HomeMy WebLinkAboutMinutes - 2016.05.26 - 32408OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 26,
2016 at 1:30 p.m. in the W est Oakland Conference Room.
Members Present: James H. VanLeuven, Jr. Curtis Childs
Andy Meisner Thomas Middleton
Jeffrey Phelps Joseph Rozell
Lauri Siskind
Laurie VanPelt (designee of County Executive)
Members Absent: Eileen Kowall (designee of Chairman, BOC)
Others Present: Judy Fandale, Human Resources
Megan Navarre, Human Resources
Paige Ritchie, Human Resources
Keith Lerminiaux, Corporation Counsel
Douglas Davis, Fidelity
Scott Dillman, Fidelity
Jim Freeman, Fidelity
Sandra Rouse-Thames, ICMA-RC
Ken Wedemeyer, ICMA-RC
David Breuhan, Schwartz & Co.
Ben Jones, Schwartz & Co.
Janette Schad, Schwartz & Co.
Edward Schwartz, Schwartz & Co.
Zack Thomas, Clerk/ROD
1. Moved by Meisner, seconded by Rozell to approve the minutes of April 21, 2016. Motion
carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Childs, seconded by Meisner to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT OPTION HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Chamarro, Jayne Deferred B – 50% None 07/12/2016
Hearit, Kevin Sheriff C –10yrs Family (F) 06/25/2016
McNair, Jerry Deferred B – 50% Family (F) 06/18/2016
Sulecki, Theresa Equalization D –100% Family (F) 06/04/2016
4. Moved by Phelps, seconded by VanPelt to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Ferguson, Pamela Circuit Court Family (2) 06/25/2016
Gaissert, Mary IT 60% 06/04/2016
Norman, Matthew Sheriff Family (2) 06/07/2016
Rymar, Shonna Deferred One Person 05/27/2016
Tyner, Deborah Deferred One Person 06/28/2016
Retirement Minutes May 26, 2016
Page 2
5. Moved by VanPelt, seconded by Siskind to receive and file May 2016 Deferred
Compensation hardships. Motion carried.
6. Scott Dillman, Doug Davis, Jim Freeman - Fidelity Investments made a presentation to the
Board. Effective July 1, 2016 Fidelity will reduce their administrative fee from 11 to 9.5 bps.
They will reimburse participants who incurred additional tax preparation fees due to the
return of excess contributions of the Oakland County Deferred Compensation plan. Fidelity
will work with the Oakland County team (Fandale, Brown & Lerminiaux) to contact any
members that may be affected.
7. Ken Wedemeyer, Sandra Rouse-Thames - ICMA -RC made a presentation to the Board.
Moved by Rozell, seconded by Childs to authorize the retirement unit to purchase gifts for
the ICMA-RC “Passport” education drawing not to exceed $400. Motion carried.
8. Moved by Rozell, seconded by Meisner to receive and file the May 26, 2016 Investment
Sub-committee meeting minutes.
9. David Breuhan, Ben Jones, Janette Schad, Ed Schwartz - Schwartz & Co. presented the
Defined Contribution 401(a) and Deferred Compensation 457(b) plan review. Moved by
VanPelt, seconded by Meisner to approve the following changes to the Defined Contribution
401(a) plan. Motion carried.
1) Add PIMCO Total Return to the watch list.
2) Remove Franklin High Income; map fund assets and future contributions to PIMCO High
Yield fund.
3) Remove Franklin Templeton Conservative Allocation; map fund assets and future
contributions to JP Morgan Smart Retirement 2015 fund.
4) Remove Franklin Templeton Moderate Allocation; map fund assets and future
contributions to JP Morgan Smart Retirement 2025 fund
5) Remove Franklin Templeton Growth Allocation; map fund assets and future
contributions to JP Morgan Smart Retirement 2035 fund.
9a. Moved by VanPelt, seconded by Childs to approved the following changes to the Deferred
Compensation 457(b) plan. Motion carried.
1) Add Putnam Absolute Return 300 to the watch list.
2) Add PIMCO Total Return to the watch list.
3) Remove Franklin High Income; map plan assets and future contributions to Eaton Vance
High Income Opportunities I fund.
4) Putnam Voyager will be mapped into the Putnam Growth Opportunities Fund effective
July 15, 2016.
10. Janette Schad, Schwartz & Co presented the Deferred Compensation plan RFP schedule.
11. Moved by Childs, seconded by Phelps to receive and file the Portfolio Monitoring report
provided by the Miller Law firm. Motion carried.
12. Moved by VanPelt, seconded by Rozell to adjourn the meeting at 3:35 p.m. Motion carried.
The next meeting is scheduled for Thursday, June 23, 2016 at 1:30 p.m.
Respectfully submitted,
____________________________________ ____________________________________
James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary