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HomeMy WebLinkAboutMinutes - 2015.12.01 - 30430OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held January 22, 2015 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. D'Arcy Gonzales Curtis Childs Jeffrey Phelps Andy Meisner Thomas Middleton Joseph Rozell Laurie VanPelt (designee of County Executive) Members Absent: Eileen Kowall Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Counsel to the Board Natalie Neph, Treasurer’s Office George Tarlas, ACG Rebecca Holtz, Oakland County Retiree Jon Feinberg, ABS Investment Management Laurence Russian, ABS Investment Management Secretary Judy Fandale chaired the meeting. 1. Moved by Gonzales, seconded by Rozell to approve the minutes of December 11, 2014. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Moved by Gonzales, seconded by Rozell that James H. VanLeuven, Jr. be nominated for Chairperson. Moved by Middleton, seconded by VanPelt that nominations be closed and a unanimous ballot be cast. Motion carried. Chairperson James H. VanLeuven, Jr. assumed the chair. 3a. Moved by Rozell, seconded by Childs that Jeffrey Phelps be nominated for Vice- Chairperson. Moved by Middleton, seconded by Gonzales that nominations be closed and a unanimous ballot be cast. Motion carried. 4. Jon Feinberg and Laurence Russian from ABS Investment Management LLC, made a presentation to the board on the Equity Long/Short Fund. 5. Moved by Meisner, seconded by Phelps to approve the following Defined Benefit retirement applications. Motion carried. HEALTH RETIREMENT DEPT OPTION ELIGIBILITY EFFECTIVE Church, Bonnie Deferred SL Family (1) 01/28/15 Erkins, Cedric Sheriffs A-100% Family (F) 01/24/15 Falardeau, Nancy Fiscal Services D-100% Family (2) 01/31/15 Hunt, Kirt Support Services A-100% Family (2) 01/27/15 Kelly, Daniel FM&O C Family (2) 03/18/15 Retirement Minutes January 22, 2015 Page 2 Defined Benefit Retirement applications continued- HEALTH RETIREMENT DEPT OPTION ELIGIBILITY EFFECTIVE Krinn, Peggy Deferred SL Family (F) 01/28/15 Minard, Sue Prosecutors B-50% Family (2) 01/21/15 Riopelle, Anne Deferred C One Person 03/18/15 Szlenkier, Henry Circuit Court A-100% Family (F) 01/24/15 6. Moved by Childs, seconded by Gonzales to approve the following Defined Contribution retirement applications. Motion carried. HEALTH RETIREMENT DEPT ELIGIBLIITY EFFECTIVE Bolle, William 52-4 District Court Family (2) 01/02/15 Golob, Carol Health Family (2) 01/21/15 Hatchett, Mattie BOC RHS-C 01/02/15 Markiewicz, Terri Sheriffs Family (F) 01/21/15 Odle, Susan Fiscal Services 68% 02/03/15 Robins, Michael Sheriffs Family (F) 02/13/15 Shaw, Lynda Veterans Family (2) 02/11/15 Washburn, Joe WRC 64% 02/04/15 7. Moved by Rozell, seconded by Childs to close the meeting to discuss the Defined Contribution non-duty disability retirement application for Carol Pote. Roll call was taken; motion approved unanimously. 7a. Moved by Rozell, seconded by VanPelt to re-open the meeting. Roll call was taken; motion approved unanimously. 7b. Moved by VanPelt, seconded by Rozell to approved the Defined Contribution non-duty disability retirement application for Carol Pote effective December 19, 2014. Motion carried. 8. Moved by Meisner, seconded by Middleton to receive and file the 4th Quarter 2014 Defined Benefit and Defined Contribution reports. Motion carried. 9. Moved by Rozell, seconded by Gonzales to receive and file the Deferred Compensation hardships for January 2015. Motion carried. 10. Middleton drew names for the 4th Quarter 2014 R.E.A.P. (Retirement Education & Awareness Program) drawing. Congratulations to the winners of the $100 Visa Gift Cards; John Jacob, from OCSD for attending an ICMA-RC 1:1 consultation, Laura Gabriel, from Animal Control for attending a Pre-Retirement class, Melissa Walters from 52-1 District Court for attending an ICMA-RC 1:1 consultation and Erica Perry from 52-1 District Court for attending an ICMA-RC 1:1 consultation. 11. George Tarlas from Asset Consulting Group presented the ASAP report to the Board and summarized the Year in Review report. 12. Discussion regarding Defined Benefit beneficiary designations. No action taken. Retirement Minutes January 22, 2015 Page 3 13. Other Business: a. Chairman VanLeuven appointed VanPelt, Gonzales, Meisner and himself to the Investment Sub-committee for 2015. b. Chairman VanLeuven will appoint an ad-hoc Education Sub-committee if needed throughout the year. c. Chairman VanLeuven moved the April 23, 2015 Board meeting to April 28, 2015 at 1:00pm. The Retirement office will notify the Board of the meeting location. d. VanPelt suggested a broadcast message be sent out to all employees encouraging them to consider allocating the money they’re saving on low gasoline prices, toward the Deferred Compensation plan. 14. Moved by Gonzales seconded by Childs to adjourn the meeting at 3:15 p.m. Motion carried. The next meeting is scheduled for Thursday, February 19, 2015 at 1:30 p.m. Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held February 19, 2015 at 1:35 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Jeffrey Phelps Curtis Childs Joseph Rozell Andy Meisner Eileen Kowall (designee of Chairman, Board of Commissioners) Laurie VanPelt (designee of County Executive) Members Absent: D'Arcy Gonzales, with notice Thomas Middleton, without notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Paige Ritchie, Human Resources Lisa Villella, Human Resources Keith Lerminiaux, Counsel to the Board John McCann, ICMA-RC Sandra Rouse-Thames, ICMA-RC Nancy Lange, ICMA-RC David Breuhan, Schwartz & Co Janette Schad, Schwartz & Co Ben Jones, Schwartz & Co Rebecca Holtz, Oakland County Retiree 1. Moved by Meisner, seconded by Rozell to approve the minutes of January 22, 2015. Motion carried. 2. Meeting was opened for public comment; the committee welcomed Commissioner Kowall. 3. Moved by VanPelt, seconded by Meisner to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Clarfelt, Margo Childrens Village A-100% Family (2) 02-21-2015 Rose, Terri Health D-100% Family (F) 03-21-2015 Stoll, Carol Deferred A-100% Family (2) 03-18-2015 4. Moved by Phelps, seconded by Childs to approve the following Defined Contribution retirement applications. Motion carried DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Altman, Kathleen Health Dept 80% 02-28-2015 Barry, Michelle FOC Family (2) 03-04-2015 Crawford, Kathleen Parks & Rec Family (1) 02-19-2015 Graves, Linda Health Family (2) 02-28-2015 Johnson, Karen Circuit Court Family (F) 03-03-2015 Mansch, Mary FOC 72% 03-07-2015 Retirement Minutes February 19, 2015 Page 2 5. Moved by Meisner, seconded by Kowall to receive and file the 2014 OCERS Securities Litigation report. Motion carried. 6. Moved by VanPelt, seconded by Kowall to approve the invoice from Gabriel, Roeder Smith and Co. in the amount of $10,000 for the GASB 67 actuarial valuation. Motion carried. 7. John McCann, Sandra Rouse-Thames and Nancy Lange from ICMA-RC made a presentation to the board. 7a. Moved by VanPelt, seconded by Meisner to provide lunch for employees attending the educational seminars. Annual cost for meals may not exceed $2200 and will be paid from the ICMA-RC Administrative allowance. Motion carried. 8. Chairman VanLeuven appointed Childs, Rozell and VanPelt to an ad-hoc committee to review the ICMA-RC and Fidelity suspense accounts for reimbursement to participants. 9. David Breuhan and Janette Schad from Gregory J Schwartz & Co. presented the 401(a) and 457(b) 4th quarter performance review to the board. Moved by Meisner, seconded by Childs to approve the recommendations made by Schwartz & Co as follows. Motion carried. ICMA 401(a) Plan a. Keep PIMCO Total Return on watch list b. Keep PIMCO High Yield on watch list c. Keep Fidelity Advisor Mid Cap II on watch list d. Keep Fidelity Advisor Small Cap on watch list e. Place Franklin Natural Resources on watch list Fidelity Investments 457(b) Plan a. Keep Fidelity Managed Income Portfolio II on watch list b. Keep PIMCO Total Return on watch list c. Keep Fidelity Asset Manager 20% on watch list. d. Place Prudential Jennison Natural Resources on watch list 10. Moved by VanPelt, seconded by Meisner to adopt the resolution which defines an Insurable Interest in the Defined Benefit plan as follows. Motion carried. 1) The spouse of a member; 2) The natural or adopted child, dependent upon the member as defined by the IRC up to the age of 19 or disabled prior to the age of 19 as defined below;  Permanently disabled, either mentally or physically prior to age 19; and  Incapable of self-sustaining employment; and  Disability certified by a physician; and  Unmarried and dependent on subscriber for main support and care 11. Moved by Rozell seconded by Meisner to adjourn the meeting at 3:00p.m. Motion carried. The next meeting is scheduled for Thursday, March 19, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ___________________________________ James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held March 19, 2015 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Jeffrey Phelps Curtis Childs D'Arcy Gonzales Thomas Middleton Joseph Rozell Andy Meisner Eileen Kowall (designee of Chairman, Board of Commissioners) Laurie VanPelt (designee of County Executive) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Counsel to the Board George Tarlas, ACG Cristina Elias de Tejada, Franklin Templeton Richard Herbert, Franklin Templeton 1. Moved by Childs, seconded by Meisner to approve the minutes of February 19, 2015. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by Rozell, seconded by Phelps to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Castiglione, Teresa Circuit Court B-50% Family 05/01/2015 Fabrizio, Julie Circuit Court A-100% Family (2) 05/01/2015 Groce, Cathy Deferred SL Family (1) 04/20/2015 Larkin, Robert FM&O B-50% RHS - Conv 04/18/2015 Line, Debra Circuit Court SL Family (1) 05/01/2015 4. Moved by Gonzales, seconded by Childs to approve the following Defined Contribution retirement applications. Motion carried DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Cobb, James Sheriffs Family (2) 03/21/2015 Meloche, Susan Health Family (2) 04/07/2015 Peters, Kermit Prosecutors 72% 03/13/2015 Russell, Linda Deferred One Person 03/21/2015 Semmens, Carol Deferred Family (1) 03/16/2015 5. Moved by Rozell, seconded by VanPelt to receive and file the Deferred Compensation hardships for March 2015. Motion carried. 6. Moved by VanPelt, seconded by Childs to approve the 2015 Defined Benefit annual increase for retirees. Motion carried. Retirement Minutes March 19, 2015 Page 2 7. Moved by Meisner, seconded by Rozell to disperse the administrative allowance from ICMA- RC and Fidelity as follows. Motion carried. a. Money in the administrative allowance account will be dispersed on a Pro-Rata basis. This means participants with higher account balances will receive a larger distribution. b. All participants with a balance in the plan on a set date each quarter, including active and terminated/retired employees, will receive the refund. c. Distribution of the refund will be invested in each participants accounts as follows: (i) ICMA-RC – invested based on the participant’s decision to invest future contributions. (ii) Fidelity – invested based on the participant’s current asset allocation. d. A balance of $10,000 will be reserved in the ICMA-RC Administrative Allowance account to pay for Oakland County’s administrative expenses due to participant education. The $10,000 will be withdrawn and deposited in the Oakland County fringe benefit fund once a year. e. Instruct ICMA-RC and Fidelity move the balance from the suspense accounts due to securities litigation into the administrative allowance account at each company for distribution to the participants. f. Chairman VanLeuven will work with Judy Fandale, Retirement Administrator to finalize the notice to employees from the Board regarding the administrative allowance. 8. Cristina Elias de Tejada and Richard Herbert from Franklin Templeton made a presentation to the board on the Global Fixed Income fund. 9. George Tarlas from Asset Consulting Group presented the ASAP report through February 28, 2015. 10. Other Business: Chairman VanLeuven reminded the Board members to return their ethics policy to the Retirement Administrator as soon as possible if they haven’t done so already. 11. Moved by Rozell seconded by Meisner to adjourn the meeting at 2:45p.m. Motion carried. The next meeting is scheduled for Tuesday, April 28, 2015 at 1:00 p.m. Respectfully submitted, ______________________________________ ___________________________________ James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES (Amended) The Oakland County Retirement and Deferred Compensation Board meeting was held April 28, 2015 at 1:00 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. D'Arcy Gonzales Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Eileen Kowall (designee of Chairman, Board of Commissioners) Laurie VanPelt (designee of County Executive) Members Absent: Curtis Childs, with notice Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources George Tarlas, ACG Louise Gates, GRS David Collon, Seizert Capital Chris Heatley, Seizert Capital Darrin Young, Seizert Capital Chris Cole, Sheriff Department 1. Moved by Meisner, seconded by Phelps to approve the minutes of March 19, 2015. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by Rozell, seconded by VanPelt to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Jones, Christine Deferred SL Family (1) 05/27/2015 4. Moved by Gonzales, seconded by VanPelt to approve the following Defined Contribution retirement applications. Motion carried DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Hlivka, Candace Circuit Court 60% 05/08/2015 Kullis, April Deferred One Person 04/06/2015 Mahan, Kim Fiscal Services Family (2) 05/28/2015 Rheaume, David Sheriffs Family (2) 05/02/2015 Schneider, Randee Deferred Family (3) 04/26/2015 5. Moved by Rozell, seconded by VanPelt to receive and file the Deferred Compensation hardships for April 2015. Motion carried. 6. Moved by Middleton, seconded by Gonzales to receive and file the 2014 Oakland County Retirement and Deferred Compensation annual report. Motion carried. 7. Moved by VanPelt, seconded by Rozell to receive and file the Retiree election calendar for the term ending August 31, 2017. Motion carried 7a. Chairman VanLeuven appointed Gonzales, Rozell and Phelps to the Retiree election committee. 8. Moved by Meisner, seconded by VanPelt to receive and file the 1st Quarter 2015 Defined Benefit and Defined Contribution reports. 9. Moved by Meisner, seconded by Phelps to approve the invoice from Gabriel, Roeder, Smith & Co. in the amount of $23,500 for regular retainer services for 2015. Motion carried. Retirement Minutes April 28, 2015 Page 2 10. Chairman VanLeuven drew four names for the 1st quarter 2015 REAP drawing. The winners of a $100 Visa gift card are Aileen Champion, 52-2 District Court for attending a One-on-One consultation with Schwartz & Co.; Marilyn Jones, Health Department for attending a One-on-One consultation with ICMA-RC; Cynthia Peterson, Information Technology for attending a One-on-One consultation with ICMA-RC and Pamela VanNest, Airport Administration for attending a One-on-One consultation with ICMA-RC. 11. Chris Heatley, David Collon and Darrin Young from Seizert Capital presented the Mid-cap value funds report to the board. 12. Louise Gates from Gabriel, Roeder, Smith & Co. presented the September 30, 2014 Oakland County Employees’ Retirement System and September 30, 2014 Oakland County Retiree Health Fund Actuarial Reports to the board. 12a. Moved by Gonzales, seconded by Rozell to receive and file the 2014 Actuarial report. Motion carried. 12b. Moved by Meisner, seconded by Gonzales that upon the recommendation from Gabriel, Roeder, Smith & Company, the actuarial firm for the Oakland County Employees’ Retirement System, the following transfers be made. Motion carried. 1. Transfer $51,972,106 from the Pension Reserve - General County Fund to the Retirement Reserve-General County Fund. 2. Transfer $3,208,667 from the Pension Reserve-Sheriffs Command Officers Fund to the Retirement Reserve-Sheriffs Command Officers Fund. 3. Transfer $11,187,479 from the Pension Reserve-Sheriff Deputies Fund to the Retirement Reserve-Sheriff Deputies Fund. 12c. Moved by VanPelt, seconded by Kowall to adopt the alternate asset valuation method of mark to market outlined in Appendix I of the September 30, 2014 Actuarial report. Motion carried. 12d. Moved by Rozell, seconded by Gonzales to authorize GRS to recalculate the mortality table and wage inflation used for future actuarial valuations. Motion carried. 13. George Tarlas from Asset Consulting Group presented the ASAP report to the board through March 31, 2015. 14. Moved by Rozell seconded by Meisner to adjourn the meeting at 2:57p.m. Motion carried. The next meeting is scheduled for Thursday, May 14, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ___________________________________ James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held May 14, 2015 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Laurie VanPelt (designee of County Executive) Members Absent: Eileen Kowall, with notice D'Arcy Gonzales Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Daniel Anderson, Fidelity Investments Douglas Davis, Fidelity Investments Leslie Simsich, Fidelity Investments Roger Trapp, Fidelity Investments David Breuhan, Schwartz & Co. Ben Jones, Schwartz & Co. Janette Schad, Schwartz & Co. Edward Schwartz, Schwartz & Co. 1. Moved by Childs supported by Rozell the minutes of the April 28, 2015 Retirement and Deferred Compensation Board Meeting be approved. Discussion followed. 1a. Moved by VanPelt supported by Middleton to amend the minutes of the April 28, 2015 Retirement and Deferred Compensation Board meeting as follows: Please Add: Louise Gates, GRS presented the September 30, 2014 Oakland County Employees’ Retirement System and September 30, 2014 Oakland County Retiree Health Fund Actuarial Reports to the Board. A sufficient majority having voted in favor, the minutes of the April 28, 2015 Retirement and Deferred Compensation Board Meeting, as amended, was approved. 2. Meeting was opened for public comment; No one spoke. 3. Moved by Childs, seconded by Middleton to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Carter, Eugene Sheriffs B-50% Family (2) 07/11/2015 Cole, Gloria Sheriffs SL Family (1) 06/13/2015 Potts, Cynthia MSU Extension A-100% Family (F) 07/03/2015 Spinks, Adrian FOC SL Family (1) 06/20/2015 4. Moved by VanPelt, seconded by Rozell to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Pattison, Jeffrey Equalization Family (2) 05/19/2015 Peters, Linda Health Family (2) 05/30/2015 Snover, Steven Sheriffs Family (2) 04/30/2015 Williams, Jack FM&O RHS - C 05/05/2015 Retirement Minutes May 14, 2015 Page 2 5. Douglas Davis, Roger Trapp and Daniel Anderson from Fidelity Investments presented the Deferred Compensation 457(b) Retirement Plan Review to the Board. 6. David Breuhan, Ben Jones, Janette Schad and Edward Schwartz from Gregory J. Schwartz & Co. presented the Defined Contribution 401(a) and Deferred Compensation 457(b) Plan Performance Review to the Board with the following recommendations. Moved by Childs, seconded by Rozell to approve the recommendations on page 81 of the report for the Defined Contribution 401(a) plan. Motion carried. ICMA 401(a) Plan a. Remove PIMCO Total Return from watch list b. Remove PIMCO High Yield from watch list c. Keep Fidelity Advisor Mid Cap II on watch list d. Place T. Rowe Small Cap Value on watch list e. Keep Fidelity Advisor Small Cap on watch list f. Keep Franklin Natural Resources on watch list 6a. Moved by Meisner, seconded by Phelps to approve the recommendations on page 144 of the report to the Deferred Compensation 457(b) plan as amended. Motion carried. Moved by Meisner, seconded by Childs to amend the motion to approve the recommendations on page 144 of the report for the Deferred Compensation 457(b) plan to keep the Fidelity Managed Income Portfolio II on the watch list and not remove it at this time. Motion carried. Fidelity Investments 457(b) Plan a. Keep Fidelity Managed Income Portfolio II on watch list b. Remove PIMCO Total Return from watch list c. Remove Fidelity Asset Manager 20% from watch list. d. Place T. Rowe Price Equity Income on watch list e. Keep Prudential Jennison Natural Resources on watch list 7. Other Business: Moved by VanPelt, seconded by Meisner to submit a Request for Proposal (RFP) for the Defined Benefit plan consultant on or about July 17, 2015. Motion carried. 8. Moved by Rozell, seconded by Meisner to adjourn the meeting at 3:20pm. Motion carried. The next meeting is scheduled for Thursday, June 18, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held June 18, 2015 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs D'Arcy Gonzales Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Laurie VanPelt (designee of County Executive) Eileen Kowall (Designee of Chairman Board of Commissioners) Members Absent: None Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Natalie Neph, Treasurers Justin Blitchok, Treasurers George Tarlas, ACG Charles Price, Pictet James Sapsford, Pictet Michael Powers, Lazard Tony Dote, Lazard 1. Moved by Meisner supported by Rozell the minutes of the May 14, 2015 Retirement and Deferred Compensation Board Meeting be approved. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VanPelt, seconded by Phelps to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Breen, Patrick Circuit Court A – 100% Family (2) 06/27/2015 Dickie, Vicki Health D – 100% Family (2) 07/15/2015 Goodman, Deborah Childrens Village SL Family (1) 07/01/2015 Humphrey-Shaw, Evelyn Equalization B – 50% Family (2) 06/27/2015 Nichols, Rudy Circuit Court A- 100% RHS-Conv 07/01/2015 Norris, Gloria Equalization SL Family (2) 07/25/2015 4. Moved by Childs, seconded by Gonzales to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Brock, Debra IT Family (2) 06/19/2015 Hanser, Richard Sheriffs Family (F) 06/13/2015 Poisson, Peggy Community Corrections None 07/02/2015 Mary Stewart Circuit Court 60% 07/25/2015 Linda Strickland Deferred Family (1) 07/01/2015 5. Moved by Rozell, seconded by Middleton to receive and file the June 2015 Deferred Compensation hardships. Motion carried. Retirement Minutes June 18, 2015 Page 2 6. Moved by Gonzales, seconded by Meisner to receive and file the June 18, 2015 Investment Subcommittee meeting minutes. Motion carried. 6a. Moved by VanPelt, seconded by Gonzales to distribute the Request for Proposal for the Defined Benefit plan consultant. Motion carried. 7. Charles Price and James Sapsford from Pictet Asset Management, presented the International Equities fund to the Board. 8. Michael Powers and Tony Dote from Lazard Asset Management, presented the International Strategic Equity Plus fund to the Board. 9. George Tarlas from Asset Consulting Group, presented the ASAP report to the Board. 10. Other Business: a. Chairman VanLeuven notified the Board that the County has received a notice of Audit from the IRS for the Oakland County 457(b) plan and the appropriate parties are preparing a response. b. Chairman VanLeuven announced there will be no Retiree member election as he ran unopposed for the term ending August 31, 2017. c. Secretary Fandale notified the board that notices have gone out to employees in the Defined Contribution and Deferred Compensation plan regarding revenue sharing in these plans. d. Chairman VanLeuven set the next Investment Subcommittee meeting for Thursday, July 23, 2015 at 10:00am. 11. Moved by VanPelt, seconded by Middleton to adjourn the meeting at 3:30pm. Motion carried. The next meeting is scheduled for Thursday, July 23, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held July 23, 2015 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs D’Arcy Gonzales Thomas Middleton Laurie VanPelt (designee of County Executive) Members Absent: Jeffrey Phelps, with notice Andy Meisner, with notice Joseph Rozell, with notice Eileen Kowall, with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel George Tarlas, ACG Joe Nugent, ACG David Breuhan, Gregory J. Schwartz & Co. Scott Brown, Morgan Stanley 1. Moved by Gonzales supported by Middleton that the minutes of the June 18, 2015 Retirement and Deferred Compensation Board Meeting be approved. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VanPelt, seconded by Childs to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Lawrence Harold Parks and Rec SL Family (1) 08/15/2015 Sullivan, Mary Jo Deferred SL Family (1) 07/28/2015 Tiernan, Lewis WRC D-50% Family (F) 07/31/2015 Tillman, Sandra FM&O D-50% RHS(c) 08/29/2015 4. Moved by Childs, seconded by Gonzales to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Dodson, Barry Treasurers Family (2) 08/14/2015 Mailloux, David Sheriffs Family (2) 07/17/2015 Neff, Mary 52-3 District Court Family (1) 07/11/2015 Novara, Dennis Childrens Village 60% 08/04/2015 Rathbun, Craig Sheriffs Family (1) 07/11/2015 Ritchie, Marion Clerk/Reg of Deeds 64% 07/01/2015 Wagner, Melissa Parks & Rec 80% 08/22/2015 5. Moved by VanPelt, seconded by Middleton to receive and file the 2nd Quarter Defined Benefit and Defined Contribution Reports. Motion carried. Retirement Minutes July 23, 2015 Page 2 6. Moved by Gonzales, seconded by Childs to receive and file the July 23, 2015 Investment Subcommittee meeting minutes. Motion carried. 7. Gonzales drew four names for the 2nd quarter 2015 REAP drawing. The winners of a $100 Visa gift cards are Valerie Taylor, Sheriff’s Department for attending a Pre-Retirement class; Barbara Draper, Health for attending a Pre-Retirement class; Darlene Marion, Parks and Recreation for attending a Pre-Retirement class; and Julia Ruffin, Board of Commissioners for attending a One-on-One consultation with ICMA. 8. Scott Brown, Morgan Stanley made a presentation to the Board on the Prime Property Fund. 9. George Tarlas and Joe Nugent from Asset Consulting Group discussed Opportunistic Real Estate and presented the ASAP report to the Board. 9a. Moved by Gonzales, seconded by VanPelt to allocate $5 million to the Walton Street Real Estate Opportunistic Fund VIII subject to the mutually acceptable subscription Agreement. Motion carried. 10. Discussion ensued on the Deferred Compensation 457(b) Plan Document, Keith Lerminiaux recommended deferral of final approval, no action was taken. 11. Other Business: Chairperson VanLeuven disclosed he has accepted a part-time position with MFCI. Gonzales disclosed he will no longer serve on the Board effective October 1, 2015. 12. Moved by Gonzales, seconded by Childs to adjourn the meeting at 2:55 p.m. Motion carried. The next meeting is scheduled for Thursday, August 20, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held August 20, 2015 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Andy Meisner D’Arcy Gonzales Thomas Middleton Eileen Kowall (designee of Board of Commissioners Chairperson) Laurie VanPelt (designee of County Executive) Members Absent: Joseph Rozell, with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel George Tarlas, ACG Louise Gates, Gabriel, Roeder, Smith & Co. Ken Alberts, Gabriel, Roeder, Smith & Co. Kevin Smith, Prudential Ben Jones, Gregory J. Schwartz & Co. 1. Moved by Gonzales supported by Meisner that the minutes of the July 23, 2015 Retirement and Deferred Compensation Board Meeting be approved. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VanPelt, seconded by Phelps to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Crabtree, Graham Deferred A-100% Family(F) 09/06/15 Duggan, Cynthia Juvenile Court D-100% Family(F) 09/15/15 Rivard, MaryAnn Veterans A-100% Family(2) 08/15/15 Sager, Edward Information Tech D-100% Family(2) 10/17/15 Veselsky, Pamela Deferred D-100% Family(F) 08/21/15 4. Moved by Childs, seconded by Phelps to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Darmody, Suann Deferred Family(2) 08/01/15 Friend, Deborah Treasurers 76% 08/15/15 Gerds, Robert Medical Examiner 68% 09/12/15 Peters, Brian Risk Management RHS-C 08/04/15 Riedy, Jean Childrens Village Family(F) 10/30/15 5. Moved by Gonzales, seconded by Childs to approve the non-duty death benefit of Michael Suarez, Sheriff’s Department effective August 8, 2015. Motion carried. Retirement Minutes August 20, 2015 Page 2 6. Moved by Meisner, seconded by Kowall to receive and file the August Deferred Compensation Hardships. Motion carried. 7. Moved by Meisner, seconded by Childs to approve the invoice from Gabriel, Roeder, Smith & Co. in the amount of $2,125 for updating the minutes and other related items for January 1, 2014 through December 31, 2014 on Minute Master. Motion carried. 8. Moved by Kowall, seconded by Phelps to approve a cost of approximately $4,000 to $6,000 to have the 1979 through March 31, 2010 Oakland County Deferred Compensation Minutes archived on the Gabriel, Roeder, Smith & Co. Minute Master system. Motion carried. 9. Moved by Gonzales, seconded by Meisner to receive and file the August 20, 2015 Investment Subcommittee meeting minutes. Motion carried. 10. Moved by Childs, seconded by Middleton to receive and file the 2nd Quarter 2015 Portfolio Monitoring review regarding securities litigation prepared by the Miller Law Firm. Motion carried. 11. Kevin Smith from Prudential made a presentation to the Board. 12. George Tarlas from Asset Consulting Group presented the ASAP report to the Board. 13. Middleton moved to change the September 17 Board meeting to September 15. No support, motion failed. 14. Moved by Meisner, seconded by Middleton to adjourn the meeting at 2:45 p.m. Motion carried. The next meeting is scheduled for Thursday,September 17, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held September 17, 2015 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Andy Meisner D’Arcy Gonzales Thomas Middleton Joseph Rozell Eileen Kowall (designee of Board of Commissioners Chairperson) Laurie VanPelt (designee of County Executive) Members Absent: None Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel John Lawson, T. Rowe Price Jennifer Martin, T. Rowe Price David Breuhan, Gregory J. Schwartz & Co. Ben Jones, Gregory J. Schwartz & Co. Ed Schwartz, Gregory J. Schwartz & Co. 1. Moved by VanPelt supported by Kowall that the minutes of the August 20, 2015 Retirement and Deferred Compensation Board Meeting be approved. Motion carried. 2. Meeting was opened for public comment. The Board recognized and thanked D’Arcy Gonzales for his years of service on the Board. 3. Moved by Childs, seconded by Rozell to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Casper, Debra WRC SL Family(2) 10/15/2015 Cullen-Connor, Susan K Reimbursement D-50% Family(2) 10/24/2015 Fisher, Scott Sheriffs D-100% Family(F) 10/16/2015 Gohagen, Donald D. Deferred B-50% Family(1) 10/20/2015 Hanna, Lonnie Sheriffs A-100% Family(F) 10/31/2015 Hocking, Anne Health SL Family(2) 10/17/2015 Moore, Gregory Sheriffs A-100% Family(2) 10/17/2015 Oppenheim, Terry E. FOC SL Family(1) 10/15/2015 Pender, Troy A. Sheriffs SL Family(F) 10/16/2015 Petrulis, Saulius Sheriffs SL Family(F) 10/17/2015 4. Moved by Phelps, seconded by Childs to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Batchelor, Susan 52-2 Dist. Ct. Family(2) 10/03/2015 Bondi, Cathryn Public Services Family(1) 09/25/2015 Brenner, Fiona Fiscal Services Family(1) 10/31/2015 Castile, Jean Deferred Family(1) 10/13/2015 Jansson, Clay Sheriffs Family(2) 09/26/2015 Retirement Minutes September 17, 2015 Page 2 5. Moved by Gonzales, seconded by Meisner to receive and file the September Deferred Compensation Hardships. Motion carried. 6. Moved by Gonzales, seconded by Middleton to receive and file the September 17, 2015 Investment Subcommittee meeting minutes. Motion carried. 6a. Moved by Rozell, seconded by Gonzales to interview Asset Consulting Group, The Bogdahn Group, Marquette Associates, and NEPC, LLC for the defined benefit consultant RFP. Motion carried. 7. Moved by Kowall, seconded by Middleton to receive and file the Employee Election Calendar for term ending December 31, 2019. Motion carried. 8. John Lawson and Jennifer Martin from T. Rowe Price made a presentation to the Board. 9. David Breuhan, Ben Jones, and Ed Schwartz from Gregory J. Schwartz & Co. made a presentation to the Board regarding the 401(a) and 457(b) Investment Policy Statements and a replacement for the Managed Income Portfolio II fund in the 457(b) plan investment line-up. 9a. Moved by VanPelt, seconded by Meisner to remove the Managed Income Portfolio II fund from the 457(b) and 401a Match Plan through Fidelity Investments and replace it with the T. Rowe Price Stable Value Common Trust fund. Motion carried. 10. Chairperson VanLeuven appointed Joe Rozell to the Investment Subcommittee effective October 1, 2015. 11. Moved by Gonzales, seconded by Meisner to adjourn the meeting at 2:30 p.m. Motion carried. The next meeting is scheduled for Thursday, October 22, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held October 22, 2015 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Andy Meisner Joseph Rozell Thomas Middleton Eileen Kowall (designee of Board of Commissioners Chairperson) Laurie VanPelt (designee of County Executive) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Paige Ritchie, Human Resources Natalie Neph, Treasurers Keith Lerminiaux, Corporation Counsel Louise Gates, GRS George Tarlas, ACG David Breuhan, Gregory J. Schwartz & Co. Glenn Murray, Valstone Brian McAlpine, Valstone Gerald Timmis, Valstone 1. Moved by Meisner supported by Phelps to approve the minutes of the September 17, 2015 Retirement and Deferred Compensation Board meeting. Motion carried. 2. Meeting was opened for public comment, no one spoke. 3. Moved by Childs, seconded by Phelps to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Atkins, Timmy Sheriff D-100% Family(F) 11/14/2015 Nowicki, Jill Sheriff D-100% Family(2) 10/31/2015 Regal, Denise Sheriff SL Family(1) 11/05/2015 4. Moved by VanPelt, seconded by Kowall to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Archer, Karen Health 80% 10/31/2015 Bristol, Karen J. FOC 76% 11/24/2015 Burckhardt, Charlotte Economic Development Family(F) 10/17/2015 Dudley, Janie Sheriff Family(2) 10/10/2015 Howlett, Cynthia J. Clerk/Reg of Deeds Family(1) 11/14/2015 5. Moved by Meisner, seconded by Rozell to approve the Defined Contribution Non-Duty Disability Retirement for Brett Chudler effective October 22, 2015. Motion carried. 6. Jennifer Hain drew four names for the 3rd quarter 2015 REAP drawing. The winners of a $100 Visa gift card are Steven Ray Dendler, Parks & Recreation for attending a One-on-One consultation with Fidelity; Kim Slabinski, Reimbursement for attending a Schwartz presentation; Chris Cole, Sheriffs for attending a Schwartz presentation and Gerald Schroeder, Sheriffs for attending a Schwartz presentation. 7. Moved by Meisner, seconded by Kowall to receive and file the 3rd Quarter 2015 Defined Benefit and Defined Contribution reports. Motion carried. Retirement Minutes October 22, 2015 Page 2 8. Moved by Rozell, seconded by Meisner to receive and file the October 19, 2015 Investment Subcommittee meeting minutes. Motion carried. 9. Moved by VanPelt, seconded by Meisner to receive and file the October 20, 2015 Investment Subcommittee meeting minutes. Motion carried. a. Moved by Kowall, seconded by Childs to hire NEPC for the Defined Benefit consultant subject to the successful negotiation of a fixed fee, five year agreement. Motion carried. 10. Louise Gates, Gabriel Roeder, Smith & Co. presented the Pension Assumption Proposal to the Board. Moved by VanPelt, seconded by Middleton to adopt the following recommendations from the report. Motion carried. a. Adopt the updated Mortality Table outlined on page 3 of the report. b. Lower the wage inflation calculation to 3.25 as outlined on page 7 of the report. c. Adopt the Entry Age methodology as outlined on page 8 of the report. 11. Keith Lerminiaux made a presentation to the Board regarding an ERISA based 401(k) lawsuit, Tibble vs. Edison. 12. Moved by Rozell, seconded by Middleton to pay Fidelity a one-time set up fee of $3,675 from the Revenue sharing account to track and suspend contributions in the 457(b) for participants who are ineligible due to hardship provisions. Motion carried. 13. Moved by Meisner, seconded by Childs to adopt the IPS for the 401(a) and 457(b) plans as submitted. Motion carried 14. Moved by VanPelt, seconded by Phelps to approve the 401(a) Defined Contribution Plan Document with the following revisions. Motion carried. a. Insert the effective date of the Board of Commissioners final approval, page 5. b. Remove sub-sections 1 and 2 under section 3.4. c. Change “shall” to “may” receive per diem fees….in section 14.9. 15. Glen Murray, Brian McAlpine and Jerry Timmis from Valstone Partners made a presentation to the Board. 16. George Tarlas, Asset Consultant Group made a presentation to the board. Moved by Kowall, seconded by VanLeuven to reaffirm the Boards commitment to invest $5 million with Walton Street Real Estate Opportunistic Fund VIII upon approval of a contract. Motion carried. 17. Moved by Van Pelt, seconded by Childs to move the Plus Fund share class from R5 to R10 with ICMA-RC as recommended by Dave Breuhan, Schwartz & Co. Motion carried. 18. Chairperson VanLeuven appointed Childs, Rozell and Phelps to an Ad-hoc committee for 2016 Educational seminars. 19. Chairperson VanLeuven confirmed the committee to commence interviews for the Retirement and VEBA Board Citizen member; VanLeuven, Phelps and Childs. Moved by Rozell, seconded by Middleton to adjourn the meeting at 3:50 p.m. Motion carried. The next meeting is scheduled for Thursday, November 19, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held November 19, 2015 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Andy Meisner Joseph Rozell Thomas Middleton Eileen Kowall (designee of Board of Commissioners Chairperson) Laurie VanPelt (designee of County Executive) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel David Breuhan, Gregory J. Schwartz & Co. Ben Jones, Gregory J. Schwartz & Co. Janette Schad, Gregory J. Schwartz & Co. Edward Schwartz, Gregory J. Schwartz & Co. 1. Moved by Rozell supported by Phelps to approve the minutes of the October 22, 2015 Retirement and Deferred Compensation Board meeting. Motion carried. 2. Meeting was opened for public comment, no one spoke. 3. Moved by Childs, seconded by Kowall to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Browning, Joann Planning & Economic Dev SL Family (1) 01-16-2016 Brudvig, Robert Sheriff A-100% Family (F) 12-05-2015 Graham, Katherine Deferred C Family (F) 02-03-2016 4. Moved by Childs, seconded by Rozell to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Baker, Robert Sheriff Family (F) 12-01-2015 Flentroy, Cassandra Treasurers Family (F) 11-14-2015 Lippard, Brian Sheriff Family (2) 12-03-2015 Myers, Janet FOC RHS – Conv 12-01-2015 5. Moved by Rozell, seconded by Kowall to close the meeting to discuss the Defined Contribution Duty Disability retirement application for Michael Washington. Roll call was taken; motion approved unanimously. 5a. Moved by Rozell, seconded by Childs to re-open the meeting. Roll call was taken; motion approved unanimously. 5b. Moved by Rozell, seconded by Meisner to approved the Defined Contribution Duty Disability retirement application for Michael Washington effective November 11, 2015. Motion carried. 6. The Ad-hoc committee recommended Laurie Siskind to serve as the Citizen member on the Retirement and Deferred Compensation Board and VEBA Board. Moved by Phelps, seconded by Kowall to forward the recommendation to the Board of Commissioners for approval. Motion carried. Retirement Minutes November 19, 2015 Page 2 7. Moved by Curtis, seconded by Meisner to receive and file the November 19, 2015 Investment Subcommittee meeting minutes. Motion carried. 8. David Breuhan, Janette Schad, Ben Jones and Edward Schwartz, Gregory J Schwartz & Co. presented the 401(a) and 457(b) 3rd quarter report to the Board. 8a. Moved by VanPelt, seconded by Meisner to make the following changes to the Defined Contribution 401(a) plan as outlined on page 58 of the report; motion carried. 1) Remove Fidelity Advisor Small Cap fund from the watch list. 2) Keep T. Rowe Price Small Cap Value fund on the watch list 3) Keep Franklin Natural Resources on the watch list 4) Add Franklin High Income fund to the watch list 5) Add Harbor International fund to the watch list 6) Add Franklin Templeton Conservative Allocation to the watch list 7) Add Franklin Templeton Moderate Allocation to the watch list 8) Replace the Fidelity Advisor Mid Cap II fund with the Eaton Vance Atlanta Capital SMID Cap I fund 8b. Moved by Middleton, seconded by Kowall to make the following changes to the Deferred Compensation 457(b) plan as outlined on page 104 of the report; motion carried. 1) Add Franklin High Income fund to the watch list 2) Add Putnam Voyager fund to the watch list 3) Add MFS International Growth to the watch list 4) Add Columbia Acorn International to the watch list 5) Keep T. Rowe Price Equity Income on the watch list 6) Keep Prudential Jennison Natural Resources on the watch list 7) Replace Fidelity Managed Income Portfolio with the T. Rowe Price Stable Value Fund. 9. Chairman VanLeuven asked Board members to review the 2016 meeting calendar and be prepared to approve it at the next meeting. 10. Keith Lerminiaux, Corporation Counsel confirmed a contract has been approved between the Board and NEPC. 11. Jeffrey Phelps ran unopposed for the employee member four year term ending December 31, 2019. 12. Moved by Childs, seconded by Meisner to adjourn the meeting at 2:25 p.m. Motion carried. The next meeting is scheduled for Thursday, December 10, 2015 at 1:30 p.m. Respectfully submitted, ______________________________________ ______________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held December 10, 2015 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Andy Meisner Joseph Rozell Thomas Middleton Laurie VanPelt (designee of County Executive) Members Absent: Eileen Kowall (designee of Board of Commissioners Chairperson) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel George Tarlas, Asset Consulting Group David Breuhan, Gregory J. Schwartz & Co. Ben Jones, Gregory J. Schwartz & Co. Caldwell Calame, Wedge John Norman, Wedge 1. Moved by Rozell supported by Phelps to approve the minutes of the November 19, 2015 Retirement and Deferred Compensation Board meeting. Motion carried. 2. Meeting was opened for public comment, no one spoke. 3. Moved by Childs, seconded by Rozell to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMEN T EFFECTIVE Ross, Susan Deferred SL Family (F) 01-23-2016 4. Moved by Meisner, seconded by Rozell to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMEN T EFFECTIVE Diego, Liwayway Health Family (2) 01-23-2016 Hess, James IT Family (2) 12-31-2015 Overby, Keith Sheriff Family (2) 11-26-2015 5. Moved by Meisner, seconded by VanPelt to approve the 2016 Retirement, Deferred Compensation and VEBA Board meeting calendar. Motion carried. 6. Caldwell Calame and John Norman, Wedge Capital Management made a presentation to the board for the Midcap Value Fund. 7. George Tarlas, Asset Consulting Group presented the ASAP report to the Board. Retirement Minutes December 10, 2015 Page 2 8. David Breuhan and Ben Jones, Gregory J. Schwartz & Co. made a presentation to the Board regarding the share class and pricing for the 401(a) Vantagepoint Fund. 8a. Moved by Rozell, seconded by Childs to replace the Defined Contribution 401(a) Vantagepoint Mid/Small Company Index fund with the JP Morgan Market Expansion Index Select fund. Motion carried. 8b. Moved by Rozell, seconded by Childs to replace the Defined Contribution 401(a) Vantagepoint Broad Market Index fund with the Fidelity Spartan 500 Index fund. Motion carried. 9. Moved by Rozell, seconded by VanPelt to adjourn the meeting at 3:05 p.m. Motion carried. The next meeting is scheduled for Thursday, January 14, 2016 at 1:30 p.m. Respectfully submitted, __________________________________ ___________________________________ James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary