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Sterling Heights Police & Fire Retirement System (PFRS)
The Sterling Heights Police & Fire Retirement System (PFRS) is a defined-benefit pension fund established by the City of Sterling Heights, Michigan, under...
Sterling Heights Police & Fire Retirement System (PFRS)
The Sterling Heights Police & Fire Retirement System (PFRS) is a defined-benefit pension fund established by the City of Sterling Heights, Michigan, under state statute. John Lamerato leads the Board of Trustees, which also includes City Treasurer Jia Hang and four other trustees who oversee the fund's investment operations. The fund's strategy blends income-producing assets with modest growth exposure. Its cited holdings include American Realty Advisors Real Estate Fund, a commercial real estate vehicle, and a Master Limited Partnerships portfolio, reflecting a tilt toward yield-generating energy infrastructure. The precise allocation across fixed income, real estate, and MLPs is not publicly disclosed, but the structure maps to a standard public-pension liability-matching approach. The fund operates with a domestic focus, given its sole office in Sterling Heights. No total AUM or year of founding are published, and the fund does not maintain a public website or social media presence. Its professional staff is thin: Kerrie Dzwonkowski serves as Pension Administrator, handling day-to-day operations and member services. The fund is an active member of the Michigan Association of Public Employee Retirement Systems, which provides peer networking and legislative updates — one of the few public indicators of its operational footprint. The fund's structural differentiator is its governance by a volunteer board of trustees drawn from the city and its police and fire departments. This creates an alignment gap: the trustees, while motivated by the fund's health, rely on external advisors and paid staff for investment execution, distinguishing PFRS from professionally-managed pensions with dedicated CIOs and internal investment teams.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Sterling Heights
Corporate office
Sterling Heights, MI, United States
Principals
John Lamerato
President of the Board of Trustees
Jonathan Feil
Secretary of the Board of Trustees
Randall Schwarb
Trustee of the Retirement System
Robert Maleszyk
Trustee of the Retirement System
Jia Hang
City Treasurer and Trustee
Nathaniel Rymill
Secretary and Trustee
Kerrie Dzwonkowski
Pension Administrator and Administrative Liaison
Sector focus
Frequently asked questions
Who makes investment decisions at the Sterling Heights PFRS?
Investment decisions are made by the Board of Trustees, chaired by John Lamerato. The board includes the City Treasurer and members with retirement-system experience. Day-to-day administration is handled by Pension Administrator Kerrie Dzwonkowski. Actual portfolio execution is likely delegated to external investment managers, though the fund does not publicly name its advisors.
What is the asset allocation of the Sterling Heights PFRS?
The fund's public filings show holdings in American Realty Advisors Real Estate Fund and a Master Limited Partnerships portfolio. Its full allocation — likely including fixed income and cash — is not publicly detailed, consistent with many small municipal pensions that do not publish annual reports online.
Does the fund invest in private markets?
Yes, through the American Realty Advisors Real Estate Fund, which provides exposure to commercial real estate — a private market allocation. The MLP portfolio also invests in publicly-traded energy partnerships, which are considered alternative assets in many pension frameworks.
Is the Sterling Heights PFRS open to new members?
The PFRS is a closed defined-benefit plan for active and retired police and fire employees of Sterling Heights. It does not accept third-party capital or external LPs.
What professional affiliations does the fund maintain?
The PFRS is an active member of the Michigan Association of Public Employee Retirement Systems, which provides educational resources, legislative advocacy, and networking for Michigan public pension trustees and administrators.
How does the fund compare to larger Michigan public pensions?
Unlike large state-wide systems like the Municipal Employees' Retirement System (MERS) of Michigan, the Sterling Heights PFRS is a small, locally-administered plan with a volunteer board and limited staff. Its investment program is less diversified and likely relies on external fund managers, whereas larger systems often have internal investment teams.
What is the fund's relationship to the City of Sterling Heights?
The PFRS is a separate legal entity from the city, but the city appoints trustees and provides administrative oversight. City Treasurer Jia Hang serves on the board, linking municipal finance to pension governance.
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