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HomeMy WebLinkAbout070125_140005_2025-04-24 Ret Def Comp Minutes signedOAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held April 24, 2025, at 1:33 p.m. in Committee Room A of the Board of Commissioners Building. I. Call to Order/ Roll CaII Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, Brian J. Lefler, David Woodward, Linnie Taylor, Casey Crampton, Dion Stevens Members Absent: James Van Leuven with notice Others Present: Carly Webster, Human Resources Kelly Pena, Human Resources Michael VanOverbeke, VMT Law Chris Kuhn, Mariner Paul Zelenak, Treasurer's Office Louise Gates, GRS Heidi Barry, GRS Stephanie Sullivan, GRS II. Approval of the Agenda A. Moved by Wittenberg, seconded by Taylor to approve the agenda as submitted. Motion carried. III. Public Comment None IV. Consent Agenda A. Approval of the March 20, 2025, Regular Board and Closed Session minutes B. Pension Payroll — 04/30/2025 C. Investment Manager Invoices D. Service Provider Invoices Moved by Taylor, seconded by Phelps to approve the consent agenda, as submitted. Motion carried. V. Regular Agenda A. Moved by Woodward, seconded by Wittenberg to approve the following Defined Benefit and Defined Contribution applications. Motion carried. 1. Defined Benefit retirement applications I Name I Department I Henry Roehl Jr. I FM&0 I Leslie Strang Martins I Children's Village Effective 05/01/2025 05/01/2025 Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 24, 2025 Page 2 2. Defined Contribution retirement applications Name Janice Dutkiewicz Lisa Hahn Valerie Jefferson Michael Johnson Rodney Yeacker Clifford Woods Department Friend of the Court Public Health Deferred — Human Resources Deferred — WRC Friend of the Court IT Effective 05/03/2025 04/24/2025 04/29/2025 05/01/2025 05/03/2025 06/03/2025 VI. Reports A. Chris Kuhn of Mariner presented the following reports and provided comments summarizing highlights contained in each: • Oakland County Employees' Retirement System (ERS) Defined Benefit Plan Monthly Flash Report Period Ending March 31, 2025 • Oakland County Employees' Retirement System (ERS) Asset / Manager Summary Period Ending April 16, 2025 Discussion was held regarding receiving more up to date information from the money managers. Moved by Phelps, seconded by Wittenberg to receive and file the Asset / Manager Summary and accept Mariner's recommendation to transfer $5 million of Fidelity Intl Eq Index to Cash. Motion carried. Chris Kuhn reported that Allspring and Lazard have agreed to lower their fees. Both agreements will be sent to legal counsel for review. B. Paul Zelenak presented the Treasurer's Report. Moved by Stevens, seconded by Woodward to receive and file the Treasurer's Report. Motion carried. C. Secretary Webster provided a verbal update on the DB/DC Quarterly report. Moved by Woodward, seconded by Wittenberg to receive and file the DB/DC Quarterly report. Motion carried. Secretary Webster and Assistant Secretary Pena drew 8 names for the Retirement Education Awareness Program 2025 1Q drawing prior to the meeting. The 8 winners will receive $50 worth of credit to use in the Oakland County Bucket List system. There winners can choose from specialized experiences to gift cards to Oakland County gear. 1. — Carey Leaver 2. — Tammy Metrick 3. — Jacklyn Thomas 4. — Kent Gardner 5. — Shawn Murray 6. — Jill Robinson 7. — Becky Cook 8. — Shelly Kerchoff Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 24, 2025 Page 3 Secretary Webster gave a verbal update on the Anne Sisk overpayment. Discussion was held. Legal Counsel, VMT, will draft a letter on the Retirement Board's behalf to send to the Oakland County Prosecutors Office and if needed to the Michigan Attorney General. Secretary Webster also noted that additional information regarding Retirement Healthcare Savings fees will be provided by Graystone at the next meeting. Closed Session to discuss disability retirement 2025-A. Moved by Stevens, seconded by Taylor to go into closed session to discuss disability retirement application 2025-A. Roll Call: Ayes: Rozell, Phelps, Wittenberg, Lefler, Taylor. Crampton, Woodward, Stevens Nayes: None Absent: Van Leuven Motion carried. Closed session commenced at 2:20 p.m. Closed session concluded at 2:26 p.m. Moved by Wittenberg, seconded by Phelps to approve the 2025-A application for duty -disability retirement to begin the day following the end of 2025-A's short- term disability and receipt of Form DIS4 from the Independent Medical Doctor, as discussed in closed session. Motion carried D. Michael VanOverbeke of VMT Law did not have a formal legal report. VII. Unfinished Business A. The Oakland County Roth In -Plan Conversion Flyer is in review. No action taken. B. The Retirement Board discussed moving to the meetings from the third to the fourth Thursday of the month. Secretary Webster will idented available meeting locations. Moved by Taylor, seconded by Stevens to move the meeting dates to the fourth Thursday of the month, as presented. Motioned carried. VIII. New Business A. Louise Gates of GRS presented the Annual Actuarial Valuation Report as of September 30, 2024. Moved by Phelps, seconded by Taylor to receive and file the Annual Actuarial Valuation Report as of September 30, 2024. Motion carried. Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 24, 2025 Page 4 Moved by Taylor, seconded by Crampton to authorize the following transfer and the memo to Fiscal Services regarding County contribution: General Command Sheriff County Officers Deputies* Total Retiree Liability $ 480,193,417 $ 50,704,085 $ 131,113,506 $ 662,011,008 Retiree Reserve 440,231,005 47,352.691 121,644,759 609,228.455 Difference 39,962,412 3,351,394 9,468,747 52,782,553 * Road patrol and corrections divisions are combined. Motioned carried. GRS will work with Mariner to create a stress model with scope and layered amortization and will present the findings to the board. B. Moved by Woodward, seconded by Stevens to receive and file the Oakland County Retirement and Deferred Compensation Board Annual Report 2024. Motion carried. C. Moved by Stevens, seconded by Wittenberg to approve the post -retirement defined benefit pension increase of 1.5% of the original pension amount, for those who retired before May 2, 2024. Motion carried. D. Moved by Stevens, seconded by Taylor 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 - 2024 Annual Report for the pension and retiree healthcare programs. Motion carried. E. Chairman Rozell appointed trustee Stevens and Crampton as the delegates for the MAPERS Spring 2025 Conference IV. Trustee Comment A. Chairperson Rozell noted the next meeting of this Board — Thursday, May 22, 2025. VIII. Without objection, Chairperson Rozell adjourned the meeting at 3:08 p.m. Motion carried. Josh Rozell, hairperson Respectfully submitted, aAc Carly`Vebster,'l cretary