HomeMy WebLinkAboutMinutes - 2018.04.26 - 30433OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held April 26,
2018 at 1:44 p.m. in the East Oakland Conference Room, Executive Office Building.
Members Present: James VanLeuven Jr. Andy Meisner
Joseph Rozell Thomas Middleton Jeffrey Phelps Curtis Childs Lauri Siskind
Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive)
Others Present: Keith Lerminiaux, Corporation Counsel
Malcolm Brown, County Executive
Jordie Kramer, Human Resources Kristy Slosson, Human Resources
Jennifer Hain, Human Resources
Silvia Frank, Human Resources Paige Ritchie, Human Resources
Carly Webster, Human Resources
Lisa Villella, Human Resources Chris Kuhn, AndCo
Peter Brown, AndCo Deborah Grace, Dickson Wright Johanna Villella, Fiscal Services
Lisa Delbridge, Fiscal Services Jason Gouda, Sheriff Robert Failla, Lazard
Sean Delaney, Lazard Jason LaRocco, Franklin/Templeton
Brian Kahley, Franklin/Templeton
Margaret Harbaugh, Morgan Stanley Tom Fahey, Loomis, Sayles
Christopher Lazzaro, Loomis, Sayles
Arman Palian, SSgA Robert Spencer, SSgA
1. Moved by Meisner, seconded by Siskind to approve the minutes of March 22, 2018. Motion carried.
2. Moved by Van Pelt, seconded by Ward to approve the minutes of March 29, 2018. Motion carried.
3. Meeting was opened for public comment; no one spoke.
4. Moved by Van Pelt, seconded by Rozell, to approve the following Defined Benefit retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Sandra Crossley Fiscal Services 04/28/18 Sabra O’Bryan Equalization 06/02/18
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes April 26, 2018 Page 2
5. Moved by Childs, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE Patrick Beagle Deferred 05/04/18
Deborah Beer Circuit Court 05/02/18 Katherine Caswell Deferred 04/26/18
Dale Cunningham Sheriff 06/02/18 Gary Gasowski Circuit Court 05/12/18
Sammie J. Sanford Deferred 04/06/18 LaVerne R. Smith Deferred 04/11/18
6. Moved by Meisner, seconded by Siskind, to approve the following transfers as listed on
page A-2 of the Actuarial Valuation Report, provided by Gabriel Roeder Smith & Co.,
dated September 30, 2017. Motion carried. i. Transfer $47,289,622 from the Pension Reserve - General County Fund to
the Retirement Reserve-General County Fund.
ii. Transfer $5,426,672 from the Pension Reserve-Sheriffs Command Officers Fund to the Retirement Reserve-Sheriffs Command Officers Fund.
iii. Transfer $11,124,672 from the Pension Reserve-Sheriff Deputies Fund to the
Retirement Reserve-Sheriff Deputies Fund.
7. 1st Quarter 2018 R.E.A.P. drawing Carly Webster randomly drew four winners for the 1st quarter 2018 R.E.A.P. incentive. Winners of $100 gift cards are:
NAME DEPARTMENT Educational Opportunity
Genessa Doolittle Health Graystone One-on-One
Mark Hopkins WRC Graystone One-on-One Steve Presby Health Graystone One-on-One
Todd Vanderver Sheriff Graystone Presentation
8. Moved by Meisner, seconded by Phelps, to receive and file the 1st Quarter 2018 Defined
Benefit and Defined Contribution reports. Motion carried. 9. Moved by Meisner, seconded by Childs, to receive and file the 2017 Oakland County
Retirement and Deferred Compensation Annual Report. Motion carried.
10. Moved by Childs, seconded by Phelps, to approve the 2018 Defined Benefit annual increase of 1.5% for members retired prior to May 2, 2017. Motion carried.
11. Moved by Rozell, seconded by Van Pelt, to approve $7,500 from the Oakland County Employees’ Retirement System to cover the cost of implementation and license fees for
LaserFiche Document Management Software. Motion carried.
12. Moved by Middleton, seconded by Meisner, to receive and file the April 2018 securities
litigation report by The Miller Law Firm. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes April 26, 2018 Page 3 13. Chris Kuhn and Peter Brown of AndCo Consulting moderated an Investment Manager
roundtable including panelists:
• Robert Failla and Sean Delaney, Lazard
• Jason LaRocco and Brian Kahley, Franklin/Templeton
• Margaret Harbaugh, Morgan Stanley
• Tom Fahey and Christopher Lazzaro, Loomis, Sayles
• Arman Palian and Robert Spencer, SSgA
14. 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) Defined Benefit Plan Monthly Flash Report – Investment Performance Review Ending March 31, 2018
• Oakland County ERS VEBA Plan Monthly Flash Report – Investment Performance Review Period Ending March 31, 2018
• Oakland County ERS Superseding Trust Monthly Flash Report – Investment
Performance Review Period Ending March 31, 2018
15. Agenda items 14 and 15 were addressed in inverse order. Moved by Van Pelt, seconded by Siskind, to go into closed session to discuss attorney client privileged memorandum with respect to certain aspects of the 401(a) Defined Contribution, Defined Benefit and
457(b) Deferred Compensation plans.
Roll Call:
Ayes: VanLeuven, Rozell, Meisner, Childs, Ward, Middleton, Van Pelt, Phelps, Siskind
Nays: None
Motion carried. Closed session commenced at 3:13 p.m.
16. Closed session concluded at 3:53 p.m., agenda resumed.
17. Other Business:
a. Moved by Rozell, seconded by Childs, to recommend to the Board of Commissioners the adoption of Sections 1.19, 1.35, 2.3, 5.2, 5.7, and the addition of section 5.10 of
the Oakland County Employees’ Retirement System Restated Resolution 1996 As Amended, November 2017 (Defined Contribution/401(a) plan.) Motion carried. b. Secretary Frank provided a verbal update on the Prudential Defined Contribution
Recordkeeping conversion (401(a), 457(b), and Part-time Non-eligible 457 Plans). c. Chairperson VanLeuven noted the next meeting of this Board:
i. May 24, 2018 – 1:30 p.m.
18. Chairperson VanLeuven adjourned the meeting without objection at 4:10 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary