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 – December 7, 2017 at 9:30 a.m. The meeting was called to order at 9:50 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee Don Johnson- Trustee ALSO PRESENT: Julie Rudd - Bd Chief Administrative Officer/ Bd Secretary/Bd Treasurer Leah Motyka - Administrative Assistant- Pension Technician Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony Brian Green – Investment Advisor with AndCo George Vitta – Investment Advisor with AndCo EXCUSED ABSENCE: Moved by Bret Nelson to excuse Trustee Kyle DuBuc’s absence Supported by Kim Gibbs MOTION ADOPTED 4/0 Public Comment- none Board approval of the draft minutes for November 2nd, 2017 meeting Moved by Bret Nelson to approve the November 2nd, 2017 meeting minutes Supported by Lee Collick MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS October 31, 2017 Investment performance presented by Brian Green (report on file in the finance department), along with memo dated December 6, 2017 re: Update on current allocation status of trust investments Total fund performance since inception is 3.58% vs. policy index 4.76% Total fund performance for the quarter is 1.59% vs. policy index 2.44% Total fund performance for the month is 0.78% vs. policy index 1.07% Seizert Capital Mid Cap is a reason for underperformance. Brian had just met with them and has renewed confidence. NorthPointe Small Cap has also been a reason for underperformance. Brian met with them a couple of weeks ago and they have had no change in how portfolios are being managed. Litman Masters International Equity underperformance is because of underweight in the emerging market. Transamerica Emerging Markets underweight is China. And Vontobel International Equity is showing quality growth. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 LEGAL Memo dated December 1, 2017 from VanOverbeke, Michaud, & Timmony, P.C.- Protecting local government retirement and benefits act Moved by Don Johnson to receive and file memo Supported by Bret Nelson MOTION ADOPTED UNANIIMOUSLY 4/0 OTHER NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled for immediately following the retirement system board meeting at approximately 9:30 am on Wednesday – January 17th, 2018 at City Hall room 309. Moved by Bret Nelson to adjourn the meeting (10:30 a.m.) and confirm next meeting for January 17th, 2018 immediately following retirement system board meeting at approximately 9:30 am Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 4/0