HomeMy WebLinkAboutMinutes - 2015.03.19 - 32437OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
19, 2015 at 1:30 p.m. in the W est Oakland Conference Room.
Members Present: James H. VanLeuven, Jr. Jeffrey Phelps
Curtis Childs D'Arcy Gonzales
Thomas Middleton Joseph Rozell
Andy Meisner
Eileen Kowall (designee of Chairman, Board of Commissioners)
Laurie VanPelt (designee of County Executive)
Others Present: Judy Fandale, Human Resources
Jennifer Hain, Human Resources
Megan Navarre, Human Resources
Keith Lerminiaux, Counsel to the Board
George Tarlas, ACG
Cristina Elias de Tejada, Franklin Templeton
Richard Herbert, Franklin Templeton
1. Moved by Childs, seconded by Meisner to approve the minutes of February 19, 2015.
Motion carried.
2. Meeting was opened for public comment; No one spoke.
3. Moved by Rozell, seconded by Phelps to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT OPTION HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Castiglione, Teresa Circuit Court B-50% Family 05/01/2015
Fabrizio, Julie Circuit Court A-100% Family (2) 05/01/2015
Groce, Cathy Deferred SL Family (1) 04/20/2015
Larkin, Robert FM&O B-50% RHS - Conv 04/18/2015
Line, Debra Circuit Court SL Family (1) 05/01/2015
4. Moved by Gonzales, seconded by Childs to approve the following Defined Contribution
retirement applications. Motion carried
DEPARTMENT HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Cobb, James Sheriffs Family (2) 03/21/2015
Meloche, Susan Health Family (2) 04/07/2015
Peters, Kermit Prosecutors 72% 03/13/2015
Russell, Linda Deferred One Person 03/21/2015
Semmens, Carol Deferred Family (1) 03/16/2015
5. Moved by Rozell, seconded by VanPelt to receive and file the Deferred Compensation
hardships for March 2015. Motion carried.
6. Moved by VanPelt, seconded by Childs to approve the 2015 Defined Benefit annual
increase for retirees. Motion carried.
Retirement Minutes March 19, 2015
Page 2
7. Moved by Meisner, seconded by Rozell to disperse the administrative allowance from ICMA-
RC and Fidelity as follows. Motion carried.
a. Money in the administrative allowance account will be dispersed on a Pro-Rata
basis. This means participants with higher account balances will receive a larger
distribution.
b. All participants with a balance in the plan on a set date each quarter, including active
and terminated/retired employees, will receive the refund.
c. Distribution of the refund will be invested in each participants accounts as follows:
(i) ICMA-RC – invested based on the participant’s decision to invest future
contributions.
(ii) Fidelity – invested based on the participant’s current asset allocation.
d. A balance of $10,000 will be reserved in the ICMA-RC Administrative Allowance
account to pay for Oakland County’s administrative expenses due to participant
education. The $10,000 will be withdrawn and deposited in the Oakland County
fringe benefit fund once a year.
e. Instruct ICMA-RC and Fidelity move the balance from the suspense accounts due to
securities litigation into the administrative allowance account at each company for
distribution to the participants.
f. Chairman VanLeuven will work with Judy Fandale, Retirement Administrator to
finalize the notice to employees from the Board regarding the administrative
allowance.
8. Cristina Elias de Tejada and Richard Herbert from Franklin Templeton made a presentation
to the board on the Global Fixed Income fund.
9. George Tarlas from Asset Consulting Group presented the ASAP report through February
28, 2015.
10. Other Business:
Chairman VanLeuven reminded the Board members to return their ethics policy to the
Retirement Administrator as soon as possible if they haven’t done so already.
11. Moved by Rozell seconded by Meisner to adjourn the meeting at 2:45p.m. Motion carried.
The next meeting is scheduled for Tuesday, April 28, 2015 at 1:00 p.m.
Respectfully submitted,
______________________________________ ___________________________________
James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary