HomeMy WebLinkAboutMinutes - 2023.04.27 - 38298OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held April 27,
2023 at 2:03 p.m. in the West Conference Room of the Executive Office Building.
Call to Order/ Roll Call
Members Present: Joe Rozell, Jeff Phelps, Kyle Jen, Dave Woodward,
James Van Leuven, Dion Stevens
Members Absent: Robert Wittenberg, Gwen Markham, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Heather Van Poucker, Human Resources
Paul Zelenak, Treasurer's Office
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Zachary Newood, Human Resources
II. Approval of the Agenda
A. Moved by Stevens, seconded by Phelps to approve the agenda and move closed
session agenda items VI-C and VI-D, to the end of the meeting, prior to agenda
item IX. Motion carried.
III. Public Comment
Secretary Webster introduced Zachary Newood, who is interning with Human
Resources from Oakland University.
IV. Consent Agenda
A. Approval of the March 16, 2023, Regular Board minutes
B. Pension Payroll — 04/28/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Stevens to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Phelps to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
Defined Benefit retirement applications
IName
Cynthia Kish
IMargaret Scott
I Jean Sturtridge
I
Department I Effective
WR Admin I 4/22/2023 I
Prosecutor I 5/9/2023 I
Deferred — Prosecutor's Office 112/10/2022* I
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 27, 2023
Page 2
Defined Contribution retirement applications
Name
Roy Coates
Kelly Fitzpatrick
David Hendrick
Dwight Hoffman
Terri Iceman
Diane Jeffery
Vince Lynch
Karla Mallett
Mary Tracey McGee
Teresa Morris
Paula Parrish
Department
Deferred -Sheriff's Office
Prosecuting Attorney
Sheriff's Office
Community and Home Improvement
District Court
County Executive Admin
Prosecuting Attorney
Circuit Court
Emergency Management
Children's Village
Fiscal Service
Edward Tucker Sr. Purchasing
* Correction to Retirement Date
Effective
4/9/2023
6/5/2023
5/6/203
5/13/2023
5/6/2023
4/29/2023
3/25/2023
4/29/2023
3/3/2023
5/2/2023
4/29/2023
5/3/2023
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 March 31, 2023
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending April 21, 2023
A memo to Oakland County Employees' Retirement System regarding AndCo
3% fee increase was distributed.
Moved by Phelps, seconded by Van Leuven to approve the fee increase,
proposed by AndCo Consulting. Motion carried.
B. Moved by Woodward, seconded by Van Leuven to receive and file the DB/DC
Quarterly report. Motion carried.
C. Moved by Phelps, seconded by Van Leuven to receive and file the April 2023
Administrator's Report. Motion carried.
Moved by Phelps, seconded by Stevens to go into closed session prior to
agenda item IX to discuss a Non -Duty Defined Contribution Disability Retirement
Application and a separate attorney/client discussion regarding ongoing
securities litigation.
Roll Call:
Ayes: Rozell, Phelps, Jen, Woodward, Van Leuven, Stevens
Nays: None
Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters. No action was taken.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 27, 2023
Page 3
VII. Unfinished Business
None
VIII. New Business
A. Assistant Secretary Pena randomly drew four winners for the 1st quarter 2023
R.E.A.P. incentive for attending group or individual educational sessions with
Empower. Winners of $100 gift cards are:
i. Siera Ramirez — Sheriff's Office
ii. Susan Proksch — IT
iii. Ivory Ford — Children's Village
iv. Tammie Liford — Public Health
B. Louise Gates of GRS presented the Annual Actuarial Valuation Report as of
September 30, 2022.
Moved by Woodward, seconded by Van Leuven to receive and file the Annual
Actuarial Valuation Report as of September 30, 2022. Motion carried.
Moved by Van Leuven, seconded by Phelps to authorize the following transfer for
Command:
General Command Sheriff
County Officers Deputies*
Total
Retiree Liability $495,249,940 $ 53,386,744 $132,370,479 $681,007,163
Retiree Reserve 497,635,630 52,952,151 133,322,351 683,910,132
Difference (2,385,690) 434,593 (951,872) (2,902,969)
Motion carried.
C. Moved by Van Leuven, seconded by Stevens to approve the post -retirement
defined benefit pension increase of 1.5% of the original pension amount, for
those who retired before May 2, 2022. Motion carried.
D. Moved by Phelps, seconded by Stevens to receive and file the Retirement Board
2023 Retiree Election Calendar for term ending August 31, 2025. Motion carried.
E. Moved by Woodward, seconded by Van Leuven to receive and file Secretary
Webster's memo to the Board of Commissioners, with the required reporting for
State of Michigan Public Act 202 of 2017 - 2022 Annual Report for the pension
and retiree healthcare programs. Motion carried.
F. Moved by Phelps, seconded by Van Leuven to receive and file the required
reporting for State of Michigan Public Act 314 — Summary 2022 Annual Report.
Motion carried.
G. Chairman Rozell appointed trustee Van Leuven as the delegate for the MAPERS
Spring 2023 Conference.
H. Closed session commenced at 2:47 p.m.
Closed session concluded at 3:08 p.m.; agenda resumed
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 27, 2023
Page 4
Moved by Van Leuven, seconded by Phelps to waive the medical exam in lieu of
a records review by IME for the Disability Retirement re-evaluation discussed in
closed session. Motion carried.
Moved by Phelps, seconded by Stevens to authorize legal counsel to pursue
securities action against Tesla. Motion carried.
IX. Trustee Comment
Chairperson Rozell noted the next meeting of this Board will be Thursday May 18,
2023
X. Without objection, Chairperson Rozell adjourned the meeting at 3:10 p.m. Motion
carried.
Respectfully submitted,
d.J-1-c,(
ose1 Roll, 6iipersor�) Carly Vbster, Secretary