Summary of Specifications:
The Bay County Employees’ Retirement System (BCERS) as of December 31, 2016 had over $312 million in its investment portfolio with a breakdown of 50% domestic stock, 17% international stock, 20% bonds, 4% convertibles, 6% real estate and 3% cash equivalents. BCERS is an ordinance based defined benefits pension plan that provides pension benefits for nearly 928 retirees, over 1,142 active employees, and 86 deferred and vested former employees. BCERS requires contributions from both the employer and employees in order to provide assets sufficient to meet the benefits promised to members. The general administration, management, and responsibility for the proper operation of BCERS are vested with the Board of Trustees (Board). The Board consists of nine Trustees; four elected active member representatives and five appointed representatives. The appointed representatives are as follows; two County Commissioners, Treasurer of Bay County, chairperson of the Bay County Board of Human Services ex officio, and chairperson of the Bay-Arenac Behavioral Health Authority Board of Directors.
BCERS has a complex makeup that consists of seven different financial units: General County, Department of Water and Sewer, Library, Bay Arenac Behavioral Health, Bay Medical Care Facility, Sheriff’s Department, and Road Commission. Within each of the units there are 32 different divisions with different multipliers and eligibility requirements. The Board employs the use of an investment consultant, actuary, and custodial bank. As of December 31, 2016 there were 14 investment managers, and one cash account. There are 3 comingled accounts, 1 mutual fund, and 10 separately managed accounts. Legal counsel is provided by County Corporation Counsel with assistance from outside counsel as needed.
The Bay County Voluntary Employees’ Beneficiary Association (VEBA) as of December 31, 2016 had over $46 million in its investment portfolio. The fund has 4 investment managers and one cash account. Two of the managers are mutual funds and two are separately managed. The general administration, management, and responsibility for the proper operation of the VEBA are vested with the Board of Trustees. The Board consists of the same Trustees as for BCERS.