HomeMy WebLinkAboutMinutes - 2020.02.20 - 32870OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held February
20, 2020 at 1:30 p.m. in the East Oakland Conference Room, L. Brooks Patterson Building.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Andy Meisner, Jeff Phelps, April Lynch
Curtis Childs, Helaine Zack
Dave Woodward entered the meeting at 1:35 p.m.
Members Absent with Notice:
Joseph Rozell, Lauri Siskind
Others Present:
Joellen Shortley, Corporation Counsel
Silvia Frank, Human Resources
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Stephanie Biddle, Prudential
Aaron Koval, Prudential
Daniel Evans, Prudential
Jason May, Graystone Consulting
Freddie Sarno, Graystone Consulting
Louise Gates, Gabriel, Roeder, Smith & Co.
II. Approval of the Agenda
Chairperson VanLeuven amended the agenda by adding the 2019 Pension
Valuation Report under VII. New Business, item D.
Moved by Zack, seconded by Phelps to approve the agenda, as amended. Motion
carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Childs, seconded by Lynch to approve the minutes of January 23,
2020. Motion carried.
B. Retirements
1. Moved by Zack, seconded by Phelps to approve the following Defined Benefit
applications. Motion carried.
DEPARTMENT EFFECTIVE Jany Lee-Warren Friend of the Court 02/26/2020
Robert M. Runyon Information Technology 03/14/2020
Rachel Shymkiw Health Department 04/04/2020
2. Moved by Zack, seconded by Phelps to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
Gregory Charland Information Technology 02/01/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
February 20, 2020
Page 2
Karen Deaver-Lear Development & Planning 02/01/2020
Mark Forest Deferred – Sheriff’s Office 01/31/2020
Richard Renas Health Department 03/19/2020
V. Reports
A. Stephanie Biddle of Prudential Retirement distributed the Oakland County
Retirement Plans Summary as of December 31, 2019 and provided comments
summarizing highlights contained in the report.
B. Jason May of Graystone Consulting distributed the 4th Quarter Plan Investment
Review – Oakland County 401a/457b Plans and provided comments
summarizing highlights contained in the report.
Moved by Woodward, seconded by Meisner to change the Fidelity Growth
Company share class to a K6 share class. Motion carried.
C. Moved by Zack, seconded by Meisner to receive and file the Retirement
Administrator’s Report for February 2020. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided an update on
legal matters.
Moved by Childs, seconded by Phelps to receive and file the February 2020
update on securities litigation by Miller Law Firm and the February 2020 Legal
Report by Aaron Castle. Motion carried.
VI. Unfinished Business
A. Moved by Meisner, seconded by Childs to receive and file the February 11, 2020
Administrative Policies & Procedures ad hoc committee minutes. Motion carried.
B. Moved by Lynch, seconded by Childs to approve the proposed 2020 retainer fee
for Gabriel, Roeder, Smith & Company (GRS). Motion carried.
VII. New Business
A. Moved by Phelps, seconded by Childs to hire Independent Medical Evaluations,
PC as the Medical Director for disability retirements. Motion carried.
B. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. reviewed the
Correction of Errors Policy.
Moved by Woodward, seconded by Zack to change the title of the policy to
Correction of Overpayments/Underpayments of Benefits Policy. Motion carried.
Moved by Meisner, seconded by Lynch to approve the policy, as amended.
Motion carried.
C. Moved by Woodward, seconded by Phelps to approve the Administrative
Appeals Policy. Motion carried.
D. Louise Gates of Gabriel, Roeder, Smith & Company presented the Oakland
County Employees’ Retirement System (OCERS) Annual Actuarial Valuation
Report as of September 30, 2019.
Moved by Meisner, seconded by Zack to approve the OCERS Annual Actuarial
Valuation Report for 2019, as well as the following transfers on page A-2 of the
report. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
February 20, 2020
Page 3
• Transfer $47,749,150 from the Pension Reserve - General County Fund
to the Retirement Reserve-General County Fund.
• Transfer $5,061,400 from the Pension Reserve-Sheriffs Command
Officers Fund to the Retirement Reserve-Sheriffs Command Officers
Fund.
• Transfer $15,087,835 from the Pension Reserve-Sheriff Deputies Fund to
the Retirement Reserve-Sheriff Deputies Fund.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday, March
19, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:44 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary