HomeMy WebLinkAboutMinutes - 2017.09.14 - 32975OAKLAND 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 14, 2017 at 12:45 p.m. in the Waterford
Conference Room, Executive Office Building (EOB) Conference Center.
Members Present: James H. VanLeuven, Jr.
Joseph Rozell
Andy Meisner
Laurie Van Pelt (designee of County Executive)
Others Present: Curtis Childs, OCRDC Commissioner
Jeff Phelps, OCRDC Commissioner
Jordie Kramer, Human Resources
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Rhonda Van Tiflin, Human Resources
Paige Ritchie, Human Resources
Lisa Villella, Human Resources
Natalie Neph, Treasurer’s Office
Jason May, Graystone Consulting
Tom Middleton, OCRDC Commissioner (joins at 1:01 p.m.)
Keith Lerminiaux, Corporation Counsel (joins at 1:05 p.m.)
1. Meeting was open for public comment. No one spoke.
2. Mr. May distributed a four page handout dated September 14th, 2017, including pricing data for
the finalist record keepers, ICMA-RC and Prudential.
3. Ms. Frank summarized the results of the reference check call that had been conducted on
Prudential earlier this same day with Ms. Peggy Haering of the State of Connecticut.
4. Mr. Rozell questions Prudential’s hard dollar amounts for the Retirement Health Savings and
Part-time Not Eligible (PTNE) Plans detailed in Mr. May’s handout today as compared to
amounts Prudential had quoted in their September 11, 2017 presentation. Mr. May advises
that the earlier PTNE quote had said $2.00/month, aggregated annually.
5. Mr. Middleton joins the meeting at 1:01 p.m.
6. Mr. Lerminiaux joins the meeting at 1:05 p.m.
7. Ms. Van Pelt suggests that Chris Burrows from IT be involved in any on-site visits to evaluate
system security.
Investment Sub-Committee Minutes
Oakland County Employees’ Retirement and Deferred Compensation Board
September 14, 2017
Page 2
10/17/2017
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8. Motion by Rozell, support by Meisner, to terminate current contracts with ICMA-RC and Fidelity
and to enter into contract with Prudential for combined recordkeeping services at the hard
dollar rates for a five-year contract with 60 days per year of on-site Participant consultant,
conditioned upon successful conclusion of an on-site visit and the negotiation of a mutually
agreeable contract. Motion carried.
9. The meeting was adjourned without objection at 1:26 p.m.
Respectfully submitted,
________________________________ ________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary