Oklahoma City Employee Retirement System

OKLAHOMA CITY EMPLOYEE RETIREMENT SYSTEM FORMAL AGENDA September 12, 2024 10:00 AM Paul Bronson, Chair Brent Bryant, Vice­Chair Board Members: Bruce Davis Doug Dowler Sri Jonnada Aimee Maddera Karla Nickels JC Reiss Randy Thurman Matt Weller Vacancy 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, September 12, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of August 8, 2024. III. PRESENTATION from Investment Managers. A. Lazard B. Harding Loevner 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, September 12, 2024 City Council Chamber 200 North Walker I. Call to Order. II. APPROVE minutes of meeting of August 8, 2024. III. PRESENTATION from Investment Managers. A. Lazard B. Harding Loevner IV. CONSENT DOCKET: A. Report of judgments purchased for month of August 2024 in the amount of $237,083.80. B. A­Mark Precious Metals, Inc. dividend payment in the amount of $229.20. C. Earnest Partners commission recapture proceeds for June 2024 in the amount of $9.12. D. Earnest Partners commission recapture proceeds for July 2024 in the amount of $116.26. E. Immunomedics securities settlement proceeds in the amount of $159.51. V. RATIFY APPROVALS: A. Payroll for the month of August 2024, in the amount of $4,128,836.66. B. The action of the Secretary and Administrator in modifying the application due to a change in the Average Final Compensation and Monthly Pension Amount. 1. Case No. 3858 Daniel Churchill – Development Services Years of Service: 25 Years, 2 Months Basis: Service Age: 61 Spouse: 61 Option A Average Final Compensation: From $7,497.34 To: $7,547.61 Monthly Pension Amount: From: $3,340.64 ($7,497.34 X 50.33% X .88531) To: $3,363.04 ($7,547.61 X 50.33% X .88531) Effective: October 7, 2022 2. Case No. 3859 Reginald Dotson – Airports Years of Service: 15 Years, 10 Months Basis: Service Age: 65 Spouse: 68 Option A Average Final Compensation: From $5,764.56 To: $5,875.86 Monthly Pension Amount: From: $1,617.15 ($5,764.56 X 31.67% X .8858) To: $1,648.37 ($5,875.86 X 31.67% X .8858) Effective: November 1, 2022  Basis: Service Age: 65 Spouse: 68 Option A Average Final Compensation: From $5,764.56 To: $5,875.86 Monthly Pension Amount: From: $1,617.15 ($5,764.56 X 31.67% X .8858) To: $1,648.37 ($5,875.86 X 31.67% X .8858) Effective: November 1, 2022 3. Case No. 3852 Charles Green – Public Works Years of Service: 7 Years, 1 Month Basis: Service Age: 66 Spouse: 62 Option A Average Final Compensation: From $3,403.66 To: $3,461.17 Monthly Pension Amount: From: $404.23 ($3,403.66 X 14.17% X .83812) To: $411.06 ($3,461.17 X 14.17% X .83812) Effective: October 29, 2022 4. Case No. 3860 Chris Hamilton – Parks and Recreation Years of Service: 29 Years, 9 Months Basis: Service Age: 55 Spouse: 55 Option A Average Final Compensation: From $9,508.15 To: $9,524.52 Monthly Pension Amount: From: $5,139.25 ($9,508.15 X 59.5% X .90842); or $4,956.10 with $30,000 Lump Sum Distribution To: $5,148.10 ($9,524.52 X 59.5% X .90842); or $4,964.95 with $30,000 Lump Sum Distribution Effective: November 11, 2022 5. Case No. 3853 Craig Harmon – Zoo Years of Service: 27 Years, 11 Months Basis: Service Age: 59 Not Married Average Final Compensation: From $2,919.62 To: $2,919.98 Monthly Pension Amount: From: $1,630.02 ($2,919.62 X 55.83%) To: $1,630.22 ($2,919.98 X 55.83%) Effective: October 5, 2022 6. Case No. 3861 Yvonna Hill – Police Years of Service: 33 Years, 8 Months Basis: Service Age: 56 Not Married Average Final Compensation: From $7,363.28 To: $7,371.53 Monthly Pension Amount: From: $4,957.70 ($7,363.28 X 67.33%); or $4,753.77 with $30,000 Lump Sum Distribution To: $4,963.25 ($7,371.53 X 67.33%); or $4,759.32 with $30,000 Lump Sum Distribution Effective: November 2, 2022 7. Case No. 3862 Fritziene Lothlen – Police Years of Service: 8 Years, 5 Months  Effective: November 2, 2022 7. Case No. 3862 Fritziene Lothlen – Police Years of Service: 8 Years, 5 Months Basis: Service Age: 64 Not Married Average Final Compensation: From $3,275.38 To: $3,357.92 Monthly Pension Amount: From: $529.20 ($3,275.38 X 16.83% less 4% for early retirement) To: $542.53 ($3,357.92 X 16.83% less 4% for early retirement) Effective: November 2, 2022 8. Case No. 3854 David Martin – Public Works Years of Service: 25 Years, 0 Months Basis: Service Age: 54 Not Married Average Final Compensation: From $3,887.45 To: $3,954.53 Monthly Pension Amount: From: $1,943.73 ($3,887.45 X 50%); or $1,744.30 with $30,000 Lump Sum Distribution To: $1,977.27 ($3,954.53 X 50%); or $1,777.84 with $30,000 Lump Sum Distribution Effective: October 21, 2022 9. Case No. 3855 Beverly Orange – Development Services Years of Service: 40 Years, 0 Months Basis: Service Age: 60 Not Married Average Final Compensation: From $5,722.59 To: $5,761.73 Monthly Pension Amount: From: $4,578.07 ($5,722.59 X 80%); or $4,363.21 with $30,000 Lump Sum Distribution To: $4,609.38 ($5,761.73 X 80%); or $4,394.52 with $30,000 Lump Sum Distribution Effective: October 7, 2022 10. Case No. 3863 Charles Thompson – Airports Years of Service: 31 Years, 1 Month Basis: Service Age: 60 Not Married Average Final Compensation: From $7,703.52 To: $7,852.02 Monthly Pension Amount: From: $4,789.28 ($7,703.52 X 62.17%) To: $4,881.60 ($7,852.02 X 62.17%) Effective: November 11, 2022 11. Case No. 3856 Shelley Walton – Public Works Years of Service: 9 Years, 2 Months Basis: Service Age: 68 Not Married Average Final Compensation: From $6,529.37 To: $6,642.26 Monthly Pension Amount: From: $1,196.83 ($6,529.37 X 18.33%); or  Years of Service: 9 Years, 2 Months Basis: Service Age: 68 Not Married Average Final Compensation: From $6,529.37 To: $6,642.26 Monthly Pension Amount: From: $1,196.83 ($6,529.37 X 18.33%); or $948.84 with $30,000 Lump Sum Distribution To: $1,217.53 ($6,642.26 X 18.33%); or $969.54 with $30,000 Lump Sum Distribution Effective: October 28, 2022 VI. APPROVE claims docket. A. Claims to be approved. VII. APPROVE the following applications for Service Retirement. A. Case No. 4004 Victoria Goode – Utilities Years of Service: 12 Years, 8 Months Basis: Service Age: 55 Spouse: 44 No Option Average Final Compensation: $4,206.97 Monthly Pension Amount: $639.38 ($4,206.97 X 25.33% less 40% for early retirement) Effective: September 28, 2024 B. Case No. 4005 Sheila Moore – Utilities Years of Service: 35 Years, 9 Months Basis: Service Age: 63 Not Married Average Final Compensation: $10,544.84 Monthly Pension Amount: $7,539.56 ($10,544.84 X 71.5%) Effective: September 13, 2024 C. Case No. 4006 Charles Russell – Development Services Years of Service: 5 Years, 1 Month Basis: Service Age: 59 Spouse: 59 No Option Average Final Compensation: $4,275.11 Monthly Pension Amount: $330.43 ($4,275.11 X 10.17% less 24% for early retirement) Effective: September 4, 2024 D. Case No. 4007 Willie Sykes – Utilities Years of Service: 19 Years, 5 Months Basis: Service Age: 62 Not Married Average Final Compensation: $5,397.28 Monthly Pension Amount: $1,844.27 ($5,397.28 X 38.83% less 12% for early retirement) Effective: September 27, 2024  Age: 62 Not Married Average Final Compensation: $5,397.28 Monthly Pension Amount: $1,844.27 ($5,397.28 X 38.83% less 12% for early retirement) Effective: September 27, 2024 VIII. APPROVE continuation of pension to spouse. A. Case No. 2100 Clifford Moser – Died June 30, 2024 Monthly Pension Amount: $549.05 Option C Retirement Date: July 9, 2002 Pension to Cease: June 30, 2024 B. Case No. 2100A BeverlyMoser – Widow of Clifford Moser Monthly Pension Amount: $274.53 ($549.05 X 50%) Option C Effective Date: July 1, 2024 IX. RECEIVE report of death. AUTHORIZE payment of the $5,000 death benefit and APPROVE continuation of pension to spouse. A. Case No. 3541 Marvin Barnett – Died August 26, 2024 Monthly Pension Amount: $1,806.95 Option A Retirement Date: July 2, 2019 Pension to Cease: August 31, 2024 B. Case No. 3541A Cynthia Barnett – Widow of Marvin Barnett Monthly Pension Amount: $1,806.95 ($1,806.95 X 100%) Effective Date: September 1, 2024 C. Case No. 1883 Louis Daniels – Died August 18, 2024 Monthly Pension Amount: $800.55 Option B Retirement Date: August 6, 1999 Pension to Cease: August 31, 2024 D. Case No. 1883A Patricia Daniels – Widow of Louis Daniels Monthly Pension Amount: $600.41 ($800.55 X 75%) Effective Date: September 1, 2024 E. Case No. 1085 Claudis Harner – Died July 7, 2024 Monthly Pension Amount: $2,105.33 Option C Retirement Date: January 8, 1982 Pension to Cease: July 31, 2024  Claudis Harner – Died July 7, 2024 Monthly Pension Amount: $2,105.33 Option C Retirement Date: January 8, 1982 Pension to Cease: July 31, 2024 F. Case No. 1085A Elsie Harner – Widow of Claudis Harner Monthly Pension Amount: $1,052.67 ($2,105.33 X 50%) Effective Date: August 1, 2024 X. 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. 2029 Patrica Been – Died August 17, 2024 Monthly Pension Amount: $678.74 Option C – Spouse Predeceased Retirement Date: November 1, 2001 Pension to Cease: August 31, 2024 B. Case No. 1113 John Chaney – Died August 17, 2024 Monthly Pension Amount: $1,723.29 No Option Retirement Date: June 18, 1982 Pension to Cease: August 31, 2024 C. Case No. 1207 Lillie Embry – Died August 26, 2024 Monthly Pension Amount: $1,159.89 Option A – Spouse Predeceased Retirement Date: September 29, 1984 Pension to Cease: August 31, 2024 XI. RECEIVE report of death. AUTHORIZE Secretary to make necessary changes to conform on the following. A. Case No. 2015A Patricia Anderson – Died August 26, 2024 Monthly Pension Amount: $1,611.68 No Beneficiary Pension to Cease: August 31, 2024 B. Case No. 2869A Yvonne Degiacomo – Died June 25, 2024 Monthly Pension Amount: $1,367.70 No Beneficiary Pension to Cease: June 30, 2024 (Recalling July 2024 payment) XII. APPROVE the following applications of Vested Rights. A. Case No. 4008 Jerry Webb – Zoo XII. APPROVE the following applications of Vested Rights. A. Case No. 4008 Jerry Webb – Zoo Years of Service: 12 Years, 4 Months Basis: Vested Rights Age: 60 Not Married Average Final Compensation: $5,248.28 Monthly Pension Amount: $1,294.75 ($5,248.28 X 24.67%) Effective: November 4, 2023 B. Case No. 4009 Daniel Dorgan – Finance Years of Service: 5 Years, 9 Months Basis: Vested Rights Age: 32 Not Married Average Final Compensation: $5,754.18 Monthly Pension Amount: $661.73 ($5,754.18 X 11.5%) Effective: April 20, 2024 XIII. APPROVE the following applications for Disability Retirement. A. Case No. 4010 Angela Jones – City Clerk's Office Years of Service: 9 Years, 3 Months Basis: Disability Age: 48 Not Married Average Final Compensation: $3,431.77 Monthly Pension Amount: $1,372.71 ($3,431.77 X 40%) Effective: August 26, 2022 XIV. INDIVIDUAL CONSIDERATION: A. Amendment No. 1 to Agreement between the Oklahoma City Employee Retirement System and The City of Oklahoma City regarding the City’s obligation to provide certain professional and nonprofessional services and office rental to the Oklahoma City Employee Retirement System and for the Retirement System to provide certain professional services for the City, effective October 1, 2024. B. Resolution adopting all policies and procedures of The City of Oklahoma City, as they exist currently or as they may be amended, regarding accounting and expenditure of public funds except policies and procedures related to the use of purchase orders and encumbrance of funds; and providing that this action shall be effective for all invoices received on or after January 1, 2025. C. Administrative Services Agreement with the Central Oklahoma Transportation and Parking Authority (COTPA) to provide administration of 457 Deferred Compensation Plans, January 1, 2025 through June 30, 2025, revenue $8,500.00. XV. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XVI. Comments from Board, Staff and Citizens. XV. RECEIVE Investment Consultant Report. A. Monthly Investment Report. XVI. Comments from Board, Staff and Citizens. XVII. Adjournment.