HomeMy WebLinkAboutMinutes - 2020.08.20 - 33713OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on August 20 , 2020 at 1:44 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Helaine Zack,
Dave Woodward, Curtis Childs, Lauri Siskind,
Andy Meisner, Jeff Phelps
Members Absent with Notice:
April Lynch
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.
Jason May, Graystone Consulting
Freddie Sarno, Graystone Consulting
Stephanie Biddle, Prudential
II. Approval of the Agenda
A. Moved by Phelps, seconded by Siskind to approve the agenda and 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 Siskind, seconded by Meisner to approve the minutes of July 16, 2020.
Motion carried.
B. Retirements
1. Moved by Phelps, seconded by Zack to approve the following Defined Benefit
applications. Motion carried.
DEPARTMENT EFFECTIVE
Kristen A. Hoffman Community & Home Imp. 09/01/2020
Karry Rieth Community & Home Imp. 10/24/2020
Michele Tucker Deferred – Health 08/15/2020
2. Moved by Childs, seconded by Phelps to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
Susan Bennington Circuit Court 08/28/2020
Thomas Fockler Deferred – HHS 07/27/2020
William Gawlowski WRC 11/14/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
August 20, 2020
Page 2
Mary Mara Deferred – Corp Counsel 07/01/2020
Dennis Nash Sheriff’s Office 08/01/2020
Susan Rosenberg Health 09/05/2020
Gwynne Starkey Circuit Court 09/12/2020
V. Reports
A. Stephanie Biddle of Prudential Retirement presented the 2nd Quarter 2020
Oakland County Retirements Plan Summary as of June 30, 2020 and provided
comments summarizing highlights contained in the report.
B. Jason May of Graystone Consulting presented the 2nd Quarter 2020 Plan
Investment Review – Oakland County 401a/457b Plans and provided comments
summarizing highlights contained in the report.
Moved by Siskind, seconded by Woodward to terminate Eaton Vance Atlanta
SMID-Cap Fund Class A and replace with BlackRock Mid-Cap Growth Equity
Portfolio Institution in the 401(a), 457(b) and the Retiree Health Savings (RHS)
Plans. Motion carried.
Freddie Sarno of Graystone Consulting presented the Value & Fee Bench
Marking Report with FEEPOINT calculation for Oakland County Combined Plans,
and the 401(a) and the 457(b) plans’ individual reports.
Moved by Phelps, seconded by Zack to receive and file Value & Fee Bench
Marking Report with FEEPOINT calculation for Oakland County Combined Plans.
Motion carried.
Moved by Siskind, seconded by Woodward to receive and file the Value & Fee
Bench Marking Reports with FEEPOINT calculation for Oakland County 401a
and 457b plans. Motion carried.
Jason May of Graystone Consulting proposed the request for fee increase.
Moved by Phelps, seconded by VanLeuven to increase Graystone’s fees from
$150,000 to $200,000. Discussion followed.
Moved by Woodward, seconded by Rozell to refer to the Investment
Subcommittee for recommendation. Discussion followed.
Roll Call:
Ayes: Rozell, Woodward, Zack, Siskind
Nays: VanLeuven, Mesiner, Phelps
Absent: Lynch, Childs (left the meeting at 3:00 p.m.)
Motion carried (4 Ayes, 3 Nays) This item was referred to the investment
subcommittee.
C. Moved by Phelps, seconded by Siskind to receive and file AndCo Consulting’s
July 31, 2020 memo recommending investment in the H.I.G. Bayside Loan
Opportunities Fund VI. Motion carried.
D. Moved by Rozell, seconded by Meisner to receive and file the August 2020
Administrator’s Report. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
August 20, 2020
Page 3
1. Moved by Siskind, seconded by Zack to receive and file both the August
2020 update on securities litigation by Miller Law Firm and the August 2020
Legal Report by Aaron Castle. Motion carried.
VI. Unfinished Business
A. Chairperson VanLeuven, without objection, moved the October 22, 2020 Board
meeting to October 15, 2020.
VII. New Business
A. Moved by Siskind, seconded by Woodward to approve the Election Calendar for
Employee Representative term ending December 2024. Motion carried.
B. Chairperson VanLeuven tabled the appointment of Election Board for the
December 1, 2020 Employee Representative Election until the September
meeting.
C. Moved by Siskind, seconded by Meisner to approve the GRS July 28, 2020 letter
explaining the GASB No. 67 Actuarial Projects and estimate of fees. Motion
carried.
D. Trustees Siskind and Phelps agreed to be the delegates to represent the Board
for the MAPERS fall Business Meeting and Elections.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
September 17, 2020.
IX. Chairperson VanLeuven adjourned the meeting without objection at 3:28 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary