HomeMy WebLinkAboutMinutes - 2023.01.19 - 38314
OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees’ Beneficiary Association (VEBA) Board meeting was
held January 19, 2023 at 2:45 p.m. in West Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Joe Rozell, Jeff Phelps, Robert Wittenberg, Brian Partogian, Kyle
Jen, Gwen Markham, Dave Woodward
Members Absent: James Van Leuven, Dion Stevens
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Natalie Neph, Treasurer’s Office
Paul Zelenak, Treasurer’s Office
Secretary Webster chaired the meeting.
II. Approval of the Agenda
A. Moved by Rozell, seconded by Partogian to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Election of Officers
A. Call for nominations from the floor for Chairperson. Moved by Phelps, seconded
by Partogian to close nominations for chairperson and cast a unanimous vote
for Joe Rozell. Motion carried.
Chairperson Rozell assumed the chair.
B. Call for nominations from the floor for Vice Chairperson. Moved by Jen,
seconded by Partogian to close nominations for vice chairperson and cast a
unanimous vote for Jeff Phelps. Motion carried.
V. Consent Agenda
A. Approval of the December 15, 2022 VEBA Board minutes
B. Medicare Reimbursement payroll – 01/31/23
C. Investment Manger Invoices
D. Service Provider Invoices/projected monthly fees
Moved by Phelps, seconded by Partogian to approve the consent agenda, as
amended. Motion carried.
VI. Regular Agenda
None
VII. Reports
Oakland County VEBA Board Minutes
January 19, 2023
Page 2
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 December 31, 2022
• Oakland County Employees’ Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending January 19, 2023
Moved by Wittenberg, seconded by Woodward to receive and file the Asset /
Manager Summary and accept AndCo’s recommendation to rebalance which is
to transfer $15 million from Lazard Intl Equity to Fidelity Intl Equity and transfer
$10 million from Leeward Small Value to Cash/Liquidity (VTHRX). Motion carried.
B. Secretary Webster did not have any updates to share for the Administrator’s
Report.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters. No action was taken.
VIII. Unfinished Business
None
IX. New Business
A. Louise Gates of GRS Consulting, summarized the Oakland County Retirees’
Healthcare Trust GASB Statement No. 74 Financial Reporting for
Postemployment Benefit Plans other than Pension Plans as of September 30,
2022.
Moved by Phelps, seconded by Wittenberg to receive and file the Oakland
County Retirees’ Healthcare Trust GASB Statement No. 74 Financial Reporting
for Postemployment Benefit Plans other than Pension Plans as of September 30,
2022.
B. Louise Gates of GRS Consulting, summarized the Oakland County Retirees’
Healthcare Trust Assumption Study October 1, 2016 through September 30,
2021.
Moved by Phelps, seconded by Wittenberg to receive and file the OCERS
Assumption Study October 1, 2016 through September 30, 2021.
Motion carried.
Moved by Jen, seconded by Woodward to adopt proposed Option C, changing
the Actuarial Assumptions/Methods to a 7.0% Investment Return rate and a 3.0%
Wage Inflation rate. Motion carried.
X. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board – Thursday, February
16, 2023
B. Chairperson Rozell noted the Investment Subcommittee will meet following the
VEBA Board meeting on Thursday, February, 16, 2023.
XI. Without objection, Chairperson Rozell adjourned the meeting at 3:22 p.m
Respectfully submitted,
__________________________________ ____________________________________
Joseph Rozell, Chairperson Carly Webster, Secretary