HomeMy WebLinkAboutMinutes - 2020.03.23 - 32882OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
electronically on March 23, 2020 at 1:34 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Andy Meisner,
Dave Woodward, Helaine Zack, Curtis Childs, Lauri Siskind
Members Absent with Notice:
April Lynch, Jeff Phelps
Others Present:
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
II. Approval of the Agenda
Moved by Rozell, seconded by Zack to amend the agenda to add Item II.A.
Temporarily suspend the portion of the Board Bylaws that prohibits meeting by
telecommunications during the COVID-19 pandemic. Motion carried.
Moved by Rozell, seconded by Siskind to approve the agenda, as amended. Motion
carried.
A. Moved by Rozell, seconded by Siskind to temporarily suspend the portion of the
Bylaws that prohibits meeting by telecommunications during the COVID-19
pandemic. Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Siskind, seconded by Zack to approve the minutes of February 20,
2020. Motion carried.
B. Retirements
1. Moved by Childs, seconded by Rozell to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE Cheryl Cox Deferred – CMH 04/10/2020
Kimberly DeMars Health 04/17/2020
Michael D. Johnson Sheriff’s Office 05/30/2020
Elise Keeler Treasures Office 04/02/2020
Dawn Mullins Sheriff’s Office 03/28/2020
Lonnie Mullins Sheriff’s Office 03/28/2020
Laura Wilson Clerk/Register of Deeds 04/15/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 23, 2020
Page 2
2. Moved by Childs, seconded by Woodward to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
Gary Carriger Sherriff’s Office 04/23/2020
Donna LaBelle Circuit Court 03/14/2020
Jack Miller FM&O 03/21/2020
Deborah Pawlowski District Court I 03/03/2020
Gregory Prokopp Circuit Court 05/02/2020
Glen Walker Sheriff’s Office 03/07/2020
V. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) Quarterly Report –
Period Ending December 31, 2019
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending February 29, 2020
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – March 23, 2020
• S&P 500 – Bear Markets since 2000 – Comparing Crisis
Move by Siskind, seconded by Childs to terminate Wedge Capital Management
due to continued weak performance and move funds to Russell Mid-Cap Value
Index ETF using Capital Institutional Services, Inc. (CAPIS) to assist as the
Transition Manager. Motion carried.
B. Moved by Childs, seconded by Meisner to receive and file the Retirement
Administrator’s Report for March 2020. Motion carried.
C. Moved by Rozell, seconded by Childs to receive and file the 2019 Annual Report.
Motion carried.
D. Moved by Siskind, seconded by Zack to receive and file the Required Reporting
for State of Michigan PA 202 of 2017 and the Memo to the Board of
Commissioners. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided a verbal
update on legal matters.
VI. Unfinished Business
A. Moved by Siskind, seconded by Childs to receive and file the February 20, 2020
Administrative Policies & Procedures ad hoc committee minutes. Motion carried.
VII. New Business
A. Moved by Rozell, seconded by Meisner to temporarily suspend all Board travel
due to the COVID-19 pandemic. Motion carried.
B. Moved by VanLeuven, seconded by Childs to approve Graystone’s
recommendation to select the R6 Mutual Fund option for the JPMorgan Large
Cap Growth Fund that recently replaced the Fidelity Contrafund in the RHS Plan.
Motion carried.
VIII. Trustee Comment
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 23, 2020
Page 3
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday, April
30, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:26 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary