HomeMy WebLinkAboutMinutes - 2026.06.25 - 43149OAKLAND COUNTY VEBA BOARD MINUTES
The Oakland County Voluntary Employees' Beneficiary Association (VEBA) Board meeting was
held June 25, 2026, at 2:56 p.m.
I. Call to Order/ Roll Call
Members Present: Joseph Rozell, Brian J. Lefler, David Woodward, Casey
Crampton, James Van Leuven, Dion Stevens, Michael Swain
Members Absent: Robert Wittenberg, Linnie Taylor
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VMT Law
John Krakowiak, Graystone
Amy Cole, Graystone
Erik Burger, Graystone
Paul Zelenak, Treasurer's Office
Heidi Barry, GRS
Uda Daniel, Human Resources
II. Approval of the Agenda
A. Moved by Crampton, seconded by Swain to approve the agenda as submitted.
Motion carried.
Ill. Public Comment
None
IV. Consent Agenda
A. Approval of the May 28, 2026, VEBA Board minutes
B. Medicare Reimbursement payroll — 06/30/2026
C. Investment Manager Invoices
D. Service Provider Invoices/projected monthly fees
Moved by Van Leuven, seconded by Crampton to approve the consent agenda, as
submitted. Motion carried.
V. Regular Agenda
A. Chairperson Rozell reviewed the election results for the June 2, 2026, Employee
Representative Special Election, term ending December 31, 2027. Michael
Swain was elected to the open Employee Trustee position and was sworn in on
June 25, 2026.
Moved by Van Leuven, seconded by Crampton to receive and file the election
results for June 2, 2026, Employee Representative Special Election, term ending
December 31, 2027. Motion carried.
Oakland County VEBA Board Minutes
June 25, 2026
Page 2
VI. Reports
A. John Krakowiak, Amy Cole and Erik Burger of Graystone reviewed the Market
Commentary Report, 1st Quarter 2026 DB Plan Performance Report, May 2026
DB Plan Performance Report and provided updates to the progress of new
money managers Boston and DeRoy. The Morgan Stanley Real Estate Fund is
changing its structure from LLC to Limited Partnership.
Moved by Stevens, seconded by Crampton to receive and file Graystone's
Market Commentary Report, 1st Quarter 2026 VEBA Plan Performance Report
and May 2026 VEBA Plan Performance Report. Motion carried.
Moved by Crampton, seconded by Stevens to approve the transition of the
Kennedy and Reinhart accounts to the Morgan Stanley UMA platform, and the
State Street S&P 500 index fund to Northern Trust's S&P 500 index fund, subject
to legal review and negotiation of acceptable contract terms. The Board
Chairperson is authorized to sign the side letters when finalized. Motion carried.
B. Paul Zelenak presented the Treasurer's Report.
Moved by Crampton, seconded by Stevens to receive and file the Treasurer's
Report. Motion carried
C. Secretary Webster provided a verbal update on the updated Authorized Signers
Resolution.
Moved by Crampton, seconded by Lefler to receive and file the updated
Authorized Signers Resolution. Motion carried.
D. Aaron Castle of VMT Law did not have any additions to his legal report.
VII. Unfinished Business
None
VIII. New Business
A. Chairperson Rozell named Brian Lefler and Dion Stevens as new members to
the OCERS Investment Subcommittee.
IX. Trustee Comment
A. Chairperson Rozell noted that there will be an Investment Subcommittee meeting
on July 17th, an invite will be sent out to the trustees and the next meeting of the
VEBA Board will be Thursday, July 23, 2026.
X. Without objection, Chairperson Rozell adjourned the meeting at 3:05 p.m.
Respectfully submitted,
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Joseph Rozell, Chairperson Carly Webstera,$ecretary