Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA September 08, 2022 10:00 AM Paul Bronson, Chair Ken Culver, Vice­Chair Board Members: Jacqueline Ames Brent Bryant Sri Jonnada Eugene (Marty) Lawson Aimee Maddera Karla Nickels JC Reiss Randy Thurman Matt Weller Amy K. Simpson, Ex­officio Matthew Boggs, Ex­officio Regina Story, ERS Manager Richard Mahoney, Assistant Municipal Counselor 200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION The following safety guidelines are in place for meetings in the Council Chamber at City Hall: only the south entrance to City Hall will be open; air purifying machines have been installed in the Chamber; hand sanitizer machines and disposable face masks will be available. It is the policy of the City to ensure that communications with participants and members of the public with disabilities are as effective as communications with others. Anyone with a disability who requires an accommodation, a modification of policies or procedures, or an auxiliary aid or service in order to participate in this meeting should contact the ADA department coordinator at 297­2408 or TDD 297­2020 as soon as possible but not later than 48 hours (not including weekends or holidays) before the scheduled meeting. The department will give primary consideration to the choice of auxiliary aid or service requested by the individual with the disability. If you need an alternate format of the agenda or any information provided at said meeting, please contact the ADA department coordinator listed above 48 hours prior to the scheduled meeting.  200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION The following safety guidelines are in place for meetings in the Council Chamber at City Hall: only the south entrance to City Hall will be open; air purifying machines have been installed in the Chamber; hand sanitizer machines and disposable face masks will be available. It is the policy of the City to ensure that communications with participants and members of the public with disabilities are as effective as communications with others. Anyone with a disability who requires an accommodation, a modification of policies or procedures, or an auxiliary aid or service in order to participate in this meeting should contact the ADA department coordinator at 297­2408 or TDD 297­2020 as soon as possible but not later than 48 hours (not including weekends or holidays) before the scheduled meeting. The department will give primary consideration to the choice of auxiliary aid or service requested by the individual with the disability. If you need an alternate format of the agenda or any information provided at said meeting, please contact the ADA department coordinator listed above 48 hours prior to the scheduled meeting. Citizens may address the Board on certain items by signing up to speak and providing the agenda item number, their reason for appearing and their address, but all comments must be relevant to the item. The Chairman or presiding officer may in his or her discretion prohibit a person from addressing the Board, or have any person removed from the Council Chamber, if that person commits any disorderly or disruptive behavior. Disorderly conduct includes, but is not limited to, any of the following: speaking without being recognized by the Chairman or presiding officer; continuing to speak after notice that the speaker’s allotted time has expired; presenting comments or material not relevant to the item under discussion; failing to comply with the lawful instructions of the Chairman or presiding officer; engaging in other conduct, activity or speech that delays, pursuant to 21 O.S. § 280, disruptive conduct includes any conduct that is “violent, threatening, abusive, obscene, or that jeopardizes the safety of self or others. A person may also be subject to arrest and removal from the Municipal Building for violation of Oklahoma City Municipal Code 2020, § 3081 – Disorderly conduct and/or violation of Okla. Stat. tit. 21, §280 Willfully Disturbing, Interfering With or Disrupting State Business, Agency Operations or Employees. Citizens may address the Board on individual concerns at the end of the agenda under “Comments from Board, Staff and Citizens.” Comments from Board, Staff and Citizens is not provided as a forum for publicly announced or declared candidates for City public office, and they will not be allowed to speak as Comments from Board, Staff and Citizens. Citizens will not be allowed to campaign on any political issue during the meeting. Comments must concern OCERS services or policies. Please fill out a "Request to be Heard" form located outside the Chambers. Please return this form to the Council Office at the north end of the hall. PLEASE LIMIT YOUR COMMENTS TO 3 MINUTES. Continuing to speak beyond the time allowed by the Chairman or presiding officer shall constitute grounds for removal from the Council Chamber. Citizens who wish to be listed on the agenda for comments to the Board may call the City Clerk's Office at 297­ 2397 before 4 p.m. on the Tuesday prior to the next OCERS meeting. Persons so listed on the agenda for comments to the Board are subject to the same restrictions listed above. Persons may use City computer to make presentations to the Board only if requested to do so by the Chairman or a board member and the device containing the presentation is provided to the City Clerk three business days in advance. Television and YouTube Coverage Residents can watch the OCERS meeting live by going to http://youtube.com/cityofokc/live Meetings can also be watched live on Cox Cable Channel 20. If there are technical difficulties with either live stream during the meeting, a video will be posted as soon as possible after the meeting. OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA 10:00 AM, September 08, 2022 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of August 11, 2022. III. CONSENT DOCKET: A. Judgments for the month of August 2022, in the amount of $256,594.95. IV. RATIFY APPROVALS: Television and YouTube Coverage Residents can watch the OCERS meeting live by going to http://youtube.com/cityofokc/live Meetings can also be watched live on Cox Cable Channel 20. If there are technical difficulties with either live stream during the meeting, a video will be posted as soon as possible after the meeting. OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA 10:00 AM, September 08, 2022 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of August 11, 2022. III. CONSENT DOCKET: A. Judgments for the month of August 2022, in the amount of $256,594.95. IV. RATIFY APPROVALS: A. Payroll for the month of August 2022, in the amount of $3,675,923.61. B. Payment of claim to The City of Oklahoma City in the amount of $34,687.00 for 1Q23 Admin Services Chargeback. C. Payment of claim to The City of Oklahoma City in the amount of $11,585.75 for 1Q23 IT Chargeback. D. The action of the Secretary and Administrator in modifying the application due to change in the Average Final Compensation and Monthly Pension Amount. 1. Case No. 3803 Keith Dillard – Utilities Years of Service: 37 Years, 4 Months Basis: Service Age: 58 Spouse: 62 Option A Average Final Compensation: From $4,494.20 To: $4,520.83 Monthly Pension Amount: From: $3,065.71 ($4,494.20 X 74.67% X .91355) To: $3,083.87 ($4,520.83 X 74.67% X .91355) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $2,874.75 To: $2,892.91 Effective: March 5, 2022 2. Case No. 3709 Darrell Palmer – Public Works Years of Service: 36 Years, 2 Months Basis: Service Age: 58 Spouse: 63 Option A Average Final Compensation: From: $4,359.14 To: $4,406.48 Monthly Pension Amount: From: $3,152.97 ($4,359.14 X 72.33%) To: $3,187.21 ($4,406.48 X 72.33%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $2,701.24 To: $2,732.66 Effective: January 23, 2021 3. Case No. 3791 Mary Smith – Utilities  From: $2,701.24 To: $2,732.66 Effective: January 23, 2021 3. Case No. 3791 Mary Smith – Utilities Years of Service: 45 Years, 4 Months Basis: Service Age: 65 Not Married Average Final Compensation: From $4,829.91 To: $4,855.60 Monthly Pension Amount: From: $4,379.28 ($4,829.91 X 90.67%) To: $4,402.57 ($4,855.60 X 90.67%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $4,145.90 To: $4,169.19 Effective: January 7, 2022 V. APPROVE claims docket. A. Claims to be approved. VI. APPROVE the following applications for Service Retirement. A. Case No. 3844 Sandi Gardner – Development Services Years of Service: 19 Years, 1 Month Basis: Service Age: 62 Spouse: 49 Option B Average Final Compensation: $6,132.80 Monthly Pension Amount: $1,771.05 ($6,132.80 X 38.17% X .85974 less 12% for early retirement) Effective: June 7, 2022 B. Case No. 3845 Joseph Gulley – Utilities Years of Service: 25 Years, 1 Month Basis: Service Age: 57 Spouse: 60 Option C Average Final Compensation: $5,273.32 Monthly Pension Amount: $2,524.74 ($5,273.32 X 50.17% X .95431) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: $2,327.77 Effective: September 16, 2022 C. Case No. 3846 Benjamin Massey – Airports Years of Service: 38 Years, 0 Months Basis: Service Age: 62 Spouse: 61 Option A Average Final Compensation: $6,309.62 Monthly Pension Amount: $4,200.69 ($6,309.62 X 76% X .876) Effective: September 13, 2022 D. Case No. 3847 Juan Phillips – Utilities Years of Service: 25 Years, 0 Months Basis: Service Age: 48 Not Married  D. Case No. 3847 Juan Phillips – Utilities Years of Service: 25 Years, 0 Months Basis: Service Age: 48 Not Married Average Final Compensation: $4,498.57 Monthly Pension Amount: $2,249.29 ($4,498.57 X 50%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: $2,060.49 Effective: September 21, 2022 E. Case No. 3848 Mark Scott – Utilities Years of Service: 25 Years, 0 Months Basis: Service Age: 63 Spouse: 61 Option A Average Final Compensation: $5,175.11 Monthly Pension Amount: $2,240.96 ($5,175.11 X 50% X .86605) Effective: September 16, 2022 VII. RECEIVE report of death. APPROVE continuation of pension to spouse. A. Case No. 1939 Wilbert Wallace – Died May 10, 2022 Monthly Pension Amount: $2,342.46 Option C Pension to cease May 31, 2022 B. Case No. 1939A Deadrea Wallace – Widow of Wilbert Wallace Monthly Pension Amount: $1,171.23 ($2,342.46 X 50%) Effective: June 1, 2022 VIII. RECEIVE report of death. AUTHORIZE payment of the $5,000 death benefit and AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 3015 Clifton Howard – Died August 11, 2022 Monthly Pension Amount: $3,336.93 No Option Pension to cease August 31, 2022 B. Case No. 2331 Saundra VanHorn – Died July 13, 2022 Monthly Pension Amount: $1,102.79 No Option Pension to cease July 31, 2022 C. Case No. 2815 Ronald Voci – Died August 29, 2022 Monthly Pension Amount: $1,298.95 No Option Pension to cease August 31, 2022 IX. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform  Ronald Voci – Died August 29, 2022 Monthly Pension Amount: $1,298.95 No Option Pension to cease August 31, 2022 IX. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 651A Marylu Jaggers – Died August 5, 2022 Monthly Pension Amount: $241.69 No Beneficiary Pension to cease August 31, 2022 X. APPROVE the following applications of Vested Rights. A. Case No. 3849 Kenneth Mitchell – Utilities Years of Service: 13 Years, 0 Months Basis: Vested Rights Age: 43 Spouse: 44 Average Final Compensation: $7,478.64 Monthly Pension Amount: $1,944.45 ($7,478.64 X 26%) Effective: Age 65 B. Case No. 3850 Sidonie Quick – Utilities Years of Service: 6 Years, 4 Months Basis: Vested Rights Age: 50 Spouse: 47 Average Final Compensation: $7,034.13 Monthly Pension Amount: $891.22 ($7,034.13 X 12.67%) Effective: Age 65 XI. INDIVIDUAL CONSIDERATION: A. Notice of full redemption of K2 SQN Fund Series on the K2 Ascent platform and liquidation of funds effective December 31, 2022. B. Notice of full redemption of K2 Trian Partners Series on the K2 Ascent Platform and liquidation of funds effective December 31, 2022. C. Notice of full redemption of K2 Swiftcurrent (Bridger) Partner Series on the K2 Ascent platform and liquidation of funds effective February 28, 2023 and July 31, 2023. D. Authorize Chairman to execute all necessary documents to transition in an efficient manner from TimesSquare SMid Growth Strategy to the Small Cap Growth Strategy with Silvercrest. XII. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XIII. Comments from Board, Staff and Citizens. XII. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XIII. Comments from Board, Staff and Citizens. XIV. Adjournment.