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HomeMy WebLinkAboutMinutes - 2023.02.16 - 38296OAKLAND COUNTY EMPLOYEES’ RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held February 16, 2023 at 1:32 p.m. in East Conference Room of the Executive Office Building. I. Call to Order/ Roll Call Members Present: Joe Rozell, Jeff Phelps, Robert Wittenberg, Kyle Jen, Gwen Markham, Dave Woodward, James Van Leuven, Dion Stevens Members Absent: Brian Partogian with notice Others Present: Carly Webster, Human Resources Kelly Pena, Human Resources Aaron Castle, VanOverbeke, Michaud & Timmony, P.C. Stephanie Biddle, Empower John Krakowiak, Graystone Erik Burger, Graystone Louise Gates, GRS Heather Van Poucher, Human Resources Paul Zelenak, Treasurer’s Office II. Approval of the Agenda A. Moved by Markham, seconded by Phelps to approve the agenda, as submitted. Motion carried. III. Public Comment Secretary Webster introduced Heather Van Poucher, Human Resources Manager. IV. Consent Agenda A. Approval of the January 19, 2023 Minutes Regular Board B. Pension Payroll – 02/28/2023 C. Investment Manager Invoices D. Service Provider Invoices Assistant Secretary Pena distributed additional support documentation for the invoices. Moved by Van Leuven, seconded by Stevens to approve the consent agenda, to include the additional documentation. Motion carried. V. Regular Agenda A. Moved by Wittenberg, seconded by Jen to approve the following Defined Benefit and Defined Contribution applications. Motion carried. Defined Benefit retirement application Name Department Effective John Chestnut Water Resources 3/15/2023 Carol Griesser Water Resources 3/2/2023 Natalie Neph Treasurer's Office 4/1/2023 Oakland County Employees’ Retirement and Deferred Compensation Board Minutes February 16, 2023 Page 2 Kevin Oeffner Circuit Court 3/25/2023 Jean Sturtridge Deferred-Prosecutor's Office 3/1/2023 Defined Contribution retirement applications Name Department Effective Thomas Bisio Sheriff Office 1/21/2023 Cynthia Montgomery Children's Village 4/5/2023 Sheila Russ Circuit Court 3/25/2023 VI. Reports A. Stephanie Biddle of Prudential presented the 4th Quarter 2022 Oakland County Plans Summary and provided comments summarizing highlights contained in the report. Stephanie also reviewed the outreach efforts and statistics with the trustees. . B. John Krakowiak and Erik Burger of Graystone Consulting presented the 4th Quarter 2022 401a/457b and PTNE Plan Investment Review and provided comments summarizing highlights contained in the report. C. Secretary Webster provided a verbal update on the Internal Controls Audit. Secretary Webster reviewed the memo to the board, requesting Kevin McNally’s retirement be rescinded after his employment was reinstated by the county. Moved by Van Leuven, seconded by Stevens to rescind Kevin McNally’s DC retirement effective, January 4, 2021. Discussion followed. Van Leuven withdrew his motion. Moved by Woodward, seconded by Wittenberg to table the memo for next month’s meeting to review the Settlement Agreement. Motion carried. Moved by Van Leuven, seconded by Woodward to approve the usage of the 401a/RHS Forfeitures as outlined in Secretary Websters memo to the board. Motion carried. D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a verbal update on legal matters. No action was taken. VII. Unfinished Business A. Moved by Van Leuven, seconded by Wittenberg to implement the new pension option factors, presented by Louise Gates of GRS, effective January 1, 2024, provided that the Defined Benefit active employees and deferred retirees will be given 90 days advance notice. Motion carried. IV. New Business None VIII. Trustee Comment A. Chairperson Rozell noted the next meeting of this Board – Thursday, March 16, 2023. Oakland County Employees’ Retirement and Deferred Compensation Board Minutes February 16, 2023 Page 3 B. Assistant Secretary Pena reminded the trustees of the MAPERS one-day conference in March and the Spring Conference in May. IX. Without objection, Chairperson Rozell adjourned the meeting at 2:26 p.m. Motion carried. Respectfully submitted, __________________________________ __________________________________ Joseph Rozell, Chairperson Carly Webster, Secretary