HomeMy WebLinkAboutMinutes - 2015.10.22 - 32440OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held October 22, 2015
at 1:30 p.m. in the East Oakland Conference Room.
Members Present: James H. VanLeuven, Jr. Curtis Childs
Jeffrey Phelps Andy Meisner
Joseph Rozell Thomas Middleton
Eileen Kowall (designee of Board of Commissioners Chairperson)
Laurie VanPelt (designee of County Executive)
Others Present: Judy Fandale, Human Resources
Jennifer Hain, Human Resources
Megan Navarre, Human Resources
Paige Ritchie, Human Resources
Natalie Neph, Treasurers
Keith Lerminiaux, Corporation Counsel
Louise Gates, GRS
George Tarlas, ACG
David Breuhan, Gregory J. Schwartz & Co.
Glenn Murray, Valstone
Brian McAlpine, Valstone
Gerald Timmis, Valstone
1. Moved by Meisner supported by Phelps to approve the minutes of the September 17, 2015
Retirement and Deferred Compensation Board meeting. 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 OPTION HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Atkins, Timmy Sheriff D-100% Family(F) 11/14/2015
Nowicki, Jill Sheriff D-100% Family(2) 10/31/2015
Regal, Denise Sheriff SL Family(1) 11/05/2015
4. Moved by VanPelt, seconded by Kowall to approve the following Defined Contribution retirement
applications. Motion carried.
DEPARTMENT HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Archer, Karen Health 80% 10/31/2015
Bristol, Karen J. FOC 76% 11/24/2015
Burckhardt, Charlotte Economic Development Family(F) 10/17/2015
Dudley, Janie Sheriff Family(2) 10/10/2015
Howlett, Cynthia J. Clerk/Reg of Deeds Family(1) 11/14/2015
5. Moved by Meisner, seconded by Rozell to approve the Defined Contribution Non-Duty Disability
Retirement for Brett Chudler effective October 22, 2015. Motion carried.
6. Jennifer Hain drew four names for the 3rd quarter 2015 REAP drawing. The winners of a $100 Visa
gift card are Steven Ray Dendler, Parks & Recreation for attending a One-on-One consultation with
Fidelity; Kim Slabinski, Reimbursement for attending a Schwartz presentation; Chris Cole, Sheriffs for
attending a Schwartz presentation and Gerald Schroeder, Sheriffs for attending a Schwartz
presentation.
7. Moved by Meisner, seconded by Kowall to receive and file the 3rd Quarter 2015 Defined Benefit and
Defined Contribution reports. Motion carried.
Retirement Minutes October 22, 2015
Page 2
8. Moved by Rozell, seconded by Meisner to receive and file the October 19, 2015 Investment
Subcommittee meeting minutes. Motion carried.
9. Moved by VanPelt, seconded by Meisner to receive and file the October 20, 2015 Investment
Subcommittee meeting minutes. Motion carried.
a. Moved by Kowall, seconded by Childs to hire NEPC for the Defined Benefit consultant subject to
the successful negotiation of a fixed fee, five year agreement. Motion carried.
10. Louise Gates, Gabriel Roeder, Smith & Co. presented the Pension Assumption Proposal to the
Board. Moved by VanPelt, seconded by Middleton to adopt the following recommendations from the
report. Motion carried.
a. Adopt the updated Mortality Table outlined on page 3 of the report.
b. Lower the wage inflation calculation to 3.25 as outlined on page 7 of the report.
c. Adopt the Entry Age methodology as outlined on page 8 of the report.
11. Keith Lerminiaux made a presentation to the Board regarding an ERISA based 401(k) lawsuit, Tibble
vs. Edison.
12. Moved by Rozell, seconded by Middleton to pay Fidelity a one-time set up fee of $3,675 from the
Revenue sharing account to track and suspend contributions in the 457(b) for participants who are
ineligible due to hardship provisions. Motion carried.
13. Moved by Meisner, seconded by Childs to adopt the IPS for the 401(a) and 457(b) plans as
submitted. Motion carried
14. Moved by VanPelt, seconded by Phelps to approve the 401(a) Defined Contribution Plan Document
with the following revisions. Motion carried.
a. Insert the effective date of the Board of Commissioners final approval, page 5.
b. Remove sub-sections 1 and 2 under section 3.4.
c. Change “shall” to “may” receive per diem fees….in section 14.9.
15. Glen Murray, Brian McAlpine and Jerry Timmis from Valstone Partners made a presentation to the
Board.
16. George Tarlas, Asset Consultant Group made a presentation to the board. Moved by Kowall,
seconded by VanLeuven to reaffirm the Boards commitment to invest $5 million with Walton Street
Real Estate Opportunistic Fund VIII upon approval of a contract. Motion carried.
17. Moved by Van Pelt, seconded by Childs to move the Plus Fund share class from R5 to R10 with
ICMA-RC as recommended by Dave Breuhan, Schwartz & Co. Motion carried.
18. Chairperson VanLeuven appointed Childs, Rozell and Phelps to an Ad-hoc committee for 2016
Educational seminars.
19. Chairperson VanLeuven confirmed the committee to commence interviews for the Retirement and
VEBA Board Citizen member; VanLeuven, Phelps and Childs.
Moved by Rozell, seconded by Middleton to adjourn the meeting at 3:50 p.m. Motion carried.
The next meeting is scheduled for Thursday, November 19, 2015 at 1:30 p.m.
Respectfully submitted,
______________________________________ ______________________________________
James H. VanLeuven, Jr. Chairperson Judy D. Fandale, Secretary