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 – February 8, 2018 at 8:30 a.m. The meeting was called to order at 9:23 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee Don Johnson- Trustee ABSENT: 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 Chris Kuhn – Investment Advisor with AndCo Shawn Lambouris- Firefighter Mark Buis-Senior Consultant with GRS Mike Kosciuk- Consultant with GRS Public Comment- none Board approval of the draft minutes for January 17th, 2018 meeting Moved by Bret Nelson to approve the January 17th, 2018 meeting minutes Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS December 31, 2017 Investment performance, January 31, 2018 Investment performance, presented by Chris Kuhn (reports on file in the finance department), along with memo dated February 2, 2018 re: Update on current allocation status of trust investments Market value/allocation of assets as of January 31, 2018 is $115,821,508 Total fund performance since inception is 9.74% vs. policy index 11.37% Total fund performance for the quarter is 5.95% vs. policy index 6.27% Total fund performance for the month is 3.56% vs. policy index 3.65% Still watching Northpointe and Litman. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 Seizert Capital Partners Quarterly Report dated December 31, 2017 The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 Seizert Capital Partners Mid Cap Commentary 4Q17 as of December 31, 2017 The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 Seizert Capital Partners Directions 4Q17 as of December 31, 2017 The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 LEGAL OTHER Presentation of the GASB statement no. 74 and no. 75 accounting and financial reporting for postemployment benefits other than pensions as of June 30, 2017 by Mark Buis with Gabriel Roeder Smith The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNANIMOUSLY 4/0 NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled for immediately following the retirement system board meeting at approximately 9:30 am on Thursday – March 8th, 2018 at City Hall room 309. Moved by Don Johnson to adjourn the meeting (9:55 a.m.) and confirm next meeting for March 8th, 2018 immediately following retirement system board meeting at approximately 9:30 am Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 4/0