The Pension Board met during their regular meeting on March 25, 2015. I am happy to report the system continues to do very well and has now amassed over $2.25 Billion in assets. As of this meeting our calendar year returns are as follows:
1 year return is 6.40%, the 3 year return is 10.09% and the 5 year is 9.58%
Contracts for several investment managers, custodial services, actuarial services, auditing services, legal services, and property management services were reviewed and renewed.
Three legislative bills were reviewed and discussed. HB3045 is a technical cleanup bill that we need every year to stay in compliance with the IRS. Two other bills, HB1052 and S668 which is similar to HB1052, makes changes to the Pension Commission. Again, these are needed as ‘clean up’ language bills asked for by the system and not detrimental to the members.
One of the boards responsibilities is stay active in pursuing investment fraud. When fraud is detected, litigation is utilized to recoup as much of the original asset as possible. We currently are involved in litigation with Weight Watchers, Dole Food, Tempur-Pedic, and a Tibor litigation RE Laydon vs. Mizuho Bank. The current situation with all of these cases were discussed. We also anticipate a new case involving E-Health.
Arnold Hamilton, of the Oklahoma Observer, has an interesting article in the Journal Record about pensions in Oklahoma and this is the link. http://journalrecord.com/2015/03/19/hamilton-teachers-are-not-the-only-target-opinion/#ixzz3UxE9GTVc
The usual financial forms, minutes, agendas, etc. can be located on the pension web site. Please take time to review them. I endeavor to work hard to look after our interests. Thanks for the opportunity to serve in this capacity. I’m only here because you allow me to be.
Please contact me if you have any questions.
Jeff Pierce
State Trustee,
District 6
Oklahoma Police Pension & Retirement System