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 – December 3, 2018 at 8:30 a.m. The meeting was called to order at 8:43 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee 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 Mark Buis-Senior Consultant with GRS Mike Kosciuk- Consultant with GRS Amended the agenda to add Retiree Health Care Actuarial Valuation as of June 30, 2018 Public Comment- none Board approval of the draft minutes for November 8th, 2018 meeting Moved by Lee Collick to approve the November 8th, 2018 meeting minutes Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 5/0 INVESTMENTS Preliminary performance summary as of November 29, 2018 presented by Brian Green Market value/allocation of assets as of November 29, 2018 is $128,303,562 Total fund performance outperformed for the quarter -4.01% vs. policy index -4.63% Total fund performance for the month is 0.77% vs. policy index 0.80% Total fund performance for YTD is -1.38% vs. policy index -0.23% The complete report is on file in finance office. Moved by Kyle DuBuc to receive and file report Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 5/0 PGIM Real Estate PRISA II 3Q18 Investor Call 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 Real Estate PRISA II Third Quarter 2018 Fund Review 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 PRISA II LP-Statements of assets and liabilities- September 30, 2018 and June 30, 2018 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 PRISA II UHC, LP-Consolidated statements of assets and liabilities- September 30, 2018 and June 30, 2018 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 LEGAL-none OTHER Political Contribution Disclosure Form and Compensation Disclosure Form returned to the Board by AndCo in accordance with board policy. Moved by Kyle DuBuc to receive and file Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 5/0 Presentation of the Retiree Health Care Actuarial Valuation as of June 30, 2018 by Mark Buis with Gabriel Roeder Smith The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Kyle DuBuc MOTION ADOPTED UNANIMOUSLY 5/0 NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 8:30 am on Monday – January 7th, 2019 at city hall room 309. Moved by Bret Nelson to adjourn the meeting (8:58 a.m.) and confirm next meeting for January 7th, 2019 immediately following retirement system board meeting at approximately 8:30 a.m. Supported by Lee Collick MOTION ADOPTED UNIANIMOUSLY 5/0