HomeMy WebLinkAboutMinutes - 2022.02.17 - 35400OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held February
17, 2022 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, Jeff Phelps, Joe Rozell, Robert Wittenberg,
Dave Woodward, Kyle Jen, Dion Stevens
Members Absent: Gwen Markham, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Lisa Villella, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Louise Gate, GRS
Rob Luciani, Prudential
Thomas May, Prudential
John Krakowiak, Graystone
Amy Cole, Graystone
Erik Burger, Graystone
II. Approval of the Agenda
A. Moved by Phelps, seconded by Wittenberg to approve the agenda as submitted.
Motion carried.
III. Public Comment
Chairperson Rozell welcomed Dion Stevens, Citizen Member, to the board.
IV. Regular Agenda
A. Moved by Van Leuven, seconded by Wittenberg to approve the minutes of
January 20, 2022. Motion carried.
B. Retirements
1. Moved by Van Leuven, seconded by Phelps to approve the following Defined
Benefit applications. Motion carried.
Name Department Effective
Jerry DeRosia Sheriff's Office 3/4/2022
Carmelo Moyet Facilities Plng & Eng 3/22/2022
2. Moved by Wittenberg, seconded by Van Leuven to approve the following
Defined Contribution applications. Motion carried.
Name Department Effective
Terri Guzzy Deferred - Auditing 2/23/2022
Dawn Teller Clerk/Register of Deeds 1/29/2022
Kanubhai Virani Public Services 4/1/2022
John Worthington Deferred - WRC 2/20/2022
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
February 17, 2022
Page 2
V. Reports
A. Stephanie Biddle of Prudential presented the 4th Quarter 2021 Oakland County
Plans Summary and provided comments summarizing highlights contained in the
report.
Thomas May, Prudential Retirement Counselor, reviewed the outreach efforts
and statistics with the trustees.
B. John Krakowiak, Amy Cole and Erik Burger of Graystone Consulting presented
the 4th Quarter 2021 401a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
Graystone recommended the following funds transition to the R6 share class,
which have potential annual savings of $344,335.
• Victory Sycamore Established Value A
• American Funds Europacific Growth R5E
• American Funds New Perspectives R5
• JPM Equity Income R5
• MFS International Intrinsic Value R3
Moved by Woodward, seconded by Wittenberg to approve the recommendation
of Graystone to transition the five funds to the R6 share class. Motion carried.
C. Moved by Wittenberg, seconded by Jen to receive and file the minutes of the
January 24, 2022 and the February 16, 2022 ESG ad hoc committee. Motion
carried.
D. Moved by Wittenberg, seconded by Van Leuven to receive and file the February
2022 Administrator’s Report. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Moved by Phelps, seconded by Stevens to receive and file the February 2022
update on securities litigation by Miller Law Firm and the Legal Report. Motion
carried.
VI. Unfinished Business
None
VII. New Business
A. Aaron Castle of VMT reviewed the Authorized Signers Resolution with the
trustees. Discussion followed.
Move by Van Leuven, seconded by Phelps to approve the Authorized Signers
Resolution. Motion carried.
VIII. Trustee Comment
A. Without objection, Chairperson Rozell moved the May 19, 2022 meeting to May
12, 2022.
B. Chairperson Rozell noted the next meeting of this Board – Thursday, March 17,
2022.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
February 17, 2022
Page 3
IX. Moved by Pehlps, seconded by Jen to adjourn the meeting at 2:39 p.m. Motion
carried.
Respectfully submitted,
__________________________________ __________________________________
Joseph Rozell., Chairperson Carly Webster, Secretary