HomeMy WebLinkAboutMinutes - 2025.06.26 - 42414OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held June 26,
2025, at 1:32 p.m. in Committee Room A of the Board of Commissioners Building.
I. Call to Order/ Roll Call
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:
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Chris Kuhn, Mariner
Peter Brown, Mariner
Paul Zelenak, Treasurer's Office
Stephanie Sullivan, GRS
Chris Smith, GRS
II. Approval of the Agenda
A. Moved by Wittenberg, seconded by Stevens to approve the agenda as
submitted. Motion carried.
B. Moved by Van Leuven, seconded by Wittenberg to amend the agenda and add
item D. under New Business — Movement of August 28, 2025, Retirement Board
meeting to August 21, 2025. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the May 22, 2025, Regular Board and Closed Session minutes
B. Pension Payroll — 06/30/2025
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Van Leuven, seconded by Stevens to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Phelps, seconded by Taylor to approve the following Defined
Contribution applications. Motion carried.
1. Defined Benefit retirement applications - None
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
June 26, 2025
Page 2
2. Defined Contribution retirement applications
Name
Joseph Groome IV
Tracey Howden
Kirk Matich
Tammy Metrick
Elizabeth Olmsted
Wendy Reyes
Michelle Roivas
David Slazinski
Patricia Wetzel
Richard Whetstone
Department
Sheriff's Office
Circuit Court
Sheriff's Office
Management & Budget
Public Health
Sheriff's Office
Deferred —Sheriff s Office
Sheriff's Office
52-4 District Court
FM&O
Effective
07/01/2025
06/03/2025
07/12/2025
08/09/2025
05/31/2025
06/26/2025
08/01/2025
07/03/2025
07/11/2025
07/04/2025
VI. Reports
A. 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
Performance Review - Private Investment Report Period Ending December
31, 2024
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
1st Quarter Report Period Ending March 31, 2025
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending May 31, 2025
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending June 16, 2025
Discussion was held on the reports. Chris Kuhn and Peter Brown of Mariner will
provide additional details in future reporting. They will also update the asset
allocation report and present the information at a future meeting.
Moved by Van Leuven, seconded by Stevens to accept Mariner's
recommendation to transfer $4 million of T. Rowe Price Enhanced 500, $4 million
of Times Square Mid Growth, and $4 million of Hudson Edge Intl Equity to Cash.
Motion carried.
Moved by Phelps, seconded by Taylor to receive and file the DB Plan
Performance Private Investment Report Period Ending December 31, 2024, 1st
Quarter Report Period Ending March 31, 2025, Monthly Flash Report Period
Ending May 31, 2025, and Asset / Manager Summary Period Ending June 16,
2025. Motion carried.
B. 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
June 26, 2025
Page 3
C. Assistant Secretary Pena provided a verbal update to the Trustees regarding
working with the Treasurer's office and Fiscal on outstanding checks and closing
out the PNC account.
D. Aaron Castle of VMT Law presented his legal report. Discussion was held on
i. DB Investment Consultant Request for Proposal (RFP) —
1. The Investment Subcommittee meeting was recapped, and
discussion was held. Aaron Castle will send out an email to all the
Trustees with a copy of the 2019 Investment Consultant RFP
along with the new RFP DB Investment Consultant Draft. All
comments and questions are due to Aaron by August 1st, all
comments and questions will be reviewed, answered and
distributed to all Trustees before the August board meeting packet
is distributed.
2. Aaron Castle will provide a notice of intent in July for the DB
Investment Consultant Request for Proposal.
ii. In -Plan Roth Conversion —
1. The In -Plan Roth Conversion flyer was approved but the 457(b)
plan needs to be amended. The next LAGO meeting is July 8,
2025, and the BOC meeting July 17, 2025.
Moved by Wittenberg, seconded by Stevens to recommend
approval of the 457(b) plan change to allow In -Plan Roth
conversions as outlined in Addendum A of the legal report. Motion
carried.
iii. P.A. 202 Actuarial Audit —
1. Aaron Castle provided a verbal update on the latest P.A. 202
details. He will include updates in his next written report.
Moved by Wittenberg, seconded by Van Leuven to receive and file the Legal
report. Motion carried.
VII. Unfinished Business
A. Chairperson Rozell gave a verbal update on the Anne Sisk overpayment. Legal
Counsel, VMT, drafted a letter on the Retirement Board's behalf and it was sent
to the Oakland County Prosecutors Office and the Michigan Attorney General.
The State of Michigan Attorney General's office responded and suggested we
contact the FBI. Discussion was held; Assistant Secretary Pena will reach out to
Vibe Credit Union regarding the Sisk account.
Moved by Stevens, seconded by Wittenberg to have legal counsel draft
communication to the FBI regarding the pursuit of missing funds. Motion carried.
VIII. New Business
A. Moved by Taylor, seconded by Phelps to receive and file the Retirement Board
2025 Retiree Election Calendar for term ending August 31, 2027. Motion carried.
B. Stephanie Sullivan and Chris Smith of GRS presented the Layered Amortization
report.
Discussion was held on the report and more information was requested by the
Trustees regarding additional scenarios and details. GRS will provide additional
data at the July or August meeting.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
June 26, 2025
Page 4
C. Aaron Castle, Chris Kuhn and Assistant Secretary Pena presented the resolution
drafted by legal counsel to allow the Investment Consultant and retirement staff
to raise cash prior to an OCERS meeting to ensure timely payment of benefit
payments. Any cash raised in between board meetings will be reported to the
Trustees at the next meeting.
Moved by Van Leuven, seconded by Crampton to allow the Retirement Board's
Investment Consultant, in consultation with the Retirement Administrator to raise
cash as necessary from the investment accounts to meet the DB Plan's cash
needs. Any cash raised in between board meetings will be reported to the
Trustees at the next meeting. Motion carried.
Discussion was held on the timing and use of the resolution.
Moved by Woodward, seconded by Taylor to amend the resolution allowing the
Retirement Board's Investment Consultant, in consultation with the Retirement
Administrator to raise cash as necessary from the investment accounts to meet
the DB Plan's cash needs. Any cash raised in between board meetings will be
reported to the Trustees at the next meeting by adding: 1. This resolution will
only be used if there is no OCERS Retirement Board meetings prior to the need
for cash movements. 2. Approval of the Chairperson or Vice Chairperson is
needed. 3. Capital calls that initiated the need for cash movement prior to the
board meeting will be presented in the next board packet. 4. This resolution will
sunset December 31, 2025. Motion carried.
D. Moved by Stevens, seconded by Lefler to move the 1:30pm August 28, 2025,
Retirement Board meeting to 9:30am August 21, 2025. Motion carried.
IV. Trustee Comment
A. Assistant Secretary Pena discussed the upcoming conferences and events.
B. Chairperson Rozell noted the next meeting of this Board — Thursday, July 24,
2025.
IX. Without objection, Chairperson Rozell adjourned the meeting at 3:37 p.m. Motion
carried.
Joseph Rozell7Charperson
Respectfully submitted,
Kelly R.15ena/Assistant Secretary