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HomeMy WebLinkAboutMinutes - 2017.10.30 - 32973OAKLAND 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 October 30, 2017 at 10:01 a.m. in the Waterford Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Andy Meisner Laurie Van Pelt (designee of County Executive) Others Present: Jeffrey Phelps, OCRDC Commissioner Jennifer Hain, Human Resources Silvia Frank, Human Resources Paige Ritchie, Human Resources John Krakowiak, Graystone Consulting Jason May, Graystone Consulting 1. Meeting was open for public comment. No one spoke. 2. John Krakowiak and Jason May presented to the Sub-Committee and provided accompanying materials entitled Fund Consolidation Review report – Prepared for Oakland County 401 (a) ICMA’, 457 – Fidelity’, RHS – ICMA’ and 457 PTNE – ICMA’: a. Discussed current lineup, stable value comparison and research report, Target Date analysis, suggested new line up, and asset class consolidation b. Moved by Meisner, seconded by Rozell, to adopt the following fund changes (listed on pages 86, 91-92, and 96), to the 401(a), 457, RHS, and 457 PTNE Plan investment line up, to be implemented with Prudential as recordkeeper in April 2018. Motion carried. • Remove VT Plus Fund, VT Cash option, Franklin Adj US Govt Secs Adv, Prudential Short-Term Bond Z, and Franklin Low Duration Total Return and move those assets to the Prudential Guarantee Income • Remove JPMorgan SmartRetirement Series and move those assets to TIAA- CREF Lifecycle Index Funds • Remove T. Rowe Price Target Retirement Series and move those assets to TIAA-CREF Lifecycle Index Funds • Remove VT Vantagepoint Milestone Retirement Series and move those assets to TIAA-CREF Lifecycle Index Funds • Remove Columbia Contrarian Core Z and move those assets to Fidelity 500 Index Institutional • Remove Putnam Equity Spectrum Y and move those assets to Fidelity Mid Cap Index Prem • Remove Fidelity Small Cap Discovery Y, JPMorgan Market Expansion Index, Fidelity Advisor Small Cap Value I, and T. Rowe Price Small Cap Value Adv and move those assets to Fidelity Small Cap Index Institutional • Remove Causeway International Value Instl and Templeton Foreign Adv and move those assets to Fidelity International Index Prem Investment Sub-Committee Minutes Oakland County Employees’ Retirement and Deferred Compensation Board October 30, 2017 Page 2 • Remove Oppenheimer Developing Markets Y and move those assets to Fidelity Emerging Markets Index Institutional • Remove Vanguard Interm-Term Treasury and move those assets to Fidelity Intermediate Treasury Bond Index • Remove Fidelity Puritan K and move those assets to Fidelity Puritan • Remove MFS International Value R6 and move those assets to MFS International to Value R3 • Remove Fidelity Growth Company K, Putnam Grown Opportunities Y, American Funds AMCAP R5 and move those assets to Fidelity Growth Company • Remove T. Rowe Price Equity Income, American Funds American Mutual R5, and JPMorgan Equity Income R5 and move those assets to JPMorgan Equity Income R6 (share class correction on 11/3/2017) • Artisan Mid Cap Investor and Eaton Vance Atlanta Cap SMID I and move those assets to Eaton Vance Atlanta Cap SMID A • Remove Oppenheimer Discovery Y and Victory RS Select Growth Y and move those assets to T. Rowe Price New Horizons • Remove Fidelity Small Cap Value and move those assets to Fidelity Advisor Small Cap Value I • Remove MFS International Growth R4, Oppenheimer International Growth Y, and American Funds Europacific Growth R5 and move those funds to American Funds Europacific Growth R5E (share class correction on 11/03/2017) • Remove MFS Global Equity R4, American Funds Capital World G&I R5, and Franklin Mutual Global Discovery Z and move those assets to American Funds New Perspective R6 • Remove Columbia Acorn International Z and move those assets to Vanguard International Explorer Inv • Remove PIMCO Total Return Instl and PIMCO Total Return P and move those assets to Prudential Total Return Bond Z • Remove Fidelity Advisor Strategic Income I and Pioneer Strategic Income K and move those assets to PIMCO Income A • Remove Eaton Vance High Income Opps I and PIMCO High Yield P and move those assets to Prudential High Yield Bond Z • Remove PIMCO Real Return P and move those assets to PIMCO Real Return A • Remove Templeton Global Total Return Adv and Oppenheimer International Bond Y and move those assets to Dreyfus/Standish Global Fixed Income I • Remove Fidelity Asset Manager 20% and move assets to Columbia Income Builder R4 • Remove Putnam Absolute Return 300 Y and move those assets to Prudential Total Return Bond Z • Remove Victory Sycamore Established Value I and move those assets to Victory Sycamore Established Value A*** (share class correction on 11/03/2017) • Remove VT Retirement Advantage Income and move those assets to IncomeFlex Target Bal b. The meeting was adjourned without objection at 11:36 a.m. Investment Sub-Committee Minutes Oakland County Employees’ Retirement and Deferred Compensation Board October 30, 2017 Page 3 Respectfully submitted, ________________________________ ________________________________ James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary