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, Monday – July 9, 2018 at 8:30 a.m. The meeting was called to order at 9:14 am Attendance PRESENT: Lee Collick- Chairperson Kim Gibbs- Trustee Kyle DuBuc- 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 ABSENT: Bret Nelson- Vice Chairperson Don Johnson- Trustee Public Comment- none Board approval of the draft minutes for June 6th, 2018 meeting Moved by Kyle DuBuc to approve the June 6th, 2018 meeting minutes Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 INVESTMENTS Investment performance report for period ending June 30, 2018 presented by Brian Green Market value/allocation of assets as of June 30, 2018 is $112,548,687 Total fund performance since inception is 5.28% vs. policy index 6.27% Total fund performance for the quarter (except real estate) is 0.96% vs. policy index 0.92% Total fund performance for the month (except real estate) is 0.33% vs. policy index -0.20% Total fund performance for YTD is 0.64% vs. policy index 0.42% Total fund performance for one year is 5.51% vs. policy index 6.69% Seizert Capital Mid Cap outperformed the benchmark by 6%, strengthening the portfolio for the month. Transamerica Emerging Markets underperformed the benchmark due to heavier exposure to Brazil. And Templeton Global Total Return underperformed due to the US dollar strengthening. The complete report is on file in finance office. Moved by Kim Gibbs to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 3/0 LEGAL Letter regarding increasing the hourly billing rate from VanOverbeke, Michaud, & Timmony, P.C. dated June 25, 2018 Moved by Kyle Dubuc to receive and file Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 Legal Representation Agreement from VanOverbeke, Michaud, & Timmony, P.C Moved by Kyle Dubuc to execute the new legal representation agreement with VanOverbeke, Michaud, & Timmony, P.C. Supported by Kim Gibbs MOTION ADOPTED UNANIIMOUSLY 3/0 OTHER NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 9:00 am on Monday – August 6th, 2018 at Royal Oak senior center- room #1 Moved by Kyle DuBuc to adjourn the meeting and confirm next meeting for August 6th, 2018 immediately following retirement system board meeting at approximately 9:00 am Supported by Lee Collick MOTION ADOPTED UNIANIMOUSLY 3/0