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 – March 8, 2018 at 9:30 a.m. The meeting was called to order at 9:54 am Attendance PRESENT: Lee Collick- Chairperson Kyle DuBuc- Trustee Kim Gibbs- Trustee Don Johnson- Trustee ABSENT: Bret Nelson- Vice Chairperson 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 Randy LeVasseur- City Commissioner Public Comment- none Board approval of the draft minutes for February 8th, 2018 meeting Moved by Lee Collick to approve the February 8th, 2018 meeting minutes Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS February 28, 2018 Investment performance report presented by Brian Green Market value/allocation of assets as of February 28, 2018 is $112,305,664 Total fund performance since inception is 6.41% vs. policy index 7.49% Total fund performance for the quarter is 1.40% vs. policy index 1.34% Total fund performance for the month is -3.03% vs. policy index -3.05% The complete report is on file in finance office. Moved by Don Johnson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 Seizert Capital Partners memo dated February 1, 2018 Moved by Don Johnson to receive and file memo Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 LEGAL OTHER Healthcare fund line-item budget for fy18-19. Training & education will remain at $2,500 but will be split between the two boards (retirement board and retiree health care investment board). This equals $500 per board member between the two trusts. Moved by Don Johnson to accept the recommended budget for fy18-19. Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 4/0 Recommendation to adopt Advisor and Consultant Review Policy- Discussion of RFP for actuarial services and PA 202 of 2017 compliance Jan. 5, 2018 Michaud memo (will mimic retirement board). Moved by Kyle DuBuc to adopt Advisor and Consultant Review policy Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 4/0 NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 4 pm on Wednesday – April 11th, 2018 at City Hall room 309. Meetings will now move to the 2nd Wednesday of every month immediately following the retirement system board meeting. Moved by Kyle DuBuc to adjourn the meeting (10:17 a.m.) and confirm next meeting for April 11th, 2018 immediately following retirement system board meeting at approximately 4 pm Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 4/0