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HomeMy WebLinkAboutMinutes - 2016.12.01 - 30452OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held January 14, 2016 at 2:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Joseph Rozell Lauri Siskind Eileen Kowall (designee of Board of Commissioners Chairperson) Laurie VanPelt (designee of County Executive) Members Absent with notice: Andy Meisner, Thomas Middleton, Jeffrey Phelps Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Natalie Neph, Treasurers Keith Lerminiaux, Corporation Counsel Pamela Gerald, private citizen Girard Mullin, private citizen David Breuhan, Schwartz & Co. Secretary Judy Fandale chaired the meeting. 1. Moved by Childs, seconded by VanLeuven to approve the minutes of the December 10, 2015 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Moved by Rozell, seconded by Childs that James H. VanLeuven, Jr. be nominated for Chairperson. Moved by Childs, seconded by Rozell 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 VanPelt that Curtis Childs be nominated for Vice- Chairperson. Moved by Rozell, seconded by VanPelt 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 Siskind, seconded by Kowall to adjourn the meeting at 2:35 p.m. Motion carried. Next Board meeting is scheduled for Thursday, February 25, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES A special Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) meeting was held February 4, 2016 at 2:45 p.m. in the Royal Oak Conference Room, EOB. 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 value fund manager closing business operations. 3. Moved by Meisner, seconded by VanPelt to authorize Keith Lerminiaux, Counsel to the Board to request that outside counsel, the Miller law firm and the Barrack, Rodos and Bacine law firm review the GW Capital contract and recent transactions for litigation to recover lost funds. Motion carried. 4. Moved by VanPelt, seconded by Meisner 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. Moved by Meisner, seconded by VanPelt to adjourn the meeting at 2:50 p.m. Motion carried. The next meeting is scheduled for Thursday, February 25, 2016 immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ Curtis Childs – Vice Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held February 25, 2016 at 2:30 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 BOC Chairperson) with notice Others Present: Jennifer Hain, Human Resources Megan Navarre, 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 VanPelt, seconded by Meisner to approve the minutes of the January 14, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Moved by Childs, seconded by Middleton to approve the minutes of the February 4, 2016 Voluntary Employees’ Beneficiary Association special Board meeting. Motion carried. 3. Meeting was opened for public comment; No one spoke. 4. Moved by Childs, seconded by VanPelt to adjourn the meeting at 3:25 p.m. Motion carried. Next Board meeting is scheduled for Thursday, March 31, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy D. Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held March 31, 2016 at 3:05 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Curtis Childs Jeffrey Phelps Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Joseph Rozell, with notice Thomas Middleton, with notice Andy Meisner, with notice Eileen Kowall (designee of BOC Chairperson) with notice Others Present: Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel Doug Moseley, NEPC David Breuhan, Schwartz & Co. 1. Moved by Phelps, seconded by VanPelt to approve the minutes of the February 25, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VanPelt, seconded by Childs to adjourn the meeting at 3:06 p.m. Motion carried. Next Board meeting is scheduled for Thursday, April 21, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Megan Navarre, Assistant Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held April 21, 2016 at 3:30 p.m. in the West Oakland Conference Room. Members Present: James H. VanLeuven, Jr. Jeffrey Phelps Joseph Rozell Lauri Siskind Laurie VanPelt (designee of County Executive) Members Absent: Curtis Childs, with notice Andy Meisner, with notice Thomas Middleton, with notice Eileen Kowall (designee of Chairperson, BOC) Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Megan Navarre, Human Resources Keith Lerminiaux, Corporation Counsel David Breuhan, Schwartz & Co. 1. Moved by VanPelt, seconded by Rozell to approve the minutes of the March 31, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VanPelt, seconded by Childs to adjourn the meeting at 3:33 p.m. Motion carried. Next Board meeting is scheduled for Thursday, May 26, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held May 26, 2016 at 3:35 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 Chairperson, BOC) Others Present: Judy Fandale, Human Resources Megan Navarre, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel 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 Middleton to approve the minutes of the April 21, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by Rozell, seconded by Siskind to adjourn the meeting at 3:36 p.m. Motion carried. Next Board meeting is scheduled for Thursday, June 23, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held June 23, 2016 at 3:30 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: James VerPloeg (designee Chairperson, BOC), with notice. 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 Louise Gates, GRS David Breuhan, Schwartz & Co. Zack Thomas, Clerk/ROD 1. Moved by Meisner, seconded by Rozell to approve the minutes of the May 26, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Louise Gates from Gabriel, Roeder, Smith presented the September 30, 2015 Oakland County Retirees Health Care Trust report. 4. Moved by Childs, seconded by Meisner to adjourn the meeting at 3:45 p.m. Motion carried. Next Board meeting is scheduled for Thursday, July 21, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held July 21, 2016 at 3:00 p.m. in the West 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) James VerPloeg (designee of Chairman, BOC) Members Absent: Lauri Siskind, absent with notice Others Present: Judy Fandale, Human Resources Kathy Sanders, Human Resources Keith Lerminiaux, Corporation Counsel Michael Valchine, NEPC Kim Kaczor, NEPC Ben Jones, Schwartz & Co 1. Moved by VerPloeg, seconded by Middleton to approve the minutes of the June 23, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; No one spoke. 3. Moved by VerPloeg, seconded by VanPelt to approve the invoice from Gabriel, Roeder, Smith & Co., in the amount of $24,000 for regular retainer services provided to the Oakland County Voluntary Employees’ Beneficiary Association during calendar year 2016. Motion carried. 4. Moved by Rozell, seconded by Middleton to adjourn the meeting at 3:05 p.m. Motion carried. Next Board meeting is scheduled for Thursday, August 11, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held August 11, 2016 at 3:06 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, absent with notice Others Present: Judy Fandale, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Keith Lerminiaux, Corporation Counsel David Breuhan, Schwartz & Co. Janette Schad, Schwartz & Co. Edward Schwartz, Schwartz & Co. 1. Moved by Middleton, seconded by Meisner to approve the minutes of the July 21, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Moved by Ward, seconded by VanPelt to adjourn the meeting at 3:10 p.m. Motion carried. Next Board meeting is scheduled for Thursday, September 22, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven, Jr. - Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held September 22, 2016 at 2:15 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 1. Moved by Meisner, seconded by Phelps, to approve the minutes of the August 11, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Moved by Siskind, seconded by VanPelt, to receive and file the notice of reduction in fees from Wells Capital Management. Motion carried. 4. Moved by Ward, seconded by Meisner, to receive and file the notice of reduction in advisory fees for Pictet International Equity Fund. Motion carried. 5. Moved by Childs, seconded by Middleton, to adjourn the meeting at 2:20 p.m. Motion carried. Next Board meeting is scheduled for Thursday, October 20, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, ____________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held October 20, 2016 at 2:30 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 Ben Jones, Gregory J. Schwartz & Co. 1. Moved by Meisner, seconded by Van Pelt, to approve the minutes of the September 22, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Moved by Rozell, seconded by Childs, to adjourn the meeting at 2:35 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, November 17, 2016, immediately following the Retirement and Deferred Compensation Board meeting Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Judy Fandale, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held November 17, 2016 at 2:56 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 Van Pelt (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 Louise Gates, Gabriel, Roeder, Smith 1. Moved by Rozell, seconded by Phelps, to approve the minutes of the October 20, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Louise Gates of Gabriel, Roeder, Smith presented the Oakland County Retirees’ Health Care Trust Assumption Study to the Board. Moved by Van Pelt, seconded by Middleton, to adopt the proposed option D outlined on page 7 of the report. Motion carried. a. Adopt the proposed updated Mortality Table outlined on page 3 of the report. b. Decrease the wage inflation assumption rate to 3.25%. c. Decrease the assumed net rate of investment return to 7.25%. 4. Moved by Childs, seconded by Phelps, to adjourn the meeting at 3:19 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, December 15, 2016, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association Board (VEBA) was held December 15, 2016 at 2:35 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. 1. Moved by Van Pelt, seconded by Siskind, to approve the minutes of the November 17, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment. No one spoke. 3. Other business: a. Chairperson VanLeuven reminds all that election of officers will take place at the upcoming January 19, 2017 Retirement and Deferred Compensation Board meeting; advises he will again be seeking Chairperson’s seat. 4. Moved by Meisner, seconded by Van Pelt, to adjourn the meeting at 2:37 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, January 19, 2017, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Rhonda Van Tiflin, Assistant Secretary