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HomeMy WebLinkAboutMinutes - 2025.07.24 - 42415OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held July 24, 2025, at 1:32 p.m. in the West Oakland Conference Room of the County Executive 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 Paul Zelenak, Treasurer's Office Chris Kuhn, Mariner Peter Brown, Mariner Chris Smith, GRS Aria Dwoskin, Board of Commissioners II. Approval of the Agenda A. Moved by Phelps, seconded by Wittenberg to approve the agenda as submitted. Motion carried. III. Public Comment None IV. Consent Agenda A. Approval of the June 26, 2025, Regular Board minutes B. Approval of the June 26, 2025, Investment Subcommittee Board minutes C. Pension Payroll — 07/31/2025 D. Investment Manager Invoices E. Service Provider Invoices Moved by Van Leuven, seconded by Wittenberg to approve the consent agenda, as submitted. Motion carried. V. Regular Agenda A. Moved by Van Leuven, seconded by Woodward to approve the following Defined Contribution and Defined Contribution Non -Duty Death applications. Motion carried. 1. Defined Benefit retirement applications - None Oakland County Employees' Retirement and Deferred Compensation Board Minutes July 24, 2025 Page 2 2. Defined Contribution retirement applications Name Department Douglass Babin Register of Deeds Paul Blanzy Airport and Aviation Marilyn Day Prosecutor's Office Mark Giroux Medical Examiner's Office Ronald Hein Sheriff's Office John Jacob Sheriff's Office Harry Joseph Sheriff's Office Bradley Ostrander Sheriff's Office Randy Pierce Sheriff's Office 3. Defined Contribution Non -Duty Death applications Name ( Department Stephen (Lisa) Jacobs I Sheriff's Office Effective 6/10/2025 8/14/2025 7/12/2025 7/12/2025 8/09/2025 7/22/2025 7/26/2025 8/15/2025 7/10/2025 Effective 6/17/2025 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 Monthly Flash Report Period Ending June 30, 2025 • Oakland County Employees' Retirement System (ERS) Asset / Manager Summary Period Ending July 15, 2025 Moved by Van Leuven, seconded by Stevens to receive and file the Asset / Manager Summary and accept Mariner's recommendation to transfer $5 million of SSgA S&P 500 to Cash. Motion carried. B. Paul Zelenak presented the Treasurer's Report. Moved by Phelps, seconded by Wittenberg 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 Stevens 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 2Q 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. — Kyle Mountz — Sheriffs Office 2. — Rick DeVisch - WRC 3. — Kathy Gray — Public Communications 4. — Jessica Lourim — Circuit Court 5. — Teresa Falzarano - WRC 6. — Heather Van Poucker — Human Resources 7. — Michael Martz — Parks and Rec 8. — Jerry Seawright — Circuit Court Oakland County Employees' Retirement and Deferred Compensation Board Minutes July 24, 2025 Page 3 Secretary Webster gave a verbal update on the correspondence received from retiree James Brennan. Motion by Van Leuven, seconded by Stevens to receive and file the retiree communication. Motion carried. D. Aaron Castle of VMT Law presented his legal report. Discussion was held on the DB Investment Consultant RFP, Sisk Overpayment and P.A. 202 Actuarial Audit requirements. The board will add the P.A. 202 Actuarial Audit to the RPF review calendar. Moved by Stevens, seconded by Phelps to receive and file the Legal Report. Motion carried. VII. Unfinished Business None VIII. New Business A. Chairperson Rozell appointed trustees Phelps, Wittenberg and Taylor to the Election Board to oversee the Retiree Election. Moved by Taylor, seconded by Wittenberg to receive and file the Election Committee Statement, certifying that James VanLeuven Jr. will serve as the Retiree Representative Member for term ending August 31, 2027. Motion carried. B. Aaron Castle of VMT Law presented on the Northern Trust Class Action Filing Custody Services. Discussion was had on Northern Trust's enhanced services, fee structure and negative consent process. Moved by Crampton, seconded by Phelps to accept the automatic enrollment into the Northern Trust Enhancements to Class Action Filings. Motion carried. C. Aaron Castle of VMT Law presented on the Empower Contract Amendment. Discussion was held on the changes and cost savings for the participants. The board will add the recordkeeper RPF schedule to the review calendar. Moved by Stevens, seconded by Crampton to approve the Empower Contract Amendment. Motion carried. IV. Trustee Comment A. Chairperson Rozell noted the next meeting of this Board — Thursday, August 21, 2025, at 9:30am in the West Oakland Conference Room at the County Executive Building. VIII. Without objection, Chairperson Rozell adjourned the meeting at 2:14 p.m. Motion carried. 'Joseph Rozell, Chairperson Respectfully submitted, tck.Q 1,.7n WA-lito Carly Webster, cretary