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Agenda Retiree Health Care Trust Board Regular Meeting Monroe County Board of Commissioners Chambers Room Monday, November 28, 2016 – 3:00 P.M

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Agenda Retiree Health Care Trust Board Regular Meeting Monroe County Board of Commissioners Chambers Room Monday, November 28, 2016 – 3:00 P.M Retiree Health Care Trust Board Regular Meeting November 28, 2016 Page 1 AGENDA RETIREE HEALTH CARE TRUST BOARD REGULAR MEETING MONROE COUNTY BOARD OF COMMISSIONERS CHAMBERS ROOM MONDAY, NOVEMBER 28, 2016 – 3:00 P.M. 125 E. SECOND STREET MONROE, MI 48161 (734) 240-7003 I. CALL TO ORDER II. ROLL CALL III. PLEDGE OF ALLEGIANCE IV. APPROVAL OF AGENDA V. APPROVAL OF MINUTES 1. 10/24/2016 – Regular Meeting 2. 10/28/2016—Special Meeting VI. PUBLIC COMMENT VII. COMMUNICATIONS 1. Correspondance 2. Information 3. Presentation from Money Manager, Voya/Clarion—REIT, Mark Blinder VIII. OLD BUSINESS 1. Update on Investment Consultant Request for Proposal jointly with other Monroe County Trust Funds 2. Discussion of presentation to Board of Commissioners to comply with Article VII, Section 7.01 (paragraph #4); Copy attached IX. NEW BUSINESS 1. Monroe County Retiree Health Care Trust Investment Report as of October 31, 2016 2. Monroe County Retiree Health Care Trust Quarterly report as of September 30, 2016 3. Monroe County Retiree Health Care Trust Quarterly Watch List as of September 30, 2016 X. PUBLIC COMMENT XI. MEMBERS TIME XII. NEXT MEETING – To Be Determined XIII. ADJOURNMENT The County of Monroe will provide necessary auxiliary aids and services, such as signers for the learning impaired and audiotapes of printed materials being considered at the meeting to individuals with disabilities at the meeting upon one week’s notice to the County of Monroe. Individuals with disabilities requiring auxiliary aids or services should contact the County of Monroe by writing or calling the following: Human Resources – 125 East Second Street, Monroe, MI 48161 – Voice (734) 240-7295 and TDD (734) 240-7300 Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 1 RETIREE HEALTH CARE BOARD OF TRUSTEES I. The Retiree Health Care Board of the Trustees of the Monroe County Board of Commissioners was held in the Board of Commissioners Chambers on Monday, October 24, 2016. Chairman, Bob Neely, called the meeting to order at 3:01 p.m. II. ROLL CALL Roll call by clerk as follows: Trustees Present: Michael Bosanac, Bob Neely, Al Potratz, David Rever and Kay Sisung. Trustees Absent: None Michael Cho from Morgan Stanley was also in attendance. A quorum being present, the Board proceeded to conduct business. III. PLEDGE OF ALLEGIANCE Al Potratz led the Pledge of Allegiance. IV. APPROVAL OF AGENDA Motion by Michael Bosanac, supported by David Rever to approve the September 30, 2016 agenda as presented. Motion carried. V. APPROVAL OF MINUTES (09/30/16 Regular Meeting) Motion by Michael Bosanac, supported by Kay Sisung to approve the September 30, 2016 Regular Meeting minutes as presented and waive the reading of the minutes. Motion carried. VI. PUBLIC COMMENT – None VII. COMMUNICATIONS-- 1. Correspondence – None 2. Information—None 3. Presentation from Money Manager, TCW—Large Value, Erick Coan $200 billion under management 75% in domestic fixed income Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 2 Search for Value Poised for Growth Companies with low current valuations but improving fundamentals or a catalyst which could enhance earnings growth and company value Fast growing companies selling at attractive valuations due to temporary conditions Actively managed and long term investors Underperformed the benchmark for over 15 years 4. Presentation from Money Manager, Wisdomtree—ETF Currency Hedge, Chris Jerome and Brad Krom Exposure to Japanese values but hedging out the yen Target revenue from outside of Japan Thesis has not fully run its course Weakening yen is a positive in Japanese stocks VIII. OLD BUSINESS – 1. Update on Investment Consultant Request for Proposal jointly with MCERS, Library and Road Commission RHC Funds. Michael Bosanac discussed that they should do their due diligence and issue the RFP possibly with the other Boards. He doesn’t think the pension board will ever go along. Thinks we need to make some modifications to it and issue it without waiting any longer. Chairman Neely proposes that as a courtesy they notify the other boards, that we intend to proceed, give them a date that we will issue RFP and give them opportunity to join in. We will proceed with RFP by January 1, 2017. Chairman Neely wants a Sub-Committee to review the RFP and make any necessary modifications and identify a date to issue it. The Sub-Committee will consist of David Rever, Michael Bosanac and Bob Neely. They plan to meet within the next 30 days. Motion by Michael Bosanac to form the Sub-Committee, supported by Kay Sisung. Discussion continued and Michael Bosanac to issue courtesy letter to the other Boards under Chairman Neely’s signature and do so as soon as possible. Motion carried. 2. Discussion of Retiree Health Care Actuarial Valuation as of December 31, 2015 Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 3 Michael Bosanac discussed. Pension Board and Retiree Health Care Trust Board have different actuaries. Pension Board’s actuary only presents to the Pension Board and not to the governing Board of Commissioners. Retiree Health Care actuary presents in front of the governing Board of Commissioners with the Retiree Health Care Trust Board in attendance. Pension Board has a 7% discount rate and the Retiree Health Care Trust Board has a 6.5% discount rate. IX. NEW BUSINESS— 1. Monroe County Retiree Health Care Trust Investment Report as of September 30, 2016 The Account Value as of September 30, 2016 was $45,157,143.68; change in value was an increase of $608,668.98 from August 31, 2016 or .38% MTD and 5.44% YTD returns. $440,000.00 cash transfer. Michael Cho explained the investment report. Discussed the 2 Money Managers TCW and Wisdomtree (DXJ) and the presentations in general. Retiree Health Care Trust Board is adamant that the presentations stick to certain subjects, i.e. Performance. Intentions of the Board is to wait until the end of the year and pick up some value and keep the losses under $100,000 with Wisdomtree. Monitor for the next two months and decide what action to take at the end of this year. Discussion of performance of Clearbridge and Loomis Sayles. Michael Cho wants to terminate Loomis Sayles and move into his preference of a Small Cap investment. He will provide information for the Board by tomorrow and they will likely meet again this week to make a decision. They will monitor Clearbridge. Discussed Micro cap investment information. 2. Resolution regarding investment turnaround time Michael Bosanac presented a revised version of the Resolution. Michael Bosanac moved to accept the Resolution as presented, supported by David Rever. Roll Call by Clerk as follows: AYE NAY EXCUSED ABSTAIN Michael Bosanac Bob Neely Al Potratz Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 4 David Rever Kay Sisung Motion carried. 3. Discussion of presentation to Board of Commissioners to comply with Article VII, Section 7.01 (paragraph #4) Michael Bosanac explained that the Retiree Health Care Trust periodically needs to report to the full Board of Commissioners of the Trust. They will come before the Board at the Finance Committee meeting and make a presentation to satisfy the requirement of the Retiree Health Care Trust. Al Potratz added that the BOC is very pleased with how this Board is doing. 4. Discussion of Clearbridge and Loomis Sayles review—See #1 above X. PUBLIC COMMENT –None XI. MEMBERS TIME–No comments from members XII. NEXT MEETING—November 27, 2016 at 3:00 p.m. XIII. ADJOURNMENT Chairman adjourned the meeting at 4:56 p.m. with no further business. Retiree Health Care Board Special Meeting Minutes October 28, 2016 Page 1 RETIREE HEALTH CARE BOARD OF TRUSTEES I. The Special Meeting of the Retiree Health Care Board of Trustees of the Monroe County Board of Commissioners was held in the Board of Commissioners Chambers on Friday, October 28, 2016. Chairman, Bob Neely, called the meeting to order at 11:30 a.m. II. ROLL CALL Roll call by clerk as follows: Trustees Present: Michael Bosanac, Bob Neely, Al Potratz, David Rever and Kay Sisung. Trustees Absent: None Michael Cho from Morgan Stanley was also in attendance (arrived at 11:35). A quorum being present, the Board proceeded to conduct business. III. PLEDGE OF ALLEGIANCE David Rever led the Pledge of Allegiance. Motion carried. IV. PUBLIC COMMENT – None V. NEW BUSINESS— 1. Review of Smid Value section of investment portfolio and any action to change manager to another active manage or passive investment instrument Discussion regarding active versus passive manager funds, including Aberdeen, iShares Russell 2000, iShares Core S&P Small-Cap and Vanguard Small Cap Index Adm Mike Cho recommends iShares Core S&P Small-Cap for passive funds and a split of the funds into both passive and active managers. David Rever would like to see Holdings and Attributes of actively managed funds. Michael Cho will provide and the Board will evaluate a possible split within 60 days. Motion by Michael Bosanac to terminate Loomis Sayles and move all the funds into passively managed iShares Core S&P Small Cap, and to evaluate a possible split into an actively managed fund in 60 days once they see Holdings and Attributes report of actively managed funds; motion supported by David Rever. Motion carried. Retiree Health Care Board Special Meeting Minutes October 28, 2016 Page 2 VI. MEMBERS TIME– Michael Bosanac thanked Michael Cho for taking time to come down for this Special Meeting. No other comments from members. VII. ADJOURNMENT Chairman adjourned the meeting at 12:10 p.m. with no further business. U.S. Real Estate Strategy Portfolio Review and Market Update Monroe County Retiree Health Care Fund November 2016 Presented by: Ritson Ferguson Co-CIO, CBRE Clarion Securities Disclaimer This document contains proprietary information of CBRE Clarion Securities (CBRE Clarion) and is provided to you on a strictly confidential basis.
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