HomeMy WebLinkAboutMinutes - 2017.10.26 - 32427OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held October
26, 2017 at 1:31 p.m. in the Waterford Conf erence Room, 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)
Laurie Van Pelt (designee of County Executive)
Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Jordie Kramer, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Jon L Feinberg, ABS Investment Management
Laurence K Russian, ABS Investment Management
Kevin Smith, PRISA II – PGIM Real Estate
1. Moved by Middleton, seconded by Meisner, to approve the minutes September 14, 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
Erkins, Steven Sheriff 10/14/2017
Ford, Jeffery Sheriff 10/15/2017
Riley, Donna Circuit Court 11/28/2017
Wilson, Katrina Children’s Village 10/28/2017
4. Moved by Rozell, seconded by Siskind, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE
Barnes, Kathryn Deferred 10/05/2017
Chetkovich, Patricia Friend of the Court 10/28/2017
Jansen, Nancy Deferred 10/06/2017
Johnson, Michael L. Sheriff 09/15/2017
Steep, Anne Health & Human Svcs. 10/14/2017
5. Moved by Meisner, seconded by Rozell, to receive and file the Investment Subcommittee
minutes of September 14, 2017. Motion carried.
6. Moved by Siskind, seconded by Childs, to receive and file the October 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried.
7. Silvia Frank randomly drew four winners for the 3rd quarter 2017 R.E.A.P. incentive.
Winners of $100 gift cards are:
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
October 26, 2017
Page 2
Name Department Educational Endeavor
Katee Zora Sheriff ICMA-RC One-on-One
Belinda Coley Equalization ICMA-RC One-on-One
Gwynne Starkey Circuit Court Fidelity One-on-One
Janine Daily IT ICMA-RC One-on-One
8. Moved by Middleton, seconded by Rozell, to receive and file the 3rd Quarter 2017 Defined
Benefit and Defined Contribution reports. Motion carried.
9. Moved by Childs, seconded by Phelps, to receive and file the October 2017 Deferred
Compensation 457 hardship application(s). Motion carried.
10. Chairperson VanLeuven confirmed the ad hoc committee to commence interviews for the
Oakland County Retirement and Deferred Compensation and VEBA Board Citizen
Member; VanLeuven, Middleton, Ward, and Childs.
11. Moved by Siskind, seconded by Childs, to approve the 2018 Board meeting calendar with
the incorporated revision moving the April meeting to the 26th respectively. Motion carried.
12. Moved by Van Pelt, seconded by Rozell, to recommend to the Board of Commissioners
the revision of Sections 1.20 and 5.4 of the Oakland County Employees’ Retirement
System Restated Resolution 1996 As Amended, December 2015 (Defined
Contribution/401(a) plan) amended below. Motion carried.
a) Final Language (redlined and clean versions): Section 5.4 - Oakland County
Employees’ Retirement System Restated Resolution 1996 As Amended,
December 2016 (Defined Contribution/401(a) plan):
Final redlined version Section 5.4:
Defined Contribution Disability Retirement
Section 5.4 Re-evaluation process
At least once each calendar year during the first 5 calendar years
following a Member’s approval of Defined Contribution Disability
Retirement and at least once in every 3 calendar year period thereafter,
the Retirement Board may shall require the Member to undergo a
medical or other re-evaluation until the Member reaches Normal
Retirement Age...
Final revised version, redline removed, Section5.4:
Defined Contribution Disability Retirement
Section 5.4 Re-evaluation process
At least once each calendar year during the first 5 calendar years
following a Member’s approval of Defined Contribution Disability
Retirement and at least once in every 3 calendar year period thereafter,
the Retirement Board shall require the Member to undergo a medical or
other re-evaluation until the Member reaches Normal Retirement Age...
13. Moved by Rozell, Seconded by Childs, to approve the restatement of 457(b) Deferred
Compensation Plan. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
October 26, 2017
Page 3
14. Moved by Middleton, seconded by Siskind, to approve the invoice from Gabriel, Roeder,
Smith & Co., No. 433313 in the amount of $1,000 for benefit computation program license
fee for the period July 1, 2016 through June 30, 2017. Motion carried.
15. Moved by Van Pelt, seconded by Childs, to receive and file AndCo Consulting memo
summarizing due diligence review and approval of Churchill. Motion carried.
16. Jon L Feinberg and Laurence K Russian of ABS Investment Management made a
presentation to the Board.
17. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Market Update – September 30, 2017
• Oakland County Employees’ Retirement System (ERS) – Asset/Manager
Summary – October 26, 2017
• Oakland County ERS Defined Benefit Plan Monthly Flash Report – Investment
Performance Review Period Ending September 30, 2017
18. Chris Kuhn and Peter Brown of AndCo Consulting addressed scrutinized securities and
response to Loomis Sayles (Core Plus Fixed Income).
19. Moved by Rozell, seconded by Middleton, to go into closed session regarding a Defined
Contribution Non-Duty Disability retirement application pursuant to MCL 15.268(h) and
MCL 15.243(1)(l) to discuss material exempt from disclosure under federal or state law
including medical, counseling or psychological facts or evaluations that would identify the
individual involved.
Roll Call:
Ayes: VanLeuven, Rozell, Meisner, Childs, Phelps, Siskind, Van Pelt, Ward,
Middleton
Nays: None
Motion carried. Closed session commenced at 3:10 p.m.
20. Closed session concluded at 3:26 p.m.; agenda resumed.
21. Moved by Siskind, seconded by Van Pelt, to uphold denial of the Defined Contribution
Non-Duty Disability application. Motion carried.
22. Other Business:
a. Ms. Frank provided a verbal update on the Defined Contribution Recordkeeping
Conversion for the 401(a), 457, Retiree Health Savings and Part-time Non-eligible
457 plans activities.
b. Chairperson VanLeuven appointed Van Pelt and Rozell to an ad hoc committee to
review and recommend communications for the Defined Contribution recordkeeping
conversion for the 401(a), 457, Retiree Health Savings and Part-Time Non-Eligible
457 plan. Motion carried.
c. Chairperson VanLeuven noted upcoming meetings:
i. October 30, 2017 – 1:30 p.m. Investment Subcommittee
ii. November 16, 2107 – 1:30 p.m. Oakland County Employees’ Retirement
and Deferred Compensation Board
23. Chairperson VanLeuven adjourned the meeting without objection at 3:39 p.m.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
October 26, 2017
Page 4
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary