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 Scott Lee at 2:00 p.m., May 12, 2006, in the Oxnard Union High School District Board Room, 309 South K Street, Oxnard, California 93030.

Trustees present:  Scott Lee, Wayne Edmonds, Jan Henry, Eric Ortega, Roger Rice, and Vicki Holmbom

Trustee absent:  None

Legal Counsel present:  Anthony Trembley , Laura McAvoy (arrived at 3:25 p.m.)

Legal Counsel absent:  None

Recording Secretary present:  Grace D. Tuazon.

Guests present:  Dr. Jody Dunlap, OUHSD Superintendent, Steven Gama, OUHSD Director-Risk Management, Michael Laven, Canterbury Consulting, Debashis Chowdury, Canterbury Consulting, and other interested persons.

PLEDGE OF

ALLEGIANCE

Board Chair Lee led the Pledge of Allegiance.

Wayne Edmonds officially took his seat as Trustee Chair of the Oxnard Union High School District Retiree Health Benefits Trust.  Scott Lee will remain as co-chair of the Oxnard Union High School District Retiree Health Benefits Trust.

ADOPTION OF AGENDA

On motion of Trustee Henry, seconded by Trustee Lee 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 Rice, seconded by Trustee Lee and carried, the minutes of the regular meeting of January 20, 2006, was approved, as presented.

AUDIENCE TO ADDRESS THE BOARD

None.

APPROVAL OF INVOICES

Upon motion of Trustee Lee, seconded by Trustee Rice and carried, invoice from Nordman, Cormany, Hair & Compton in the amount of $ 583.62 was approved for payment, as presented.

Upon motion of Trustee Lee, seconded by Trustee Henry and carried, invoice from Canterbury Consulting in the amount of $ 4,616.00 was approved for payment, as presented.

Upon motion of Trustee Ortega, seconded by Trustee Rice and carried, invoice from Vance, Thrift & Biller LLP in the amount of $ 800.00 was approved for payment, as presented.

Upon motion of Trustee Rice, seconded by Trustee Lee and carried, invoice from Musick, Peeler & Garrett LLP in the amount of $ 640.00 was approved for payment, as presented.

Upon motion of Trustee Holmbom, seconded by Trustee Ortega and carried, invoice from Allplaces in the amount of $ 75.00 was approved for payment, as presented.  Trustee Lee abstained.

RENEWAL OF DIRECTORS, OFFICERS & TRUSTEES LIABILITY INSURANCE POLICY

Upon motion of Trustee Lee, seconded by Trustee Holmbom and carried, the Directors, Officers and Trustees Liability Insurance policy was renewed, as presented.

INFORMATIONAL ITEMS

Medicare Part D

Steven Gama, Director of Risk Management reported that he attended a CSEBO meeting.  Topic of discussion, during the meeting, was the medical supplemental insurance plan.  Mr. Gama reported that the proposed plan was compatible with the district’s current PPO plan.

 Retiree Count

Actuarial Report

Investment Performance Review

CSEBO

City National Bank

Open Comments

Trustees Rice, Ortega and Henry met to review the retiree list exported from the payroll system.  A copy of the report is available with Trustee Rice.

Trustees discussed previous Actuarial Reports and its reliability.  Trustee Ortega said that it would be very difficult to determine actuarial numbers.

Michael Laven and Debashis Chowdury of Canterbury Consulting reported overall, the portfolio is up 3.4 percent; since inception the compounded annual rate is 8.1 percent; and August 2001 through March 2006 were good years for the portfolio.

Steven Gama, Director of Risk Management, reported that as of March 31, 2006, the Estimated Income and Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) balances are as follows:  Select Care Medical - $ 2,628,342.82; Dental - $ 109,863.00; Medical Eye Services - $ 193,236.82.

Board Chair Lee reported that as of April 30, 2006, the City National Bank Investments account shows an ending balance of $ 25,709,950.59.  Board Chair Lee also reported that as of April 28, 2006, the City National Bank Money Market account shows an ending balance of $ 26,358.54.

Counsel Trembley reported that GASB 43 & 45 requirements do not apply to the Trust.  Counsel Trembley also announced Trustees’ terms of office as follows:

Trustee Holmbom through September, 2006                         Trustee Edmonds through January, 2007

Trustee Lee through November, 2007                                  Trustee Rice through January, 2007

Trustee Henry through October, 2008                                  Trustee Ortega through January, 2008

ITEMS FOR FUTURE CONSIDERATION

Ø     Medicare Update

Ø     Actuarial Report Update

Ø     City National Bank Check Fee

Ø     Pension Bond

FUTURE MEETINGS

Friday, August 18, 2006 – 2:00 p.m., in the Oxnard Union High School District Board Room

Counsel Trembley left the meeting at 3:55 p.m.

PUBLIC COMMENTS

REGARDINGCLOSED SESSION ITEM

There were no public comments.

CLOSED SESSION

Board Chair Edmonds announced the Board was going into closed session to discuss confidential materials relating to:

Ø     Conference With Legal Counsel--Potential Litigation; Significant Exposure To Litigation Pursuant to Government Code Section 54956.9(b): 1 case (PVSD Unification)

RECONVENE IN PUBLIC:  REPORT

OF CLOSED SESSION ACTION

The Board reconvened in open session at 4:04 p.m., and announced that no action had been taken.

ADJOURNMENT

There being no further items of business, Board Chair Edmonds adjourned the meeting at 4:06 p.m.