HomeMy WebLinkAboutMinutes - 2017.07.27 - 32424OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held July 27,
2017 at 1:30 p.m. in the East Oakland Conference Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner
Thomas Middleton
Laurie Van Pelt (designee of County Executive)
Christopher Ward (designee of Chairperson, BOC)
Members Absent: Jeffrey Phelps, with notice
Lauri Siskind, with notice
Others Present: Keith Lerminiaux, Corporation Counsel
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Rommy Hage, Treasurer’s Office
Christopher Kuhn, AndCo Consulting
John Norman, Wedge Capital Management
Caldwell Calame, Wedge Capital Management
1. Moved by Meisner, seconded by Middleton, to approve the minutes of June 22, 2017.
Motion carried.
2. Meeting was opened for public comment. Jennifer Hain advised the Board the new
Pension Administrator, Silvia Frank, would be employed as of August 1, 2017.
3. Moved by Childs, seconded by Rozell, to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Foon, Ronald FOC 08/17/2017
Hall, Michael R. Sheriff 07/30/2017
Korbijn, Theresa Deferred 07/31/2017
Lindsey, Keith Parks & Rec 09/01/2017
Lutes, Michael Sheriff 08/15/2017
Mickley, Richard Community Corrections 07/29/2017
VanDenEsschert, Herman FM&O 07/28/2017
4. Moved by Childs, seconded by Van Pelt, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Hepler, Nancy Deferred 07/01/2017
Huyck, Marlene Sheriff 08/01/2017
Schrah, Arthur Sheriff 08/05/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
July 27, 2017
Page 2
5. Rommy Hodge drew four winners for the 2nd quarter 2017 R.E.A.P. incentive at random.
Winners of $100 gift cards are:
Name Department Educational Endeavor
Laurie Wakerley Prosecutor’s Pre-Retirement Group Session
Carol Esher Probate ICMA-RC Group Session
Jessica Chism Health Fidelity One-on-One
Valerie Taylor Equalization Graystone Group Session
6. Moved by Rozell, seconded by Childs, to receive and file the 2nd Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
7. Moved by Middleton, seconded by Ward, to receive and file the July 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
8. Discussion on the Participant request for allowance of trading of options and covered calls
within the 401a plan’s Self Directed Brokerage Account (SDBA). Ms. Van Tiflin reminded
the Board that Participant’s are allowed to make such trades with their employee sourced
funds in the 457 Deferred Compensation plan. Discussion concluded with the intent to
reexamine once the current request for proposal is concluded and the future recordkeeper
going forward is identified.
9. Mr. Lerminiaux updated the Board on outstanding contracts, advising that the AEW terms
were resolved this week with AEW agreeing to include reciprocal indemnification, and that
the State Street Global Advisors contract for movement into the S&P 500 Equal Weight
fund and review of the initial provided Dune IV contract should both wrap up soon.
10. Assistant Secretary Van Tiflin presented the Board with a letter from actuary, Gabriel
Roeder Smith (GRS), advising they will no longer offer Social Security number death index
verification services due to the increased compliance requirements of the National
Technical Information Service (NTIS).
11. Considering the above, the Board reviewed a proposal for Death Audit Services offered by
Pension Benefit Information (PBI), an alternate provider for Social Security number death
index verification. Assistant Secretary Van Tiflin advised on receipt of two positive
references on PBI’s services from current customers, Mr. Matt Campbell, Lead Retirement
Coordinator at MERS of Michigan, and Ms. Tracy Kahn, Retirement Service Administrator
with Genesee County Employees’ Retirement System. Moved by Van Pelt, seconded by
Meisner, to engage PBI for Death Audit Services utilizing their Platinum PLUS with
ObitPro service level for $2,150.00 annually. Motion carried.
12. John Norman and Caldwell Calame of Wedge Capital Management made a presentation
to the Board.
13. Chris Kuhn of AndCo Consulting made a presentation to the Board.
14. Chris Kuhn of AndCo Consulting provided overview on and solicited questions on the
provided Oakland County Employees’ Retirement System Defined Benefit DRAFT
Investment Policy Statement (IPS). Discussion ensued. Motion by Van Pelt, seconded by
Rozell, to adopt the IPS as presented. Mr. Kuhn advised he would proceed with
forwarding the adopted IPS to engaged investment managers for their signatures.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
July 27, 2017
Page 3
15. Other Business
a. Chairperson VanLeuven noted upcoming meetings:
i. August 14, 2017 – 1:30 p.m. Investment Subcommittee
ii. August 16, 2017 – 1:00 p.m. Investment Subcommittee
iii. August 24, 2017 – 10:30 a.m. Investment Subcommittee
iv. August 24, 2107 – 1:30 p.m. Oakland County Employees’ Retirement and
Deferred Compensation Board
16. Chairperson VanLeuven adjourned the meeting without objection at 2:21 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary