Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA May 11, 2023 10:00 AM Paul Bronson, Chair Ken Culver, Vice­Chair Board Members: Jacqueline Ames Brent Bryant Sri Jonnada Vacant 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, May 11, 2023 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of April 13, 2023. III. CONSENT DOCKET: A. Citigroup, Inc. class action settlement proceeds in the amount of $229.13 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, May 11, 2023 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of April 13, 2023. III. CONSENT DOCKET: A. Citigroup, Inc. class action settlement proceeds in the amount of $229.13 B. Report of judgments purchased for the month of April 2023, in the amount of $185,289.85. IV. RATIFY APPROVALS: A. Payroll for the month of April 2023, in the amount of $3,852,877.39. B. Payment of claim to The City of Oklahoma City in the amount of $89.66 for March 2023 Postage Chargeback. C. Amendment to Investment Management Agreement with State Street Global Advisors Trust Company reducing the fee schedule. D. The action of the Secretary and Administrator in modifying the application due to a change in the Average Final Compensation, Monthly Pension Amount and Effective Date. 1. Case No. 3739 Kay Ball – Golf Years of Service: 7 Years, 0 Months Basis: Service Age: 62 Spouse: 67 Option A Average Final Compensation: From: $2,676.99 To: $2,686.69 Monthly Pension Amount: From: $298.95 ($2,676.99 X 14% X .90642 less 12% for early retirement) To: $300.03 ($2,686.69 X 14% X .90642 less 12% for early retirement) Effective: June 2, 2021 2. Case No. 3730 Herman Brown – Utilities Years of Service: 25 Years, 5 Months Basis: Service Age: 71 Spouse: 62 No Option Average Final Compensation: $4,703.08 Monthly Pension Amount: $2,390.58 ($4,703.08 X 50.83%) Effective: From: May 4, 2021 To: May 6, 2021 3. Case No. 3731 Ricky Brown – General Services Years of Service: 16 Years, 0 Months  Effective: From: May 4, 2021 To: May 6, 2021 3. Case No. 3731 Ricky Brown – General Services Years of Service: 16 Years, 0 Months Basis: Service Age: 65 Not Married Average Final Compensation: From: $4,822.55 To: $4,855.89 Monthly Pension Amount: From: $1,543.22 ($4.822.55 X 32%) To: $1,553.88 ($4,855.89 X 32%) Effective: May 14, 2021 4. Case No. 3725 Larry Dodd – Utilities Years of Service: 31 Years, 4 Months Basis: Service Age: 67 Not Married Average Final Compensation: From: $5,511.73 To: $5,588.20 Monthly Pension Amount: From: $3,454.20 ($5,511.73 X 62.67%) To: $3,502.12 ($5,588.20 X 62.67%) Effective: April 2, 2021 5. Case No. 3746 Sheila Douglas – Police Years of Service: 10 Years, 0 Months Basis: Service Age: 60 Spouse: 58 No Option Average Final Compensation: From: $4,183.94 To: 4,199.98 Monthly Pension Amount: From: $669.43 ($4,183.94 X 20% less 20% for early retirement) To: $672.00 ($4,199.98 X 20% less 20% for early retirement) Effective: July 9, 2021 6. Case No. 3732 Susan Emo – Utilities Years of Service: 35 Years, 2 Months Basis: Service Age: 58 Not Married Average Final Compensation: From: $4,435.08 To: $4,482.89 Monthly Pension Amount: From: $3,119.19 ($4,435.08 X 70.33%) To: $3,152.82 ($4,482.89 X 70.33%) Effective: From: May 4, 2021 To: May 3, 2021 7. Case No. 3754 Karen Giddings – Utilities Years of Service: 10 Years, 9 Months Basis: Service Age: 59 Spouse: 59 No Option Average Final Compensation: From: $7,711.19 To: $7,709.29 Monthly Pension Amount: From: $1,260.01 ($7,711.19 X 21.5% less 24% for early retirement) To: $1,259.70 ($7,709.29 X 21.5% less 24% for early retirement) Effective: August 10, 2021  Monthly Pension Amount: From: $1,260.01 ($7,711.19 X 21.5% less 24% for early retirement) To: $1,259.70 ($7,709.29 X 21.5% less 24% for early retirement) Effective: August 10, 2021 8. Case No. 3733 Willie Gray – Utilities Years of Service: 13 Years, 2 Months Basis: Service Age: 66 Not Married Average Final Compensation: From: $5,131.22 To: $5,197.19 Monthly Pension Amount: From: $1,351.05 ($5,131.22 X 26.33%) To: $1,368.42 (5,197.19 X 26.33%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $1,113.14 To: $1,130.51 Effective: May 22, 2021 9. Case No. 3734 Dee Hunter – Police Years of Service: 27 Years, 0 Months Basis: Service Age: 66 Not Married Average Final Compensation: From: $6,378.01 To: $6,390.34 Monthly Pension Amount: From: $3,444.13 ($6.378.01 X 54%) To: $3,450.78 ($6,390.34 X 54%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $3,206.22 To: $3,212.87 Effective: May 14, 2021 10. Case No. 3727 Edwin Killebrew – Police Years of Service: 5 Years, 2 Months Basis: Service Age: 69 Spouse: 60 Option A Average Final Compensation: From: $4,910.12 To: $4,945.40 Monthly Pension Amount: From: $398.20 ($4,910.12 X 10.33% X .78507) To: $401.06 ($4,945.40 X 10.33% X .78507) Effective: April 30, 2021 11. Case No. 3748 Danny Love – General Services Years of Service: 36 Years, 4 Months Basis: Service Age: 61 Spouse: 59 Option A Average Final Compensation: From: $5,439.98 To: $5,440.32 Monthly Pension Amount: From: $3,462.16 ($5,439.98 X 72.67% X .87578) To: $3,462.38 ($5,440.32 X 72.67% X .87578) Effective: July 23, 2021 12. Case No. 3728 Michael Overturff – Utilities Years of Service: 34 Years, 3 Months Basis: Service Age: 58 Spouse: 58 Option B  12. Case No. 3728 Michael Overturff – Utilities Years of Service: 34 Years, 3 Months Basis: Service Age: 58 Spouse: 58 Option B Average Final Compensation: From: $6,852.41 To: $6,888.53 Monthly Pension Amount: From: $4,323.08 ($6,852.41 X 68.5% X .921) To: $4,345.87 ($6,888.53 X 68.5% X .921) Effective: April 17, 2021 13. Case No. 3735 Sharon Parisy – Police Years of Service: 18 Years, 8 Months Basis: Service Age: 67 Spouse: 59 Option A Average Final Compensation: From: $5,718.24 To: $5,718.84 Monthly Pension Amount: From: $1,723.04 ($5,718.24 X 37.33% X .80719) To: $1,723.22 ($5,718.84 X 37.33% X .80719) Effective: May 28, 2021 14. Case No. 3736 Pam Podolec – Utilities Years of Service: 36 Years, 5 Months Basis: Service Age: 60 Not Married Average Final Compensation: From: $7,075.56 To: $7,114.72 Monthly Pension Amount: From: $5,153.13 ($7,075.56 X 72.83%) To: $5,181.65 ($7,114.72 X 72.83%) Effective: May 4, 2021 15. Case No. 3737 Michael Stanbrough – Utilities Years of Service: 23 Years, 10 Months Basis: Service Age: 64 Spouse: 64 Option A Average Final Compensation: From: $6,080.03 To: $6,085.66 Monthly Pension Amount: From: $2,427.05 ($6,080.03 X 47.67% X .87228 less 4% for early retirement) To: $2,429.29 ($6,085.66 X 47.67% X .87228 less 4% for early retirement) Effective: April 28, 2021 16. Case No. 3738 Terry Steely – Golf Years of Service: 5 Years, 6 Months Basis: Service Age: 65 Spouse: 64 No Option Average Final Compensation: From: $2,922.72 To: $2,923.58 Monthly Pension Amount: From: $321.50 ($2,922.72 X 11%) To: $321.59 ($2,923.58 X 11%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $88.12 To: $88.21 Effective: May 31, 2021 V. APPROVE claims docket.  Lump Sum Elected $30,000 Reduced Monthly Pension Amount: From: $88.12 To: $88.21 Effective: May 31, 2021 V. APPROVE claims docket. A. Claims to be approved. VI. APPROVE the following applications for Service Retirement. A. Case No. 3897 Richard Bradley – Information Technology Years of Service: 40 Years, 7 Months Basis: Service Age: 59 Spouse: 54 Option A Average Final Compensation: $8,026.99 Monthly Pension Amount: $5,685.37 ($8,026.99 X 81.17% X .87259) Effective: May 26, 2023 B. Case No. 3898 Randall Chapman – Airports Years of Service: 36 Years, 6 Months Basis: Service Age: 65 Spouse: 69 Option A Average Final Compensation: $7,756.43 Monthly Pension Amount: $5,049.48 ($7,756.43 X 73% X .89179) Effective: May 26, 2023 C. Case No. 3899 Rochell Louis – Development Services Years of Service: 31 Years, 1 Month Basis: Service Age: 60 Spouse: 53 Option C Average Final Compensation: $6,692.37 Monthly Pension Amount: $3,844.94 ($6,692.37 X 62.17% X .92412) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: $3,646.38 Effective: May 26, 2023 D. Case No. 3900 Sherilyn Morris – Finance Years of Service: 24 Years, 0 Months Basis: Service Age: 71 Spouse: 73 Option A Average Final Compensation: $4,889.62 Monthly Pension Amount: $2,007.55 ($4,889.62 X 48% X .85536) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: $1,779.84 Effective: May 12, 2023 E. Case No. 3901 Larry O’Brien – Utilities Years of Service: 29 Years, 5 Months Basis: Service Age: 50 Spouse: 50 Option C Average Final Compensation: $7,924.27 Monthly Pension Amount: $4,480.08 ($7,924.27 X 58.83% X .96101)  Larry O’Brien – Utilities Years of Service: 29 Years, 5 Months Basis: Service Age: 50 Spouse: 50 Option C Average Final Compensation: $7,924.27 Monthly Pension Amount: $4,480.08 ($7,924.27 X 58.83% X .96101) Effective: May 6, 2023 F. Case No. 3902 Richard Souders Jr. – Public Works Years of Service: 11 Years, 7 Months Basis: Service Age: 58 Spouse: 57 Option A Average Final Compensation: $3,933.02 Monthly Pension Amount: $586.14 ($3,933.02 X 23.17% X .89335 less 28% for early retirement) Effective: March 25, 2023 G. Case No. 3903 Sharon Todd – Police Years of Service: 23 Years, 0 Months Basis: Service Age: 66 Not Married Average Final Compensation: $4,600.10 Monthly Pension Amount: $2,116.05 ($4,600.10 X 46%) Lump Sum Elected $30,000 Reduced Monthly Pension Amount: $1,878.14 Effective: May 5, 2023 VII. 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. 2121 Bob Fansher – Died March 21, 2023 Monthly Pension Amount: $195.72 Option A – Spouse Predeceased Pension to cease March 31, 2023 B. Case No. 2821 Michael Reed – Died January 7, 2023 Monthly Pension Amount: $2,151.90 No Beneficiary Pension to cease January 31, 2023 (February and March 2023 payments returned) C. Case No. 3058 Donald Washington – Died May 1, 2023 Monthly Pension Amount: $2,696.25 No Beneficiary Pension to cease May 31, 2023 VIII. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 2366A  Pension to cease May 31, 2023 VIII. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 2366A Barbara Covalt – Died March 31, 2023 Monthly Pension Amount: $2,163.96 No Beneficiary Pension to cease March 31, 2023 IX. INDIVIDUAL CONSIDERATION: A. Amendment No. 1 and Restated Audit Contract with Allen, Gibbs & Houlik, L.C. to include audit services for fiscal year 2023, fee not to exceed $25,994. B. Receive Quarterly Investment Report. C. Receive Monthly Investment Report. D. Private Equity Portfolio Review. E. Private Equity Commitment of $10 million to Saw Mill Capital Partners Fund III. F. Private Equity Commitment of $5 million to TrueBridge Capital Partners Fund VIII. G. Private Equity Commitment of $5 million to TrueBridge Secondaries Fund I. H. K2 Ascent Fund Recommendation for rebalancing among underlying funds within K2 Ascent. Full redemption from K2 Suvretta Partners Series Partial redemption of $2 million from K2 Engaged Capital Flagship Fund Series Partial redemption of $2 million from K2 Southpoint Qualified Fund Series Partial redemption of $1 million from K2 Starboard Value and Opportunity Fund Series Contribution of $3 million into K2 Impactive Capital Fund Series X. Comments from Board, Staff and Citizens. XI. Adjournment.