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Retirement board receives BOK forfeiture report showing $1.3 million balance
Summary
The board received a May forfeiture report showing an account balance of $1,300,000 and year-to-date forfeitures of $1,100,000, and voted to receive the report as presented.
The Oklahoma County Retirement Board received a forfeiture report from BOK showing an account balance of $1,300,000 and year-to-date forfeitures of $1,100,000, and voted to receive the report as presented.
A presenter summarized the report to the board: "Attached to the agenda is, the report as of the May. The account balance is 1,300,000.0, and we've received year to date 1,100,000.0 in forfeitures," and asked if there were questions. A motion to receive the report was moved, seconded and approved by voice vote.
Why this matters: the forfeiture account balance and year-to-date forfeiture receipts reflect funds available to the retirement plan that may be applied according to plan rules; the board’s receipt of the report is an oversight step in monitoring plan assets.
Details and background: the item was presented as part of departmental items on the agenda; no further action or allocation instructions were recorded during the meeting. The board voted to receive the report as presented.
