HomeMy WebLinkAboutMinutes - 2020.07.16 - 33581
OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held via teleconference on July 16, 2020 at 2:22 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Helaine Zack,
Dave Woodward, Curtis Childs, Lauri Siskind,
April Lynch
Members Absent with Notice:
Andy Meisner, Jeff Phelps
Others Present:
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Natalie Neph, Treasurer’s Office
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
A. Moved by Siskind, seconded by Lynch to approve the agenda and to temporarily
suspend the Article IV – General Rules & Regulations of the Board ByLaws, to
allow for this Board meeting to be held via teleconference during the COVID-19
pandemic. Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Siskind, seconded by Childs to approve the minutes of June 18, 2020.
Moved by Siskind, seconded by Childs to amend the minutes to add the words
read only access to the second motion made in agenda item V.A. Motion carried.
Motion carried to approve the minutes, as amended.
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 Monthly Flash
Report Period Ending June 30, 2020
• Oakland County Employees’ Retirement System (ERS) VEBA
Asset / Manager Summary – July 6, 2020
• Oakland County Employees’ Retirement System (ERS) VEBA Alternative
Investments Report Period Ending December 31, 2019
B. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
Oakland County VEBA Board Minutes
July 16, 20 20
Page 2 VI. Unfinished Business
None
VII. New Business
A. Chris Kuhn of AndCo summarized the Distressed Credit interviews given to the
Investment Subcommittee on July 1, 2020.
Moved by Siskind, seconded by Lynch to allocate 52 million of VEBA funds to be
split evenly between the H.I.G. Capital Bayside Opportunity Loan Fund VI and
Marathon Distressed Credit Fund. Motion carried.
B. Chairperson VanLeuven proposed to move the October 22, 2020 meeting to
October 15, 2020. The item was tabled for the August meeting.
C. Moved by Siskind, seconded by Woodward to go into Closed Session to discuss
attorney client privileged memorandum with respect to ongoing securities fraud
litigation against Grand Canyon Education, Inc.
Roll Call:
Ayes: VanLeuven, Rozell, Lynch, Woodward, Zack, Childs, Siskind
Nayes: None
Motion carried. Closed session commenced at 2:30 p.m.
Closed session concluded at 2:41 p.m.; agenda resumed.
Moved by Woodward, seconded by Lynch to authorize VanOverbeke, Michaud &
Timmony, P.C. to work with securities counsel Barrack, Rodos & Bacine, in
pursuing the action against Grand Canyon Education, Inc., as discussed in
Closed Session. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
August 20, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:42 p.m.
Respectfully submitted,
__________________________________ ____________________________________
James VanLeuven Jr., Chairperson Silvia Frank, Secretary