Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA June 13, 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, June 13, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting from May 9, 2024. III. PRESENTATION from Investment Managers. A. Western Asset Management B. PGIM 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, June 13, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting from May 9, 2024. III. PRESENTATION from Investment Managers. A. Western Asset Management B. PGIM IV. CONSENT DOCKET: A. OCERS Election Results. B. Receive update for Shoals Technologies Group, Inc. securities class action lawsuit. C. Report of judgments purchased for month of May 2024 in the amount of $599,317.31. D. Earnest Partners commission recapture proceeds for July 2023 in the amount of $134.76. E. Earnest Partners commission recapture proceeds for April 2024 in the amount of $909.73. F. A­Mark Precious Metals, Inc. dividend payment in the amount of $229.20. V. RATIFY APPROVALS: A. Payroll for the month of May 2024, in the amount of $4,056,481.22. VI. APPROVE claims docket. A. Claims to be approved. VII. APPROVE the following applications for Service Retirement. A. Case No. 3980 Jose Jimenez – Utilities Years of Service: 26 Years, 10 Months Basis: Service Age: 62 Spouse: 69 Option A Average Final Compensation: $5,824.58 Monthly Pension Amount: $2,864.43 ($5,824.58 X 53.67% X .91631); or $2,661.45 with $30,000 Lump Sum Distribution Effective: June 4, 2024 B. Case No. 3981 Michael King – Utilities Years of Service: 31 Years, 8 Months Basis: Service Age: 61 Spouse: 58 Option A  B. Case No. 3981 Michael King – Utilities Years of Service: 31 Years, 8 Months Basis: Service Age: 61 Spouse: 58 Option A Average Final Compensation: $4,995.79 Monthly Pension Amount: $2,755.98 ($4,995.79 X 63.33% X .87109) Effective: June 7, 2024 C. Case No. 3982 Robert Lane – Development Services Years of Service: 37 Years, 7 Months Basis: Service Age: 69 Not Married Average Final Compensation: $7,729.00 Monthly Pension Amount: $5,809.89 ($7,729.00 X 75.17%) Effective: June 7, 2024 D. Case No. 3983 James Lewellyn – Public Works Years of Service: 25 Years, 2 Months Basis: Service Age: 69 Not Married Average Final Compensation: $11,392.74 Monthly Pension Amount: $5,733.97 ($11,392.74 X 50.33%) Effective: June 21, 2024 E. Case No. 3984 Robert Moore – Utilities Years of Service: 25 Years, 0 Months Basis: Service Age: 55 Not Married Average Final Compensation: $8,184.28 Monthly Pension Amount: $4,092.14 ($8,184.28 X 50%); or $3,890.53 with $30,000 Lump Sum Distribution Effective: June 5, 2024 F. Case No. 3985 Antonio Obregon – Utilities Years of Service: 11 Years, 3 Months Basis: Service Age: 63 Spouse: 66 Option B Average Final Compensation: $5,313.29 Monthly Pension Amount: $1,009.05 ($5,313.29 X 22.5% X less 8% for early retirement X .91744) Effective: February 13, 2024 VIII. RECEIVE report of death. AUTHORIZE payment of the $5,000 death benefit and APPROVE continuation of pension to spouse. A. Case No. 3271 Jerry King – Died May 1, 2024 Monthly Pension Amount: $2,810.14  APPROVE continuation of pension to spouse. A. Case No. 3271 Jerry King – Died May 1, 2024 Monthly Pension Amount: $2,810.14 Option B Retirement Date: March 7, 2017 Pension to cease: May 31, 2024 B. Case No. 3271A Cynthia King – Widow of Jerry King Monthly Pension Amount: $2,107.61 ($2,810.14 X 75%) Effective Date: June 1, 2024 IX. 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. 3633 Everett Doyle – Died May 9, 2024 Monthly Pension Amount: $575.52 Option A – Pending Spouse Application Retirement Date: May 22, 2020 Pension to cease: May 31, 2024 B. Case No. 3328 Verlinda Lee – Died May 22, 2024 Monthly Pension Amount: $3,539.01 No Beneficiary Retirement Date: October 20, 2017 Pension to cease: May 31, 2024 C. Case No. 2370 Wilma Taylor – Died May 13, 2024 Monthly Pension Amount: $1,193.90 No Beneficiary Retirement Date: July 6, 2006 Pension to cease: May 31, 2024 D. Case No. 3642 John Wise – Died May 31, 2024 Monthly Pension Amount: $3,448.78 No Beneficiary Retirement Date: May 5, 2020 Pension to cease: May 31, 2024 X. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 906A Grace Skrapka – Died May 5, 2024 Monthly Pension Amount: $928.17 No Beneficiary Pension to cease: May 31, 2024 XI. INDIVIDUAL CONSIDERATION:  Grace Skrapka – Died May 5, 2024 Monthly Pension Amount: $928.17 No Beneficiary Pension to cease: May 31, 2024 XI. INDIVIDUAL CONSIDERATION: A. Agreement between the Oklahoma City Employee Retirement System and The City of Oklahoma City regarding the City’s obligation to provide certain professional and nonprofessional services and office rental to the Oklahoma City Employee Retirement System and for the retirement system to provide certain professional services for the City, fee of $269,709, for the period July 1, 2024 through June 30, 2025. B. Administrative Services Agreement with the Oklahoma City Deferred Compensation Board and The City of Oklahoma City, to provide administration of the 457 Deferred Compensation Plans and the Money Purchase Plan & Trust No. 8751 and No. 7697, July 1, 2024 through June 30, 2025, revenue of $170,300. C. Approve the Oklahoma City Employee Retirement System Budget for fiscal year 2024­2025. D. Resolution to ratify the Chairman signing a Most Favored Nation (“MFN”) elections on May 28, 2024, on behalf of the Oklahoma City Employee Retirement System; and Authorizing the execution of similar ministerial documents in the future to preserve rights of the Oklahoma City Employee Retirement System. E. Approve purchase of JitBit ticket management software with estimated annual cost of $2,500. XII. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XIII. Comments from Board, Staff and Citizens. XIV. Adjournment.