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 – October 8, 2018 at 8:30 a.m. The meeting was called to order at 9:37 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee Kyle DuBuc- Trustee Don Johnson- Trustee ALSO PRESENT: Leah Motyka - Administrative Assistant- Pension Technician Brian Green – Investment Advisor with AndCo Public Comment- none Board approval of the draft minutes for September 10th, 2018 meeting Moved by Don Johnson to approve the September 10th, 2018 meeting minutes Supported by Bret Nelson MOTION ADOPTED UNANIIMOUSLY 5/0 INVESTMENTS Investment performance report for period ending September 30, 2018 presented by Brian Green Market value/allocation of assets as of September 30, 2018 is $136,064,634 Total fund performance since inception is 5.77% vs. policy index 8.03% Total fund performance for the quarter is 2.38% vs. policy index 3.64% Total fund performance for the month (except real estate) is -0.15% vs. policy index 0.04% Total fund performance for YTD is 2.65% vs. policy index 4.51% Total fund performance for one year is 5.84% vs. policy index 8.43% The MERS proceeds were invested. $5 million was added to PRISA II. NorthPointe is no longer a portfolio manager. The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 PGIM memo dated September 17, 2018 re: PRISA II, LP Capital Call for City of Royal Oak Retiree Health Care Investment Trust Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 PGIM memo dated September 21, 2018 re: PRISA II, Cash Flow Distribution Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 Memo dated September 17, 2018 from Brian Green with AndCo: Update on current allocation status of trust investments (memo on file in finance department) Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 Memo from PGIM Real Estate dated September 13, 2018 re: Christy Hill joins PGIM Real Estate as Americas Head of Asset Management (memo on file in finance department) Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 LEGAL Memo dated September 25, 2018 from State of Michigan- Public Act 202: Selection of the final uniform assumptions by the State Treasury Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 Memo dated September 28, 2018 from VanOverbeke, Michaud, & Timmony, P.C. re: final Uniform Actuarial Assumptions. Same remarks discussed in the retirement board meeting. Moved by Bret Nelson to receive and file memo Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 OTHER-none NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 8:30 am on Thursday – November 8th, 2018 at city hall room 309. Moved by Don Johnson to adjourn the meeting (9:50 a.m.) and confirm next meeting for November 8th, 2018 immediately following retirement system board meeting at approximately 8:30 a.m. Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 5/0