HomeMy WebLinkAboutMinutes - 2019.04.25 - 32061OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held April 25,
2019 at 1:30 p.m. in the West Oakland Conference Room, L. Brooks Patterson Building.
Members Present:
Others Present:
James VanLeuven Jr. Joseph Rozell
Andy Meisner Dave Woodward
Malcolm Brown (designee of County Executive)
Helaine Zack Jeff Phelps
Curtis Childs Lauri Siskind
Joellen Shortley, Corporation Counsel
Jordie Kramer, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Jennifer Hain, Human Resources
Chris Kuhn, AndCo
Peter Brown, AndCo
Michael VanOverbeke, VanOverbeke, Michaud & Timmony, P.C.
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Adam Owczarzak, Clerk/Register of Deeds
Brian Allen, CS McKee
Nancy Banker, CS McKee
Jay LaRocco, Franklin Templeton
Daniel Veddern, Franklin Templeton
Robert Failla, Lazard
Sean Delaney, Lazard
R. Todd Vingers, LMCG
Jenna Oliver, LMCG
Craig Buretle, Loomis, Sayles
Christopher Lazzaro, Loomis, Sayles
Bob Hrabchak, Wells Fargo
Rick Bisignano, Wells Fargo
1. Moved by Rozell, seconded by Childs to approve the minutes of March 21, 2019. Motion
carried.
2. Meeting was opened for public comment.
• Trustee Brown introduced Joelien Shortley as newly appointed Corporation
Counsel for Oakland County.
• Chairperson VanLeuven introduced Michael VanOverbeke and Aaron Castle of
VanOverbeke, Michaud & Timmony, P.C. as proposed Counsel to the Board.
3. Moved by Meisner, seconded by Phelps to approve the following Defined Benefit
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Donald Drussell FM&O 05/01/2019
Geri McGregor Deferred 05/30/2019
James Taylor 1T 05/01/2019
Oakland County Employees' Retirement and referred Compensation Board Minutes
April 25, 2019
Page 2
4. Moved by Childs, seconded by Rozell to approve the following Defined Contribution
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Renay Dillon Health 03/27/2019
Carlos Henao Sheriff's Office 04/25/2019
William Presley Medical Examiner 05/25/2019
Timothy Stratton Sheriffs Office 03/30/2019
5. Moved by Siskind, seconded by Rozell to receive and file April 2019 update on securities
litigation by Miller Law Firm. Motion carried.
6. Moved by Rozell, seconded by Phelps to receive and file the April 24, 2019 Investment
Subcommittee minutes. Motion carried.
7. Moved by Rozell, seconded by Zack to appoint VanOverbeke, Michaud & Timmony, P.C.
as general counsel to the Retirement & Deferred Compensation Board subject to
Investment Subcommittee negotiations. Motion carried.
8. Moved by Meisner, seconded by Zack to receive and file the 2018 Oakland County
Retirement and Deferred Compensation Board Annual Report. Motion carried.
9. Moved by Rozell, seconded by Siskind to receive and file the 2018 Summary Annual
Report to Members. Motion carried.
10. Moved by Meisner, seconded by Childs to receive and file the Defined Benefit Pension
increase Memo from Secretary Frank. Motion carried.
11. Moved by Childs, seconded by Rozell to approve the 2019 Defined Benefit annual
increase for retirees. Motion carried.
12. Moved by Childs, seconded by Meisner to receive and file the 1st Quarter Defined Benefit
and Defined Contribution Reports. Motion carried.
13. Secretary Frank randomly drew four winners for the lst quarter 2019 R.E.A.P. incentive.
Winners of $100 gift cards are:
Name Department Educational Endeavor
Jenny Shaw WRC Graystone One -on -One
Clinton Thomas Sheriff's Office Prudential One -on -One
Alyssa Pouliot Health Prudential One -on -One
Patricia Salter IT Prudential One -on -One
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) Monthly Rash Report
Period Ending March 31, 2019
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Asset 1 Manager Summary — April 16, 2019
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 25, 2019
Page 3
15. Chris Kuhn of AndCo Consulting moderated and investment Manager roundtable including
panelists:
• Franklin Templeton
• Loomis, Sayles
• CS McKee
• Lazard
• Wells Fargo
• LMCG
16. Moved by Siskind, seconded by Rozell 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)(I) 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, RozeII, Meisner, Brown, Woodward, Zack, Childs, Phelps,
Siskind
Nays: None
Motion carried. Closed session commenced at 3:19 p.m.
Closed session concluded at 3:21 p.m.; agenda resumed.
17. Moved by Zack seconded by Childs to approve the Defined Contribution Non -Duty
Disability application discussed in closed session. Motion carried.
18. Other Business
a. Trustee Brown and Secretary Frank distributed a Memo and provided an update on
all legal matters within the Oakland County Employees' Retirement System.
b. Chairperson VanLeuven noted the next meeting of this Board:
i. May 16, 2019 —1:30 p.m.
19. Chairperson VanLeuven adjourned the meeting without objection at 3:54 p.m.
Respectfully submitted,
H. VanLeuven, Jr., Crperson
Silvia F Secretary