HomeMy WebLinkAboutMinutes - 2017.11.16 - 32428OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 16, 2017 at 1:32 p.m. in the Waterford Conference Room, Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Andy Meisner Thomas Middleton
Jeffrey Phelps
Lauri Siskind
Christopher Ward (designee of Chairperson, BOC)
Laurie Van Pelt (designee of County Executive)
Member(s) Absent: Curtis Childs, with notice
Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Jennifer Hain, Human Resources
Paige Ritchie, Human Resources
Jason May, Graystone
Brian Mccleave, Prudential
Mike McCann, Prudential
Chris Kuhn, AndCo Consulting
1. Moved by Meisner, seconded by Phelps, to approve the minutes October 26, 2017.
Motion carried.
2. Meeting was opened for public comment; no one spoke.
3. Moved by Van Pelt, seconded by Middleton, to approve the following Defined Benefit
retirement applications. Motion carried.
DEPARTMENT RETIREMENT EFFECTIVE
Delagarza Jr., Martin Sheriff 12/05/2017
Jueckstock, Robert Circuit Court 12/02/2017
Kumeisha, Justine Health 11/23/2017
Pousho, Robert WRC 12/09/2017
4. Moved by Van Pelt, seconded by Rozell, to approve the following Defined Contribution
retirement applications. Motion carried.
DEPARTMENT
RETIREMENT
EFFECTIVE
O’Brien, Colleen Circuit Court 11/01/2017
Ochadleus, Donald Prosecuting Attorney 11/03/2017
Vukovich, Mary Health 11/10/2017
5. Moved by Rozell, seconded by Van Pelt, to receive and file the Investment Subcommittee
minutes of October 30, 2017. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 16, 2017
Page 2
6. Moved by Meisner, seconded by Middleton, to receive and file the Ad-Hoc Subcommittee
minutes of November 6, 2017. Motion carried.
a. The Ad-hoc committee recommended Laurie Siskind to serve as the Citizen
member on the Retirement and Deferred Compensation Board and VEBA Board.
Moved by Middleton, seconded by Meisner to forward the recommendation to the
Board of Commissioners for approval. Motion carried.
7. Moved by Phelps, seconded by Meisner, to receive and file the November 2017 securities
litigation Portfolio Monitoring Review report by The Miller Law Firm. Motion carried
8. Brian Mccleave and Mike McCann of Prudential distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Defined Contribution Conversion Schedule
• Oakland County Defined Contribution Plans Understanding Investment Expenses
9. Jason May of Graystone Consulting distributed the following reports and provided brief
comments summarizing highlights contained in each:
• Oakland County 401(a) & 457(b) Statement of Investment Policy Statement,
Objectives & Guidelines
• Fund Consolidation Review report – Prepared for Oakland County 401 (a)
ICMA’, 457 – Fidelity’, RHS – ICMA’ and 457 PTNE – ICMA’.
a. Moved by Van Pelt, seconded by Rozell, to accept the new fund changes (listed on
pages 93, 100, and 104), to the 401(a), 457, RHS, and 457 PTNE Plan investment
line up, to be implemented with Prudential as recordkeeper in April 2018. Motion
carried.
b. Moved by Rozell, seconded by Van Pelt, to adopt the new Oakland County 401(a) &
457(b) Statement of Investment Policy, Objectives & Guidelines. Motion carried.
10. Other Business:
a. Churchill – contract review
i. Chris Kuhn addressed Unrelated Business Taxable Income (UBTI)
b. Fidelity Revenue Sharing
i. Secretary Frank addressed the Board on Fidelity revenue sharing
account information. Administrative allowance account funds will be
dispersed on a Pro-Rata basis.
c. Chairperson VanLeuven noted upcoming meetings:
i. November 27, 2017 – 1:45 p.m. Investment Subcommittee
ii. December 14, 2107 – 1:30 p.m. Oakland County Employees’ Retirement
and Deferred Compensation Board
11. Chairperson VanLeuven adjourned the meeting without objection at 3:25 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary