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HomeMy WebLinkAboutMinutes - 2017.12.01 - 30454OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was held January 19, 2017 at 2:40 p.m. in the 4th Floor Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Lauri Siskind Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton Chris Ward (designee of Chairperson, BOC) Jeffrey Phelps Others Present: Joellen Shortley, Deputy Corporation Counsel Rhonda Van Tiflin, Human Resources Jordie Kramer, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Christopher Kuhn, AndCo Consulting Peter Brown, AndCo Consulting Kevin Smith, PRISA II – PGIM Real Estate Ken Wedemeyer, ICMA-RC Kathryn Berkenpas, ICMA-RC Jason Ashline, ICMA-RC Sandra Rouse-Thames, ICMA-RC Lisa Burks-Wilson, ICMA-RC John W. Byrne, Prudential Retirement John Scott Boyd, Prudential Retirement Assistant Secretary Van Tiflin chaired the meeting. 1. Moved by Siskind, seconded by Meisner, to approve the minutes of the December 15, 2016 Voluntary Employees’ Beneficiary Association Board Meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Election of Officers: a. Call for nominations from the floor for Chairperson. Rozell nominated James H. VanLeuven, Jr., seconded by Meisner. Moved by Middleton, seconded by Siskind, that nominations be closed and a unanimous ballot be cast. Motion carried. Chairperson James H. VanLeuven, Jr. assumed the chair. b. Call for nominations from the floor for Vice Chairperson. Childs nominated Joseph Rozell, seconded by Meisner. Moved by Middleton, seconded by Siskind, that nominations be closed and a unanimous ballot be cast. Motion carried. 4. Moved by Rozell, seconded by Siskind, to adjourn the meeting at 2:43 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, February 16, 2017, 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 (VEBA) Board meeting was held February 16, 2017 at 3:07 p.m. in the West Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Lauri Siskind Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton Jeffrey Phelps Members Absent: Chris Ward (designee of Chairperson, BOC) Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Paige Ritchie, Human Resources Peter Brown, AndCo Consulting Ken Wedemeyer, ICMA-RC Chris Matzke, ICMA-RC Jason Ashline, ICMA-RC Sandra Rouse-Thames, ICMA-RC Nancy Lange, ICMA-RC 1. Moved by Meisner, seconded by Middleton, to approve the minutes of the January 19, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Motion by Van Pelt, seconded by Meisner, to approve payment of the following invoices for Gabriel, Roeder, Smith & Co. Motion carried. a. No. 426515 in the amount of $2,600 for the actuarial attestation for Medicare Part D subsidy for the plan year beginning January 1, 2017 b. No. 426348 in the amount of $8,000 for work related to the assumption study for the VEBA as provided in their report dated September 9, 2016 c. No. 426100 in the amount of $2,125 for Minute Master services rendered for the period of January 1, 2015 through December 31, 2015 4. It was noted by the Chairperson, notwithstanding differences in the Dune and AEW investment amounts, comments by Peter Brown during today’s preceding Retirement and Deferred Compensation Board meetings likewise apply to the VEBA. 5. Moved by Van Pelt, seconded by Rozell, to support the Investment Subcommittee’s February 13, 2017 recommendation to authorize AndCo to redirect assets currently with Morgan Stanley Real Estate Prime Property for investment as follows. The motion carried. a. $10 million to AEW Partners Real Estate Fund VIII, L.P. b. $10 million to Dune Real Estate Fund IV Oakland County VEBA Board Minutes February 16, 2017 Page 2 6. Noting duplicate action had not been taken for the VEBA during the January 19, 2017 meeting, there was a motion by Van Pelt, seconded by Phelps, to approve the “Proposed” asset allocation mix as detailed on page 9 of AndCo’s Asset Allocation Study – Part III, reviewed during the January 19, 2017 Retirement and Deferred Compensation meeting. Motion carried. Core FI 20.0% High Yield 5.0% Intl Developed FI 2.5% EM Debt 2.5% Large Cap 20.0% Small/Mid Cap 12.5% Intl Developed EQ 10.0% EM Equity 2.5% RE/Infrastructure 10.0% Hedge Funds 5.0% Private Equity 5.0% Private Debt 5.0% 7. Other business: a. It was acknowledged that the same change precipitated by rescheduling of the April 20, 2017 Retirement and Deferred Compensation Board meeting to April 13, 2017 will apply to the VEBA meeting of April 20, 2017. 8. Moved by Childs, seconded by Van Pelt, to adjourn the meeting at 3:13 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, March 23, 2017, 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 (VEBA) Board meeting was held March 23, 2017 at 3:47 p.m. in the West Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Lauri Siskind Andy Meisner Laurie Van Pelt (designee of County Executive) Thomas Middleton Chris Ward (designee of Chairperson, BOC) Jeffrey Phelps Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Kathy Sanders, Human Resources Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting Sean Delaney, Lazard Asset Management Tony Dote, Lazard Asset Management Rob Failla, Lazard Asset Management David Sowerby, Loomis Sayles Todd Vingers, LMCG Investments Jenna Oliver, LMCG Investments Elsa Goldberg, Franklin Templeton Dan Veddern, Franklin Templeton Mike Schantz, RBC Global Asset Management Bridget Tompkins, RBC Global Asset Management Margaret Harbaugh, Morgan Stanley Real Estate 1. Moved by Middleton, seconded by Van Pelt, to approve the minutes of the February 16, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Chris Kuhn and Peter Brown of AndCo Consulting distributed the Oakland County Employees’ Retirement System VEBA: • Plan Investment Performance Review for Period Ending December 31, 2016, • Defined Benefit Plan Monthly Flash Report for the period ending January 31, 2017 • Defined Benefit Plan Monthly Flash Report for the period ending February 28, 2017 and provided brief comments summarizing highlights contained in each. a. Motion by Phelps, seconded by Middleton, to receive and file the detailed reports. Motion carried. 4. Other business: a. The next meeting, previously rescheduled from April 20, 2017, will be held April 13, 2017, immediately following the Retirement and Deferred Compensation Board meeting. b. Motion by Rozell, supported by VanLeuven, to redirect $3 million in assets from Morgan Stanley Prime Property Real Estate to Alidade Capital Fund IV, subject to successful negotiation of terms. Motion carries. Oakland County VEBA Board Minutes March 23, 2017 Page 2 5. Moved by Middleton, seconded by Ward, to adjourn the meeting at 3:48 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, April 13, 2017, 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 (VEBA) Board meeting was held May 25, 2017 at 3:20 p.m. in the West Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Thomas Middleton Jeffrey Phelps Lauri Siskind Laurie Van Pelt (designee of County Executive) Chris Ward (designee of Chairperson, BOC) Members Absent: Curtis Childs, with notice Andy Meisner Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Paige Ritchie, Human Resources Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office Lisa Villella, Human Resources Sandra Rouse-Thames, ICMA-RC John Krakowiak, Graystone Consulting Jason May, Graystone Consulting Trampus Bright, Voya 1. Moved by Van Pelt, seconded by Phelps, to approve the minutes of the April 13, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Moved by Middleton, seconded by Van Pelt to approve the Gabriel, Roeder, Smith & Co. invoice No. 430073 in the amount of $24,500 for regular retainer services provided to the Oakland County Voluntary Employees’ Beneficiary Association during calendar year 2017, including the annual VEBA valuation report as of September 30, 2016. Motion carried. 4. Moved by Van Pelt, seconded by Ward, to adjourn the meeting at 3:22 p.m. Motion carried. The next VEBA Board meeting is scheduled for Thursday, June 22, 2017, 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 (VEBA) Board meeting was held June 22, 2017 at 3:14 p.m. in the East Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Laurie Van Pelt (designee of County Executive) Christopher Ward (designee of Chairperson, BOC) Members Absent: Joseph Rozell, with notice Others Present: Rhonda Van Tiflin, Human Resources Paige Ritchie, Human Resources Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office Rommy Hage, Treasurer’s Office Louise Gates, Gabriel Roeder Smith Christopher Kuhn, AndCo Consulting Jason Ashline, ICMA-RC Ken Wedemeyer, ICMA-RC 1. Moved by Van Pelt, seconded by Meisner, to approve the minutes of the May 25, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Chris Kuhn of AndCo Consulting made a presentation to the Board and distributed the following documents. a. Oakland County ERS VEBA – Investment Performance Review for Period Ending March 31, 2017 b. Oakland County ERS VEBA Plan - Monthly Flash Report for the Period Ending May 31, 2017 c. Oakland County Employees’ Retirement System-VEBA – Asset/Manager Summary - June 2017 Motion by Middleton, seconded by Van Pelt, to authorize rebalance of the fund portfolio as detailed on the June 2017 Asset/Manager Summary according to the Target Allocation. Motion carried. 4. Louise Gates of Gabriel Roeder Smith (GRS) presented the September 30, 2016 Oakland County Retirees’ Health Care Trust Actuarial Valuation Report. a. Moved by Van Pelt, seconded by Childs, to receive and file the September 30, 2016 Health Care Trust Actuarial Valuation Report. Motion carried. 5. Moved by Van Pelt, seconded by Siskind, to approve payment for GRS invoice no. 430927 in the amount of $2,142 for 2016 Minute Master services. Motion carried. Oakland County VEBA Board Minutes June 22, 2017 Page 2 6. Chairperson VanLeuven adjourned the meeting without objection at 3:28 p.m. The next VEBA Board meeting is scheduled for Thursday, July 27, 2017, 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 (VEBA) Board meeting was held July 27, 2017 at 2:22 p.m. in the East Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Andy Meisner Thomas Middleton Laurie Van Pelt (designee of County Executive) Christopher Ward (designee of Chairperson, BOC) Members Absent: Jeffrey Phelps, with notice Lauri Siskind, with notice Others Present: Keith Lerminiaux, Corporation Counsel Rhonda Van Tiflin, Human Resources Jennifer Hain, Human Resources Rommy Hage, Treasurer’s Office Christopher Kuhn, AndCo Consulting 1. Moved by Middleton, seconded by Van Pelt, to approve the minutes of the June 22, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Based on the equity/fixed income ratio reflected within AndCo’s Asset/Manager Summary - June 2017 for the Superseding Trust of 63.2/36.8, motion by Childs, seconded by Meisner, to authorize rebalance of the Superseding Trust portfolio to the 60/40 target. Motion carried. 4. The meeting adjourned without objection at 2:23 p.m. The next VEBA Board meeting is scheduled for Thursday, August 24, 2017, 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 (VEBA) Board meeting was held August 24, 2017 at 2:49 p.m. in the East Oakland Conference Room of the Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Christopher Ward (designee of Chairperson, BOC) Member(s) Absent: Laurie Van Pelt (designee of County Executive), with notice Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources Rhonda Van Tiflin, Human Resources Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office Paige Ritchie, Human Resources Lisa Villella, Human Resources Jason May, Graystone Consulting John Krakowiak, Graystone Consulting Ken Wedemeyer, ICMA-RC Karen Chong-Wulff, ICMA-RC Sandra Rouse-Thames, ICMA-RC 1. Moved by Meisner, seconded by Middleton, to approve the minutes of the July 27, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Review of Gabriel, Roeder, Smith (GRS) engagement letter of August 16, 2017 detailing a fee of $12,000 to prepare a report and actuarial schedules required for new accounting and reporting standards by the Government Accounting Standards Board’s (GASB). GRS proposes preparation of a report and actuarial schedules for GASB Statement No. 74 as of September 30, 2017, and calculation of the Average, Expected Remaining Service Life (AERSL) for the County’s preparation of schedules necessary in conjunction with GASB Statement No. 75, to be implemented this year. a. Moved by Siskind, seconded by Meisner, to engage GRS in preparation of the report and actuarial schedules for GASB Statement No. 74 as of September 30, 2017, and AERSL necessary for GASB Statement No. 75, to be implemented this year, for a fee of $12,000. Motion carried. 4. Moved by Meisner, seconded by Rozell, to support the Investment Subcommittee’s August 16, 2017 recommendation for investment of $25 million in Churchill Asset Management, conditioned upon the favorable conclusion of the AndCo Investment Committee’s due diligence review and approval of Churchill, and the negotiation of a mutually agreeable contract. Motion carried. Oakland County VEBA Board Minutes August 24, 2017 Page 2 5. Other business: a. Secretary Frank answered previous open question regarding the Retiree Health Savings (RHS) plan, confirming that governance of this plan is within the function of this Board, per Personnel Committee Miscellaneous Resolution #05 of October 19, 2005. b. Based on other business discussion during today’s Retirement and Deferred Compensation Board meeting regarding contracts presented by Graystone Consulting for consulting services to be provided on the PTNE 457 and Retiree Health Savings (RHS) plans: i. Moved by Meisner, seconded by Middleton, to approve entering into contract with Graystone to consult on the RHS plan for a fee of $5,000 annually, subject to successful negotiation of terms. Motion carried. 6. The meeting adjourned without objection at 2:54 p.m. The next VEBA Board meeting is scheduled for Thursday, September 14, 2017, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was held September 14, 2017 at 3:31 p.m. in the East Oakland Conference Room of the Executive Office Building, Conference Center. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive) Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources Rhonda Van Tiflin, Human Resources Jordie Kramer, Human Resources Jennifer Hain, Human Resources Natalie Neph, Treasurer’s Office Paige Ritchie, Human Resources Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting 1. Moved by Meisner, seconded by Childs, to approve the minutes of the August 24, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Chris Kuhn and Peter Brown of AndCo Consulting made a presentation to the Board and distributed the following: • Market Update – July 31, 2017 • Oakland County Employees’ Retirement System (ERS) – Asset/Manager Summary – September 14, 2017 • Oakland County ERS VEBA Plan Monthly Flash Report – Investment Performance Review Period Ending July 31, 2017 • Oakland County ERS Superseding Trust Monthly Flash Report – Investment Performance Review Period Ending July 31, 2017 • Oakland County ERS VEBA Plan Monthly Flash Report - Investment Performance Review Period Ending August 31, 2017 • Oakland County ERS Superseding Trust Monthly Flash Report - Investment Performance Review Period Ending August 31, 2017 • Oakland County ERS VEBA Investment Performance Review Period Ending June 30, 2017 • Oakland County ERS Superseding Trust Investment Performance Review Period Ending June 30, 2017 • Oakland County Employees’ Retirement System Voluntary Employees’ Beneficiary Association Trust (VEBA) DRAFT Investment Policy Statement (to be reviewed at the October 26, 2017 meeting) Oakland County VEBA Board Minutes September 14, 2017 Page 2 4. Other business: a. Discussion surrounding the State Street Global Advisors (SSgA) - S&P 500 switch to SSgA S&P 500 Equal Weight fund originating on January 19, 2017. AndCo recommends that, instead of SSgA S&P 500 Equal Weight fund, the Superseding Trust use the Vanguard S&P 500 Fund. This recommendation is due to the $10,000 minimum annual account fee charged by SSgA; based on the newly approved large cap allocation the Funds would be subject to a minimum fee of $50,000, to reduce overall expenses for the Funds. The Superseding Trusts’ is a relatively small investment with SSgA, falling well below the $10,000 minimum fee. AndCo will submit a formal memo detailing recommendation of Vanguard S&P 500 Fund for the Superseding Trust. 5. The meeting adjourned without objection at 3:36 p.m. The next VEBA Board meeting is scheduled for Thursday, October 26, 2017, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was held October 26, 2017 at 3:39 p.m. in the Waterford Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive) Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources Jordie Kramer, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting Jon L Feinberg, ABS Investment Management Laurence K Russian, ABS Investment Management Kevin Smith, PRISA II – PGIM Real Estate 1. Moved by Childs, seconded by Siskind, to approve the minutes of the September 14, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Kevin Smith of PGIM Real Estate – PRISA II Conversion made a presentation to the Board. 4. Chris Kuhn and Peter Brown of AndCo Consulting made a presentation to the Board and distributed the following: • Oakland County Employees’ Retirement System (ERS) – Asset/Manager Summary – October 26, 2017 • Oakland County ERS VEBA Plan Monthly Flash Report – Investment Performance Review Period Ending September 30, 2017 • Oakland County ERS Superseding Trust Monthly Flash Report – Investment Performance Review Period Ending September 30, 2017 • Oakland County ERS – Superseding Trust Asset/Manager Summary – October 26, 2017 • Oakland County Employees’ Retirement System Voluntary Employees’ Beneficiary Association Trust (VEBA) DRAFT Investment Policy Statement (to be reviewed at the December 14, 2017 meeting) Oakland County VEBA Board Minutes October 26, 2017 Page 2 5. Other business: a. Secretary Frank discussed the 2015 Retiree Drug Subsidy Application Re-opening and additional yields forthcoming from 2012, 2013 and 2014. b. Discussion surrounding the State Street Global Advisors (SSgA) - S&P 500 switch to SSgA S&P 500 Equal Weight fund originating on January 19, 2017. AndCo reported minimum account fee waived; pending receipt of contracts for review. c. Keith Lerminiaux provided a verbal update to the Board regarding a class-action lawsuit against manufacturers and distributors of opioid drugs. Mr. Lerminiaux also advised the Board at some point the VEBA would be made a Plaintiff in the lawsuit. 6. The meeting adjourned without objection at 4:10 p.m. The next VEBA Board meeting is scheduled for Thursday, November 16, 2017, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was held November 16, 2017 at 3:25 p.m. in the Waterford Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Andy Meisner Thomas Middleton Jeffrey Phelps Lauri Siskind Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive) Member(s) Absent: Curtis Childs, with notice Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Jason May, Graystone Brian McCleave, Prudential Mike McCann, Prudential Chris Kuhn, AndCo Consulting 1. Moved by Meisner, seconded by Siskind, to approve the minutes of the October 26, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Other business: a. Mr. Lerminiaux provided a verbal update on PRISA II contracts 4. The meeting adjourned without objection at 3:28 p.m. The next VEBA Board meeting is scheduled for Thursday, December 14, 2017, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was held December 14, 2017 at 3:10 p.m. in the East Oakland Conference Room, Executive Office Building. Members Present: James H. VanLeuven, Jr. Joseph Rozell Curtis Childs Thomas Middleton Jeffrey Phelps Lauri Siskind Christopher Ward (designee of Chairperson, BOC) Laurie Van Pelt (designee of County Executive) Member(s) Absent: Andy Meisner, with notice Others Present: Keith Lerminiaux, Corporation Counsel Silvia Frank, Human Resources Jennifer Hain, Human Resources Paige Ritchie, Human Resources Natalie Neph, Treasurer’s Office Chris Kuhn, AndCo Consulting Peter Brown, AndCo Consulting Joe Jackaloney, Student Intern/Corporation Counsel 1. Moved by Siskind, seconded by Phelps to approve the minutes of the November 16, 2017 VEBA Board meeting. Motion carried. 2. Meeting was opened for public comment; no one spoke. 3. Chris Kuhn and Peter Brown of AndCo Consulting made a presentation to the Board and discussed the draft of the VEBA IPS. • Oakland County Employees’ Retirement system (ERS) VEBA Plan – Investment Performance Review Period Ending September 30, 2017 • Oakland County ERS VEBA Plan Monthly Flash Report – Investment Performance Review Period Ending November 30, 2017 • Oakland County ERS VEBA – Asset/Manager Summary – December 14, 2017 • Oakland County ERS Superseding Trust – Investment Performance Review Period Ending September 30, 2017 • Oakland County ERS Superseding Trust Monthly Flash Report – Investment Performance Review Period Ending November 30, 2017 • Oakland County ERS – Asset/Manager Summary Superseding Trust – December 14, 2017 4. Moved by VanPelt, seconded by Siskind to approve the amended VEBA IPS. Motion carried. a) Final language (redlined and clean versions). Page 2, Section II. A. – Oakland County Employees’ Retirement System Voluntary Employees’ Beneficiary Association Trust (VEBA) Investment Policy Statement dated September, 2017. Final redlined version Page 2, Section II.A. Oakland County VEBA Board Minutes December 14, 2017 Page 2 DELEGATION OF RESPONSIBILITIES A. Retirement VEBA Board of Commissioners Final revised version, redline removed, Page 2, Section II.A. DELEGATION OF RESPONSIBILITIES A. VEBA Board 5. Moved by VanPelt, seconded by Rozell to proceed with the execution of the PRISA II contract. Motion carried. 6. The meeting adjourned without objection at 3:18 p.m. The next VEBA Board meeting is scheduled for Thursday, January 11, 2018, immediately following the Retirement and Deferred Compensation Board meeting. Respectfully submitted, __________________________________ ____________________________________ James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary