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Regular Board Meeting Minutes.12-14-15

PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS

MINUTES OF THE BOARD OF TRUSTEES REGULAR MEETING December 14, 2015

I. ROLL CALL AND ANNOUNCEMENT OF A QUORUM The December meeting of the Board of Trustees of the Public School Retirement System of the City of St. Louis (PSRSSTL) was called to order at 4:38 p.m., Monday, December 14, 2015. The meeting was held in the 2nd floor boardroom of the PSRSSTL office building located at 3641 Olive Street, St. Louis, Missouri. Joseph Clark, Chairman of the Board of Trustees, was the presiding officer. Roll Call was taken and Trustees Christina Bennett, Joseph Clark, Sheila Goodwin, Mary Houlihan, Rick Sullivan, Eural Thomas and Janusz Wolynski were present. The Board of Trustees had a quorum at the meeting. Trustee Charles Shelton joined the meeting in progress. Trustees Angela Banks and Yvette Levy were absent. Executive Director, Andrew Clark, Accounting Specialist, Terry Mayes, PSRSSTL Attorney Representative, Jamie Jones, PSRSSTL Actuary, Steve Siepman, and several interested parties were also in attendance.

II. APPROVAL OF MINUTES FROM LAST MEETING Mary Houlihan made a motion, seconded by Rick Sullivan, to approve the minutes of the Board of Trustees Regular Meeting of October 19, 2015. A roll call vote was taken. Christina Bennett Yes Joseph Clark Yes Sheila Goodwin Yes Mary Houlihan Yes Rick Sullivan Yes Eural Thomas Yes Janusz Wolynski Yes With seven yes votes, motion carried.

III. READING OF COMMUNICATIONS TO THE BOARD OF TRUSTEES None

IV. PRESENTATIONS BY INTERESTED PARTIES None

V. CONSENT AGENDA Christina Bennett made a motion, seconded by Sheila Goodwin, to approve the Retirements and Benefits of November and December 2015. By voice vote, motion carried.

Board of Trustees Meeting December 14, 2015 of 4 Christina Bennett made a motion, seconded by Sheila Goodwin, to approve the Refunds and Bills of October and November 2015. By voice vote, motion carried.

VI. UNFINISHED BUSINESS None

VII. REPORT OF THE CHAIRPERSON The Chairperson asked the Attorney to conduct the election of the 2016 officers of the Board of Trustees. The floor was opened for nominations. Charles Shelton nominated Joe Clark and Rick Sullivan nominated Christina Bennett. There were no other nominations and the floor was closed. The Board of Trustees cast votes by written ballot for Chairperson; the results were five votes for Joe Clark and three votes for Christina Bennett. Joe Clark was elected to serve as Chairperson of the Board of Trustees for 2016. The floor was opened for nominations of the 2016 Vice-Chairperson of the Board of Trustees. Rick Sullivan nominated Christina Bennett. There were no other nominations and the floor was closed. It was announced by acclamation that Christina Bennett would serve as Vice-Chairperson of the Board of Trustees for 2016. The floor was opened for nominations of the 2016 & 2017 Treasurer of the Board of Trustees. Eural Thomas nominated Charles Shelton. There were no other nominations and the floor was closed. It was announced by acclamation that Charles Shelton would serve as Treasurer of the Board of Trustees for 2016 & 2017.

VIII. REPORT OF THE EXECUTIVE DIRECTOR The Executive Director referred the Trustees to the proposed Board of Trustees Meeting Schedule for Calendar Year 2016 that needed approval. Charles Shelton made a motion, seconded by Joe Clark, to approve the Board of Trustees Meeting Schedule for 2016. There was brief discussion on the August date. By voice vote, motion carried.

IX. REPORT OF THE INVESTMENT CONSULTANT None

X. REPORT OF THE ACTUARY None

Board of Trustees Meeting December 14, 2015 of 4

XI. REPORTS OF COMMITTEES OF THE BOARD OF TRUSTEES The Chairman asked for reports from the Committees. Benefits Committee No report but Charles Shelton, Chair of the Benefits Committee, made comments regarding the recent personnel changes in the insurance department. Trustee Business Committee Sheila Goodwin, Chair of the Trustee Business Committee, reported on the meeting of December 2, 2015, and informed the Trustees that two recommendations were being brought forward by the Committee for consideration by the Trustees. Sheila Goodwin made a motion, seconded by Eural Thomas, to approve the total 2015 travel expenses as accepted and recommended by the Trustee Business Committee at a meeting on December 2, 2015. A roll call vote was taken. Christina Bennett No Joseph Clark Yes Sheila Goodwin Yes Mary Houlihan Yes Charles Shelton Yes Rick Sullivan Yes Eural Thomas Yes Janusz Wolynski Yes With seven yes votes and one no vote, motion carried. Sheila Goodwin made a motion, seconded by Charles Shelton, to adopt the 2016 Operating Budget as accepted and recommended by the Trustee Business Committee at a meeting on December 2, 2015. There was brief discussion to confirm that the motion covered the modifications made to the budget by the Committee. A roll call vote was taken. Christina Bennett Yes Joseph Clark Yes Sheila Goodwin Yes Mary Houlihan Yes Charles Shelton Yes Rick Sullivan Yes Eural Thomas Abstain Janusz Wolynski Yes With seven yes votes and one abstention, motion carried. Investment Committee Joe Clark, Chair of the Investment Committee, reported on the meeting of October 22nd by referring the Trustees to the meeting minutes in the board packet, and informed the Trustees that a recommendation was being brought forward by the Committee for consideration by the Trustees. Joseph Clark made a motion, seconded by Mary Houlihan, to terminate Wellington Management as a real assets money manager as recommended by the Investment Committee. A roll call vote was taken.

Board of Trustees Meeting December 14, 2015 of 4 Christina Bennett Yes Joseph Clark Yes Sheila Goodwin Yes Mary Houlihan Yes Charles Shelton Yes Rick Sullivan Yes Eural Thomas Yes Janusz Wolynski Yes With eight yes votes, motion carried. The Chair reminded the Trustees about the next Committee meeting. Legislative, Rules & Regulations Committee None Professional Contracts Committee There was no report but Eural Thomas, Chair of the Professional Contracts Committee, opened a discussion on the current letters of engagement with the retirement system’s various consultants. There was a suggestion made that the Trustees could adopt a regular schedule for RFP’s, which would begin at the Committee level after a review of the current letters of engagement.

XII. NEW BUSINESS None

XIII. REPORT OF THE ATTORNEY The Attorney Representative reported on the plan’s IRS determination letter that is up for renewal by discussing the retirement system’s restated plan and trust document needing approval by the Trustees. There was discussion to clarify the purpose of determination letters in general and that periodically a determination is made by the IRS whether or not a retirement system is a qualified pension plan under IRS regulations. Christina Bennett made a motion, seconded by Charles Shelton, to accept the retirement system’s plan and trust document as restated effective January 1, 2016, and presented by the Attorney Representative. By voice vote, motion carried.

XIV. ADJOURNMENT Charles Shelton made a motion, seconded by Sheila Goodwin, to adjourn the meeting. By voice vote, motion carried and the meeting adjourned at 5:15 p.m.

Attachments: Retirements Paid: November and December 2015 Refunds & Bills Paid: October and November 2015 2016 Regular Board of Trustees Meeting Schedule Trustee Travel Expenses Approved by the Board of Trustees 2016 Operating Budget

To be Authorized and Approved

by the Board of Trustees

NAME \

POSITION DATE

Don Boddie October 1, 2015 Normal 15.4500 $60,073.75 $1,546.90

Teacher

Joseph Clark October 1, 2015 Normal 17.3333 $31,019.63 $560.08

Teacher

Glenn Cole October 1, 2015 Normal 6.5500 $28,224.25 $308.11

Safety Officer

Aletrice Herron October 1, 2015 Normal 22.6334 $42,146.20 $1,589.85

PIIP Child Care Attendant

Deborah Howard October 1, 2015 Disability 14.3394 $34,667.25 $828.51

Clerk Typist II

Elmer Jones October 1, 2015 Normal 30.0000 $40,344.25 $2,017.21

Bookclerk Treasurer

Carolyn Lang October 1, 2015 Normal 15.3833 $64,771.42 $1,660.66

Teacher

Frank Neal October 1, 2015 Normal 5.1834 $48,825.36 $372.45

Teacher

Rosemary Petruso October 1, 2015 Normal 8.3283 $63,272.64 $878.26

Teacher

Ronald Spain October 1, 2015 Normal 3.2500 $26,484.68 $143.46

Saftey Officer

John Valley Jr October 1, 2015 Normal 5.0111 $27,792.70 $173.86

Saftey Officer

Anita Robinson Williams October 1, 2015 Normal 30.0000 $86,099.32 $4,304.96

Social Worker

RETIREMENT

APPLICATIONS FOR RETIREMENT

TYPE BENEFIT

MONTHLYFINAL AVG

SALARY

CREDITED

SERVICE

Page 1 of 1 November 2015

To be Authorized and Approved

by the Board of Trustees

NAME \

POSITION DATE

Richard Brouk November 1, 2015 Normal 16.4174 $63,168.82 $1,728.45

Architect II

Ann Crowley November 1, 2015 Normal 13.4889 $72,012.92 $1,618.96

Teacher

Lucie Green November 1, 2015 Normal 10.2736 $33,976.06 $363.60

Teacher

Evelyn Givens November 1, 2015 Early 15.3555 $63,371.44 $1,450.62

Teacher

John Niemeyer November 1, 2015 Normal 21.2099 $90,487.66 $3,198.72

Director HSGI

Richard Rosenfeld November 1, 2015 Normal 14.0779 $87,810.78 $1,528.76

Teacher

Lille Taylor-Howze November 1, 2015 Normal 8.0599 $65,311.27 $877.34

Teacher

RETIREMENT

APPLICATIONS FOR RETIREMENT

TYPE BENEFIT

MONTHLYFINAL AVG

SALARY

CREDITED

SERVICE

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Payee Ck. Number Description AmountDate Paid October 2, 2015Office Payroll ACH Office Payroll 10,554.07AXA Equitable ACH 457 Contributions 1,820.00

Date Paid October 5, 2015

Ameren Missouri 70950 Electric Service 1,660.74AT&T 70951 U-Verse Internet 50.00BuildingStars STL Operations, Inc. 70952 Janitorial Service 1,326.00Blade Technologies, Inc. 70953 Professional Services 823.84Windstream Communications 70954 Telephone Data 494.29Eazy Business Mailers, Inc. 70955 Service - Second Election Notice 1,755.00Anders CPAs & Advisors 70956 GASB Audit Requirements, Trustee Election 6,602.64Gallagher Benefit Services, Inc. 70957 Group Ins. Consulting Services Monthly Fee 3,320.25Gregory F.X. Daly, Collector of Revenue 70958 Water - City 115.66Gregory F.X. Daly, Collector of Revenue 70959 City Earnings Tax - 3rd Quarter 900.50Prism Software Corporation 70960 Standard Annual Maintenance 166.00Machinists' District 9 Building Corporation 70961 Hall Rental - Open Enrollment, October 27, 2015 900.00Sheila P. Goodwin 70962 Reimbursement - NCTR Trustee Workshop 1,921.14Sheila P. Goodwin 70963 Advance - NCTR Annual Conference 1,703.20CBRE-608844 70964 Management Fee - September 2015 1,092.00CBRE-608844 70965 Engineer Services 385.00Systematic Financial Management, LP 70966 3rd Quarter 2015 Management Fee 59,383.08Board of Education St. Louis Benefits Trust 70967 Office Employees Insurance - Dental 260.81Board of Education St. Louis Benefits Trust 70968 Office Employees Insurance - Vision 16.16Board of Education St. Louis Benefits Trust 70969 Office Employees Insurance - Life 142.15


Office Payroll ACH Office Payroll 10,554.07AXA Equitable ACH 457 Contributions 1,820.00


Absopure Water Company 71011 Water Cooler Service 54.80Buck Consultants, LLC 71012 Actuarial Consulting Services - Sept. & Oct. 7,666.00AT&T 71013 Monthly Service Charge #314 652-1704 033 4 154.55Parking Management Services, LLC 71014 November 2015 Parking - 2 Employees 130.00Parking Management Services, LLC 71015 Parking Ticket Validations - September 2015 33.00Eazy Business Mailers, Inc. 71016 Postage - Open Enrollment, Election Notice 9,810.35Eazy Business Mailers, Inc. 71017 Postage - Daily Pickup 210.00Minuteman Press 71018 Booklet Envelopes 101.00Access 71019 Scanning Services 390.50Crossroads Courier, Inc. 71020 Courier Service 9.01Evault Inc. 71021 Disaster Recovery Site 967.10Charter Communications 71022 Charter Internet 159.96Gallagher Benefit Services, Inc. 71023 Group Ins. Consulting Services Monthly Fee 3,320.25Hartnett Gladney Hetterman, L.L.C. 71024 Legal Fees 9,693.75Digital Intersection 71025 Monthly Data Center Housing 150.00Jupiter Consulting Services, LLC 71026 Programming Consulting 9,513.00Republic Services #346 71027 Trash Pick-Up 134.01CBRE - 608844 71028 Management Fee - October 2015 1,092.00CBRE - 608844 71029 Engineer Services 471.76Blue Chip Pest Services 71030 Pest Control 88.00St. Louis Mat & Linen Company 71031 Floor Mats 53.00Tech Electronics, Inc. 71032 Central Monitoring of Fire Alarm System 87.00EARNEST Partners, LLC 71033 3rd Quarter 2015 Management Fee 8,475.24Holland Capital Management LLC 71034 3rd Quarter 2015 Management Fee 48,617.19Loomis, Sayles & Company, L.P. 71035 3rd Quarter 2015 Management Fee 52,845.02Manulife Asset Management U.S. LLC 71036 3rd Quarter 2015 Management Fee 32,349.56Mondrian Investment Partners Limited 71037 3rd Quarter 2015 Management Fee 41,185.09NCM Capital Advisers, Inc. 71038 3rd Quarter 2015 Management Fee 7,554.15Pyramis Global Advisors Trust Company 71039 3rd Quarter 2015 Management Fee 66,002.40TCW Asset Management Company 71040 3rd Quarter 2015 Management Fee 49,266.93

Date Paid October 30, 2015Office Payroll ACH Office Payroll 10,554.07AXA Equitable ACH 457 Contributions 1,820.00Minuteman Press 71062 Medicare/Non Medicare Summaries, Booklets 9,139.54MSD 71063 Sewer Service 43.11Purchase Power 71064 Postage 1,500.00

TOTAL $481,407.94

Public School Retirement System of the City of St. LouisChecks Written During the Month of October, 2015

1 of 1

Payee Ck. Number Description Amount

Date Paid November 5, 2015

Ameren Missouri 71065 Electric Service 1,463.26AT&T 71066 U-Verse Internet 50.00BuildingStars STL Operations, Inc. 71067 Janitorial Service 1,326.00Blade Technologies, Inc. 71068 Professional Services 1,507.84Windstream Communications 71069 Telephone Data 494.10Eazy Business Mailers, Inc. 71070 Postage & Service - Election, Open Enrollment 4,715.33Eazy Business Mailers, Inc. 71071 Postage - Daily Pickup 220.00Anders CPAs & Advisors 71072 GASB Audit Requirements 7,250.00Machinists' District 9 Building Corporation 71073 Hall Rental - Open Enrollment, Nov. 10, 2015 900.00Hartnett Gladney Hetterman, L.L.C. 71074 Legal Fees 7,072.15Evault Inc. 71075 Disaster Recovery Site 967.10Office Essentials 71076 Office Supplies 415.86GCI Security, Inc. 71077 Security Guard 10/19/2015 144.00Shred-It 71078 Document Shredding 180.00The Berwyn Group 71079 Death Check Verification Services 395.00ATIS Elevator Inspections, LLC 71080 Annual State Inspection - Pressure Test 165.00Crain Communications 71081 10 Renewal Subscriptions for P&I Magazine 2,390.00Causeway Capital Management LLC 71082 3rd Quarter 2015 Management Fee 65,431.85The Edgar Lomax Company 71083 3rd Quarter 2015 Management Fee 39,336.69INTECH Investment Management LLC 71084 3rd Quarter 2015 Management Fee 29,313.01New Amsterdam Partners, LLC 71085 3rd Quarter 2015 Management Fee 22,951.60Westfield Capital Management Company, LP 71086 3rd Quarter 2015 Management Fee 52,045.46Progressive Investment Management Co., LLC 71087 3rd Quarter 2015 Management Fee 65,657.95US Bank 71088 3rd Quarter 2015 Custodial Fee 34,862.58Board of Education St. Louis Benefits Trust 71089 Office Employees Insurance - Dental 260.81Board of Education St. Louis Benefits Trust 71090 Office Employees Insurance - Vision 16.16Board of Education St. Louis Benefits Trust 71091 Office Employees Insurance - Life 142.15


Office Payroll ACH Office Payroll 10,563.04AXA Equitable ACH 457 Contributions 1,820.00


Absopure Water Company 71121 Water Cooler Service 184.60Buck Consultants, LLC 71122 Actuarial Consulting Services - Oct. & Nov. 11,166.00AT&T 71123 Monthly Service Charge #314 652-1704 033 4 154.56Parking Management Services, LLC 71124 December 2015 Parking - 2 Employees 130.00Parking Management Services, LLC 71125 Parking Ticket Validations - October 2015 76.50Eazy Business Mailers, Inc. 71126 Postage - Newsletter, Postage & Service, Ballot 6,761.79Minuteman Press 71127 Newsletter, Envelopes, Business Cards 1,723.78Access 71128 Scanning Services 390.50Charter Communications 71129 Charter Internet 159.96Digital Intersection 71130 Monthly Data Center Housing 150.00Jupiter Consulting Services, LLC 71131 Programming Consulting 11,214.00BuildingStars STL Operations, Inc. 71132 Janitorial Supplies 495.96Blade Technologies, Inc. 71133 Professional Services 719.10Anders CPAs & Advisors 71134 Active Teacher Trustee Election 675.00Office Essentials 71135 Office Supplies 407.17Pitney Bowes, Inc. 71136 Repairs 450.00John Henderson 71137 Office Supplies 46.51Terry Mayes 71138 Office Supplies 67.02Republic Services #346 71139 Trash Pick-Up 134.01CBRE - 608844 71140 Management Fee - November 2015 1,092.00CBRE - 608844 71141 Engineer Services 660.00St. Louis Mat & Linen Company 71142 Floor Mats 53.00Tech Electronics, Inc. 71143 Central Monitoring of Fire Alarm System 87.00Jarrell Mechanical Contractors 71144 HVAC Equipment Inspection 784.00Missouri Division of Fire Safety 71145 Elevator Certificate 25.00Mellon Capital Management Corporation 71146 3rd Quarter 2015 Management Fee 73,913.39Mellon Capital Management Corporation 71147 3rd Quarter 2015 Management Fee 899.88

Date Paid November 27, 2015Office Payroll ACH Office Payroll 11,149.20AXA Equitable ACH 457 Contributions 1,820.00

TOTAL $477,646.87

Public School Retirement System of the City of St. LouisChecks Written During the Month of November, 2015

Public School Retirement System of the

City of St. Louis (PSRSSTL) 3641 Olive Street, 2nd Floor Boardroom

St. Louis, MO 63108

Voice: (314) 534-7444 Fax: (314) 534-0531

Website: http://www.psrsstl.org

Board of Trustees Regular Meeting Schedule

Calendar Year 2016

Unless otherwise posted, trustee meetings are conducted in the Boardroom on the 2nd floor of the Retirement System’s office building (address above)

February 22, 2016

April 18, 2016

June 20, 2016

August 15, 2016

October 17, 2016

December 19, 2016

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Public School Retirement System of the City of St. Louis

Operating Budget - Calendar Year 2016

Page 2 of 8 December 14, 2015

Asset Assumptions (as of 10/31/15) Investment Accounts Billed Indirectly (fees not budgeted) $221.0 million Investment Accounts Billed Directly 564.6 million Financial Investments $785.6 million Real Estate Investments 53.1 million Private Equity Investments (fees not budgeted) 19.3 million Total Fund ....................................................................................................................................... $858.0 million Investment Management Fees Investment Accounts Billed Directly $564.6 million in assets at 55.1 basis points $3,110,946 Real Estate Investments $53.1 million in assets at 99 basis points 525,690 Investment Management Fees ........................................................................................................ $3,636,636 Trust & Custody Bank Services U.S. Bank 15 Separate Accounts at $1,000/account $15,000 Domestic Assets of $396.1 million at 1.5 basis points 59,415 Global Bond Assets of $38.5 million at 10 basis points 38,500 Global Equity Assets of $62.3 million at 8 basis points 49,840 Trust & Custody Bank Services .......................................................................................................... $162,755 Investment Consulting New England Pension Consultants Financial Composite First $100 million at 3 basis points $30,000 Second $100 million at 2 basis points 20,000 Next $585.6 million at 1.5 basis point 87,840 Financial Composite Expenses $137,840 Alternative Investments Expenses 50,000 Investment Consulting ........................................................................................................................... $187,840




Actuarial Services Buck Consultants, LLC

Retirement and Purchase of Service Calculations, Retirement Estimates $70,000 Valuation Report, Board Meetings, Annual Audit, General Consulting 46,000 Annual Benefit Statements, Miscellaneous Actuarial Services 20,000 Five-Year Experience Study (2011 – 2015) 18,000

Actuarial Services ..................................................................................................................................... $154,000 Legal Services Hartnett Gladney Hetterman, LLC General Legal Counsel $55,000 Investment Agreement Reviews 5,000 Legal Services ............................................................................................................................................. $60,000 Auditing Services Anders Minkler Huber & Helm LLP Annual Audit (financial statements & GASB No. 68) $60,000 Accounting Services (CAFR & GASB requirements) 15,000 Auditing Services ....................................................................................................................................... $75,000 Trustee Elections Active Trustee Elections (5,000 eligible voters) Election Commissioner Costs $3,000 Miscellaneous Costs 1,000 Printing at 72¢/voter 3,600 Mailings at $1.25/voter 6,250 Cost Per Active Trustee Election $13,850 Two Active Trustee Elections at $13,850 $27,700 Trustee Elections ....................................................................................................................................... $27,700 Technology Services, Computer Consulting & Software (see Technology Budget, page 8) Technical Services, Consulting & Support $97,290 Software Purchases & Licenses 5,505 Technology Services, Computer Consulting & Software ............................................................ $102,795 Physician Fees Disability Medical Evaluations ............................................................................................................... $2,000




Property Management, Security & Utilities Property Management at $1,116/month $13,392 Property Management Services (trash, janitorial, maintenance) 60,000 Security Monitoring 1,600 Property Management & Security Monitoring $74,992 Charter Internet & AT&T Telephone Service at $400/month $ 4,800 Windstream Communications Telephone Service at $500/month 6,000 Ameren UE Electric Service 29,500 MSD/St. Louis City Water 1,066 Utilities $41,366 Property Management, Security & Utilities .................................................................................... $116,358 Postage & Delivery Quarterly Newsletter at $3,500/mailing $14,000 Health Insurance Open Enrollment Packets – 3,400 at $2.30 each 7,820 Annual Report Summaries – 9,700 at 79¢ each 7,663 1099R Forms – 5,600 at 68¢ each 3,808 Annual Benefit Statements – 5,100 at 61¢ each 3,111 Miscellaneous Postage & Delivery 20,000 Postage & Delivery ................................................................................................................................... $56,402 Printing & Office Supplies Quarterly Newsletter at $1,575/mailing $6,300 Annual Reports – 150 at $12.35 each 1,852 Annual Report Summaries – 10,000 at 86¢ each 8,600 Health Insurance Open Enrollment Packets – 3,800 at $2.41 each 9,158 Miscellaneous Printing & Office Supplies 23,000 Printing & Office Supplies...................................................................................................................... $48,910 Equipment Maintenance & Purchases

Maintenance Contracts & Leases IBM AS 400 Computer (includes one-time migration) $ 8,500 Paymaster Check Writer 500 Telephone System 500 Dynamic Microfiche Reader/Printer 500 HP & Evault Data Back-up Servers 2,000 Firewall Maintenance & Subscription Service 500 Konica & Toshiba Printers 3,000 Pitney Bowes Mail System 5,640 Maintenance Contract & Leases $ 21,140

Equipment Purchases (see Technology Budget, page 8) 26,600 Equipment Maintenance & Purchases ............................................................................................... $47,740




Business Insurance Fiduciary Coverage $59,108 Crime Coverage & Treasurer’s Bond 3,118 Property, Casualty & Workers’ Compensation Coverage 15,600 Insurance Brokerage Services 14,000

Business Insurance ................................................................................................................................... $91,826

Trustee Educational Expenses Projected For 2016 .................................................................................................................................... $35,000

Retiree Insurance, Consulting & Open Enrollment (Based on October 2015 enrollment levels)

Retiree Health Care Insurance Subsidy Medical Insurance: 2,500 members @ $80.00/member/month $2,400,000 Dental Insurance: 2,950 members @ $5.95/member/month 210,630 Vision Insurance: 3,200 members @ $2.61/member/month 100,224 Health Insurance Consulting 39,850 Open Enrollment Assistance 5,000

Retiree Insurance, Consulting & Open Enrollment ................................................................. $2,755,704

Miscellaneous Expenses Bank Account Fees $44,000 Public Parking, Subscriptions & Meetings 4,000 Unforeseen Building Supplies & Equipment 1,500

Miscellaneous Expenses ......................................................................................................................... $49,500

Special Projects

Replace 3rd Floor Common Area Carpet ............................................................................................. $5,000

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