HomeMy WebLinkAboutMinutes - 2020.09.17 - 33716OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on September 17, 20 20 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,
Andy Meisner, Jeff Phelps, 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.
Natalie Neph, Treasurer’s Office
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
II. Approval of the Agenda
A. Moved by Phelps, seconded by Zack to approve the agenda and to temporarily
suspend 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 Woodward to approve the minutes of August 20,
2020. Motion carried.
B. Retirements
1. Moved by Childs, seconded by Phelps to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE
Stephen Armstrong Sheriff’s Office 10/24/2020
Richard Boutin Sheriff’s Office 10/24/2020
Donna Johnson Sheriff’s Office 10/24/2020
Gordon Lambert Comm Hm Improvement 10/24/2020
Scott Pasini Sheriff’s Office 10/24/2020
2. Moved by Siskind, seconded by Childs to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
Scott Brady Sheriff’s Office 02/22/2020
Bill Briggs Treasurer’s Office 09/15/2020
Todd Fenton FM&O 09/03/2020
*William Gawlowski WRC 10/31/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
September 20, 2020
Page 2
Brent Jex Sheriff’s Office 10/01/2020
Stephan Liles Deferred 10/03/2020
Kelly Sleva County Executive’s Office 09/05/2020
*approved in August; changed retirement date from 11/14/2020 to 11/1/2020
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 June 30, 2020
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending July 31, 2020 and August 31, 2020
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – September 10, 2020
B. Moved by Meisner, seconded by Phelps to receive and file the minutes of the
Investment Subcommittee on August 25, 2020. Motion carried.
C. Moved by Phelps, seconded by Siskind to receive and file the September 2020
Administrator’s Report. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
1. Moved by Rozell, seconded by Meisner to receive and file both the
September 2020 update on securities litigation by Miller Law Firm and the
June - August update on Class Action Services by Northern Trust. Motion
carried.
VI. Unfinished Business
A. Chairperson VanLeuven, appointed trustees Meisner, Phelps and Rozell to the
Election Board for the December 1, 2020 Employee Representative Election,
term ending December 31, 2024.
VII. New Business
A. Moved by Phelps, seconded by Childs to approve the 2021 Board meeting dates.
Motion carried.
B. Moved by Meisner, seconded by Woodward to approve the recommendation of
the Investment Subcommittee to increase the fee for Graystone Consulting from
$150,000 to $200,000 effective April 1, 2020 for a 3-year period ending April 1,
2023, pending review by legal counsel. Discussion followed.
Moved by Woodward, seconded by Lynch to amend the recommendation,
increasing the fee to $175,000 effective April 1, 2020, contingent on a Request
for Proposal (RFP) for Defined Contribution Consultant in 2021, pending review
by legal counsel.
Roll Call:
Ayes: Rozell, Meisner, Lynch, Woodward, Zack, Childs, Phelps, VanLeuven
Nays: Siskind
Motion carried, as amended. (8 Ayes, 1 Nays)
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
September 20, 2020
Page 3
C. Moved by Childs, seconded by Meisner to approve the Gabriel, Roeder, Smith &
Co (GRS) invoice no. 456812 in the amount of $2,284 for Minute Master services
for calendar year 2019. Motion carried.
D. Moved by Zack, seconded by Siskind to acknowledge receipt of the Non-Duty
Defined Contribution Disability Retirement application and to refer the applicant
to the medical director (IME, Inc.) for an independent medical evaluation. Motion
carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of the Investment Subcommittee
- Friday, October 2, 2020 at 1:00 p.m.
B. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
October 15, 2020.
C. Trustee Childs informed the Board that he will not be seeking re-election in the
upcoming election for Employee Representative due to his recent promotion.
D. Trustee Childs raised the issue of increasing the Coronavirus-related
Distributions (CRDs) in the Deferred Compensation 457(b) plan, as he has been
asked to do so by employees. Secretary Frank will follow up with Prudential
regarding the number of requests and this item will be addressed under New
Business at the October meeting.
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:32 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary