HomeMy WebLinkAboutMinutes - 2025.06.26 - 42419OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held June 26, 2025, at 3:37 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, Brian J. Lefler,
David Woodward, Linnie Taylor, Casey Crampton, James Van
Leuven, Dion Stevens
Members Absent:
with notice
Others Present:
Kelly Pena, Human Resources
Aaron Castle, VMT Law
Chris Kuhn, Mariner
Peter Brown, Mariner
Paul Zelenak, Treasurer's Office
Stephanie Sullivan, GRS
Chris Smith, GRS
I1. Approval of the Agenda
A. Moved by Taylor, seconded by Phelps to approve the agenda as submitted.
Motion carried.
B. Moved by Van Leuven, seconded by Wittenberg to amend the agenda and add
item B. under New Business — Movement of August 28, 2025, VEBA Board
meeting to August 21, 2025. Motion carried.
III. Public Comment
None
IV. Consent Agenda
A. Approval of the May 22, 2025, VEBA Board minutes
B. Medicare Reimbursement payroll — 06/30/25
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
Moved by Taylor, seconded by Stevens to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
None
VI. Reports
A. Chris Kuhn and Peter Brown of Mariner Consulting presented the following
reports and provided comments summarizing highlights contained in each:
• Oakland County Employees' Retirement System (ERS) VEBA Plan
Performance Review - Private Investment Report Period Ending December
31, 2024
• Oakland County Employees' Retirement System (ERS) VEBA Plan 1st
Quarter 2025 Report Period Ending March 31, 2025
• Oakland County Employees' Retirement System (ERS) VEBA Monthly Flash
Report Period Ending May 31, 2025
Oakland County VEBA Board Minutes
June 26, 2025
Page 2
• Oakland County Employees' Retirement System (ERS) VEBA Asset /
Manager Summary Period Ending June 16, 2025
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Plan 1st Quarter Report Period Ending March 31, 2025
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Monthly Flash Report Period Ending May 31, 2025
• Oakland County Employees' Retirement System (ERS) Superseding Trust
Asset / Manager Summary Period Ending June 16, 2025
Moved by Stevens, seconded by Van Leuven to accept Mariner's
recommendation to transfer $10 million of T. Rowe Price Enhanced 500 and
$8 million of HGK Intl Equity to Cash; move $4 million of Loomis Sayles Small
Growth and $4 million of Lazard Intl Equity to Boyd Watterson Intm FI; move
$4 million of Leeward Small Value and $4 million of Allspring Emerging Mkts
to NIS Intm FI. Motion carried.
Discussion was held on the reports and capital calls. Mariner will add
comments to the reports regarding commitment amounts.
Moved by Taylor, seconded by Crampton to receive and file the VEBA Plan
Performance Private Investment Report Period Ending December 31, 2024;
VEBA and Superseding Trust 1st Quarter Reports Period Ending March 31,
2025; VEBA and Superseding Trust Monthly Flash Reports Period Ending
May 31, 2025, and VEBA and Superseding Trust Asset / Manager
Summaries Period Ending June 16, 2025. Motion carried.
B. Moved by Stevens, seconded by Phelps to receive and file the Treasurer's
Report. Motion carried.
C. Assistant Secretary Pena did not have any updates to share for the
Administrator's Report.
D. Aaron Castle of VMT Law presented his legal report. Discussion was held on PA
202 Actuarial Audit legal requirements. Additional details will be provided in his
next written report.
VII. Unfinished Business
A. Discussion was held on the use of forfeitures to pay Retirement Health Savings
participant plan costs.
Moved by Stevens, seconded by Crampton to approve the usage of the RHS
forfeitures in the amount of $134,054.22 as outlined in Optum Invoice 585382944
which covers September 2024 — May 2025. Motion carried.
B. Discussion was held on the creation and review process of the DB Investment
Consultant Request for Proposal.
VIII. New Business
A. Moved by Phelps, seconded by Stevens to receive and file the Retirement Board
2025 Retiree Election Calendar for term ending August 31, 2027. Motion carried.
Oakland County VEBA Board Minutes
June 26, 2025
Page 3
Moved by Van Leuven, seconded by Taylor to amend the resolution allowing the
Retirement Board's Investment Consultant, in consultation with the Retirement
Administrator to raise cash as necessary from the investment accounts to meet
the DB Plan's cash needs. Any cash raised in between board meetings will be
reported to the Trustees at the next meeting by adding: 1. This resolution will
only be used if there is no OCERS Retirement Board meetings prior to the need
for cash movements. 2. Approval of the Chairperson or Vice Chairperson is
needed. 3. Capital calls that initiated the need for cash movement prior to the
board meeting will be presented in the next board packet. 4. This resolution will
sunset December 31, 2025. Motion carried.
B. Moved by Taylor, seconded by Stevens to move the 1:30pm August 28, 2025,
Retirement Board meeting to 9:30am August 21, 2025. Motion carried.
IX. Trustee Comment
A. Chairperson Rozell noted the next meeting of this Board — Thursday, July 24,
2025, in Committee Room A in the Board of Commissioners Building.
B. Without objection, Chairperson Rozell adjourned the meeting at 3:48 p.m.
oseph Rozell, Chairperson
Respectfully submitted,
4L,P oc,
Kelly Pena, Assistant Secretary