HomeMy WebLinkAboutMinutes - 2017.04.23 - 32421OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held April 13,
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
Andy Meisner Thomas Middleton
Lauri Siskind
Laurie Van Pelt (designee of County Executive)
Chris Ward (designee of Chairperson, BOC)
Members Absent with Notice: Curtis Childs
Jeffrey Phelps
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Paige Ritchie, Human Resources
Jennifer Hain, Human Resources
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
1. Moved by Meisner, seconded by Van Pelt, to approve the minutes of March 23, 2017.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Rozell, seconded by Siskind, to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Kelly, Brenda L. Circuit Court 04/14/2017
Sardelli, Margo M. Deferred 05/01/2017
Smith, Kim L. Deferred 05/05/2017
Wood, Donald FM&O 05/13/2017
4. Moved by Middleton, seconded by Meisner, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Blanchard, Sandra District Court 52/2 05/13/2017
Potocki, James T. Sheriff 04/29/2017
5. Four winners for the 1st quarter 2017 R.E.A.P. were drawn at random. Winners of $100
gift cards are:
Name Department Educational Endeavor
Christopher Cole Sheriff Department Fidelity Group Presentation
Zachary Jordan Sheriff Department ICMA-RC One-on-One
Sarah Ameluxen Friend of the Court Fidelity Group Presentation
The Honorable Lisa Asadoorian 52-3 District Court ICMA-RC One-on-One
6. Moved by Meisner, seconded by Rozell, to receive and file the Investment Subcommittee
minutes of March 23, 2017. Motion carried.
Oakland County Retirement and Deferred Compensation Board Minutes
April 13, 2017
Page 2
7. Moved by Van Pelt, seconded by Meisner, to receive and file the 1st Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
8. Moved by Van Pelt, seconded by Siskind, to receive and file the 2016 Oakland County
Retirement and Deferred Compensation Annual Report. Motion carried.
9. Moved by Van Pelt, seconded by Meisner, to receive and file the Oakland County
Employees’ Retirement System Summary Annual Report to Members as of September 30,
2016. Motion carried.
10. Moved by Siskind, seconded by Van Pelt to receive and file the April 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
11. Discussion on proposed revisions to the following plan documents for Retiree Member
residency and per diem update(s) based on proposed draft redlined changes provided in
the meeting materials by Vice Chairperson Rozell:
a) Initial Proposed Language: Section 41 and Section 48 - Oakland County
Employees’ Retirement System Restated Resolution 1996 As Amended, May
2016 (Defined Benefit plan document):
Retirement Commission; Composition of
Section 41. The Retirement Commission shall consist of the following
nine individuals:…
(g) A retired Member of the Retirement System who resides in Oakland
County, to be elected by the retired Members of the Retirement
System….
Retirement Commission; Compensation.
Section 48. The Commissioners, shall serve without compensation,
except for the employee citizen Member and the retired Member
Commissioners, who shall be paid a per diem for attending meetings of
the Commission. The per diem shall be the same per diem established by
the Board of County Commissioners for service on various boards and
commissions. All Commissioners shall be reimbursed for the actual and
necessary expenses they incur in their duties as Commissioners, except
that the citizen Member and retired Member shall not be paid mileage for
their attendance at published meetings.
b) Initial Proposed Language: Section 14.9 - Oakland County Employees’
Retirement System (OCERS) Restated Resolution 1996 As Amended, December
2015 (Defined Contribution plan document):
Section 14.9. Retirement Board’s Compensation
The Board Members, shall serve without compensation, except for the
Employee citizen Member and the retired Member Board Members and
the retired Member Board Member, who shall be paid a per diem for
attending meetings of the Commission. The per diem shall be the same
per diem established by the Board of County Commissioners for service
on various boards and commissions. All Board Members shall may be
Oakland County Retirement and Deferred Compensation Board Minutes
April 13, 2017
Page 3
reimbursed for the actual and necessary expenses they incur in
performing their duties as Board Members, except that the citizen
Member and retired Member shall not be paid mileage for their attendance
at published meetings.
Chairperson VanLeuven recused himself from discussion and voting on this item. Rozell
states that he and Ward researched and found a 1978 Resolution on per diems adopted
by the Board of Commissioners that states unless a different, specific per diem is adopted
by a Board, the general per diem will be $35.00. There was discussion and agreement
that this Board will use this general per diem amount ($35.00) approved by the Board of
Commissioners, and such dollar figure will not be specifically referenced in the plan
documents so that any future changes the general per diem amount by the Board of
Commissioners will not necessitate plan document revisions. Discussion as to if a
mileage reimbursement amount should be stated; it is agreed to reference this in Board
by-laws so only that single document would be consistent for business involving either
(Defined Benefit or Defined Contribution) plan.
Rozell notes inconsistencies between terms used in the Defined Benefit and Defined
Contribution plan documents to reference members of the Oakland County Retirement
and Deferred Compensation Board; ‘Commissioners’ used in the Defined Benefit
document vs. ‘Board Members’ in the Defined Contribution document. There is a desire to
see consistency in the reference with use of the term ‘Commissioners’ throughout both.
Discussion on which Commissioners should be eligible for per diem, resulting in Siskind’s
proposal that Commissioners, with exception of the employee elected Commissioners,
should be eligible for per diem.
Motion by Rozell, supported by Ward, to recommend to the Board of Commissioners
amendment of Sections 41 and 48 of the Oakland County Employees’ Retirement System
Restated Resolution 1996 As Amended, May 2016 (Defined Benefit plan document) and
Section 14.9 of the Oakland County Employees’ Retirement System (OCERS) Restated
Resolution 1996 As Amended, December 2015 (Defined Contribution plan document), as
amended below. Motion carried.
c) Final Language (redlined and clean versions): Section 41(g) and Section 48 -
Oakland County Employees’ Retirement System Restated Resolution 1996 As
Amended, May 2016 (Defined Benefit plan document):
Final redlined version Section 41(g):
Retirement Commission; Composition of
Section 41. The Retirement Commission shall consist of the following
nine individuals:….
(g) A retired Member of the Retirement System who resides in Oakland
County, to be elected by the retired Members of the Retirement System...
Final revised version, redline removed, Section 41(g):
Retirement Commission; Composition of
Section 41. The Retirement Commission shall consist of the following
nine individuals:….
(g) A retired Member of the Retirement System, to be elected by the
retired Members of the Retirement System….
Oakland County Retirement and Deferred Compensation Board Minutes
April 13, 2017
Page 4
Final red lined version, Section 48:
Retirement Commission; Compensation.
Section 48. The Commissioners, except for the employee Member
Commissioners elected by the Members of the Retirement System and
the retired Member Commissioner, shall be eligible to be paid a per diem
for attending meetings of the Commission. The per diem shall be the
same per diem established by the Board of County Commissioners for
service on various boards and commissions. All Commissioners shall be
reimbursed for the actual and necessary expenses they incur in their
duties as Commissioners, except that the citizen Commissioner and
retired Commissioner shall not be paid mileage for their attendance at
published meetings.
Final version, redline removed, Section 48:
Retirement Commission; Compensation
Section 48. The Commissioners, except for the employee Member
Commissioners elected by the Members of the Retirement System, shall
be eligible to be paid a per diem for attending meetings of the
Commission. The per diem shall be the same per diem established by
the Board of County Commissioners for service on various boards and
commissions. All Commissioners shall be reimbursed for the actual and
necessary expenses they incur in their duties as Commissioners, except
that the citizen Commissioner and retired Commissioner shall not be paid
mileage for their attendance at published meetings.
d) Final Language (redlined and clean versions): Section 14.9 - Oakland County
Employees’ Retirement System (OCERS) Restated Resolution 1996 As
Amended, December 2015 (Defined Contribution):
Final redlined version, Section 14.9:
Section 14.9. Retirement Board’s Compensation
The Board Members Commissioners, except for the Employee Member
Commissioners elected by the Members of the Retirement System, Board
Members and the retired Member Board Member, shall be eligible to be
paid a per diem for attending meetings of the Commission. The per diem
shall be the same per diem established by the Board of County
Commissioners for service on various boards and commissions. All Board
Members Commissioners shall may be reimbursed for the actual and
necessary expenses they incur in performing their duties as Board
Members Commissioners, except that the citizen Commissioner and
retired Commissioner shall not be paid mileage for their attendance at
published meetings.
Final revised version, redline removed, Section 14.9:
Section 14.9 Retirement Board’s Compensation
The Commissioners, except for the Employee Member Commissioners
elected by the Members of the Retirement System, shall be eligible to be
paid a per diem for attending meetings of the Commission. The per diem
shall be the same per diem established by the Board of County
Commissioners for service on various boards and commissions. All
Commissioners shall be reimbursed for the actual and necessary
expenses they incur in performing their duties as Commissioners, except
Oakland County Retirement and Deferred Compensation Board Minutes
April 13, 2017
Page 5
that the citizen Commissioner and retired Commissioner shall not be paid
mileage for their attendance at published meetings.
12. Chairperson VanLeuven notes an error on the Agenda; item 12 states Receive and file the
Retiree Election Calendar for term ending August 31, 2017, whereas the date referenced
should be August 31, 2019. Motion by Van Pelt, support by Ward, to receive and file the
Retiree Election Calendar for term ending August 31, 2019. Motion carried.
13. Agenda items 13 and 14 were addressed in inverse order. Chris Kuhn and Peter Brown of
AndCo Consulting distributed and provided brief comments summarizing highlights of the
following reports:
• Oakland County Employees’ Retirement System – Asset/Manager Summary – April
2017
• Oakland County Employees’ Retirement System - Capital Market Overview April
2017
• Market Update – March 31, 2017
• Oakland County Employees’ Retirement System Defined Benefit Plan Monthly Flash
Report for the period ending March 31, 2017
• Oakland County Employees’ Retirement System Superseding Trust Monthly Flash
Report for the period ending March 31, 2017
Motion by Van Pelt, seconded by Meisner, to receive and file the detailed reports. Motion
carried.
14. Other Business:
a) Assistant Secretary Van Tiflin provided hardcopies of the OCERS Restated
Resolution 1996 As Amended December 2015 (Defined Contribution) and
Oakland County 457(b) Deferred Compensation Plan Updated 2014 plan
documents including draft proposed changes for review and discussion during
the May meeting. (Note: the referenced draft proposed changes to the Defined
Contribution plan document here did not include the change to Section 14.9
approved in item 11 above.)
b) Chairperson VanLeuven stated that the Board should expect to receive a draft
request for proposal for 401(a)/457 recordkeeper from Graystone in May.
c) Assistant Secretary Van Tiflin shared that ICMA-RC is sending a targeted mailing
to 401a account holders in the 55 to 66 age range offering Social Security
Solutions services with Nancy Lange, CFP.
15. Moved by Meisner, seconded by Siskind to adjourn the meeting at 2:38 p.m. Motion
carried.
The next meeting is scheduled for Thursday, May 25, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary