HomeMy WebLinkAboutMinutes - 2025.02.13 - 42207OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held February
13, 2025, at 1:30 p.m. in the West Conference Room of the Executive Office Building.
I. CaII to Order/ Roll CaII
Members Present: Jeffrey Phelps, Brian J. Lefler, David Woodward, Gwen Markham,
Casey Crampton, James Van Leuven
Members Absent: Joseph Rozell, Robert Wittenberg
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Dion Stevens, Trustee (remote)
Stephanie Biddle, Empower (remote)
Thomas May, Empower (remote)
John Krakowiak, Graystone
Erik Burger, Graystone
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Markham to approve the agenda as
amended, move item VI. E, Closed Session, to the end of the VEBA meeting.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
a. Approval of the January 16, 2025, Regular Board Session minutes
b. Pension Payroll — 2/28/2025
c. Investment Manager Invoices
d. Service Provider Invoices
Moved by Markham, seconded by Crampton 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 I Department
Dawn Dunker I Deferred — Register of Deeds
Effective
02/28/2025
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
February 13, 2025
Page 2
2. Defined Contribution retirement applications
Name
Justine Barger
Mary Bartolotta
Joseph Dahl
Troy Deatherage
Daniel Ervin
Gloria Logan
Wendy McBride
Thomas Pecheniuk
Diane Stellini
Dana Stodgel
Craig Vradenburg
Laurie Wakerley
Christopher Wundrach
Department
Register of Deeds
Circuit Court
Management and Budget
IT
IT
IT
Elections
Deferred — FM&0
Prosecutor's Office
FM&O
Sheriffs Office
Prosecutor's Office
Sheriff's Office
Effective
03/11/2025
02/04/2025
03/01/2025
03/01/2025
03/04/2025
03/01/2025
03/01/2025
02/01/2025
03/01/2025
01/29/2025
02/15/2024
03/01/2025
03/08/2025
VI. Reports
A. Stephanie Biddle of Empower presented the 4th Quarter 2024 Oakland County
Plan Performance Insights, provided comments summarizing highlights
contained in the Cashflow Report and updated the trustees on educational
communication for actives regarding the conversion of 457(b) funds to Roth.
Thomas May of Empower reviewed the outreach efforts and statistics with the
trustees. Thomas will continue to reach out to departments with low 457(b)
participation rates. Additionally, Retirement staff will work with Empower and our
internal communications department to create flyers and advertisements for
retirement awareness.
Discussion about automatically enrolling active employees into the 457(b) was
had by the trustees.
Moved by Woodward, seconded by Markham to approve the automatic
enrollment of active employees into the 457(b) by April 2025, pending further
discussion on the percentage and opt out options. Motion carried.
B. John Krakowiak and Erik Burger of Graystone Consulting presented the 4th
Quarter 2024 401 a/457b and PTNE Plan Investment Review and provided
comments summarizing highlights contained in the report.
Moved by Van Leuven, seconded by Woodward to terminate the T. Rowe Price
New Horizons Fund and map proceeds to the existing Janus Henderson
Enterprise CF CL MS fund. Motion carried.
C. Paul Zelenak presented the Treasurer's Report.
Moved by Van Leuven, seconded by Crampton to receive and file the Treasurer's
Report. Motion carried
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
February 13, 2025
Page 3
D. Secretary Webster presented a memo and discussed the use of 401 a forfeitures.
Moved by Van Leuven, seconded by Markham to approve the usage of the
401(a) forfeitures in the amount of $562,451 to offset future employer
contributions, as outlined in Secretary Webster's memo to the board. Motion
carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) did not have a
formal legal report. The closed session to discuss ongoing securities litigation
was moved to the end of the VEBA meeting.
VII. Unfinished Business
None
IV. New Business
None
VIII. Trustee Comment
A. Assistant Secretary Pena updated the Trustees on the upcoming conferences
and events.
B. Vice -Chairperson Phelps noted the next meeting of this Board — Thursday,
March 20, 2025.
IX. Without objection, Vice -Chairperson Phelps adjourned the meeting at 2:47 p.m.
Motion carried.
Respectfully submitted,
y Phelps,'/ice-Chairperson CarlyW/ebster, (secretary