HomeMy WebLinkAboutMinutes - 2014.05.15 - 33191OAKLAND COUNTY RETIREMENT
AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 15, 2014 at
1:30 p.m. in the W est Oakland Conference Room.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Curtis Childs D’Arcy Gonzales
Andy Meisner Thomas Middleton
Jeffrey Phelps
Kathy Crawford (designee of Chairman, Board of Commissioners)
Laurie VanPelt (designee of County Executive)
Others Present: Judy Fandale, Human Resources
Megan Navarre, Human Resources
Paige Ritchie, Human Resources
Keith Lerminiaux, Corporation Counsel
Jody Defoe, Treasurers Office
Natalie Neph, Treasurers Office
Jim Freeman, Fidelity Investments
Geoff Hall, Fidelity Investments
Troy Mick, Fidelity Investments
Sean Walker, Fidelity Investments
David Breuhan, Schwartz & Co
Janette Schad, Schwartz & Co
Ed Schwartz, Schwartz & Co
1. Moved by Middleton, seconded by Gonzales to approve the minutes of April 17, 2014. Motion
carried.
2. Meeting was opened for public comment. No one spoke.
3. Moved by Childs, seconded by Phelps to approve the following Defined Benefit retirement
applications. Motion carried.
DEPARTMENT OPTION HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Bradford, Claudia Deferred A-100% Family(F) 06/04/2014
Christie, Deborah Sheriffs D-100% Family(2) 05/31/2014
Hool, Deborah FOC D-100% Family(2) 06/28/2014
McAlister, Robin Sheriffs SL Family(1) 05/31/2014
Metalski, Mark Sheriffs A-100% Family(2) 06/07/2014
Myers, Mark Sheriffs A-100% Family(2) 05/17/2014
Shapiro, Linda FM&O SL Family(1) 05/31/2014
Syphrett, John Sheriffs B-50% Family(F) 06/26/2014
4. Moved by Gonzales, seconded by Rozell to approve the following Defined Contribution retirement
applications. Motion carried.
DEPARTMENT HEALTH
ELIGIBILITY
RETIREMENT
EFFECTIVE
Berz, Julie Circuit Court Family(2) 05/24/2014
Holton, James Sheriffs Family(1) 06/07/2014
Norris, Thomas Sheriffs Family(F) 05/03/2014
Retirement Minutes May 15, 2014
Page 2
5. Moved by VanPelt, seconded by Childs to receive and file the Deferred Compensation hardship
applications for May 2014. Motion carried.
6. Moved by Rozell, seconded by Childs to approve the minutes and actions of the May 1, 2014
Education Subcommittee reviewing survey results of 401(a) contributions to Michigan Retirement
plans, discussion and review of the average Defined Contribution balance for County employees
terminating and retiring in 2013, recommend an increase in the budget for providing food at future
presentations along with ancillary education items from $5,000 to $10,000 to be paid out of the
rebate received by ICMA-RC. Motion carried.
7. Fidelity Investments made a plan review presentation to the board, and reviewed the Stable Value
Fund, discussed the problem with late posting of contributions
a. Moved by Rozell, seconded by Meisner to review Fidelity rebate account after the annual report
each year to determine what to do with the money in the account. Motion carried
b. Moved by VanPelt, seconded by Rozell for Fidelity to make a one-time specific payment of $768
to the rebate account to resolve the delayed posting issue if Fidelity is able to do so. Motion
carried
8. Gregory J Schwartz & Co. presented the 401(a) and 457(b) 1st quarter performance review to the
board. Moved by Meisner, seconded by VanPelt to approve the recommendations made by
Schwartz & Co as follows. Motion carried.
ICMA 401a Plan
a. Keep PIMCO High Yield on watch list
b. Keep Fidelity Advisor Mid Cap II on watch list
c. Keep Fidelity Advisor Small Cap on watch list
d. Move all current and future plan assets from Franklin Limited Maturity Fund to Franklin
Adjustable Fund effective June 11, 2014
Fidelity Investments 457(b) Plan
a. Keep Fidelity Managed Income Portfolio II on watch list
b. Keep Fidelity Asset Manager 20% on watch list.
c. Move all current and future plan assets from Franklin Limited Maturity US Government Fund to
Franklin Adjustable US Government Securities Fund effective June 11, 2014
9. Other business: VanLeuven announced the RFI has been sent to Gabriel, Roeder Smith. VanPelt
gave a brief summary regarding the development of GASB 67 and 68 regulations as it pertains to
the Board function.
10. Motion by Phelps, seconded by Childs to adjourn the meeting at 3:55 p.m. Motion carried
The next meeting is scheduled for June 19, 2014 at 1:30 p.m.
Respectfully submitted,
_______________________________ _________________________________
James H. VanLeuven, Jr., Chairperson Judy Fandale, Assistant Secretary