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 at the Royal Oak senior center-room #1, 3500 Marias Ave. Royal Oak MI, Monday – August 6, 2018 at 8:30 a.m. The meeting was called to order at 8:41 am Attendance PRESENT: Bret Nelson- Vice Chairperson Don Johnson- Trustee 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 Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony ABSENT: Lee Collick- Chairperson EXCUSED ABSENCE: Moved by Kim Gibbs to excuse Chairperson Lee Collick’s absence Supported by Kyle DuBuc MOTION ADOPTED 4/0 Public Comment- none Board approval of the draft minutes for July 9th, 2018 meeting Moved by Kyle DuBuc to approve the July 9th, 2018 meeting minutes Supported by Don Johnson MOTION ADOPTED UNANIIMOUSLY 4/0 INVESTMENTS Second Quarter Investment Performance Report dated June 30, 2018 presented by Brian Green Brian said there is nothing new (just reading material) but did take a moment to discuss the top 10 index weights & quarterly performance for the Russell 1000 & 2000. 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 4/0 August 2018 Asset Allocation Discussion Brian does not believe we should lower our rate of return from 7.75%. He did take some time to discuss the historical rolling returns. 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 4/0 Seizert Capital Partners Quarterly Report dated June 30, 2018 Moved by Kim Gibbs to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 4/0 Seizert Capital Partners Directions 2Q18 as of June 30, 2018 Moved by Kim Gibbs to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 4/0 PGIM Second Quarter 2018 Asset & Investment Report Moved by Kim Gibbs to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 4/0 PGIM Real Estate PRISA II Second Quarter 2018 Performance Report Moved by Kim Gibbs to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 4/0 LEGAL-none OTHER-none NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 8:30 am on Monday – September 10th, 2018 at city hall room 309. Moved by Kyle DuBuc to adjourn the meeting (9:12 a.m.) and confirm next meeting for September 10th, 2018 immediately following retirement system board meeting at approximately 8:30 am Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 4/0