit market. To which he was asked is it worth the risk? To which Newsome responded that were it investing with private equity than no, but because it is credit it is low risk.

Bhx @BhxDetroit 15/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit (Which is a statement that sounded reasonable and received no real pushback, but I’m not sure that it actually makes sense)

Bhx @BhxDetroit 16/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit Board Chair Pegg seemed happy that there was no news for the general council report part of the agenda

Bhx @BhxDetroit 17/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit The board approves participation in the annual conference for the National Association of Police Organizations (NAPO)

Bhx @BhxDetroit 18/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit And the board decides to adjourn at 9:55

Bhx @BhxDetroit 19/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit If you believe anything in these notes is inaccurate, please email us at documenters@outliermedia.org with “Correction Request” in the subject line.

Bhx @BhxDetroit 20/20

@DetDocumenters @BridgeDet313 @chalkbeatDET @freep @metrotimes @michigan_public @media_outlier @PlanetDetroit @wdet @wxyzdetroit This concludes my coverage of the PFRS Board of Trustees meeting. Learn more about our coverage of local meetings here: Documenters.org