HomeMy WebLinkAboutMinutes - 2023.06.15 - 40756OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held June 15,
2023 at 1:32 p.m. in the East Conference Room of the Executive Office Building.
I. Cali to Order/ Roll CaII
Members Present: Jeff Phelps, Robert Wittenberg, Kyle Jen, Dave Woodward, Gwen
Markham, Brian Partogian, James Van Leuven, Dion Stevens
Members Absent:, Joe Rozell
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
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Partogian to approve the agenda, as
submitted. Motion carried.
III. Public Comment
None.
IV. Consent Agenda
A. Approval of the May 18, 2023, Regular Board minutes
B. Pension Payroll — 06/30/2023
C. Investment Manager Invoices - None
D. Service Provider Invoices
Moved by Van Leuven, seconded by Partogian to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Jen, seconded by Wittenberg to approve the following Defined
Contribution applications. Motion carried.
Defined Benefit retirement applications - None
Defined Contribution retirement applications
IName
George Butler
Diana Carver
ITondah Showers
I
I IT
Department
ICommunity Corrections
IProsecutor's Office
Effective
6/17/2023
6/24/2023
6/23/2023
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
June 15, 2023
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) Alternate Investing
Private Equity Report Ending December 31, 2022
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
1st Quarter Report Period Ending March 31, 2023
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending May 31, 2023
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending June 7, 2023
Moved by Stevens, seconded by Woodward to receive and file the Asset /
Manager Summery and accept AndCo's recommendation to liquidate ABS
Global and move to Cash, transfer $3 million of Lazard Intl Equity to Cash, and
transfer $5 million of PIMCO Diversified Income to Cash. Motion carried.
• ISS Proxy Voting Summary
A memo was presented by AndCo and discussion was had regarding ESG and
the various voting options for SSGA.
Moved by Wittenberg, seconded by Markham to accept the memo as presented
by AndCo and recommended by the ESG ad hoc committee, to select the ISS
SRI Policy (Socially Responsible Investing) proxy voting option. Motion carried.
B. Moved by Jen, seconded by Stevens to go into closed session to discuss
Disability Retirements and Invoices.
Roll Call:
Ayes: Phelps, Wittenberg, Jen, Woodward, Markham, Partogian, Van Leuven,
Stevens
Nays: None
Motion carried.
Closed session commenced at 2:18 p.m.
Closed session concluded at 2:47 p.m.
Moved by Woodward, seconded by Wittenberg to dispute invoice #117852 and
reschedule the appointment for re-evaluation, as discussed in closed session.
Motion carried.
Moved by Wittenberg, seconded by Markham to approve invoice #117809 and
the continued disability retirement of the applicant, as discussed in closed
session. Motion carried.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed the
MAPERS Case Update 2022 — 2023 Legal Issues and Decisions.
Aaron Castle of VMT reviewed the Empower Custodial Agreements with the
trustees. Discussion was had regarding the proposed amendments.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
June 15, 2023
Page 3
Moved by Van Leuven, seconded by Stevens to approve the Empower Custodial
Agreements, as amended. Motion carried.
VII. Unfinished Business
None
VIII. New Business
A. Moved by Van Leuven, seconded by Jen to receive and file the Oakland County
Retirement & Deferred Compensation Board 2022 Annual Report. Motion
carried.
IX. Trustee Comment
Vice -Chairperson Phelps noted the next meeting of this Board will be Thursday, July
20, 2023.
Assistant Secretary Pena reminded the trustees of the MAPERS Top Golf
Networking Event and 2023 Fall Conference at Shanty Creek in September.
X. Without objection, Vice -Chairperson Phelps adjourned the meeting at 2:51 p.m.
Motion carried.
Respectfully submitted,
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Xffrey Phelps, V1ce-Chairperson Carly Webster 1Secretary