Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA April 11, 2024 10:00 AM Paul Bronson, Chair Ken Culver, Vice­Chair Board Members: Brent Bryant Bruce Davis Doug Dowler Sri Jonnada Aimee Maddera Karla Nickels JC Reiss Randy Thurman Matt Weller Amy K. Simpson, Ex­officio Matthew Boggs, Ex­officio Jeanna Jordan, ERS Manager Richard Mahoney, Assistant Municipal Counselor 200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION It is the policy of the City to ensure that communications with participants and members of the public with disabilities are as effective as communications with others. Anyone with a disability who requires an accommodation, a modification of policies or procedures, or an auxiliary aid or service in order to participate in this meeting should contact the agenda coordinator at 297­2408 as soon as possible but not later than 48 hours (not including weekends or holidays) before the scheduled meeting. The department will give primary consideration to the choice of auxiliary aid or service requested by the individual with the disability. If you need an alternate format of the agenda or any information provided at said meeting, please contact the agenda coordinator listed above 48 hours prior to the scheduled meeting. Citizens may address the Board on certain items by signing up to speak and providing the agenda item number, their reason for appearing and their address, but all comments must be relevant to the item. The Chairman or presiding officer may in his or her discretion prohibit a person from addressing the Board, or have any person removed from the Council Chamber, if that person commits any disorderly or  200 N. Walker Avenue – 3rd Floor – Council Chamber MEETING INFORMATION It is the policy of the City to ensure that communications with participants and members of the public with disabilities are as effective as communications with others. Anyone with a disability who requires an accommodation, a modification of policies or procedures, or an auxiliary aid or service in order to participate in this meeting should contact the agenda coordinator at 297­2408 as soon as possible but not later than 48 hours (not including weekends or holidays) before the scheduled meeting. The department will give primary consideration to the choice of auxiliary aid or service requested by the individual with the disability. If you need an alternate format of the agenda or any information provided at said meeting, please contact the agenda coordinator listed above 48 hours prior to the scheduled meeting. Citizens may address the Board on certain items by signing up to speak and providing the agenda item number, their reason for appearing and their address, but all comments must be relevant to the item. The Chairman or presiding officer may in his or her discretion prohibit a person from addressing the Board, or have any person removed from the Council Chamber, if that person commits any disorderly or disruptive behavior. Disorderly conduct includes, but is not limited to, any of the following: speaking without being recognized by the Chairman or presiding officer; continuing to speak after notice that the speaker’s allotted time has expired; presenting comments or material not relevant to the item under discussion; failing to comply with the lawful instructions of the Chairman or presiding officer; engaging in other conduct, activity or speech that delays, pursuant to 21 O.S. § 280, disruptive conduct includes any conduct that is “violent, threatening, abusive, obscene, or that jeopardizes the safety of self or others. A person may also be subject to arrest and removal from the Municipal Building for violation of Oklahoma City Municipal Code 2020, § 3081 – Disorderly conduct and/or violation of Okla. Stat. tit. 21, §280 Willfully Disturbing, Interfering With or Disrupting State Business, Agency Operations or Employees. Citizens may address the Board on individual concerns at the end of the agenda under “Comments from Board, Staff and Citizens.” Comments from Board, Staff and Citizens is not provided as a forum for publicly announced or declared candidates for City public office, and they will not be allowed to speak as Comments from Board, Staff and Citizens. Citizens will not be allowed to campaign on any political issue during the meeting. Comments must concern OCERS services or policies. Please fill out a "Request to be Heard" form located outside the Chambers. Please return this form to the Council Office at the north end of the hall. PLEASE LIMIT YOUR COMMENTS TO 3 MINUTES. Continuing to speak beyond the time allowed by the Chairman or presiding officer shall constitute grounds for removal from the Council Chamber. Citizens who wish to be listed on the agenda for comments to the Board may call the City Clerk's Office at 297­ 2397 before 4 p.m. on the Tuesday prior to the next OCERS meeting. Persons so listed on the agenda for comments to the Board are subject to the same restrictions listed above. Persons may use City computer to make presentations to the Board only if requested to do so by the Chairman or a board member and the device containing the presentation is provided to the City Clerk three business days in advance. Television and YouTube Coverage Residents can watch the OCERS meeting live by going to http://youtube.com/cityofokc/live Meetings can also be watched live on Cox Cable Channel 20. If there are technical difficulties with either live stream during the meeting, a video will be posted as soon as possible after the meeting. OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA 10:00 AM, April 11, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of March 14, 2024. III. PRESENTATION from Investment Managers. A. Earnest Partners IV. CONSENT DOCKET: A. Report of judgments purchased for month of March 2024 in the amount of stream during the meeting, a video will be posted as soon as possible after the meeting. OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA 10:00 AM, April 11, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of March 14, 2024. III. PRESENTATION from Investment Managers. A. Earnest Partners IV. CONSENT DOCKET: A. Report of judgments purchased for month of March 2024 in the amount of $583,295.99. B. RealReal Inc. class action settlement proceeds in the amount of $25.62. C. Commvault Systems, Inc. class action settlement proceeds in the amount of $31.65. D. Earnest Partners commission recapture proceeds in the amount of $155.27. V. RATIFY APPROVALS: A. Payroll for the month of March 2024, in the amount of $3,958,991.72. B. Payment of claim to The City of Oklahoma City in the amount of $2.55 for February 2024 Color Copies. C. Payment of claim to The City of Oklahoma City in the amount of $964.99 for February 2024 Chargeback Postage. D. The action of the Secretary and Administrator in modifying the application due to a change in the Average Final Compensation, Monthly Pension Amount and Joint Annuity Percentage. 1. Case No. 3779 Laurie Allen – Human Resources Years of Service: 13 Years, 9 Months Basis: Service Age: 65 Spouse: 65 Option C Average Final Compensation: From: $7,501.25 To: $7,543.65 Monthly Pension Amount: From: $1,921.33 ($7,501.25 X 27.5% X .9314) To: $1,927.60 ($7,543.65 X 27.5% X .92919) Effective: January 25, 2022 2. Case No. 3780 James Ashley – Utilities Years of Service: 27 Years, 2 Months Basis: Service Age: 53 Spouse: 50 Option A Average Final Compensation: From: $4,338.17 To: $4,360.91 2. Case No. 3780 James Ashley – Utilities Years of Service: 27 Years, 2 Months Basis: Service Age: 53 Spouse: 50 Option A Average Final Compensation: From: $4,338.17 To: $4,360.91 Monthly Pension Amount: From: $2,136.23 ($4,338.17 X 54.33% X .90636); or $1,957.33 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $2,147.42 ($4,360.91 X 54.33% X .90636); or $1968.52 with $30,000 Lump Sum Distribution Effective: January 4, 2022 3. Case No. 3781 Allison Bueno – Police Years of Service: 12 Years, 2 Months Basis: Service Age: 59 Spouse: 60 Option A Average Final Compensation: From: $3,890.43 To: $3,924.55 Monthly Pension Amount: From: $645.81 ($3,890.43 X 24.33% less 24% for early retirement X .89774) To: $651.47 ($3,924.55 X 24.33% less 24% for early retirement X .89774) Effective: January 28, 2022 4. Case No. 3782 Steve Byers – Information Technology Years of Service: 31 Years, 4 Months Basis: Service Age: 60 Not Married Average Final Compensation: From: $8,485.85 To: $8,528.31 Monthly Pension Amount: From: $5,318.08 ($8,485.85 X 62.67%); or $5,103.22 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $5,344.69 ($8,528.31 X 62.67%); or $5,129.83 with $30,000 Lump Sum Distribution Effective: January 22, 2022 5. Case No. 3783 Richard Chapa – Public Works Years of Service: 16 Years, 9 Months Basis: Service Age: 68 Spouse: 69 Option B Average Final Compensation: From: $4,915.89 To: $4,953.52 Monthly Pension Amount: From: $1,468.58 ($4,915.89 X 33.5% X .89177) To: $1,479.83 ($4,953.52 X 33.5% X .89177) Effective: January 21, 2022 6. Case No. 3794 Betty Cox – City Manager’s Office (MAPS) Years of Service: 23 Years, 2 Months Basis: Service Age: 65 Spouse: 62 No Option Average Final Compensation: From: $7,286.78 To: $7,322.07 Monthly Pension Amount: From: $3,375.97 ($7,286.78 X 46.33%) To: $3,392.32 ($7,322.07 X 46.33%) Effective: January 4, 2022  Age: 65 Spouse: 62 No Option Average Final Compensation: From: $7,286.78 To: $7,322.07 Monthly Pension Amount: From: $3,375.97 ($7,286.78 X 46.33%) To: $3,392.32 ($7,322.07 X 46.33%) Effective: January 4, 2022 7. Case No. 3785 Dale Green – Golf Years of Service: 5 Years, 7 Months Basis: Service Age: 72 Spouse: 70 Option A Average Final Compensation: From: $1,829.38 To: $1,832.14 Monthly Pension Amount: From: $166.71 ($1,829.38 X 11.17% X .81584); or $92.39 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $166.96 ($1,832.14 X 11.17% X .81584); or $92.65 with $30,000 Lump Sum Distribution Effective: January 2, 2022 8. Case No. 3786 Myra Kirk­Brown – Development Services Years of Service: 15 Years, 9 Months Basis: Service Age: 66 Spouse: 70 No Option Average Final Compensation: From: $4,185.40 To: $4,207.65 Monthly Pension Amount: From: $1,318.40 ($4,185.40 X 31.5%); or $1,080.49 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $1,325.41 ($4,207.65 X 31.5%); or $1,087.50 with $30,000 Lump Sum Distribution Effective: January 7, 2022 9. Case No. 3787 Joyce Lambert – Utilities Years of Service: 30 Years, 5 Months Basis: Service Age: 65 Not Married Average Final Compensation: From: $6,345.56 To: $6,379.02 Monthly Pension Amount: From: $3,860.00 ($6,345.56 X 60.83%); or $3,626.62 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $3,880.36 ($6,379.02 X 60.83%); or $3,646.98 with $30,000 Lump Sum Distribution Effective: January 4, 2022 10. Case No. 3806 Phillip Marshall – Fire Years of Service: 33 Years, 10 Months Basis: Service Age: 68 Spouse: 64 Option A Average Final Compensation: From: $6,751.36 To: $6,753.91 Monthly Pension Amount: From: $3,772.24 ($6,751.36 X 67.67% X .82568) To: $3,773.66 ($6,753.91 X 67.67% X .82568) Effective: January 29, 2022 11. Case No. 3788 Kirk McIntosh – Public Works  .82568) To: $3,773.66 ($6,753.91 X 67.67% X .82568) Effective: January 29, 2022 11. Case No. 3788 Kirk McIntosh – Public Works Years of Service: 38 Years, 9 Months Basis: Service Age: 62 Spouse: 81 Option B Average Final Compensation: From: $5,172.39 To: $5,191.72 Monthly Pension Amount: From: $3,904.94 ($5,172.39 X 77.5% X .97414) To: $3,919.53 ($5,191.72 X 77.5% X .97414) Effective: January 15, 2022 12. Case No. 3790 Lucretia Smith – Public Works Years of Service: 26 Years, 7 Months Basis: Service Age: 61 Not Married Average Final Compensation: From: $4,890.70 To: $4,918.19 Monthly Pension Amount: From: $2,600.39 ($4,890.70 X 53.17%); or $2,392.31 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $2,615.00 ($4,918.19 X 53.17%); or $2,396.92 with $30,000 Lump Sum Distribution Effective: January 28, 2022 13. Case No. 3798 Ricky Snodgrass – Utilities Years of Service: 32 Years, 8 Months Basis: Service Age: 60 Spouse: 59 No Option Average Final Compensation: From: $6,423.27 To: $6,458.86 Monthly Pension Amount: From: $4,196.32 ($6,423.27 X 65.33%) To: $4,219.57 ($6,458.86 X 65.33%) Effective: January 7, 2022 14. Case No. 3792 Lynna Thompson – Airports Years of Service: 17 Years, 2 Months Basis: Service Age: 70 Not Married Average Final Compensation: From: $6,663.24 To: $6,698.55 Monthly Pension Amount: From: $2,287.49 ($6,663.24 X 34.33%); or $2,027.82 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $2,299.61 ($6,698.55 X 34.33%); or $2,039.94 with $30,000 Lump Sum Distribution Effective: January 7, 2022 15. Case No. 3801 Dwight Wickware – Utilities Years of Service: 10 Years, 0 Months Basis: Service Age: 77 Spouse: 72 No Option Average Final Compensation: From: $5,083.36 To: $5,120.78 Monthly Pension Amount: From: $1,016.67 ($5.083.36 X 20%); or  Years of Service: 10 Years, 0 Months Basis: Service Age: 77 Spouse: 72 No Option Average Final Compensation: From: $5,083.36 To: $5,120.78 Monthly Pension Amount: From: $1,016.67 ($5.083.36 X 20%); or $698.10 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $1,024.16 ($5,120.78 X 20%); or $705.59 with $30,000 Lump Sum Distribution Effective: January 7, 2022 16. Case No. 3793 Jimmie Woolly – Parks Years of Service: 29 Years, 9 Months Basis: Service Age: 67 Not Married Average Final Compensation: From: $4,678.50 To: $4,695.30 Monthly Pension Amount: From: $2,783.71 ($4,678.50 X 59.5%); or $2,540.94 with $30,000 Lump Sum Distribution Monthly Pension Amount: To: $2,793.70 ($4,695.30 X 59.5%); or $2,550.93 with $30,000 Lump Sum Distribution Effective: January 4, 2022 VI. APPROVE claims docket. A. Claims to be approved. VII. APPROVE the following applications for Service Retirement. A. Case No. 3969 David Bryant – Zoo Years of Service: 14 Years, 6 Months Basis: Service Age: 58 Spouse: 48 Option C Average Final Compensation: $8,044.85 Monthly Pension Amount: $1,552.88 ($8,044.85 X 29% less 28% for early retirement X .92446) Effective: December 8, 2023 B. Case No. 3970 David Combs – Parks Years of Service: 16 Years, 2 Months Basis: Service Age: 65 Not Married Average Final Compensation: $5,025.41 Monthly Pension Amount: $1,624.72 ($5,025.41 X 32.33%) Effective: January 24, 2024 C. Case No. 3971 Jason Martinez – Finance Years of Service: 25 Years, 1 Months Basis: Service Age: 52 Spouse: 52 Option A Average Final Compensation: $9,399.43 Monthly Pension Amount: $4,331.88 ($9,399.43 X 50.17% X .91861) Effective: April 4, 2024  Years of Service: 25 Years, 1 Months Basis: Service Age: 52 Spouse: 52 Option A Average Final Compensation: $9,399.43 Monthly Pension Amount: $4,331.88 ($9,399.43 X 50.17% X .91861) Effective: April 4, 2024 D. Case No. 3972 Troy McCollum – Golf Years of Service: 30 Years, 3 Months Basis: Service Age: 60 Not Married Average Final Compensation: $4,856.93 Monthly Pension Amount: $2,938.44 ($4,856.93 X 60.5%) Effective: April 26, 2024 E. Case No. 3973 Randy Smith – Utilities Years of Service: 25 Years, 1 Months Basis: Service Age: 54 Spouse: 52 Option C Average Final Compensation: $5,227.96 Monthly Pension Amount: $2,492.88 ($5,227.96 X 50.17% X .95044); or $2,303.33 with $30,000 Lump Sum Distribution Effective: April 2, 2024 VIII. RECEIVE report of death. AUTHORIZE payment of the $5,000 death benefit and AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 3209 Diana Haywood – Died April 2, 2024 Monthly Pension Amount: $2,412.10 No Option Retirement Date: June 17, 2016 Pension to cease: April 30, 2024 B. Case No. 1434 Eclistous Marzett – Died March 16, 2024 Monthly Pension Amount: $2,291.35 Option C – Spouse Predeceased Retirement Date: August 1, 1987 Pension to cease: March 31, 2024 IX. INDIVIDUAL CONSIDERATION: A. Approve purchase of desktop scanners and personal shredders for ERS staff with a total cost estimated at $2,600.00. B. Approve sending Richard Mahoney and Brett Logan to the National Association of Public Pension Attorneys 2024 Legal Education Conference, June 25­ 28, 2024 in Fort Lauderdale, FL. C. Approve the Retention Agreement with the securities law firm, Labaton Keller Sucharow, to represent the Oklahoma City Employee Retirement System in prosecuting a securities class action to recover losses sustained by System (and  2024 in Fort Lauderdale, FL. C. Approve the Retention Agreement with the securities law firm, Labaton Keller Sucharow, to represent the Oklahoma City Employee Retirement System in prosecuting a securities class action to recover losses sustained by System (and other class members) as a result of investments in Shoals Technologies Group, Inc.; and authorize the Chairman and Municipal Counselor’s Office to review and execute and deliver any documents required in pursuit of the litigation, including documents necessary to act as lead plaintiff in the litigation, required certifications, and required discovery materials. X. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XI. Comments from Board, Staff and Citizens. XII. Adjournment.