HomeMy WebLinkAboutMinutes - 2024.05.16 - 41575OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 16,
2024, at 1:30 p.m. in the East Conference Room of the Executive Office Building.
Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, David
Woodward, Gwen Markham, James Van Leuven, Dion Stevens
Members Absent: Brian J. Lefler, Brian Partogian
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
Rob Luciano, Empower
John Krakowiak, Graystone
Amy Cole, Graystone
Louise Gates, GRS
Mary Skvarce, Human Resources
Paul Zelenak, Treasurer's Office
Sheryl Johnson, Management & Budget
Curtis Childs, Sheriffs Office
II. Approval of the Agenda
A. Moved by Phelps, seconded by Wittenberg to approve the agenda as amended,
added item VII. Unfinished Business and moved closed session to the end of the
meeting. Motion carried.
III. Public Comment
Secretary Webster introduced Mary Skvarce, an intern with Human Resources.
IV. Consent Agenda
A. Approval of the April 18, 2024 Regular Board and Closed Session minutes
B. Pension Payroll — 05/31/2024
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Markham to approve the consent agenda,
as submitted. Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Wittenberg to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department
I Mark Baker I Building Safety
I Kimberley Krumm I Health & Human Services
Effective
6/1/2024
6/15/2024
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 16, 2024
Page 2
2. Defined Benefit Non -Duty Death application
Name I Department
Steven (Elaine) Baldwin Building Safety
3. Defined Contribution retirement applications
Name Department
Thomas Biggers Sheriff's Office
Robert Charlton Sheriff's Office
Matthew Knedgen Sheriff's Office
David Mayer Sheriff's Office
Bethany Sizemore Sheriff's Office
Anthony Thompson Children's Village
Effective
5/4/2024
Effective
6/14/2024
6/15/2024
7/13/2024
5/21/2024
6/1/2024
6/14/2024
VI. Reports
A. Stephanie Biddle of Empower presented the 1st Quarter 2024 Oakland County
Plan Performance Insights, provided comments summarizing highlights
contained in the Cashflow Report.
Empower's communications were discussed.
Rob Luciano updated the trustees on Empower updates and outstanding
migration items.
Thomas May of Empower reviewed the outreach efforts and statistics with the
trustees.
B. Amy Cole and John Krakowiak of Graystone Consulting presented the 1st
Quarter 2024 401 a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
Moved by Phelps, seconded by Van Leuven to approve moving into a CIT
investment vehicle as outlined by Graystone Financial, subject to legal review.
Motion carried.
C. Paul Zelenak presented the Treasurer's Report.
Moved by Woodward, seconded by Stevens to receive and file the Treasurer's
Report. Motion carried.
D. Secretary Webster provided a verbal update on:
a. New integration project with Empower to send over ER/EE contributions
for the Lifetime Calculator.
b. Assistant Secretary Pena discussed an attempt of fraud on a retiree's
account.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT)
a. Provided updates on a case that is moving to the discovery phase. Will
work with Secretary Webster and Assistant Secretary Pena to gather
information.
b. Provided the trustees with an updated draft of the Amendment to the
Service Agreement with Empower. Discussion was had.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 16, 2024
Page 3
Moved by Stevens, seconded by Markham to approve the draft
amendment to Empower, as revised. Motion carried.
VII. Unfinished Business
A. The Investment Subcommittee of the OCERS board reviewed the four Custodial
Bank RFI responses prior to the May regular board meeting and recommended
to the board to stay with Northern Trust Bank.
Moved by Wittenberg, seconded by Van Leuven to approve. Motion carried.
VIII. New Business
A. Moved by Stevens, seconded by Phelps to receive and file the 2023 Annual
Report. Motion carried.
B. Moved by Woodward, seconded by Stevens to receive and file the required
reporting for State of Michigan Public Act 314 — Summary 2023 Annual Report.
Motion carried.
Moved by Phelps, seconded by Stevens to go into closed session to discuss a
retirement disability application.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Woodward, Markham, Van Leuven, Stevens
Nayes: None
Absent: Lefler, Partogian
Motion carried.
Closed session commenced at 3:10 p.m.
Closed session concluded at 3:15 p.m.
Moved by Phelps, seconded by Wittenberg to approve the Defined Contribution
Non -Duty Disability retirement of applicant 2024-A discussed in closed session.
Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, June 20,
2024.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:16 p.m. Motion
carried.
Joseph Rozell, gfiairperson
Respectfully submitted,
(1,0,6) IA )(to
Carly Oebster, cretary