HomeMy WebLinkAboutMinutes - 2017.10.26 - 32464OAKLAND 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