HomeMy WebLinkAboutMinutes - 2018.03.22 - 30426OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
22, 2018 at 1:32 p.m. in the West Oakland Conference Room, Executive Office Building.
Members Present: Joseph Rozell Andy Meisner
Curtis Childs Thomas Middleton Jeffrey Phelps Lauri Siskind
Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive)
Member(s) Absent: James H. VanLeuven, Jr., with notice Others Present: Keith Lerminiaux, Corporation Counsel Malcolm Brown, County Executive
Mark Newman, County Executive
Silvia Frank, Human Resources Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Carly Webster, Human Resources Chris Kuhn, AndCo
Peter Brown, AndCo Deborah Grace, Dickson Wright Dave Splithoff, Walton Street Capitol
Vice Chairperson Rozell chaired the meeting
1. Moved by Middleton seconded by Van Pelt the minutes of February 22, 2018 Retirement
Board Meeting be approved.
Discussion followed.
Moved by Van Pelt seconded by Siskind to amend the Retirement Board minutes, as follows.
a. Strike Meeting was opened for public comment.
a. Steve Presby addressed the Board regarding the upcoming transition
to Prudential. Mr. Presby has concerns with moving to a single provider and cautions cost should not be the main factor in this
decision. Mr. Presby noted the lack of transparency with employees
regarding the recordkeeping change and he is also concerned the recordkeeping change may reduce employee retirement education.
b. Replace Meeting was opened for public comment a. An individual addressed the Board.
A sufficient majority having voted in favor, the Retirement Board minutes, as amended, was approved.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes March 22, 2018 Page 2 2. Meeting was opened for public comment.
a. Silvia Frank introduced Carly Webster, new HR Analyst - Retirement as of March 5,
2018. b. Laurie Van Pelt introduced Mark Newman, Director Public Services.
3. Moved by Childs, seconded by Meisner to approve the following Defined Benefit retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Joel Blostein Deferred 03/17/18 Keith Christie Sheriff 04/28/18
Michael Garrison Sheriff 04/28/18 William Jackson FM&O 04/14/18
Kathy Kuznar ED&CA/PEDS 03/31/18 Timothy Lanfear Sheriff 05/26/18
Mary Langhauser Planning & Econ. Dev. 04/28/18
4. Moved by Middleton, seconded by Meisner, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE Christina Conlon FOC 03/24/18
James J. Halushka Deferred 03/30/18 Barbara Palulian 52/4 District Court 03/03/18
Mary Strobe Health 04/28/18 Sheri Zelek 52/3 District Court 04/07/18
5. Moved by Siskind, seconded by Phelps to receive and file the February 2018 securities
litigation report by The Miller Law Firm. Motion carried.
6. Deborah Grace of Dickinson Wright, PLLC addressed the Board – Discussion of 401(a)
Plan Amendment.
7. Dave Splithoff of Walton Street Capitol presented Firm Overview & WSREF VIII
Discussion March 2018. 8. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) – Investment
Performance Review Period ending December 31, 2017
• Oakland County ERS – Asset/Manager Summary – March 22, 2018
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment Performance Review Period Ending December 31, 2017
• RBC Global Asset Management – Small Cap Growth Memo a. Moved by Van Pelt seconded by Phelps to approve the termination of
RBC as small cap growth manager and transition assets to the Loomis,
Sayles small cap growth accounts. Motion carried. 9. Other Business:
a. Secretary Frank provided a verbal update on the Prudential Defined Contribution Recordkeeping conversion (401(a), 457, and Part-time Non-eligible 457 Plans). b. Vice Chairperson Rozell appointed an ad hoc committee to review plan documents;
Rozell, Van Pelt, Phelps and Siskind. c. Moved by Middleton seconded by Meisner to procced in exploring the option of using an indexing search for Board minutes and other documents. Motion Carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes March 22, 2018 Page 3
d. Jennifer Hain mentioned the filing of the annual report regarding funding levels of the county’s pension and retiree health care programs. This is a new requirement as a
result of PA 202 of 2017, and is due to the state within six months after the end of the fiscal year. This does not require a formal vote of approval or resolution. e. Vice Chairperson Rozell noted the next meeting of this Board:
i. April 26, 2018 – 1:30 p.m.
f. Vice Chairperson Rozell adjourned the meeting without objection at 3:51 p.m.
Respectfully submitted,
__________________________________ __________________________________ Joseph Rozell, Vice Chairperson Silvia Frank, Secretary