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HomeMy WebLinkAboutMinutes - 2016.02.01 - 30423OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub- Committee meeting was held February 4, 2016 at 1:30 p.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: Joseph Rozell Laurie VanPelt Andy Meisner Members Absent: James H. VanLeuven Jr, with notice Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Curtis Childs, Sheriffs Jeffrey Phelps, Fiscal Services Lauri Siskind, Trustee Keith Lerminiaux, Corporation Counsel Natalie Neph, Treasurers John Krakowiak, NEPC Jim Ruther, NEPC Guy Watanabe, GW Capital (by phone) Jennifer Ottosen, GW Capital (by phone) Scott Mullet, GW Capital (by phone) 1. Meeting was open for public comment. No one spoke. 2. Discussion ensued regarding the dissolution of small cap value fund manager GW Capital. Moved by VanPelt, seconded by Meisner to move assets from GW Capital small cap value fund to the Lee Munder small cap value fund. Motion carried. a. VanPelt requested a copy of the outlook analysis from GW Capital for the remaining holdings. b. VanPelt requested the minutes from the GW Capital committee meeting where it was decided to sell the investments H&E Equipment, Tidewater Inc. and Tutor Perini Corp. 3. Moved by VanPelt, seconded by Meisner to authorize NEPC to conduct a small cap value fund search and make a recommendation at the March 29th Investment subcommittee meeting. Motion carried. 4. Moved by Meisner, seconded by VanPelt to authorize Keith Lerminiaux, Counsel to the Board to request that outside counsel, the Miller Law firm and Barrack, Rodos and Bacine law firm review the GW Capital contract and recent transactions for litigation to recover lost funds. Motion carried. 5. Moved by Meisner, seconded by VanPelt to adjourn the meeting at 2:25 p.m. Respectfully submitted, ___________________________________ ___________________________________ Joseph Rozell, Trustee Judy D. Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held March 29, 2016 at 10:00 a.m. in the Farmington Hills Conference Room, Executive Office Building. Members Present: James H. VanLeuven Jr Andy Meisner Joseph Rozell Laurie VanPelt Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Curtis Childs, Sheriffs Tom Middleton, Trustee Lauri Siskind, Trustee Natalie Neph, Treasurers Kevin Leonard, NEPC Douglas Moseley, NEPC 1. Meeting was open for public comment. No one spoke. 2. Kevin Leonard and Douglas Moseley, NEPC presented the results of the Small Cap Value fund search to the committee. The current assets will remain with Lee Munder Small Cap Value fund. 3. Discussion regarding personnel changes at NEPC. 4. Moved by Meisner, seconded by Rozell to adjourn the meeting at 11:05 p.m. Respectfully submitted, _________________________________ ________________________________ James H. VanLeuven Jr, Chairman Judy Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held May 26, 2016 at 10:30 a.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: James H. VanLeuven Jr Andy Meisner Joseph Rozell Laurie VanPelt Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Janette Schad, Schwartz & Co. Ben Jones, Schwartz & Co. Edward Schwartz, Schwartz & Co. Dave Breuhan, Schwartz & Co. Ken Wedemeyer, ICMA-RC Zack Thomas, Clerk/Register of Deeds 1. Meeting was open for public comment. No one spoke. 2. Moved by Rozell, seconded by VanPelt to recommend the full board approve the fund changes for the 401(a) plan proposed by Schwartz & Co. as listed on page 14 of their report. Motion carried. 3. Moved by VanPelt, seconded by Meisner to recommend the full board approve the fund changes for the 457(b) plan proposed by Schwartz & Co. as listed on page 51 of their report. Motion carried. 4. Schwartz & Co. will send a communication to all participants affected by the above changes to offer 1:1 services. This notice will follow the standard change notices sent by ICMA-RC and Fidelity respectively. 5. Moved by Phelps, seconded by Meisner to adjourn the meeting at 11:30 a.m. Motion carried. Respectfully submitted, _________________________________ ________________________________ James H. VanLeuven Jr, Chairman Judy Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held July 19, 2016 at 10:00 a.m. in the West Oakland Conference Room, Executive Office Building. Members Present: James H. VanLeuven Jr Jeffrey Phelps Joseph Rozell Laurie VanPelt Others Present: Paige Ritchie, Human Resources Natalie Neph, Treasurer’s Office Mike Valchine, NEPC Kevin Leonard, NEPC 1. Meeting was open for public comment. No one spoke. 2. NEPC presented the Asset Liability Study and Portfolio Construction Review to the Subcommittee. The report was received and filed. 3. Moved by VanPelt, seconded by Rozell to approve the draft template contract with Vertas. Motion carried. 4. Moved by VanPelt, seconded by Rozell to recommend moving the mid cap investments from active to passive management (S&P 400 Index). Motion carried. 5. Moved by Phelps, seconded by Rozell to adjourn the meeting at 12:00 p.m. Motion carried. Respectfully submitted, _________________________________ ________________________________ James H. VanLeuven Jr, Chairman Paige Ritchie, Retirement Specialist OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held August 11, 2016 at 10:30 a.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: James H. VanLeuven Jr Andy Meisner Joseph Rozell Members Absent: Laurie VanPelt, with notice Others Present: Judy Fandale, Human Resources Natalie Neph, Treasurer’s Office Curtis Childs, Sheriff’s Office Janette Schad, Schwartz & Co. Dave Breuhan, Schwartz & Co. Edward Schwartz, Schwartz & Co. 1. Meeting was open for public comment. No one spoke. 2. Schwartz & Co. made a presentation to the Committee with discussion on the different share classes available in the 401(a). They also gave an update on the 457 Request for Proposal. 3. The Committee held a discussion on the following: • Review of NEPC • The change in management at MacQuarie • Loomis Sayles’ holdings in S.K. Telecom being added to the scrutinized companies list in P.A. 314 4. Moved by Rozell, seconded by Meisner to adjourn the meeting at 12:20 p.m. Motion carried. Respectfully submitted, _________________________________ ________________________________ James H. VanLeuven Jr, Chairperson Judy Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held September 8, 2016 at 9:00 a.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: James H. VanLeuven Jr Andy Meisner Joseph Rozell Laurie VanPelt Others Present: Lauri Siskind, Trustee/Citizen Member Judy Fandale, Human Resources Rhonda VanTiflin, Human Resources William Messner, Graystone Consulting John Krakowiak, Graystone Consulting James Ruther, Graystone Consulting Mike Welker, The Bogdahn Group Christopher Kuhn, The Bogdahn Group Peter Brown, The Bogdahn Group 1. Meeting was open for public comment. No one spoke. 2. The following defined benefit consultants made presentations to the Investment Sub- Committee.: a. Graystone Consulting b. The Bogdahn Group 3. Moved by Meisner, seconded by VanPelt to adjourn the meeting at 11:23 a.m. Motion carried. Respectfully submitted, _________________________________ ________________________________ James H. VanLeuven Jr, Chairperson Judy Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held September 22, 2016 at 1:00 p.m. in the Waterford Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Andy Meisner Joseph Rozell Laurie VanPelt Others Present: Judy Fandale, Secretary Curtis Childs, Sheriff’s Office Keith Lerminiaux, Corporation Counsel Natalie Neph, Treasurer’s Office Rhonda VanTiflin, Human Resources 1. Meeting was open for public comment. No one spoke. 2. Moved by Rozell, seconded by Meisner, to terminate relationship with NEPC as Defined Benefit consultant and to authorize the Secretary of the Board to issue and sign the written termination letter. Motion carried. 3. Moved by VanPelt, seconded by Rozell, to enter into negotiations with The Bogdahn Group to serve as Defined Benefit consultant. Motion carried. 4. Moved by Meisner and seconded by Rozell, to initiate a request for proposal for a Defined Contribution (401a) and Deferred Compensation (457b) consultant. Motion carried. 5. Motion by Rozell, supported by VanPelt, to postpone the current 457(b) recordkeeper request for proposal. Motion carried. a. Observed in discussion that, due to this approved motion, the previously scheduled September 26 and October 18, 2016 Investment Subcommittee meetings shall be cancelled. 6. Moved by VanPelt, seconded by Meisner, to adjourn the meeting at 1:28 p.m. Motion carried. Respectfully submitted, _______________________________ ____________________________ James H. VanLeuven, Jr., Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held October 20, 2016 at 10:30 a.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Andy Meisner Joseph Rozell Laurie VanPelt Others Present: Jeffrey Phelps, Fiscal Services Judy Fandale, Secretary Rhonda VanTiflin, Human Resources 1. Meeting was open for public comment. 2. The group reviewed the draft copy of the request for proposal (RFP) for 401(a) Defined Contribution and 457 (b) Deferred Compensation investment consulting services provided by Secretary Fandale. 3. Discussion regarding consideration of appointing an ad hoc committee to assist in administration of the RFP process. 4. Moved by Meisner, seconded by Rozell, to adjourn the meeting at 11:13 a.m. Motion carried. Respectfully submitted, _______________________________ ____________________________ James H. VanLeuven, Jr., Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held November 17, 2016 at 10:30 a.m. in the Royal Oak Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Andy Meisner Joseph Rozell Laurie Van Pelt Others Present: Rhonda Van Tiflin, Human Resources Natalie Neph, Treasurer’s Office Ed Schwartz, Gregory J. Schwartz & Company David Bruehan, Gregory J. Schwartz & Company Janette Schad, Gregory J. Schwartz & Company Ben Jones, Gregory J. Schwartz & Company Ken Wedemeyer, ICMA-RC John Byrne, Prudential John Turk, Prudential Chris Kuhn, The Bogdahn Group Peter Brown, The Bogdahn Group 1. Meeting was open for public comment. No one spoke. 2. Gregory J. Schwartz & Company presented a 401(a) and 457(b) Plans Performance Review to the Sub-Committee. 3. The Bogdahn Group presented an Asset Allocation Study – Part 1 to the Sub-Committee. 4. Moved by Meisner, seconded by Rozell, to adjourn the meeting at 11:45 a.m. Motion carried. The next meeting is scheduled for Tuesday, December 6, 2016 at 9:30 a.m. Respectfully submitted, _______________________________ ______________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held December 6, 2016 at 9:30 a.m. in the Beverly Hills Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Andy Meisner Laurie Van Pelt Members Absent: Joseph Rozell Others Present: Tom Middleton, Trustee Rhonda Van Tiflin, Human Resources Chris Kuhn, The Bogdahn Group Peter Brown, The Bogdahn Group Brian Green, The Bogdahn Group 1. Meeting was open for public comment. No one spoke. 2. Discussion regarding forthcoming name change for The Bogdahn Group in early 2017. 3. The Bogdahn Group presented an Asset Allocation Study – Part 2 to the Sub- Committee. 4. Moved by Meisner, seconded by Van Pelt, to adjourn the meeting at 11:19 a.m. Motion carried. The next meeting is scheduled for Tuesday, December 20, 2016 at 10:00 a.m. Respectfully submitted, _______________________________ ______________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD INVESTMENT SUB-COMMITTEE MINUTES The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-Committee meeting was held December 20, 2016 at 10:00 a.m. in the Royal Oak Conference Room, Executive Office Building (EOB). Members Present: James H. VanLeuven, Jr. Andy Meisner Joseph Rozell Members Absent with Notice: Laurie Van Pelt Others Present: Curtis Childs, Trustee Jeff Phelps, Trustee Rhonda Van Tiflin, Human Resources 1. Meeting was open for public comment. No one spoke. 2. Discussed the Request for Proposals received for the Defined Contribution consultant: • Bogdahn Group • Graystone • Hyas Group • Retirement Plan Advisors (RPA) • Schwartz & Company 3. Moved by Meisner, seconded by Rozell to recommend the following firms be interviewed in response to the defined benefit consultant RFP. Motion carried. • Graystone • Retirement Plan Advisors (RPA) • Schwartz & Company 4. Moved by Meisner, seconded by Rozell to set the following schedule to interview Defined Contribution consultants. Motion carried. • Interview of Finalists: 9:00 a.m., Tuesday, January 17, 2017, East Oakland Conference Room, EOB • Determination of finalists to present for consideration to Retirement and Deferred Compensation Board: 9:30 a.m., Thursday, January 19, 2017, Royal Oak Conference Room, EOB • Finalists presented for consideration of full Retirement and Deferred Compensation Board: 1:30 p.m., Thursday, January 19, 2017, 4th Floor Conference Room, EOB 5. Moved by Rozell, seconded by Meisner, to adjourn the meeting at 11:10 a.m. Motion carried. The next meeting is scheduled for Tuesday, January 17, 2017 at 9:00 a.m. Respectfully submitted, _______________________________ ______________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary