HomeMy WebLinkAboutMinutes - 2025.11.20 - 42651OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
November 20, 2025, at 1:34 p.m. in the Canvasing Room in the Elections Office.
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:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Paul Zelenak, Treasurer's Office
Stephanie Biddle, Empower
Thomas May, Empower
John Krakowiak, Graystone
Erik Burger, Graystone
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Taylor to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the October 23, 2025, Regular Board Session minutes
B. Approval of the October 20, 2025, Investment Subcommittee minutes
C. Approval of the October 23, 2025, Investment Subcommittee minutes
D. Pension Payroll — 11/28/2025
E. Investment Manager Invoices
F. Service Provider Invoices
Moved by Phelps, seconded by Van Leuven to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Taylor to approve the following Defined
Benefit and Defined Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department 1 Effective
Greg Glover I Sheriff's Office ( 12/31/2025
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
November 20, 2025
Page 2
2. Defined Contribution retirement applications
Name
Joel Eaton
Donna Folland
Sheree Giddings
Raymond Kujawa
Victor Rowland
Department
Deferred — FM&O
Parks and Recreation
Health
Deferred — Sheriff's Office
Airport and Aviation
Effective
11/02/2025
11/01/2025
10/04/2025
11/05/2025
10/17/2025
VI. Reports
A. Stephanie Biddle of Empower presented the 3rd Quarter 2025 Oakland County
Plan Performance Insights, provided comments summarizing highlights and
updated the trustees on the 457(b) participant increase percentage, Secure 2.0
implantation and loan repayment. Thomas May of Empower reviewed the
outreach efforts and statistics with the trustees.
Moved by Taylor, seconded by Crampton to receive and file the 3rd Quarter 2025
Oakland County Plan Performance Insights. Motion carried.
B. Erik Burger of Graystone Consulting presented the 3rd Quarter 2025 401a/457b
and PTNE Plan Investment Review. John Krakowiak provided comments
summarizing the highlights contained in the report. Discussion was had regarding
small cap managers.
Moved by Van Leuven, seconded by Woodward to accept Graystone's
recommendation to move the PGIM Total Return Bond and PGIM High Yield
Bond to CIT equivalents. Motion carried.
Moved by Crampton, seconded by Stevens to accept Graystone's
recommendation to terminate the Virtus KAR Small Cap Growth fund and enter
into contract with American Century Small Cap Growth, pending legal review.
The same change will be made to the Retirement Health Savings once the
transition from the current provider to Empower occurs in 2026. Motion carried.
Moved by Woodward, seconded by Phelps to receive and file the 3rd Quarter
2025 401a/457b and PTNE Plan Investment Review. Motion carried.
C. Paul Zelenak presented the Treasurer's report.
Moved by Wittenberg, seconded by Taylor to receive and file the Treasurer's
Report. Motion carried
D. Secretary Webster provided a verbal update on retirement outreach and a
corrected 401(a) Forfeiture Memo.
Moved by Woodward, seconded by Stevens to approve the use of forfeitures in
the amount of $563,235 to offset employer contributions for the next payroll cycle.
Motion passed.
E. Aaron Castle of VMT Law presented his legal report containing information
regarding Legislative Updates.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
November 20, 2025
Page 3
Closed Session to discuss ongoing securities litigation related matters subject to
the attorney -client privilege.
Moved by Phelps, seconded by Taylor to go into closed session to discuss
ongoing securities litigation related matters subject to the attorney -client
privilege.
Roll CaII:
Ayes: Rozell, Phelps, Wittenberg, Crampton, Van Leuven, Stevens, Lefler,
Taylor, Woodward
Nayes: None
Absent:
Motion carried.
Closed session commenced at 2:46 p.m.
Closed session concluded at 3:03 p.m.
Moved by Taylor, seconded by Wittenberg to have legal counsel pursue litigation
and potential lead status as discussed in closed session. Motion carried.
VII. Unfinished Business
A. The DB/VEBA Investment Consulting Services Interviews held by the Investment
Subcommittee on November 19, 2025 was discussed. All trustees who attended
the interviews provided comments on the presentation and service expectations
from the Investment Consultant.
Moved by Van Leuven, seconded by Phelps to enter into contract negotiations
for DB and VEBA Investment Manager Consultant services with Graystone
Consulting from Morgan Stanley. Motion carried.
VIII. New Business
None
IV. Trustee Comment
A. Trustee Van Leuven and Trustee Stevens discussed upcoming investment
opportunities with Sturbridge. Additional information will be provided soon. No
action was taken.
B. Assistant Secretary Pena discussed the upcoming conferences and events.
C. Chairperson Rozell noted the next meeting of this Board — Thursday, December
18, 2025.
VIII. Without objection, Chairperson Rozell adjourned the meeting at 3:46 p.m. Motion
carried.
Respectfully submitted,
.,(A
Josh RoyII, ¢aa ri person V Carly Webster, Secretary