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OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held via teleconference on October 21 , 2020 at 2:12 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell,
Dave Woodward, Curtis Childs, Andy Meisner, Jeff Phelps
Members Absent with notice:
April Lynch, Lauri Siskind, Helaine Zack
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.
Chris Kuhn, AndCo Consulting
II. Approval of the Agenda
A. Moved by Phelps, seconded by Childs to approve the agenda and 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..
III. Public Comment
None
IV. Regular Agenda
A. Moved by Childs, seconded by Woodward to approve the minutes of September
17, 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 Monthly Flash
Report Period Ending September 30, 2020
• Oakland County Employees’ Retirement System (ERS) VEBA Defined
Benefit Plan Asset / Manager Summary – October 9, 2020
VI. Unfinished Business
A. Without objection, Chairperson VanLeuven moved the September 16, 2021
meeting to September 23, 2021.
VII. New Business
A. Moved by Phelps, seconded by Woodward to approve the recommendation of
the Investment Subcommittee to allocate $20 million of the VEBA fund’s fixed
income strategy of the portfolio to BlackRock Direct Lending Feeder IX-L,
pending review by legal counsel. Motion carried.
Moved by Phelps, seconded by Childs to terminate Franklin Templeton and fund
PIMCO’s Diversified Income Strategy with a target allocation of 5%. Motion
carried.
Oakland County VEBA Board Minutes
October 21, 20 20
Page 2
B. Moved by Meisner, seconded by Childs to go into Closed Session to discuss
attorney client privileged memorandum with respect to ongoing securities fraud
litigation against Insperity, Inc.
Roll Call:
Ayes: VanLeuven, Rozell, Meisner, Woodward, Childs, Phelps
Nayes: None
Motion carried. Closed session commenced at 2:18 p.m.
Closed session concluded at 2:35 p.m.; agenda resumed.
Moved by VanL euven, seconded by Childs to authorize legal counsel to work
with the securities law firm of Robbins, Geller, Ruddman and Dowd, LLP to
pursue legal action against Insperity, Inc., as discussed in closed session. Motion
carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
November 19, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:37 p.m.
Respectfully submitted,
__________________________________ ____________________________________
James VanLeuven Jr., Chairperson Silvia Frank, Secretary