HomeMy WebLinkAboutMinutes - 2017.09.14 - 32426OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
September 14, 2017 at 1:35 p.m. in the East Oakland Conf erence Room within the Executive
Office Building’s Conference Center.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs Andy Meisner
Thomas Middleton Jeffrey Phelps
Lauri Siskind
Christopher Ward (designee of Chairperson, BOC)
Laurie Van Pelt (designee of County Executive)
Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Rhonda Van Tiflin, Human Resources
Jordie Kramer, Human Resources
Jennifer Hain, Human Resources
Natalie Neph, Treasurer’s Office
Paige Ritchie, Human Resources
Lisa Villella, Human Resources
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
John Lawson, T.Rowe Price
Tim Murray, T.Rowe Price
Jeff Braemer, TimesSquare
David Collon, Seizert Capital
Darrin Young, Seizert Capital
Gary Schlossberg, Wells Fargo/Berkeley Street
Joe Conroy, Wells Fargo/Berkeley Street
1. Moved by Meisner, seconded by Middleton, to approve the minutes of August 24, 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
Batzloff, Robert Sheriff 10/28/2017
Cripps, Jeffrey WRC 10/14/2017
Ferguson, Kathleen Record Retention 10/21/2017
Fischer, Paul J. Deferred 11/15/2017
Harbin, Wayne WRC 10/14/2017
Holey, Sherman WRC 10/14/2017
Lyzen, Richard Sheriff 10/14/2017
Robbins, Renee Treasurer’s 11/10/2017
Ross, Barry Aviation 10/14/2017
Tessman, Michael Sheriff 10/15/2017
Villani, Gene Children’s Village 09/16/2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
September 14, 2017
Page 2
4. Moved by Rozell, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Brown, James Children’s Village 10/01/2017
Foley, Gail Health 09/30/2017
Whiston, Elizabeth Deferred 08/11/2017
5. Moved by Rozell, seconded by Childs, to receive and file the Investment Subcommittee
minutes of August 24, 2017. Motion carried.
6. Moved by Meisner, seconded by Siskind, to receive and file the Investment Subcommittee
minutes of September 11, 2017. Motion carried.
7. Chairperson VanLeuven tabled the naming of an ad hoc committee for nomination of a
Citizen Member to the Board of Commissioners for the four year term ending December
31, 2021.
8. Moved by Siskind, seconded by Phelps, to receive and file the September 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
9. Discussion of Board meeting location limitations due to employee swipe card access
restrictions; Mr. Lerminiaux instructs Board meetings in 2018 and beyond shall not be
scheduled in the office building side of the Executive Office Building.
10. Chris Kuhn of AndCo Consulting moderated an Investment Manager roundtable including
panelists:
• John Lawson, T.Rowe Price
• Tim Murray, T.Rowe Price
• Jeff Braemer, TimesSquare
• David Collon, Seizert Capital
• Darrin Young, Seizert Capital
• Gary Schlossberg, Wells Fargo/Berkeley Street
• Joe Conroy, Wells Fargo/Berkeley Street
11. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Market Update – July 31, 2017
• Oakland County Employees’ Retirement System (ERS) – Asset/Manager
Summary – September 14, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment
Performance Review Period Ending July 31, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report - Investment
Performance Review Period Ending August 31, 2017
• Oakland County ERS Defined Benefit Plan Investment Performance Review
period ending June 30, 2017
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
September 14, 2017
Page 3
12. Other Business:
a. Mr. Lerminiaux addressed the Graystone contracts for the Retiree Health Savings
and Part-time Non-eligible 457 plans; Corporation Counsel has circulated new
contracts, John Krakowiak is to send these to the Graystone legal team for review.
Clarified that the fee was to be $5,000 per year for each.
b. Chairperson VanLeuven noted the next meeting of this Board will be October 26,
2017 at 1:30 p.m.
c. Chairperson VanLeuven stated that applications for the Citizen Member seat for the
term beginning January 1, 2018 are being accepted through September 30, 2017.
Following the conclusion of the application deadline, he will appoint an ad hoc
committee at the October 26th meeting to review applications and interview
candidates in early November.
d. Discussion recapping the Investment Subcommittee meeting earlier same afternoon
in which discussion of two finalist record keeping vendors, ICMA-RC and Prudential,
took place and Graystone provided best and final pricing detail.
Moved by Rozell, support by Childs, to terminate current contracts with ICMA-RC
and Fidelity and to enter into contract with Prudential for combined recordkeeping
services at the hard dollar rates for a five-year contract with 60 days per year of on-
site Participant consultant, conditioned upon successful conclusion of an on-site visit
and the negotiation of a mutually agreeable contract. Motion carries.
e. Assistant Secretary Van Tiflin details a tentative meeting date calendar for 2018 is
included in today’s meeting materials, this will be for discussion and consideration at
the upcoming October 26, 2017 meeting.
f. Mr. Lerminiaux initiates discussion of the recent Equifax personal information hack in
the news and his suggestion employees be notified not to enroll at this time for the
offered online credit check; states Chris Burrows of IT has communicated an
additional breach concern with Equifax’s offered solution. Ms. Kramer advises there’s
currently request for proposal work underway to offer employees a LifeLock type
product for personal information security.
13. Chairperson VanLeuven adjourned the meeting without objection at 3:31 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary