Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA November 14, 2024 10:00 AM Paul Bronson, Chair Brent Bryant, Vice­Chair Board Members: Bruce Davis Doug Dowler Sri Jonnada Aimee Maddera Karla Nickels JC Reiss Randy Thurman Matt Weller Vacancy 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, November 14, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of October 10, 2024. III. PRESENTATION from Investment Manager. A. Amundi Pioneer IV. CONSENT DOCKET. A. Annual Actuarial Valuation Report as of December 31, 2023. 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, November 14, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of October 10, 2024. III. PRESENTATION from Investment Manager. A. Amundi Pioneer IV. CONSENT DOCKET. A. Annual Actuarial Valuation Report as of December 31, 2023. B. Report of judgments purchased for month of October 2024 in the amount of $409,403.40. C. Travel expense reimbursements. D. A­Mark Precious Metals, Inc. dividend payment in the amount of $229.20. E. Harborview MBS class action settlement proceeds in the amount of $35.83. F. Textron Inc. class action settlement proceeds in the amount of $500.53. G. Crocs Inc. class action settlement proceeds in the amount of $557.98. H. SCANA class action settlement proceeds in the amount of $25.59. V. RATIFY APPROVALS. A. Payroll for the month of October 2024 in the amount of $4,086,957.62. B. The action of the Secretary and Administrator in modifying the application due to a change in the Average Final Compensation and Monthly Pension Amount. 1. Case No. 3904 John Cravens – Development Services Years of Service: 30 Years, 0 Months Basis: Service Age: 64 Spouse: 57 Option B Average Final Compensation: From $4,803.51 To: $4,820.47 Monthly Pension Amount: From: $2,507.75 ($4,803.51 X 60% X .87011); or $2,308.37 with $30,000 Lump Sum Distribution To: $2,516.60 ($4,820.47 X 60% X .87011); or $2,317.22 with $30,000 Lump Sum Distribution Effective: June 1, 2023 VI. APPROVE claims docket. A. Claims to be approved. VII. APPROVE the following applications for Service Retirement. A. Case No. 4019 Cheryl Corrieveau – Zoo VII. APPROVE the following applications for Service Retirement. A. Case No. 4019 Cheryl Corrieveau – Zoo Years of Service: 10 Years, 9 Months Basis: Service Age: 60 Spouse: 59 Option A Average Final Compensation: $2,895.58 Monthly Pension Amount: $440.73 ($2,895.58 X 21.5% X .88493 less 20% for early retirement) Effective: November 8, 2024 B. Case No. 4020 Scotty Evans – Public Works Years of Service: 10 Years, 8 Months Basis: Service Age: 55 Spouse: 54 Option A Average Final Compensation: $4,871.22 Monthly Pension Amount: $564.22 ($4,871.22 X 21.33% X .90504 less 40% for early retirement) Effective: September 21, 2024 C. Case No. 4021 Garald Nagelhout – Public Works Years of Service: 9 Years, 11 Months Basis: Service Age: 67 Spouse: 67 No Option Average Final Compensation: $4,621.43 Monthly Pension Amount: $916.43 ($4,621.43 X 19.83%) Effective: September 25, 2024 D. Case No. 4022 Kendell Ogles – Utilities Years of Service: 18 Years, 7 Months Basis: Service Age: 62 Spouse: 67 Option A Average Final Compensation: $5,230.84 Monthly Pension Amount: $1,550.87 ($5,230.84 X 37.17% X .90642 less 12% for early retirement) Effective: October 31, 2024 VIII. APPROVE continuation of pension to spouse. A. Case No. 2805 Ronald Brandon – Died July 3, 2024 Monthly Pension Amount: $2,483.61 Option C Retirement Date: November 8, 2011 Pension to Cease: July 31, 2024 B. Case No. 2805A Evelyn Brandon – Widow of Ronald Brandon Monthly Pension Amount: $1,241.81 ($2.483.61 X 50%)  Retirement Date: November 8, 2011 Pension to Cease: July 31, 2024 B. Case No. 2805A Evelyn Brandon – Widow of Ronald Brandon Monthly Pension Amount: $1,241.81 ($2.483.61 X 50%) Option C Effective: August 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. 2501 Maxine Bell – Died October 12, 2024 Monthly Pension Amount: $2,562.27 No Option Retirement Date: March 11, 2008 Pension to Cease: October 31, 2024 B. Case No. 1552 Alfred Blakely – Died October 14, 2024 Monthly Pension Amount: $2,796.81 Option C – Spouse Predeceased Retirement Date: April 23, 1991 Pension to Cease: October 31, 2024 C. Case No. 2133 Jesse Jackson – Died October 22, 2024 Monthly Pension Amount: $2,044.58 No Option Retirement Date: March 13, 2003 Pension to Cease: October 31, 2024 D. Case No. 2775 Jerry Seaton – Died October 29, 2024 Monthly Pension Amount: $6,678.46 No Option Retirement Date: April 15, 2011 Pension to Cease: October 31, 2024 X. APPROVE request of the following to terminate Vested Rights and commence retirement benefits. A. Case No. 3455 Rebecca Rhodes – Finance Years of Service: 15 Years, 9 Months Basis: Service Age: 55 Not Married Average Final Compensation: $8,235.46 Monthly Pension Amount: $1,556.50 ($8,235.46 X 31.5% less 40% for early retirement) Effective: November 4, 2024 XI. RECEIVE Investment Consultant Report.  retirement) Effective: November 4, 2024 XI. RECEIVE Investment Consultant Report. A. Monthly Investment Report. B. Quarterly Investment Report. XII. INDIVIDUAL CONSIDERATION. A. Fixed Income Portfolio Discussion. A.1. Authorize termination of Brandywine and Western Asset holdings in order to reallocate the proceeds to Amundi Pioneer. OR A.2. Request ACG to provide additional recommendations for Fixed Income. B. Resolution approving the participation by the Oklahoma City Employee Retirement System (the “Employer”) in the Money Purchase Plan and Trust, Open Plan (“Open Plan”), and its continued participation in the City’s 457 plan, sponsored by The City of Oklahoma City (the “City”); declaring that mandatory employee contributions of the employees of the Employer to the Open Plan and the Oklahoma City Employee Retirement System (the “System”), (Collectively, the “Plan”) are intended to be “picked­up” as employer contributions pursuant to Internal Revenue Code; declaring that all future mandatory employee contributions although designated as employee contributions will be paid by the employer in lieu of contributions by the employee; declaring that employees shall not be permitted to opt out of the “pick­up” or to receive the contributed amounts directly instead of having them paid by the Employer to the Plan; declaring that if the resolutions do not meet the retirements of the Internal Revenue Code or Revenue Ruling 2006­ 43, or final income tax regulations or other guidance from the Internal Revenue Service or the Department of Treasury provide for additional requirements in order to fulfill the requirements of the Internal Revenue Code or Revenue Ruling 2006­ 43, the resolutions shall be deemed modified to the extent necessary to meet such requirements; declaring the Employer has taken formal action to continue to effectuate the “pick­up” in accordance with Revenue Ruling 2006­43; consenting to the amended and restated 457(b) Deferred Compensation Plan and Trust, previously administered by MissionSquare, to be named The Oklahoma City 457 Deferred Compensation Plan and Trust effective December 18, 2024 and simultaneously approving the merger and transfer of the 457(b) plan administered by Nationwide into The Oklahoma City Deferred Compensation Plan and Trust (“OKC 457 Plan”); authorizing and directing the Chair and/or Vice Chair of the Oklahoma City Employee Retirement System Board (“Board”) or designee to execute the documents related to Open Plan and Trust and OKC 457 Plan, take any action required with respect to implementation and transfer to Voya, to take necessary, legal actions with respect to the retirement plans and the related trust documents, including making amendments; ratifying all acts and things necessary, legal, and proper in connection with the retirement plans and the related trust documents previously taken by the Chair and/or Vice Chair of the Board. XIII. Comments from Board, Staff and Citizens.  legal, and proper in connection with the retirement plans and the related trust documents previously taken by the Chair and/or Vice Chair of the Board. XIII. Comments from Board, Staff and Citizens. XIV. Adjournment.