Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA May 09, 2024 10:00 AM Paul Bronson, Chair Ken Culver, Vice­Chair Board Members: Brent Bryant Bruce Davis Doug Dowler Sri Jonnada Aimee Maddera Karla Nickels JC Reiss Randy Thurman Matt Weller Amy K. Simpson, Ex­officio Matthew Boggs, Ex­officio Jeanna Jordan, ERS Manager Richard Mahoney, Assistant Municipal Counselor 200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION 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 agenda coordinator at 297­2408 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 agenda 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  200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION 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 agenda coordinator at 297­2408 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 agenda 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 09, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of April 11, 2024. III. CONSENT DOCKET: A. Report of judgments purchased for month of April 2024 in the amount of $397,893.72. IV. RATIFY APPROVALS: 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 09, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of April 11, 2024. III. CONSENT DOCKET: A. Report of judgments purchased for month of April 2024 in the amount of $397,893.72. IV. RATIFY APPROVALS: A. Payroll for the month of April 2024, in the amount of $4,015,337.61. B. Amendment to Investment Management Agreement with Earnest Partners, LLC reducing the fee schedule. V. APPROVE claims docket. A. Claims to be approved. VI. APPROVE the following applications for Service Retirement. A. Case No. 3974 Randal Coghlan – Development Services Years of Service: 10 Years, 7 Months Basis: Service Age: 65 Not Married Average Final Compensation: $5,951.91 Monthly Pension Amount: $1,260.02 ($5,951.91 X 21.17%) Effective: May 17, 2024 B. Case No. 3975 Thomas Crauthers – Fire Years of Service: 43 Years, 0 Months Basis: Service Age: 66 Spouse: 64 No Option Average Final Compensation: $6,286.24 Monthly Pension Amount: $5,406.17 ($6,286.24 X 86%) Effective: May 29, 2024 C. Case No. 3976 Perrin Deal – Police Years of Service: 23 Years, 8 Months Basis: Service Age: 67 Spouse: 66 No Option Average Final Compensation: $5,322.93 Monthly Pension Amount: $2,519.34 ($5,322.93 X 47.33%)  Years of Service: 23 Years, 8 Months Basis: Service Age: 67 Spouse: 66 No Option Average Final Compensation: $5,322.93 Monthly Pension Amount: $2,519.34 ($5,322.93 X 47.33%) Effective: May 3, 2024 D. Case No. 3977 Michael Lamb – Airports Years of Service: 15 Years, 4 Months Basis: Service Age: 68 Spouse: 68 Option A Average Final Compensation: $8,036.93 Monthly Pension Amount: $2,104.09 ($8,036.93 X 30.67% X .85361) Effective: May 2, 2024 E. Case No. 3978 Sharon Miller – Airports Years of Service: 25 Years, 3 Months Basis: Service Age: 60 Spouse: 67 Option A Average Final Compensation: $5,634.53 Monthly Pension Amount: $2,620.48 ($5,634.53 X 50.5% X .92094); or $2,422.61 with $30,000 Lump Sum Distribution Effective: May 1, 2024 VII. RECEIVE report of death. AUTHORIZE payment of the $5,000 death benefit and APPROVE continuation of pension to spouse. A. Case No. 3241 William Young – Died March 31, 2024 Monthly Pension Amount: $738.80 Option A Retirement Date: December 2, 2017 Pension to Cease: March 31, 2024 B. Case No. 3241A Miriam Young – Widow of William Young Monthly Pension Amount: $738.80 ($738.80 X 100%) Effective Date: April 1, 2024 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. 3866 William Coomey – Died April 4, 2024 Monthly Pension Amount: $1,261.09 No Option Retirement Date: November 8, 2022 Pension to Cease: April 30, 2024 IX. RECEIVE report of death. Death of employee while in Active service. APPROVE pension to spouse. A. Case No. 3979  Pension to Cease: April 30, 2024 IX. RECEIVE report of death. Death of employee while in Active service. APPROVE pension to spouse. A. Case No. 3979 Barbara Banks – Widow of Kenneth Banks who died June 11, 2023 while in Active Service. Years of Service: 18 Years, 7 Months Basis: Death Not In The Line Of Duty Age: 60 Spouse: 60 Option A Average Final Compensation: $5,433.52 Monthly Pension Amount: $1,437.08 ($5,433.52 X 37.17% less 20% for early retirement X .88944) Effective: June 12, 2023 X. APPROVE request of the following to terminate Vested Rights and commence retirement benefits. A. Case No. 2758 Neil Myers – Zoo Years of Service: 12 Years, 4 Months Basis: Service Age: 65 Spouse: 65 No Option Average Final Compensation: $2,971.13 Monthly Pension Amount: $732.98 ($2,971.13 X 24.67%); or $499.60 with $30,000 Lump Sum Distribution Effective: May 23, 2024 XI. INDIVIDUAL CONSIDERATION: A. Amendment No.2 and Restated Audit Contract with Allen, Gibbs & Houlik, L.C. to include audit services for fiscal year 2024, not to exceed, $27,034. B. Purchase Kyocera 4054ci copy machine and monthly maintenance for use by Employee Retirement System (ERS) administration office. C. Personal Services Contract with Angel Odom for the Deferred Compensation Specialist position. D. Amendment to Personal Service Contract with Mary Ellen Layton. E. Amendment to Personal Service Contract with Michael Truitt. F. Private Equity Portfolio Review. G. Private Equity Commitment of $15 million to Berkshire Fund XI. XII. RECEIVE Investment Consultant Report. A. Monthly Investment Report. B. Quarterly Investment Report. XIII. Comments from Board, Staff and Citizens.  B. Quarterly Investment Report. XIII. Comments from Board, Staff and Citizens. XIV. Adjournment.