HomeMy WebLinkAboutMinutes - 2022.11.17 - 38293OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 17, 2022 at 1:31 p.m. in East Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Joe Rozell, Jeff Phelps, Brian Partogian, James Van Leuven,
Kyle Jen, Gwen Markham,
Members Absent: Robert Wittenberg, Dave Woodward, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
John Krakowiak, Graystone
Amy Cole, Graystone
Stephanie Biddle, Empower
Thomas May, Empower
Louise Gates, GRS
Natalie Neph, Treasurer's Office
II. Approval of the Agenda
A. Moved by Markham, seconded by Van Leuven to approve the agenda, as
submitted. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the October 20, 2022 Minutes
B. Investment Sub -Committee October 19, 2022 Minutes
C. Pension Payroll — 11/30/2022
D. Investment Manager Invoices
E. 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 Partogian, seconded by Van Leuven to approve the following
Defined Benefit and Defined Contribution applications. Motion carried.
Name Department Effective
Tammy Domke Deferred - District Court 11/19/2022
Name Department Effective
Marie Brudzinski Deferred - Health 12/9/2022
Michael Marohn Deferred - Sheriff's Office 12/9/2022
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
November 17, 2022
Page 2
VI. Reports
A. Stephanie Biddle of Empower presented the 3rd Quarter 2022 Oakland County
Plans Summary and provided comments summarizing highlights contained in the
report.
An update on the migration to the Empower platform was given and is projected
to occur 3rd Quarter 2023.
Thomas May, Empower Retirement Counselor, reviewed the outreach efforts and
statistics with the trustees.
B. John Krakowiak and Amy Cole of Graystone Consulting presented the 3rd
Quarter 2022 401 a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
C. Secretary Webster provided a verbal update on retirement administration
matters. No action was taken.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters during closed session.
Moved by Partogian, seconded by Phelps to go into closed session to discuss on
going securities litigation matters and Defined Contribution Disability Retirement
Application.
Roll Call:
Ayes: Rozell, Phelps, Jen, Markham, Partogian, Van Leuven
Nays: None
Motion carried. Closed session commenced at 2:15 p.m.
Closed session concluded at 2:34 p.m.; agenda resumed.
Moved by Markham, seconded by Phelps to authorize legal counsel to pursue
securities action against Opendoor Technologies, Inc. Motion carried.
Moved by Phelps, seconded by Van Leuven to concur with the opinion of the
independent medical examiner and deny the Defined Contribution Disability
Retirement Application discussed in closed session. Motion carried.
Moved by Van Leuven, seconded by Phelps to authorize payment of the
Independent Medical Evaluation, PC invoice no. 117169 in the amount of
$2,775.00. Motion carried.
VII. Unfinished Business
A. Moved by Van Leuven, seconded by Partogian to receive and file the October
27, 2022 letter of recommendation from AndCo, regarding the Investment
Subcommittee Secondary Search.. Motion carried.
Moved by Van Leuven, seconded by Phelps to enter into a contract with Capital
Dynamics, as referenced in AndCo's letter of recommendation, pending legal
review. Motion carried.
Moved by Van Leuven, seconded by Phelps to enter into a contract with
Sturbridge Capital, as referenced in AndCo's letter of recommendation, pending
legal review. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
November 17, 2022
Page 3
VIII. New Business
A. Moved by Phelps, seconded by Jen to approve the updated Authorized Signers
Resolution to add Paul Zelenak of the Treasurer's Office. Motion carried.
B. Chairperson Rozell appointed trustees Jen, Partogian and Phelps to the Election
Board for the December 6, 2022 Employee Representative Election, term ending
December 31, 2026.
C. Moved by Partogian, seconded by Markham to approve the rescinded retirement
of Jeffrey Inglsbee on July 15, 2022. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted that he will be absent at the next meeting of this Board
— Thursday, December 15, 2022
X. Without objection, Chairperson Rozell adjourned the meeting at 2:42 p.m. Motion
carried.
(fosei i RChairperson
Respectfully submitted,
Carly Webster, Secretary