HomeMy WebLinkAboutMinutes - 2022.04.28 - 35541OAK[ANDCOUNTY EMPLOYEES'
RETIR[WENT/\ND DEFFIRREDCOMPENSATION BOARD M|NUTFS
The Oakland County Retirement and Deferred Compensation Board meeting was hukj April 28,
2022 at 1:31 |/m. in the VVoet Conha/nnnm Room of the L. Bnznkn PeKwnoon Building,
i Call toOrder/ Roll Call
Members Present:
James VanLwuven, Jeff Phelps, Joe RnzgU, Dave VVoodvvand,
Kyle Jen, Gwen Markham, Brian Partogian
Members Absent: Robert Wittenberg, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, HummanRenuuro*o
Kaven8kupin. Human Resources
Aaron Cmnt|o, Van(}ve,beke. Michaud &T|rnmony. P.C.
Louise Gate, GR5
Chris Kuhn, AndCu
Peter Brown, AudCo
U. Approval ofthe Agenda
A. Moved bvPartogian,seconded bvVan Leuven k/approve the agenda, aa
submitted. Motion carried.
U|. Pub|ioConnnnmnt
Nona
|\i Regular Agenda
A. Moved by Phelps, seconded by Woodward to approve the minutes of March 17,
3022. Mot|onrnnied.
B. Retirements
1. Moved byVan Leuven, seconded bvPhelps tnapprove the following
Defined Benefit application. Motion carried.
Nomne Department Effective
Patricia Norris Terrell Alternate Pnyae'MarkSn|der 3/1/2022
2. Moved by-VanLeuven, seconded by Podooion to approve the following
Defined Contribution applications. Motion carried.
Name Department Effective ---
Mark Aclarris Planning &E0000mirDevelopment 4/16/2022
PatridaCnuney Friend ofthe Court 4/22/2022
Michael Diaz Sheriff's Office 4/I9/2072
Anil Grady Management &Budget 4/30/2022
Michael Hand Circuit Court 4/2/2022
'Denise Langford -Morris Circuit Court 4/16/2022
Jane McCarron Circuit Court 4/30/2022
[a/o|ynPaJ/u Health 5/4/2022
Oakland County Employees' Retirement and Deferred Compensation Bowwnnvm"
April zV.zm2
Page
Bryan Smith FM&0 4/6/2022
date correction
V. [Reports
A. Chris Kuhn and Peter Brown ofAndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
w Oakland County Employees' Retirement System /ERO\Monthly Flash Report
Period Ending March 31.2Q22
o Oakland County Employees' Retirement Systern(EH8)Asset /Manager
Summary Period Ending April 14, 2022
Moved bvVan Leuven, seconded bvWoodward toproceed with the
recommendation nf/\ndCo to pabe|mnue the portfolio by transferring $O million
from Leeward Small Value, P|c1et International Equity and MS Prime Property RE
accounts to the Cash/LiquidityVTHRX account. Motion carried.
Moved by Markham, seconded by Woodward to accept the larIgUage proposed
by AndCo, officially denouncing the actions taken by Russia against Ukraine and
supporting the effort todivest the assets from investments in Russian securities,
that will be sent to investment managers on board letterhead. Motion carried.
B. Moved byPhelps, seconded byVan Leuven toreceive and file the minUtes of the
April 28, 2022 Investment Subcommittee.
Trustee Van Leuven emwndedtheminutes bvcorrecting the motions under New
Business item O.hzread ^. -allocating 2.5%.reduce the allocation toABS
LpnovShmfMxndto 2.D%''and in the following motion, ^ 000kmo the a0nrm8on to
Motion carried, as amended.
Chris Kuhn nfAndCosummarized the Collateralized Loan Obligations (CL[s^)
presentation bvLoomis Say|esand the recommendation nfthe Investment
subcommittee tninvest inthe Core Plus strategy.
Moved bvVan Leuven, seconded bvPertooionhzauthorize Loomis Sovleoto
investasnetnofthoOek|modCounhFmmp|oyewp'Re1ipementSxstern([)CERS)in
the New Hampshire Investment Trust (NHIT) CLO Trust, pending legal review.
Motion carried.
Chris Kuhn of AndCo summarized the International Equity Manager Analysis and
the Emerging Markets Manager Analysis and the recommendations ofthe
subcommittee.
Moved by Van Leuven, seconded hvJonboterminate Pictet EAFE Equdv, hire
and allocate 3.5Y6ho HGK International Equih/, oU000tn3Y6 kzthe Fidelity
International Index fund and reduce the eUoneUon to Lazard to 3.5%. pending
legal review. Motion carried.
Moved bvVan Leuven, seconded bvPhelps bzhire ABS Emerging Market
Strategy with a 2.5% allocation which will be funded by reducing the allocation to
the ABS Long/ShodfunU to2.596. pending |oOa| review. Motion carried.
Oakland County Employees' Retirement arid Deferred Compensation Board Minutes
April 28, 2022
Page 3
C. Moved by Partogian, seconded by Markham to receive and file the DBIDC
Quarterly report. Motion carried.
D. Moved by Phelps, seconded by Jen to receive and file the April 2022
Administrator's Report and to approve the recommendation by Secretary
Webster to authorize the use $350,012 RHS forfeitures and $585,987.76 of 401a
forfeitures to offset employer contributions. Motion carried.
E. 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 April 2022
update on securities litigation by Miller Law Firm and the Legal Report. Motion
carried.
VI. Unfinished Business
None
VII. New Business
A. Louise Gates of GRS presented the Annual Actuarial Valuation Report as of
September 30, 2021.
Moved by Phelps, seconded by Markham to receive and file the Annual Actuarial
Valuation Report as of September 30, 2021. Motion carried.
Moved by Woodward, seconded by Partogian to authorize the following transfers:
General Command Sheriff
County Officers Deputies*
Total
Retiree Liability $497,635,630 $52,952,151 $133,322,351 $683,910,132
Retiree Reserve 438,099,387 43,534,828 118,143,850 599,778,065
Difference $ 59,536,243 $ 9,417,323 $ 15,178,501 $ 84,132,067
Motion carried.
B. Moved by Van Leuven, seconded by Jen to approve the post retirement defined
benefit pension increase of 1.5% of the original pension amount, for those who
retired before May 1, 2021. Motion carried.
C. Moved by Van Leuven, seconded by Jen to receive and file Secretary Webster's
memo to the Board of Commissioners, with the required reporting for State of
Michigan Public Act 202 of 2017 - 2021 Annual Report for the pension and
retiree healthcare programs. Motion carried.
D. Moved by Van Leuven, seconded by Partogian to receive and file the 2021
Annual Report. Motion carried.
E. Moved by Woodward, seconded by Phelps to approve the VanOverbeke,
Michaud & Timmony, P.C. Invoices No. 111310 - 111313 in the combined
amount of $5,531.50 for legal services. Motion carried.
VIII. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, May 12,
2022.
Oakland County Employees' Retirement and Deterred Compensation Board Minutes
4nmuo.20uz
Page
B. Chairperson Roze||noted there will heameeting of the Investment
5u)CnmnniUee—Thursday, May 12.2O22at1O:ODo.m.
Ix. Without objection, Chairperson Rozell adjourned the meeting at 2:55 p.m.
/
p6-Anz6l(.0airpern`n Carly
bster, Secretary