HomeMy WebLinkAbout070125_140004_2025-03-20 Ret Comp Minutes signedOAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held March
20, 2025, at 1:30 p.m. in Committee Room A of the Board of Commissioners Building.
I. CaII to Order/ Roll CaII
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, Brian J. Lefler,
David Woodward, Linnie Taylor, Casey Crampton, James Van
Leuven, Dion Stevens
Members Absent:
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Chris Kuhn, Mariner
Peter Brown, Mariner
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Lefler to approve the agenda as amended,
move items VI. A Mariner and VI. B Treasurer's Report, until after item VIII. New
Business.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the February 13, 2025, Regular Board and Closed Session minutes
B. Pension Payroll — 03/31/2025
C. Investment Manager Invoices
D. Service Provider Invoices
E. Notice of New Finance Committee Designee — Linnie Taylor
Moved by Van Leuven, seconded by Phelps to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Taylor, seconded by Wittenberg to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department
I Michele Eaton I Deferred - Economic Development
Kelly Welch I Deferred - Health and Human Services
Effective
04/01/2025
04/09/2025
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
March 20, 2025
Page 2
2. Defined Contribution retirement applications
Name
William Baldwin
Mark Chevalier
Richard Cummins
Craig Dwight
Michael Guellec
Bruno Morabito
Darren Ofiara
Jeanne Szymanski
Edward Thick
James Wineka
Department
Sheriff's Office
Sheriff's Office
Sheriff's Office
Parks and Rec
FM&O
WRC
Sheriff's Office
IT
WRC
Deferred - WRC
Effective
04/01/2025
04/04/2025
04/01/2025
03/02/2025
03/15/2025
05/02/2025
04/12/2025
04/12/2025
03/29/2025
03/06/2025
VI. Reports
A. Secretary Webster gave a verbal update on the Northern Trust payments.
Closed Session to discuss two disability retirements.
Moved by Taylor, seconded by Van Leuven to go into closed session to discuss
disability retirements.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Lefler, Taylor. Crampton, Van Leuven, Stevens
Nayes: None
Absent: Woodward
Motion carried.
Closed session commenced at 1:36 p.m.
Closed session concluded at 1:48 p.m.
Moved by Crampton, seconded by Stevens to accept the 2025-A application for
disability retirement and send applicant to the Medical Director for evaluation, as
discussed in closed session. Motion carried
Moved by Wittenberg, seconded by Van Leuven to approve the continued duty -
disability of application 2023-A. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
March 20, 2025
Page 3
B. Aaron Castle of VMT Law reviewed his legal report.
Moved by Stevens, seconded by Lefler to modify the 401(a) Plan at a Glance to
allow retirees to roll funds into their 401(a). Motion carried.
Discussion was held on the recordkeeping fees for the Retirement Health
Savings Plan. Secretary Webster and Assistant Secretary Pena will gather
information and reach out to Graystone Consulting for further information on
pricing benchmarks.
VII. Unfinished Business
A. The Oakland County Roth In -Plan Conversion Flyer and its possible tax
implications on the participant was discussed.
Moved by Taylor, seconded by Phelps to approve the Oakland County Roth In -
Plan Conversion Flyer subject to a waiver from Empower regarding the tax
implications being included. Motion passed.
VIII. New Business
A. The Sturbridge Diversified Private Equity Fund III, L.P. Amendment was
discussed.
Moved by Wittenberg, seconded by Stevens to accept the amendments to the
Sturbridge Diversified Private Equity Fund III, L.P. Motion carried.
B. The Extension of ValStone Opportunity Fund V, LLC was discussed.
Moved by Van Leuven, seconded by Stevens to approve the further extended
wind -down for ValStone Opportunity Fund V-AIV I, LLC for an additional 12-
months through February 28, 2026. Motion carried.
C. The Retirement Board discussed moving to the meetings from the third to the
fourth Thursday of the month. Secretary Webster will identify the available
meeting locations and report to the board at the April meeting.
D. Chris Kuhn and Peter Brown of Mariner 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, 2024
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending February 28, 2025
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending March 11, 2025
Moved by Woodward, seconded by Phelps to receive and file the Asset /
Manager Summary and accept Mariner's recommendation to transfer $5 million
of T. Rowe Price Enhanced 500, $5 million of SSgA S&P500, and $5 million
Lazard Intl Equity to Cash. Motion carried.
Chris Kuhn and Peter Brown of Mariner discussed OCERS and VEBA fee trends.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
March 20, 2025
Page 4
E. Paul Zelenak presented the Treasurer's Report.
Moved by Van Leuven, seconded by Taylor to receive and file the Treasurer's
Report. Motion carried
IV. Trustee Comment
A. Assistant Secretary Pena reminded the Trustees of the upcoming conferences
and events.
B. Chairperson Rozell noted the next meeting of this Board — Thursday, April 24,
2025.
VIII. Without objection, Chairperson Rozell adjourned the meeting at 3:22 p.m. Motion
carried.
7
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Josh Roz4ll, Chairperson v
Respectfully submitted,
UP-4-4;k,
Carly Webster,LS)ecretary