HomeMy WebLinkAboutMinutes - 2017.03.23 - 32420OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
23, 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 Chris Ward (designee of Chairperson, BOC)
Jeffrey Phelps
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Kathy Sanders, Human Resources
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Sean Delaney, Lazard Asset Management
Tony Dote, Lazard Asset Management
Rob Failla, Lazard Asset Management
David Sowerby, Loomis Sayles
Todd Vingers, LMCG Investments
Jenna Oliver, LMCG Investments
Elsa Goldberg, Franklin Templeton
Dan Veddern, Franklin Templeton
Mike Schantz, RBC Global Asset Management
Bridget Tompkins, RBC Global Asset Management
Margaret Harbaugh, Morgan Stanley Real Estate
1. Moved by Meisner, seconded by Siskind, to approve the minutes of February 16, 2017.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Childs, seconded by Phelps, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Foppes, Michelle D. Health 04/04/2017
Miller, George J. Health 04/29/2017
Schell, Steven J. FM&O 04/29/2017
4. Moved by Childs, seconded by Meisner, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Bugsby, Margaret Children’s Village 03/18/2017
Fowlkes, Robert L. FM&O 04/01/2017
Gary, Carol Probate Estates 03/07/2017
Quisenberry, Theodore H. Homeland Security 03/15/2017
Saile, Michael A. Sheriff 04/15/2017
Schmidt, David G. Sheriff 03/18/2017
Oakland County Retirement and Deferred Compensation Board Minutes
March 23, 2017
Page 2
5. Moved by Van Pelt, seconded by Siskind to postpone the implementation of the ‘fee
levelization’ revenue credit method within the 457 plan with Fidelity, until the 457b/401a
recordkeeper request for proposal is concluded. Motion carried.
6. Moved by Van Pelt, seconded by Siskind to approve the 2017 Defined Benefit annual
increase of 1.5% for members retired prior to May 2, 2016 except as follows:
• 1.14% for individuals retired 05/02/2012 – 12/31/2012
• 0.57% for individuals retired 01/01/2013 – 05/01/2013
• 1.00% for individuals retired 05/02/2013 – 12/31/2013
• 0.57% for individuals retired 01/01/2014 – 05/01/2014
• 0.99% for individuals retired 05/02/2014 – 12/31/2014
• 0.56% for individuals retired 01/01/2015 – 12/31/2015
• 0.98% for individuals retired 01/01/2016 – 05/01/2016
• Individuals retired 01/01/2012 – 05/01/2012 will not receive a pay increase. They
may receive a pay decrease if the Board of Commissioners does not approve the
proposed amendment to the Defined Benefit Plan Document section 34.7.
Motion carried.
7. Chris Kuhn and Peter Brown of AndCo Consulting distributed the Oakland County
Employees’ Retirement System:
• Defined Benefit Plan Investment Performance Review for Period Ending December
31, 2016,
• Defined Benefit Plan Monthly Flash Report for the period ending January 31, 2017
• Defined Benefit Plan Monthly Flash Report for the period ending February 28, 2017
and provided brief comments summarizing highlights contained in each.
a. Motion by Meisner, seconded by Middleton, to receive and file the detailed
reports. Motion carried.
8. Chris Kuhn of AndCo Consulting moderated an Investment Manager roundtable including
panelists:
• Rob Failla, Lazard Asset Management
• David Sowerby, Loomis Sayles
• Todd Vingers, LMCG Investments
• Elsa Goldberg, Franklin Templeton
• Mike Schantz, RBC Global Asset Management
• Margaret Harbaugh, Morgan Stanley Real Estate
9. Moved by Rozell, seconded by Phelps to receive and file the March 2017 securities
litigation report by The Miller Law Firm. Motion carried.
10. Other business:
a. The next meeting, previously rescheduled from April 20, 2017, will be held April 13,
2017 at 1:30 p.m.
b. Reviewed results of MAPERS member survey conducted by Assistant Secretary Van
Tiflin on residency requirements (if any) of retiree dedicated board seats, mileage
and per diem practices.
i. Motion by Rozell, seconded by Van Pelt to request the Board of
Commissioners amend the Defined Benefit plan document to remove the
residency requirement of section 41(g) for retired member, and institute a per
diem, to be set by the Board of Commissioners for attendance of official
posted meetings. Chairperson VanLeuven recused himself from voting.
Oakland County Retirement and Deferred Compensation Board Minutes
March 23, 2017
Page 3
Discussion ensued as to an existing County per diem practices and limits.
1) Motion by Middleton, seconded by Ward, to postpone the motion until
such time that existing County practices can be confirmed by Ward
and Rozell. Motion carries.
c. Motion by Rozell, supported by VanLeuven, to redirect $5 million in assets from
Morgan Stanley Prime Property Real Estate to Alidade Capital Fund IV, subject to
successful negotiation of terms. Discussion on the potential to participate in a
reduced fee incentive being offered to initial close investors if negotiations conclude
timely. Motion carries.
11. Moved by Siskind, seconded by Phelps to adjourn the meeting at 3:46 p.m. Motion carried.
The next meeting is scheduled for Thursday, April 13, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary