HomeMy WebLinkAboutMinutes - 2020.11.19 - 34061OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on November 19, 2020 at 1:30 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr.(Clearwater, FL), Joseph Rozell (Pontiac,
MI), Lauri Siskind (Riverside Co, CA),Dave Woodward (Royal
Oak, MI), Curtis Childs (Pontiac, MI), Andy Meisner (Pontiac, MI),
Jeff Phelps (Waterford, MI), April Lynch (Waterford, MI)
Members Absent with notice:
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.
John Krakowiak, Graystone
Freddie Sarno, Graystone
Amy Cole, Graystone
Dan Evans, Prudential
Stephanie Biddle, Prudential
Louise Gates, Gabriel, Rhoeder, Smith & Co.
Ed Bolt, Prudential
II. Approval of the Agenda
A. Moved by Siskind, 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 Meisner, seconded by Siskind to approve the minutes of October 21,
2020. Motion carried.
B. Retirements
1. Moved by Childs, seconded by Rozell to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE
James Chism Deferred – Children’s Village 11/14/2020
Willie Flowers Sheriff’s Office 09/26/2020
2. Moved by Woodward, seconded by Lynch to approve the following Defined
Contribution application. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 19, 2020
Page 2 DEPARTMENT EFFECTIVE
Jessica Cooper Prosecuting Attorney 01/02/2021
Timothy Keesling Sheriff’s Office 10/21/2020
Helaine Zack Board of Commissioners 01/02/2021
3. Moved by Rozell, seconded by Woodward to approve the following
application for retiree healthcare benefits only. Motion carried.
DEPARTMENT EFFECTIVE
James Alexander Circuit Court 01/02/2021
V. Reports
A. Stephanie Biddle of Prudential Retirement presented the 3rd Quarter 2020
Oakland County Retirement Plan Summary as of September 30, 2020 and
provided comments summarizing highlights contained in the report.
Stephanie Biddle of Prudential Retirement introduced Ed Bolt, as the new
dedicated Prudential Representative for Oakland County.
B. John Krakowiak of Graystone Consulting addressed Jason May’s departure from
Graystone and introduced Amy Cole as the new consultant for the 401(a), 457(b)
and the Retiree Health Savings (RHS) Plans.
Moved by Childs, seconded by Meisner to receive and file the letter to the Board,
regarding Jason May’s departure from Graystone Consulting. Motion carried.
Freddie Sarno of Graystone Consulting presented the 3rd Quarter 2020 Plan
Investment Review – Oakland County 401a/457b Plans and provided comments
summarizing highlights contained in the report.
Moved by VanLeuven,, seconded by Childs to add the TIAA 2065 Life Cycle
Index Fund to the 401(a), 457(b) and the Retiree Health Savings (RHS) Plans.
Motion carried.
C. Moved by Siskind, seconded by Phelps to receive and file the November 19,
2020 memos from AndCo recommending investment in the Black Rock Direct
Lending Feeder IX-L and the PIMCO Diversified Income Fund (PDIIX). Motion
carried.
D. Moved by Siskind, seconded by Childs to receive and file the November 2020
Administrator’s Report. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
Moved by Phelps, seconded by Siskind to receive and file the October 2020
update on securities litigation by Miller Law Firm, the September-October 2020
update on Class Action Services by Northern Trust and the November 2020
Legal Report. Motion carried.
VI. Unfinished Business
VII. New Business
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 19, 2020
Page 3
A. Moved by Rozell, seconded by Childs to receive and file the Election Results
Statement for the Employee Representative, Brian Partogian of the Sheriff’s
Office, who ran unopposed. Motion carried.
B. Moved by Woodward, seconded by Childs to receive and file the memo from
Joellen Shortley of Corporation Counsel and Malcolm Brown to the Claims
Committee, regarding the IRS agreement concerning PTNE retirees in the
Defined Benefit Plan. Motion carried.
C. Moved by Woodward, seconded by Meisner to begin the Request for Proposal
(RFP) for the Defined Contribution (DC) consultant and have a draft and
timetable ready for discussion at the December meeting. Discussion followed.
Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
December 17, 2020.
IX. Chairperson VanLeuven adjourned the meeting without objection at 3:15 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary