HomeMy WebLinkAboutMinutes - 2022.03.17 - 35538OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
17, 2022 at 1:31 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, Dave Woodward,
Kyle Jen, Dion Stevens, Gwen Markham, Brian Partogian
Members Absent: Robert Wittenberg
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Karen Skupin, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Louise Gate, GRS
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
A. Chairperson Rozell amended the agenda to add items F. Securities Fraud
Monitoring and Litigation Services Request for Proposals (RFP) and G.
Professional Audit Services RFP under New Business.
Moved by Partogian, seconded by Van Leuven to approve the agenda, as
amended. Motion carried.
III. Public Comment
A. Secretary Webster introduced Karen Skupin of the Human Resources
Retirement Unit.
IV. Regular Agenda
A. Moved by Van Leuven, seconded by Phelps to approve the minutes of February
17, 2022. Motion carried.
B. Retirements
1. Defined Benefit applications – none.
2. Moved by Partogian, seconded by Phelps to approve the following Defined
Contribution applications. Motion carried.
Name Department Effective
Craig Hanselman II Sheriff's Office 4/8/2022
John Jacobson Sheriff's Office 3/26/2022
Denise Langford-Morris Circuit Court 4/5/2022
Margaret Wishaw Clerk/Register of Deeds 4/23/2022
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 17, 2022
Page 2
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 December 31, 2021
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending February 28, 2022
• Oakland County Employees’ Retirement System (ERS) Asset / Manager
Summary Period Ending March 10, 2022
Moved by Van Leuven, seconded by Phelps to proceed with the recommendation
of AndCo to utilize the Vanguard Target Retirement 2030 Fund (VTHRX) to hold
assets for future benefit payments and other cash needs. Motion carried.
B. Moved by Van Leuven, seconded by Markham to receive and file the minutes of
the February 17, 2022 and the March 17, 2022 Investment Subcommittee.
Motion carried.
C. Moved by Woodward, seconded by Partogian to receive and file the March 2022
Administrator’s Report. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Moved by Van Leuven, seconded by Phelps to receive and file the March 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 updated the trustees on the Attorney General’s opinion
regarding the Michigan Open Meetings Act (OMA) as it relates to the Americans
with Disabilities Act (ADA). No action was taken.
B. Aaron Castle of VMT reviewed the Russia Divestment Resolution with the
trustees. Discussion followed.
Moved by Woodward, seconded by Markham to adopt the Oakland County
Employees’ Retirement System Resolution to divest investments in securities
issued by Russian companies, as amended and recommended by the
Investment Subcommittee. Motion carried.
C. Moved by Stevens, seconded by Partogian to adopt the resolution regarding the
Domestic Relations Order (DRO) Terrell v. Snider, accompanied by the February
17, 2022 memo from Aaron Castle of VMT, certifying that the DRO is consistent
with the provisions of the Retirement System and applicable law. Motion carried.
D. Chairperson Rozell appointed trustees Phelps, Jen, Van Leuven, and Stevens for
the Administrative Policies & Procedures ad hoc committee.
E. Chris Kuhn of AndCo and Louise Gates of GRS discussed the Asset/Liability
Study with the trustees. No action was taken. AndCo will bring a formal proposal
for review at the next meeting.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
March 17, 2022
Page 3
F. Moved by Van Leuven, seconded by Woodward to approve the Securities Fraud
Monitoring and Litigation Services Request for Proposals (RFP). Motion carried.
G. Moved by Van Leuven, seconded by Partogian to approve the Professional Audit
Services RFP. Motion carried.
VIII. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board – Thursday, April 28,
2022.
IX. Without objection, Chairperson Rozell adjourned the meeting at 3:06 p.m.
Respectfully submitted,
__________________________________ __________________________________
Joseph Rozell., Chairperson Carly Webster, Secretary