HomeMy WebLinkAboutMinutes - 2023.01.19 - 38295OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held January
19, 2023 at 1:32 p.m. in West Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Joe Rozell, Jeff Phelps, Robert Wittenberg, Brian Partogian, Kyle
Jen, Gwen Markham, Dave Woodward
Members Absent: James Van Leuven, Dion Stevens
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
Natalie Neph, Treasurer’s Office
Paul Zelenak, Treasurer’s Office
Secretary Webster chaired the meeting.
II. Approval of the Agenda
A. Moved by Markham, seconded by Rozell to approve the agenda, as submitted.
Motion carried.
III. Public Comment
None
IV. Election of Officers
A. Call for nominations from the floor for Chairperson. Moved by Phelps, seconded
by Partogian to close nominations for chairperson and cast a unanimous vote
for Joe Rozell. Motion carried.
Chairperson Rozell assumed the chair.
B. Call for nominations from the floor for Vice Chairperson. Moved by Jen,
seconded by Partogian to close nominations for vice chairperson and cast a
unanimous vote for Jeff Phelps. Motion carried.
V. Consent Agenda
A. Approval of the December 15, 2022 Minutes Regular Board and Closed Session
Minutes
B. Pension Payroll – 01/31/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Woodward, seconded by Wittenberg to approve the consent agenda,
as submitted. Motion carried.
VI. Regular Agenda
A. Moved by Phelps, seconded by Partogian to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
January 19, 2023
Page 2
Defined Benefit retirement applications
Name Department Effective
Barbara Weishaar Parks and Recreation 01/24/2023
Defined Contribution retirement applications
Name Department Effective
Jere Brewer Parks and Recreation 01/21/2023
Christos Kyriakides Jr Sheriff’s Office 01/06/2023
Teresa Williams Circuit Court 12/15/2022
VII. 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 December 31, 2022
• Oakland County Employees’ Retirement System (ERS) Asset / Manager
Summary Period Ending January 12, 2023
Moved by Phelps, seconded by Wittenberg to receive and file the Asset /
Manager Summary and accept AndCo’s recommendation to rebalance which is
to transfer $5 million from Lazard Intl Equity to Fidelity Intl Equity. Motion carried.
B. Moved by Woodward, seconded by Wittenberg 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 and provided a summary of Secure 2.0. No action
was taken.
VIII. Unfinished Business
None
IV. New Business
A. Assistant Secretary Pena randomly drew four winners for the 4th quarter 2022
R.E.A.P. incentive for attending group or individual educational sessions with
Empower. Winners of $100 gift cards are:
a. Ashley Young - Equalization
b. Danielle Walton – Prosecuting Attorney’s Office
c. Patricia Wetzel – District Court IV
d. Aaron Snover – Board of Commissioners
B. Louise Gates of GRS Consulting, summarized the GASB Statement No. 67 Plan
Reporting & Accounting Schedules as of September 30, 2022.
Moved by Woodward, seconded by Markham to receive and file the GASB
Statement No. 67 Plan Reporting & Accounting Schedules as of September 30,
2022. Motion carried.
C. Louise Gates of GRS Consulting, summarized the OCERS Assumption Study
October 1, 2016 through September 30, 2021.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
January 19, 2023
Page 3
Moved by Woodward, seconded by Partogian to receive and file the OCERS
Assumption Study October 1, 2016 through September 30, 2021.
Motion carried.
Moved by Jen, seconded by Woodward to adopt proposed Option C, changing
the Actuarial Assumptions/Methods to a 7.0% Investment Return rate and a 3.0%
Wage Inflation rate. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board – Thursday, February
16, 2023.
B. Chairperson Rozell noted the Investment Subcommittee will meet following the
VEBA Board meeting on Thursday, February, 16, 2023.
X. Without objection, Chairperson Rozell adjourned the meeting at 2:45 p.m. Motion
carried.
Respectfully submitted,
__________________________________ __________________________________
Joseph Rozell, Chairperson Carly Webster, Secretary