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OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held December 16, 2021 at 2:39 p.m. in West Conference Room of the L. Brooks Patterson
Building.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven, Jeff Phelps, Gwen Markham,
Dave Woodward, Kyle Jen
Members Absent: Joseph Rozell, Lauri Siskind, Robert Wittenberg, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Louise Gate, GRS
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
A. Moved by Jen, seconded by Markham to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Phelps, seconded by Markham to approve the minutes of November
18, 2021. 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 Investment
Performance Review Period Ending September 30, 2021
• Oakland County Employees’ Retirement System (ERS) VEBA Monthly Flash
Report Period Ending October 31, 2021
• Oakland County Employees’ Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending December 7, 2021
• Oakland County Employees’ Retirement System (ERS) VEBA Investment
Performance Review for Alternative Investments Period Ending June 30,
2021
Moved by VanLeuven, seconded by Phelps to terminate both the Nuance and
Great Lakes Advisors (GLA) portfolios and to use BTIG to transition the Nuance
funds to Fidelity MidCap Value Index Fund (FIMVX) and the GLA funds to the
Fidelity Midcap Index Fund (FSMDX), as recommended by AndCo. Motion
carried.
B. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
Oakland County VEBA Board Minutes
December 16, 2021
Page 2
• Oakland County Employees’ Retirement System (ERS) SST Investment
Performance Review Period Ending September 30, 2021
• Oakland County Employees’ Retirement System (ERS) SST Monthly Flash
Report Period Ending October 31, 2021
• Oakland County Employees’ Retirement System (ERS) SST Asset / Manager
Summary Period Ending December 7, 2021
Moved by Woodward, seconded by Phelps to transfer $500,000 from the SSgA
S&P 500 Equity fund to the CS McKee Core Fixed Income fund. Motion carried.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
Moved by Phelps, seconded by Markham to authorize legal to pursue a new IMA
with Leeward, effective as of the date that Leeward officially takes over
management of the accounts from LMCG. Motion carried.
VI. Unfinished Business
None
VII. New Business
A. Moved by Woodward, seconded by Phelps to receive and file the GASB No. 74
Real Return Disclosure, provided by AndCo. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
January 20, 2022
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:46 p.m.
Respectfully submitted,
__________________________________ ____________________________________
James VanLeuven Jr., Chairperson Carly Webster, Secretary