HomeMy WebLinkAboutMinutes - 2018.01.11 - 32517OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held January
11, 2018 at 2:46 p.m. in the East Oakland Conference Room, Executive Office Building.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Andy Meisner Curtis Childs
Thomas Middleton Jeffrey Phelps
Lauri Siskind
Member(s) Absent: Christopher Ward (designee of Chairperson, BOC), with notice
Laurie Van Pelt (designee of County Executive), with notice
Others Present: Keith Lerminiaux, Corporation Counsel
Silvia Frank, Human Resources
Paige Ritchie, Human Resources
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
David A. Collon, Seizert
Darin J. Young, Seizert
Secretary Frank chaired the meeting
1. Moved by Meisner, seconded by VanLeuven to approve the minutes of December 14,
2017. 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. Meisner nominated James H.
VanLeuven, Jr., seconded by Rozell. Moved by Middleton, seconded by Phelps, 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. Phelps nominated Joseph
Rozell, seconded by Childs. Moved by Middleton, seconded by Siskind, that
nominations be closed and a unanimous ballot be cast. Motion carried.
4. Moved by Childs, seconded by Middleton to approve Gabriel, Roeder, Smith & Co. invoice
No.435167 in the amount of $12,000.00 for work related to the GASB Statement No. 74
actuarial valuation including the calculation of the AERSL in connection with GASB
Statement No. 75. Motion carried.
5. 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 Monthly Flash
Report – Investment Performance Review Period Ending December 31, 2017
• Oakland County ERS VEBA – Asset/Manager Summary – January 11, 2018
• Oakland County ERS Superseding Trust Monthly Flash Report – Investment
Performance Review Period Ending December 31, 2017
• Oakland County ERS – Asset/Manager Summary Superseding Trust – January
11, 2018
Oakland County VEBA Board Minutes
January 11, 2018
Page 2
a. The equity/fixed income ratio reflected within AndCo’s Asset/Manager Summary,
January 11, 2018, for the Superseding Trust is 65.5% equity and 34.5% fixed.
Motion by Siskind, seconded by Meisner to authorize rebalancing of the
Superseding Trust to the target ratio of 60% equity and 40% fixed and authorize
AndCo to redirect $725,000 from State Street Global Advisors (SSgA) - S&P 500
to CS McKee Core Fixed. Motion carried.
6. The meeting adjourned without objection at 2:53 p.m.
The next VEBA Board meeting is scheduled for Thursday, February 22, 2018, immediately
following the Retirement and Deferred Compensation Board meeting.
Respectfully submitted,
__________________________________ ____________________________________
James H. VanLeuven Jr., Chairperson Silvia Frank, Secretary