HomeMy WebLinkAboutMinutes - 2019.12.17 - 32889OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board was held
December 17, 2019 at 1:40 p.m. in the East Oakland Conference Room, L. Brooks Patterson
Building.
Members Present: James VanLeuven Jr. Joseph Rozell
Jeffrey Phelps Dave Woodward
April Lynch Curtis Childs
Helaine Zack
Members Absent: Andy Meisner (with notice)
Lauri Siskind (with notice)
Others Present: Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Joellen Shortley, Corporation Counsel
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Natalie Neph, Treasurer’s Office
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
Louise Gates, Gabriel, Roeder, Smith & Co.
1. Moved by Lynch, seconded by Woodward to approve the minutes of November 21, 2019.
Motion carried.
2. Meeting was opened for public comment. No one spoke.
3. Chris Kuhn and Peter Brown of AndCo Consulting distributed the following reports and
provided brief comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) VEBA Investment
Performance Review Period Ending September 30, 2019
• Oakland County Employees’ Retirement System (ERS) VEBA Monthly Flash
Report Period Ending October 31, 2019
• Oakland County Employees’ Retirement System (ERS) VEBA
Asset / Manager Summary – December 6, 2019
Moved by Phelps, seconded by Childs, to receive and file the November 25, 2019 email
communication from Chris Kuhn of AndCo, regarding the CS McKee ownership change.
Motion carried.
Moved by Zack, seconded by Woodward to approve the Manager Addendum to the
Investment Policy Statement for Loomis, Sayles & Company. Motion carried.
4. Moved by Childs, seconded by Lynch to approve the Service Provider Request for
Proposal (RFP) Schedule. Motion carried.
5. Moved by Phelps, seconded by Childs to receive and file the Oakland County Retirees’
Health Care Trust GASB Statement No. 74 as of September 30, 2019. Motion carried.
6. Moved by Phelps, seconded by Rozell to retain AndCo Consulting as the Defined Benefit
Investment Consultant. Motion carried.
Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. will draft the contract to be
effective January 1, 2020.
Oakland County VEBA Board Minutes
December 17, 2019
Page 2
7. Moved by Rozell, seconded by Zack to request that AndCo negotiate a new fee schedule
with Wedge Capital Management L.L.P. Motion carried.
8. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. provided a verbal update on
legal issues and pending legislation.
9. Other Business:
a. Chairperson Van Leuven noted the next meeting of this Board:
i. Thursday, January 23, 2020.
10. Chairperson VanLeuven adjourned the meeting without objection at 1:50 p.m.
Respectfully submitted,
__________________________________ ____________________________________
James VanLeuven Jr., Chairperson Silvia Frank, Secretary