HomeMy WebLinkAboutMinutes - 2022.12.15 - 38294OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 15, 2022 at 1:30 p.m. in West Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Jeff Phelps, Brian Partogian, Dion Stevens, Kyle Jen, Gwen
Markham, James Van Leuven, Dave Woodward
Members Absent: Joe Rozell, Robert Wittenberg
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
II. Approval of the Agenda
A. Moved by Partogian, seconded by Markham to approve the agenda, as
submitted. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the November 17, 2022 Minutes
B. Pension Payroll — 12/29/2022
C. Investment Manager Invoices — none
D. Service Provider Invoices - none
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 Markham to approve the following
Defined Contribution applications. Motion carried.
Defined Contribution retirement applications
Name Department Effective
Elizabeth Brown Public Health Clerk 12/3/2022
Rae Lee Chabot Circuit Court 1/2/2023
Pamela Hamway Circuit Court 12/17/2022
Eileen Kowall Board of Commissioners 1/2/2023
Ben L. Lewis Jr. Water Resources Admin. 1/13/2023
Cynthia A. Lingle Circuit Court 1/14/2023
Amy Jo Miljour Equalization 1/18/2023
Jane Penman Circuit Court 12/30/2022
Rose Marie Swan Workforce Development 12/17/2022
Steven L. VandenBossche Parks and Recreation 11/18/2022
Linda Wells IT 1/11/2023
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 15, 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 3rd
Quarter Report Period Ending September 30, 2022
• Oakland County Employees' Retirement System (ERS) Private Equity Report
Period Ending June 30, 2022
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending October 31, 2022
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending December 15, 2022
Moved by Jen, seconded by Stevens to receive and file the Asset / Manager
Summary and accept AndCo's recommendation to rebalance which includes
moving $5 million from ABS and $5 million from PIMCO to the cash liquidity fund
to purchase mutual funds. Motion carried.
B. Secretary Webster provided a verbal update on administrative matters.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters during closed session.
Moved by Woodward, seconded by Stevens to go into closed session to discuss
on going securities litigation matters.
Roll Call:
Ayes: Phelps, Jen, Woodward, Markham, Partogian, Van Leuven, Stevens
Nays: None
Motion carried. Closed session commenced at 2:12 p.m.
Closed session concluded at 2:26 p.m.; agenda resumed.
Moved by Markham, seconded by Partogian to authorize legal counsel to pursue
a case of action against Generac Holdings, Inc. Motion carried.
Moved by Woodward, seconded by Stevens to authorize legal counsel to pursue
a case of action against Sotera Health Company. Motion carried.
Moved by Van Leuven, seconded by Jen to approve the proposed amendment to
the Services Agreement with Empower, to decrease the 401(a) required
minimum amount from $35,000 to $2,500 for those participating in Self -Directed
Brokerage account. Motion carried.
VII. Unfinished Business
None
VIII. New Business
A. Election results for the December 6, 2022 Employee Representative Election,
term ending December 31, 2026
Moved by Van Leuven, seconded by Jen to receive and file the Canvass of the
Votes Cast at the Employee Member Election held on December 6, 2022,
certifying the re-election of Joe Rozell. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 15, 2022
Page 3
IX. Trustee Comment
A. Vice -Chairperson Phelps noted the next meeting of this Board — Thursday,
January 19, 2023.
X. Without objection, Vice -Chairperson Phelps adjourned the meeting at 2:30 p.m.
Motion carried.
Respectfully submitted,
/‘a,
/effr'ey Whelps °Vice- Chairperson Carly Webster, Secretary