HomeMy WebLinkAboutMinutes - 2024.02.15 - 41563OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held February
15, 2024 at 1:32 p.m. in East Conference Room of the Executive Office Building.
I. CaII to Order/ Roll CaII
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, Dion Stevens,
Brian Partogian, Sheryl Johnson, Gwen Markham, David
Woodward
Members Absent: James Van Leuven
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
Amy Cole, Graystone
Erik Burger, Graystone
Louise Gates, GRS
Heather Mason, Human Resources
Paul Zelenak, Treasurer's Office
John Johnson, Treasurer's Office
Terri Meiers, Retiree
II. Approval of the Agenda
A. Moved by Partogian, seconded by Johnson to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
a. Approval of the January 18, 2024 Regular Board and Closed Session minutes
b. Approval of the January 18, 2024 Investment Subcommittee Meeting minutes
c. Pension Payroll — 2/29/2024
d. Investment Manager Invoices
e. Service Provider Invoices
Moved by Wittenberg, seconded by Phelps to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Wittenberg, seconded by Partogian to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department
John Masson l Deferred — Sheriff's Office
Michael Pankey I Sheriff's Office
Effective
02/24/2024
04/06/2024
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
February 15, 2024
Page 2
2. Defined Contribution
Name
Daniel Alder
Mary Gillman
Vincent Lichok
Michael Pucher
*Myrna Gener
retirement applications
Department
Sheriff's Office
Treasurer's Office
Sheriff's Office
Neighborhood Housing and
Development
WRC
Effective
02/29/2024
03/19/2024
02/15/2024
02/24/2024
01/27/2024*
*Retirement made in error, Benefits not effected, remove from Retiree list
VI. Reports
A. Stephanie Biddle of Empower presented the 4th Quarter 2023 Oakland County
• Plan Performance Insights, provided comments summarizing highlights
contained in the Cashflow Report and updated the trustees on outstanding
migration items.
Thomas May of Empower reviewed the outreach efforts and statistics with the
trustees.
B. Amy Cole, John Krakowiak and Erik Burger of Graystone Consulting presented
the 4th Quarter 2023 401 a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
C. Secretary Webster provided a verbal update on:
a.
b.
c.
d.
Ethics Policy for all Trustees to sign.
Sisk Overpayment Update
Employee payroll reduction agreement
Memo to use forfeitures.
Moved by Phelps, seconded by Wittenberg to approve the usage of the 401(a)
forfeitures in the amount of $770,000 to offset future employer contributions, as
outlined in Secretary Webster's memo to the board. Motion carried.
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) reviewed his
legal report.
a. The contract with Acension Michigan Employer Solutions has been
negotiated and finalized, active date March 1, 2024. A 30-day notice of
termination has been communicated to IME, P.C.
b. Aaron presented a draft of the Custodial Bank RFI. Discussion was had.
Moved by Partogian, seconded by Stevens to approve the Custodial Bank RFI
with changes. Motion carried.
VII. Unfinished Business
IV. New Business
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
February 15, 2024
Page 3
VIII. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, March 21,
2024.
B. Assistant Secretary Pena noted MAPERS will be holding a one -day session on
February 29, 2024 at the Motor City Hotel. Registration for the Spring MAPERS
Conference May 18 — May 21 at the Soaring Eagle Casino is now open.
C. Trustee Wittenberg introduced Treasurer's Office employee John Johnson.
Trustee Wittenberg also noted that the Treasurer's Office will be changing
banking companies.
Closed Session to discuss securities litigation related matters subject to the attorney -
client privilege.
Moved by Stevens, seconded by Phelps 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,
Stevens
Nayes: None
Absent: Van Leuven
Motion carried.
Closed session commenced at 2:35 p.m.
Closed session concluded at 2:57 p.m.
Moved by Stevens, seconded by Markham to execute the recent PG&E
counteroffer. Motion carried.
IX. Without objection, Chairperson Rozell adjourned the meeting at 2:58 p.m. Motion
carried.
Respectfully submitted,
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