Retiree Health Care Investment Board
Regular MeetingRoyal Oak, MI · December 18, 2020
Minutes
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 remotely via Zoom,
on Friday December 18, 2020 at 8:30 a.m.
The meeting was called to order at 8:53 a.m.
Attendance / Roll Call performed
PRESENT: Lee Collick, attending from Royal Oak, Michigan - Chairperson
Bret Nelson, attending from Troy, Michigan - Vice Chairperson
Kyle DuBuc, attending from Royal Oak, Michigan – Trustee
Paul Brake, attending from Royal Oak, Michigan – Trustee
ALSO PRESENT: Julie Rudd - Bd Chief Administrative Officer/ Bd Secretary/Bd Treasurer
Lisa Genord- Administrative Assistant / Pension Technician
Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony
Brian Green – AndCo Investment Advisor
Mark Buis – Gabriel Roeder Smith Consulting
Mike Kosciuk – Gabriel Roeder Smith Consulting
Public Comment
Members of the public were able to participate in the meeting by joining on Zoom Webinar using Meeting
ID 85470529348 & password 597124. Participation could be either online or by calling in:
Online: https://us02web.zoom.us/j/85470529348?pwd=N2p4VDFGMjdFUmRKQ2Y4bjNLKzc5QT09
iPhone: 1 929 205 6099 or 1 301 715 8592
Phone: 1 929 205 6099 or 1 301 715 8592 or 1 312 626 6799 or 1 669 900 6833 or 1 253 215 8782 or
1 346 248 7799. There were no public attendees / comments.
Board approval of the agenda for December 18, 2020 meeting
Moved by Lee Collick to approve the December 18, 2020 meeting agenda
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
Board approval of the draft minutes for November 20, 2020 meeting
Moved by Lee Collick to approve the November 20, 2020 meeting minutes
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
OTHER
Presentation of the Retiree Health Care Plan Actuarial Valuation Report as of June 30, 2020 by
Mark Buis with Gabriel Roeder Smith. Mark reported that the Retiree Health Care Plan Actuarial
Valuation Report is calculated every two years. Mark also reported that as of June 30, 2020, the
city’s Unfunded Actuarial Accrued Liability is $8,350,993 and that the city’s funded ratio is 94.3%.
Moved by Paul Brake to approve the Retiree Health Care Plan Actuarial Valuation Report as of June
30, 2020., and to receive and file.
Supported by Lee Collick
MOTION ADOPTED UNANIMOUSLY 4/0
1
GASB Statement Nos. 74 and 75, Accounting and Financial Reporting for Postemployment
Benefits Other Than Pensions as of June 30, 2020 presented by Mark Buis with Gabriel Roeder
Smith
Moved by Lee Collick to receive and file.
Supported by Paul Brake
MOTION ADOPTED UNANIMOUSLY 4/0
Kyle DuBuc left the meeting at 8:58am
INVESTMENTS
Investment performance review as of November 30, 2020 presented by Brian Green of AndCo.
Market value/allocation of assets as of November 30, 2020 is $139,752,043.
Current month – total portfolio underperformed the benchmark: 7.97% vs. 8.65% index.
3-month performance – total portfolio outperformed the benchmark: 5.23% vs. 4.66% index.
Year-to date performance – total portfolio underperformed the benchmark: 7.45% vs. 10.79% index.
1-year performance – total portfolio underperformed the benchmark: 9.94% vs. 13.44% index.
3-year performance – total portfolio underperformed the benchmark: 6.83% vs. 8.93% index.
Inception – total portfolio underperformed the benchmark: 6.95% vs. 9.08% index.
The complete AndCo Investment Performance Review report dated November 30, 2020 is on file in
Finance Office.
Moved by Lee Collick to receive and file.
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
PGIM Real Estate Prisa II Fund Review 3Q 2020
Moved by Lee Collick to receive and file.
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
Prisa II LP Statement of Assets and Liabilities as of September 30, 2020
Moved by Lee Collick to receive and file.
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
Prisa II UHC, LP Consolidated Statements of Assets and Liabilities as of September 30, 2020
Moved by Lee Collick to receive and file.
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
LEGAL
None
NEXT MEETING AND ADJOURNMENT
Next regular meeting is scheduled immediately following the retirement system board meeting at
approximately 8:30 a.m. on Friday, January 22, 2021, location TBD.
Moved by Lee Collick to adjourn the meeting (9:01 a.m.) and confirm next meeting for January 22, 2021
immediately following retirement system board meeting at approximately 8:30 a.m.
Supported by Bret Nelson
MOTION ADOPTED UNANIMOUSLY 4/0
2
Agenda
Office of the Finance Director
203 South Troy Street
Royal Oak, MI 48067
www.romi.gov
NOTICE OF RETIREE HEALTH CARE INVESTMENT BOARD OF TRUSTEES MEETING
The Royal Oak Retiree Health Care Investment Board of Trustees will hold a meeting at
Approximately 8:30a.m*. on Friday, December 18, 2020
*immediately following the retirement system board of trustees meeting
COVID-19 is a new strain of coronavirus that had not been previously identified in humans, can
spread easily from person to person, and can result in serious illness or death. To mitigate the spread
of COVID-19, to protect the public health, and provide essential protections to vulnerable
Michiganders, it is crucial that all Michiganders take steps to limit in-person contact. The critical
mitigation measures include social distancing and limiting the number of people interacting at public
gatherings. Conducting the December 18, 2020 Royal Oak Retiree Health Care Investment Board of
Trustees meeting in person would risk the personal health or safety of members of the public and/or
the retiree health care investment board of trustees. Therefore, the meeting will be held electronically,
in compliance with PA 228 of 2020 and procedures established by the Royal Oak City Commission.
Members of the public can participate in the meeting on Zoom Webinar using:
Meeting ID 854 7052 9348 and password 597124
Online https://us02web.zoom.us/j/85470529348?pwd=N2p4VDFGMjdFUmRKQ2Y4bjNLKzc5QT09
iPhone: 1 929 205 6099 or 1 301 715 8592
Phone: 1 929 205 6099 or 1 301 715 8592 or 1 312 626 6799 or 1 669 900 6833 or 1 253 215
8782 or 1 346 248 7799
Members of the public can also contact members of the retiree health care investment board to
provide input or ask questions on any business that will come before the retiree health care
investment board of trustees at the meeting via e-mail as follows:
ccdubuc@romi.gov
leec@romi.gov
bretn@romi.gov
Anyone wishing to participate in the meeting who is in need of special assistance under the
Americans with Disabilities Act (ADA) is asked to contact Carol Schwanger, city manager’s executive
assistant at 248-246-3203 by 12:00p.m. on Wednesday, December 16, 2020, so that appropriate
arrangements can be made.
Office of the Finance Director
203 South Troy Street
Royal Oak, MI 48067
www.romi.gov
Agenda
Royal Oak City Retiree Health Care Investment Board of Trustees Meeting
City Hall, 203 South Troy Street
Royal Oak, MI 48067
Friday, December 18, 2020 at 8:30a.m.*
*Approximated time – immediately following the retirement system board meeting
Zoom Webinar
Meeting ID 854 7052 9348 and password 597124
Online https://us02web.zoom.us/j/85470529348?pwd=N2p4VDFGMjdFUmRKQ2Y4bjNLKzc5QT09
iPhone: 1 929 205 6099 or 1 301 715 8592
Phone: 1 929 205 6099 or 1 301 715 8592 or 1 312 626 6799 or 1 669 900 6833 or 1 253 215
8782 or 1 346 248 7799
1. Call to Order | Roll Call
2. Public Comment
3. Approval of Agenda December 18, 2020
4. Approval of Minutes November 20, 2020
5. Other Business
Presentation of the Retiree Health Care Plan Actuarial Valuation Report as of June 30,
2020 by Mark Buis with Gabriel Roeder Smith (enclosed)
Be it resolved that the Board receive and file.
GASB Statement Nos. 74 and 75, Accounting and Financial Reporting for Postemployment
Benefits Other Than Pensions as of June 30, 2020 by Mark Buis with Gabriel Roeder Smith
(enclosed).
Be it resolved that the Board receive and file.
6. Investments
Market value and performance update presented by Brian Green with AndCo Investments
(enclosed)
Be it resolved that the Board receive and file.
PGIM Real Estate Prisa II Fund Review 3Q 2020 (enclosed)
Be it resolved that the Board receive and file.
Prisa II LP Statement of Assets and Liabilities as of September 30, 2020 (enclosed)
Be it resolved that the Board receive and file.
Prisa II UHC, LP Consolidated Statements of Assets and Liabilities as of September 30,
2020 (enclosed)
Be it resolved that the Board receive and file.
7. Legal - None
8. Adjournment and Next Meeting - Request the board schedule the next meeting the third Friday
of the month – January 15, 2021 at 8:00a.m. on Zoom webinar
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