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HomeMy WebLinkAboutMinutes - 2026.04.23 - 42909OAKLAND COUNTY EMPLOYEES' RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES The Oakland County Retirement and Deferred Compensation Board meeting was held April 23, 2026, at 1:31 p.m. in the West Oakland Conference Room in the County Executive Building. I. Call to Order/ Roll CaII Members Present: Joseph Rozell, 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 John Krakowiak, Graystone Amy Cole, Graystone Erik Burger, Graystone Paul Zelenak, Treasurer's Office Chris Smith, GRS Heidi Barry, GRS Stephanie Sullivan, GRS II. Approval of the Agenda A. Moved by Wittenberg, seconded by Van Leuven to approve the agenda as submitted. Motion carried. III. Public Comment None IV. Consent Agenda A. Approval of the March 26, 2026, Regular Board and Closed Session minutes B. Approval of the March 26, 2026, Investment Subcommittee Board minutes C. Pension Payroll — 4/30/2026 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 Crampton to approve the following Defined Benefit and Defined Contribution applications. Motion carried. 1. Defined Benefit retirement applications Name I Department I Jennifer Richardson I Fiscal Services I Effective I 05/16/2026 I Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 26, 2026 Page 2 2. Defined Contribution retirement applications Name John Ashley Justin Davis Kathryn Fraser Stephen Huber Lisa Miller Shawn Monk Charles Nicholson Scott Taylor Sheri Will John Wing Department Sheriff's Office Prosecutor's Office Public Health Sheriff's Office Sheriff's Office Management & Budget Children's Village Deferred - Circuit Court Sheriff's Office WRC Effective 05/02/2026 04/04/2026 05/07/2026 05/02/2026 03/03/2026 05/21/2026 06/12/2026 04/14/2026 05/02/2026 05/02/2026 VI. Reports A. John Krakowiak, Amy Cole and Erik Burger of Graystone reviewed the February performance reports and customizations available. Discussion was held regarding Private Credit, rate cuts, and the changes to the Graystone contract. Moved by Lefler, seconded by Woodward to receive and file Graystone's DB Plan report dated April 23, 2026. Accept Graystone's recommendation to move $1.5 Million from Reinhart Small/Mid Cap, $1.5 Million from Leeward Small Cap and $2 Million from Lazard International to Cash for May expenses. Move $2.5 Million from Hudson Edge International and $2.5 Million from Allspring Emerging Markets to Cash for June expenses. Move $2.5 Million from ABS Emerging Markets to Cash for July expenses. Motion carried. Moved by Van Leuven, seconded by Wittenberg to accept the changes as presented to the Graystone contract. Motion carried. B. Paul Zelenak presented the Treasurer's Report. Moved by Wittenberg, seconded by Stevens 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 Taylor, seconded by Wittenberg 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 2026 1Q 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. Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 26, 2026 Page 3 1. Shelly Kerchoff 11871 — Fiscal Services 2. Faisal Khawaja 24718 — Sheriffs Office 3. Joseph Tolan 26792 — Sheriffs Office 4. Sean Young 42978 - Parks 5. Wendell Walker 23002 — Novi District Court 6. Kate Lyons 30733 — Circuit Court 7. Jennie Breitmeyer 46655 — Corp Counsel 8. Brian Bailey 31731 — Neighborhood Housing and Development Closed session moved to the end of the meeting. D. Aaron Castle of VMT Law presented his legal report and reviewed updates on the Defined Contribution Investment Manager Request for Proposal. Moved by Crampton, seconded by Van Leuven to approve the revision of the By - Laws as required by the update of the Electronic Meeting Policy. Motion carried. Moved by Taylor, seconded by Wittenberg to receive and file the legal report. Motion carried. VII. Unfinished Business A. The Investment Subcommittee met on Tuesday April 21, 2026, and interviewed Boston Partners and DeRoy & Devereau for All Cap/Large Cap Value managers. Discussion was held. Moved by Van Leuven, seconded by Wittenberg to accept the Investment Subcommittee's recommendation to invest 2/3 with Boston Partners and invest 1/3 with DeRoy & Devereau, funds will be moved from State Street S&P 500 Equal Weight, pending legal review. Motion carried. VIII. New Business A. Chris Smith of GRS presented the OCERS Annual Actuarial Valuation Report as of September 30,2025. Discussion was held. Moved by Crampton, seconded by Stevens to receive and file the OCERS Annual Actuarial Valuation Report as of September 30, 2025. Motion carried. Moved by Taylor, seconded by Stevens to authorize the following transfer and the memo to Fiscal Services regarding County contribution: General Command Sheriff County Officers Deputies' Total Retiree Liability $ 469,872,484 $ 49,700,899 $ 129,675,640 $ 649,249,023 Retiree Reserve 434,896,584 46,499,682 121,143,579 602,539,845 Difference 34,975,900 3,201,217 8,532,061 46,709,178 Road Deputies and Corrections Deputies are combined. Motion carried. Oakland County Employees' Retirement and Deferred Compensation Board Minutes April 26, 2026 Page 4 B. Moved by Taylor, seconded by Wittenberg to receive and file Secretary Webster's memo to the Board of Commissioners, with the required reporting for State of Michigan Public Act 202 of 2017 - 2025 Annual Report for the pension and retiree healthcare programs. Motion carried. C. Closed Session to discuss disability retirement 2026-C and 2026-D Moved by Van Leuven, seconded by Crampton, to go into closed session to discuss disability retirement application 2026-C and 2026-D. Roll CaII: Ayes: Rozell, Wittenberg, Lefler, Taylor, Crampton, Woodward, Van Leuven, Stevens Nayes: None Absent: None Motion carried. Closed session commenced at 3:01 p.m. Closed session concluded at 3:19 p.m. Moved by Woodward, seconded by Crampton to approve the Medical Directors recommendation that the 2026-C application for non -duty disability retirement be granted, as discussed in closed session. Motion carried. Moved by Crampton, seconded by Wittenberg to deny the 2026-D application for disability retirement and have the Retirement Administrator send notice of denial. Motion carried. VIII. Trustee Comment A. Chairperson Rozell noted the next meeting of this Board - Thursday, May 28, 2026, at the County Executive Building, West Oakland Conference Room. B. Chairperson Rozell noted that the NAGDCA 2026 Conference registration is open. IX. Without objection, Chairperson Rozell adjourned the meeting at 3:23 p.m. Motion carried. Respectfully submitted, ilt2-0-t )? 2 ti------C./(i,,4 Jose f Ro011, C i Irperson ('L&i- i Carly Webst4r1 Secretary