BOARD OF RETIREMENT FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION

Transcription

1 1. Call to Order BOARD OF RETIREMENT FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION 2. Pledge of Allegiance Wednesday, November 5, :30 AM 1111 H Street Fresno, CA AGENDA 3. Public Presentations Any member of the public may address the Retirement Board on any topic within the jurisdiction of the Retirement Board. Individual presentations shall be limited to five (5) minutes. The Retirement Board is generally legally prohibited from taking any action on presentations until a subsequent meeting. Consent Agenda/Opportunity for Public Comment: All items listed with an asterisk (*) are considered to be routine and non-controversial by staff and will be approved by one motion if no member of the Board or public wishes to comment or ask questions. If comment or discussion is desired by anyone, the item will be removed from the consent agenda and will be considered in the listed sequence with an opportunity for any member of the public to address the Board concerning the item before action is taken. Staff recommendations are shown in caps after each item. *4. Approve the October 15-16, 2008 Retirement Board Retreat Meeting Minutes RECEIVE AND FILE; APPROVE *5. Retirements RECEIVE AND FILE; APPROVE Carolyn Aldama Community Health Wayne F. Clarke Community Health, Deferred Susan Davin Behavioral Health, Deferred 8.78 Mowry Darron Edwards Behavioral Health Olga Espinosa VMC, Deferred Cynthia Gothard Child Support Services Michael Goyette Fig Garden Fire District, Deferred 0.36 Beverly A. Harris Superior Court Marcia Mcfaddin E&TA Audrey L. Mozaffari District Attorney, Deferred Rachel V. Quinto Community Health Perry Ramos Child Support Services Esther M. Renteria Superior Court Charles R. Silva Community Health, Deferred Samuel Smith E&TA 17.86

2 2 *6. Deferred Retirements RECEIVE AND FILE; APPROVE Bernadette F. Almaguer Child Support Services 8.71 Karen E. Butler County Counsel 9.20 Caine Christensen Children & Family Services Elizabeth O. Ehigiator Community Health 6.59 Marian R. Sanchez Children & Family Services 8.47 Susan B. Schotters Sheriff 5.57 *7. Disability Retirements RECEIVE AND FILE; APPROVE Nelson J. Fowlkes Probation 0.57 *8. Most recent investment returns, performance summaries and general investment information from investment managers RECEIVE AND FILE AJO Investment Artisan Investment Blackrock Investment Blackstone BPIF Investment Bradford Marzec Investment Brandywine Investment GMO Investment Hamilton Lane Investment INTECH Investment Kalmar Investment Loomis Sayles Investment Lynch Jones Ryan Investment Mondrian Investment Oechsle Investment Sentinel Investment

3 3 State Street Equity Growth Investment State Street Securities Lending Investment Templeton Investment WAMCO Investment Wellington Investment *9. Public Records Requests and/or Retirement Related Correspondence from Joanne Madril, FCERA Member; Carlos Hernandez, FCERA Member; Teri Rothchild, FCERA Member; Michael Cunningham, FCERA Retiree; Ron Madsen, FCERA Member; Edmund Villaluz, FCERA Member; Vivienne Crawford, SEIU Local 521; Lori Poindexter, FCERA Member; and Deborah Anderson, FCERA Member RECEIVE AND FILE PRA Anderson PRA Crawford PRA Cunningham PRA Hernandez PRA Madril PRA Madsen PRA Poindexter PRA Rothchild PRA Villaluz *10. Update of Board of Retirement directives to FCERA Administration RECEIVE AND FILE *11. Budget Status for the periods ending June 30, 2008 and September 30, 2008 RECEIVE AND FILE Budget Status Exhibits Budget Status Exhibits *12. Correspondence from Sulema Peterson, SACRS Administrator, regarding the American Academy of Actuaries request that the Actuarial Standards Board develop standards for

4 4 consistently measuring the economic value of pension plan assets and liabilities. Correspondence includes White Paper from the National Association of Retirement Administrators on Public Pension and Market Value of Liabilities RECEIVE AND FILE *13. Correspondence from Enhanced Investment Technologies LLC (INTECH) regarding the retirement of David E. Hurley, Chief Operating Officer RECEIVE AND FILE *14. Approve FCERA Interest Crediting and Excess Earnings Policies with recommended changes by your Board at the September 10, 2008 meeting RECEIVE AND FILE; APPROVE Interest Crediting Undistributed Earning Policy Draft 1 Interest Crediting Policy Draft 2 Interest Crediting Policy showing Changes *15. Approve Certification of Eulalio Gomez as Duly Nominated and Unopposed for Election as Safety Member Representative. Approve request to place certification on the Board of Supervisors December 2, 2008 Agenda RECEIVE AND FILE; APPROVE 16. Discussion and appropriate action on potential termination of Artisan Partners - Small Cap Growth Equity mandate RECEIVE AND FILE; APPROVE 17. Discussion and appropriate action on Western Asset Management Company s (WAMCO) portfolio s exposure to Icelandic Banks and the WAMCO account in general RECEIVE AND FILE; APPROVE 18. Informational presentation on Hedge Fund of Funds investment environment presented by Jeffrey MacLean, Wurts & Associates RECEIVE AND FILE 19. Discussion and appropriate action on Blackstone Partners Hedge Fund of Funds investment allocation RECEIVE AND FILE; APPROVE 20. Discussion and appropriate action Manager Recommendation for Treasury Inflation-Protected Securities (TIPS) Index Fund Option RECEIVE AND FILE 21. Discussion and appropriate action on Wurts & Associates Investment Consultant Contract RECEIVE AND FILE; APPROVE Wurts Contract Clean Version Wurts Contract Redline Version 22. Discussion and appropriate action on whether FCERA has been calculating Non-Service Connected Disability retirement allowances according to the appropriate formulas, whether FCERA's calculation method should change and whether FCERA's policy regarding overpayment of retirement benefits should be applied with respect to payments to retirees that

5 5 were based on the formulas FCERA has been using since 2001 RECEIVE AND FILE; APPROVE 23. Informational presentation regarding public retirement system issues currently under consideration by the Internal Revenue Service RECEIVE AND FILE Attachment #1 24. Discussion and appropriate action on SACRS voting issues RECEIVE AND FILE; APPROVE 25. Closed Session: A. Conference with Legal Counsel Actual Litigation - pursuant to G.C (a) 1. Fresno County Employees Retirement Association v. Public Pension Professionals 2. North Central Fire Protection District v. Fresno County Employees Retirement Association 3. Marsha Stillman v. Fresno County Employees Retirement Association B. Conference with Real Property Negotiators pursuant to G.C Property: 1713 Tulare Street, Fresno, CA Agency Negotiators: Brian Decker of Colliers Tingey Negotiating Party: Any potential qualified buyer Under Negotiation: Price and terms of sale C. Disability Retirement Applications Personnel Exception pursuant to G.C Michael Delgado 2. James Papaleo 26. Report from Closed Session 27. Report from FCERA Administration 28. Report from County Counsel 29. Board Member Announcements or Reports NEXT MEETINGS: November 7, :00 AM (Friday) Special Meeting 1111 H Street, Fresno, CA December 3, :30 AM (Wednesday) Regular Meeting 1111 H Street, Fresno, CA 93721