Pension Board - General Employees

Meetings


  • 1:30 p.m.
  • Meets the 3rd Thursday of each month
  • Administrative Liaison - Walt Hessell, Pension Administrator
  • Room 202
    40555 Utica Road
    Sterling Heights, MI 48313

Agendas & Minutes


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

Members


  • Brian Baker
    Finance and Budget Directory
  • Paul Henig
    Term expires: October 15, 2018
  • Todd Marsh
    Term expires: October 15, 2017
  • Jennifer Varney
    City Treasurer
  • 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. The mission of the General Employees Retirement Board is to ensure that the assets of the retirement fund are invested in a safe and prudent manner, yielding the highest possible return on the investment of the funds. The Board is also responsible for calculation of retiree benefits. Board meetings are public meetings with the agenda posted by the end of the week prior to each meeting.

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.

Mission Statement


To invest plan assets prudently while meeting or exceeding actuarial liabilities, while insuring timely and proper distribution of benefits to which plan participants are entitled.

Assets


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:
  • Equities:
    • Large cap: 32%
    • Small Midcap: 15%
    • International: 17%
  • Fixed Income: 32%
  • Real Estate Investment Trust: 4%
  • Cash: 0%
There are currently 359 retirees receiving benefits from the fund and 110 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, 2016, 104 active members were vested.

Did You Know...


Since inception, the General Employees Retirement System has exceeded the actuarial assumed return rate of 9%.