Pension Board - General Employees

Meetings


  • 1:30 p.m.
  • Meets the 3rd Thursday of each month
  • Administrative Liaison - Walt Hessell, Pension Administrator
  • Room 201
    40555 Utica Road
    Sterling Heights, MI 48313
  • 2018 - 2019 Meeting Dates

Agendas & Minutes


Agendas are available prior to the meetings. Minutes are available following approval.
View Most Recent Agendas and Minutes

Members

  • Paul Henig
    Term expires: October 15, 2018
  • Mary Jaganjac
    City Treasurer
  • Todd Marsh
    Term expires: October 15, 2020
  • Jennifer Varney
    Finance and Budget Director
  • Richard R. Weiler
    Term expires: June 30, 2019

Overview


The General Employees Retirement Board activity was established with the authority to administer, manage, and operate the retirement system following the provisions established by the retirement ordinance referenced in the City Charter and Code of Ordinances.

Five members serve on the General Employees Retirement Board. The officers include the Finance and Budget Director as the Board Secretary and the City Treasurer as the Treasurer of the retirement system and asset custodian. A resident is appointed by City Council to serve on the Board while two employee representatives are elected for staggered 3-year terms by members of the General Employees Retirement System. An attorney designated by the Board acts as legal advisor while the Pension Administrator serves as the pension board liaison.

Assets


Assets in the fund, as of June 30, 2017, have a total market value of $110,237,923 while the City's contribution for the 2017/18 fiscal year will be $3,265,816. The fund is now 79.1% funded. View the Sterling Heights General Employees' Retirement System Summary Annual Report (PDF).

The Board has established the following asset allocation guidelines:
  • Equities:
    • Large cap: 27%
    • Small Midcap: 15%
    • International: 17%
  • Fixed Income: 32%
  • Alternative Assets: 9%
  • Cash: 0%
There are currently 361 retirees receiving benefits from the fund and 99 active members of the system who pay into the system. Retirement benefits vest after 5 or 10 years of service depending on the participant's labor agreement. As of June 30, 2017, 99 active members were vested.

Local Retirement Reporting

In accordance with Public Act 202 of 2017, pension and retiree health care reports for retirement systems shall be electronically filed with the Michigan Department of Treasury no later than six months after the end of the local unit of government’s fiscal year. All local units of government that have a retirement system or retiree health care system must file their reports for their individual plan(s). All local units must submit their most recent audited financial statement to the Michigan Department of Treasury, either concurrently or prior to submitting the retirement system report. 

Form 5572