26-1459: The City of Ann Arbor Employees’ Retirement System Board Meeting Minutes of July 16, 2026

Description

The City of Ann Arbor Employees’ Retirement System Board Meeting Minutes of July 16, 2026

Summary

The City of Ann Arbor Employees’ Retirement System Board approved several administrative and retirement-related actions at its July 16, 2026 meeting. Under the City’s Retirement Ordinance, the Board authorized a firefighter to purchase four years of military service credit for $18,219.80 through payroll deductions. It adopted actuarial assumptions for the June 30 valuation, approved a revised investment policy with proxy-voting language, and accepted a contract amendment related to Milliman’s merger with Empower. Reports covered investment activity, audits, pension assets of approximately $735.1 million, and defined-contribution plans. Staff also addressed payroll deduction errors, planned payroll integration with Voya, death-audit issues, tax updates, and employee education.