HomeMy WebLinkAboutMinutes - 2017.05.25 - 32422OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 25,
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
Thomas Middleton Jeffrey Phelps
Lauri Siskind
Laurie Van Pelt (designee of County Executive)
Christopher Ward (designee of Chairperson, BOC)
Members Absent: Curtis Childs, with notice
Andy Meisner
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Paige Ritchie, Human Resources
Jennifer Hain, Human Resources
Natalie Neph, Treasurer’s Office
Lisa Villella, Human Resources
Sandra Rouse-Thames, ICMA-RC
John Krakowiak, Graystone Consulting
Jason May, Graystone Consulting
Scott Dillman, Fidelity Investments
Jim Freeman, Fidelity Investments
Anthony Frongillo, Fidelity Investments
Trampus Bright, Voya
1. Moved by Van Pelt, seconded by Siskind, to approve the minutes of April 13, 2017.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Phelps, seconded by Rozell, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Allen, Ruth A. Sheriff 06/30/2017
Genre, Donna Health 06/17/2017
Randolph, Jason Sheriff 07/21/2017
4. Moved by Van Pelt, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Alsup, Mary Compliance Office 06/02/2017
Champion, Aileen 52-2 District Court 05/27/2017
Krigner, Vickie M. Deferred 04/06/2017
Malone, Jr., Prentiss Fiscal Services 04/29/2017
Morrone, Angelina Sheriff 05/23/2017
Percoulis, Barbara FOC 05/16/2017
Rowbotham, Timothy Sheriff 06/18/2017
Slevin, John Prosecutors 05/13/2017
Welicka, Vincent FOC 06/10/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
May 25, 2017
Page 2
5. Moved by Van Pelt, seconded by Phelps to receive and file the May Deferred
Compensation 457 hardship applications. Motion carried.
6. Discussion ensued on the proposed 401(a) OCERS Restated Resolution 1996 As
Amended December 2015 (Defined Contribution) and Oakland County 457(b) Deferred
Compensation Plan Updated 2014 Plan Document revisions, no motion was offered.
Commissioner Siskind is to meet with Assistant Secretary Van Tiflin and Mr. Lerminiaux of
Corporation Counsel to refine the plan language further.
7. Scott Dillman, Jim Freeman, and Anthony Frongillo of Fidelity Investments presented a
Plan Review to the Board.
8. John Krakowiak and Jason May from Graystone Consultants presented the 401(a) and
457(b) Plans 1st Quarter 2017 Report.
a. Moved by Van Pelt, seconded by Rozell, to approve the Oakland County 401(a) &
457(b) Statement of Investment Policy Statement, Objectives & Guidelines presented
by Graystone. Motion carried.
b. Moved by Rozell, seconded by Van Pelt to approve the following recommendations
made by Graystone Consulting to the 401(a) Defined Contribution and 457(b) Deferred
Compensation with 401(a) Match Plan fund lineups. Motion Carried.
ICMA-RC Defined Contribution 401(a) Plan:
i. Remove Franklin Rising Dividend and move those assets to the Fidelity 500
Index Fund
ii. Remove Harbor International and move those assets to the MFS International
Value R6 Fund
iii. Remove Goldman Sachs Mid Cap Value and Columbia Mid Cap Value and
move those assets to the Victory Sycamore Established Value Institutional
Fund
iv. Remove Franklin Natural Resources and move those assets to the Dreyfus
Natural Resources I Fund
v. Add JP Morgan SmartRetirement 2050, 2055, and 2060 Vintages
Fidelity Deferred Compensation 457(b) with 401(a) Match Plan:
vi. Remove Goldman Sachs Mid Cap Value and move those assets to the
Victory Sycamore Established Value Institutional Fund
vii. Remove Prudential Jennison Natural Resources and move those assets to
the Dreyfus Natural Resources I Fund
viii. Remove AB Discovery Value Fund and move those assets to the Victory
Sycamore Established Value I
ix. Add T. Rowe Price Retirement 2060 Vintage Fund
9. Moved by Middleton, seconded by Ward, to receive and file the BEAMS report for quarter-
end March 31, 2017 by Barrack, Rodos and Bacine. Motion carried.
10. Keith Lerminiaux provided a verbal update to the Board regarding litigation surrounding
the First NBC Bank Holding Company.
11. Moved by Van Pelt, seconded by Siskind, to receive and file the quarter end March 31,
2017 update on securities litigation by Miller Law Firm. Motion carried.
12. Other Business:
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
May 25, 2017
Page 3
a) Discussion regarding the net effect of plan language changes to the Defined
Benefit and Defined Contribution plan documents approved during the April 13,
2017 meeting, resulting in the elimination of mileage reimbursement to the
Citizen Member Commissioner.
13. Moved by Van Pelt, seconded by Rozell, to adjourn the meeting at 3:19 p.m. Motion
carried.
The next meeting is scheduled for Thursday, June 22, 2017 at 1:30 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary