HomeMy WebLinkAboutMinutes - 2024.04.18 - 41568OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held April 18
2024 at 1:37 p.m. in East Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Jeffrey Phelps, Robert Wittenberg, Brian J. Lefler, David
Woodward, Gwen Markham, James Van Leuven
Members Absent: Joseph Rozell, Brian Partogian, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, Mariner (formally AndCo)
Peter Brown, Mariner (formally AndCo)
Louise Gates, GRS
II. Approval of the Agenda
A. Moved by Wittenberg, seconded by Markham to approve the agenda as
amended. Motion carried.
III. Public Comment
None
IV. Consent Agenda
a. Approval of the March 21, 2024 Regular Board and Closed Session minutes
b. Pension Payroll — 04/30/2024
c. Investment Manager Invoices
d. Service Provider Invoices
Moved by Van Leuven, seconded by Wittenberg to approve the consent agenda,
as submitted. Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Markham to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name ( Department
Rodney White I Sheriff's Office
2. Defined Contribution retirement applications
Name
Greg Alessi
Robin Brown -Green
Suzanne Brunette
Michael Christensen
Michael David
Cindy Garner-VanDecar
Department
Children's Village
Circuit Court
Health Services
Sheriff's Office
Sheriff's Office
Sheriff's Office
Effective
04/30/2024
Effective
05/18/2024
05/02/2024
05/10/2024
04/05/2024
04/20/2024
05/04/2024
Scott Guzzy I Purchasing I 05/24/2024
Guy Hubble I Deferred —Sheriff's Office I 03/25/2024
David Lawrey I WRC I 04/26/2024
Robert Myszenski I Sheriff's Office I 04/20/2024
Heidi Walling I Clerks Office/Register of Deeds I 04/20/2024
VI. Reports
A. Chris Kuhn and Peter Brown of Mariner presented the following reports and
provided comments summarizing highlights contained in each:
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 18, 2024
Page 2
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending March 31, 2024
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending April 12, 2024
Moved by Van Leuven, seconded by Markham to receive and file the Asset /
Manager Summary and accept AndCo's recommendation to transfer $4 million of
HGK Intl Equity to Cash. Motion carried.
B. Moved by Markham, seconded by Wittenberg to receive and file the DB/DC
Quarterly report. Motion carried.
C. Secretary Webster provided a verbal update on:
a. Q1 2024 Retirement Education and Awareness Program
b. Assistant Secretary Pena randomly drew four winners for the 1st quarter
2024 R.E.A.P. incentive for attending group or individual educational
sessions with Empower and Graystone. Winners of $100 gift cards are:
i. Shelby Simpson — Probate Court
ii. Paul McDougal — Sheriffs Office
iii. Jane Triplett — Children's Village
iv. Jennifer Przybylo — District Court RH
c. Moved by Van Leuven, seconded by Wittenberg to go into closed session
to discuss retirement disability application.
Roll Call:
Ayes: Phelps, Wittenberg, Lefler, Woodward, Markham, Van Leuven
Nayes: None
Absent: Rozell, Partogian, Stevens
Motion carried.
Closed session commenced at 1:59 p.m.
Closed session concluded at 2:07 p.m.
Moved by Markham, second by Lefler, to accept the 2024-A application for
disability retirement and send applicant to the Medical Director for evaluation, as
discussed in closed session. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 18, 2024
Page 3
D. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT)
a. Provided the trustees with a draft of the Amendment to the Service
Agreement with Empower. Discussion was had.
Moved by Wittenberg, seconded by Van Leuven to approve the draft
amendment to Empower, as revised. Motion carried.
b. Discussed the 4 Custodial Bank RFI responses and asked to refer to the
Investment Subcommittee of the OCERS board for review prior to the
May regular board meeting.
VII. Unfinished Business
None
IV. New Business
A. Louise Gates of GRS presented the Annual Actuarial Valuation Report as of
September 30, 2023.
Moved by Woodward, seconded by Wittenberg to receive and file the Annual
Actuarial Valuation Report as of September 30, 2023. Motion carried.
Moved by Wittenberg, seconded by Van Leuven to authorize the following
transfer and the memo to Fiscal Services regarding County contribution:
General Command Sheriff
County Officers Deputies*
Total
Retiree liability $487,043,568 $ 51,743,581 $131,877,322 $670,664,471
Retiree Reserve 401,859,332 44,528,514 112,366,058 558,753,904
Difference 85,184,236 7,215,067 19,511,264 111,910,567
Motion carried.
Moved by Wittenberg, seconded by Markham to have GRS work with Brian Lefler
to review the Funding Policy. Motion carried.
B. Moved by Van Leuven, seconded by Markham to approve the post -retirement
defined benefit pension increase of 1.5% of the original pension amount, for
those who retired before May 2, 2023. Motion carried.
C. Moved by Van Leuven, seconded by Wittenberg to receive and file Secretary
Webster's memo to the Board of Commissioners, with the required reporting for
State of Michigan Public Act 202 of 2017 - 2023 Annual Report for the pension
and retiree healthcare programs. Motion carried.
D. Vice -Chairman Phelps appointed trustee Van Leuven and himself as the
delegate for the MAPERS Spring 2024 Conference
VIII. Trustee Comment
A. Vice -Chairperson Phelps noted the next meeting of this Board — Thursday, May
16, 2024.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
April 18, 2024
Page 4
IX. Without objection, Vice -Chairperson Phelps adjourned the meeting at 2:39 p.m.
Motion carried.
e ey'helps, V'airperson
Respectfully submitted,
fl&fA Ala
Carly (/1/ebst4f, Secretary '' ""