HomeMy WebLinkAboutMinutes - 2022.10.20 - 38292OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held October
20, 2022 at 1:31 p.m. in West Conference Room of the Executive Office Building.
I. CaII to Order/ Roll Call
Members Present: Joe Rozell, Jeff Phelps, Robert Wittenberg, Dion Stevens, Kyle
Jen, Gwen Markham, James Van Leuven, Dave Woodward
Members Absent: Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Markham, seconded by Wittenberg to approve the agenda, as
submitted. Motion carried.
III. Public Comment
A. Robert Wittenberg introduced Paul Zelenak, who is new to the Treasurer's office.
IV. Consent Agenda
A. Approval of the September 15, 2022 Minutes
B. Pension Payroll — 10/31/2022
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Jen to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Retirements
a. Moved by Phelps, seconded by Van Leuven to approve the following
Defined Benefit and Defined Contribution applications. Motion carried.
Defined Benefit retirement applications
Name Department Effective
Robert Malek WRC 10/29/2022
Defined Contribution retirement applications
Name Department Effective
Katherine Nosanchuk 52-1 District Court 10/4/2022
Sharon Cullen Corporation Counsel 12/1/2022
Daniel Jacobson FM&O 11/15/2022
Gerald Hall Deferred —Sheriff's Office 9/14/2022
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
October 20, 2022
Page 2
VI. 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) Defined Benefit Plan
Monthly Flash Report Period Ending September 30, 2022
• Oakland County Employees' Retirement System (ERS) Asset /
Manager/Summary Period Ending October 13, 2022
• A recap of the October 19, 2022 Investment Subcommittee meeting
regarding the Private Equity Secondaries search was given.
B. Moved by Wittenberg, seconded by Markham to receive and file the DB/DC
Quarterly report. Motion carried.
C. Secretary Webster provided a verbal update on administrative matters.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters. A Retirement Board FOIA Policy & Procedure
was presented to the board.
Moved by Van Leuven, seconded by Wittenberg to adopt the FOIA Policy &
Procedures presented by legal counsel. Motion carried.
Aaron Castle of VMT distributed an attorney -client privileged memo regarding the
portfolio monitoring by Labaton Sucharow. Discussion followed. No action was
taken.
VII. Unfinished Business
A. Chris Kuhn and Peter Brown of AndCo presented a revised Investment Policy
Statement to the board. Discussion followed.
Moved by Woodward, seconded by Van Leuven to approve the Investment
Policy Statement presented by AndCo, with the incorporated additions discussed
by the trustees. Motion carried.
VIII. New Business
A. Trustee Van Leuven raised the issue of the increased cost -of -living for retirees.
The board will take the discussion under advisement.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, November
17, 2022.
X. Without objection, Chairperson Rozell adjourned the meeting at 2:30 p.m. Motion
carried.
Jose Roze(I, Chairperson
Respectfully submitted,
CtiLLL-,
Carly Webster, Secretary