HomeMy WebLinkAboutMinutes - 2022.04.28 - 35543
OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held April 28, 2022 at 2:55 p.m. in West Conference Room of the L. Brooks Patterson Building.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven, Jeff Phelps, Joe Rozell, Dave Woodward,
Kyle Jen, Gwen Markham, Brian Partogian
Members Absent: Robert Wittenberg, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Karen Skupin, 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 Van Leuven, seconded by Jen to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Markham, seconded by Van Leuven to approve the minutes of March
17, 2022. 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 March 31, 2022
• Oakland County Employees’ Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending April 14, 2022
Moved by Van Leuven, seconded by Woodward to authorize Loomis Sayles to
invest assets of the VEBA in the New Hampshire Investment Trust (NHIT) CLO
Trust, pending legal review. Motion carried.
Moved by Van Leuven, seconded by Woodward to terminate Pictet EAFE Equity,
hire and allocate 3.5% to HGK International Equity, allocate 3% to the Fidelity
International Index fund and reduce the allocation to Lazard to 3.5%, pending
legal review. Motion carried.
Oakland County VEBA Board Minutes
March 17, 2022
Page 2
Moved by Van Leuven, seconded by Woodward to hire ABS Emerging Market
Strategy with a 2.5% allocation, funded by reducing the allocation to the ABS
Long/Short fund to 2.5%, pending legal review. Motion carried
Moved by Markham, seconded by Woodward to accept the language proposed by
AndCo, officially denouncing the actions taken by Russia against Ukraine and
supporting the effort to divest the assets from investments in Russian securities,
that will be sent to investment managers on board letterhead. Motion carried.
B. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
VI. Unfinished Business
None
VII. New Business
A. Moved by Phelps, seconded by Jen to approve the VanOverbeke, Michaud &
Timmony, P.C. Invoices No. 111314 and 111315 in the combined amount of
$3,940.50 for legal services. Motion carried.
VIII. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board – Thursday, May 12,
2022
IX. Without objection, Chairperson Rozell adjourned the meeting at 3:00 p.m.
Respectfully submitted,
__________________________________ ____________________________________
Joseph Rozell, Chairperson Carly Webster, Secretary