HomeMy WebLinkAboutMinutes - 2020.10.21 - 33726OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on October 21, 2020 at 1:34 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Lauri Siskind,
Dave Woodward, Curtis Childs, Andy Meisner, Jeff Phelps
Members Absent with notice:
April Lynch, Helaine Zack
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.
Chris Kuhn, AndCo Consulting
II. Approval of the Agenda
A. Moved by Meisner, seconded by Phelps 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 Phelps, seconded by Childs to approve the minutes of September 17,
2020. Motion carried.
B. Retirements
1. Moved by Phelps, seconded by Rozell to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE
Lynette Gray Deferred 11/28/2020
Cynthia Kroll Deferred 08/02/2020
Robert Lissner Parks & Rec 10/17/2020
Jeanette Trzos Deferred 12/13/2020
2. Moved by Childs, seconded by Meisner to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
Dianna Miles Deferred 09/21/2020
Betsy Hysell Circuit Court 09/26/2020
Brian Kreilach Sheriff’s Office 10/10/2020
Sandra Kusky Friend of the Court 09/09/2020
Terri Meiers Management & Budget 10/24/2020
Shelley Taub Board of Commissioners 01/01/2021
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October 21, 20 20
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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) Monthly Flash Report
Period Ending September 30, 2020
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – October 9, 2020
B. Moved by Phelps, seconded by Childs to receive and file the 3rd Quarter 2020
Defined Benefit/Defined Contribution Reports. Motion carried.
C. Moved by Childs, seconded by Phelps to receive and file the minutes of the
Investment Subcommittee on October 2, 2020. Motion carried.
D. Moved by Childs, seconded by Rozell to receive and file the October 2020
Administrator’s Report. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
1. Moved by Meisner, seconded by Phelps to receive and file the October 2020
update on securities litigation by Miller Law Firm. Motion carried.
2. Moved by Rozell, seconded by Woodward to adopt the Oakland County
Employees’ Retirement System Authorized Signers Resolution. Motion
carried.
VI. Unfinished Business
A. Without objection, Chairperson VanLeuven moved the September 16, 2021
meeting to September 23, 2021.
VII. New Business
A. Moved by Phelps, seconded by Rozell to approve the recommendation of the
Investment Subcommittee to allocate $12 million of the Oakland County
Employees’ Retirement System (OCERS) fund’s fixed income strategy of the
portfolio to BlackRock Direct Lending Feeder IX-L, pending review by legal
counsel. Motion carried.
Moved by Phelps, seconded by Woodward to terminate Franklin Templeton and
fund PIMCO’s Diversified Income Strategy with a target allocation of 5%. Motion
carried.
B. Secretary Frank relayed the County Administration’s recommendation to
continue the $25,000 maximum Coronavirus-Related Distribution (CRDs) for the
457(b) Deferred Compensation Plan through December 30, 2020, detailed in the
CARES Act of 2020 memo to the Board. No action was taken.
Chairperson VanLeuven called a recess at 2:11 p.m. The Board resumed the meeting at
2:37 p.m.
Trustee Siskind joined the meeting at 2:38 p.m.
Moved by Childs, seconded by Woodward to authorize legal counsel to work with
the securities law firm of Robbins, Geller, Ruddman and Dowd, LLP to pursue
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October 21, 20 20
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legal action against Insperity, Inc., as discussed in closed session during the
VEBA Board meeting. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
November 19, 2020.
B. Trustee Rozell informed the Board that he and Secretary Frank will be working
on revisions to the Service Provider Request for Proposal (RFP) schedule.
C. Trustee Rozell recommended legal counsel draft a RFP to retain an outside
auditing firm.
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:43 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary