HomeMy WebLinkAboutMinutes - 2023.09.21 - 40762OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
September 21, 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, Dave Woodward, Gwen Markham,
Brian Partogian
Members Absent: None
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Michael VanOverbeke, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Partogian, seconded by Phelps to approve the agenda, as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the Augst 17, 2023, Regular Board and Closed Session minutes
B. Pension Payroll — 09/29/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Markham, seconded by Van Leuven to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Partogian to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
Defined Benefit retirement applications
IName I Department I Effective I
I Michelle Glover I Circuit Court 110/7/2023
I Lorri Guigar I Deferred - HHS 19/18/2023 I
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
September 21, 2023
Page 2
Defined Contribution retirement applications
Name
Debra Garelik
Zhan Gao
Andrew Goldberg
Tamrica Hanser
Randall Smithling
Michael Twarog
Sharron Wagner
Jennifer Lodge
Michael Eastham
Michele Drake
Department
Circuit Court
IT
Sheriff's Office
FOTC
Support Services
Building Maintenance
Clerks Office
Sheriff's Office
Deferred — WRC
Management & Budget
Effective
10/7/2023
9/29/2023
10/7/2023
9/15/2023
10/3/2023
10/11/2023
9/30/2023
9/21/2023
9/19/2023
9/16/2023
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
2nd Quarter Report Period Ending June 30, 2023
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending August 31, 2023
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending September 13, 2023
Moved by Van Leuven, seconded by Stevens to receive and file the Asset /
Manager Summery and accept AndCo's recommendation to liquidate ABS
Global L/S equity and move to Cash, and transfer $5 million of SSgA S&P 500 to
Cash. Motion carried.
A. Secretary Webster did not have any updates to share for the Administrator's
Report.
B. Michael VanOverbeke of VanOverbeke, Michaud & Timmony, P.C. (VMT)
reviewed the Option D — Pop Up response from Retiree Mr. Brennan and
determined that there is no change to the opinion of legal counsel.
Moved by Van Leuven, seconded by Phelps to receive and file and deny Mr.
Brennan's appeal. Motion carried.
VII. Unfinished Business
VIII. New Business
A. Notice of Employee Representative Election
Moved by Van Leuven, seconded by Woodward to receive and file the Employee
Representative calendar. Motion carried.
B. Moved by Partogian, seconded by Wittenberg to receive and file the GRS Minute
Master Services notice. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
September 21, 2023
Page 3
C. Moved by Wittenberg, seconded by Woodward 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, Woodward,
Markham, Partogian
Nays: None
Motion carried.
Closed session commenced at 1:50 p.m.
Closed session concluded at 1:53 p.m.
Moved by Woodward, seconded by Markham to approve the continued disability
retirement discussed in closed session. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board will be Thursday,
October 19, 2023.
B. Investment Subcommittee meeting, September 21, 2023 (following VEBA Board
meeting) and Wednesday, October 18, 2023 — Pernick Aaron Room of the Board
of Commissioners
C. The December 21, 2023 OCERS and VEBA Meetings will be held on December
14, 2023 in the Board of Commissioners Room A at 1:30pm.
X. Without objection, Chairperson Rozell adjourned the meeting at 1:54 p.m. Motion
carried.
Joseph Rozell, Chairperson
Respectfully submitted,
CarlyWebster, ecretary