HomeMy WebLinkAboutMinutes - 2019.11.21 - 32672OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 21, 2019 at 1:30 p.m. in the West Oakland Conference Room, L. Brooks Patterson
Building.
Members Present:
James VanLeuven Jr.
Jeffrey Phelps
April Lynch
Helaine Zack
Members Absent: Andy Meisner (with notice)
Others Present:
Joseph Rozell
Dave Woodward
Curtis Childs
Lauri Siskind
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Joelien Shortley, Corporation Counsel
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Natalie Neph, Treasurer's Office
Jason May, Graystone Consulting
Freddie Sarno, Graystone Consulting
Lisa ViBella, Human Resources
Ashley Jenkins, Human Resources
Louise Gates, Gabriel, Roeder, Smith & Co.
Daniel Evans, Prudential Retirement
Stephanie Smith, Prudential Retirement
Sharon Knox, Prudential Retirement
1. Moved by Siskind, seconded by Childs to approve the minutes of October 17, 2019.
Motion carried.
2. Meeting was opened for public comment. No one spoke.
3. Moved by Phelps, seconded by Childs to approve the following Defined Benefit retirement
applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Donna Carrel Fiscal Services 12/04/2019
Larry Mills WRC 01/22/2020
4. Moved by Childs, seconded by Rozell to approve the following Defined Contribution
retirement applications. Motion carried.
RETIREMENT
DEPARTMENT EFFECTIVE
Daniel Brock Deferred — District Court I 11/01/2019
Nancy Day Health 11/16/2019
Travis Dick Sheriffs Office 11/14/2019
Wayne Lake Jr. Sheriff's Office 11/01/2019
Robert W. Smith Sheriff's Office 01/22/2020
5. Moved by Siskind, seconded by Zack, to receive and file the November 4, 2019
Administrative Policies & Procedures ad hoc committee minutes. Motion carried.
6. Moved by Phelps, seconded by Siskind to receive and file the Prudential Retirement
Statement of Financial Condition. Motion carried.
7. Moved by Zack, seconded by Phelps to receive and file the 2019 OCERS GASB Real
Return Disclosure. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
November 24, 2019
Page 2
8. Moved by Siskind, seconded by Childs to receive and file the Election Results Statement
certifying that Jeffrey Phelps, who ran unopposed, will continue to serve as the Employee
Member. Motion carried.
9. Stephanie Smith of Prudential Retirement distributed the Oakland County Retirement
Plans Summary as of September 30, 2019 and provided comments summarizing
highlights contained in the report.
Sharon Knox of Prudential Retirement distributed the Oakland County 2019 Participant
Communication and Education Strategy 3rd Quarter Results and 2020 Outline and
provided comments summarizing highlights contained in the report.
10. Jason May of Graystone Consulting distributed the 3rd Quarter Plan Investment Review —
Oakland County 401 a1457b Plans and provided comments summarizing highlights
contained in the report.
Moved by Rozell, seconded by Phelps to proceed with the following recommendations by
Graystone:
• Replace the Oppenheimer Sr. Floating Rate with the Columbia Floating Rate fund
• Replace the Fidelity Contrafund with JPMorgan Large Cap Growth fund
• Add the Vanguard FTSE Social index option for Socially Responsible Asset Class
Motion carried.
11. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided an update on legal
matters.
a. Moved by Childs, seconded by Zack to receive and file the November 2019 update
on securities litigation by Miller Law Firm. Motion carried.
b. Moved by Rozell, seconded by Siskind to receive and file the October and November
2019 update on Class Action Services by Northern Trust. Motion carried.
c. Moved by Siskind, seconded by Phelps to approve the signing of the Request for
Consent to Assignment of Contract regarding the CS McKee ownership change.
Motion carried.
d. Moved by Childs, seconded by Phelps to approve the Partnership Agreement
Amendment proposed by Dune Real Estate Partners 1V LLC. Motion carried.
e. Moved by Siskind, seconded by Zack to receive and file the November 2019 Legal
Report. Motion carried.
12. Moved by Zack, seconded by Childs to approve the Professional Advisor & Service
Provider Review Policy, as amended. Motion carried.
13. Moved by Childs, seconded by Siskind to approve the Administrator's Report for
November 2019. Motion carried.
14. Other Business
a. Chairperson Van Leuven noted the next meeting of this Board:
i. December 19, 2019 — 1:30 p.m.
15. Chairperson VanLeuven adjourned the meeting with
Respectfully submitted,
es VanLeuven Jr., Chairpef on
t objection at 3:45 p.m.
Silvia
retary