HomeMy WebLinkAboutMinutes - 2017.12.01 - 30437OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held January
19, 2017 at 1:30 p.m. in the 4th Floor Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Lauri Siskind
Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton Chris Ward (designee of Chairperson, BOC)
Jeffrey Phelps Others Present: Joellen Shortley, Deputy Corporation Counsel
Rhonda Van Tiflin, Human Resources Jordie Kramer, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources Christopher Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting Kevin Smith, PRISA II – PGIM Real Estate Ken Wedemeyer, ICMA-RC
Kathryn Berkenpas, ICMA-RC Jason Ashline, ICMA-RC Sandra Rouse-Thames, ICMA-RC
Lisa Burks-Wilson, ICMA-RC John W. Byrne, Prudential Retirement
John Scott Boyd, Prudential Retirement
Assistant Secretary Van Tiflin chaired the meeting.
1. Moved by Rozell, seconded by VanLeuven to approve the minutes of December 15, 2016.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Election of Officers:
a. Call for nominations from the floor for Chairperson. Rozell nominated James H. VanLeuven, Jr., seconded by Phelps. Moved by Middleton, seconded by Rozell, that nominations be closed and a unanimous ballot be cast. Motion carried.
Chairperson James H. VanLeuven, Jr. assumed the chair.
b. Call for nominations from the floor for Vice Chairperson. Childs nominated Joseph
Rozell, seconded by Phelps. Moved by Middleton, seconded by Siskind, that nominations be closed and a unanimous ballot be cast. Motion carried.
4. Discussion regarding order of the events at December 15, 2016 meeting; vote on disability matter may have taken place before exiting closed session. To assure open session
action, Motion by Van Pelt, seconded by Meisner, to approve the Defined Contribution
Non-Duty Disability discussed in closed session at the prior meeting, as of December 15, 2016. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes January 19, 2017 Page 2
5. Moved by Childs, seconded by Siskind to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Curtis, David W. Sheriff 01/14/2017
Hoffman, David J. FOC 02/15/2017
McDonald, Marilyn Deferred 01/16/2017
Pollina, Gregory J. FM&O 01/28/2017
Scott, K. Matthew Water Resources 01/14/2017
Whiting, Rita FOC 01/21/2017 6. Moved by Rozell, seconded by Childs to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Beltz, Wesley Sheriff 02/11/2017
Burns, Susan Health 02/04/2017
Coulter, Wendy Sheriff 01/21/2017
Draper, Barbara Health 01/21/2017
Feneley, Dirk Sheriff 01/21/2017
Garza, George Treasurer 01/04/2017
Lowenthal, Betty FOC 01/07/2017
Poisson, Edwin IT 01/07/2017
Raymond, Elizabeth Treasurer 02/18/2017
Studebaker, Robert FM&O 01/12/2017
Surma, Kenneth Prosecuting Attorney 01/20/2017
Taylor, Christine Register of Deeds 01/18/2017
Terrell, Arnold Sheriff 02/04/2017
Zamora, Connie Children’s Village 01/05/2017
7. Moved by Meisner, seconded by Phelps to receive and file the Investment Subcommittee
minutes of December 20, 2016. Motion carried. 8. Moved by Van Pelt, seconded by Siskind to receive and file the Investment Subcommittee
minutes of January 17, 2017. Motion carried.
9. Moved by Van Pelt, seconded by Childs, to receive and file the 4th Quarter 2016 Defined
Benefit and Defined Contribution reports. Motion carried.
10. Moved by Childs, seconded by Meisner to receive and file the January 2017 report of Deferred Compensation 457(b) hardships. Motion carried.
11. Ken Wedemeyer and Kathryn Berkenpas of ICMA-RC made a presentation to the Board; reviewed on-line tools and financial planning services available to Participants.
12. Moved by Van Pelt, seconded by Meisner, to receive and file the fiscal year 2016 GASB Statement No. 67 Plan Reporting and Accounting Schedules from Gabriel Roeder Smith &
Company. Motion carried.
13. Kevin Smith of PRISA II – PGIM Real Estate made a presentation to the Board.
Oakland County Retirement and Deferred Compensation Board Minutes January 19, 2017 Page 3
14. Christopher Kuhn and Peter Brown of AndCo Consulting made a presentation to the
Board. a. Discussed rebranding and name change from The Bogdahn Group to AndCo.
b. Reviewed data provided in two handouts, ‘Oakland County Employees’ Retirement System Asset/Manager Summary – January 2017’ and ‘Market Update December 31, 2016’.
c. Reviewed topics covered in the Investment Subcommittee of the same morning: I. Motion by Van Pelt, support by Rozell to approve the “Proposed” asset
allocation mix as detailed on page 9 of the Asset Allocation Study – Part III:
Core FI 20.0% High Yield 5.0%
Intl Developed FI 2.5%
EM Debt 2.5% Large Cap 20.0%
Small/Mid Cap 12.5%
Intl Developed EQ 10.0% EM Equity 2.5%
RE/Infrastructure 10.0%
Hedge Funds 5.0% Private Equity 5.0%
Private Debt 5.0% Discussion on increased risk tolerances that would be required to achieve 7.25% return. Assistant Secretary Van Tiflin agrees to distribute this report to
all Board members following today’s meeting. Motion carried. II. Agreement to interview three real estate fund managers at the next Investment
Subcommittee meeting of February 13, 2017; all are invited to attend.
III. Motion by Rozell, support by Meisner to move half (approximately 5%) of the portfolio’s current (approximately 10%) investment with State Street Global
Advisors (SSgA) S&P 500 fund to SSgA’s S&P 500 Equal Weight fund, subject
to fee negotiations. Motion carried.
15. Jordie Kramer, Trustees Siskind and Rozell, drew four names for the 4th quarter 2016 REAP drawing. Winners of $100 gift cards are Signa Metivier and Candace Rosado of Health who attended a pre-retirement class on Wills, Trusts, and other Probate
Documents, Michael Bussard of IT for attending a one-on-one consultation with Fidelity, and Carol Lenchek who attended a one-on-one consultation with ICMA-RC.
16. Moved by Meisner, seconded by Childs, to enter into contract with Graystone for investment consulting and Participant education services for the Defined Contribution and Deferred Compensation plans, subject to successful negotiations. Discussion on
Investment Subcommittee deliberations leading to the unanimous recommendation of Graystone. Motion carried.
17. Moved by Siskind, seconded by Phelps to receive and file the January 2017 securities litigation report by The Miller Law Firm. Motion carried.
18. Other business: a. Trustee Siskind advises MAPERS will be offering a one-day seminar on Friday,
March 10, 2017 at the Ann Arbor-Ypsilanti Marriott; Mr. Kuhn of AndCo will be presenting.
Oakland County Retirement and Deferred Compensation Board Minutes January 19, 2017 Page 4
19. Moved by Middleton, seconded by Rozell to adjourn the meeting at 2:40 p.m. Motion
carried.
The next meeting is scheduled for Thursday, February 16, 2017 at 1:30 p.m.
Respectfully submitted, __________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held February
16, 2017 at 1:30 p.m. in the West Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Lauri Siskind
Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton
Jeffrey Phelps
Members Absent: Chris Ward (designee of Chairperson, BOC) Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources Paige Ritchie, Human Resources
Peter Brown, AndCo Consulting Ken Wedemeyer, ICMA-RC Chris Matzke, ICMA-RC
Jason Ashline, ICMA-RC Sandra Rouse-Thames, ICMA-RC Nancy Lange, ICMA-RC
1. Moved by Meisner, seconded by Rozell, to approve the minutes of January 19, 2017. Motion carried.
2. Moved by Childs, seconded by Phelps, to approve the following Defined Benefit retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Charboneau, Terry Deferred 02/24/2017 Hickey, Joey IT 02/18/2017 McIsaac, Timothy Sheriff 02/24/2017
Snider, Mark Sheriff 02/16/2017 Solomon, Jestina FM&O 03/02/2017
3. Moved by Childs, seconded by Siskind, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Chatman, Frederick Sheriff 01/25/2017 Gagnon, Brenda Probate Court 03/25/2017
Geckle, George Sheriff 02/11/2017
Hodits, Maura Probate Estates & MH 03/04/2017 Openshaw, Ralph Medical Examiner 02/23/2017
Schreiber, David Dev & Planning 02/04/2017
Walendzik, Bonnie Sheriff 02/04/2017
4. Moved by Rozell, seconded by Van Pelt to receive and file the Investment Subcommittee
minutes of January 19, 2017. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes February 16, 2017 Page 2
5. Moved by Meisner, seconded by Middleton, to receive and file the Investment
Subcommittee minutes of February 13, 2017. Motion carried.
6. Moved by Van Pelt, seconded by Meisner, to support the Investment Subcommittee’s February 13, 2017 recommendation to authorize AndCo to redirect assets currently with Morgan Stanley Real Estate Prime Property for investment as follows. The motion carried.
a. $5 million to AEW Partners Real Estate Fund VIII, L.P. b. $5 million to Dune Real Estate Fund IV
7. Moved by Van Pelt, seconded by Childs, to receive and file the Fidelity Rollover Report for
July – December 2016. Motion carried.
8. Moved by Van Pelt, seconded by Phelps, to receive and file the ICMA-RC Rollover Report
for July – December 2016. Motion carried. 9. Ken Wedemeyer, Chris Matzke, Jason Ashline, Sandra Rouse-Thames and Nancy Lange
of ICMA-RC made a presentation to the Board.
10. No representative of Schwartz & Co. was in attendance to present as scheduled on the
agenda. Chairperson VanLeuven shared Ed Schwartz’ previously communicated intent to honor all one-on-one consulting appointments with participants through the end of March.
11. Peter Brown of AndCo Consulting addressed the Board: a. Regarding the split of the State Street Global Advisors (SSgA) traditional S&P 500
between that fund and the SSgA S&P 500 Equal Weight fund. Current traditional fee
structure is 2 basis points (bps) on the first $50 million and 1 bps thereafter. New fee structure will be 2 bps on all traditional assets, while the Equal Weight will be 4 bps
on the first $75 million and 2 bps thereafter. SSgA will aggregate assets and the
new relationship minimum will be $50,000 per year. The expectation is that aggregate fees will increase between $15-23,000, but returns are anticipated to
improve by $400,000-$1.5 million per year. b. AndCo will move forward with the previously approved investments in AEW and Dune; advised these are closed end funds and drawdowns from Morgan Stanley will
take place over a period of three to four years.
12. Motion by Van Pelt, seconded by Meisner, to approve payment of invoices for Gabriel,
Roeder, Smith & Co. Motion carried. a. No. 426099 in the amount of $2,125 for archiving the Oakland County Retirement and Defined Contribution Board minutes on Minute Master for the period of January
1, 2015 through December 31, 2015. b. No. 426339 in the amount of $10,000 for work related to the GASB statement
number 67 actuarial valuation as provided in report dated December 5, 2016.
c. No. 426337 in the amount of $1,000 for benefit computation program license fee for the period July 1, 2015 through June 30, 2016.
13. Moved by Siskind, seconded by Childs to receive and file the February 2017 securities litigation report by The Miller Law Firm. Motion carried.
14. Moved by Van Pelt, seconded by Phelps to receive and file the December 31, 2016 BEAMS report by Barrack, Rodos & Bacine. Motion carried.
15. Meeting was opened for public comment; no one spoke.
Oakland County Retirement and Deferred Compensation Board Minutes February 16, 2017 Page 3 16. Other business:
a. Discussion on rescheduling the April 20, 2017 meeting to April 13, 2017. There were
no conflicts or opposition to the proposed scheduled meeting change. It was agreed to reschedule the April 20, 2017 meeting to April 13, 2017.
b. Chairperson VanLeuven proposed, for future consideration, requesting the Board of Commissioners remove the Retiree member Oakland County residency requirement. Discussion surrounding imposing a cap on mileage, or paying per diem, if the
residency requirement were removed. The Assistant Secretary was asked to conduct a survey of other retirement system boards, through MAPERS, as to if they
residency requirement on any retiree board seat, if the retiree member is paid
mileage or per diem, and if there is any cap on mileage.
17. Moved by Meisner, seconded by Siskind to adjourn the meeting at 3:06 p.m. Motion
carried.
The next meeting is scheduled for Thursday, March 23, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held March
23, 2017 at 1:30 p.m. in the West Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Lauri Siskind
Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton Chris Ward (designee of Chairperson, BOC)
Jeffrey Phelps Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Kathy Sanders, Human Resources Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting Sean Delaney, Lazard Asset Management Tony Dote, Lazard Asset Management
Rob Failla, Lazard Asset Management David Sowerby, Loomis Sayles Todd Vingers, LMCG Investments
Jenna Oliver, LMCG Investments Elsa Goldberg, Franklin Templeton
Dan Veddern, Franklin Templeton
Mike Schantz, RBC Global Asset Management Bridget Tompkins, RBC Global Asset Management
Margaret Harbaugh, Morgan Stanley Real Estate
1. Moved by Meisner, seconded by Siskind, to approve the minutes of February 16, 2017. 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 RETIREMENT EFFECTIVE
Foppes, Michelle D. Health 04/04/2017
Miller, George J. Health 04/29/2017
Schell, Steven J. FM&O 04/29/2017
4. Moved by Childs, seconded by Meisner, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Bugsby, Margaret Children’s Village 03/18/2017
Fowlkes, Robert L. FM&O 04/01/2017
Gary, Carol Probate Estates 03/07/2017
Quisenberry, Theodore H. Homeland Security 03/15/2017
Saile, Michael A. Sheriff 04/15/2017
Schmidt, David G. Sheriff 03/18/2017
Oakland County Retirement and Deferred Compensation Board Minutes March 23, 2017 Page 2
5. Moved by Van Pelt, seconded by Siskind to postpone the implementation of the ‘fee
levelization’ revenue credit method within the 457 plan with Fidelity, until the 457b/401a recordkeeper request for proposal is concluded. Motion carried.
6. Moved by Van Pelt, seconded by Siskind to approve the 2017 Defined Benefit annual increase of 1.5% for members retired prior to May 2, 2016 except as follows:
• 1.14% for individuals retired 05/02/2012 – 12/31/2012
• 0.57% for individuals retired 01/01/2013 – 05/01/2013
• 1.00% for individuals retired 05/02/2013 – 12/31/2013
• 0.57% for individuals retired 01/01/2014 – 05/01/2014
• 0.99% for individuals retired 05/02/2014 – 12/31/2014
• 0.56% for individuals retired 01/01/2015 – 12/31/2015
• 0.98% for individuals retired 01/01/2016 – 05/01/2016
• Individuals retired 01/01/2012 – 05/01/2012 will not receive a pay increase. They
may receive a pay decrease if the Board of Commissioners does not approve the proposed amendment to the Defined Benefit Plan Document section 34.7. Motion carried.
7. Chris Kuhn and Peter Brown of AndCo Consulting distributed the Oakland County Employees’ Retirement System:
• Defined Benefit Plan Investment Performance Review for Period Ending December 31, 2016,
• Defined Benefit Plan Monthly Flash Report for the period ending January 31, 2017
• Defined Benefit Plan Monthly Flash Report for the period ending February 28, 2017
and provided brief comments summarizing highlights contained in each. a. Motion by Meisner, seconded by Middleton, to receive and file the detailed
reports. Motion carried. 8. Chris Kuhn of AndCo Consulting moderated an Investment Manager roundtable including
panelists:
• Rob Failla, Lazard Asset Management
• David Sowerby, Loomis Sayles
• Todd Vingers, LMCG Investments
• Elsa Goldberg, Franklin Templeton
• Mike Schantz, RBC Global Asset Management
• Margaret Harbaugh, Morgan Stanley Real Estate
9. Moved by Rozell, seconded by Phelps to receive and file the March 2017 securities
litigation report by The Miller Law Firm. Motion carried.
10. Other business:
a. The next meeting, previously rescheduled from April 20, 2017, will be held April 13, 2017 at 1:30 p.m.
b. Reviewed results of MAPERS member survey conducted by Assistant Secretary Van
Tiflin on residency requirements (if any) of retiree dedicated board seats, mileage and per diem practices.
i. Motion by Rozell, seconded by Van Pelt to request the Board of
Commissioners amend the Defined Benefit plan document to remove the residency requirement of section 41(g) for retired member, and institute a per
diem, to be set by the Board of Commissioners for attendance of official posted meetings. Chairperson VanLeuven recused himself from voting.
Oakland County Retirement and Deferred Compensation Board Minutes March 23, 2017 Page 3 Discussion ensued as to an existing County per diem practices and limits.
1) Motion by Middleton, seconded by Ward, to postpone the motion until
such time that existing County practices can be confirmed by Ward and Rozell. Motion carries.
c. Motion by Rozell, supported by VanLeuven, to redirect $5 million in assets from
Morgan Stanley Prime Property Real Estate to Alidade Capital Fund IV, subject to successful negotiation of terms. Discussion on the potential to participate in a reduced fee incentive being offered to initial close investors if negotiations conclude
timely. Motion carries.
11. Moved by Siskind, seconded by Phelps to adjourn the meeting at 3:46 p.m. Motion carried.
The next meeting is scheduled for Thursday, April 13, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held April 13,
2017 at 1:30 p.m. in the West Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Andy Meisner Thomas Middleton
Lauri Siskind Laurie Van Pelt (designee of County Executive)
Chris Ward (designee of Chairperson, BOC)
Members Absent with Notice: Curtis Childs
Jeffrey Phelps Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources Paige Ritchie, Human Resources
Jennifer Hain, Human Resources Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting
1. Moved by Meisner, seconded by Van Pelt, to approve the minutes of March 23, 2017. Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Rozell, seconded by Siskind, to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Kelly, Brenda L. Circuit Court 04/14/2017
Sardelli, Margo M. Deferred 05/01/2017 Smith, Kim L. Deferred 05/05/2017 Wood, Donald FM&O 05/13/2017
4. Moved by Middleton, seconded by Meisner, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Blanchard, Sandra District Court 52/2 05/13/2017
Potocki, James T. Sheriff 04/29/2017
5. Four winners for the 1st quarter 2017 R.E.A.P. were drawn at random. Winners of $100 gift cards are:
Name Department Educational Endeavor Christopher Cole Sheriff Department Fidelity Group Presentation
Zachary Jordan Sheriff Department ICMA-RC One-on-One Sarah Ameluxen Friend of the Court Fidelity Group Presentation The Honorable Lisa Asadoorian 52-3 District Court ICMA-RC One-on-One
6. Moved by Meisner, seconded by Rozell, to receive and file the Investment Subcommittee
minutes of March 23, 2017. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes April 13, 2017 Page 2
7. Moved by Van Pelt, seconded by Meisner, to receive and file the 1st Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
8. Moved by Van Pelt, seconded by Siskind, to receive and file the 2016 Oakland County Retirement and Deferred Compensation Annual Report. Motion carried.
9. Moved by Van Pelt, seconded by Meisner, to receive and file the Oakland County Employees’ Retirement System Summary Annual Report to Members as of September 30,
2016. Motion carried.
10. Moved by Siskind, seconded by Van Pelt to receive and file the April 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
11. Discussion on proposed revisions to the following plan documents for Retiree Member
residency and per diem update(s) based on proposed draft redlined changes provided in the meeting materials by Vice Chairperson Rozell:
a) Initial Proposed Language: Section 41 and Section 48 - Oakland County Employees’ Retirement System Restated Resolution 1996 As Amended, May
2016 (Defined Benefit plan document): Retirement Commission; Composition of
Section 41. The Retirement Commission shall consist of the following nine individuals:…
(g) A retired Member of the Retirement System who resides in Oakland County, to be elected by the retired Members of the Retirement
System….
Retirement Commission; Compensation.
Section 48. The Commissioners, shall serve without compensation, except for the employee citizen Member and the retired Member
Commissioners, who shall be paid a per diem for attending meetings of
the Commission. The per diem shall be the same per diem established by the Board of County Commissioners for service on various boards and
commissions. All Commissioners shall be reimbursed for the actual and
necessary expenses they incur in their duties as Commissioners, except that the citizen Member and retired Member shall not be paid mileage for
their attendance at published meetings.
b) Initial Proposed Language: Section 14.9 - Oakland County Employees’
Retirement System (OCERS) Restated Resolution 1996 As Amended, December
2015 (Defined Contribution plan document):
Section 14.9. Retirement Board’s Compensation The Board Members, shall serve without compensation, except for the
Employee citizen Member and the retired Member Board Members and
the retired Member Board Member, who shall be paid a per diem for attending meetings of the Commission. The per diem shall be the same
per diem established by the Board of County Commissioners for service
on various boards and commissions. All Board Members shall may be
Oakland County Retirement and Deferred Compensation Board Minutes April 13, 2017 Page 3 reimbursed for the actual and necessary expenses they incur in
performing their duties as Board Members, except that the citizen
Member and retired Member shall not be paid mileage for their attendance at published meetings.
Chairperson VanLeuven recused himself from discussion and voting on this item. Rozell
states that he and Ward researched and found a 1978 Resolution on per diems adopted by the Board of Commissioners that states unless a different, specific per diem is adopted
by a Board, the general per diem will be $35.00. There was discussion and agreement that this Board will use this general per diem amount ($35.00) approved by the Board of Commissioners, and such dollar figure will not be specifically referenced in the plan
documents so that any future changes the general per diem amount by the Board of Commissioners will not necessitate plan document revisions. Discussion as to if a mileage reimbursement amount should be stated; it is agreed to reference this in Board
by-laws so only that single document would be consistent for business involving either (Defined Benefit or Defined Contribution) plan.
Rozell notes inconsistencies between terms used in the Defined Benefit and Defined Contribution plan documents to reference members of the Oakland County Retirement
and Deferred Compensation Board; ‘Commissioners’ used in the Defined Benefit
document vs. ‘Board Members’ in the Defined Contribution document. There is a desire to see consistency in the reference with use of the term ‘Commissioners’ throughout both.
Discussion on which Commissioners should be eligible for per diem, resulting in Siskind’s proposal that Commissioners, with exception of the employee elected Commissioners,
should be eligible for per diem. Motion by Rozell, supported by Ward, to recommend to the Board of Commissioners
amendment of Sections 41 and 48 of the Oakland County Employees’ Retirement System Restated Resolution 1996 As Amended, May 2016 (Defined Benefit plan document) and Section 14.9 of the Oakland County Employees’ Retirement System (OCERS) Restated
Resolution 1996 As Amended, December 2015 (Defined Contribution plan document), as amended below. Motion carried.
c) Final Language (redlined and clean versions): Section 41(g) and Section 48 - Oakland County Employees’ Retirement System Restated Resolution 1996 As
Amended, May 2016 (Defined Benefit plan document):
Final redlined version Section 41(g):
Retirement Commission; Composition of Section 41. The Retirement Commission shall consist of the following nine individuals:….
(g) A retired Member of the Retirement System who resides in Oakland County, to be elected by the retired Members of the Retirement System...
Final revised version, redline removed, Section 41(g): Retirement Commission; Composition of
Section 41. The Retirement Commission shall consist of the following nine individuals:….
(g) A retired Member of the Retirement System, to be elected by the retired Members of the Retirement System….
Oakland County Retirement and Deferred Compensation Board Minutes April 13, 2017 Page 4
Final red lined version, Section 48: Retirement Commission; Compensation.
Section 48. The Commissioners, except for the employee Member
Commissioners elected by the Members of the Retirement System and the retired Member Commissioner, shall be eligible to be paid a per diem for attending meetings of the Commission. The per diem shall be the
same per diem established by the Board of County Commissioners for service on various boards and commissions. All Commissioners shall be
reimbursed for the actual and necessary expenses they incur in their
duties as Commissioners, except that the citizen Commissioner and retired Commissioner shall not be paid mileage for their attendance at
published meetings.
Final version, redline removed, Section 48:
Retirement Commission; Compensation
Section 48. The Commissioners, except for the employee Member Commissioners elected by the Members of the Retirement System, shall
be eligible to be paid a per diem for attending meetings of the
Commission. The per diem shall be the same per diem established by the Board of County Commissioners for service on various boards and
commissions. All Commissioners shall be reimbursed for the actual and necessary expenses they incur in their duties as Commissioners, except that the citizen Commissioner and retired Commissioner shall not be paid
mileage for their attendance at published meetings.
d) Final Language (redlined and clean versions): Section 14.9 - Oakland County
Employees’ Retirement System (OCERS) Restated Resolution 1996 As Amended, December 2015 (Defined Contribution):
Final redlined version, Section 14.9: Section 14.9. Retirement Board’s Compensation
The Board Members Commissioners, except for the Employee Member
Commissioners elected by the Members of the Retirement System, Board Members and the retired Member Board Member, shall be eligible to be
paid a per diem for attending meetings of the Commission. The per diem
shall be the same per diem established by the Board of County Commissioners for service on various boards and commissions. All Board
Members Commissioners shall may be reimbursed for the actual and
necessary expenses they incur in performing their duties as Board Members Commissioners, except that the citizen Commissioner and
retired Commissioner shall not be paid mileage for their attendance at published meetings.
Final revised version, redline removed, Section 14.9: Section 14.9 Retirement Board’s Compensation
The Commissioners, except for the Employee Member Commissioners
elected by the Members of the Retirement System, shall be eligible to be paid a per diem for attending meetings of the Commission. The per diem
shall be the same per diem established by the Board of County
Commissioners for service on various boards and commissions. All Commissioners shall be reimbursed for the actual and necessary
expenses they incur in performing their duties as Commissioners, except
Oakland County Retirement and Deferred Compensation Board Minutes April 13, 2017 Page 5
that the citizen Commissioner and retired Commissioner shall not be paid
mileage for their attendance at published meetings.
12. Chairperson VanLeuven notes an error on the Agenda; item 12 states Receive and file the Retiree Election Calendar for term ending August 31, 2017, whereas the date referenced
should be August 31, 2019. Motion by Van Pelt, support by Ward, to receive and file the Retiree Election Calendar for term ending August 31, 2019. Motion carried.
13. Agenda items 13 and 14 were addressed in inverse order. Chris Kuhn and Peter Brown of AndCo Consulting distributed and provided brief comments summarizing highlights of the
following reports:
• Oakland County Employees’ Retirement System – Asset/Manager Summary – April
2017
• Oakland County Employees’ Retirement System - Capital Market Overview April
2017
• Market Update – March 31, 2017
• Oakland County Employees’ Retirement System Defined Benefit Plan Monthly Flash Report for the period ending March 31, 2017
• Oakland County Employees’ Retirement System Superseding Trust Monthly Flash Report for the period ending March 31, 2017 Motion by Van Pelt, seconded by Meisner, to receive and file the detailed reports. Motion
carried. 14. Other Business:
a) Assistant Secretary Van Tiflin provided hardcopies of the OCERS Restated Resolution 1996 As Amended December 2015 (Defined Contribution) and Oakland County 457(b) Deferred Compensation Plan Updated 2014 plan
documents including draft proposed changes for review and discussion during the May meeting. (Note: the referenced draft proposed changes to the Defined
Contribution plan document here did not include the change to Section 14.9
approved in item 11 above.) b) Chairperson VanLeuven stated that the Board should expect to receive a draft
request for proposal for 401(a)/457 recordkeeper from Graystone in May.
c) Assistant Secretary Van Tiflin shared that ICMA-RC is sending a targeted mailing to 401a account holders in the 55 to 66 age range offering Social Security
Solutions services with Nancy Lange, CFP. 15. Moved by Meisner, seconded by Siskind to adjourn the meeting at 2:38 p.m. Motion
carried.
The next meeting is scheduled for Thursday, May 25, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held May 25,
2017 at 1:30 p.m. in the West Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Thomas Middleton Jeffrey Phelps
Lauri Siskind Laurie Van Pelt (designee of County Executive)
Christopher Ward (designee of Chairperson, BOC)
Members Absent: Curtis Childs, with notice
Andy Meisner Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources Paige Ritchie, Human Resources
Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office Lisa Villella, Human Resources
Sandra Rouse-Thames, ICMA-RC John Krakowiak, Graystone Consulting Jason May, Graystone Consulting
Scott Dillman, Fidelity Investments Jim Freeman, Fidelity Investments
Anthony Frongillo, Fidelity Investments
Trampus Bright, Voya 1. Moved by Van Pelt, seconded by Siskind, to approve the minutes of April 13, 2017. Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Phelps, seconded by Rozell, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Allen, Ruth A. Sheriff 06/30/2017
Genre, Donna Health 06/17/2017 Randolph, Jason Sheriff 07/21/2017
4. Moved by Van Pelt, seconded by Siskind, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Alsup, Mary Compliance Office 06/02/2017
Champion, Aileen 52-2 District Court 05/27/2017
Krigner, Vickie M. Deferred 04/06/2017 Malone, Jr., Prentiss Fiscal Services 04/29/2017 Morrone, Angelina Sheriff 05/23/2017
Percoulis, Barbara FOC 05/16/2017 Rowbotham, Timothy Sheriff 06/18/2017
Slevin, John Prosecutors 05/13/2017
Welicka, Vincent FOC 06/10/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes May 25, 2017 Page 2 5. Moved by Van Pelt, seconded by Phelps to receive and file the May Deferred
Compensation 457 hardship applications. Motion carried.
6. Discussion ensued on the proposed 401(a) OCERS Restated Resolution 1996 As
Amended December 2015 (Defined Contribution) and Oakland County 457(b) Deferred Compensation Plan Updated 2014 Plan Document revisions, no motion was offered. Commissioner Siskind is to meet with Assistant Secretary Van Tiflin and Mr. Lerminiaux of
Corporation Counsel to refine the plan language further.
7. Scott Dillman, Jim Freeman, and Anthony Frongillo of Fidelity Investments presented a
Plan Review to the Board.
8. John Krakowiak and Jason May from Graystone Consultants presented the 401(a) and
457(b) Plans 1st Quarter 2017 Report.
a. Moved by Van Pelt, seconded by Rozell, to approve the Oakland County 401(a) &
457(b) Statement of Investment Policy Statement, Objectives & Guidelines presented by Graystone. Motion carried.
b. Moved by Rozell, seconded by Van Pelt to approve the following recommendations
made by Graystone Consulting to the 401(a) Defined Contribution and 457(b) Deferred Compensation with 401(a) Match Plan fund lineups. Motion Carried.
ICMA-RC Defined Contribution 401(a) Plan: i. Remove Franklin Rising Dividend and move those assets to the Fidelity 500
Index Fund ii. Remove Harbor International and move those assets to the MFS International
Value R6 Fund
iii. Remove Goldman Sachs Mid Cap Value and Columbia Mid Cap Value and move those assets to the Victory Sycamore Established Value Institutional
Fund
iv. Remove Franklin Natural Resources and move those assets to the Dreyfus Natural Resources I Fund
v. Add JP Morgan SmartRetirement 2050, 2055, and 2060 Vintages Fidelity Deferred Compensation 457(b) with 401(a) Match Plan:
vi. Remove Goldman Sachs Mid Cap Value and move those assets to the
Victory Sycamore Established Value Institutional Fund vii. Remove Prudential Jennison Natural Resources and move those assets to
the Dreyfus Natural Resources I Fund viii. Remove AB Discovery Value Fund and move those assets to the Victory Sycamore Established Value I
ix. Add T. Rowe Price Retirement 2060 Vintage Fund
9. Moved by Middleton, seconded by Ward, to receive and file the BEAMS report for quarter-
end March 31, 2017 by Barrack, Rodos and Bacine. Motion carried.
10. Keith Lerminiaux provided a verbal update to the Board regarding litigation surrounding
the First NBC Bank Holding Company.
11. Moved by Van Pelt, seconded by Siskind, to receive and file the quarter end March 31, 2017 update on securities litigation by Miller Law Firm. Motion carried.
12. Other Business:
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes May 25, 2017 Page 3 a) Discussion regarding the net effect of plan language changes to the Defined
Benefit and Defined Contribution plan documents approved during the April 13,
2017 meeting, resulting in the elimination of mileage reimbursement to the Citizen Member Commissioner.
13. Moved by Van Pelt, seconded by Rozell, to adjourn the meeting at 3:19 p.m. Motion carried.
The next meeting is scheduled for Thursday, June 22, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held June 22,
2017 at 1:35 p.m. in the East Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Curtis Childs
Andy Meisner Thomas Middleton
Jeffrey Phelps Lauri Siskind Laurie Van Pelt (designee of County Executive)
Christopher Ward (designee of Chairperson, BOC)
Members Absent: Joseph Rozell, with notice Others Present: Rhonda Van Tiflin, Human Resources
Paige Ritchie, Human Resources
Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office
Rommy Hage, Treasurer’s Office Louise Gates, Gabriel Roeder Smith Andrea Leistra, Munder (Victory) Capital Management
Robert Crosby, Munder (Victory) Capital Management Christopher Kuhn, AndCo Consulting Peter Brown, AndCo Consulting
Jason Ashline, ICMA-RC Ken Wedemeyer, ICMA-RC
1. Moved by Meisner, seconded by Siskind, to approve the minutes of May 25, 2017. Motion
carried.
2. Meeting was opened for public comment; Meisner introduced Mr. Rommy Hage, intern from
the Treasurer’s office observing today.
3. Moved by Childs, seconded by Phelps, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Nelson, Shelley Circuit Court 07/18/2017
Rosado, Candace Health 08/15/2017 Wonsowicz, Karen Circuit Court 07/29/2017
4. Moved by Van Pelt, seconded by Middleton, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Allen, Karen Circuit Court 06/24/2017
Anderson, Margueritte 52-3 District Court 06/17/2017
Grandetti, Stephen Sheriff’s 05/26/2017 McCarthy, John Equalization 07/01/2017 Neff, Mary 52-4 District Court 06/17/2017
Ray, Bridgett Probate Court 06/24/2017
5. Moved by Childs, seconded by Siskind, to approve the Defined Contribution non-duty death
benefit of Shane Jenkinson, beneficiary Kristina Jenkinson, with Retirement effective date May 21, 2017. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes June 22, 2017 Page 2
6. Moved by Meisner, seconded by Phelps, to receive and file the Investment Subcommittee
minutes of May 25, 2017. Motion carried.
7. Moved by Van Pelt, seconded by Siskind, to receive and file the June 2017 securities litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
8. Moved by Van Pelt, seconded by Phelps, to receive and file the Acceptance Statement of unopposed candidate, James H. VanLeuven, Jr., who will serve as Retiree Commissioner
through August 31, 2019. Motion carried.
9. Louise Gates of Gabriel Roeder Smith (GRS) presented the September 30, 2016 Oakland
County Employees Retirement System Actuarial Valuation Report.
a. Moved by Middleton, seconded by Siskind, to receive and file the September 30, 2016 Oakland County Employees Retirement System Actuarial Valuation Report.
Motion carried.
b. Moved by Van Pelt, seconded by Meisner to approve the following transfers as listed on page A-2 of the report. Motion carried.
i. Transfer $48,571,747 from the Pension Reserve - General County Fund to
the Retirement Reserve-General County Fund. ii. Transfer $4,858,562 from the Pension Reserve-Sheriffs Command Officers
Fund to the Retirement Reserve-Sheriffs Command Officers Fund. iii. Transfer $12,449,976 from the Pension Reserve-Sheriff Deputies Fund to the Retirement Reserve-Sheriff Deputies Fund.
10. Andrea Leistra and Robert Crosby of Munder (Victory) Capital Management made a
presentation to the Board.
11. Moved by Meisner, seconded by Childs, to approve payment for GRS invoice no. 430925 in
the amount of $2,142 for January 1 – December 31, 2016 Minute Master services.
12. Chris Kuhn and Peter Brown of AndCo Consulting made a presentation to the Board and
distributed the following: a. Oakland County ERS Defined Benefit Plan – Investment Performance Review for Period Ending March 31, 2017
b. Oakland County ERS Defined Benefit Plan - Monthly Flash Report for the Period Ending May 31, 2017 c. Oakland County Employees’ Retirement System – Asset/Manager Summary - June
2017 d. Market Update – May 31, 2017 e. DRAFT Investment Policy Statement (to be reviewed at the July 27, 2017 meeting)
13. Other Business:
a. Ms. Gates advises that GRS is considering discontinuing death search services due
to increased government regulations; discussion ensued regarding alternative sources for obtaining these services through PBI (Pension Benefit Information)
Research Services. Assistant Secretary Van Tiflin is to investigate this alternative.
b. Chairperson VanLeuven references availability of MAPERS and NAGDCA fall conference offerings detailed on the agenda for individual Commissioner
consideration.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes June 22, 2017 Page 3
c. Chairperson VanLeuven announces the 401a/457/PTNE/RHS/IRA plans
recordkeeper RFP is to be distributed Monday, June 26th by Graystone. Assistant Secretary Van Tiflin is to provide the Board redline edits made to the second version
of the RFP provided by Graystone. d. Chairperson VanLeuven requests Investment Subcommittee meetings be scheduled on the following dates by Assistant Secretary Van Tiflin, subject to meeting room
availability: i. July 27, 2017
ii. August 14, 2017
iii. August 16, 2017 iv. August 24, 2017
14. Chairperson VanLeuven adjourned the meeting without objection at 3:14 p.m.
The next meeting is scheduled for Thursday, July 27, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held July 27,
2017 at 1:30 p.m. in the East Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner Thomas Middleton Laurie Van Pelt (designee of County Executive)
Christopher Ward (designee of Chairperson, BOC)
Members Absent: Jeffrey Phelps, with notice
Lauri Siskind, with notice Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Rommy Hage, Treasurer’s Office Christopher Kuhn, AndCo Consulting
John Norman, Wedge Capital Management
Caldwell Calame, Wedge Capital Management
1. Moved by Meisner, seconded by Middleton, to approve the minutes of June 22, 2017.
Motion carried.
2. Meeting was opened for public comment. Jennifer Hain advised the Board the new
Pension Administrator, Silvia Frank, would be employed as of August 1, 2017. 3. Moved by Childs, seconded by Rozell, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Foon, Ronald FOC 08/17/2017
Hall, Michael R. Sheriff 07/30/2017
Korbijn, Theresa Deferred 07/31/2017
Lindsey, Keith Parks & Rec 09/01/2017
Lutes, Michael Sheriff 08/15/2017
Mickley, Richard Community Corrections 07/29/2017
VanDenEsschert, Herman FM&O 07/28/2017
4. Moved by Childs, seconded by Van Pelt, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Hepler, Nancy Deferred 07/01/2017
Huyck, Marlene Sheriff 08/01/2017
Schrah, Arthur Sheriff 08/05/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes July 27, 2017 Page 2
5. Rommy Hodge drew four winners for the 2nd quarter 2017 R.E.A.P. incentive at random.
Winners of $100 gift cards are: Name Department Educational Endeavor
Laurie Wakerley Prosecutor’s Pre-Retirement Group Session Carol Esher Probate ICMA-RC Group Session Jessica Chism Health Fidelity One-on-One
Valerie Taylor Equalization Graystone Group Session
6. Moved by Rozell, seconded by Childs, to receive and file the 2nd Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
7. Moved by Middleton, seconded by Ward, to receive and file the July 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
8. Discussion on the Participant request for allowance of trading of options and covered calls
within the 401a plan’s Self Directed Brokerage Account (SDBA). Ms. Van Tiflin reminded the Board that Participant’s are allowed to make such trades with their employee sourced
funds in the 457 Deferred Compensation plan. Discussion concluded with the intent to
reexamine once the current request for proposal is concluded and the future recordkeeper going forward is identified.
9. Mr. Lerminiaux updated the Board on outstanding contracts, advising that the AEW terms were resolved this week with AEW agreeing to include reciprocal indemnification, and that
the State Street Global Advisors contract for movement into the S&P 500 Equal Weight fund and review of the initial provided Dune IV contract should both wrap up soon.
10. Assistant Secretary Van Tiflin presented the Board with a letter from actuary, Gabriel Roeder Smith (GRS), advising they will no longer offer Social Security number death index
verification services due to the increased compliance requirements of the National
Technical Information Service (NTIS).
11. Considering the above, the Board reviewed a proposal for Death Audit Services offered by
Pension Benefit Information (PBI), an alternate provider for Social Security number death index verification. Assistant Secretary Van Tiflin advised on receipt of two positive
references on PBI’s services from current customers, Mr. Matt Campbell, Lead Retirement
Coordinator at MERS of Michigan, and Ms. Tracy Kahn, Retirement Service Administrator with Genesee County Employees’ Retirement System. Moved by Van Pelt, seconded by
Meisner, to engage PBI for Death Audit Services utilizing their Platinum PLUS with
ObitPro service level for $2,150.00 annually. Motion carried.
12. John Norman and Caldwell Calame of Wedge Capital Management made a presentation
to the Board.
13. Chris Kuhn of AndCo Consulting made a presentation to the Board.
14. Chris Kuhn of AndCo Consulting provided overview on and solicited questions on the
provided Oakland County Employees’ Retirement System Defined Benefit DRAFT Investment Policy Statement (IPS). Discussion ensured. Motion by Van Pelt, seconded
by Rozell, to adopt the IPS as presented. Mr. Kuhn advised he would proceed with
forwarding the adopted IPS to engaged investment managers for their signatures.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes July 27, 2017 Page 3 15. Other Business
a. Chairperson VanLeuven noted upcoming meetings:
i. August 14, 2017 – 1:30 p.m. Investment Subcommittee ii. August 16, 2017 – 1:00 p.m. Investment Subcommittee
iii. August 24, 2017 – 10:30 a.m. Investment Subcommittee iv. August 24, 2107 – 1:30 p.m. Oakland County Employees’ Retirement and Deferred Compensation Board
16. Chairperson VanLeuven adjourned the meeting without objection at 2:21 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held August
24, 2017 at 1:30 p.m. in the East Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind
Christopher Ward (designee of Chairperson, BOC)
Member(s) Absent: Laurie Van Pelt (designee of County Executive), with notice Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Natalie Neph, Treasurer’s Office Paige Ritchie, Human Resources
Lisa Villella, Human Resources
Jason May, Graystone Consulting John Krakowiak, Graystone Consulting
Ken Wedemeyer, ICMA-RC Karen Chong-Wulff, ICMA-RC Sandra Rouse-Thames, ICMA-RC
1. Moved by Childs, seconded by Phelps, to approve the minutes of July 27, 2017. Motion carried.
2. Meeting was opened for public comment. Jennifer Hain introduced Silvia Frank, new Retirement Administrator as of August 1, 2017.
3. Moved by Childs, seconded by Siskind, to approve the following Defined Benefit retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Gina Bohn FM&O 10/31/17 Jo Ellen Cody Friend of the Court 10/14/17
Michael Dargan Children’s Village 10/28/17
Susan Friedl Circuit Court 10/20/17 Kathleen McLernon Fiscal Services 09/07/17
Sean Woods Sheriff 10/14/17
4. Moved by Phelps, seconded by Childs, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Garry Crake Jr. Sheriff 10/15/17
Sandra Johnson Risk Management 08/11/17 Cathleen Mansfield Sheriff 08/05/17 Dorothy Phillips Clerk/Register of Deeds 08/18/17
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes August 24, 2017 Page 2
5. Moved by Ward, seconded by Childs to approve the Defined Contribution non-duty death benefit of Dawn Trogden, beneficiary Eric Trogden, with Retirement effective date June
11, 2017. Motion carried. 6. Moved by Rozell, seconded by Siskind, to receive and file the Investment Subcommittee
minutes of July 27, 2017. Motion carried.
7. Moved by Rozell, seconded by Childs, to receive and file the Investment Subcommittee
minutes of August 14, 2017. Motion carried.
8. Moved by Rozell, seconded by Phelps, to receive and file the Investment Subcommittee
minutes of August 16, 2017. Motion carried.
9. Moved by Childs, seconded by Phelps, to receive and file the Fidelity Rollover Report for
January 1 to June 30, 2017. Motion carried.
10. Moved by Childs, seconded by Siskind, to receive and file the ICMA-RC Rollover Report
for January 1 to June 30, 2017. Motion carried.
11. Moved by Meisner, seconded by Rozell, to support the Investment Subcommittee’s August 16, 2017 recommendation for investment of $15 million in Churchill Asset Management, conditioned upon the favorable conclusion of the AndCo Investment Committee’s due
diligence review and approval of Churchill, and the negotiation of a mutually agreeable contract. Discussion ensued; Investment Subcommittee members addressed the Board’s
questions clarifying Churchill’s association with Nuveen and TIAA, the low default rate
Churchill has experienced in underwriting first position loans to middle market U.S. companies backed by private equity sponsors, and that this investment would be included
as an alternative investment under the basket clause. Motion carried.
12. Ken Wedemeyer, Karen Chong-Wulff and Sandra Rouse-Thames of ICMA-RC made a presentation to the Board covering information provided in their handout entitled ‘Oakland County Retirement Board Meeting – August 24, 2107’.
13. Jason May and John Krakowiak of Graystone made a presentation to the Board, reviewing
the data they provided in two handouts:
a. ‘Plan Investment Review for the Period Ending June 30, 2017 – Prepared for Oakland County 401(a) ICMA’ b. ‘Plan Investment Review for the Period Ending June 30, 2017 – Prepared for
Oakland County 457 – Fidelity’
14. Moved by Meisner, seconded by Ward, to receive and file the August 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
15. Moved by Siskind, seconded by Middleton to receive and file the June 30, 2017 BEAMS
portfolio monitoring reports by Barrack, Rodos & Bacine. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes August 24, 2017 Page 3 16. Other Business:
a. Chairperson VanLeuven noted the upcoming Investment Subcommittee meeting
during which record keeper presentations will take place on Monday, September 11, 2017 from 9:00 a.m. – 5:00 p.m. in the 4th Floor Conference Room of the Executive
Office Building. b. Secretary Frank answered previous open question regarding Part-Time Non-Eligible FICA Alternative 457 (PTNE) plan, confirming that governance of this plan is within
the function of this Board, per Article II of the Bylaws of the Oakland County Retirement and Deferred Compensation Board.
c. Moved by Siskind, seconded by Meisner, to authorize Graystone Consulting to send
a liquidation notice to ICMA-RC in regards to the VT Plus stable value fund to start the 12-month put option in anticipation of a potential record keeper change; if there is
no resulting record keeper change as a result of the current ongoing request for
proposal, such notice shall be rescinded. Motion carried. d. Moved by Meisner, seconded by Rozell, to authorize Graystone Consulting to send a
liquidation notice to Fidelity in regards to the T.Rowe Price Stable Value fund to start
the 12-month put option in anticipation of a potential record keeper change; if there is no resulting record keeper change as a result of the current ongoing request for
proposal, such notice shall be rescinded. Motion carried.
e. Mr. Lerminiaux advised that negotiation and review is complete for investment in AEW Partners Real Estate Fund VII, subscription documents and side letter have
been executed. f. Mr. Lerminiaux updated the Board on the negotiation and review of documents for investment in Dune Real Estate Fund IV; discussion ensues with concluding
consensus to proceed with execution of the subscription documents and side letter and to separately follow up with Dune on their procurement of employee dishonesty
and theft insurance policies.
g. Mr. Lerminiaux advised that the Board has been presented with two contracts by Graystone Consulting for consulting services for the PTNE 457 and the Retirement
Health Savings (RHS) plan; the contracts will be modeled after the contract currently
in place with Graystone for the 401(a) Defined Contribution and 457 Deferred Compensation plans, each involving a fee of $5,000 annually.
a. Motion by Meisner, seconded by Rozell, to approve entering into contract with Graystone to consult on the PTNE 457 plan for a fee of $5,000 annually, subject to successful negotiation of terms. Motion carried.
h. Chairperson VanLeuven noted the next meeting of this Board:
a. September 14, 2017 – 1:30 p.m.
17. Chairperson VanLeuven adjourned the meeting without objection at 2:49 p.m.
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
September 14, 2017 at 1:35 p.m. in the East Oakland Conference Room within the Executive
Office Building’s Conference Center.
Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps
Lauri Siskind Christopher Ward (designee of Chairperson, BOC)
Laurie Van Pelt (designee of County Executive) Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources Rhonda Van Tiflin, Human Resources
Jordie Kramer, Human Resources
Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office
Paige Ritchie, Human Resources
Lisa Villella, Human Resources Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting John Lawson, T.Rowe Price Tim Murray, T.Rowe Price
Jeff Braemer, TimesSquare David Collon, Seizert Capital Darrin Young, Seizert Capital
Gary Schlossberg, Wells Fargo/Berkeley Street Joe Conroy, Wells Fargo/Berkeley Street
1. Moved by Meisner, seconded by Middleton, to approve the minutes of August 24, 2017.
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 RETIREMENT EFFECTIVE
Batzloff, Robert Sheriff 10/28/2017 Cripps, Jeffrey WRC 10/14/2017
Ferguson, Kathleen Record Retention 10/21/2017
Fischer, Paul J. Deferred 11/15/2017 Harbin, Wayne WRC 10/14/2017
Holey, Sherman WRC 10/14/2017
Lyzen, Richard Sheriff 10/14/2017 Robbins, Renee Treasurer’s 11/10/2017
Ross, Barry Aviation 10/14/2017 Tessman, Michael Sheriff 10/15/2017 Villani, Gene Children’s Village 09/16/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes September 14, 2017 Page 2
4. Moved by Rozell, seconded by Siskind, to approve the following Defined Contribution retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Brown, James Children’s Village 10/01/2017 Foley, Gail Health 09/30/2017
Whiston, Elizabeth Deferred 08/11/2017 5. Moved by Rozell, seconded by Childs, to receive and file the Investment Subcommittee
minutes of August 24, 2017. Motion carried.
6. Moved by Meisner, seconded by Siskind, to receive and file the Investment Subcommittee
minutes of September 11, 2017. Motion carried.
7. Chairperson VanLeuven tabled the naming of an ad hoc committee for nomination of a
Citizen Member to the Board of Commissioners for the four year term ending December 31, 2021.
8. Moved by Siskind, seconded by Phelps, to receive and file the September 2017 securities litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
9. Discussion of Board meeting location limitations due to employee swipe card access restrictions; Mr. Lerminiaux instructs Board meetings in 2018 and beyond shall not be
scheduled in the office building side of the Executive Office Building. 10. Chris Kuhn of AndCo Consulting moderated an Investment Manager roundtable including
panelists:
• John Lawson, T.Rowe Price
• Tim Murray, T.Rowe Price
• Jeff Braemer, TimesSquare
• David Collon, Seizert Capital
• Darrin Young, Seizert Capital
• Gary Schlossberg, Wells Fargo/Berkeley Street
• Joe Conroy, Wells Fargo/Berkeley Street
11. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and provided brief comments summarizing highlights contained in each:
• Market Update – July 31, 2017
• Oakland County Employees’ Retirement System (ERS) – Asset/Manager Summary – September 14, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment
Performance Review Period Ending July 31, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report - Investment
Performance Review Period Ending August 31, 2017
• Oakland County ERS Defined Benefit Plan Investment Performance Review
period ending June 30, 2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes September 14, 2017 Page 3
12. Other Business:
a. Mr. Lerminiaux addressed the Graystone contracts for the Retiree Health Savings and Part-time Non-eligible 457 plans; Corporation Counsel has circulated new
contracts, John Krakowiak is to send these to the Graystone legal team for review. Clarified that the fee was to be $5,000 per year for each.
b. Chairperson VanLeuven noted the next meeting of this Board will be October 26, 2017 at 1:30 p.m.
c. Chairperson VanLeuven stated that applications for the Citizen Member seat for the term beginning January 1, 2018 are being accepted through September 30, 2017.
Following the conclusion of the application deadline, he will appoint an ad hoc
committee at the October 26th meeting to review applications and interview candidates in early November.
d. Discussion recapping the Investment Subcommittee meeting earlier same afternoon in which discussion of two finalist record keeping vendors, ICMA-RC and Prudential,
took place and Graystone provided best and final pricing detail.
Moved by Rozell, support by Childs, to terminate current contracts with ICMA-RC
and Fidelity and to enter into contract with Prudential for combined recordkeeping services at the hard dollar rates for a five-year contract with 60 days per year of on-site Participant consultant, conditioned upon successful conclusion of an on-site visit
and the negotiation of a mutually agreeable contract. Motion carries.
e. Assistant Secretary Van Tiflin details a tentative meeting date calendar for 2018 is
included in today’s meeting materials, this will be for discussion and consideration at the upcoming October 26, 2017 meeting.
f. Mr. Lerminiaux initiates discussion of the recent Equifax personal information hack in the news and his suggestion employees be notified not to enroll at this time for the
offered online credit check; states Chris Burrows of IT has communicated an additional breach concern with Equifax’s offered solution. Ms. Kramer advises there’s currently request for proposal work underway to offer employees a LifeLock type
product for personal information security.
13. Chairperson VanLeuven adjourned the meeting without objection at 3:31 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held October
26, 2017 at 1:31 p.m. in the Waterford Conference Room, Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind
Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive) Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Jordie Kramer, Human Resources Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting
Jon L Feinberg, ABS Investment Management
Laurence K Russian, ABS Investment Management Kevin Smith, PRISA II – PGIM Real Estate
1. Moved by Middleton, seconded by Meisner, to approve the minutes September 14, 2017.
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 RETIREMENT EFFECTIVE Erkins, Steven Sheriff 10/14/2017
Ford, Jeffery Sheriff 10/15/2017 Riley, Donna Circuit Court 11/28/2017
Wilson, Katrina Children’s Village 10/28/2017
4. Moved by Rozell, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE
Barnes, Kathryn Deferred 10/05/2017 Chetkovich, Patricia Friend of the Court 10/28/2017 Jansen, Nancy Deferred 10/06/2017
Johnson, Michael L. Sheriff 09/15/2017
Steep, Anne Health & Human Svcs. 10/14/2017
5. Moved by Meisner, seconded by Rozell, to receive and file the Investment Subcommittee minutes of September 14, 2017. Motion carried.
6. Moved by Siskind, seconded by Childs, to receive and file the October 2017 securities litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
7. Silvia Frank randomly drew four winners for the 3rd quarter 2017 R.E.A.P. incentive. Winners of $100 gift cards are:
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes October 26, 2017 Page 2 Name Department Educational Endeavor
Katee Zora Sheriff ICMA-RC One-on-One
Belinda Coley Equalization ICMA-RC One-on-One Gwynne Starkey Circuit Court Fidelity One-on-One
Janine Daily IT ICMA-RC One-on-One 8. Moved by Middleton, seconded by Rozell, to receive and file the 3rd Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
9. Moved by Childs, seconded by Phelps, to receive and file the October 2017 Deferred
Compensation 457 hardship application(s). Motion carried.
10. Chairperson VanLeuven confirmed the ad hoc committee to commence interviews for the
Oakland County Retirement and Deferred Compensation and VEBA Board Citizen Member; VanLeuven, Middleton, Ward, and Childs.
11. Moved by Siskind, seconded by Childs, to approve the 2018 Board meeting calendar with the incorporated revision moving the April meeting to the 26th respectively. Motion carried.
12. Moved by Van Pelt, seconded by Rozell, to recommend to the Board of Commissioners the revision of Sections 1.20 and 5.4 of the Oakland County Employees’ Retirement
System Restated Resolution 1996 As Amended, December 2015 (Defined Contribution/401(a) plan) amended below. Motion carried.
a) Final Language (redlined and clean versions): Section 5.4 - Oakland County Employees’ Retirement System Restated Resolution 1996 As Amended,
December 2016 (Defined Contribution/401(a) plan):
Final redlined version Section 5.4:
Defined Contribution Disability Retirement
Section 5.4 Re-evaluation process
At least once each calendar year during the first 5 calendar years
following a Member’s approval of Defined Contribution Disability Retirement and at least once in every 3 calendar year period thereafter,
the Retirement Board may shall require the Member to undergo a
medical or other re-evaluation until the Member reaches Normal Retirement Age...
Final revised version, redline removed, Section5.4: Defined Contribution Disability Retirement
Section 5.4 Re-evaluation process At least once each calendar year during the first 5 calendar years
following a Member’s approval of Defined Contribution Disability Retirement and at least once in every 3 calendar year period thereafter,
the Retirement Board shall require the Member to undergo a medical or
other re-evaluation until the Member reaches Normal Retirement Age...
13. Moved by Rozell, Seconded by Childs, to approve the restatement of 457(b) Deferred
Compensation Plan. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes October 26, 2017 Page 3 14. Moved by Middleton, seconded by Siskind, to approve the invoice from Gabriel, Roeder,
Smith & Co., No. 433313 in the amount of $1,000 for benefit computation program license
fee for the period July 1, 2016 through June 30, 2017. Motion carried.
15. Moved by Van Pelt, seconded by Childs, to receive and file AndCo Consulting memo summarizing due diligence review and approval of Churchill. Motion carried.
16. Jon L Feinberg and Laurence K Russian of ABS Investment Management made a presentation to the Board.
17. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and provided brief comments summarizing highlights contained in each:
• Market Update – September 30, 2017
• Oakland County Employees’ Retirement System (ERS) – Asset/Manager
Summary – October 26, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment
Performance Review Period Ending September 30, 2017
18. Chris Kuhn and Peter Brown of AndCo Consulting addressed scrutinized securities and
response to Loomis Sayles (Core Plus Fixed Income). 19. Moved by Rozell, seconded by Middleton, to go into closed session regarding a Defined
Contribution Non-Duty Disability retirement application pursuant to MCL 15.268(h) and MCL 15.243(1)(l) to discuss material exempt from disclosure under federal or state law
including medical, counseling or psychological facts or evaluations that would identify the
individual involved.
Roll Call:
Ayes: VanLeuven, Rozell, Meisner, Childs, Phelps, Siskind, Van Pelt, Ward, Middleton
Nays: None Motion carried. Closed session commenced at 3:10 p.m.
20. Closed session concluded at 3:26 p.m.; agenda resumed.
21. Moved by Siskind, seconded by Van Pelt, to uphold denial of the Defined Contribution Non-Duty Disability application. Motion carried.
22. Other Business: a. Ms. Frank provided a verbal update on the Defined Contribution Recordkeeping
Conversion for the 401(a), 457, Retiree Health Savings and Part-time Non-eligible
457 plans activities. b. Chairperson VanLeuven appointed Van Pelt and Rozell to an ad hoc committee to
review and recommend communications for the Defined Contribution recordkeeping
conversion for the 401(a), 457, Retiree Health Savings and Part-Time Non-Eligible 457 plan. Motion carried.
c. Chairperson VanLeuven noted upcoming meetings: i. October 30, 2017 – 1:30 p.m. Investment Subcommittee ii. November 16, 2107 – 1:30 p.m. Oakland County Employees’ Retirement
and Deferred Compensation Board
23. Chairperson VanLeuven adjourned the meeting without objection at 3:39 p.m.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes October 26, 2017 Page 4
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 16, 2017 at 1:32 p.m. in the Waterford Conference Room, Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind
Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive)
Member(s) Absent: Curtis Childs, with notice Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Jason May, Graystone
Brian McCleave, Prudential
Mike McCann, Prudential
Chris Kuhn, AndCo Consulting 1. Moved by Meisner, seconded by Phelps, to approve the minutes October 26, 2017. Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Van Pelt, seconded by Middleton, to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Delagarza Jr., Martin Sheriff 12/05/2017 Jueckstock, Robert Circuit Court 12/02/2017 Kumeisha, Justine Health 11/23/2017
Pousho, Robert WRC 12/09/2017
4. Moved by Van Pelt, seconded by Rozell, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
O’Brien, Colleen Circuit Court 11/01/2017 Ochadleus, Donald Prosecuting Attorney 11/03/2017
Vukovich, Mary Health 11/10/2017
5. Moved by Rozell, seconded by Van Pelt, to receive and file the Investment Subcommittee minutes of October 30, 2017. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes November 16, 2017 Page 2 6. Moved by Meisner, seconded by Middleton, to receive and file the Ad-Hoc Subcommittee
minutes of November 6, 2017. Motion carried.
a. 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 Middleton, seconded by Meisner to forward the recommendation to the Board of Commissioners for approval. Motion carried.
7. Moved by Phelps, seconded by Meisner, to receive and file the November 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried
8. Brian McCleave and Mike McCann of Prudential distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Defined Contribution Conversion Schedule
• Oakland County Defined Contribution Plans Understanding Investment Expenses
9. Jason May of Graystone Consulting distributed the following reports and provided brief
comments summarizing highlights contained in each:
• Oakland County 401(a) & 457(b) Statement of Investment Policy Statement,
Objectives & Guidelines
• Fund Consolidation Review report – Prepared for Oakland County 401 (a)
ICMA’, 457 – Fidelity’, RHS – ICMA’ and 457 PTNE – ICMA’. a. Moved by Van Pelt, seconded by Rozell, to accept the new fund changes (listed on
pages 93, 100, and 104), to the 401(a), 457, RHS, and 457 PTNE Plan investment line up, to be implemented with Prudential as recordkeeper in April 2018. Motion
carried.
b. Moved by Rozell, seconded by Van Pelt, to adopt the new Oakland County 401(a) & 457(b) Statement of Investment Policy, Objectives & Guidelines. Motion carried.
10. Other Business: a. Churchill – contract review
i. Chris Kuhn addressed Unrelated Business Taxable Income (UBTI) b. Fidelity Revenue Sharing i. Secretary Frank addressed the Board on Fidelity revenue sharing
account information. Administrative allowance account funds will be dispersed on a Pro-Rata basis.
c. Chairperson VanLeuven noted upcoming meetings:
i. November 27, 2017 – 1:45 p.m. Investment Subcommittee ii. December 14, 2107 – 1:30 p.m. Oakland County Employees’ Retirement and Deferred Compensation Board
11. Chairperson VanLeuven adjourned the meeting without objection at 3:25 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary
OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 14, 2017 at 1:32 p.m. in the East Oakland Conference Room, Executive Office
Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Thomas Middleton Jeffrey Phelps
Lauri Siskind Christopher Ward (designee of Chairperson, BOC)
Laurie Van Pelt (designee of County Executive)
Member(s) Absent: Andy Meisner, with notice Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Jennifer Hain, Human Resources Paige Ritchie, Human Resources
Natalie Neph, Treasurer
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Charlie Price, Pictet Doug Balleine, Pictet
Joe Jackaloney, Student Intern/Corporation Counsel 1. Moved by Siskind, seconded by Phelps to approve the minutes of November 16, 2017. 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 RETIREMENT EFFECTIVE Jane Kessler Health 01/20/18
Rosie M Jordan Childrens Village 01/26/18
Diane Peters Sheriff 12/28/17 Robert Proundfoot Circuit Court 01/27/18
4. Moved by Rozell, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE
Richard Craine II WRC 02/03/18 Deanna Hylla Corporation Counsel 01/05/18
Joseph T. Racey Jr. Circuit Court 01/09/18
5. Moved by Middleton, seconded by Van Pelt to receive and file the additional Death Benefit language to the Defined Contribution Retirement Plan document. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes December 14, 2017 Page 2 6. Moved by Childs, seconded by Rozell to approve the Defined Contribution duty death
benefit of Eric Overall, beneficiaries - Sonja Overall and Kenneth Overall, with retirement
effective date, November 24, 2017. Motion carried.
7. Moved by Van Pelt, seconded by Childs to receive and file the November 27, 2017 Investment Subcommittee meeting minutes.
8. Moved by Siskind, seconded by Van Pelt to receive and file the December 2017 securities litigation Portfolio Monitoring Review report by the Miller Law Firm. Motion carried.
9. Charlie Price and Doug Ballenine of Pictet presented EAFE Equities to the Board.
10. 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 -
Investment Performance Review Period Ending September 30, 2017
• Market Update – November 30, 2017
• Oakland County ERS – Asset/Manager Summary – December 14, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment Performance Review Period Ending November 30, 2017
11. Other Business: a. Keith Lerminiaux provided a verbal update on contract negotiations with Prudential for the Defined Contribution Recordkeeping conversion (401(a), 457, and Part-time
Non-eligible 457 Plans). b. Chairperson VanLeuven informed the Board of a Defined Contribution Non-Duty
Disability Application consideration for the January 11, 2018 meeting.
c. Chairperson VanLeuven noted upcoming meetings: i. January 11, 2108 – 1:30 p.m. Oakland County Employees’ Retirement
and Deferred Compensation Board
12. Chairperson VanLeuven adjourned the meeting without objection at 3:10 p.m.
Respectfully submitted,
__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary