HomeMy WebLinkAboutMinutes - 2023.05.18 - 38299OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 18,
2023 at 1:31 p.m. in East Conference Room of the Executive Office Building.
I. Call to Order/ Roll CaII
Members Present: Joe Rozell, Jeff Phelps, Robert Wittenberg, Gwen Markham,
Brian Partogian, James Van Leuven
Members Absent: Kyle Jen, Dion Stevens, Dave Woodward
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Stephanie Biddle, Empower
Thomas May, Empower
John Krakowiak, Graystone
Amy Cole, Graystone
Louise Gates, GRS
Zack Newood, Human Resources
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Phelps, seconded by Markham to approve the agenda, as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the April 27, 2023 Regular Board and Closed Session Minutes
B. Investment Subcommittee April 27, 2023 minutes
C. Pension Payroll — 05/31/2023
D. Investment Manager Invoices
E. Service Provider Invoices
Moved by Van Leuven, seconded by Wittenberg to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Wittenberg to approve the following Defined
Contribution applications. Motion carried.
Defined Benefit retirement application - None
Defined Contribution retirement applications
Name
IAnnette Drussel
I Diane Grabar
I Gail Innis
I Raymond Jankowski
Department
Building Safety
Friend of the Court
Circuit Court
Medical Examiner
Effective
6/3/2023
6/3/2023
6/2/2023
7/4/2023
IRichard Kaczanowski I Public Works
Gary Richert I Sheriffs Office
IPatricia Shafer I Board of Commissioners
I Christopher Topacio I Sheriff's Office
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 18, 2023
Page 2
5/20/2023
6/1/2023
7/1/2023
5/18/2023
VI. Reports
A. Stephanie Biddle of Prudential presented thelstQuarter 2023 Oakland County
Plans Summary and provided comments summarizing highlights contained in the
report.
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 1st
Quarter 2023 401 a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
Moved by Van Leuven, seconded by Phelps to terminate the Columbia Floating
Rate Inst3 fund in favor of the BlackRock Floating Rate Income Instl fund, subject
to 30-day notification period. Motion carried.
C. Secretary Webster presented the Disability Retirement Policy and a question
from Independent Medical Evaluations, PC, with the board. Discussion followed.
Moved by Phelps, seconded by Wittenberg for the third -party doctor to consider
all medical conditions as part of the re-evaluation process. Motion carried.
Legal counsel will complete a full board policy review and present
recommendations to the board chair and policy committee.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed the
Bernstein Litowitz Berger & Grossmannv LLP 1s` Quarter 2023 report and
provided a verbal update on securities litigation. No action was taken.
VII. Unfinished Business
None
VIII. New Business
None
IV. Trustee Comment
A. Chairperson Rozell noted his absence at the next meeting of this Board —
Thursday, June 15, 2023,
V. Without objection, Chairperson Rozell adjourned the meeting at 2:29 p.m. Motion
carried.
Respectfully submitted,
Jfrey Phelps, VI'ce-Chairperson Carly Webst, Secretary
