Retiree Health Care Investment Board

CITY OF ROYAL OAK RETIREE HEALTH CARE INVESTMENT BOARD MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES A meeting of the Retiree Health Care Investment Board of Trustees was conducted in the City Hall Conference Room 309, Royal Oak MI, Thursday – June 1, 2017 at 1:30 p.m. The meeting was called to order at 1:55 pm Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Pat Paruch- Trustee Don Johnson- Trustee ALSO PRESENT: Julie Rudd - Bd Chief Administrative Officer/ Bd Secretary/Bd Treasurer Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony Brian Green – Investment Advisor with AndCo Leah Motyka - Administrative Assistant- Pension Technician EXCUSED ABSENCE: Moved by Pat Paruch to excuse Trustee Dave Poulton’s absence Supported by Bret Nelson MOTION ADOPTED 4/0 Election of chairperson and vice chairperson of the retiree health care investment board Motioned by Pat Paruch to elect Lee Collick as Chairperson Supported by Don Johnson MOTION ADOPTED UNANIMOUSLY 4/0 Pat Paruch nominated Bret Nelson as Vice Chairperson Supported by Don Johnson MOTION ADOPTED UNANIMOUSLY 4/0 Public Comment- none th Board approval of the draft minutes for May 4 , 2017 meeting th Moved by Bret Nelson to approve the May 4 , 2017 meeting minutes Supported by Pat Paruch MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS Investment report dated May 31, 2017 presented by Brian Green (report on file in the finance department), along with memo dated May 31, 2017 re: Update on current allocation status of trust investments Total fund performance since inception is 0.76% vs. policy index 0.60% Moved by Bret Nelson to receive and file report Supported by Pat Paruch MOTION ADOPTED UNANIMOUSLY 4/0 Brian advises return expectations for the next 10 years are a bit lower than what we’ve experienced in the last 10 years, since it’s been such a good run from the 2009 lows. Many of the actuaries from Gabriel Roeder have been aggressively recommending a reduction in assumed rates of return because of the view that the next 10 years may be less than assumed. LEGAL None OTHER None NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled for immediately following the retirement system board meeting at approximately 9:30 am on Friday – July 14, 2017 at City Hall room 309. th Moved by Don Johnson to adjourn the meeting (2:13 pm.) and confirm next meeting for July 14 , 2017 immediately following retirement system board meeting at approximately 9:30 am Supported by Pat Paruch MOTION ADOPTED UNIANIMOUSLY 4/0