HomeMy WebLinkAboutMinutes - 2021.12.16 - 35160OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 16, 2021 at 1:44 p.m. in the West Conference Room of the L. Brooks Patterson
Building.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven, Jeff Phelps, Gwen Markham,
Dave Woodward, Kyle Jen
Members Absent: Joseph Rozell, Lauri Siskind, Robert Wittenberg, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Louise Gate, GRS
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
A. Moved by Markham, seconded by Jen to approve the agenda as submitted.
Motion carried.
III. Public Comment
IV. Regular Agenda
A. Moved by Markham, seconded by Woodward to approve the minutes of
November 18, 2021. Motion carried.
B. Moved by Woodward, seconded by Markham to approve the closed session
minutes of November 18, 2021. Motion carried.
C. Retirements
1. Moved by Phelps, seconded by Jen to approve the following Defined Benefit
applications. Motion carried.
Name Department Effective
Wendy Conklin IT 2/1/2022
Sandra Davies-Webster Health 1/22/2022
Debra Nolen IT 2/1/2022
Susan Wells Parks & Rec 1/7/2022
2. Moved by Woodward, seconded by Markham to approve the following
Defined Contribution applications. Motion carried.
Name Department Effective
Ivy Chism Children's Village 12/31/2021
Neil Cooper FM&O 12/18/2021
Michael McCabe Sheriff's Office 1/1/2022
Dale Miller Sheriff's Office 1/1/2022
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
December 16, 2021
Page 2
Sandra Pulk Deferred 12/30/2021
Jonathan Stewart FM&O 11/23/2021
J David VanderVeen County Executive’s Office 1/15/2022
Kathy Williams Health 12/31/2021
3. Moved by Jen, seconded by Markham to approve the following Defined
Contribution Non-Duty Death application. Motion carried.
Shawn Lantzy WRC 11/16/2021
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) Investment
Performance Review Period Ending September 30, 2021
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending October 31, 2021
• Oakland County Employees’ Retirement System (ERS) Asset / Manager
Summary Period Ending December 7, 2021
• Oakland County Employees’ Retirement System (ERS) Investment
Performance Review for Alternative Investments Period Ending June 30,
2021
Moved by VanLeuven, seconded by Phelps to terminate both the Nuance and
Great Lakes Advisors (GLA) portfolios and to use BTIG to transition the Nuance
funds to Fidelity MidCap Value Index Fund (FIMVX) and the GLA funds to the
Fidelity Midcap Index Fund (FSMDX), as recommended by AndCo. Motion
carried.
B. Moved by Phelps, seconded by Markham to receive and file the minutes of the
November 30, 2021 Environmental, Social and Governance (ESG) ad hoc
committee. Motion carried.
C. Moved by Phelps, seconded by Woodward to receive and file the December
2021 Administrator’s Report. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Moved by Phelps, seconded by Jen to receive and file the December 2021
update on securities litigation by Miller Law Firm and the Legal Report. Motion
carried.
The trustees unanimously agreed that Aaron Castle of VMT should investigate
the securities litigation claim for Citrix Systems, Inc. and take action before the
deadline of January 18, 2021, if the recommendation is to pursue the claim.
Moved by Woodward, seconded by Phelps to authorize legal to pursue a new
IMA with Leeward, effective as of the date that Leeward officially takes over
management of the accounts from LMCG. Motion carried.
VI. Unfinished Business
A. The trustees discussed the Citizen Member Appointment. The press release will
go out December 20, 2021 for interviews to be conducted by the Investment
Subcommittee on January 18, 2021.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
December 16, 2021
Page 3
VII. New Business
A. Moved by Woodward, seconded by Markham to receive and file the GASB No.
67 Real Return Disclosure, provided by AndCo. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
January 20, 2022
B. Chairperson VanLeuven adjourned the meeting without objection at 2:38 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Carly Webster, Secretary