HomeMy WebLinkAboutMinutes - 2017.09.11 - 32972OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD
INVESTMENT SUB-COMMITTEE MINUTES
A meeting of the Oakland County Employees' Retirement and Deferred Compensation (OCRDC)
Board Investment Sub-Committee was held September 11, 2017 at 9:04 a.m. in the Fourth Floor
Conference Room, Executive Office Building (EOB) Conference Center.
Members Present: James H. VanLeuven, Jr.
Joseph Rozell (pre- adjournment departure and return)
Andy Meisner
Laurie Van Pelt (designee of County Executive)
Others Present: Curtis Childs, OCRDC Commissioner (pre-adjournment departure)
Tom Middleton, OCRDC Commissioner
Jeff Phelps, OCRDC Commissioner
Lauri Siskind, OCRDC Commissioner (mid-meeting arrival)
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Rhonda Van Tiflin, Human Resources
Paige Ritchie, Human Resources
Lisa Villella, Human Resources (pre-adjournment departure)
Jason May, Graystone Consulting
John Krakowiak, Graystone Consulting (pre-adjournment departure)
Freddie Sarno, Graystone Consulting
Presenters (mid-meeting arrival and departure noted below):
Prudential 9:30 a.m. TIAA 10:45 a.m. Empower 1:30 p.m. ICMA-RC 2:45 p.m.
John Byrne Heather Ilacqua Gary Plourde Bob Schultze
Brian McCleave Stacey Rusk Dan Morrison Chris Matzke
Mike McCann Rod Crane Aram Boornazian Jeff Gibson
John Zick Jeff Kern Iris Ward Renee Briggs
Dana Fawcett Tim Pitney Darryl Collier Kathleen Wilson
Paul Yarger David Iden Kathy Mahoney Ken Wedemeyer
Bill Thornton Sandra Rouse-Thames
Nancy Lange
Jason Ashline
Rola Ismail
Tanya Bliss
1. Meeting was open for public comment. No one spoke.
2. Mr. May initiated discussion regarding special considerations involving the VT Retirement
Income Advantage fund. He advises ICMA-RC could maintain, Prudential would honor the
high water mark, TIAA and Empower do not offer. Total in the fund is approximately about $13
million, represents approximately 2% of the total value of the 401(a). Discussion concludes
that the Board should review the decision to offer this product in the future, as it does not
prove to be portable amongst various record keepers.
Investment Sub-Committee Minutes
Oakland County Employees’ Retirement and Deferred Compensation Board
September 11, 2017
Page 2
3. Mr. May advises that Prudential e-mailed him over the prior weekend and offered a reduction
in their proposed 401(a)/457 combined recordkeeping hard dollar per participant free from
$49.00 to $34.00 per participant, per year.
4. Prudential team joins the meeting at 9:30 a.m. and makes a presentation to the committee.
Prudential team exits meeting upon the conclusion of their presentation.
5. TIAA team joins the meeting at 10:46 a.m. and makes a presentation to the committee. TIAA
team exits the meeting upon the conclusion of their presentation.
6. Chairperson VanLeuven calls for a recess at 11:57 a.m. with communicated reconvene time of
1:30 p.m.
7. Reconvene at 1:30 p.m. and Empower team joins the meeting. Rozell is absent with notice.
Siskind joins the meeting for the first time at the 1:30 p.m. Empower team makes a
presentation to the committee.
8. Rozell rejoins the meeting at 2:08 p.m.
9. Empower team and Childs exit the meeting upon the conclusion of the Empower presentation.
10. ICMA-RC team joins the meeting at 2:45 p.m. and makes a presentation to the committee.
ICMA-RC offers a reduction in their initial proposed revenue requirement from 3.9 to 3.6 basis
points, and a reduction in the Plus Fund management fee from 30 to 25 basis points,
assuming a five year contract involving all plans.
11. Krakowiak departs at 3:40 p.m. Villella departs at 3:45 p.m.
12. ICMA-RC team concludes their presentation and departs at 4:01 p.m.
13. Discussion ensues regarding all four presentations and concludes with no decision on vendor
selection. Chairperson VanLeuven communicates the Investment Subcommittee will meet
again to discuss this matter at 12:45 p.m. on Thursday, September 14, 2017 in the Waterford
conference room of the Convention Center at the Executive Office Building.
14. The meeting was adjourned without objection at 4:39 p.m.
Respectfully submitted,
________________________________ ________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary
