HomeMy WebLinkAboutMinutes - 2017.09.14 - 32463OAKLAND 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