HomeMy WebLinkAboutMinutes - 2016.11.17 - 32418OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 17, 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 Joseph Rozell
Lauri Siskind
Laurie VanPelt (designee of County Executive)
Members Absent: Chris Ward (designee of Chairperson, BOC)
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Kathy Sanders, Human Resources
Paige Ritchie, Human Resources
Chris Kuhn, The Bogdahn Group
Peter Brown, The Bogdahn Group
Ed Schwartz, Gregory J. Schwartz & Co.
Janette Schad, Gregory J. Schwartz & Co.
David Breuhan, Gregory J. Schwartz & Co.
Ben Jones, Gregory J. Schwartz & Co.
Ken Wedemeyer, ICMA-RC
Jason Ashline, ICMA-RC
Sandra Rouse-Thames, ICMA-RC
Lisa Burke-Wilson, ICMA-RC
Louise Gates, Gabriel, Roeder, Smith
John Byrne, Prudential
John Turk, Prudential
1. Moved by Meisner, seconded by Siskind to approve the minutes of October 20, 2016.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Chairperson VanLeuven acknowledged receipt of a letter from Secretary Fandale
appointing Rhonda Van Tiflin Assistant Secretary. Approval of the appointment was
motioned by Meisner and seconded by Phelps. The motion carried.
4. Chairperson VanLeuven introduced Chris Kuhn and Peter Brown of The Bogdahn Group
to the Board and attendees.
5. Moved by Rozell, seconded by Childs to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Beaudry, Susan A. Deferred 12/25/2016
Kosowan, Vicki L. Deferred 11/23/2016
Matus, Mark Deferred 11/27/2016
Mekoski, Terence H. Sheriff 12/10/2016
Wandrei, Dennis B. Sheriff 11/30/2016
Oakland County Retirement and Deferred Compensation Board Minutes
November 17, 2017
Page 2
6. Moved by Childs, seconded by Meisner to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Kress, John A. Sheriff 12/20/2016
Pezzetti, Elizabeth Probate Court 01/02/2017
Young, Joan Circuit Court 01/02/2017
7. Moved by Childs, seconded by Middleton to receive and file the November report of
Deferred Compensation 457(b) hardships. Motion carried.
8. Moved by Van Pelt, seconded by Siskind to receive and file the report from ICMA-RC on
401(a) rollout recipient institutions covering the period September 30, 2013 to September
30, 2016. Motion carried.
a. A request that ICMA-RC provide this report at a frequency of twice per year
emerged from ensuing discussion. Mr. Wedemeyer of ICMA-RC agreed.
9. Moved by Van Pelt, seconded by Childs to receive and file the report from Fidelity on
457(b) rollout recipient institutions covering the period January 2014 to October 2016.
Motion carried.
10. Moved by Rozell, seconded by Phelps to receive and file the acceptance statement from
Curtis Childs, unopposed candidate for the employee elected Board position with term
ending December 31, 2020. Motion carried.
11. Ken Wedemeyer, Sandra Rouse-Thames, Lisa Burke-Wilson and Jason Ashline of ICMA-
RC made a presentation to the Board.
12. Ed Schwartz, Janette Schad, David Breuhan and Ben Jones of Gregory J. Schwartz &
Company (Schwartz & Company) presented a 401(a) and 457(b) Plans Performance
Review to the Board.
a. Motion by Childs, seconded by Middleton, to approve the following changes to the
Defined Contribution 401(a) Plan. Motion carried.
I. Add Franklin Adjustable U.S. Government Securities to the watch list.
II. Add Fidelity Advisor Small Cap to the watch list.
b. Moved by Rozell, seconded by Meisner to exchange the current share class of the
Fidelity 500 Index in the 401(a) offered at the current 9 basis points for the newly
available share class offered at 3.5 basis points. Motion carried.
c. Moved by Siskind, seconded by Van Pelt to change the manner in which ICMA-RC
401a revenue sharing is reallocated to participants to be based on a pro-rata share
of each participant’s level of participation in the individual funds from which the
revenue sharing was 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. Motion carried.
I. Schwartz & Company is to confirm by the next Board meeting if Fidelity
can make the same change to the manner of reallocating excess revenue
sharing in the 457(b) plan.
d. Motion by Meisner, seconded by Childs, to approve the following changes to the
Deferred Compensation 457(b). Motion carried.
I. Remove Putnam Growth Opportunities from the watch list.
II. Add Franklin Adjustable U.S. Government Securities to the watch list.
Oakland County Retirement and Deferred Compensation Board Minutes
November 17, 2017
Page 3
13. Moved by Van Pelt, seconded by Middleton to receive and file the November 2016
securities litigation report by The Miller Law Firm. Motion carried.
14. Moved by Van Pelt, seconded by Siskind to receive and file the BEAMS report for the
quarter ending September 30, 2016 by Barrack, Rodos & Bacine. Motion carried.
15. Other business: Assistant Secretary Van Tiflin is to confirm that a reduction from 11 to 9.5
basis points agreed to by Fidelity earlier this year has been implemented.
16. Moved by Middleton, seconded by Van Pelt to adjourn the meeting at 2:55 p.m. Motion
carried.
The next meeting is scheduled for Thursday, December 15, 2016 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr. – Chairperson Rhonda Van Tiflin, Assistant Secretary