Summer 2018 Retiree Spotlight
Summer 2018
Retiree Spotlight
The Grand Park Centre Building 28 West Adams Suite 1900
Detroit, MI 48226
Phone: 313-224-5890 Fax: 313-224-1917 E-mail:
eRetirement@
Alfred Bricker, Former Executive Director
Alfred D. Bricker ("Al") was born in December 17, 1920 in Detroit Michigan. His father was a Russian immigrant who married in Philadelphia, Pennsylvania, and moved to Detroit, Michigan.
We're on the Web!
@WCERS
Inside this issue:
Check Dates
2
Director's Report
3
Annual Summary 2017 4
Direct Deposit Form 6
New Retirees
9
Deaths
10
In Loving Memory
13
Content: Tina Turner Editor: Tina Turner
As a young man, Al worked at his fa-
ther's gas station and attended Detroit's
Central High School. Al joined the
Al retired in 1986 with over 40 years of
Army and proudly served our Country service to the Retirement System. In
for three-and-one-half years completing addition to Al's accomplishments at
tours in New Guinea and the Philip- Wayne County, he also served as Presi-
pines.
dent of the Michigan Association of
Public Employees Retirement Systems
After returning from the War, Al took (MAPERS) from 1965 to 1966, and
the Wayne County Civil Service test for served as Secretary/Treasurer from
Typist and finished # 2 behind Bill Wik- 1967 to1982.
tor. Al was hired into the Wayne
County Employees' Retirement System While Executive Director of the Retire-
as a typist clerk in 1946 for Leland P. ment System, Al worked closely with
Allcut, Sr. While working at the Retire- the Retirement System's Actuary,
ment office, Al attended Wayne State Gabriel, Roeder, Smith & Company
University and completed a two-year (GRS). In the late 1990's, well into his
certificate program. He worked his retirement he developed the Minute
way up through the ranks of the Retire- Master System. A GRS spokesperson
ment System, becoming an accountant stated that Al "really seemed to under-
in 1953. Only ten years later, and after stand the administrative challenges of
much hard work and diligence, Al be- running a successful Retirement Sys-
came the Executive Director of the Re- tem" and went on to say that "around
tirement System. He served as Execu- the office we really appreciated his posi-
tive Director for 25 years.
(Continued on page 3)
1
The Messenger, Summer 2018
Check Dates
The following are the remaining dates of your retirement checks for the 2018 year:
2018 Office Closures
September October November December January February March
08/31/2018 09/28/2018 11/01/2018 11/30/2018 01/02/2019 02/01/2019 03/01/2019
Labor Day Columbus Day Election Day Thanksgiving Christmas/(Eve) Swing Holidays New Years/(Eve)
09/03/2018 10/08/2018 11/06/2018 11/22/2018-11/23/2018 12/24/2018-12/25/2018 12/26/2018-12/28/2018 12/31/2018-01/01/2019
Deferred Compensation Plan (AXA, MassMutual, VOYA)
DON'T WAIT TOO LATE!!!
If you will be 70 1/2 by the end of 2018 and you have not begun to draw your required minimum distribution, you MUST do so before the end of the year as required by the IRS.
Unless, you are still working after age 70 1/2. In this case, you may still be able to begin drawing benefits after this time.
Health, Dental, Optical, and Life Insurance
Health, optical, and life insurance questions should be directed to Wayne County Benefits at:
Email: benefits@ Phone: (313) 224-5157
Messenger Articles
If you have any information you would like to include in "The Messenger," it must be submitted in writing and received in our office. All writings are limited to 300 characters and are subject to review and may be denied or edited for any rea-
son deemed necessary by WCERS editor Tina Turner (tturner2@).
More Information
WCERS works hard to make sure that all helpful information is readily available to you, when-
ever you need it at . Please feel free to visit our website for access to all of our forms, answers to Frequently Asked Questions, latest news of the Retirement Sys-
tem and MORE!
Heart-Smart Menu Quiz
When reviewing a restaurant menu, are you choosing foods that are healthier for
your heart? I bet most retirees are pros when making this decision. Or are you?
How about we find out by taking a quiz? Let's see how much of a pro you are.
Good Luck! Which is better for your heart?
1. Strawberries or Bananas? 2. Fish or Chicken? 3. Bacon or Sausage?
4. Hamburger or Hot Dog? *ANSWER KEY on page 5
February, 2018 AARP-AHA menu quiz
2
The Messenger, Summer 2018
COUNTY OF WAYNE
Sign Up Today!
Wayne County Retirement encourages the use of direct deposit to receive your monthly pension. It's Fast, it's Safe, and it's Reliable. If you wish to sign-up, please complete the form on pg. 6 or at: and submit it to our office. If you have questions or would like a form mailed to you, please contact our office at 313-224-5890.
Did you know your Address Change Request form is available online at ?
(Continued from page 1)
tive attitude towards life."
Former Executive Director, Mr. Ron Yee stated, "Al is a kind man and had a very friendly and calming demeanor." He also added that "Al is a very dignified businessman who commanded the respect of all he came in contact with."
The current Executive Director, Mr. Robert Grden, also holds Al in high regard, and communicates with him regularly. Mr. Grden states that when he speaks to Al, "Al demonstrates great knowledge and professionalism, and is always willing to answer questions and
assist in any way he can." Mr. Grden also states that Al would call the office from time to time to discuss the health of the Retirement System and affirms that the Retirement System is headed in the right direction.
Al is a remarkable man who has achieved great success during his lifetime. He demonstrated his abilities to manage money by managing the fixed income portfolio for a number of years. Those who know Al agree that he has exceptional character and personality, and has made great efforts to build positive relationships.
Director's Report
I hope everyone is enjoying their summer and staying cool. Summer is a great time to enjoy the Michigan outdoors with family and friends. May you all take full advantage of the remainder of Summer 2018. Now, let's take a look at what is happening at the Wayne County Employees' Retirement System.
The Retirement System would like to welcome long-time Management and Budget employee, Ms. Tina Turner as the new Division Director. She will help guide our initiative to combine our investment consulting services and recordkeeping services in order to provide the best possible retirement savings for our retired and active members. Former Division Director, Kelly Tapper, resigned from her position in 2017 and is currently the assistant executive director for the City of Detroit's Police and Fire Retirement System. We wish Kelly well in her new position and welcome Tina to the WCERS staff.
I am pleased to announce the defined benefit plan results for the past fiscal year. The plan experienced a robust double digit investment rate of return of 12.28 % gross of fees. The systems' funding level increased to 55 % for the County and 71% for the Airport Authority.
For your reference, I have included a copy of the two-page Executive Summary of the current Summary Annual Report. Here you will find information about the Retirement System including its Service Providers, Asset and Investment Information, as well as Actuarial data.
We at the Retirement System strive to provide the best work for our members and retirees.
3
The Messenger, Summer 2018
Summary Annual Report
For the Plan Year Ending September 30, 2017
Plan Information
Retirement Commission (Fiduciaries)
Tina Turner, Chair Henry Wilson Francesco Simone Tom Yee Hugh Macdonald Elizabeth Misuraca Tony Saunders Gary Woronchak
Financial Institutions Bank of America JP Morgan Chase Northern Trust
Auditor George Johnson & Company
Medical Director Dr. Andrew Vosburgh, M.D.
Investment Consultants AndCo Consulting UBS Financial Services, Inc.
Defined Contribution Record Keeper Prudential Financial
Actuary Gabriel Roeder Smith & Company Custodian of Assets Northern Trust
Attorneys Allen Brothers P.L.L.C Kilpatrick and Associates P.C. Kirby McInerney L.L.P. Labaton Sucharow L.L.P. Miller Law P.C. Plunkett Cooney P.C. Robbins Geller Rudman and Dowd L.L.P. VanOverbeke, Michaud & Timmony P.C. Wayne County Corporation Counsel Zwerling, Schachter & Zwerling, L.L.P.
Investment Managers
AEW Capital Management, L.P. Capital Dynamics, Inc Crescent Capital Group, L.P. Deroy & Devereaux Dune Real Estate Manager, L.L.C. Earnest Partners, L.L.C Entrust Capital Fisher Investments Institutional Group Frankenmuth Real Estate HGK Asset Management Inc. Landmark Realty Advisors, L.L.C.
Lazard Asset Management, L.L.C. Lee Munder Capital Group Lightstone REIT Loomis, Sayles & Company Mesirow Financial Services, Inc Morgan Stanley Real Estate Advisor, Inc. Mt. Lucas Management Corp. MMA Capital Management, L.L.C. Northern Trust Investments Northpointe Capital, L.L.C. Providence/Benefit Street Partners, L.L.C.
Reinhart Partners Rizvi Traverse Management, L.L.C. Seizert Capital Partners, L.L.C. Seminole Advisory Services, L.L.C. SIT Investment Associates, Inc. Stepstone Group, L.P. Steward Capital Management TerraCap Management, L.L.C. Tortoise Capital Advisors, L.L.C. UBS Financial Services, Inc. Valstone Partners, L.L.C. World Asset Management
Asset and Investment Information
Assets: $923,073,290 Liabilities: $2,321,457
Changes in Plan Net Assets ? 2017
Additions: Contributions Employer (County) Members (County) Employer (WCAA) Participants (WCAA)
Total Contributions Net Investment Income Total Additions
$60,306,187 $8,831,917 $10,745,861
$367,168 $80,251,133 $102,026,371 $182,277,504
Deductions: Benefits Paid Administrative expenses
Total Deductions
$139,888,098 $2,676,532
$142,564,630
Change in net position:
$39,712,874
Net position restricted for pensions: Beginning of year End of year
Actuarial Value of Assets:
4
$881,038,959 $920,751,833 $899,207,789
Average Annual Market Rate of Return - Net
Ending 12/31/17 Ending 9/30/17 (fiscal)
1 year
13.58%
11.78%
3 Years
7.90%
7.30%
5 Years
9.19%
8.78%
7 Years
7.44%
8.06%
10 Years
4.47%
4.00%
Detailed Expenses: Personnel Services Building / Equipment Professional Services Travel Miscellaneous Total
Budget for 2018: Personnel Services Building / Equipment Professional Services Travel Miscellaneous Total
$1,543,475 $220,773
$3,711,918 $64,269 $292,743
$5,833,178
$2,377,148 $416,000
$4,218,032 $96,000
The M$e7s$,s65e21n69ge,,97r02, 00Summer 2018
Summary Annual Report
For the Plan Year Ending September 30, 2017
Actuarial Information
Contributions for Fiscal Year Ending September 30, 2017
Plan Membership
Valuation Payroll County WCAA
Employer Normal Cost County WCAA
Employee Contribution County WCAA
Total Employer Contribution County WCAA
Annual Required Contributions County WCAA
Actual Employer Contributions County WCAA
Percent of Payroll Contributed County WCAA
$102,579,319 $29,022,520
2.07%
Active Members Count: County WCAA Payroll: County WCAA
3,204 670
$180,549,254 $56,005,672
6.93%
Retirees/Beneficiaries Count: County
4,923
6.98%
WCAA*
215
1.10% 52.26%
Average Annual Benefit: County WCAA*
$25,588 $40,215
25.61%
Total Annual Benefit: County
$125,968,082
$47,467,616
WCAA
$8,646,252
$6,082,195
Deferred Vested Members
Count: County
251
$57,430,334
WCAA
12
$10,745,861 57.63%
Total Annual Benefits: County WCAA
$2,557,332 $200,740
36.27% Actuarial
Assu*2mI0n0pc2ltuiodness
only
members
that
retired
from
WCAA
after
September
Funded Status ? Pension Benefits
County
Actuarial Accrued Liabilities
$1,416,753,774
Actuarial Value of Assets
$780,642,077
Percent Funded
55%
WCAA $167,298,836 $118,565,712
71%
Actuarial Assumptions
Assumed Rate of Investment Return:
7.25%
Assumed Rate of Long-Term Wage Inflation:
3.00%
Asset Valuation Method:
4-year smoothed market, 20% corridor
Weighted Average of Member Contributions: County WCAA
6.98% 1.10%
Amortization Method: County WCAA
Base UAAL Amortization Period:
Actuarial Cost Method:
Status of System Membership Defined Benefit Defined Contribution
Level Percent of Payroll Level Dollar 18 years (closed) Entry Age Normal
Open Open
This document contains all of the information required of a Public Employee Retirement System by MCL 38.1133, but is not an exhaustive report. For
the Comprehensive Annual Financial Report, the Annual Actuarial Valuation, the Historical Plan Review, the External Independent Audit, the Annual
5
Budget, and the 5 year Experience Study please visit our website at: essenger, Summer 2018
Revision 8/9/18
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