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, Tuesday – May 8, 2018 at 4:00 p.m. The meeting was called to order at 5:02 pm Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee ABSENT: Kyle DuBuc- Trustee Don Johnson- Trustee ALSO PRESENT: Julie Rudd - Bd Chief Administrative Officer/ Bd Secretary/Bd Treasurer Leah Motyka - Administrative Assistant- Pension Technician Brian Green – Investment Advisor with AndCo Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony Public Comment- none Board approval of the draft minutes for April 11th, 2018 meeting Moved by Bret Nelson to approve the April 11th, 2018 meeting minutes Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 INVESTMENTS April 30, 2018 Investment performance report presented by Brian Green Market value/allocation of assets as of April 30, 2018 is $111,508,649 Total fund performance since inception is 5.21% vs. policy index 6.73% Total fund performance for the quarter is -3.72% vs. policy index -3.66% Total fund performance for the month (except real estate) is 0.02% vs. policy index 0.37% Total fund performance for YTD is -0.29% vs. policy index -0.13% Total fund performance for one year is 5.25% vs. policy index 6.95% The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 Q1 2018 Performance Report The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 Seizert Capital Partners Quarterly Report dated March 31, 2018 Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 Seizert Capital Partners Mid Cap Commentary 1Q18 as of March 31, 2018 Moved by Bret Nelson to receive and file Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 Seizert Capital Partners Directions 1Q18 as of March 31, 2018 Moved by Bret Nelson to receive and file Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 PGIM Real Estate PRISA II First Quarter 2018 Performance Report Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 PRISA II First Quarter 2018 Asset & Investment Report Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 AndCo Consulting ADV Part 2A Moved by Bret Nelson to receive and file Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 AndCo Consulting Privacy Notice Moved by Bret Nelson to receive and file notice Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 LEGAL- none OTHER Actuarial RFI responses discussion Moved by Bret Nelson to continue actuarial services with Gabriel, Roeder, Smith & Company subject to a contract negotiation with a 3-year fee freeze, with a possible 2-year extension. Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 9 am on Wednesday – June 6th, 2018 at City Hall room 309. Meetings will now move to the 1st Monday of every month immediately following the retirement system board meeting. Moved by Bret Nelson to adjourn the meeting (5:32 p.m.) and confirm next meeting for June 6th, 2018 immediately following retirement system board meeting at approximately 9 am Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 3/0