HomeMy WebLinkAboutMinutes - 2021.11.18 - 35157OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 18, 2021 at 1:30 p.m. in the West Conference Room of the L. Brooks Patterson
Building.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Lauri Siskind,
Robert Wittenberg, Jeff Phelps, Brian Partogian, Gwen Markham,
Dave Woodward
Members Absent: Kyle Jen
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Stephanie Biddle, Prudential
Dan Evans, Prudential
Thomas May, Prudential
John Krakowiak, Graystone
Amy Cole, Graystone
Erik Burger, Graystone
II. Approval of the Agenda
A. Moved by Phelps, seconded by Siskind to approve the agenda as submitted.
Motion carried.
III. Public Comment
A. Chairperson VanLeuven recognized and thanked Trustee Siskind for her
years of service on the Retirement Board.
IV. Regular Agenda
A. Moved by Partogian, seconded by Wittenberg to approve the minutes of October
21, 2021. Motion carried.
B. Moved by Siskind, seconded by Partogian to approve the closed session minutes
of October 21, 2021. Motion carried.
C. Retirements
1. Moved by Phelps, seconded by Woodward to approve the following Defined
Benefit applications. Motion carried.
Name Department Effective
Michael Winterbottom Deferred - Central Services 12/17/2021
2. Moved by Wittenberg, seconded by Woodward to approve the following
Defined Contribution applications. Motion carried.
Name Department Effective
Janet Baldick WRC 11/19/2021
Curtis Campbell Sheriff's Office 10/6/2021
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 18, 2021
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Deborah Dean Community Corrections 11/26/2021
Karla Early Deferred - IT 11/21/2021
Kimberly Elgrably Management & Budget 12/4/2021
Karen Evanson Circuit Court 10/30/2021
Stacey Gomez Sheriff's Office 11/10/2021
Gary Mc Clure Sheriff's Office 11/6/2021
Alicia Savinsky Sheriff's Office 12/31/2021
Charles Snell Deferred - Prosecutor's Office 12/10/2021
V. Reports
A. Stephanie Biddle of Prudential presented the 3rd Quarter 2021 Oakland County
Plans Summary and provided comments summarizing highlights contained in the
report.
Stephanie Biddle of Prudential provided an update on Empower’s acquisition of
Prudential Retirement. The transaction is expected to close in the first quarter
2022.
B. John Krakowiak, Amy Cole and Erik Burger of Graystone Consulting presented
the 3rd Quarter 2021 401a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
C. Moved by Phelps, seconded by Partogian to receive and file the November 2021
Administrator’s Report. Motion carried.
D. Moved by Markham, seconded by Siskind to receive and file the minutes of the
October 21, 2021 Investment Subcommittee. Motion carried.
E. Moved by Partogian, seconded by Wittenberg to receive and file the minutes of
the October 25, 2021 Investment Subcommittee. Motion carried.
Moved by Rozell, seconded by Partogian to terminate the relationship with Great
Lakes Advisors and temporarily transfer the assets to the Fidelity Midcap Index
Fund, as recommended by AndCo at the October 21, 2021 Board meeting.
Discussion followed. Motion carried.
Moved by Siskind, seconded by Phelps to recommend to the Legislative Affairs
and Government Operations (LAGO) Committee of the Board of Commissioners,
that Michael Lasley be confirmed for Citizen Member, term ending December 31,
2025. Discussion followed.
Moved by Woodward, seconded by Markham to postpone action for 30 days to
further discuss the role of the citizen member and seek a broader pool of more
diverse applicants. Discussion followed.
Roll Call:
Ayes: Woodward, Markham
Nayes: Siskind, Phelps, Partogian, Rozell, VanLeuven, Wittenberg
Motion failed.
Roll Call on the original motion:
Ayes: Siskind, Phelps, Partogian, Rozell, VanLeuven, Wittenberg
Nayes: Woodward, Markham
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 18, 2021
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Motion carried.
F. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Moved by Markham, seconded by Phelps to receive and file the November 2021
update on securities litigation by Miller Law Firm. Motion carried.
Moved by Rozell, seconded by Siskind to authorize Chairperson VanLeuven to
sign the Consent to Assignment of Investment Advisory Agreement for Leeward
Investments. Motion carried.
Moved by Partogian, seconded by Woodward to approve the Bona Fide
Separation/ In-Service Distribution Policy. Motion carried.
Moved by Rozell, seconded by Partogian to go into closed session to discuss
personal health information protected under HIPAA with respect to a Defined
Contribution Non-Duty Disability Application as well as a pending Securities
Litigation claim.
Roll Call:
Ayes: Siskind, Phelps, Partogian, Markham, Woodward, Rozell, VanLeuven,
Wittenberg
Nayes: None
Motion carried. Closed session commenced at 3:03 p.m.
Closed session concluded at 3:26 p.m.; agenda resumed.
Moved by Siskind, seconded by Rozell to pay the IME invoice from forfeiture
funds and deny the Non-Duty Disability Retirement Application due to the failure
of the applicant to follow the Board procedure for Disability Retirement
Applications. Motion carried.
VI. Unfinished Business
None
VII. New Business
A. Moved by Phelps, seconded by Woodward to receive and file the memo from
AndCo regarding LMCG Investments /Leeward Investments, pending the
confirmation that Leeward Investments will accept the Board’s contract with LMCG.
Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
December 16, 2021
B. Trustees Wittenberg, Rozell and Siskind noted their absence at the December
meeting
IX. Chairperson VanLeuven adjourned the meeting without objection at 3:28 p.m.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
November 18, 2021
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Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Carly Webster, Secretary