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, Wednesday – January 17, 2018 at 9:00 a.m. The meeting was called to order at 9:07 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee Don Johnson- Trustee Kyle DuBuc- 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 Public Comment- none Board approval of the draft minutes for December 7th, 2017 meeting Moved by Bret Nelson to approve the December 7th, 2017 meeting minutes Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS December 31, 2017 Investment performance presented by Brian Green (report on file in the finance department). Market value/allocation of assets is $111,822,479 (does not include asset at MERS) Total fund performance since inception is 5.97% vs. policy index 7.44% Total fund performance for the quarter is 3.10% vs. policy index 3.75% Total fund performance for the month is 0.98% vs. policy index 0.97% Brian discussed how the portfolio for the month was driven by the international market, compared to the domestic. All bond assets are now in the portfolio and at the end of December a new active manager was added (Baird Intermediate Bond). Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 November 30, 2017 Investment performance report (report on file in the finance department). Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 Memo dated December 29, 2017: Update on current allocation status of trust investments Moved by Bret Nelson to receive and file memo Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 LEGAL Memo dated January 5, 2018 from VanOverbeke, Michaud, & Timmony, P.C.- Protecting local government retirement and benefits act- Public Act 202 of 2017 Moved by Bret Nelson to receive and file memo Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 9:45 a.m. Kyle DuBuc arrived OTHER Revenue and expenditure (audited) variance report for year-ending June 30, 2017 was distributed to trustees and briefly reviewed. This is in accordance with board policy that allows finance director to approve trust payments without the board’s specific approval. Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIMOUSLY 5/0 NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled for immediately following the retirement system board meeting at approximately 8:30 am on Thursday – February 8th, 2018 at City Hall room 309. Moved by Don Johnson to adjourn the meeting (9:55 a.m.) and confirm next meeting for February 8th, 2018 immediately following retirement system board meeting at approximately 8:30 am Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 5/0