HomeMy WebLinkAbout070125_140005_2025-05-22 Ret Def Comp Minutes signedOAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held May 22,
2025, at 1:43 p.m. in the Elections Conference room of the Elections Office.
I. CaII to Order/ Roll CaII
Members Present: Joseph Rozell, Jeffrey Phelps, James Van Leuven, Casey
Crampton, Dion Stevens, Robert Wittenberg, Brian J. Lefler, David
Woodward, Linnie Taylor
Members Absent:
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Rob Luciano, Empower
Thomas May, Empower
John Krakowiak, Graystone
Erik Burger, Graystone
Amy Cole, Graystone
Heidi Barry, GRS
I1. Approval of the Agenda
A. Moved by Van Leuven, seconded by Phelps to approve the agenda as amended,
add item B. Investment Consultant Search to the Regular Agenda. Motion
carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the April 24, 2025, Regular Board and Closed Session minutes
B. Pension Payroll — 05/30/2025
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Phelps to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Stevens to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
I Name I Department I Effective
Marie Douville I Deferred —Sheriff's Office I 06/01/2025
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 22, 2025
Page 2
2. Defined Contribution retirement applications
Name
Nancy Basch
Joseph Colaianne
Alison Devine
Richard Hemming
Kenneth Hiller
Kelly Mukomel
Bret Rasegan
Lynn Sonkiss
Department
WRC
Deferred — WRC
District Court
Sheriffs Office
Sheriff's Office
Prosecutor's Office
Economic Development
Deferred — Management & Budget
Effective
05/10/2025
05/10/2025
05/16/2025
05/29/2025
06/04/2025
05/30/2025
05/17/2025
05/30/2025
B. Moved by Van Leuven, seconded by Phelps to have Legal Counsel draft the
Request for Proposal for the DB Investment Consultant search, to be completed
and reviewed by the Retirement Boards Investment Subcommittee, as is
consistent with past practices. Motion carried.
VI. Reports
A. Rob Luciano of Empower presented the 1st Quarter 2025 Oakland County Plan
Performance Insights, provided comments summarizing highlights and updated
the trustees on Empowers new S&P offer, private equity funds for some plans
and studies on their Governmental book of business.
Thomas May of Empower reviewed the outreach efforts and statistics with the
trustees. The Retirement staff has implemented the new flyers, advertisements
and newsletters for retirement awareness.
Moved by Stevens, seconded by Crampton to receive and file the 1st Quarter
2025 Oakland County Plan Performance Insights. Motion carried.
B. Erik Burger of Graystone Consulting presented the 1st Quarter 2025 401a/457b
and PTNE Plan Investment Review. John Krakowiak and Amy Cole provided
comments summarizing the highlights contained in the report.
Moved by Stevens, seconded by Taylor to receive and file the 1st Quarter 2025
401a/457b and PTNE Plan Investment Review. Motion carried.
John Krakowiak and Erik Burger of Graystone Consulting presented the floating
rate search. Discussion was held regarding the limited space in the market.
Graystone will continue to monitor the funds and report back to the board. No
action was taken.
C. Moved by Van Leuven, seconded by Phelps to receive and file the Treasurer's
Report. Motion carried
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 22, 2025
Page 3
D. Secretary Webster provided a verbal update on the Anne Sisk overpayment.
Discussion was held. Legal Counsel, VMT, is drafting a letter on the Retirement
Board's behalf to send to the Oakland County Prosecutors Office and if needed
to the Michigan Attorney General.
Moved by Taylor, seconded by Wittenberg to receive and file the Oakland County
Sheriffs Case Report for the Anne Sisk overpayment. Motion carried.
E. Aaron Castle of VMT Law presented his legal report. Discussion was held on PA
202 Actuarial Audit legal requirements.
Closed Session to discuss ongoing securities litigation related matters subject to
the attorney -client privilege.
Moved by Taylor, seconded by Woodward to go into dosed session to discuss
ongoing securities litigation related matters subject to the attorney -client
privilege.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Crampton, Van Leuven, Stevens, Lefler,
Taylor, Woodward
Nayes: None
Absent:
Motion carried.
Closed session commenced at 2:40 p.m.
Closed session concluded at 2:46 p.m.
Moved by Stevens, seconded by Crampton, as discussed in closed session, to
withdraw from the First NBC litigation and dismiss the complaint as it is unlikely
to receive any recovery. Motion carried.
VII. Unfinished Business
A. Secretary Webster provided a verbal update on The Oakland County Roth In -
Plan Conversion Flyer.
Moved by Phelps, seconded by Stevens to approve moving forward with the In -
Plan Roth Conversion after Plan Amendment review. Motion carried.
VII1. New Business
A. Moved by Taylor, seconded by Crampton to receive and file the required
reporting for State of Michigan Public Act 314 — Summary 2024 DB Plan Annual
Report, as amended. Motion carried.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
May 22, 2025
Page 4
IV. Trustee Comment
A. Trustee Crampton, Trustee Stevens and Assistant Secretary Pena discussed the
MAPERS Spring 2025 Conference.
B. Chairperson Rozell noted the next meeting of this Board — Thursday, June 26,
2025.
VIII. Without objection, Chairperson Rozell adjourned the meeting at 2:58 p.m. Motion
carried.
Joseph Rozell, chairperson
Respectfully submitted,
Carly Webster, Secretary