HomeMy WebLinkAboutMinutes - 2024.03.21 - 41564OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
21 2024 at 1:40 p.m. in East Conference Room of the Executive Office Building.
CaII to Order/ Roll CaII
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, Brian J. Lefler,
David Woodward, Dion Stevens
Members Absent: Gwen Markham, Brian Partogian, James Van Leuven
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Guillaume Buell, Labaton Sucharow
Chris Kuhn, AndCo
Peter Brown, AndCo
Sheryl Johnson, Fiscal Services
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Phelps, seconded by Wittenberg to approve the agenda as amended.
Motion carried.
III. Public Comment
Sheryl Johnson introduced Brian J. Lefler, Chief Financial Officer for Oakland
County.
IV. Consent Agenda
a. Approval of the February 15, 2024 Regular Board and Closed Session minutes
b. Pension Payroll — 03/29/2024
c. Investment Manager Invoices
d. Service Provider Invoices
e. Notice of New County Executive Designee — Brian J. Lefler
Moved by Wittenberg, seconded by Stevens to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Phelps, seconded by Wittenberg to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department
Joy Hornkohl I Deferred — Equalization
Effective
03/17/2024
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
March 21, 2024
Page 2
2. Defined Contribution retirement applications
Name Department
William Beane Sheriff's Office
Joseph Brian Sheriff's Office
Keith Carr FM&O
Tracey Coburn Fiscal Services
Karen Koshen Circuit Court
Mark Meuwissen Airport and Aviation
Julie Nicholson District Court
Timothy O'Dea Sheriff's Office
Christopher Yon Sheriff's Office
Effective
03/23/2024
04/06/2024
02/08/2024
03/09/2024
06/03/2023
04/06/2024
04/01/2024
03/09/2024
03/23/2024
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, Lefler, Woodward, Stevens
Nayes: None
Absent: Markham, Partogian, Van Leuven
Motion carried.
Closed session commenced at 1:44 p.m.
Closed session concluded at 1:54 p.m.
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
4th Quarter Report Period Ending December 31, 2023
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending February 29, 2024
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending March 14, 2024
Moved by Phelps, seconded by Stevens to receive and file the Asset / Manager
Summary and accept AndCo's recommendation to transfer $15 million of T.
Rowe Price Enhanced 500 to Cash. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
March 21, 2024
Page 3
B. Chris Kuhn and Peter Brown discussed AndCo's merger with Mariner.
Moved by Phelps, seconded by Woodward to authorize the Consent for
Assignment of Investment Consulting Services Agreement with AndCo
Consulting, LLC. and Mariner, LLC. Motion carried.
C. Chris Kuhn and Peter Brown discussed the Capital Dynamics Global
Secondaries request to consent to extending the Final Closing Date of the Fund.
Moved by Stevens, seconded by Wittenberg to authorize the Capital Dynamics
Global Secondaries VI (US), LP — Request for Limited Partner Consent. Motion
carried.
D. Secretary Webster provided a verbal update on:
a. Legislative Affairs and Governmental Operations Committee and Oakland
County Board of Commissioners approved the Defined Contribution Plan
Policy change made at the February 15, 2024 OCERS Board meeting.
b. Sisk Overpayment Update
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided the
trustees with a verbal update on:
a. The Custodial Bank RFI
b. Possible legislation changes made by the State of Michigan to the County
Pension Plan Act.
c. Hybrid Retirement Board meeting options were discussed.
VII. Unfinished Business
None
IV. New Business
None
VIII. Trustee Comment
A. Chairperson Rozell discussed with the Board a voicemail he had received from
an employee regarding the employee's phone call with Empower. Chairperson
Rozell has asked legal counsel to draft an amended contract that would prohibit
solicitation, to be presented to the Board at the next meeting.
B. Chairperson Rozell noted the next meeting of this Board — Thursday, April 18,
2024.
C. Assistant Secretary Pena noted the registration for the Spring MAPERS
Conference May 18 — May 21 at the Soaring Eagle Casino is now open.
Chairperson Rozell noted that the September NAGDCA Conference registration
opens early in April and to let Kelly know if they want to be registered.
IX. Without objection, Chairperson Rozell adjourned the meeting at 2:49 p.m. Motion
carried.
Joseph Rozell, Cfairperson
Respectfully submitted,
Carly Webster,(Secretary