HomeMy WebLinkAboutMinutes - 2023.04.27 - 38317OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held April 27, 2023 at 3:10 p.m. in West Conference Room of the Executive Office Building.
CaII to Order/ Roll CaII
Members Present: Joe Rozell, Jeff Phelps, Kyle Jen, Dave Woodward,
James Van Leuven, Dion Stevens
Members Absent: Robert Wittenberg, Gwen Markham, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Paul Zelenak, Treasurer's Office
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Zachary Newood, Human Resources
II. Approval of the Agenda
A. Moved by Phelps, seconded by Stevens to approve the agenda, as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the March 16, 2023 VEBA Board minutes
B. Medicare Reimbursement payroll — 04/28/23
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
Moved by Stevens, seconded by Phelps to approve the consent agenda as
submitted. Motion carried.
V. Regular Agenda
None
VI. 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 Plan Monthly
Flash Report Period Ending March 31, 2023
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending April 21, 2023
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Monthly Flash Report Period Ending March 31, 2023
Moved by Van Leuven, seconded by Phelps to receive and file the Asset /
Manager Summary and accept AndCo's recommendation for Mix #2, as
Oakland County VEBA Board Minutes
April 27, 2023
Page 2
presented at the Investment Subcommittee Committee in the VEBA Asset
Allocation Study.
Broad Asset Class Allocation (%)
Current Pdicy Mix 1 Mix 2 Mix 3 Mix 4
U.S. Aggregate Bonds 25.00 28.00 30.00 35.00 4000 58.39
U.S. High Yield Bends 250 0.00 2.50 0.00 0 00 0.00
Emerging Markets Sovereign Debt 2.50 0.00 2.50 0.00 0.00 0.03
U.S. Large Cap 20.00 20.00 18.00 20.00 20.00 0.00
U S. Mid Cap 7.50 9.00 7.50 8 00 7.00 0.00
U.;.Small Cap 750 800 7.50 7.00 600 0.00
EAFE Equity 10.00 10.00 8.00 8.00 6.00 8.31
Emergng Markets Equity 5.00 5.00 4.00 4.00 4.00 0.00
U.S. Core Real Estate 600 5.00 500 4.00 400 0.00
U.S. Value -Added Real Estate 5.00 6.00 6.00 4.00 3.00 12.94
Private Equity 5.00 5.00 5.00 5.00 5.00 13.46
Direct. Lending 5.00 5.00 5.00 5.00 5.00 6.89
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) had a verbal
update on legal matters.
Moved by Stevens, seconded by Phelps to authorize legal counsel to pursue
securities litigation action against Tesla. Motion carried.
VII. Unfinished Business
None
VIII. New Business
A. Moved by Jen, seconded by Woodward to receive and file the Oakland County
Retirees' Healthcare Trust Actuarial Valuation Report as of September 30, 2022
presented by GRS. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board will be - Thursday, May
18, 2023.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:27 p.m.
Respectfully submitted,
(L.
Carly \bster, Secretary