The regular meeting of
the Board of Trustees of the Oxnard Union High School District Retiree Health
Benefits Trust was called to order by Board Chair Rice at 2:02 p.m., June 5,
2008, in the Oxnard Union High School District Board Room, 309 South K
Street, Oxnard, California 93030.
Trustees present:Roger Rice, Scott Lee,Jan Henry, Wayne Edmonds, Eric
Ortega, and Vicki Holmbom
Trustee absent:None
Legal
Counsel present:Anthony
Trembley
Recording Secretary
present:Grace D. Tuazon
Guests present:Steven Gama-Director of Risk
Management, and Dennis Corte-Tolman & Wiker Insurance
PLEDGE OF
ALLEGIANCE
Steven
Gama led the pledge of allegiance.
ADOPTION OF AGENDA
On motion of Trustee Lee,
seconded by Trustee Henry 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 Holmbom,
seconded by Trustee Henry and carried, the
minutes of the special meeting of April 3, 2008, was approved, as
presented. Trustees Ortega and Lee abstained.
AUDIENCE TO ADDRESS THE BOARD
None.
ACTION ITEMS
Approval
of Payment of Invoices
Ratification
of Renewal of Directors’ & Officers Liability Insurance & Payment of
Invoice
Upon motion of Trustee Lee, seconded by Trustee Edmonds
and carried, invoice from Nordman, Cormany, Hair & Compton in the amount
of $ 1,120.00 was approved for payment, as presented.
Upon motion of Trustee Holmbom, seconded by
Trustee Lee and carried, invoice from Canterbury Consulting in the amount of
$ 7,207.00 was approved for payment, as presented.
Upon motion of Trustee Holmbom, seconded by
Trustee Lee and carried, invoice from Vance, Thrift & Biller LLP in the
amount of $ 775.00 was approved for payment, as presented.
Upon motion of Trustee Holmbom, seconded by
Trustee Lee and carried, invoice from Musick, Peeler & Garrett LLP in the
amount of $ 137.50 was approved for payment, as presented.
Upon motion of Trustee Henry, seconded by Trustee
Holmbom and carried, invoice from Allplaces in the amount of $ 75.00 was
approved for payment, as presented.Trustee Lee abstained.
Upon motion of Trustee Edmonds, seconded by
Trustee Henry and carried, renewal of Directors’ & Officers Liability
Insurance was ratified and payment of invoice in the amount of $ 1,845.00 was
approved, as presented.
INFORMATION ITEMS
Tolman & Wiker Insurance Report
Dennis Corte of Tolman &
Wiker Insurance provided the following insurance coverage description.
1.DIRECTORS AND OFFICERS
LIABILITY:Directors and
Officers liability insurance provides coverage for a Trustee(s), in their
capacity as a Director or Officer, for sums they are legally obligated to pay
as a result of an actual or alleged wrongful act for which the Trust may be
required or permitted by law to indemnify the Trustee(s).Also, it provides coverage for
defense expense to defend a claim made against a Trustee(s) for an actual or
alleged wrongful act in their capacity as a Director or Officer.
INFORMATION ITEMS
Tolman & Wiker Insurance Report (Continued)
CSEBO
Investment Performance Review – 1st
Quarter
City National Bank
Medicare D Report
Medicare Supreme Court Ruling Report
Open
Comments
2.TRUSTEES ERRORS AND OMISSIONS
LIABILITY:Trustees Errors and
Omissions liability insurance provides coverage for Trustees and the Trust
for sums they are legally obligated to pay as a result of an actual or
alleged error or omission.Also,
it provides coverage for defense expense to defend a claim made against
Trustees and the Trust for an error or omission in the course and scope of
their duties on behalf of the Trust.
3.FIDUCIARY LIABILITY:Fiduciary liability insurance
provides coverage to protect fiduciaries of employee benefit plans for sums
they are legally obligated to pay as a result of an actual or alleged
wrongful act or breach of their fiduciary duties.Also, it provides coverage for defense expense to defend a
claim made against fiduciaries for an actual or alleged wrongful act in the
administration of an employee benefit program for others.
Steven Gama reported
that as of February 29, 2008, the Estimated Income and Expense Report of the
Coastal Schools Employee Benefits Organization (CSEBO) Select Care Medical
balance was $1,976,850.40; Delta Dental balance was $ 248,815.39; and Medical
Eye Services was $ 259,824.20.
The portfolio investment
performance summary as of March 31, 2008 shows an ending market value of
$29,579,000.
Board Chair Rice
reported that as of April 30, 2008, the City National Bank Investments
account reflects an ending market value of $ 31,511,983.73.Board Chair Rice also reported that
as of April 30, 2008, the City National Bank Money Market account shows an
ending balance of $ 45,590.89.
No new report.
Counsel Trembley
provided trustees with an overview of a Supreme Court ruling on Medicare.
Trustee Henry reported
that discussion regarding formation of a CSEBO sub-committee to explore
self-funding was discussed at the last Medical Committee meeting.
Steven Gama reported
that currently 225 employees districtwide are participating in Weight
Watchers.
ITEMS FOR FUTURE CONSIDERATION
·Actuarial
Study
·Michael
Lavin Canterbury Consulting – Review of Portfolio Allocation
·Laura
McAvoy - Unification
FUTURE MEETINGS
August
22, 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
3:52 p.m.
