HomeMy WebLinkAboutMinutes - 2017.08.24 - 32462OAKLAND 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