HomeMy WebLinkAboutMinutes - 2023.08.17 - 40760OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held August
17, 2023 at 1:30 p.m. in the East Conference Room of the Executive Office Building.
Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeff Phelps, Robert Wittenberg, Kyle Jen, James
Van Leuven, Dion Stevens
Members Absent: Dave Woodward, Gwen Markham, Brian Partogian
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
Erik Burger, Graystone
Louise Gates, GRS
Paul Zelenak, Treasurer's Office
Curtis Childs, Sheriffs Office
II. Approval of the Agenda
A. Moved by Phelps, seconded by Van Leuven to approve the agenda, as
submitted. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the July 20, 2023, Regular Board and Closed Session minutes
B. Pension Payroll — 08/31/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Phelps, seconded by Van Leuven to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Stevens to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
Defined Benefit retirement applications
Name
I Kathy Dobbins
Department
Treasurer's Office
Effective
9/2/2023
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
August 17, 2023
Page 2
Defined Contribution retirement applications
Name
I Tammy Ayer-Belian
I Nalisa FuQua
I John Pallas
Department
Sheriff's Office
I Sheriff's Office
I Deferred - Prosecutor's Office I
Effective
7/28/2023
9/2/2023
7/8/2023
VI. Reports
A. Stephanie Biddle of Empower presented the 2nd Quarter 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.
Stephanie Biddle reviewed the Empower Migration Presentation with the trustees
and provided additional information regarding newly available optional products
and features offered within Empowers new platform. No action was taken on
signing the Investment Advisory and Managed Account Services Agreement.
Migration is planned for October 2023.
B. John Krakowiak and Erik Burger of Graystone Consulting presented the 2nd
Quarter 2023 401a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
Moved by Van Leuven, seconded by Stevens to terminate the BlackRock Mid -
Cap Growth Equity K in favor of the Janus Henderson Enterprise N fund. Also,
add Virtus KAR Small -Cap Growth R6 to our managers. All moves are subject to
the freeze period due to the migration. Motion carried.
C. Secretary Webster reviewed the acceptance of repayment letter sent regarding
the Sisk overpayment and the verbal request to extend the repayment date by
60-days. Discussion was had and Secretary Webster will work with legal counsel
to create a written follow-up letter agreeing to the 60-day extension.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed the
Medical Director Fee Dispute Letter and response. Discussion followed.
Moved by Wittenberg, seconded by Phelps to pay IME P.C. Invoice # 117852,
moved forward with pending exams and issue Request for Proposal (RFP) for
Medical Director when all exams have been reviewed. Motion carried.
Moved by Van Leuven, seconded by Phelps to go into closed session to discuss
Option D — Pop-up form of pension benefit.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Jen, Van Leuven, Stevens
Nays: None
Motion carried.
Closed session commenced at 2:59 p.m.
Closed session concluded at 3:13 p.m.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
August 17, 2023
Page 3
Moved by Van Leuven, seconded by Jen to waive attorney/client privilege and
provide legal opinion to James Brennan. Motion carried.
VII. Unfinished Business
None
VIII. New Business
A. Chairperson Rozell appointed trustee Stevens as the MAPERS Fall Conference
Delegate.
B. Moved by Van Leuven, seconded by Jen to receive and file the 2024 Board
Meeting Calendar. Motion carried.
C. Moved by Jen, seconded by Wittenberg to receive and file the Board RFP
Schedule. Motion carried.
IX. Trustee Comment
Chairperson Rozell noted the next meeting of this Board will be Thursday,
September 21, 2023.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:15 p.m. Motion
carried.
Joseph Rozell, Chairperson
Respectfully submitted,
Z--I,t.
Carly Webster/iSecretary