CALL TO

ORDER

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 2:00 p.m., November 14, 2008, in the Oxnard Union High School District Board Room, 309 South K Street, Oxnard, California 93030.

Trustees present:  Roger Rice, Jan Henry, Wayne Edmonds, Scott Lee, Eric Ortega, and Vicki Holmbom (arrived at 2:07 pm)

Trustee absent:  None

Legal Counsel present:  Anthony Trembley

Guests present:  Steven Gama, Michael Laven-Canterbury Consulting LLP

PLEDGE OF

ALLEGIANCE

Trustee Edmonds led the pledge of allegiance.

ADOPTION OF AGENDA

On motion of Trustee Lee, seconded by Trustee Ortega 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 Henry and carried, the minutes of the regular meeting of October 24, 2008, was approved, as presented.

AUDIENCE TO ADDRESS THE BOARD

None

ACTION ITEMS

Approval of 2008-09 Annual Budget

Approval of Payment of Invoices

Upon motion of Trustee EdmondsLee, seconded by Trustee Henry and carried, the projected budget was approved, as presented.

Upon motion of Trustee HolmbomLee, seconded by Trustee Edmonds and carried, mileage reimbursement towards Scott Lee in the amount of $ 153.27 was approved for payment, as presented.  Trustee Lee abstained.

INFORMATION ITEMS

PERS Retirement/ Investment Services Report

Actuarial Study

Stop Loss Carrier/HMO Self Funding

CSEBO

City National Bank

Counsel Trembley shared discussions he had with John Swedensky, PERS Representative, related to contributions towards funding of the Trust between the OUHSD and OFTSE.  Mr. Trembley recommended going through a Request for Proposal (RFP) process should trustees entertain exploring other investment companies.

Steven Gama informed the board that the actuarial study is pending the district’s audited financials.

Trustee Henry reported that CSEBO formed a sub committee; no new reports to be made.

The CSEBO Estimated Income and Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) as of August 31, 2008, balances reported are as follows: Select Care Medical - $1,666,955; Delta Dental - $ 140,929; and Medical Eye Services - $ 128,522.

Board Chair Rice reported that as of September 30, 2008, the City National Bank Investments account reflects an ending market value of $ 24,713,372.  Board Chair Rice also reported that as of September 30, 2008, the City National Bank Money Market account shows an ending balance of $ 152,779.

Trust Terms

Financial Statements

Canterbury Consulting

Approval of Portfolio Reallocation

Open Comments

Counsel Trembley gave a report on Trustees terms of office as follows.

OFT        Scott Lee               November 2003-2007

             Jan Henry             October 2004-2008

             Vicki Holmbom     September 2002-2006

District   Roger Rice             January 2005-2009

             Eric Ortega           January 2004-2008

             Wayne Edmonds   January 2005-2007

Board Chair Rice reported that the Financial Statements prepared by Vance, Thrift & Biller LLP dated September 30, 2008, reflected a total liabilities and net assets of $27,740,675.

Michael Laven gave a report on the Trust’s portfolio performance as of October 31, 2008.  Despite the current market situation, Mr. Laven is of the opinion that the portfolio’s current percentage allocations are appropriate and that the trust’s objectives should remain the same.  Michael Laven made a recommendation to reallocate $250,000 to PZENA from PIMCO.  However, before any reallocations are to be approved, trustees requested that Mr. Laven give a report on the current managers at the next meeting.

Item was tabled for the next board meeting.

There were no additional comments.

ITEMS FOR FUTURE CONSIDERATION

1.    Portfolio Reallocation

2.    Actuarial Study

3.    Annual Reorganization

4.    Michael Laven: Portfolio Performance Report

FUTURE MEETING

ADJOURNMENT

December 1, 2008; 4:00 pm

There being no further items of business, Board Chair Rice adjourned the meeting at 4:15