HomeMy WebLinkAboutMinutes - 2019.03.21 - 31290OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
21, 2019 at 1:45 p.m. in the West Oakland Conference Room, L. Brooks Patterson Executive
Office Building.
Members Present: Joseph Rozell Andy Meisner
Jeff Phelps Helaine Zack
Malcolm Brown (designee of County Executive)
Curtis Childs
Dave Woodward
Members Absent: James VanLeuven Jr. (with notice)
Lauri Siskind (with notice)
Others Present: Keith Lerminiaux, Corporation Counsel
Jordie Kramer, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Jennifer Hain, Human Resources
Chris Kuhn, AndCo
Peter Brown, AndCo
Vice Chairperson Rozell chaired the meeting.
1. Moved by Meisner, seconded by Phelps to approve the minutes of February 21, 2019.
Motion carried.
2. Meeting was opened for public comment. Keith Lerminiaux announced his retirement and
expressed his gratitude for years with the County.
3. Moved by Childs, seconded by Mesiner to approve the following Defined Benefit
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Debra Myers Human Resources 05/01/2019
Mark Penwarden Children’s Village 03/22/2019
Kimberly Potts Sheriff’s Office 04/16/2019
4. Moved by Childs, seconded by Meisner to approve the following Defined Contribution
retirement applications. Motion carried. RETIREMENT
DEPARTMENT EFFECTIVE Mark Buffa Sheriff’s Office 04/01/2019
Marilyn Jones Health 03/06/2019
Joseph Lambourn Sheriff’s Office 03/16/2019
Keith Lerminiaux Corporation Counsel 03/30/2019
Deborah Liponoga 52/3 District Court 03/30/2019
Kim Soncranite Deferred 03/05/2019
Patrick Weir Sherriff’s Office 04/06/2019
Trustees recognized Keith Lerminiaux’s retirement and thanked him for his years of
service as Corporation Counsel to the County and the Retirement Board.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 21, 2019
Page 2
5. Moved by Childs, seconded by Phelps to go into closed session regarding two Defined
Contribution Non-Duty Disability retirement applications 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: Rozell, Meisner, Brown, Zack, Childs, Phelps
Nays: None
Motion carried. Closed session commenced at 1:54 p.m.
Closed session concluded at 2:24 p.m.; agenda resumed.
a. Moved by Childs seconded by Phelps to deny the first Defined Contribution Non-Duty
Disability application discussed in closed session. Motion carried.
b. Moved by Brown, seconded by Zack to table and refer the second Defined
Contribution Non-Duty Disability application discussed in closed session, to Secretary
Frank to advise the participant to obtain a more detailed medical statement for
reconsideration at the next Board meeting. Motion carried.
6. Moved by Zack, seconded by Woodward to receive and file the Med Source Services
Invoice No. S219-103762-0 in the amount of $850 for Independent Medical Exam &
Report. Motion carried.
7. Moved by Childs, seconded by Phelps to receive and file March 2019 update on securities
litigation by Miller Law Firm. Motion carried.
8. Moved by Childs, seconded by Meisner to receive and file the Oakland County
Employees’ Retirement System Annual Actuarial Valuation Report as of September 30,
2018, provided by Gabriel, Roeder, Smith & Co. Motion carried.
9. Moved by Meisner, seconded by Childs to approve the following transfers as listed on
page A-2 of the Actuarial Valuation Report. Motion carried.
a. Transfer $97,885,195 from the Pension Reserve - General County Fund to the
Retirement Reserve-General County Fund.
b. Transfer $7,127,879 from the Pension Reserve-Sheriffs Command Officers Fund to
the Retirement Reserve-Sheriffs Command Officers Fund.
c. Transfer $25,569,315 from the Pension Reserve-Sheriff Deputies Fund to the
Retirement Reserve-Sheriff Deputies Fund.
10. Moved by Childs, seconded by Phelps to receive and file the amended Bylaws. Motion
carried.
11. Moved by Phelps, seconded by Meisner to receive and file the March 8, 2019 required
reporting for State of Michigan PA 202 of 2017 Pension Report and Memo to the Board of
Commissioners. Motion carried.
12. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) Investment Performance
Review Period Ending December 31, 2018
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending February 28, 2019
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – March 13, 2019
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 21, 2019
Page 3
13. Other Business
a. Vice Chairperson Rozell noted the next meeting of this Board:
i. April 25, 2019 – 1:30 p.m.
b. Chris Kuhn of AndCo announced the Investment Manager Roundtable planned for
the April Board meeting.
14. Vice Chairperson Rozell adjourned the meeting without objection at 2:50 p.m.
Respectfully submitted,
__________________________________ __________________________________
Joseph Rozell, Vice Chairperson Silvia Frank, Secretary