HomeMy WebLinkAboutMinutes - 2016.12.15 - 32417OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 15, 2016 at 1:30 p.m. in the West Oakland Conf erence Room.
Members Present: James H. VanLeuven, Jr. Curtis Childs
Andy Meisner Thomas Middleton
Jeffrey Phelps Lauri Siskind
Laurie Van Pelt (designee of County Executive)
Chris Ward (designee of Chairperson, BOC)
Members Absent with Notice: Joseph Rozell
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jordie Kramer, Human Resources
Paige Ritchie, Human Resources
Chris Kuhn, The Bogdahn Group
David Breuhan, Gregory J. Schwartz & Co.
Michael Novara, Novara Tesija, P.L.L.C.
1. Moved by Phelps, seconded by Middleton to approve the minutes of November 17, 2016.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Chairperson VanLeuven introduced Michael Novara of Novara Tesija, P.L.L.C. to the
Board and attendees.
4. Moved by Childs, seconded by Meisner to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Blower, Laurene Health 01/18/2017
Smith, Joann Deferred 02/28/2017
Vega, Joseph R. Sheriff 12/20/2016
5. Moved by Phelps, seconded by Ward to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Cook, Shelley A. Fiscal Services 12/01/2016
Doyle, Lawrence M. Corrections 01/07/2017
Giroux, Maricela M. Deferred 12/17/2016
Kukla, Dale J. IT 12/30/2016
Lenchek, Carol J. MSU Extension 12/15/2016
Randall, Karl Aviation Admin 01/07/2017
6. Moved by Meisner, seconded by Van Pelt to receive and file the Investment Subcommittee
minutes of November 17, 2016. Motion carried.
7. Moved by Van Pelt, seconded by Middleton to receive and file the Investment
Subcommittee minutes of December 6, 2016. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes
December 15, 2016
Page 2
8. Motion by Middleton, supported by Siskind 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, Childs, Meisner, Middleton, Phelps, Siskind, Van Pelt, Ward
Nays: None
Absent: Rozell
Motion carried. Closed session commenced at 1:37 p.m.
9. Closed session concluded at 1:43 p.m.; agenda resumed.
10. Chris Kuhn from The Bogdahn Group made a presentation to the Board. Discussion
ensued regarding a desire to review asset allocation alternatives that would be projected
to meet the portfolio’s 7.25% target rate of return.
11. Moved by Childs, seconded by Siskind to receive and file the December 2016 securities
litigation report by The Miller Law Firm. Motion carried.
12. Moved by Van Pelt, seconded by Childs to receive and file the County Executive’s letter of
December 1, 2016 directed to members of the Oakland County delegates of the Michigan
legislature regarding proposed House Bill 6074. Motion carried.
13. Other business:
a. David Breuhan of Gregory J. Schwartz & Co. addressed the Board:
i. Confirmed that Fidelity had implemented the reduction in fees from 11 to 9.5
basis points effective July 1, 2016.
ii. Distributed handout titled The Fidelity Report for Deferred Compensation Plan for
Oakland County.
iii. Confirmed that ‘fee levelization’ is available for the 457 plan from Fidelity. This
would allow for redistribution of excess revenue to effectively match the manner
in which ICMA-RC had been tasked to redirect 401a revenue sharing in
November 2016, by reallocating revenue sharing to participant accounts based
on a pro-rata share of each participant’s level of participation in the individual
funds from which the revenue sharing had been generated, to be determined by
each participant’s level of investment in the funds from which the revenue
sharing was generated as of the last day of a calendar quarter. Advised would
take 60-90 days to make this change with Fidelity.
iv. Motion by Van Pelt, supported by Curtis, to implement ‘fee levelization’, as
described above, for the 457 with Fidelity. Motion carried.
14. Moved by Van Pelt, seconded by Meisner to adjourn the meeting at 2:34 p.m. Motion
carried.
The next meeting is scheduled for Thursday, January 19, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary