oakland county retirement and deferred … all... · 2017. 2. 9. · doug moseley, nepc david...

OAKLAND COUNTY RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES

The Oakland County Retirement and Deferred Compensation Board meeting was held January 14, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Joseph Rozell Lauri Siskind Eileen Kowall (designee of Chairman, BOC) Laurie VanPelt (designee of County Executive) Members Absent with notice: Jeffrey Phelps, Andy Meisner, Thomas Middleton Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Natalie Neph, Treasurer’s Office Keith Lerminiaux, Corporation Counsel Pamela Gerald, private citizen Girard Mullin, private citizen David Breuhan, Schwartz & Co. John Krakowiak, NEPC Kevin Leonard, NEPC Secretary Judy Fandale chaired the meeting. 1. Moved by Rozell, seconded by Childs to approve the minutes of December 10, 2015.

Motion carried. 2. Moved by Rozell, seconded by Kowall that James H. VanLeuven, Jr. be nominated for Chairperson. Moved by Rozell, seconded by Childs that nominations be closed and a unanimous ballot be cast. Motion carried. Chairperson James H. VanLeuven, Jr. assumed the chair. 2a. Moved by Rozell, seconded by Siskind that Curtis Childs be nominated for Vice-

Chairperson. Moved by Rozell, seconded by Meisner that nominations be closed and a unanimous ballot be cast. Motion carried.

3. Meeting was opened for public comment; Pamela Gerald introduced herself and expressed

an interest in learning more about the Oakland County retirement plans and how a part-time non-eligible employee can earn a retirement.

4. Moved by Childs, seconded by VanPelt to approve the following Defined Benefit retirement

applications. Motion carried.

DEPARTMENT OPTION HEALTH ELIGIBILITY

RETIREMENT EFFECTIVE

Ackley, Linda Fiscal Services SL Family (1) 01-30-2016

Blaszczak, Michael Corp Counsel SL Family (F) 01-30-2016

Greenacre, Sandra WRC SL Family (1) 01-30-2016

Morgan, James Sheriff SL Family (2) 02-17-2016

Retirement Minutes January 14, 2016 5. Moved by Childs, seconded by VanPelt to approve the following Defined Contribution

retirement applications. Motion carried.

DEPARTMENT HEALTH ELIGIBILITY


Danhausen, Susan Treasurers Family (1) 01-30-2016

Grant, Mary Health Family (2) 01-23-2016

McDonnell, Kathleen Health 68% 01-30-2016

McLellan, Kenneth Sheriff Family (2) 01-09-2016

Price, Donald Animal Control 68% 01-21-2016

Rogers, Elizabeth Sheriff Family (2) 01-05-2016

6. Moved by VanPelt, seconded by Kowall to receive and file the 4th Quarter 2015 Defined Benefit and Defined Contribution reports. Motion carried.

7. Lauri Siskind drew four names for the 4th quarter 2015 REAP drawing. The winners of a

$100 Visa gift card are Karen Allen, Circuit Court for attending a Pre-Retirement class; Kathryn Barnes, Prosecutors for attending a Pre-Retirement class; Paul Zachos, FM&O for attending an ICMA-RC presentation and Philip Masters, WRC for attending an ICMA-RC 1:1

8. John Krakowiak and Kevin Leonard from NEPC made a presentation to the board. 9. Chairmen VanLeuven appointed himself, Meisner, VanPelt and Rozell to the Investment Subcommittee. Next Investment Subcommittee meeting will be held March 29, 2016 at 10:00a.m. 10. Moved by VanPelt, seconded by Childs to receive and file the Miller law firm litigation

summary. Motion carried. 11. Judy Fandale confirmed that Fidelity Investments will send a clarifying letter to participants

with regard to replacing the Fidelity Managed Income Portfolio with the T. Rowe Price Stable Value Fund and they will send a second letter regarding the same matter in 2017.

12. Moved by Rozell seconded by Kowall to adjourn the meeting at 2:30 p.m. Motion carried. The next meeting is scheduled for Thursday, February 25, 2016 at 1:30 p.m.

Respectfully submitted,

____________________________________ ____________________________________ James H. VanLeuven, Jr. – Chairperson Judy D. Fandale, Secretary


A special Oakland County Retirement and Deferred Compensation Board meeting was held

February 1, 2016 at 1:30 p.m. in the Royal Oak Conference Room.

Members Present: Jeffrey Phelps Curtis Childs

Joseph Rozell Lauri Siskind

Andy Meisner Thomas Middleton

Eileen Kowall (designee of Chairman, BOC)

Laurie VanPelt (designee of County Executive)

Members Absent

with notice: James H. VanLeuven, Jr.

Others Present: Judy Fandale, Human Resources

Megan Navarre, Human Resources

Natalie Neph, Treasurer’s Office

John Krakowiak, NEPC

Jim Ruther, NEPC

1. Public comment. No one spoke

2. John Krakowiak and Jim Ruther, NEPC made a presentation and recommendations to the

Board regarding GW Capital small cap value fund manager closing business operations.

3. An Investment subcommittee meeting is scheduled for Thursday, February 4, 2016 at

1:30p.m.

4. Moved by VanPelt seconded by Siskind to adjourn the meeting at 2:25 p.m. Motion carried.

The next meeting is scheduled for Thursday, February 25, 2016 at 1:30 p.m.


____________________________________ ____________________________________

Curtis Childs – Vice Chairperson Judy D. Fandale, Secretary


A special Oakland County Retirement and Deferred Compensation Board meeting was held

February 4, 2016 at 2:30 p.m. in the Royal Oak Conference Room.

Members Present: Jeffrey Phelps Curtis Childs

Joseph Rozell Lauri Siskind

Andy Meisner

Laurie VanPelt (designee of County Executive)

Members Absent

with notice: James H. VanLeuven, Jr., Thomas Middleton,

Eileen Kowall (designee of Chairman, Board of Commissioners)

Others Present: Judy Fandale, Human Resources

Megan Navarre, Human Resources

Natalie Neph, Treasurer’s Office

Keith Lerminiaux, Corporation Counsel

John Krakowiak, NEPC

Jim Ruther, NEPC

1. Public comment. No one spoke

2. John Krakowiak and Jim Ruther, NEPC made a presentation and recommendations to the

Board regarding GW Capital small cap fund manager closing business operations.

3. Moved by VanPelt, seconded by Rozell to authorize Keith Lerminiaux, Counsel to the Board

to request outside counsel, the Miller Law firm and Barrack, Rodos and Bacine review the

GW Capital contract and recent transactions for litigation to recover lost funds. Motion

carried.

4. Moved by Meisner, seconded by VanPelt to move assets from GW Capital small cap value

fund to the Lee Munder small cap value fund. Motion carried.

5. Moved by Phelps, seconded by Meisner to authorize NEPC to conduct a small cap value

search and make a recommendation at the March 29, 2016 Investment subcommittee

meeting. Motion carried.

6. VanPelt requested a flash report from NEPC by February 25, 2016.

7. Moved by Rozell seconded by Meisner to adjourn the meeting at 2:45 p.m. Motion carried.

The next meeting is scheduled for Thursday, February 25, 2016 at 1:30 p.m.


____________________________________ ____________________________________

Curtis Childs – Vice Chairperson Judy D. Fandale, Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held February 25, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Jeffrey Phelps Thomas Middleton Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Eileen Kowall (designee of Chairman, BOC) with notice Others Present: Jennifer Hain, Human Resources Megan Navarre, Human Resources Lisa Villella, Human Resources Keith Lerminiaux, Corporation Counsel Jason Ashline, ICMA-RC Ross Graham, ICMA-RC Sandra Rouse-Thames, ICMA-RC David Breuhan, Schwartz & Co. Ben Jones, Schwartz & Co. Janette Schad, Schwartz & Co. Edward Schwartz, Schwartz & Co. 1. Moved by Meisner, seconded by Rozell to approve the minutes of January 14, 2016. Motion

carried. 2. Moved by VanPelt, seconded by Childs to approve the minutes of February 1, 2016 special

Board meeting. Motion carried. 3. Moved by Phelps, seconded by Siskind to approve the minutes of February 4, 2016 special

Board meeting. Motion carried. 4. Meeting was opened for public comment; no one spoke. 5. Moved by Childs, seconded by Phelps to approve the following Defined Benefit retirement

applications. Motion carried. DEPARTMENT OPTION HEALTH

ELIGIBILITY RETIREMENT EFFECTIVE

Almstadt, John Workforce Dev. SL Family (1) 03-01-2016 Gariepy, Kathleen Deferred D-100% Family (F) 03-03-2016 McLocklin, Jill Sheriff D-100% Family (F) 03-15-2016 Ritchie, Terry WRC A-100% Family (2) 03-19-2016

6. Moved by VanPelt, seconded by Siskind to approve the following Defined Contribution

retirement applications. Motion carried. DEPARTMENT HEALTH


Bishop, Joan District Court 52-1 Family (1) 04-09-2016 Cokley, James FM&O Family (2) 02-20-2016 Crone, Diane Health 64% 02-02-2016 Greer, Lauren Equalization Family (1) 02-23-2016

Retirement Minutes February 25, 2016 Page 2 Defined Contribution Retirements continued –

Klein-Shapiro, Lori FOC Family (F) 03-03-2016 Kolkjen, Kathleen FOC 60% 03-05-2016 Kramb, Leslie Health RHS-C 01-14-2016 LeMessurier, Brian Childrens Village None 03-02-2016 Losinski, David Sheriff None 03-01-2016 McCulloch, John Deferred Family (F) 02-19-2016 McDaniels, Lynn Health Family (2) 04-02-2016 Secontine, Julie Risk Management Family (2) 02-27-2016

7. Moved by Childs, seconded by Meisner to receive and file the February 4, 2016 Investment

Subcommittee meeting minutes. Motion carried. 8. Keith Lerminiaux, Corporation Counsel gave a brief overview of his ongoing discussions

with the Miller Law firm and the Barrack, Rodos and Bacine Law firm. 9. Moved by Middleton, seconded by Rozell to receive and file the annual securities litigation report from Barrack, Rodos and Bacine Law firm. Motion carried. 10. Jason Ashline, Ross Graham and Sandra Rouse-Thames, ICMA-RC made a presentation to

the Board. 11. David Breuhan, Ben Jones, Janette Schad and Edward Schwartz, Gregory J. Schwartz &

Co. presented the 401(a) and 457(b) 4th quarter performance review. Moved by Meisner, seconded by Siskind to place the following funds on the watch list for the Defined Contribution 401(a) plan. Motion carried.

a. Franklin Rising Dividends fund b. Goldman Sachs Mid Cap Value fund c. Templeton Foreign fund d. Franklin Templeton Growth Allocation fund 11a. Moved by Childs, seconded by VanPelt to place the following funds on the watch list

for the Deferred Compensation 457(b) plan. Motion carried. a. Goldman Sachs Mid Cap Value fund 12. Moved by Meisner, seconded by Rozell to adjourn the meeting at 3:20 p.m. Motion carried. The next meeting is scheduled for Thursday, March 31, 2016 at 1:30 p.m.


____________________________________ ____________________________________ James H. VanLeuven, Jr. – Chairperson Judy Fandale, Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held March 31, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Jeffrey Phelps Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Thomas Middleton, with notice Joseph Rozell, with notice Eileen Kowall, with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel Louise Gates, GRS Doug Moseley, NEPC David Breuhan, Schwartz & Co. Malcolm Brown, County Executive office 1. Moved by Meisner, seconded by VanPelt to approve the minutes of February 25, 2016.

Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Moved by Phelps, seconded by Childs to approve the following Defined Benefit retirement




Clarfelt, Larry Circuit Court D – 100% RHS-C 04/30/2016

Jackson, Garry Deferred SL Family (1) 05/09/2016

Kohn, Karen Parks & Rec A – 100% Family (2) 06/01/2016

Slabinski, Kimberly Reimbursement D – 100% Family (2) 04/08/2016

Tardugno, Tamara 52-4 District Court B – 50% Family (1) 04/30/2016

Shifman, Errol Deferred SL Family (1) 03/29/2016

4. Moved by Childs, seconded by VanPelt to approve the following Defined Contribution




Gilmore, Lisa Health Family (2) 03/05/2016

McCall, Kevin Deferred Family (F) 03/14/2016

McCarron, Jane FOC 80% 04/16/2016

Smith, Vickie Support Services RHS-C 03/02/2016

Stinson, Chris IT Family (1) 04/02/2016

Susalla, Angela Sheriff Family (1) 04/30/2016

Retirement Minutes March 31, 2016 Page 2 5. Moved by VanPelt, seconded by Childs to appoint Keith Lerminiaux, Corporation Counsel to research and prepare a resolution to be presented to the Board of Commissioners that would include language that will prevent Defined Benefit retirees from receiving a decrease of their previously redetermined pension when applying Rule 34 of the Defined Benefit plan document for the annual Defined Benefit increase. Motion carried; Chairperson VanLeuven abstained from voting. 6. Moved by Meisner, seconded by Childs to receive and file the March 29, 2016 Investment

Subcommittee meeting minutes. Motion carried. 7. Moved by Childs, seconded by Siskind to move into closed session. Roll call vote, motion

carried unanimously. The Board was advised of the Deferred Compensation 457(b) IRS audit findings and

resolution. Moved by VanPelt, seconded by Phelps to return to open session. Motion carried.

8. Louise Gates, Gabriel Roeder Smith presented the September 30, 2015 Oakland County Employees Retirement System Actuarial Valuation report. Moved by Siskind, seconded by VanPelt to approve the following transfers as listed on page A-2 of the report. Motion carried.

8a. Transfer $30,476,804 from the Pension Reserve - General County Fund to the Retirement Reserve-General County Fund.

8b. Transfer $2,621,784 from the Pension Reserve-Sheriffs Command Officers Fund to the Retirement Reserve-Sheriffs Command Officers Fund.

8c. Transfer $9,433,093 from the Pension Reserve-Sheriff Deputies Fund to the Retirement Reserve-Sheriff Deputies Fund.

9. Doug Moseley, NEPC presented the February 2016 Flash report to the Board.

10. Moved by Childs, seconded by Siskind to receive and file the Portfolio Monitoring report provided by the Miller law firm. Motion carried.

11. Moved by VanPelt, seconded by Childs to adjourn the meeting at 3:05 p.m. Motion carried. The next meeting is scheduled for Thursday, April 21, 2016 at 1:30 p.m.


____________________________________ ____________________________________ James H. VanLeuven, Jr. – Chairperson Judy Fandale, Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held April 21, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Andy Meisner Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Curtis Childs, with notice Eileen Kowall (designee of Chairman, BOC) Thomas Middleton, with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel Kim Kaczor, NEPC Kevin Leonard, NEPC Mike Valchine, NEPC David Collon, Seizert Paul Seizert, Seizert Jason Ashline, ICMA-RC Ken Wedemeyer, ICMA-RC David Breuhan, Schwartz & Co. Malcolm Brown, County Executive Office Michael Gingell, Board of Commissioners 1. Moved by Phelps, seconded by Meisner to approve the minutes of March 31, 2016. Motion

carried. 2. Meeting was opened for public comment; no one spoke. 3. Moved by Rozell, seconded by Meisner to approve the following Defined Benefit retirement




Cebulski, Linda Equalization D-50% Family (2) 04/29/2016 Farley, Charles Sheriff C-10 yrs Family (F) 04/30/2016 Feldman, Barbara Deferred A-100% Family (F) 05/02/2016 Stewart, David Sheriff A-100% Family (F) 04/30/2016 Stowe, Duane FM&O SL Family (1) 04/23/2016

4. Moved by Siskind, seconded by Rozell to approve the following Defined Contribution




Foreman, William Sheriff Family (F) 06/25/2016 Hassinger, Kimberly Community Corrections Family (2) 06/01/2016 Lim, Anna Health RHS-C 04/16/2016 Smith, Tamara Equalization Family (F) 06/11/2016 Weir, Beverly Health Family (1) 05/24/2016

Retirement Minutes April 21, 2016 Page 2 5. Commissioner Gingell drew four names for the 1st quarter 2016 REAP drawing. The winners of a $100 Visa gift card are Stacey Campbell, Equalization for attending an ICMA-RC presentation; Katherine Siebenaler, Circuit Court for attending an ICMA-RC presentation; Christen Hayes, Health for attending a Fidelity 1:1 and Linda Renda, FOC for attending an ICMA-RC 1:1. 6. Moved by VanPelt, seconded by Meisner to receive and file the 2015 Oakland County

Retirement and Deferred Compensation annual report. Motion carried. 7. Moved by VanPelt, seconded by Phelps to receive and file the 1st quarter 2016 Defined

Benefit and Defined Contribution report. Motion carried 8. Moved by VanPelt, seconded by Meisner to approve the 2016 Defined Benefit annual

increase of 1.5% for members retired prior to May 2, 2015 except as follows: • 0% for members retired January 1 through May 1, 2015 • 1.08% for members retired 5/2/2014 through 12/31/2014 • .95% for members retired 5/2/2013 through 12/31/2013 • Individuals that retired January 1 through May 1, 2013 and January 1 through May 1,

2014 will not receive a pay increase. They may receive a pay decrease if the Board of Commissioners does not approve the proposed amendment to the Defined Benefit Plan Document section 34.6. Motion carried.

9. Moved by Rozell, seconded by Siskind to move into closed session. Roll call vote, motion

carried unanimously. Chairman VanLeuven declared the session re-opened. Moved by Rozell, seconded by Phelps to approve a non-duty disability Defined Contribution

retirement application. Motion carried.

10. Moved by VanPelt, seconded by Rozell to move into closed session. Roll call vote, motion carried unanimously.

The Board was advised of the Deferred Compensation 457(b) IRS audit status. Chairman

VanLeuven declared the session re-opened.

11. David Collon and Paul Seizert, Seizert Capital Partners presented the Mid Cap Equity fund report to the board.

12. Kim Kaczor, Mike Valchine and Kevin Leonard, NEPC presented the March 2016 Flash

report to the Board. NEPC will conduct an asset liability study and present their findings to the Board by July 2016.

13. Moved by Rozell, seconded by VanPelt to issue a request for proposal for the Oakland

County Deferred Compensation plan. Motion carried.

14. Moved by VanPelt, seconded by Siskind to adjourn the meeting at 3:30 p.m. Motion carried. The next meeting is scheduled for Thursday, May 26, 2016 at 1:30 p.m.




The Oakland County Retirement and Deferred Compensation Board meeting was held May 26, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Eileen Kowall (designee of Chairman, BOC) Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel Douglas Davis, Fidelity Scott Dillman, Fidelity Jim Freeman, Fidelity Sandra Rouse-Thames, ICMA-RC Ken Wedemeyer, ICMA-RC David Breuhan, Schwartz & Co. Ben Jones, Schwartz & Co. Janette Schad, Schwartz & Co. Edward Schwartz, Schwartz & Co. Zack Thomas, Clerk/ROD 1. Moved by Meisner, seconded by Rozell to approve the minutes of April 21, 2016. Motion

carried. 2. Meeting was opened for public comment; no one spoke. 3. Moved by Childs, seconded by Meisner to approve the following Defined Benefit retirement




Chamarro, Jayne Deferred B – 50% None 07/12/2016 Hearit, Kevin Sheriff C –10yrs Family (F) 06/25/2016 McNair, Jerry Deferred B – 50% Family (F) 06/18/2016 Sulecki, Theresa Equalization D –100% Family (F) 06/04/2016

4. Moved by Phelps, seconded by VanPelt to approve the following Defined Contribution




Ferguson, Pamela Circuit Court Family (2) 06/25/2016 Gaissert, Mary IT 60% 06/04/2016 Norman, Matthew Sheriff Family (2) 06/07/2016 Rymar, Shonna Deferred One Person 05/27/2016 Tyner, Deborah Deferred One Person 06/28/2016

Retirement Minutes May 26, 2016 Page 2 5. Moved by VanPelt, seconded by Siskind to receive and file May 2016 Deferred Compensation hardships. Motion carried. 6. Scott Dillman, Doug Davis, Jim Freeman - Fidelity Investments made a presentation to the

Board. Effective July 1, 2016 Fidelity will reduce their administrative fee from 11 to 9.5 bps. They will reimburse participants who incurred additional tax preparation fees due to the return of excess contributions of the Oakland County Deferred Compensation plan. Fidelity will work with the Oakland County team (Fandale, Brown & Lerminiaux) to contact any members that may be affected.

7. Ken Wedemeyer, Sandra Rouse-Thames - ICMA-RC made a presentation to the Board.

Moved by Rozell, seconded by Childs to authorize the retirement unit to purchase gifts for the ICMA-RC “Passport” education drawing not to exceed $400. Motion carried.

8. Moved by Rozell, seconded by Meisner to receive and file the May 26, 2016 Investment

Sub-committee meeting minutes. 9. David Breuhan, Ben Jones, Janette Schad, Ed Schwartz - Schwartz & Co. presented the

Defined Contribution 401(a) and Deferred Compensation 457(b) plan review. Moved by VanPelt, seconded by Meisner to approve the following changes to the Defined Contribution 401(a) plan. Motion carried.

1) Add PIMCO Total Return to the watch list. 2) Remove Franklin High Income; map fund assets and future contributions to PIMCO High Yield fund. 3) Remove Franklin Templeton Conservative Allocation; map fund assets and future

contributions to JP Morgan Smart Retirement 2015 fund. 4) Remove Franklin Templeton Moderate Allocation; map fund assets and future

contributions to JP Morgan Smart Retirement 2025 fund 5) Remove Franklin Templeton Growth Allocation; map fund assets and future

contributions to JP Morgan Smart Retirement 2035 fund. 9a. Moved by VanPelt, seconded by Childs to approved the following changes to the Deferred

Compensation 457(b) plan. Motion carried. 1) Add Putnam Absolute Return 300 to the watch list. 2) Add PIMCO Total Return to the watch list. 3) Remove Franklin High Income; map plan assets and future contributions to Eaton Vance High Income Opportunities I fund.

4) Putnam Voyager will be mapped into the Putnam Growth Opportunities Fund effective July 15, 2016.

10. Janette Schad, Schwartz & Co presented the Deferred Compensation plan RFP schedule.

11. Moved by Childs, seconded by Phelps to receive and file the Portfolio Monitoring report provided by the Miller Law firm. Motion carried.

12. Moved by VanPelt, seconded by Rozell to adjourn the meeting at 3:35 p.m. Motion carried. The next meeting is scheduled for Thursday, June 23, 2016 at 1:30 p.m.




The Oakland County Retirement and Deferred Compensation Board meeting was held June 23, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) James VerPloeg (designee of Chairman, BOC) Others Present: Judy Fandale, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel Sandra Rouse-Thames, ICMA-RC Ken Wedemeyer, ICMA-RC Kathleen Wilson, ICMA-RC Jeff Braemer, Times Square Michael Valchine, NEPC Douglas Mosley, NEPC Dave Breuhan, Schwartz & Co Louise Gates, GRS Judith Cunningham, OC Retiree Zack Thomas, Clerk/ROD 1. Moved by Meisner, seconded by Rozell to approve the minutes of May 26, 2016. Motion

carried. 2. Meeting was opened for public comment; Judith Cunningham addressed the board

regarding an error with her Fidelity account. 3. Moved by Childs, seconded by Middleton to approve the following Defined Benefit




Craine, Pamela Fiscal Services A-100% Family (2) 07/23/2016 Dobbs, Susan Health SL Family (1) 07/07/2016 Goodlein, Karen Prosecutors A-100% Family(1) 07/30/2016 McLernon, James Sheriff A-100% Family(F) 07/15/2016 Merritt, Mark Sheriff A-100% Family (F) 07/09/2016 Simpson, Anthony Deferred A-100% Family (2) 07/02/2016 Taylor, Kurt FM&O B-50% Family(F) 07/30/2016

4. Moved by Phelps, seconded by VanPelt to approve the following Defined Contribution




Agacinski, Karen Corp Counsel 80% 06/07/2016 Brancheau, Jane Health 84% 08/04/2016 Creguer, Diane Fiscal Services 80% 06/18/2016 Donohue Jr, Robert Planning 68% 06/02/2016 Everingham, Kenneth Deferred Family(2) 06/18/2016 Hays, Patricia Probate Court Family (1) 06/18/2016

Retirement Minutes June 23, 2016 Page 2 5. Moved by VanPelt, seconded by Meisner to approve the invoice from Gabriel, Roeder,

Smith & Co in the amount of $5,000 for archiving the Oakland County Deferred Compensation Board minutes on Minute Master for the period of 1979 through March 31, 2010. Motion carried.

6. Moved by Rozell, seconded by Middleton to approve the invoice from Gabriel, Roeder,

Smith & Co in the amount of $23,500 for retainer services provided to the Retirement System during calendar year 2016. Motion carried.

7. Moved by Childs, seconded by VerPloeg to receive and file the Oakland County Employees’

Retirement System Summary Annual Report to Members as of September 30, 2105. Motion carried.

8. Ken Wedemeyer, Sandra Rouse-Thames, Kathleen Wilson from ICMA-RC made a

presentation to the Board. 9. Jeff Braemer from Times Squares made a presentation to the Board.

10. Michael Valchine and Douglas Mosley from NEPC made a presentation to the Board. 11. Moved by VanPelt, seconded by Siskind to allow Loomis Sayles to invest in agency MOS

trust. Motion carried. 12. Moved by Rozell, seconded by VanPelt to receive and file the Miller Law firm portfolio

review. Motion carried. 13. Moved by Meisner, seconded by Middleton to adjourn the meeting at 3:30p.m. Motion

carried. The next meeting is scheduled for Thursday, July 21, 2016 at 1:30 p.m.




The Oakland County Retirement and Deferred Compensation Board meeting was held July 21, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) James VerPloeg (designee of Chairman, BOC) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Kathy Sanders, Human Resources Keith Lerminiaux, Corporation Counsel Kenneth Tyszko, RBC Global Asset Management Bridget A. Tompkins, RBC Global Asset Management Michael Valchine, NEPC Kim Kaczor, NEPC Ben Jones, Schwartz & Co 1. Moved by Meisner, seconded by Siskind to approve the minutes of June 23, 2016. Motion

carried. 2. Meeting was opened for public comment; James VerPloeg announced he was leaving

Oakland County and this would be his last attended meeting. The Board thanked him and wished him well.

3. Moved by Rozell, seconded by Childs to approve the following Defined Benefit retirement




Burkett, Peter G. Sheriff SL Family(F) 07/29/16 Dougherty, Kathleen Parks & Rec D-50% Family(2) 07/30/16 Hill, Darrell Sheriff SL Family(2) 07/31/16 Polley, Dale A. Deferred D-50% Family(F) 07/24/16 Skewes, Amy J. Probate Court D-100% Family(F) 09/03/16 Willhite, Debra Clerk/Register SL Family(1) 07/30/16

4. Moved by Phelps, seconded by Childs to approve the following Defined Contribution




Alderman, Kenneth Sheriff Family(F) 06/30/16 Eason, Beatrice Comm & Home Impr Family(2) 09/02/16 Foshia, Martha Parks & Recreation 60% 07/09/16 Young, Judith Comm & Home Impr RHSC 06/25/16

Retirement Minutes July 21, 2016 Page 2 5. VerPloeg drew four names for the 2nd quarter 2016 REAP drawing. The winners of a $100

Visa gift card are Marline Rodgers, Medical Examiners, for attending a Fidelity 1:1; Aletha Craig, Purchasing, for attending 1:1 with Schwartz & Co.; Bethany Kenney, Homeland Security, for attending a Fidelity presentation “What to do with workplace savings”; and Sheri Zelek, 52-3 District Court, for attending 1:1 with ICMA-RC.

6. Moved by Meisner, seconded by Middleton to approve the invoice from Gabriel, Roeder,

Smith & Co in the amount of $8,000 for services provided for the Retirement System assumption study. Motion carried.

7. Moved by VanPelt, seconded by Rozell to approve the July 19, 2016 Investment

Subcommittee minutes. Motion carried. 7a. Moved by VanPelt, seconded by Rozell to approve the final template of the Vertas contract

for an easy transition of managers. Motion carried. 8. Moved by Meisner, seconded by Childs to receive and file the 2nd Quarter 2016 Defined

Benefit and Defined Contribution Reports. Motion carried. 9. Moved by Rozell, seconded by Childs to receive and file the Sheriff Deputy Association

request to Gabriel, Roeder, Smith & Co. Motion carried.

10. Kenneth Tyszko and Bridget Tompkins from RBC Global Asset Mangement made a presentation to the Board.

11. Mike Valchine and Kim Kaczor from NEPC presented the Flash Report to the Board. 12. Moved by Rozell, seconded by VanPelt to receive and file the Miller Law firm portfolio

review. Motion carried. 13. Keith Lerminiaux gave a brief update on systematic withdrawals with Fidelity. 14. Moved by Meisner, seconded by Middleton to adjourn the meeting at 3:00p.m. Motion

carried. The next meeting is scheduled for Thursday, August 11, 2016 at 1:30 p.m.




The Oakland County Retirement and Deferred Compensation Board meeting was held August 11, 2016 at 1:30 p.m. in the East Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Laurie VanPelt (designee of County Executive) Christopher Ward (designee of Chairman, BOC) Members Absent: Lauri Siskind, with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel Jason Ashline, ICMA-RC Sandra Rouse-Thomas, ICMA-RC Nancy Lange, ICMA-RC Ken Wedemeyer, ICMA – RC David Breuhan, Schwartz & Co. Janette Schad, Schwartz & Co. Edward Schwartz, Schwartz & Co. 1. Moved by Meisner, seconded by Phelps to approve the minutes of July 21, 2016. Motion

carried. 2. Meeting was opened for public comment. No one spoke. 3. Moved by Childs, seconded by Phelps to approve the following Defined Benefit retirement




DerPilibosian, Lori Deferred SL Family(1) 09/05/2016 Foltz, Michelle Sheriff’s A-100% Family(F) 10/15/2016 Hall, Dorothy F. Sheriff’s SL Family(F) 10/15/2016 Hein, Timothy Sheriff’s A-100% Family(F) 10/15/2016 Lake, Deborah Workforce Develop D-50% Family(1) 08/20/2016 Raska, Marcy J. Health Dept. SL Family(F) 09/01/2016 Scobie, Paul Circuit Court D-100% Family(2) 09/01/2016

4. Moved by Middleton, seconded by Phelps to approve the following Defined Contribution




Taylor, Cathy IT Family(F) 09/02/2016

Retirement Minutes August 11, 2016 Page 2 5. Moved by Rozell, seconded by Childs to receive and file the update on securities litigation

by Barrack, Rodos and Bacine. Motion carried.

6. Ken Wedemeyer, Sandra Rouse-Thames, Nancy Lange, and Jason Ashline from ICMA-RC made a presentation to the Board.

7. Edward Schwartz, Janette Schad, and David Breuhan from Gregory J. Schwartz & Co.

made a presentation to the Board. 8. Moved by Rozell, seconded by Childs to sell the S.K. Telecom, restricted fund, from the

Loomis portfolio. Motion carried. 9. Moved by Meisner, seconded by Rozell to remove the T. Rowe Price small cap value fund

from the 401(a) watchlist. Motion carried.

10. Moved by Meisner, seconded by Childs to remove the MFS International Growth fund from the watch list and add the Putnam Equity Spectrum and Putnam Growth Opportunities funds to the watchlist in the 457 portfolio. Motion carried.

11. Moved by Rozell, seconded by VanPelt to adjourn the meeting at 3:05 p.m. Motion carried. The next meeting is scheduled for Thursday, September 22, 2016 at 1:30 p.m.




The Oakland County Retirement and Deferred Compensation Board meeting was held September 22, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Christopher Ward (designee of Chairman, Board of Commissioners) Others Present: Judy Fandale, Secretary Jennifer Hain, Human Resources Kathy Sanders, Human Resources Rhonda VanTiflin, Human Resources Keith Lerminiaux, Corporation Counsel Ben Jones, Gregory J. Schwartz & Co. Mike Valchine, NEPC 1. Moved by Meisner, seconded by Siskind, to approve the minutes of August 11, 2016.

Motion carried. 2. Meeting was opened for public comment. Secretary Fandale introduced new Retirement

Unit staff member, Rhonda VanTiflin. 3. Moved by Childs, seconded by Rozell, to approve the following Defined Benefit retirement


DEPARTMENT OPTION HEALTH


Doll, Brenda E. Deferred A - 100% Family (2) 10/05/2016 Gabriel, Laura A. Animal Control D - 100% Family (F) 10/20/2016 Haralabakos, Robert G. Health SL Family (1) 10/15/2016 Howald, Maureen V. Sheriff's SL Family (2) 10/15/2016 Nicotri, Paul T. Sheriff's B - 50% Family (2) 10/15/2016 Range, John W. Circuit Court A - 100% Family (F) 10/15/2016

4. Moved by Meisner, seconded by Phelps, to approve the following Defined Contribution


DEPARTMENT HEALTH


Hoskins, Susan Lynn Deferred Family (2) 08/19/2016 Alspaugh, Aaron Sheriff’s Family (1) 10/08/2016

5. Moved by Rozell, seconded by VanPelt, to approve the Election Calendar for the employee

member term ending December 31, 2020. Motion carried. 6. Moved by Middleton, seconded by Ward, to receive and file the notice of reduction in fees

from Wells Capital Management. Motion carried. 7. Moved by VanPelt, seconded by Rozell, to receive and file the August 11, 2016 Investment

Subcommittee minutes. Motion carried.

Oakland County Retirement and Deferred Compensation Board Minutes September 22, 2016 Page 2 of 2 8. Moved by VanPelt, seconded by Meisner, to receive and file the September 8, 2016

Investment Subcommittee minutes. Motion carried. 9. Moved by Meisner, seconded by Siskind, to approve the updated Statement of Investment

Guidelines and Objectives for RBC Global Asset Management to include the recommended change to item C.6. in the investment guidelines. Motion carried.

10. Moved by Meisner, seconded by VanPelt, to receive and file the notice of reduction in

advisory fees for Pictet International Equity Fund. Motion carried. 11. Mike Valchine of NEPC made a presentation to the Board. 12. Moved by Rozell, seconded by Childs, to receive and file the September 2016 update on

securities litigation provided by The Miller Law Firm. Motion carried. 13. Moved by Rozell, seconded by Childs, to authorize the Secretary to issue and sign written

notice of intent to terminate to NEPC. Motion carried. 14. Moved by Meisner, seconded by Middleton, to initiate a request for proposal for a Defined

Contribution (401a) and Deferred Compensation (457b) consultant. Motion carried. 15. Moved by VanPelt, seconded by Meisner, to enter into negotiations with The Bogdahn

Group for consulting on the Defined Benefit, VEBA and Superseding Trust funds. Motion carried.

16. Moved by Rozell, seconded by VanPelt, to postpone action on the Deferred Compensation

457(b) recordkeeper search. Motion carried.

a. Noted in discussion that, due to this approved motion, the previously scheduled September 26 and October 18, 2016 Investment Subcommittee meetings shall be cancelled.

17. Other business; Secretary Fandale circulated a proposed calendar of 2017 Board meeting

dates for review and consideration at the next meeting. 18. Moved by VanPelt, seconded by Rozell, to authorize Northern Trust to provide consultation

and assistance in preparing the GASB 72 statement at a cost not to exceed $6,000. Motion carried.

19. Moved by Rozell, seconded by VanPelt, to adjourn the meeting at 2:15 p.m. Motion carried. The next meeting is scheduled for Thursday, October 20, 2016 at 1:30 p.m. Respectfully submitted,

____________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Judy D. Fandale, Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held October 20, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven Jr. Curtis Childs Andy Meisner Thomas Middleton Joseph Rozell Lauri Siskind Laurie Van Pelt (designee of County Executive) Christopher Ward (designee of Board of Commissioners Chairperson) Absent with Notice: Jeffrey Phelps Others Present: Judy Fandale, Secretary Jennifer Hain, Human Resources Rhonda VanTiflin, Human Resources Paige Ritchie, Human Resources Lisa Villella, Human Resources Ben Jones, Gregory J. Schwartz & Co. Joseph Conroy, Wells Capital Management Gerry Colleary, Wells Capital Management 1. Moved by Middleton, seconded by Van Pelt, to approve the Board minutes of September

22, 2016. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Joseph Conroy and Gerry Colleary of Wells Capital Management provided a third quarter

2016 review of Berkeley Street Emerging Markets Equity Fund to the Board. 4. Moved by Childs, seconded by Ward, to approve the following Defined Benefit retirement


DEPARTMENT RETIREMENT EFFECTIVE

Coutu, Mary E. Deferred 11/13/2016 Crane, Kathy Jo Community & Home Improvement 11/15/2016 Dura, Rose M. Health 11/01/2016 Fandale, Judy D. HR – Retirement 11/16/2016 Fortune Sr., Timothy J. Deferred 12/17/2016 Jorgensen, John A. Sheriff 10/29/2016 Massoll, Denise A. Health 12/03/2016 Pryor, Sonya J. Equalization 10/15/2016 Pyles, Paula J. FOC 10/29/2016 Rivard-Sucher, Diane M. FOC 11/05/2016 Saple, Mary L. Animal Control 12/15/2016 Sauer, Susan M. Deferred 11/26/2016

Oakland County Retirement and Deferred Compensation Board Minutes October 20, 2016 Page 2 5. Moved by Rozell, seconded by Meisner, to approve the following Defined Contribution


DEPARTMENT RETIREMENT EFFECTIVE

Harroun, Wilma Jean Circuit Court 11/05/2016 Zimanski, Barbara A. Health 11/29/2016

6. Moved by Van Pelt, seconded by Siskind, to receive and file the September 22, 2016

Investment Subcommittee minutes. Motion carried. 7. Moved by Rozell, seconded by Childs, to receive and file the October 20, 2016 Investment

Subcommittee minutes. Motion carried. a. Moved by Van Pelt, seconded by Rozell to approve the request for proposal (RFP)

for 401(a) Defined Contribution and 457(b) Deferred Compensation investment consulting services derived from the Investment Subcommittee meeting of October 20, 2016, and the timetable detailed therein. Motion carried.

8. Moved by Ward, seconded by Van Pelt to approved the 2017 Board meeting calendar with

the incorporated revisions moving the February and September meetings to the 16th and 14th, respectively. Motion carried.

9. Moved by Van Pelt, seconded by Ward, to receive and file the 3rd Quarter 2016 Defined

Benefit and Defined Contribution reports. Motion carried. 10. Moved by Childs, seconded by Siskind, to receive and file the October 2016 summary

update on securities litigation provided by The Miller Law Firm. Motion carried. 11. Chairperson VanLeuven appointed a Nominating Committee for the election to be held

December 6, 2016 including himself and Trustees Rozell and Ward. 12. Secretary Fandale drew four names for the 3rd quarter 2016 REAP drawing. The winners

of $100 gift cards are Edna Lee-Brantley and Valentina Standfield, for attending a one-on-one consultation with Fidelity, and Carol Esher and Lawrence Doyle who both attended presentations conducted by ICMA-RC.

13. Other business:

a. Chairperson VanLeuven and Trustee Siskind expressed accolades for Secretary Fandale for her service in support of the Board and congratulations on her forthcoming retirement.

b. Chairperson VanLeuven appointed an ad hoc committee for review and response to requests for additional information regarding the 401(a) Defined Contribution and 457(b) Deferred Compensation investment consulting services RFP. Trustees Rozell, Siskind and Van Pelt were appointed with Van Pelt as the ad hoc committee chair.

c. Jennifer Hain thanked Secretary Fandale for her years of loyal service to the County and the Board, and announced all are invited to an open house in Secretary Fandale’s honor on Wednesday, November 9, 2016 from 1:00 – 3:00 p.m.

Oakland County Retirement and Deferred Compensation Board Minutes October 20, 2016 Page 3 14. Moved by Childs, seconded by Siskind, to adjourn the meeting at 2:28 p.m. Motion

carried. The next meeting is scheduled for Thursday, November 17, 2016 at 1:30 p.m.


____________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Judy D. Fandale, Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held November 17, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Chris Ward (designee of Chairperson, BOC) Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Jennifer Hain, Human Resources Kathy Sanders, Human Resources Paige Ritchie, Human Resources Chris Kuhn, The Bogdahn Group Peter Brown, The Bogdahn Group Ed Schwartz, Gregory J. Schwartz & Co. Janette Schad, Gregory J. Schwartz & Co. David Breuhan, Gregory J. Schwartz & Co. Ben Jones, Gregory J. Schwartz & Co. Ken Wedemeyer, ICMA-RC Jason Ashline, ICMA-RC Sandra Rouse-Thames, ICMA-RC Lisa Burke-Wilson, ICMA-RC Louise Gates, Gabriel, Roeder, Smith John Byrne, Prudential John Turk, Prudential 1. Moved by Meisner, seconded by Siskind to approve the minutes of October 20, 2016.

Motion carried.

2. Meeting was opened for public comment; no one spoke.

3. Chairperson VanLeuven acknowledged receipt of a letter from Secretary Fandale appointing Rhonda Van Tiflin Assistant Secretary. Approval of the appointment was motioned by Meisner and seconded by Phelps. The motion carried.

4. Chairperson VanLeuven introduced Chris Kuhn and Peter Brown of The Bogdahn Group

to the Board and attendees.

5. Moved by Rozell, seconded by Childs to approve the following Defined Benefit retirement applications. Motion carried.

DEPARTMENT RETIREMENT EFFECTIVE Beaudry, Susan A. Deferred 12/25/2016 Kosowan, Vicki L. Deferred 11/23/2016 Matus, Mark Deferred 11/27/2016 Mekoski, Terence H. Sheriff 12/10/2016 Wandrei, Dennis B. Sheriff 11/30/2016

Oakland County Retirement and Deferred Compensation Board Minutes November 17, 2017

Page 2 6. Moved by Childs, seconded by Meisner to approve the following Defined Contribution


DEPARTMENT RETIREMENT EFFECTIVE Kress, John A. Sheriff 12/20/2016 Pezzetti, Elizabeth Probate Court 01/02/2017 Young, Joan Circuit Court 01/02/2017

7. Moved by Childs, seconded by Middleton to receive and file the November report of

Deferred Compensation 457(b) hardships. Motion carried.

8. Moved by Van Pelt, seconded by Siskind to receive and file the report from ICMA-RC on 401(a) rollout recipient institutions covering the period September 30, 2013 to September 30, 2016. Motion carried.

a. A request that ICMA-RC provide this report at a frequency of twice per year

emerged from ensuing discussion. Mr. Wedemeyer of ICMA-RC agreed. 9. Moved by Van Pelt, seconded by Childs to receive and file the report from Fidelity on

457(b) rollout recipient institutions covering the period January 2014 to October 2016. Motion carried.

10. Moved by Rozell, seconded by Phelps to receive and file the acceptance statement from Curtis Childs, unopposed candidate for the employee elected Board position with term ending December 31, 2020. Motion carried.

11. Ken Wedemeyer, Sandra Rouse-Thames, Lisa Burke-Wilson and Jason Ashline of ICMA-

RC made a presentation to the Board.

12. Ed Schwartz, Janette Schad, David Breuhan and Ben Jones of Gregory J. Schwartz & Company (Schwartz & Company) presented a 401(a) and 457(b) Plans Performance Review to the Board.

a. Motion by Childs, seconded by Middleton, to approve the following changes to the

Defined Contribution 401(a) Plan. Motion carried. I. Add Franklin Adjustable U.S. Government Securities to the watch list. II. Add Fidelity Advisor Small Cap to the watch list.

b. Moved by Rozell, seconded by Meisner to exchange the current share class of the Fidelity 500 Index in the 401(a) offered at the current 9 basis points for the newly available share class offered at 3.5 basis points. Motion carried.

c. Moved by Siskind, seconded by Van Pelt to change the manner in which ICMA-RC 401a revenue sharing is reallocated to participants to be based on a pro-rata share of each participant’s level of participation in the individual funds from which the revenue sharing was generated, to be determined by each participant’s level of investment in the funds from which the revenue sharing was generated as of the last day of a calendar quarter. Motion carried.

I. Schwartz & Company is to confirm by the next Board meeting if Fidelity can make the same change to the manner of reallocating excess revenue sharing in the 457(b) plan.

d. Motion by Meisner, seconded by Childs, to approve the following changes to the Deferred Compensation 457(b). Motion carried.

I. Remove Putnam Growth Opportunities from the watch list. II. Add Franklin Adjustable U.S. Government Securities to the watch list.

Oakland County Retirement and Deferred Compensation Board Minutes November 17, 2017

Page 3 13. Moved by Van Pelt, seconded by Middleton to receive and file the November 2016

securities litigation report by The Miller Law Firm. Motion carried.

14. Moved by Van Pelt, seconded by Siskind to receive and file the BEAMS report for the quarter ending September 30, 2016 by Barrack, Rodos & Bacine. Motion carried.

15. Other business: Assistant Secretary Van Tiflin is to confirm that a reduction from 11 to 9.5

basis points agreed to by Fidelity earlier this year has been implemented. 16. Moved by Middleton, seconded by Van Pelt to adjourn the meeting at 2:55 p.m. Motion

carried. The next meeting is scheduled for Thursday, December 15, 2016 at 1:30 p.m.


__________________________________ __________________________________ James H. VanLeuven, Jr. – Chairperson Rhonda Van Tiflin, Assistant Secretary


The Oakland County Retirement and Deferred Compensation Board meeting was held December 15, 2016 at 1:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Laurie Van Pelt (designee of County Executive) Chris Ward (designee of Chairperson, BOC) Members Absent with Notice: Joseph Rozell Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Jordie Kramer, Human Resources Paige Ritchie, Human Resources Chris Kuhn, The Bogdahn Group David Breuhan, Gregory J. Schwartz & Co. Michael Novara, Novara Tesija, P.L.L.C. 1. Moved by Phelps, seconded by Middleton to approve the minutes of November 17, 2016.

Motion carried.

2. Meeting was opened for public comment; no one spoke.

3. Chairperson VanLeuven introduced Michael Novara of Novara Tesija, P.L.L.C. to the Board and attendees.

4. Moved by Childs, seconded by Meisner to approve the following Defined Benefit


DEPARTMENT RETIREMENT EFFECTIVE Blower, Laurene Health 01/18/2017 Smith, Joann Deferred 02/28/2017 Vega, Joseph R. Sheriff 12/20/2016

5. Moved by Phelps, seconded by Ward to approve the following Defined Contribution


DEPARTMENT RETIREMENT EFFECTIVE Cook, Shelley A. Fiscal Services 12/01/2016 Doyle, Lawrence M. Corrections 01/07/2017 Giroux, Maricela M. Deferred 12/17/2016 Kukla, Dale J. IT 12/30/2016 Lenchek, Carol J. MSU Extension 12/15/2016 Randall, Karl Aviation Admin 01/07/2017

6. Moved by Meisner, seconded by Van Pelt to receive and file the Investment Subcommittee

minutes of November 17, 2016. Motion carried. 7. Moved by Van Pelt, seconded by Middleton to receive and file the Investment

Subcommittee minutes of December 6, 2016. Motion carried.

Oakland County Retirement and Deferred Compensation Board Minutes December 15, 2016

Page 2

8. Motion by Middleton, supported by Siskind to go into closed session regarding a Defined Contribution Non-Duty Disability retirement application pursuant to MCL 15.268(h) and MCL 15.243(1)(l) to discuss material exempt from disclosure under federal or state law including medical, counseling or psychological facts or evaluations that would identify the individual involved.

Roll Call:

Ayes: VanLeuven, Childs, Meisner, Middleton, Phelps, Siskind, Van Pelt, Ward Nays: None Absent: Rozell

Motion carried. Closed session commenced at 1:37 p.m.

9. Closed session concluded at 1:43 p.m.; agenda resumed.

10. Chris Kuhn from The Bogdahn Group made a presentation to the Board. Discussion ensued regarding a desire to review asset allocation alternatives that would be projected to meet the portfolio’s 7.25% target rate of return.

11. Moved by Childs, seconded by Siskind to receive and file the December 2016 securities

litigation report by The Miller Law Firm. Motion carried.

12. Moved by Van Pelt, seconded by Childs to receive and file the County Executive’s letter of December 1, 2016 directed to members of the Oakland County delegates of the Michigan legislature regarding proposed House Bill 6074. Motion carried.

13. Other business:

a. David Breuhan of Gregory J. Schwartz & Co. addressed the Board: i. Confirmed that Fidelity had implemented the reduction in fees from 11 to 9.5

basis points effective July 1, 2016. ii. Distributed handout titled The Fidelity Report for Deferred Compensation Plan for

Oakland County. iii. Confirmed that ‘fee levelization’ is available for the 457 plan from Fidelity. This

would allow for redistribution of excess revenue to effectively match the manner in which ICMA-RC had been tasked to redirect 401a revenue sharing in November 2016, by reallocating revenue sharing to participant accounts based on a pro-rata share of each participant’s level of participation in the individual funds from which the revenue sharing had been generated, to be determined by each participant’s level of investment in the funds from which the revenue sharing was generated as of the last day of a calendar quarter. Advised would take 60-90 days to make this change with Fidelity.

iv. Motion by Van Pelt, supported by Curtis, to implement ‘fee levelization’, as described above, for the 457 with Fidelity. Motion carried.

14. Moved by Van Pelt, seconded by Meisner to adjourn the meeting at 2:34 p.m. Motion

carried. The next meeting is scheduled for Thursday, January 19, 2017 at 1:30 p.m.


__________________________________ __________________________________ James H. VanLeuven, Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary

oakland county retirement and deferred … all... · 2017. 2. 9. · doug moseley, nepc david...

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