HomeMy WebLinkAboutMinutes - 2025.09.25 - 42418OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held September 28, 2025, at 2:45 p.m. in Committee Room A of the Board of Commissioners
i Call toOrder/ Roll Call
Members Present: Joseph RozeU, Jeffrey Phe|po, Robert Wittenberg, Brian J. Lefler,
David VVoodvvanj, UnnioTaxlor. Casey {}nanloton. James Van
Lauven, Dion Stevens
Members Absent:
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VW1TLaw
Chris Kuhn, Mariner
Peter Brown, Mariner
Chris Smith, GR8
Heidi Berry' GF<8
|U. Approval mfthe Agenda
A. Moved by Wittenberg, seconded byStevens toapprove the agenda as
submitted. Motion carried.
Public Comment
None
Consent Agenda
A. Approval ofthe August 2O.2O25.VEBABoard minutes
B. Medicare Reimbursement payroll —O8/3O/2O25
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
E. RetinamentBoardCommuniooUona—CSyWuKee
Moved bvVan Leuven, seconded bvTaylor toapprove the consent agenda, eo
submitted. Motion carried.
Regular Agenda
None
Reports
A. Chris Kuhn and Peter Brown of Mariner Consulting presented the following
reports and provided comments summarizing highlights oontoinmdineach:
° Oakland County Employees' Retirement System (ER8)VEBAPlan 2nd
Quarter 2O25Report Period Ending June 3O.2025
° Oakland County Employees' Retirement System (ER8)VEBAMonthly Flash
Report Period Ending August 31.2O25
° Oakland County Employees' Retirement System /ER8\VEBAAsset
/
Manager Summary Period Ending September 1O,2O25
~ Oakland County Employees' Retirement System /ERG\Superseding Trust
Plan 2ndQuarter Report Period Ending June 3O.2O25
• Oakland County Employees' Retirement System (ER8) Superseding Trust
Monthly Flash Report Period Ending August 31.2U25
Oakland County VEBA Board Minutes
September 25, 2025
Page 2
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Asset / Manager Summary Period Ending September 16, 2025
Moved by Van Leuven, seconded by Woodward to accept Mariner's
recommendation to transfer $10 million of SSgA S&P 500 to Boyd Watterson
Intm FI and $10 million of T. Rowe Price Enhanced 500 to NIS Intm FI.
Motion carried.
Moved by Taylor, seconded by Phelps to receive and file the VEBA and
Superseding Trust 2nd Quarter Reports Period Ending June 30, 2025; VEBA
and Superseding Trust Monthly Flash Reports Period Ending August 31,
2025, and VEBA and Superseding Trust Asset / Manager Summaries Period
Ending September 16, 2025
B. Moved by Taylor, seconded by Woodward to receive and file the Treasurer's
Report. Motion carried.
C. Secretary Webster provided a verbal Administrator's Report discussing the
pooled cash balance of the VEBA account.
D. Aaron Castle of VMT Law did not have a legal report.
VII. Unfinished Business
A. Chris Smith of GRS presented the GRS Perspectives, The Rise of Layered
Amortization, article created August 2024. Discussion was held. No
recommendations were made. No action was taken.
B. Discussion was held on the use of forfeitures to pay Retirement Health Savings
participant plan costs. Move this item to the consent agenda next month per
board request.
Moved by Woodward, seconded by Stevens to approve the usage of the RHS
forfeitures in the amount of $16,993.79 as outlined in Optum Invoice 597227198
which covers August 2025. Motion carried.
VIII. New Business
A. The recommendation of the continued Appointment of Citizen Member Dion
Stevens to the Board of Commissioners was reviewed.
Moved by Van Leuven, seconded by Taylor to recommend to the Board of
Commissioners the appointment of Citizen Member Dion Stevens for term ending
December 31, 2029. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted there will be an Investment Subcommittee meeting on
Thursday, October 23, 2025, at 9am in Committee Room A at the Board of
Commissioners Building.
B. Chairperson Rozell noted the next meeting of this Board — Thursday, October 23,
2025, at 1:30pm in Committee Room A at the Board of Commissioners Building.
C. Without objection, Chairperson Rozell adjourned the meeting at 2:54 p.m.
Respectfully submitted,
Joseph Rozell, Chairperson
Cai lyWebst Secretary