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Home My WebLink AboutMinutes - 2014.08.21 - 33194OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held August 21, 2014 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Jeffrey Phelps Curtis Childs D’Arcy Gonzales Andy Meisner Thomas Middleton Laurie VanPelt (designee of County Executive) Members Absent: Joseph Rozell with notice Kathy Crawford with notice Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel David Breuhan, Schwartz & Co Janette Schad, Schwartz & Co Edward Schwartz, Schwartz & Co Rebecca Holtz, Oakland County Retiree 1. Moved by Middleton, seconded by Meisner to approve the minutes of July 24, 2014. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Moved by Childs, seconded by VanPelt to approve the following Defined Benefit retirement applications. Motion carried. DEPARTMENT OPTION HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Condit, Roxanne Health SL Family(1) 10/15/2014 Moe, Wayne Sheriffs B-50% Family(2) 10/16/2014 VanBibber, Karen Health D-100% Family (F) 10/15/2014 4. Moved by Phelps, seconded by Gonzales to approve the following Defined Contribution retirement applications. Motion carried. DEPARTMENT HEALTH ELIGIBILITY RETIREMENT EFFECTIVE Beavers, Angela Health Family (2) 09/20/2014 Harbin, Carolyn Health Family (2) 08/16/2014 Smith, Linda MSU – Ext 60% 09/06/2014 5. Moved by Childs, seconded by Phelps to approve the minutes and actions of the August 4, 2014 Education Subcommittee. Including the following: Motion carried. a. Offer the Fidelity Plan Manager Services to employees not currently enrolled in the service for a 90 day free trial beginning October 2014. b. National Save for Retirement Week (NS4RW) campaign. c. Offering the Pre-Retirement classes in one full day rather than over a four week period as a pilot in the Spring 2015. Retirement Minutes August 21, 2014 Page 2 d. Contract with Gabriel, Roeder, Smith & Company in regards to the Eligible Domestic Relations Order (EDRO) fees and the new options available for employees. i. Option A – GRS will review, certify and calculate an existing EDRO upon the Oak land County member’s retirement eligibility for alternate payee or application, for a fee of $1350. Additional calculations are $400 for each occurrence and the Committee understands this can delay retirement payments if the EDRO does not meet the compliance requirements of the retirement system. ii. Option B – GRS will review and certify an EDRO up to two times as soon as the Retirement System is notified of the EDRO for a fee of $800. The EDRO will be calculated at the members retirement eligibility for alternate payee or application, for a fee of $1000. Additional calculations are $400 for each occurrence. iii. Gabriel, Roeder, Smith will update the software available to Oakland County retirement unit staff to allow for certain in house calculations. iv. Gabriel, Roeder, Smith & Co. will provide Oakland County with EDRO samples that can be handed out to employees. v. The Retirement Administrator will develop a form for employees to sign when they receive information about EDROs. vi. An EDRO policy will be developed and on file in the Retirement office. 6. Moved by Meisner, seconded by Childs to approve the minutes and actions of the August 18, 2014 Education Subcommittee. Including the following: Motion carried a. Offer the ICMA-RC Managed Accounts to employees not currently enrolled in the service for a 90 day free trial beginning October 2014. b. National Save for Retirement Week (NS4RW) campaign theme “Small Steps, Big Changes”. c. Reviewed the retirement intranet website and discussed a future internet site. d. Approved the Eligible Domestic Relations (EDRO) policy. 7. Gregory J Schwartz & Co. presented the 401(a) and 457(b) 2nd quarter performance review to the board with the following recommendations: 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 Fidelity Investments 457(b) Plan a. Keep Fidelity Managed Income Portfolio II on watch list b. Keep Fidelity Asset Manager 20% on watch list. 8. Other business: a. Chairperson VanLeuven reminded Board members that the November Board meeting will be held on November 20, 2014, not November 13, 2014. b. Chairperson VanLeuven stated that all requests for legal assistance by Corporation Counsel for the Retirement and Deferred Compensation Board must be submitted on the appropriate form and authorized by the Chairperson or Retirement Administrator only. Retirement Minutes August 21, 2014 Page 3 9. Motion by VanPelt, seconded by Childs to adjourn the meeting at 2:20 p.m. Motion carried The next meeting is scheduled for September 18, 2014 at 1:30 p.m. Respectfully submitted, _______________________________ _________________________________ James H. VanLeuven, Jr., Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held August 21, 2014 at 2:21 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Jeffrey Phelps Curtis Childs D’Arcy Gonzales Andy Meisner Thomas Middleton Laurie VanPelt (designee of County Executive) Members Absent: Joseph Rozell with notice Kathy Crawford with notice Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel David Breuhan, Schwartz & Co Janette Schad, Schwartz & Co Edward Schwartz, Schwartz & Co Rebecca Holtz, Oakland County Retiree 1. Moved by Meisner, seconded by Gonzales to approve the minutes of July 24, 2014. Motion carried. 2. Meeting was open for public comment. No one spoke. 3. Moved by Childs, seconded by VanPelt to adjourn the meeting at 2:25 p.m. Motion carried. The next meeting is scheduled for September 18, 2014, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, ________________________________ ________________________________ James H. VanLeuven, Jr., Chairperson Judy Fandale, Secretary