HomeMy WebLinkAboutMinutes - 2023.12.14 - 40998OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held December 14, 2023, at 3:08 p.m. in the Pernick Aaron Conference Room of the Board of
Commissioners.
I. Call to Order/ Roll CaII
Members Present: Joseph Rozell, Jeff Phelps, Gwen Markham, Sheryl Johnson,
Robert Wittenberg, Dave Woodward, Brian Partogian
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
Brooke Tucker, Corporation Counsel
II. Approval of the Agenda
A. Moved by Johnson, seconded Phelps by to approve the agenda, as submitted.
Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the November 16, 2023, VEBA Board minutes
B. Medicare Reimbursement payroll — 12/28/2023
C. Investment Manager Invoices
D. Service Provider Invoices
Moved by Phelps, seconded by Markham to approve the consent agenda as
submitted. Motion carried.
V. Regular Agenda
None
VI. Reports
A. AndCo
i. Oakland County Employees' Retirement System (ERS) VEBA Plan 3rd
Quarter Report Period Ending September 30, 2023
ii. Oakland County Employees' Retirement System (ERS) VEBA Plan
Monthly Flash Report Period Ending November 30, 2023
iii. Oakland County Employees' Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending December 11, 2023
iv. Oakland County Employees' Retirement System (ERS) VEBA Alternative
Investments Performance Review Period Ending June 30, 2023
v. Oakland County Employees' Retirement System (ERS) Superseding
Trust 3rd Quarter Report Period Ending September 30, 2023
vi. Oakland County Employees' Retirement System (ERS) Superseding
Oakland County VEBA Board Minutes
December 14, 2023
Page 2
Trust monthly Flash Report Period Ending November 30, 2023
Moved by Johnson, seconded by Phelps to receive and file the Asset / Manager
Summary and accept AndCo's recommendation to rebalance as noted on the Asset /
Manager Summary:
• Transfer $10MM from the Loomis Sayles SM to the newly established Boyd
Watterson account.
• Transfer $10MM from the Leeward / Lee Munder account to the newly
established Boyd Watterson account.
• Transfer $15MM from the T. Rowe Price account to the newly established NIS
account.
• Sell $5MM of the PIMCO Diversified Income Fund (PDIIX) and transfer the
proceeds to the newly established NIS account.
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 General Counsel Legal Update noting that Legislation Update — PA 214 of
2023 would also apply to the VEBA board.
VII. Unfinished Business
A. Brooke Tucker from Oakland County's Corporation Counsel reviewed the need to
work with outside counsel to amend the RHS vesting policy. Discussion followed.
Moved by Woodward, seconded by Markham to authorize hiring of Aaron Castle
of VanOverbeke, Michaud & Timmony, P.C. to work with Corporation Counsel to
revise the RHS vesting policy. Motion carried.
B. Chris Kuhn from AndCo presented the updated VEBA - Investment Policy
Statement. Discussion followed.
Moved by Phelps, seconded by Wittenberg to approve the updated VEBA
Investment Policy Statement. Motion carried.
VIII. 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,
2023.
Moved by Johnson, seconded by Phelps 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,
2023. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board will be Thursday,
January 18, 2024, in the East Conference Center Room of the Executive Office
Building.
B. Assistant Secretary Pena noted the Investment Subcommittee will meet for
interviews for the Independent Medical Director on Thursday, January 18, 2024,
at 9:45am, in the Waterford Conference Room of the Executive Office Building.
Oakland County VEBA Board Minutes
December 14, 2023
Page 3
X. Without objection, Chairperson Rozell adjourned the meeting at 3:23 p.m.
Joseph Rozell„Chairperson
Respectfully submitted,
Carly Webster, Secretary