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OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held electronically on March 23, 2020 at 2:26 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Andy Meisner,
Dave Woodward, Helaine Zack, Curtis Childs, Lauri Siskind
Members Absent with Notice:
April Lynch, Jeff Phelps
Others Present:
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo Consulting
Peter Brown, AndCo Consulting
II. Approval of the Agenda
Moved by Siskind, seconded by Meisner to amend the agenda to add Item II.A.
Temporarily suspend the portion of the Board Bylaws that prohibits meeting by
telecommunications during the COVID-19 pandemic. Motion carried.
Moved by Rozell, seconded by Meisner to approve the agenda, as amended. Motion
carried.
A. Moved by Rozell, seconded by Meisner to temporarily suspend the portion of the
Bylaws that prohibits meeting by telecommunications during the COVID-19
pandemic. Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Childs, seconded by Meisner to approve the minutes of February 20,
2020. Motion carried.
V. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) VEBA Quarterly
Report – Period Ending December 31, 2019
• Oakland County Employees’ Retirement System (ERS) VEBA Monthly Flash
Report Period Ending February 29, 2020
• Oakland County Employees’ Retirement System (ERS) VEBA Plan
Asset / Manager Summary – March 23, 2020
• S&P 500 – Bear Markets since 2000 – Comparing Crisis
Move by Siskind, seconded by Meisner to terminate Wedge Capital Management
due to continued weak performance and move funds to Russell Mid-Cap Value
Oakland County VEBA Board Minutes
March 23, 2020
Page 2
Index ETF using Capital Institutional Services, Inc. (CAPIS) to assist as the
Transition Manager. Motion carried.
Moved by Meisner, seconded by Siskind to approve the Investment Policy
Statement (IPS) for the 2013 Superseding Oakland County Retiree Medical
Benefits Trust. Motion carried.
B. Moved by Childs, seconded by Zack to receive and file the Required Reporting
for State of Michigan PA 202 of 2017 and the Memo to the Board of
Commissioners. Motion carried.
VI. Unfinished Business
None
VII. New Business
A. Moved by Woodward, seconded by Rozell to temporarily suspend all Board
travel due to the COVID-19 pandemic. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday, April
30, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:33 p.m.
Respectfully submitted,
__________________________________ ____________________________________
James VanLeuven Jr., Chairperson Silvia Frank, Secretary