HomeMy WebLinkAboutMinutes - 2023.10.19 - 40764OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held October 19, 2023 at 2:39 p.m. in East Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeff Phelps, James Van Leuven, Dion Stevens,
Gwen Markham, Sheryl Johnson, Robert Wittenberg
Members Absent: Dave Woodward, Brian Partogian
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Ambria Ellis, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Chris Kuhn, AndCo
Peter Brown, AndCo
Louise Gates, GRS
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Stevens, seconded Wittenberg by to approve the agenda as
submitted. Motion carried.
I11. Public Comment
None
IV. Consent Agenda
A. Approval of the September 21, 2023 VEBA Board minutes
B. Medicare Reimbursement payroll — 10/31/23
C. Investment Manager Invoices
D. Service Provider Invoices
E. Notice of New County Executive Designee — Sheryl Johnson
Moved by Phelps, seconded by Markham 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 September 30, 2023
• Oakland County Employees' Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending October 12, 2023
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Monthly Flash Report Period Ending September 30, 2023
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Asset / Manager Summary Period Ending October 12, 2023
Oakland County VEBA Board Minutes
October 19, 2023
Page 2
Moved by Stevens, seconded by Phelps to hire both Boyd Watterson
Intermediate Plus SMA and National Investment Services NIS Interm Fixed
Income to provide Intermediate Fixed Income services and hire Kennedy
Capital's Mid Cap Value Strategy for the Oakland County VEBA Board, with a
target of 3% for each company of the VEBA assets to be funded overtime and
subject to legal review. Motion carried.
Moved by Van Leuven, seconded by Wittenberg to accept the Investment
Subcommittee and AndCo's recommendation to adjust the Small and Mid -Cap
targets as presented in the Asset Manager Summary. Motion carried.
B. Secretary Webster discussed the October 3, 2023, Retire Benefits and Breakfast
event at the Executive Office Building.
C. Aaron Castle did not have any updates to share for the General Counsel Legal
Update.
VII. Unfinished Business
A. Lousie Gates of GRS discussed the Investment Return Assumption in the VEBA
Valuation presented at the April 2023 VEBA Board Meeting. Discussion was had.
Moved by Johnson, seconded by Markham to change the Assumed Annual rate
of return (discount rate) from 7% to 6.75%. Motion carried.
VIII. New Business
None
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board will be Thursday,
November 16, 2023.
X. Without objection, Chairperson Rozell adjourned the meeting at 2:51 p.m.
Joseph Rozell, Chairperson
Respectfully submitted,
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