HomeMy WebLinkAboutMinutes - 2019.10.17 - 32503OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held October
17, 2019 at 1:30 p.m. in the West Oakland Conference Room, L. Brooks Patterson Building.
Members Present:
Joseph Rozell
Dave Woodward
Helaine Zack
Curtis Childs
Members Absent: James VanLeuven (with notice)
Jeff Phelps (with notice)
Others Present:
Andy Meisner
April Lynch
Lauri Siskind
Mark Newman, Public Services
Jordie Kramer, Human Resources
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Lisa Villelia, Human Resources
Louise Gates, Gabriel, Roeder, Smith & Co.
Charles Price, Pictet Asset Management
John Carr, Wedge Capital Management
Caldwell Calame, Wedge Capital Management
Jeffrey Braemer, TimesSquare Capital Management
Anthony Rosenthal, TimesSquare Capital Management
Vice Chairperson Rozell chaired the meeting.
1. Vice Chairperson Rozell amended the agenda by consolidating items 8 & 9 and removing
item 13. He also welcomed Trustee Lynch to the Board.
2. Moved by Siskind, seconded by Zack to approve the minutes of September 19, 2019.
Motion carried.
3. Meeting was opened for public comment. No one spoke.
4. Moved by Childs, seconded by Woodward to approve the following Defined Benefit
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Kimberly M. Brown WRC 12/28/2019
Patrick Flood WRC 10/19/2019
Lisa Hobart Deferred - Equalization 12/01/2019
Debra King Deferred — Prosecutor's Office 11/09/2019
5. Moved by Siskind, seconded by Meisner to approve the following Defined Contribution
retirement applications. Motion carried.
Jeffrey Hall
Lynn Podracky
RETIREMENT
DEPARTMENT EFFECTIVE
Deferred — Prosecutor's Office 10/25/2019
District Court III 10/02/2019
s
Oakland County Employees' Retirement and Deferred Compensation cBoard r �Mi 7,tt2019
Page 2
6. Assistant Secretary Webster randomly drew four winners for the 3rd quarter 2019 R.E.A.P.
incentive. Winners of $100 gift cards are:
Name
Karen Koshen
Patricia Taratuta
Cynthia Mattack
Sharon Cullen
Department
Circuit Court
Prosecutor's Office
Health
Information Technology
Educational Endeavor
Prudential One -on -One
Prudential One -on -One
Prudential One -on -One
Prudential One -on -One
7. Moved by Childs, seconded by Siskind to receive and file the 3rd Quarter Defined Benefit
and Defined Contribution Reports. Motion carried.
8. Moved by Siskind, seconded by Meisner, to receive and file the October 7, 2019
Administrative Policies & Procedures ad hoc committee minutes. Motion carried.
9. Moved by Childs, seconded by Zack to receive and file the Ascent CyberPro Insurance
Policy. Motion carried.
10. Chris Kuhn of AndCo Consulting moderated an Investment Manager roundtable including
panelists:
• Pictet Asset Management (Charles Price)
• Wedge Capital Management (John Carr & Caldwell Calame)
• TimesSquare Capital Management (Jeffrey Braemer & Anthony Rosenthal)
Following the roundtable, each of the Equity Managers presented an overview of their
OCERS portfolio.
11. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Employees' Retirement System (ERS) Monthly Flash Report
Period Ending 9/30/19
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary — 10/11/19
12. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided an update on legal
matters.
a. Moved by Zack, seconded by Childs to receive and file the October 2019 update on
securities litigation by Miller Law Firm. Motion carried.
b. Aaron Castle provided a verbal update on the lead plaintiff status of the Pluralsight
securities litigation case.
c. Aaron Castle provided a verbal update on the status of the amendments that were
approved by the Legislative Affairs and Government Operations Committee (LAGO)
on October 14, 2019.
13. Moved by Siskind, seconded by Meisner to approve the Disability Retirement Policy &
Procedures. Motion carried.
14. Moved by Zack, seconded by Lynch to approve the Administrator's Report for October
2019. Motion carried.
15. Other Business
a. Trustee Woodward updated the Board on the amendments that and will be on the
Board of Commissioners (BOC) October 23, 2019 agenda.
b. Vice Chairperson RozeII asked the trustees to review and submit a signed Ethics
Policy that was provided to each of the trustees.
Oakland County Ernployees' Retirement and Deferred Compensation Board Minutes
October 17, 2019
Page 3
c. Moved by Childs, seconded by Siskind to authorize a Request for Proposal (RFP) for
Medical Director, which will be reviewed by the Administrative Policies & Procedures
ad hoc committee to make a recommendation to the Board. Motion carried.
d. Moved by Childs, seconded by Woodward to authorize a RFP for the Defined Benefit
Consultant. Discussion followed. The motion carried. (6 Ayes, 1 Nay)
e. Vice Chairperson Rozell proposed to move the January and April meetings to
January 23, 2020 and April 30, 2020. Without objection, the Board agreed to
reschedule those meetings.
f. Vice Chairperson Rozell discussed having an annual Board education seminar to
fulfill its fiduciary obligation. Without objection, the board agreed on the concept with
a date to be determined.
g. Vice Chairperson Rozell noted the next meeting of this Board:
i. November 21, 2019 — 1:30 p.m.
16. Moved by Meisner, seconded by Woodward to adjourn the meeting at 3:23 p.m. Motion
carried.
Respectfully submitted,
Chairperson
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