The annual meeting of the Board of
Trustees of the Oxnard Union High School District Retiree Health Benefits
Trust was called to order by Board Chair Henry at 2:06 p.m., December 14,
2007, in the Oxnard Union High School District Board Room, 309 South K
Street, Oxnard, California 93030.
Trustees present:Jan Henry, Roger Rice,Scott Lee, Vicki Holmbom, Eric
Ortega, and Wayne Edmonds
Trustee absent:None
Legal Counsel
present:Anthony Trembley
Legal Counsel absent:Laura McAvoy
Recording Secretary present:Grace D. Tuazon
Guests present:Jim Rose-OFT President, Michael Lavin-Canterbury
Consulting
PLEDGE OF
ALLEGIANCE
Trustee Wayne
Edmonds led the pledge of allegiance.
ADOPTION OF AGENDA
On motion of Trustee Holmbom,
seconded by Trustee Edmonds and carried, the agenda was adopted, as
presented.Items were then considered
in the order in which they appear in these minutes.
ADOPTION OF MINUTES
On motion of Trustee Lee, seconded
by Trustee Holmbom and carried, the
minutes of the regular meeting of December 14, 2007, was approved, as
presented.
AUDIENCE TO ADDRESS THE BOARD
None.
ACTION ITEMS
Approval of
Payment of Invoices
Upon motion of Trustee Lee, seconded by Trustee Holmbom and carried,
invoice from Nordman, Cormany, Hair & Compton in the amount of $ 720.00
was approved for payment, as presented.The late fee in the amount of $ 6.80 was waived by Counsel Trembley.
Upon motion of Trustee Lee, seconded by Trustee Holmbom and carried,
invoice from Canterbury Consulting, Inc. in the amount of $ 7,147.00 was
approved for payment, as presented.
Upon motion of Trustee Henry, seconded by Trustee Edmonds and carried,
invoice from Vance, Thrift & Biller LLP in the amount of $ 82.50 was
approved for payment, as presented.
Upon motion of Trustee Edmonds, seconded by Trustee Henry and carried,
invoice from Allplaces in the amount of $ 75.00 was approved for payment, as
presented.Trustee Lee abstained
from the vote.
INFORMATIONAL ITEM
Investment Performance Review
Medicare D Supplement
Michael Lavin of Canterbury
Consulting, Inc. reported on the Fourth Quarter-Investment Performance
Review.An extensive discussion
regarding the portfolio’s performance, in particular PZENA ensued. Michael
Lavin was asked to come back and report on this issue.
Chair Rice reported that a Medicare
D Supplement check in the amount of $ 63,054.40 was received and deposited.
CSEBO
City National Bank
Open Comments
It was reported that as of December
31, 2007, the Estimated Income and Expense Report of the Coastal Schools
Employee Benefits Organization (CSEBO) Select Care Medical balance was $ 1,818,566.25;
Delta Dental balance was $ 289,145.19; and Medical Eye Services was $
254,503.53.
Board Chair Rice reported that as of
January 31, 2008, the City National Bank Investments account reflects an
ending market value of $ 30,156,070.89.Board Chair Rice also reported that as of January 31, 2008, the City
National Bank Money Market account shows an ending balance of $ 510.87.
Trustee Henry reported on the
preliminary benefits rates for the 2008-09 school year.She also reported that OUHSD’s
overall doctor visits have dropped, and reported on private fee service plan
under Blue Cross.
Trustee Edmonds reported that he
received a phone call from a retiree regarding the out of pocket costs
advantage/disadvantage of paying into Medicare Plan B after paying their
deductible.Trustee Edmonds
further asked if it would be advantageous for employees to shift into
Medicare?
ITEMS FOR FUTURE CONSIDERATION
·Allocation
of $1,000,000.00 contribution
·Rebalancing
of Trust Portfolio
FUTURE MEETINGS
April 3, 2008
– 2:00 p.m., in the Oxnard Union High School District Board Room.
ADJOURNMENT
There being no
further items of business, Board Chair Rice adjourned the meeting at 3:22 p.m.
