KALAMAZOO, MI (WKZO AM/FM) – A special group of local experts that oversees the investment of the separate pension funds for the City of Kalamazoo and Kalamazoo County employees has been very good at their job.
They have been o good that Kalamazoo’s two largest governmental bodies are among the very few in the state that are actually overfunded. It can save both units millions each year.
Long time committee member Robert Salisbury is seeking reappointment from the city, even though he is now a snowbird, splitting his time between Florida and Kalamazoo.
His eligibility was recently challenged by City Commissioner Quianna Decker because is not a full time resident of the city.
She says this could be an opportunity to bring more diversity to the board, because there currently there is only one Black on the panel.
City Finance Director Steve Vicenzi says they need someone who has investment experience and is willing to volunteer. He says that has limited their pool because candidates can’t currently be working as an investor or a beneficiary of the fund.
The City Attorney Aaron Leal says not only is there no rule in the committee’s bylaws requiring residency, but the City has never defined the term “resident.”
City Commissioners have a waiver allowing his reappointment on their regular agenda tonight, but will first discuss the matter during this afternoon’s Committee of the Whole session.
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