[PAGE 1]
CITY OF TRENTON
2800 Third Street
Trenton, Michigan 48183
City of Trenton
Retiree Health Care Benefit Plan Board Meeting Minutes
January 21, 2026
Draft Minutes of the Regular Meeting January 21, 2026
Members Present: Mike McCullough,
Sean McNally
Members Absent: Bruce Jocks
Others: John Bussa, Michael LoGrasso, Aaron Castle
Jill Cooper – Controller
Amanda Tackett – Assistant Controller/Deputy Treasurer
Holly Nowak - Recording Secretary
Meeting was called to order at 1:19 p.m.
Re: Agenda Modifications
5. Invoices
b. CavMac - Postemployment Benefits Funding Valuation……..$6,200.00
c. CavMac - Postemployment Benefits GASB 74/75……...……$4,140.00
Re: Minutes of the Meeting held October 15, 2025, and Minutes of the Special Meeting held
November 19, 2025
2026-01-1 Resolution by Sean McNally, supported by Mike McCullough
Resolved, that the minutes of the meeting of 10/15/25, and 11/19/25 be approved as presented.
Yeas: all Members present
Re: Communications
2026-01-2 Resolution by Sean McNally, supported by Mike McCullough
Resolved, that the board receive the following communications and place them on file:
a. OSAIC Statement 10/01/2025-10/31/2025
b. OSAIC Statement 11/01/2025 – 11/30/2025
c. OSAIC Statement 12/01/2025 – 12/31/2025
d. Notice of Pendency of Class Action and Proposed Settlement
Yeas: all Members present
Re: Investment Consultant John Bussa
Mr. Bussa reviewed the 4th Quarter report for 2025 along with the Executive Summary check
list.
1

[PAGE 2]
January 21, 2026, Minutes continued
Overall Combined Target Allocation Actual Allocation Allowable Range
Asset Target
Global Equities 65% 70.49% 50%-70%
Fixed Income 35% 27.89% 20%-50%
Cash Equivalents 0% 1.63% 0%-10%
Equity Investments – total equity allocation as of 12/31/2025 was 70.49%
Fixed Income Investments – total fixed income allocation as of 12/31/2025 was 27.89%
Cash and equivalents level – 1.63% as of 12/31/2025
Reit Investments – total 1.48% as of 12/31/2025
Foreign Investments – total including emerging markets, as of 12/31/2025 was 6.80%
Total value of portfolio assets 01/16/2026 - $24,058,073
2026-01-3 Resolution by Sean McNally, supported by Mike McCullough
Resolved that the Board, receive and place on file the Executive summary and Investment
Checklist showing Compliance with Michigan PA 314 for Q4 2025.
Yeas: all Members present
2026-01-4 Resolution by Sean McNally, supported by Mike McCullough
Resolved that the Board, receive and place on file the Quarterly Report
Yeas: all Members present
2026-01-5 Resolution by Sean McNally, supported by Mike McCullough
Resolved that the board, receive and place on file Section 149 Health Care Timeline.
Yeas: all Members present
Re: Invoices
2026-01-6 Resolution by Sean McNally, supported by Mike McCullough
Whereas, the Board has received and reviewed the following invoices:
1. Invoices
a. Segal Select Insurance Services, Inc. ……………………….$2,193.66
b. CavMac – Postemployment Benefits Funding Valuation…...$6,200.00
c. CavMac – Postemployment Benefits GASB 74/75………….$4,140.00
TOTAL………………………………………...…………….$12,533.66
New Business:
Sean McNally will not be able to attend the July 2026 meeting
2

[PAGE 3]
January 21, 2026, Minutes continued
Meeting Adjourned: 1:55 p.m.
Next meeting:
Regular Meeting: April 15, 2026 @ 1:15 p.m.
Minutes prepared by Pension Board Recording Secretary: ______________________________
Holly Nowak
_______________________ ___________________________
Mike McCullough-President Bruce Jocks – Secretary/ Treasurer
3