HomeMy WebLinkAboutMinutes - 2020.06.18 - 33578OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on June 18 , 2020 at 1:30 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Helaine Zack,
Dave Woodward, Curtis Childs, Lauri Siskind, Jeff Phelps,
April Lynch
Members Absent with Notice:
Andy Meisner
Others Present:
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Louise Gates, GRS Consulting
Natalie Neph, Treasurer’s Office
Eric Palacios, Treasurer’s Office
Neil Jaine, Treasurer’s Office
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
Moved by Phelps, seconded by Childs to approve the agenda. Motion carried.
A. Moved by Zack, seconded by Siskind to temporarily suspend the Article IV –
General Rules & Regulations of the Board ByLaws, to allow for this Board meeting
to be held via teleconference during the COVID-19 pandemic. Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Childs, seconded by Siskind to approve the minutes of May 21, 2020.
Motion carried.
B. Retirements
1. Moved by Phelps, seconded by Lynch to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE
David Potts Sheriff’s Office 7/18/2020
2. Moved by Childs, seconded by Phelps to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
John Aitken WRC 7/09/2020
David Brown WRC 6/12/2020
Elizabeth Ferrise Health 7/09/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
June 18, 2020
Page 2
V. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) Quarterly Report as
of March 31, 2020
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending April 30, 2020
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – June 5, 2020
B. Moved by Phelps, seconded by Zack to receive and file the minutes of the June
17, 2020 Investment Subcommittee. Motion carried.
C. Moved by Childs, seconded by Siskind to receive and file the June 2020
Administrator’s Report. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
1. Moved by Woodward, seconded by Zack to receive and file the June 2020
update on securities litigation by Miller Law Firm. Motion carried.
2. Moved by Siskind, seconded by Rozell to receive and file the June 2020
Legal Report by Aaron Castle. Motion carried.
Moved by Childs, seconded by Zack to authorize the June 18, 2020 letter
from VanOverbeke, Michaud & Timmony, P.C to be sent to Northern Trust,
which would allow General Counsel to obtain read only access to current and
historical account holdings with Northern Trust. Motion carried.
VI. Unfinished Business
A. Secretary Frank. discussed Administration’s June 1, 2020 CARES Act Memo to
the Retirement Board Trustees.
Moved by Childs, seconded by Siskind to approve the Administration’s
recommendation, to allow a maximum of $25,000 for Coronavirus Related
Distributions (CRDs) from the 457(b) Deferred Compensation Plan.
Roll Call:
Ayes: VanLeuven, Rozell, Lynch, Woodward, Zack, Childs, Phelps, Siskind
Nays: None
Motion carried.
Moved by Siskind, seconded by Lynch to approve the Administration’s
recommendation, to continue the delayed loan repayments option. Motion
carried.
B. Jennifer Hain of Human Resources provided information on employee access to
GreenPath Financial Wellness, offered through Encompass.
Moved by VanLeuven, seconded by Woodward to authorize Prudential to refer
participants to GreenPath Financial Wellness. Motion carried.
C. Secretary Frank updated the Trustees on status of the 457(b) Roth source.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
June 18, 2020
Page 3 VII. New Business
A. Chris Kuhn of AndCo summarized the Mid-Cap Value Strategy presentation
given to the Investment Subcommittee.
Moved by Phelps, seconded by Siskind to hire Nuance Mid-cap Value strategy
and to use the funds from the Russell Mid-Cap Value Index ETF. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the Board ’s practice of following the County’s lead
on travel policies, which is currently suspended through 2020.
B. Trustee Siskind noted webinars being offered through MAPERS.
C. Chairperson VanLeuven noted the next meeting of this Board – Thursday, July
16, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:42 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary