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HomeMy WebLinkAboutMinutes - 2025.07.24 - 42420OAKLAND COUNTY VEBA BOARD MINUTES The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was held July 24, 2025, at 2:15 p.m. the West Oakland Conference Room of the County Executive Building. I. CaII 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: Carly Webster, Human Resources Kelly Pena, Human Resources Aaron Castle, VMT Law Paul Zelenak, Treasurer's Office Chris Kuhn, Mariner Peter Brown, Mariner Chris Smith, GRS Aria Dwoskin, Board of Commissioners II. Approval of the Agenda A. Moved by Stevens, seconded by Wittenberg to approve the agenda as submitted. Motion carried. III. Public Comment None IV. Consent Agenda A. Approval of the June 26, 2025, VEBA Board minutes B. Medicare Reimbursement payroll — 07/31/25 C. Investment Manager Invoices D. Service Provider Invoices/projected monthly fees Moved by Van Leuven, seconded by Woodward to approve the consent agenda, as submitted. Motion carried. V. Regular Agenda None VI. Reports A. Chris Kuhn and Peter Brown of Mariner presented the following reports and provided comments summarizing highlights contained in each: • Oakland County Employees' Retirement System (ERS) VEBA Plan Monthly Flash Report Period Ending June 30, 2025 • Oakland County Employees' Retirement System (ERS) VEBA Asset / Manager Summary Period Ending July 15, 2025 • Oakland County Employees' Retirement System (ERS) Superseding Trust Monthly Flash Report Period Ending June 30, 2025 • Oakland County Employees' Retirement System (ERS) Superseding Trust Asset / Manager Summary Period Ending July 15, 2025 Oakland County VEBA Board Minutes July 24, 2025 Page 2 Moved by Van Leuven, seconded by Stevens to receive and file the Asset / Manager Summary and accept Mariner's recommendation to transfer $5 million of SSgA S&P 500 to Cash. Motion carried. B. Paul Zelenak presented the Treasurer's Report. Moved by Taylor, seconded by Wittenberg to receive and file the Treasurer's Report. Motion carried C. Secretary Webster did not have an administrator's report. D. Aaron Castle of VMT Law presented his legal report. Discussion was held on the DB Investment Consultant RFP insurance requirements and the P.A. 202 Actuarial Audit requirements. The board will add the P.A. 202 Actuarial Audit to the RPF review calendar. VII. Unfinished Business A. Aaron Castle of VMT Law presented on the Optum Contract Amendment. Discussion was held on the changes and cost savings for the participants. Moved by Stevens, seconded by Wittenberg, to approve the Optum Contract Amendment. Motion carried. B. Discussion was held on the use of forfeitures to pay Retirement Health Savings participant plan costs. Moved by Taylor, seconded by Stevens to approve the usage of the RHS forfeitures in the amount of $16,260.75 as outlined in the Optum Financial Invoice provided to the Board. Motion carried. VIII. New Business A. Chairperson Rozell appointed trustees Phelps, Wittenberg and Taylor to the Election Board to oversee the Retiree Election. Moved by Crampton, seconded by Phelps to receive and file the Election Committee Statement, certifying that James VanLeuven Jr. will serve as the Retiree Representative Member for term ending August 31, 2027. Motion carried. B. Aaron Castle of VMT Law presented on the Northern Trust Class Action Filing Custody Services. Discussion was had on Northern Trust's enhanced services and the fee structure. Moved by Stevens, seconded by Crampton to accept automatic enrollment into the Northern Trust Enhancements to Class Action Filings. Motion carried. C. Aaron Castle of VMT Law presented on the Empower Contract Amendment. Discussion was held on the changes and cost savings for the participants. The board will add the recordkeeper RPF schedule to the review calendar. Moved by Woodward, seconded by Van Leuven to approve the Empower Contract Amendment. Motion carried. Oakland County VEBA Board Minutes July 24, 2025 Page 3 IX. Trustee Comment A. Chairperson Rozell noted the next meeting of this Board — Thursday, August 21, 2025, at 9:30am in the West Oakland Conference Room at the County Executive Building. X. Without objection, Chairperson Rozell adjourned the meeting at 2:26 p.m. Joseph Rozell, Chairperson Respectfully submitted, MIL),���1�a�-cam Cartyy Webstel{j Secretary