HomeMy WebLinkAboutMinutes - 2023.12.14 - 41006OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 14, 2023 at 1:32 p.m. in the Pernick Aaron Conference Room of the Board of
Commissioners.
I. Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeff Phelps, Gwen Markham, Sheryl Johnson,
Robert Wittenberg, Dave Woodward, Brian Partogian
Members Absent: James Van Leuven, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, 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 November 16, 2023, Regular Board Meeting Minutes
B. Approval of the November 16, 2023, Investment Subcommittee Meeting Minutes
C. Pension Payroll — 12/28/23
D. Investment Manager Invoices
E. Service Provider Invoices
Moved by Markham, seconded by Johnson to approve the consent agenda.
Motion carried.
V. Regular Agenda
A. Moved by Woodward, seconded by Partogian to approve the following Defined
Benefit and Defined Contribution retirement applications. Motion carried.
Defined Benefit retirement applications —
Name
Schuyler Rogers II
Department
FM&O
Effective
1/11/2024
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 14, 2023
Page 2
Defined Contribution retirement applications —
Name
Kelly Jennings
Sean Jennings
Michael Rana
Nancy Strelecky
Edward Wagrowski
Department
Animal Control
Sheriff's Office
FM&O
Prosecutor's Office
Sheriff's Office
Effective
12/9/2023
12/30/2023
1/11/2024
1/10/2024
1/13/2024
VI. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
i. Oakland County Employee's Retirement System (ERS) Defined Benefit
Plan 3rd Quarter Report Period Ending September 30, 2023
ii Oakland County Employee's Retirement System (ERS) Defined Benefit
Plan Monthly Flash Report Period Ending November 30, 2023
iii. Oakland County Employee's Retirement System (ERS) Asset /
Manager Summary Period Ending December 11, 2023
iv. Oakland County Employee's Retirement System (ERS) Alternative
Investments Performance Review Period Ending June 30, 2023
Moved by Wittenberg, seconded by Partogian to receive and file Asset / Manager
Summary. Motion carried.
B. Secretary Webster gave a verbal update for the Retirement Administrator Report.
i. Empower website migration and self -directed brokerage.
ii. Retiree James Brennan
iii. Retiree Anne Sisk. Legal counsel will send additional correspondence
to Mr. John Dale.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed his
legal report.
i. Legislation Update — PA 214 of 2023
ii. Investment Options Amendment to the Plan Sponsor Application and
Agreement for Self -Directed Brokerage
Moved by Woodward, seconded by Partogian to allow the Investment
Options Amendment to the Plan Sponsor Application and Agreement for
Self -Directed Brokerage. Motion carried.
iii. Closed Session to discuss securities litigation related matters subject to
the attorney -client privilege.
Moved by Phelps, seconded by Partogian to go into closed session to discuss
securities litigation related matters subject to the attorney -client privilege.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Markham, Johnson, Woodward, Partogian
Nayes: None
Absent: Van Leuven, Stevens
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 14, 2023
Page 3
Motion carried.
Closed session commenced at 2:44 p.m.
Closed session concluded at 3:02 p.m.
Moved by Wittenberg, seconded by Woodward to reject the PG&E settlement
offer and counteroffer at sixty percent of lost funds. Motion carried.
Discussed employment reinstatement, as it relates to retirement, for Michael
Myers.
Moved by Partogian, seconded by Wittenberg to approve legal counsel to work
with Secretary Webster to draft a letter outlining a repayment plan to withhold
10% of each pay until 401a plan distributions are re -paid in full, with interest,
contingent upon all paperwork needed for Oakland County Payroll. Motion
carried.
VII. Unfinished Business
A. Chairperson Rozell appointed Jeff Phelps, James Van Leuven and Dion Stevens
to the ad hoc Policy Committee.
VIII. New Business
A. Louise Gates of GRS Consulting, summarized the GASB Statement No. 67 Plan
Reporting & Accounting Schedules as of September 30, 2023.
Moved by Johnson, seconded by Markham to receive and file the GASB
Statement No. 67 Plan Reporting & Accounting Schedules as of September 30,
2023. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board will be Thursday,
January 18, 2024, in the East Conference Room of the Executive Office Building.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:08 p.m. Motion
carried.
Respectfully submitted,
Joseph Rozell, Chairperson Carly Webster Secretary