HomeMy WebLinkAboutMinutes - 2017.02.16 - 32419OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held February
16, 2017 at 1:30 p.m. in the West Oakland Conference 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
Jeffrey Phelps
Members Absent: Chris Ward (designee of Chairperson, BOC)
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Peter Brown, AndCo Consulting
Ken Wedemeyer, ICMA-RC
Chris Matzke, ICMA-RC
Jason Ashline, ICMA-RC
Sandra Rouse-Thames, ICMA-RC
Nancy Lange, ICMA-RC
1. Moved by Meisner, seconded by Rozell, to approve the minutes of January 19, 2017.
Motion carried.
2. Moved by Childs, seconded by Phelps, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Charboneau, Terry Deferred 02/24/2017
Hickey, Joey IT 02/18/2017
McIsaac, Timothy Sheriff 02/24/2017
Snider, Mark Sheriff 02/16/2017
Solomon, Jestina FM&O 03/02/2017
3. Moved by Childs, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Chatman, Frederick Sheriff 01/25/2017
Gagnon, Brenda Probate Court 03/25/2017
Geckle, George Sheriff 02/11/2017
Hodits, Maura Probate Estates & MH 03/04/2017
Openshaw, Ralph Medical Examiner 02/23/2017
Schreiber, David Dev & Planning 02/04/2017
Walendzik, Bonnie Sheriff 02/04/2017
4. Moved by Rozell, seconded by Van Pelt to receive and file the Investment Subcommittee
minutes of January 19, 2017. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes
February 16, 2017
Page 2
5. Moved by Meisner, seconded by Middleton, to receive and file the Investment
Subcommittee minutes of February 13, 2017. Motion carried.
6. Moved by Van Pelt, seconded by Meisner, to support the Investment Subcommittee’s
February 13, 2017 recommendation to authorize AndCo to redirect assets currently with
Morgan Stanley Real Estate Prime Property for investment as follows. The motion carried.
a. $5 million to AEW Partners Real Estate Fund VIII, L.P.
b. $5 million to Dune Real Estate Fund IV
7. Moved by Van Pelt, seconded by Childs, to receive and file the Fidelity Rollover Report for
July – December 2016. Motion carried.
8. Moved by Van Pelt, seconded by Phelps, to receive and file the ICMA-RC Rollover Report
for July – December 2016. Motion carried.
9. Ken Wedemeyer, Chris Matzke, Jason Ashline, Sandra Rouse-Thames and Nancy Lange
of ICMA-RC made a presentation to the Board.
10. No representative of Schwartz & Co. was in attendance to present as scheduled on the
agenda. Chairperson VanLeuven shared Ed Schwartz’ previously communicated intent to
honor all one-on-one consulting appointments with participants through the end of March.
11. Peter Brown of AndCo Consulting addressed the Board:
a. Regarding the split of the State Street Global Advisors (SSgA) traditional S&P 500
between that fund and the SSgA S&P 500 Equal Weight fund. Current traditional fee
structure is 2 basis points (bps) on the first $50 million and 1 bps thereafter. New fee
structure will be 2 bps on all traditional assets, while the Equal Weight will be 4 bps
on the first $75 million and 2 bps thereafter. SSgA will aggregate assets and the
new relationship minimum will be $50,000 per year. The expectation is that
aggregate fees will increase between $15-23,000, but returns are anticipated to
improve by $400,000-$1.5 million per year.
b. AndCo will move forward with the previously approved investments in AEW and
Dune; advised these are closed end funds and drawdowns from Morgan Stanley will
take place over a period of three to four years.
12. Motion by Van Pelt, seconded by Meisner, to approve payment of invoices for Gabriel,
Roeder, Smith & Co. Motion carried.
a. No. 426099 in the amount of $2,125 for archiving the Oakland County Retirement
and Defined Contribution Board minutes on Minute Master for the period of January
1, 2015 through December 31, 2015.
b. No. 426339 in the amount of $10,000 for work related to the GASB statement
number 67 actuarial valuation as provided in report dated December 5, 2016.
c. No. 426337 in the amount of $1,000 for benefit computation program license fee for
the period July 1, 2015 through June 30, 2016.
13. Moved by Siskind, seconded by Childs to receive and file the February 2017 securities
litigation report by The Miller Law Firm. Motion carried.
14. Moved by Van Pelt, seconded by Phelps to receive and file the December 31, 2016
BEAMS report by Barrack, Rodos & Bacine. Motion carried.
15. Meeting was opened for public comment; no one spoke.
Oakland County Retirement and Deferred Compensation Board Minutes
February 16, 2017
Page 3
16. Other business:
a. Discussion on rescheduling the April 20, 2017 meeting to April 13, 2017. There were
no conflicts or opposition to the proposed scheduled meeting change. It was agreed
to reschedule the April 20, 2017 meeting to April 13, 2017.
b. Chairperson VanLeuven proposed, for future consideration, requesting the Board of
Commissioners remove the Retiree member Oakland County residency requirement.
Discussion surrounding imposing a cap on mileage, or paying per diem, if the
residency requirement were removed. The Assistant Secretary was asked to
conduct a survey of other retirement system boards, through MAPERS, as to if they
residency requirement on any retiree board seat, if the retiree member is paid
mileage or per diem, and if there is any cap on mileage.
17. Moved by Meisner, seconded by Siskind to adjourn the meeting at 3:06 p.m. Motion
carried.
The next meeting is scheduled for Thursday, March 23, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary