Pension Board - General Employees
- 1:30 p.m.
- Meets the 3rd Thursday of each month
- Administrative Liaison - Ryan Clark, Treasury Services
- 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
- Richard R. Weiler, Term expires: June 30, 2019
- Todd Marsh, Term expires: October 15, 2020
- Paul Henig, Term expires: October 15, 2021
- Jennifer Varney, Finance and Budget Director
- Mary Jaganjac, City Treasurer
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 adviser while the Pension Administrator serves as the pension board liaison.
Assets in the fund, as of June 30, 2018, have a total market value of $112,095,301 while the City's contribution for the 2018/19 fiscal year will be $3,768,403. The fund is now 78.6% funded. View the Sterling Heights General Employees' Retirement System Summary Annual Report (PDF).
The Board has established the following asset allocation guidelines:
- Large cap: 22%
- Small Midcap: 10%
- International: 22%
- Emerging Markets: 5%
- Real Estate: 4%
- Fixed Income: 32%
- Alternative Assets: 5%
- Cash: 0%
Local Retirement Reporting
In accordance with Public Act 202 of 2018, 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.