HomeMy WebLinkAboutMinutes - 2024.01.18 - 41002OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held January 18, 2024 at 3:51 p.m. in East Conference Room of the Executive Office Building.
I. Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, James Van
Leuven, Dion Stevens, Brian Partogian, Sheryl Johnson, Gwen
Markham
Members Absent: David Woodward
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
Secretary Webster chaired the meeting.
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Rozell 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 Van Leuven,
seconded by Phelps to nominate Joe Rozell for chairperson. Motion carried.
Chairperson Rozell assumed the chair.
B. Call for nominations from the floor for Vice Chairperson. Moved by Van Leuven,
seconded by Partogian to nominate Jeff Phelps for vice chairperson. Motion
carried.
V. Consent Agenda
A. Approval of the December 14, 2023 VEBA Board minutes
B. Medicare Reimbursement payroll — 01/31/24
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
Moved by Van Leuven, seconded by Stevens to approve the consent agenda, as
submitted. Motion carried.
VI. Regular Agenda
None
VII. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
Oakland County VEBA Board Minutes
January 18, 2024
Page 2
• Oakland County Employees' Retirement System (ERS) VEBA Monthly Flash
Report Period Ending December 31, 2023
• Oakland County Employees' Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending January 10, 2024
Moved by Wittenberg, seconded by Stevens to receive and file the Asset /
Manager Summary and accept AndCo's recommendation to transfer $20 million
of MS Prime Property RE and $15 million of Prudential PRISA II VA RE to fully
fund Boyd Watterson Intm FI and NIS Intm FI commitments. Redemption could
take 1-2 years. In addtiona, to accept AndCo's recommendation to stop
reinvesting Morgan Stanley Real Estate dividends and to start taking payments in
Cash, pending legal review. Motion carried.
B. Secretary Webster did not have any updates to share for the VEBA
Administrator's Report.
C. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided a
verbal update on legal matters.
Moved by Stevens, seconded by Markham to authorize legal counsel to
investigate possible claims against TPG Inc. Motion carried.
Moved by Stevens, seconded by Wittenberg to authorize legal counsel to partner
with Genesee County for lead plaintiff status against Driven Brands Holdings Inc.
Motion carried.
Moved by Johnson, seconded by Partogian to reject the recent PG&E
counteroffer and continue litigation through Bankruptcy Court. Motion carried.
VIII. Unfinished Business
None
IX. New Business
X. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, February
15, 2024
Xl. Without objection, Chairperson Rozell adjourned the meeting at 3:55 p.m.
Respectfully submitted,
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