HomeMy WebLinkAbout070125_135008_2025-03-20 VEBA Minutes signedOAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held March 20, 2025, at 3:22 p.m. in Committee Room A of the Board of Commissioners
Building.
I. Call to Order/ Roll Call
Members Present: Joseph Rozell, Jeffrey Phelps, Robert Wittenberg, David
Woodward, Linnie Taylor, Casey Crampton, James Van Leuven,
Dion Stevens
Members Absent: Brian J. Lefler
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Chris Kuhn, Mariner
Peter Brown, Mariner
Paul Zelenak, Treasurer's Office
II. Approval of the Agenda
A. Moved by Wittenberg, seconded by Woodward to approve the agenda as
submitted. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the February 13, 2025, VEBA Board minutes
B. Medicare Reimbursement payroll — 03/31/25
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
E. Notice of New Finance Committee Designee — Linnie Taylor
Moved by Van Leuven, seconded by Taylor 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 4th
Quarter Report Period Ending December 31, 2024
• Oakland County Employees' Retirement System (ERS) VEBA Plan Monthly
Flash Report Period Ending February 28, 2025
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending March 11, 2025
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Plan 4th Quarter Report Period Ending December 31, 2024
• Oakland County Employees' Retirement System (ERS) VEBA Plan Monthly
Flash Report Period Ending February 28, 2025
Oakland County VEBA Board Minutes
March 20, 2025
Page 2
• Oakland County Employees' Retirement System (ERS) Asset / Manager
Summary Period Ending March 11, 2025
Moved by Crampton, seconded by Stevens to receive and file the Asset /
Manager Summary and accept Mariner's recommendation to transfer $10 million
of SSgA S&P 500 EW to Cash. Motion carried.
B. Paul Zelenak presented the Treasurer's Report.
Moved by Stevens, seconded by Taylor to receive and file the Treasurer's
Report. Motion carried
C. Discussion was held on the use of forfeitures to pay Retirement Health Savings
participant plan costs.
Moved by Woodward, seconded by Crampton to table the usage of the RHS
forfeitures in the amount of $86,993.94 as outlined in Secretary Webster's memo
to the Board, until the April meeting. Motion carried.
D. Aaron Castle of VMT Law did not have anything additional to his written legal
report.
VII. Unfinished Business
None
VIII. New Business
A. The Sturbridge Diversified Private Equity Fund III, L.P. Amendment was
discussed.
Moved by Stevens, seconded by Phelps to accept the amendments to the
Sturbridge Diversified Private Equity Fund III, L.P. Motion carried.
B. The Extension of ValStone Opportunity Fund V, LLC was discussed.
Moved by Stevens, seconded by Van Leuven to approve the further extended
wind -down for ValStone Opportunity Fund V-AIV I, LLC for an additional 12-
months through February 28, 2026. Motion carried.
C. The Retirement Board discussed moving to the meetings from the third to the
fourth Thursday of the month. Secretary Webster will identify the available
meeting locations and report to the board at the April meeting.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, April 24,
2025.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:30 p.m.
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Jospfi Roz4I1,iairperson
Respectfully submitted,
(As, uuth-A
Carly Webster, $bcretary