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Waterford Township pension board adopts expenditure policy, accepts performance reports
Summary
At its Feb. 10 meeting the Waterford Township Police & Fire Pension Board approved an Authorization of Expenditures Policy, accepted Q4 2025 performance reports from Seizert Capital and Mariner Institutional, and voted to approve invoices and capital calls submitted since December 2025.
The Waterford Township Police & Fire Pension Board met Feb. 10, 2026, and adopted an Authorization of Expenditures Policy while receiving investment performance updates and approving routine invoices and capital calls. The meeting began at 10:15 a.m. in the Waterford Fire Department East Meeting Room and adjourned at 11:06 a.m.
Treasurer Thomas read a list of invoices, capital calls and distributions since December 2025 and moved to approve them as submitted; Jeff Wise seconded and the motion passed unanimously. The items Thomas presented included Mariner consulting fees of $26,730.75 for each of Q2–Q4 2025, management fees for multiple managers (for example, Reinhart Partners $14,131.00, Hamlin Capital $22,669.92, Seizert Capital $19,229.00, and American Realty Advisors $15,357.78), capital calls from Bloomfield Capital Income Fund V, LLC Series D ($254,568.00) and TerraCap Partners VI Institutional, LP ($161,405.37), and distributions such as Bloomfield Capital Income Fund V, LLC Series D ($326,133.31) and H.I.G. Bayside Loan Opportunity Fund VI LP ($56,980.48). Rebalancing activity was recorded as none.
Tom Kenny and John VanGorder of Seizert Capital presented a performance update for the account Seizert manages. Trustee J. Thomas Lesnau moved to receive and file the Seizert Capital report, Jeff Wise seconded, and the board approved the motion unanimously.
Mike Holycross of Mariner Institutional presented the plan’s Q4 2025 performance report. Lesnau moved to receive and file the Mariner report; Wise seconded and the motion passed unanimously.
In the legal report, Aaron Castle of VMT Law presented a draft Authorization of Expenditures Policy. Thomas moved to approve the policy as presented; Lesnau seconded and the motion passed unanimously, formally adopting the policy for the pension plan.
There was no other business and no trustee comments recorded. The board scheduled its next meeting for April 14 at 10:00 a.m. at the Waterford Regional Fire Department.
