HomeMy WebLinkAboutMinutes - 2025.12.18 - 42652OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held
December 18, 2025, at 1:30p.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:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Chris Kuhn, Mariner
Paul Zelenak, Treasurer's Office
Heidi Berry, GRS
II. Approval of the Agenda
A. Moved by Taylor, seconded by Van Leuven to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the November 20, 2025, Regular Board and Closed session Minutes
B. Approval of the November 19, 2025, investment Subcommittee Minutes
C. Pension Payroll — 12/31/2025
D. Investment Manager Invoices
E. Service Provider Invoices
Moved by Taylor, seconded by Wittenberg to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Moved by Van Leuven, seconded by Phelps to approve the following Defined
Contribution applications. Motion carried.
1. Defined Benefit retirement applications
Name I Department
I David Conklin I Deferred — Board of Commissioners
I Cynthia Fisher I Register of Deeds
Lisa Nader I Equalization
Effective
01/10/2026
01/15/2026
01/17/2026
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 18, 2025
Page 2
2. Defined Contribution retirement applications
Name
Gerald Beauchamp
James Chase
Kent Gardner
Michele Maloff
Charles Parrott II
Bridgett Robinson
Royalla Ross
Joel Siebertz
Kevin Thomas
Department
Sheriff's Office
Sheriff's Office
Sheriff's Office
Public Health
Equalization
Children's Village
Public Health
Deferred - Sheriff's Office
Sheriff's Office
Effective
11/16/2025
01/17/2026
11/21/2025
01/24/2026
01/24/2026
01/22/2026
11/21/2025
12/03/2025
01/25/2026
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
Private Equity Report June 30, 2025
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
3rd Quarter Report Period Ending September 30, 2025
• Oakland County Employees' Retirement System (ERS) Defined Benefit Plan
Monthly Flash Report Period Ending November 30, 2025
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending December 10, 2025
Moved by Wittenberg, seconded by Taylor to receive and file the Asset /
Manager Summary. Motion carried.
Moved by Van Leuven, seconded by Phelps to accept Mariner's recommendation
to transfer $5 million from SSgA S&P 500, $5 million from Reinhart Small/Mid
Core, and $5 million from ABS EM Equity to Cash. Motion carried.
B. Paul Zelenak presented the Treasurer's report.
Moved by Wittenberg, seconded by Van Leuven to receive and file the
Treasurer's Report. Motion carried.
C. Secretary Webster discussed the County's request to have GRS complete GASB
No. 68 in addition to the work included in the OCERS contract. GRS will invoice
Oakland County directly for the additional costs.
Moved by Lefler, seconded by Wittenberg to approve GRS to complete the GASB
No. 68 as outlined in the invoice. Legal Counsel will review the GRS contract and
amend the contract to include the GASB No. 68 calculation going forward. Motion
carried.
Secretary Webster noted that contract cancelation letters have been sent to
Optum Financial and BPAS.
D. Aaron Castle of VMT Law presented his legal report containing information
regarding Legislative Updates.
Oakland County Employees' Retirement and Deferred Compensation Board Minutes
December 18, 2025
Page 3
Closed Session to discuss ongoing securities litigation related matters subject to
the attorney -client privilege.
Moved by Woodward, seconded by Wittenberg to go into closed session to
discuss ongoing securities litigation related matters subject to the attorney -client
privilege.
Roll Call:
Ayes: Rozell, Phelps, Wittenberg, Van Leuven, Stevens, Lefler, Taylor,
Woodward
Nayes: None
Absent:
Motion carried.
Closed session commenced at 1:49 p.m.
Closed session concluded at 2:02 p.m.
Moved by Wittenberg, seconded by Stevens to approve the $25 million mediator
settlement with Driven Brands as discussed in closed session. Motion carried.
Moved by Phelps, seconded by Taylor to have legal counsel pursue litigation and
amend the complaint against FMC Corporation as discussed in closed session.
Motion carried.
II. Unfinished Business
A. Aaron Castle of VMT Law presented a final draft of the Investment Consultant
Contract with Graystone Consulting and a termination letter for Mariner.
Moved by Van Leuven, seconded by Crampton to approve the contract with
Graystone Consulting as presented. Motion carried.
Moved by Lefler, seconded by Phelps to terminate the Investment Consultant
Contract with Mariner. Motion carried.
VIII. New Business
None
IV. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, January 22,
2026, at 1:30pm in the West Oakland Conference room at the Executive Office
Building.
B. Without objection, Chairperson Rozell adjourned the meeting at 2:14p.m. Motion
carried.
Respectfully submitted,
(10A-61_ a
Carly'Webster, Oecretary