HomeMy WebLinkAboutMinutes - 2023.07.20 - 40758OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held July 20,
2023 at 1:32 p.m. in the East Conference Room of the Executive Office Building.
I. CaII to Order/ Roll CaII
Members Present: Joseph Rozell, Jeff Phelps, Robert Wittenberg, Dave Woodward,
Gwen Markham, Brian Partogian, James Van Leuven, Dion
Stevens
Members Absent:, Kyle Jen
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Guillaume Buell, Labaton Sucharow
Riley Ogurek, Human Resources
Paul Zelenak, Treasurer's Office
Peter Brown, AndCo
II. Approval of the Agenda
A. Moved by Wittenberg, seconded by Partogian to approve the agenda, as
submitted. Motion carried.
III. Public Comment
A. Secretary Webster introduced Riley Ogurek, who is a new to Human Resources.
B. Aaron Castle introduced Guillaume Buell, who is with Labaton Sucharow.
IV. Consent Agenda
A. Approval of the June 15, 2023, Regular Board and Closed Session minutes
B. Pension Payroll — 07/31/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Markham to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Stevens to approve the following Defined
Contribution applications. Motion carried.
Defined Benefit retirement applications - None
Defined Contribution retirement applications
IName I Department I Effective
I Cynthia McMahon I Planning & Economic Development I 7/1/2023
I Marline Rodgers I Medical Examiner I 7/29/2023
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
July 20, 2023
Page 2
VI. Reports
A. Peter Brown of AndCo Consulting presented the following reports and provided
comments summarizing highlights:
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending June 30, 2023
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending July 14, 2023
No action was taken.
B. Moved by Van Leuven, seconded by Phelps to receive and file the DB/DC
Quarterly report. Motion carried.
C. Secretary Webster reviewed the RHS/401(a) quarterly forfeiture report. No action
was taken.
Assistant Secretary Pena randomly drew four winners for the 2nd quarter 2023
R.E.A.P. incentive for attending group or individual educational sessions with
Empower. Winners of $100 gift cards are:
i. Letha Martin — Health Administration
ii. Rodney Zick — FM&O
iii. Kenna Morgan — Children's Village
iv. Audrey Fox — Board of Commissioners
Discussion was had regarding the proposed repayment letter received regarding
the Sisk overpayment. Secretary Webster will work with legal counsel to create
acceptance of repayment letter.
Discussion was had regarding the updated Empower Agreements as well as the
optional features to offer the Investment Advisory and Managed Account
Services to the participants. The trustees agreed to table the Investment
Advisory and Management Service Agreement section until the August meeting
when Empower attends to present in greater detail.
Moved by Van Leuven, seconded by Woodward to approve the Services
Agreement, except for the Investment Advisory and Management Service
Agreement section. Motion carried.
Moved by Partogian, seconded by Phelps to go into closed session to discuss
Disability Retirements and Invoices.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Woodward, Markham, Partogian, Van Leuven,
Stevens
Nays: None
Motion carried.
Closed session commenced at 2:07 p.m.
Closed session concluded at 2:31 p.m.
Moved by Partogian, seconded by Phelps to accept the application for disability
retirement and send applicant to the Medicare Director for evaluation, as
discussed in closed session. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
July 20, 2023
Page 3
Moved by Van Leuven, seconded by Woodward to concur with the medical
opinion of the independent examiner the continued disability retirement of the
other applicant, as discussed in closed session. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed the
Medical Director Fee Dispute Letter and proposed resolution. The trustees
agreed to authorize Aaron to move forward with the letter to IME, P.C.
Guillaume Buell of Labaton Sucharow verbally presented the first annual
overview since the board retained the firm. He also provided an update on
pending securities litigation cases.
VII. Unfinished Business
None
VIII. New Business
A. Chairperson Rozell appointed trustees Phelps, Partogian and Stevens to the
Election Board to oversee the Retiree Election.
Moved by Wittenberg, seconded by Stevens to receive and file the Election
Committee Statement, certifying that James VanLeuven Jr. will serve as the
Retiree Representative Member for term ending August 31, 2025. Motion carried.
B. Trustee Van Leuven and Staff were contacted by a Retiree regarding the DB
Pension options and how the pensions are calculated. Legal counsel will review
and provide a recommendation at the next meeting.
IX. Trustee Comment
Chairperson Rozell noted the next meeting of this Board will be Thursday, August
17, 2023.
X. Without objection, Chairperson Rozell adjourned the meeting at 2:45 p.m. Motion
carried.
Respectfully submitted,
J sere Ro bII chairperson \) Carlq-WebsteriSecretary