HomeMy WebLinkAboutMinutes - 2017.08.24 - 32425OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held August
24, 2017 at 1:30 p.m. in the East Oakland Conf erence Room of the Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner
Thomas Middleton Jeffrey Phelps
Lauri Siskind
Christopher Ward (designee of Chairperson, BOC)
Member(s) Absent: Laurie Van Pelt (designee of County Executive), with notice
Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Rhonda Van Tiflin, Human Resources
Jennifer Hain, Human Resources
Natalie Neph, Treasurer’s Office
Paige Ritchie, Human Resources
Lisa Villella, Human Resources
Jason May, Graystone Consulting
John Krakowiak, Graystone Consulting
Ken Wedemeyer, ICMA-RC
Karen Chong-Wulff, ICMA-RC
Sandra Rouse-Thames, ICMA-RC
1. Moved by Childs, seconded by Phelps, to approve the minutes of July 27, 2017. Motion
carried.
2. Meeting was opened for public comment. Jennifer Hain introduced Silvia Frank, new
Retirement Administrator as of August 1, 2017.
3. Moved by Childs, seconded by Siskind, to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Gina Bohn FM&O 10/31/17
Jo Ellen Cody Friend of the Court 10/14/17
Michael Dargan Children’s Village 10/28/17
Susan Friedl Circuit Court 10/20/17
Kathleen McLernon Fiscal Services 09/07/17
Sean Woods Sheriff 10/14/17
4. Moved by Phelps, seconded by Childs, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Garry Crake Jr. Sheriff 10/15/17
Sandra Johnson Risk Management 08/11/17
Cathleen Mansfield Sheriff 08/05/17
Dorothy Phillips Clerk/Register of Deeds 08/18/17
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
August 24, 2017
Page 2
5. Moved by Ward, seconded by Childs to approve the Defined Contribution non-duty death
benefit of Dawn Trogden, beneficiary Eric Trogden, with Retirement effective date June
11, 2017. Motion carried.
6. Moved by Rozell, seconded by Siskind, to receive and file the Investment Subcommittee
minutes of July 27, 2017. Motion carried.
7. Moved by Rozell, seconded by Childs, to receive and file the Investment Subcommittee
minutes of August 14, 2017. Motion carried.
8. Moved by Rozell, seconded by Phelps, to receive and file the Investment Subcommittee
minutes of August 16, 2017. Motion carried.
9. Moved by Childs, seconded by Phelps, to receive and file the Fidelity Rollover Report for
January 1 to June 30, 2017. Motion carried.
10. Moved by Childs, seconded by Siskind, to receive and file the ICMA-RC Rollover Report
for January 1 to June 30, 2017. Motion carried.
11. Moved by Meisner, seconded by Rozell, to support the Investment Subcommittee’s August
16, 2017 recommendation for investment of $15 million in Churchill Asset Management,
conditioned upon the favorable conclusion of the AndCo Investment Committee’s due
diligence review and approval of Churchill, and the negotiation of a mutually agreeable
contract. Discussion ensued; Investment Subcommittee members addressed the Board’s
questions clarifying Churchill’s association with Nuveen and TIAA, the low default rate
Churchill has experienced in underwriting first position loans to middle market U.S.
companies backed by private equity sponsors, and that this investment would be included
as an alternative investment under the basket clause. Motion carried.
12. Ken Wedemeyer, Karen Chong-Wulff and Sandra Rouse-Thames of ICMA-RC made a
presentation to the Board covering information provided in their handout entitled ‘Oakland
County Retirement Board Meeting – August 24, 2107’.
13. Jason May and John Krakowiak of Graystone made a presentation to the Board, reviewing
the data they provided in two handouts:
a. ‘Plan Investment Review for the Period Ending June 30, 2017 – Prepared for
Oakland County 401(a) ICMA’
b. ‘Plan Investment Review for the Period Ending June 30, 2017 – Prepared for
Oakland County 457 – Fidelity’
14. Moved by Meisner, seconded by Ward, to receive and file the August 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
15. Moved by Siskind, seconded by Middleton to receive and file the June 30, 2017 BEAMS
portfolio monitoring reports by Barrack, Rodos & Bacine. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
August 24, 2017
Page 3
16. Other Business:
a. Chairperson VanLeuven noted the upcoming Investment Subcommittee meeting
during which record keeper presentations will take place on Monday, September 11,
2017 from 9:00 a.m. – 5:00 p.m. in the 4th Floor Conference Room of the Executive
Office Building.
b. Secretary Frank answered previous open question regarding Part-Time Non-Eligible
FICA Alternative 457 (PTNE) plan, confirming that governance of this plan is within
the function of this Board, per Article II of the Bylaws of the Oakland County
Retirement and Deferred Compensation Board.
c. Moved by Siskind, seconded by Meisner, to authorize Graystone Consulting to send
a liquidation notice to ICMA-RC in regards to the VT Plus stable value fund to start
the 12-month put option in anticipation of a potential record keeper change; if there is
no resulting record keeper change as a result of the current ongoing request for
proposal, such notice shall be rescinded. Motion carried.
d. Moved by Meisner, seconded by Rozell, to authorize Graystone Consulting to send a
liquidation notice to Fidelity in regards to the T.Rowe Price Stable Value fund to start
the 12-month put option in anticipation of a potential record keeper change; if there is
no resulting record keeper change as a result of the current ongoing request for
proposal, such notice shall be rescinded. Motion carried.
e. Mr. Lerminiaux advised that negotiation and review is complete for investment in
AEW Partners Real Estate Fund VII, subscription documents and side letter have
been executed.
f. Mr. Lerminiaux updated the Board on the negotiation and review of documents for
investment in Dune Real Estate Fund IV; discussion ensues with concluding
consensus to proceed with execution of the subscription documents and side letter
and to separately follow up with Dune on their procurement of employee dishonesty
and theft insurance policies.
g. Mr. Lerminiaux advised that the Board has been presented with two contracts by
Graystone Consulting for consulting services for the PTNE 457 and the Retirement
Health Savings (RHS) plan; the contracts will be modeled after the contract currently
in place with Graystone for the 401(a) Defined Contribution and 457 Deferred
Compensation plans, each involving a fee of $5,000 annually.
a. Motion by Meisner, seconded by Rozell, to approve entering into contract with
Graystone to consult on the PTNE 457 plan for a fee of $5,000 annually, subject
to successful negotiation of terms. Motion carried.
h. Chairperson VanLeuven noted the next meeting of this Board:
a. September 14, 2017 – 1:30 p.m.
17. Chairperson VanLeuven adjourned the meeting without objection at 2:49 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary