Pension Board - General Employees
- 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
- 2017-2018 Meeting Dates
Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval.
View Most Recent Agendas and Minutes
- Jennifer Varney
Finance and Budget Director
- Paul Henig
Term expires: October 15, 2018
- Todd Marsh
Term expires: October 15, 2017
- Mary Jaganjac
- Richard R. Weiler
Term expires: June 30, 2019
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 in the fund, as of June 30, 2016, have a total market value of $106,683,028 while the City's contribution for the 2016/17 fiscal year will be $2,648,960. The fund is now 82.4% funded. View the Sterling Heights General Employees' Retirement System Summary Annual Report (PDF).
The Board has established the following asset allocation guidelines:
- Large cap: 32%
- Small Midcap: 15%
- International: 17%
- Fixed Income: 32%
- Real Estate Investment Trust: 4%
- Cash: 0%