HomeMy WebLinkAboutMinutes - 2017.02.16 - 32456OAKLAND 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