HomeMy WebLinkAboutMinutes - 2019.09.19 - 32502OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
September 19, 2019 at 1:30 p.m. in the West Oakland Conference Room, L. Brooks Patterson
Building.
Members Present:
Others Present:
James VanLeuven Jr.
Andy Meisner
Helaine Zack
Jeff Phelps
Lauri Siskind
Joseph Rozell
Dave Woodward
Malcolm Brown
Curtis Childs
Jordie Kramer, Human Resources
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Natalie Neph, Treasurer's Office
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Jason May, Graystone Consulting
1. Moved by Meisner, seconded by Zack to approve the minutes of August 15, 2019. Motion
carried.
2. Meeting was opened for public comment. Trustees recognized Malcolm Brown's service
on the Retirement Board.
3, Moved by Siskind, seconded by Childs to receive and file the September 13, 2019
Appointment of Designee letter from County Executive, David Coulter, appointing Malcolm
Brown for the September meeting and April Lynch effective September 23, 2019. Motion
carried.
4. Moved by Phelps, seconded by Childs to approve the following Defined Benefit retirement
applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Michael Blaszczak Jr. Sheriff's Office 10/26/2019
Richard Bolden Sherriff's Office 10/15/2019
Rita Byers Deferred - FM&O 09/21/2019
Ricky Przywara Sheriff's Office 10/24/2019
Moira Sheehan Health 10/15/2019
Latonya Smith -McClellan Sheriff's Office 09/14/2019
Mark Venus Sheriff's Office 10/26/2019
5. Moved by Childs, seconded by Siskind to approve the following Defined Contribution
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Phillip Bertolini County Executive 08/31/2019
Willie Burkett FM&O 09/13/2019
Gerald Poisson County Executive 08/20/2019
Robert Daddow County Executive 08/20/2019
Charles Johnson Sheriff's Office 08/21/2019
Sherry Prose Sheriff's Office 08/22/2019
Valerie Taylor Equalization 08/31/2019
Laurie Van Pelt County Executive 08/20/2019
Kathleen Wisniewski Deferred — Env. Health 10/24/2019
Gary Zuzga
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
September 19, 2019
Page 2
Deferred — Sheriff's Office 09/19/2019
Moved by Siskind, seconded by Meisner, to receive and file the August 12, 2019 and
September 12, 2019 Administrative Policies & Procedures ad hoc committee minutes.
Motion carried.
7. Moved by Meisner, seconded by Phelps to approve the 2020 Retirement & Deferred
Compensation Board Meeting Calendar,. Motion carried.
Moved by Childs, seconded by Meisner, to receive and file the Election Calendar for
Employee Member term ending December 31, 2019. Motion carried.
9. Chairperson VanLeuven appointed Trustees Rozell, Childs and himself, to the Nominating
Committee for the December 3, 2019 Employee Member Election for term ending
December 31, 2019.
10. Jason May of Graystone Consulting distributed the Plan Investment Review Oakland
County 401(a) and 457(b) Plans as of June 30, 2019 and provided brief comments
summarizing highlights contained in the report.
Moved by Childs, seconded by Meisner to replace PIMCO Real Return with DFA Inflation
Protected Securities and replace Vanguard International Explorer with Goldman Sachs
International Small Cap Insights. Motion carried.
11. Chris Kuhn and Peter Brown of AndCo distributed the following reports and provided brief
comments summarizing highlights contained in each:
• Oakland County Employees' Retirement System (ERS) Investment Performance
Review Period Ending June 30, 2019
• Oakland County Employees' Retirement System (ERS) Monthly Flash Report
Period Ending August 31, 2019
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary as of September 10, 2019
Chris Kuhn and Peter Brown distributed the Alternative Investment Strategies for Oakland
County Employees Retirement System and provided brief comments summarizing
highlights contained in the presentation.
12. Moved by Childs, seconded by Siskind to receive and file the September 13, 2019 memo
from Trustee Brown, regarding plan corrections for forfeitures. Motion carried.
13. Moved by Rozell, seconded by Phelps to approve the amendment to the Oakland County
Employees' Retirement System (OCERS) April 2018 Restated Resolution (Defined
Contribution). Motion carried.
14. Agenda items 14. and 16a. were addressed in inverse order. Trustee Brown provided a
verbal update on the 457(b) and Part -Time Non -Eligible 457(b) Plans.
15. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided an update on legal
matters.
a. Moved by Zack, seconded by Siskind to receive and file the September 2019 update
on securities litigation by Miller Law Firm. Motion carried.
b. Moved by Woodward, seconded by Siskind to receive and file the September 2019
update on Class Action Services by Northern Trust. Motion carried.
c. Moved by Woodward, seconded by Phelps to receive and file the Legal Report for
September 2019. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
September 19, 2019
Page 3
16. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided a brief overview on the
draft policies and procedures.
a. Moved by Rozeil, supported by Siskind to approve the Board Communication Policy,
as amended. Motion carried.
b. Moved by Rozeil, seconded by Zack to approve the Ethics Policy, as amended.
Motion carried.
c. Moved by Woodward, seconded by Zack to approve the Securities Litigation Policy.
Motion carried.
d. Moved by Siskind, seconded by Phelps to approve the Defined Benefit Plan
Actuarial Funding Policy. Motion carried.
e. Moved by Phelps, seconded by Zack to approve the Defined Contribution Plan &
Oakland County Retiree Health Savings Plan & Trust Payment of Plan Expenses
and Use of Forfeitures Policy, as amended. Motion carried.
Discussion followed regarding the use of 401(a) forfeitures. Without objection, the
Board agreed to begin offsetting future county contributions effective the next payroll
cycle.
17. Other Business
a. Chairperson VanLeuven tabled the discussion of Annual Board Education for the
October meeting.
b. Chairperson VanLeuven noted there will be a meeting of the Investment
Subcommittee on November 21, 2019
c. Chairperson VanLeuven noted the next meeting of this Board:
i. October 17, 2019 — 1:30 p.m.
18. Chairperson VanLeuven adjourned the meeting without objection at 4:08 p.m.
'moat 4/1(
es H. VanLeuven, Jr., Chair fi rson
Respectfully submitted,
Silvi IJ !F k, Sec -tary