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HomeMy WebLinkAboutMinutes - 2017.01.19 - 32416OAKLAND 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 Conf erence 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