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 – January 7, 2019 at 8:30 a.m. The meeting was called to order at 8:32 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 Shawn Lambouris – Fire Prevention Inspector Public Comment- none Board approval of the draft minutes for December 3rd, 2018 meeting Moved by Bret Nelson to approve the December 3rd, 2018 meeting minutes Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 5/0 INVESTMENTS Investment performance review period ending December 31, 2018 presented by Brian Green Market value/allocation of assets as of December 31, 2018 is $120,892,201 One-month performance (excludes real estate) – total portfolio beat the benchmark -5.13% vs. - 5.17% return Three-month performance (excludes real estate) – total portfolio beat the benchmark -8.73% vs. - 9.11% return YTD performance – total portfolio underperformed the benchmark -6.23% vs. -4.92% return One-year performance – total portfolio underperformed the benchmark -6.23% vs. -4.92% return Inception – total portfolio underperformed the benchmark -0.36% vs.1.23% return PRISA real estate numbers where not in yet but are expected to be positive. The complete report is on file in finance office. Moved by Bret Nelson to receive and file report and handout of S&P 500 total return index history Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 5/0 November 30, 2018 Investment performance report presented by Brian Green The complete report is on file in finance office. Moved by Bret Nelson to receive and file report Supported by Kim Gibbs MOTION ADOPTED UNIANIMOUSLY 5/0 PGIM Real Estate PRISA II- Fall 2018 Advisory Council Meeting Minutes Moved by Kim Gibbs to receive and file Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 5/0 PGIM Real Estate PRISA II Advisory Council Meeting dated November 14, 2018 Moved by Kim Gibbs to receive and file Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 5/0 LEGAL-none OTHER Revenue and expenditure (audited) variance report for year-ending June 30, 2018 Moved by Don Johnson to receive and file the revenue and expenditure (audited) variance report for year-ending June 30, 2018 Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 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 – February 4th, 2019 at city hall room 309. Moved by Bret Nelson to adjourn the meeting (8:56 a.m.) and confirm next meeting for February 4th, 2019 immediately following retirement system board meeting at approximately 8:30 a.m. Supported by Lee Collick MOTION ADOPTED UNIANIMOUSLY 5/0