Quarterly Report from the Retirement Administrator RECEIVE AND FILE
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- Lorraine O’Brien’
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1 FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION Donald C. Kendig, CPA Retirement Administrator BOARD OF RETIREMENT Dr. Rauden Coburn, III, Chair Steven J. Jolly, Vice Chair Laura P. Basua Greg Baxter Alan Cade, Jr. Robert Dowell Oscar J. Garcia, CPA Eulalio Gomez Nathan Magsig, MBA MS Mary Ann Rogozinski, Alternate DATE: April 19, 2017 TO: FROM: SUBJECT: Board of Retirement Donald C. Kendig, CPA Retirement Administrator Quarterly Report from the Retirement Administrator RECEIVE AND FILE Recommended Action(s) 1. Receive and file. Fiscal and Financial Impacts There are no financial or fiscal impacts to the receiving and filing of this report. Discussion I would be happy to respond to any questions you may have on the items in this report. 1. Significant Issues or Developments This section outlines any significant issues or developments (either of concern or that will require fairly immediate Board or staff action) that FCERA Administration is aware of. Staff reports positive developments under significant accomplishments or other items of pertinence. None to report. 2. Strategic Plan Projects and Other Significant Initiatives This section outlines the status of the Strategic Plan projects and any other significant projects or initiatives that staff are undertaking. 1. Succession Planning and Recruitment and Retention: Assistant Retirement Administrator and Benefits Manager Recruitment and Onboarding: Doris staffed the March 1, 2017 Regular Board meeting, allowing a practice run on succession planning and emergencies. There was no emergency. The exercise allowed me to attend CII with Trustee Garcia. While I have no presently anticipated conflicts with any future Board meeting, we can look for an opportunity for her to staff one more meeting this year. Doris has been staffing the Audit, Budget, Board Consultant Evaluations, and Disability committees and doing a fine job H Street, Fresno, CA 93721, Tel Fax
2 Retirement Administrator Quarterly Report Page 2 FCERA held Covey 7 Habits Training on February 2 & 3, 2017, which will help with staff retention and customer service. We are doing everything we can to keep the wonderful staff we have recruited and to equip them with the best leadership and communication skills available. 2. Independent or Public Agency Status: SACRS sponsored legislation Assembly Bill (AB) 1853 was vetoed by the Governor on September 23, FCERA staff has yet to reach out to County staff to discuss a potential collaborative effort to develop legislation acceptable to both agencies. The Strategic Plan alternate path of FCERA sponsored legislation in 2017 may be deferred, in order to focus attention to our new offices, but we still have until the middle of 2017 to consider. 3. High Speed Rail Authority (HSRA) Eminent Domain and Office Relocation: Construction on the three properties located at 7766, 7772, and 7778 N Palm, Fresno, CA commenced on August 25, 2016 and escrow closed March 24, Rain delayed the completion of the cold dark shells, but they look amazing now that they are done. Present tasks are: issuing bid documents, establishing mail service, leasing 7766 N Palm, contemplating a ground breaking/ribbon cutting for the start of the tenant improvements including an initial walking tour, developing performance and expense reports, securing a property manager, and obtaining liability insurance. Negotiations with HSRA are still in progress, with our proposed agreement being sent to the State for approval by HSRA negotiators. Final approval will likely occur during the second quarter with escrow closing August 1, The timing of the move will likely be no later than September 1, Everyone got their hopes up for May 1, including me, but the reality of rain delays, legally mandated bid processes & permitting, and lead times set in. Our private sector counterparts will be moving in around May and we will be joining the development only 4 months later than hoped. 4. Member Service Initiative: Service Purchases, Contribution Adjustments, and other Backlogs: We have recently filled our Office Assistant positon (welcoming Alicia Kirsch) that we lost a quarter ago. We still have open recruitments, for two Account Clerks (filling 1 in April, welcoming Darjinder Dolly Sanghera to the team). Turnover is still a problem in our efforts to address backlogs. 5. Pension Administration System Completion: The Member Portal is fully implemented. We have over 1,900 registered users and it will grow steadily over time. FCERA installed a kiosk in its lobby for members that do not have computer access at home. As the word gets out, we expect more usage. I believe that I can safely say that we have transitioned into maintenance mode. We are refining some items in the accounting exports and Doris has discovered something related to reserve transfers and Option 1 refund calculations, which seems to be the only remaining items. Staff will now start to develop electronic training modules and we will make a list for our next major version enhancement. I pleased to be able to say that this item will not likely appear in the next strategic plan.
3 Retirement Administrator Quarterly Report Page 3 3. Key Meetings, Training, and Travel This section outlines any key meetings I have had with plan sponsors, members, service providers, and other key stakeholders. In addition to attending CALAPRS, SACRS, REFCO luncheons, Department Head s luncheons, and regularly scheduled Deferred Compensation Committee meetings, as well as meeting regularly with existing and prospective investment managers, I have had the following notable meeting(s). January 23, 2017 Met with Paul Nerland, Human Resources, Lisa Flores, County Counsel, and Pat Gordon, new Labor Relations Manager to discuss the Trustee Duties Policy and the possibility of County procedures instead. January 24, 2017 Met with Clayton Johnston for an update on Ivy Investments (formerly Waddell and Reed). During the review, I noticed their Allergan holdings. While their healthcare weightings did not help last year s performance, it would appear that a holding where alleged fraud is concerned (that nobody could have anticipated) was a contributing factor in that under performance. January 25, 2017 Gave an update on our building move to the Zoo authority. I will likely give another, since our move date has changed. January 26, 2017 Doris and I attended a full day, local training on Landlord-Tenant Laws. February 2-3, 2017 Attended onsite FCERA wide training for the Covey 7 Habits. Both Maria and I became certified facilitators shortly thereafter and will train groups of new staff. February 6, 2017 Met with County Human Resources and County Counsel to discuss the Trustee Duties Policy and it looks like it will remain an FCERA policy. February 8, 2016 Palm Bluffs office Project meeting. February 21, 2017 Attended FCERA wide Seconds-to-Survive training where we learned how to handle active shooter situations and a number of What-ifs. February 27-March-1, 2017 Attended CII along with Trustee Garcia. March 5-7, 2017 Attended CALAPRS General Assembly with a number of trustees. March 10, 2017 Palm Bluffs office Project meeting. March 17, 2017 Attended AB 1234 ethics training at Baker Manock & Jensen, along with Trustees Basua and Gomez. March 20, 2017 Doris and I attended a meet-and-confer meeting with SEIU and Human Resources where we answered questions in the actuarial valuation and encouraged attendance at the March 23, 2017 joint boards meeting. 4. Press/Media Communications I received no media inquiries of a unique or politically sensitive nature that required the input of the Chair. I did receive the usual and customary requests for investment updates. 5. Reports Back to the Board These reports will be on items not already listed in the Strategic Plan section. Retirement Administrator Salary: The Board of Supervisors approved the first half of the proposed salary adjustment and directed Human Resources to study Department Director salaries. Human Resources returned to the Board of Supervisors with proposed adjustments
4 Retirement Administrator Quarterly Report Page 4 to a number of Department Directors. I would like to ask the Chair of the Personnel committee to follow up with Paul Nerland on the status of the second half of my salary adjustment. I would be happy to, if so directed, but it seems a little too personal of an item. Trustee Duties Policy: I received County edits and provided my edits on March 20, I am awaiting their review and request to discuss further. County Board Letter for adoption of the Actuarial Rates: Adopted by the Board of Supervisors on March 28, Litigation update: Requested by the Chair. On the April 19, 2017 closed session. County Treasury Cash Options: Will be on the May 3, 2017 agenda to discuss holding the majority of the cash overlay cash in the County Treasury in order to garner a higher cash yield. The Treasurer does take some duration risk, but has been historically considered a cash vehicle. The Treasurer Cash has been yielding 1.5% where the Norther Trust Cash account has been providing.01%. Split Account Option for Divorces: A good option for divorces would be to split accounts. Initial cost estimates for the system changes are presently cost prohibitive. Staff could mitigate the costs, but would not have the resources available until mid This will come back mid 2018 and it has been moved to the 2018 rolling calendar. Northern Trust Custody Fee Review and RFP: This item is moved from quarter to quarter. Staff is awaiting Northern Trust s request for a fee increase before drafting an RFP agenda item. 6. Significant Accomplishment(s) by the Board, Staff, and Service Providers New Trustee, Nathan Magsig, Joined the Board of Retirement, filling the Board of Supervisors appointment as a Board of Supervisors appointee. We welcome the direct connection to the County Board of Supervisors and the fresh energy. Board of Supervisors and Board of Retirement held a joint meeting on Thursday, March 23, There were presentations by the Actuary and General Consultant, along with time to briefly comment on FCERA s Trustee Duties Policy and retirement employee salaries. Closed escrow on March 24, 2017 on 7766, 7772, 7778 N Palm Avenue. Hired Alicia Kirsch and Harjinder Dolly Kaur.
5 Retirement Administrator Quarterly Report Page 5 7. Other Items of Pertinence We have a full Board! Supervisor Nathan Magsig was appointed on January 10, 2017 to the Board of Retirement. Welcome aboard! Staff sent letter of termination to Kalmar on April 12, Attachment(s) Rolling Calendar Ver. 4/13/ Rolling Calendar Ver. 4/13/2017 (save the date/concept planner) 3. Continuing Education Options Calendar Ver. 4/13/2017 Background FCERA s Retirement Administrator Charter, Paragraph II (a), provides for as needed reporting from the Administrator as to any relevant, appropriate, and timely information that would enable the Board and its committees to effectively carry out their duties. The Retirement Administrator will especially apprise the Board in a timely manner of all significant issues, problems or developments pertaining to FCERA, and provide recommended courses of action as appropriate. Staff will provide a written reporting quarterly, and update the Board more frequently orally or in writing as needed. This report contains the following items 1) significant issues or developments, 2) significant projects and initiatives (New: This report will provide quarterly tracking of Strategic Plan Projects), 3) key meetings, training, and travel, 4) press/media communications, 5) the status on any items that Administration has been asked to report back to the Board, 6) significant accomplishments and 7) other items of pertinence. Lastly, I include an updated rolling calendar of planned Board meeting items.
6 FCERA's 2017 Rolling Board Calendar Consent dr Budget Status for the Quarter ended March 31 Disc. dr Final Consultant Evaluation Rpts. BCEC Para /3/2017 4/27/2017 Regular Disc. dck Treasurer Cash Disc. dck Investment Officer Disc. dck Lease Approval for 7766 Tenant Consent dr Quarterly Investment and Technology Status Transaction Cost Analysis Follow-up 5/17/2017 Regular Dark 5/24/2017 5/18/2017 AC dr Auditor Engagement & Start of Field Work Meeting 5/24/2017 5/18/2017 BC immediately following dr Proposed Budget Document Review Disc. dck Budget Adoption Hearing Disc. dck Strategic Plan Adoption 6/7/2017 6/1/2017 Regular 6/21/2017 6/15/2017 Regular 7/5/2017 Regular Dark 7/19/2017 7/13/2017 Regular 9/6/2017 8/31/2017 Regular Invesco Real Estate IFM Infrastructure 8/2/2017 7/27/2017 Regular AJO Partners LC Value 8/3/2017 BO&E Onsite Training 8/16/2017 8/10/2017 Regular Dark Research Affiliates International Equity Disc. Verus Quarterly, March 31: Research, Guideline Compliance, & Investment Performance Rpts Disc. dck Tenant Improvement Financing for 7766 Tenant Review of Real Asset Portfolio Real Assets Outlook Disc. Vrs/dck Solicit Offsite Agenda Topics and Speakers Disc. dck Verus RFP Considerations per DD Policy Disc. ch Northern Trust Custody Fee Review and RFP? Consent dck SACRS Legislative Items Note Chair Absent Consent dck Quarterly Written Administration Report Consent ea Quarterly Trustee Travel Report Consent dck SACRS Legislative Timeline Disc. Ch Acceptance of GFOA Certificate of Achievement Consent ea Office Closure to Public on 8/3/2017 Consent pm Death Related Under/Over Pmts - Write-offs and Transfers Disc. dck Annual Due Diligence Update and Plan Consent pm Escheat Moneys for Misc Items Note Chair Absent Disc. dck/vrs Approve and Finalize Offsite Agenda Topics - Jnt Verus and dck Disc. dck Fiscal year Due Diligence Report Disc. dck/vrs Fiscal year Due Diligence Plan Investment/Operational Due Diligence (IDD/ODD) Summary Report Private Equity Outlook & Verus CAFR Consent dr Quarterly Investment and Technology Status Consent dr Budget Status for the Quarter ended June 30 mb Abilene Paradox Quarterly, June 30: Research, Guideline Compliance, & Investment Performance Rpts Note First meeting in new office! Consent ch Annual Proxy Voting Report as of June 30 Page 1 of 4 Ver. 4/13/2017
7 FCERA's 2017 Rolling Board Calendar 9/20/2017 9/14/2017 Regular Consent dck Board Off-site Agenda Approval Disc. ea SACRS Fall Conference Items 9/20/2017 9/14/2017 PC immediately following dck Retirement Administrator Review Parameters Investment Policy Statement (IPS) Review Disc. dck Foster Pepper RFP Considerations per DD Policy 10/4/2017 9/28/2017 Regular PIMCO EM Debt Disk Grsvnr Annual Grosvenor Update 10/18/ /12/2017 Regular 11/1/ /2/ /24/2017 Wndr Valley Open House (Public and Neighbors: time certain) Disc. ea SACRS Fall Conference Items Consent dck Quarterly Written Administration Report Consent ea Quarterly Trustee Travel Report Consent dr Budget Status for the Quarter ended Sept. 30 Consent dr Quarterly Investment and Technology Status Consent dck CALAPRS Election of Board of Directors Members Consent ea SACRS Business Meeting Agenda & Materials Disc. mb Communications Policy Disc. vndr/s Private Equity and Private Credit Updates Disc. BndyW Brandywine Global Portfolio Update Disc. Segal Asset Smoothing and Corridors Disc. Guest History, Origins, and State of the Prudent Person Rule, and Latest Fiduciary Trends - Eugene Maloney, Federated Investors Disc. dr/pm Disability Retirement Process along with IME Asset Liability Study Work Plan Updated Enterprise Risk Tolerance Survey 2018 Work Plan Disc. Staff Review the 2018 Rolling Calendar and Tentative 2018 Regular Meeting Schedule 11/2/ /26/2017 PC immediately following dck Retirement Administrator Review Results 11/15/2017 Regular Dark Consent dck Receive RV Kuhn's Report Quarterly, September 30: Research, Guideline Compliance, & Investment Performance Rpts Approve 2018 Verus Calendar 12/6/ /30/2017 Regular Consent ea Board Member Election Results Consent dr PEPRA Compensation Limit Review Closed BoR Retirement Administrator Review Concluded Consent dck 2018 Rolling Calendar Consent ea Proposed Regular Board Meeting Schedule 12/6/ /30/2017 AC immediately following dr Review Audit Results and Financial Reports Disc. BrnA Comprehensive Annual Financial Report Disc. Staff Popular Annual Financial Report 12/13/ /7/2017 Regular Disc. Segal Actuarial Report & GAS Reports - Segal Consent ea Pension Payroll Calendar Disc. BoR Appoint Chair, Vice Chair for 2018 Page 2 of 4 Ver. 4/13/2017
8 FCERA's 2017 Rolling Board Calendar Recurring Item Notes: Disabilities are heard at the earliest available regular meeting. Investment Items & Verus attendance are on the 1st regular meeting of the month. Cash Position and Retirements are on the 1st regular meeting of the month. Minutes and Public Records Requests are presented every regular meeting. Travel Requests and Attendance Reports are presented as needed. Office statistics and business expenses are reported at the 2nd regular meeting of the month. Legend Regular Board (Regular) Meetings Board Offsite and Educational (BO&E) Sessions Audit Committee (AC) Meetings Budget Committee (BC) Meetings Personnel Committee (PC) Meetings Consultant Evaluation Committee (CEC) Meetings Disability Committee (DC) Meetings Italics - Due Date Exception Italics - New since Last Board Dist. Ad Hoc High Speed Rail Office Relocation Meetings Bold - FCERA website posting Bold - Transmit to the County Meeting Cancelled (Dark) Supplemental Calendar Notes: CAFR goes to the County by 12/31 GFOA application and CAFR by 12/31 State Controller Schedules (LGFA's) submitted by 12/31 Securities Lending Schedule of Borrowers - Approval Requested by Custodian as needed Recommended regulations for adoption will come to the Board after IRS tax determination process. Supplemental Items to Remember: Actuarial Experience Study Every 3 years (next one due March 2, 2019 for July 1, 2015 to June 30, 2018, for the June 30, 2019 AVR) Last Asset/Liability Study April 2013 every 3-4 years (next one April 2016 or 2017) External Auditor RFP AC meeting following the last CAFR report in the contract, for FY 2018 issue RFP and notify local vendors. Add Actuarial Audit RFP to 05/2019, 2020 or 2021 (done every five to seven years) BOR would like an Internal Auditor? (Could perform compliance and quality control function and serve as additional channel to Board) BOR and Verus would like an In-house investment advisor/ investment analyst (CIO?) County pay limitations are a current factor. Contract CIO? Arrivos Hosting Agreement Renewal - December 2017 Vendor RFPs Question per Due Diligence Policy (3-5 yrs): Actuary 8/21/19, Grosvenor 9/18/19, Baker Manock 9/19/18, Reed Smith 6/19/19, Foster Pepper 10/4/17, Verus 6/21/17, Northern Trust 12/21/16 then 12/19/18, Brown Armstrong 12/5/18 Policy and Charter Update Reminders 2/18/2015 2/7/2018 Placement Agent Disclosure 6/3/2015 2/7/2018 Due Diligence 9/21/2016 9/5/2018 Conflict of Interest 10/7/ /3/2018 Board Charters 10/7/ /3/2018 Actuarial Funding, Code of Conduct 10/21/ /3/2018 Data Security, Portable Electronic Devices 12/16/ /5/2018 Board Operations, Boardroom Usage, Public Records Requests, Returned Mail, Strategic Planning, Surplus Property Wire Transfer 3/16/2016 3/20/2019 Securities Monitoring and Litigation 7/20/2016 3/20/2019 Overpayment/Underpayment of Member Contributions, Overpayment/Underpayment of Retirement Benefits, Administrative Proceedings and Appeals to the Board 9/21/2016 3/20/2019 Employer Contribution Equity 12/21/2016 3/20/2019 Optional Settlement 4, Reciprocity, Records Retention 10/19/ /16/2019 Education and Travel 1/18/2017 1/15/2020 Policy Development Process 2/1/2017 1/15/2020 Internal Revenue Code Compliance??? 1/15/2020 Trustee Duties??? 1/15/2020 Interest Crediting and Undistributed Earnings, Prefunding Verus Investment Policy Statement is a Product of Verus and Depends on Board Investment Direction Page 3 of 4 Ver. 4/13/2017
9 FCERA's 2017 Rolling Board Calendar Committees and Members Personnel Committee Budget Committee Audit Committee Consultant Evaluations Committee Gomez - Chair Cade - Chair Jolly - Chair Baxter - Chair Basua Dowell Cade Basua Dowell Jolly Coburn Gomez Rogozinski Rogozinski Garcia Magsig Disability Committee Ad hoc Retirement Administrator Salary Ad Hoc High Speed Rail-Office Relocation Committee Basua - Chair Gomez - Chair Coburn - Chair Coburn Baxter Basua Dowell Baxter Gomez Gomez Page 4 of 4 Ver. 4/13/2017
10 FCERA's 2018 Rolling Board Calendar 1/3/2018 Regular Dark Consent dck Quarterly Written Administration Report Consent ea Office Closure to Public on 2/8&9/2018 Consent ea Quarterly Trustee Travel Report 1/17/2018 1/11/2018 Regular Consent ea Annual Gov. Code Ed Compliance Rpt Consent ea Annual Board Meeting Attendance Report Disc. Chair Appoint Committee Members Consent ch Annual Cash Flow Projection Report 1/17/2018 1/11/2018 CEC immediately following dr Discuss evaluation criteria for prior year. BCEC Charter Paragraph 5). Verus 2018 Capital Market Assumptions 2/7/2018 2/1/2018 Regular Consent mb Placement Agent Disclosure, Due Diligence Policies Consent dr COLA Letter 2/8/2018 2/9/2018 BO&E Onsite Training 2/21/2018 2/15/2018 Regular Consent dr Budget Status for the Qrtr ended Dec. 31 Consent dr Quarterly Investment and Technology Status Quarterly, December 31: Research, Guideline Compliance, & Investment Performance Rpts 3/7/2018 3/1/2018 Regular Disc. ea SACRS Spring Conference Items Consent pm Escheat Moneys for Members 70.5 and Above Oral dr Solicit Budgetary Items from the Board 3/21/2018 3/15/2018 Regular Disc. dck CII Business Meeting and Ballots Disc. ea SACRS Spring Conference Items - Nominations and Proxy Vote Designations, Etc. 3/21/2018 3/15/2018 CEC immediately following dr Review Draft Evaluation Reports. BCEC Charter Paragraph 6). 3/22/2018 3/15/2018 JNT Joint Meeting of BoR and BoS June 30, 2017 Actuarial Report, and Rates, along with discussion on General Relational Topices of Interest Unaudited Comparative Financial Statements for the Six Months Ended December 31, 2017 and Consent ch 4/4/2018 3/29/2018 Regular June 30, 2017 with the Statement of Fiduciary Net Position Consent dck Quarterly Written Administration Report Consent ea Quarterly Trustee Travel Report 4/18/2018 4/12/2018 Regular Disc. dr Draft Consultant Evaluation Reports for Board input. 5/2/2018 4/26/2018 Regular Disc. Page 1 of 4 Ver. 4/13/2017 ea BCEC Paragraph 12). SACRS Spring Conference Items - Ballots and Voting Instructions, Etc. Consent dr Budget Status for the Quarter ended March 31 Disc. dr Final Consultant Evaluation Rpts. BCEC Para. 13. Consent dr Quarterly Investment and Technology Status 5/16/2018 Regular Dark 5/23/2018 5/21/2018 AC dr Auditor Engagement & Start of Field Work Meeting 5/23/2018 5/21/2018 BC immediately following dr Proposed Budget Document Review
11 FCERA's 2018 Rolling Board Calendar 6/6/2018 5/31/2018 Regular 6/20/2018 6/14/2018 Regular 7/4/2018 Regular Dark 7/18/2018 7/12/2018 Regular Disc. dck Budget Adoption Hearing Disc. dck Strategic Plan Adoption Quarterly, March 31: Research, Guideline Compliance, & Investment Performance Rpts Disc. dr Split Account Options Disc. Vrs/dck Solicit Offsite Agenda Topics and Speakers Disc. dck Verus RFP Considerations per DD Policy Consent dck SACRS Legislative Items Consent dck Quarterly Written Administration Report Consent ea Quarterly Trustee Travel Report Consent dck SACRS Legislative Timeline Disc. Ch Acceptance of GFOA Certificate of Achievement Consent ea Office Closure to Public on 8/2/2018 Consent pm Death Related Under/Over Pmts - Write-offs and Transfers Disc. dck Annual Due Diligence Update and Plan Consent pm Escheat Moneys for Misc Items Disc. dck/vrs Approve and Finalize Offsite Agenda Topics - Jnt Verus and dck Disc. dck Fiscal year Due Diligence Report Disc. dck/vrs Fiscal year Due Diligence Plan 8/1/2018 7/26/2018 Regular Investment/Operational Due Diligence (IDD/ODD) Summary Report Verus CAFR Consent dr Quarterly Investment and Technology Status Consent dr Budget Status for the Quarter ended June 30 8/2/2018 BO&E Onsite Training mb 8/15/2018 8/9/2018 Regular Dark Quarterly, June 30: Research, Guideline Compliance, & Investment Performance Rpts 9/5/2018 8/30/2018 Regular Consent ea Board Member Election Results Consent mb Conflict of Interest Consent ch Annual Proxy Voting Report as of June 30 9/19/2018 9/13/2018 Regular Consent dck Board Off-site Agenda Approval Disc. ea SACRS Fall Conference Items 9/19/2018 9/13/2018 PC immediately following dck Retirement Administrator Review Parameters Investment Policy Statement (IPS) Review Disk Grsvnr Annual Grosvenor Update 10/3/2018 9/27/2018 Regular Devices Policies Board Charters, and Actuarial Funding, Code of Consent mb Conduct, Data Security, and Portable Electronic Disc. ea SACRS Fall Conference Items Page 2 of 4 Ver. 4/13/2017
12 FCERA's 2018 Rolling Board Calendar 10/17/ /18/ /10/2018 Wndr Valley 11/7/ /1/2018 Regular Consent ea Quarterly Trustee Travel Report Consent dck Quarterly Written Administration Report 2019 Investment Work Plan Disc. Staff Review the 2019 Rolling Calendar and Tentative 2019 Regular Meeting Schedule Consent dr Budget Status for the Quarter ended Sept. 30 Consent dr Quarterly Investment and Technology Status Consent dck CALAPRS Election of Board of Directors Members Consent ea SACRS Business Meeting Agenda & Materials 11/7/ /31/2018 PC immediately following dck Retirement Administrator Review Results 11/21/2018 Regular Dark Consent dck Receive RV Kuhn's Report Quarterly, September 30: Research, Guideline Compliance, & Investment Performance Rpts Approve 2019 Verus Calendar Consent dr PEPRA Compensation Limit Review 12/5/ /29/2018 Regular Closed BoR Retirement Administrator Review Concluded Consent dck 2019 Rolling Calendar Board Operations, Boardroom Usage, Public Consent mb Records Requests, Returned Mail, Strategic Planning, Surplus Property, and Wire Transfer Policies Consent ea Proposed Regular Board Meeting Schedule 12/5/ /29/2018 AC immediately following dr Review Audit Results and Financial Reports Disc. BrnA Comprehensive Annual Financial Report Disc. Staff Popular Annual Financial Report 12/12/ /6/2018 Regular Disc. Segal Actuarial Report & GAS Reports - Segal Consent ea Pension Payroll Calendar Disc. BoR Appoint Chair, Vice Chair for 2019 Recurring Item Notes: Legend Disabilities are heard at the earliest available regular meeting. Regular Board (Regular) Meetings Investment Items & Verus attendance are on the 1st regular meeting of the month. Board Offsite and Educational (BO&E) Sessions Cash Position and Retirements are on the 1st regular meeting of the month. Audit Committee (AC) Meetings Minutes and Public Records Requests are presented every regular meeting. Budget Committee (BC) Meetings Travel Requests and Attendance Reports are presented as needed. Personnel Committee (PC) Meetings Office statistics and business expenses are reported at the 2nd regular Consultant Evaluation Committee (CEC) Meetings meeting of the month. Disability Committee (DC) Meetings Italics - Due Date Exception Italics - New since Last Board Dist. Ad Hoc High Speed Rail Office Relocation Meetings Bold - FCERA website posting Bold - Transmit to the County Meeting Cancelled (Dark) Page 3 of 4 Ver. 4/13/2017
13 FCERA's 2018 Rolling Board Calendar Supplemental Calendar Notes: CAFR goes to the County by 12/31 GFOA application and CAFR by 12/31 State Controller Schedules (LGFA's) submitted by 12/31 Securities Lending Schedule of Borrowers - Approval Requested by Custodian as needed Recommended regulations for adoption will come to the Board after IRS tax determination process. Supplemental Items to Remember: Actuarial Experience Study Every 3 years (next one due March 2, 2019 for July 1, 2015 to June 30, 2018, for the June 30, 2019 AVR) Last Asset/Liability Study April 2013 every 3-4 years (next one April 2016 or 2017) External Auditor RFP AC meeting following the last CAFR report in the contract, for FY 2018 issue RFP and notify local vendors. Add Actuarial Audit RFP to 05/2019, 2020 or 2021 (done every five to seven years) BOR would like an Internal Auditor? (Could perform compliance and quality control function and serve as additional channel to Board) BOR and Verus would like an In-house investment advisor/ investment analyst (CIO?) County pay limitations are a current factor. Contract CIO? Arrivos Hosting Agreement Renewal - December 2017 Vendor RFPs Question per Due Diligence Policy (3-5 yrs): Actuary 8/21/19, Grosvenor 9/18/19, Baker Manock 9/19/18, Reed Smith 6/19/19, Foster Pepper 10/4/17, Verus 6/21/17, Northern Trust 12/21/16 then 12/19/18, Brown Armstrong 12/5/18 Policy and Charter Update Reminders 3/16/2016 3/20/2019 Securities Monitoring and Litigation 7/20/2016 3/20/2019 Overpayment/Underpayment of Member Contributions, Overpayment/Underpayment of Retirement Benefits, Administrative Proceedings and Appeals to the Board 9/21/2016 3/20/2019 Employer Contribution Equity 12/21/2016 3/20/2019 Optional Settlement 4, Reciprocity, Records Retention 10/19/ /16/2019 Education and Travel 1/18/2017 1/15/2020 Policy Development Process 2/1/2017 1/15/2020 Internal Revenue Code Compliance 2/15/2017 1/15/2020 Trustee Duties 3/15/2017 1/15/2020 Interest Crediting and Undistributed Earnings, Prefunding 9/5/2018 9/2/2020 Conflict of Interest 2/7/2018 2/3/2021 Placement Agent Disclosure, Due Diligence 10/3/ /6/2021 Board Charters, Actuarial Funding, Code of Conduct, Data Security, Portable Electronic Devices 12/5/ /1/2021 Board Operations, Boardroom Usage, Public Records Requests, Returned Mail, Strategic Planning, Surplus Property, Wire Transfer Verus Investment Policy Statement is a Product of Verus and Depends on Board Investment Direction Personnel Committee Budget Committee Audit Committee Consultant Evaluations Committee Disability Committee Ad hoc Retirement Administrator Salary Ad Hoc High Speed Rail-Office Relocation Committee Page 4 of 4 Ver. 4/13/2017
14 FCERA's Continuing Education Options Calendar Date Provider Description Location PreApp Tuesday & Wednesday April 18-19, 2017 Pension Bridge The Pension Bridge Annual San Francisco Sunday - Tuesday April 23-25, 2017 OPAL Impact Investing Forum Boca Raton, FL Tuesday - Thursday April 25-27, 2017 OPAL Real Estate Investment Summit Boca Raton, FL Wednesday - Friday April 26-28, 2017 Inst. Investors Public Funds Roundtable Los Angeles Sunday - Wednesday Milken Institute Global Conference Milken Institute April 30-May 3, 2017 ( Los Angeles Monday - Thursday May 1-4, 2017 IFEBP Portfolio Concepts and Management Philadelphia, PA Tuesday - Friday May 16-19, 2017 SACRS Spring Conference Napa Yes Saturday - Sunday May 20-21, 2017 NCPERS New Trustee Educational Seminar Hollywood, FL Sunday - Wednesday May 21-24, 2017 NCPERS Annual Conference & Exhibition Hollywood, FL Friday, June 02, 2017 CALAPRS Trustees' RT Burbank Yes Tuesday - Thursday PIMCO Institute PIMCO June 13-15, 2017 ( Newport Beach Sunday - Tuesday 18th Annual, US Real Estate Opportunity & IMN June 25-27, 2017 Private Fund Investing Forum Newport, RI Sunday - Tuesday June 25-27, 2017 IMN 22nd Annual, Global Indexing and ETFs Dana Point Sunday - Tuesday June 25-27, 2017 IMN Evidence-based Investing Conference West Dana Point Monday - Wednesday June 26-28, 2017 IFEBP New Trustee Institute San Diego Monday - Wednesday Advanced Trustees and Administrators IFEBP June 26-28, 2017 Institute San Diego Monday - Tuesday Advanced Trustees and Administrators IFEBP July 17-18, 2017 Institute Chicago, IL Monday - Wednesday July 24-26, 2017 SACRS SACRS/UC Berkeley Program 2017 Berkeley Monday - Wednesday July 24-26, 2017 OPAL Public Funds Summit East Newport, RI Monday & Tuesday July 24-25, 2017 Pension Bridge The Private Equity Exclusive Chicago, IL Monday - Thursday August 28-31, 2017 CALAPRS Principles of Pension Management Pepperdine Monday - Tuesday Client Summit Verus August 28-29, 2017 ( San Francisco Thursday - Friday September 7-8, 2017 IMN Total Alts San Francisco Sunday - Tuesday September 10-12, 2017 NCPERS Public Pension funding Forum San Francisco Wednesday - Friday September 13-15, 2017 CII Fall Conference San Diego Yes Monday - Thursday September 25-28, 2017 IFEBP Advanced Investments Management Philadelphia, PA Saturday - Monday October 21-23, 2017 IFEBP New trustees Institute - Level I Las Vegas, NV Page 1 of 2
15 FCERA's Continuing Education Options Calendar Date Provider Description Location PreApp Saturday - Sunday New trustees Institute - Level II: Concepts in IFEBP October 21-22, 2017 Practice Las Vegas, NV Sunday - Wednesday October 22-25, 2017 IFEBP 63rd Annual Employee Benefit Conference Las Vegas, NV Tuesday - Thursday PIMCO Institute PIMCO October 24-26, 2017 ( Newport Beach October? Nossaman Fiduciaries' Forum ( San Francisco Friday, October 27, 2017 CALAPRS Trustees' RT San Jose Yes Tuesday - Friday November 14-17, 2017 SACRS Fall Conference Burlingame Yes Sunday - Tuesday December 3-5, 2017 OPAL Alternative Investing Summit Dana Point Saturday - Sunday May 12-13, 2018 NCPERS New Trustee Educational Seminar New York, NY Sunday - Wednesday May 13-16, 2018 NCPERS Annual Conference & Exhibition New York, NY Monday - Wednesday March 12-14, 2018 CII Spring Conference Washington, DC Yes Tuesday - Friday May 15-18, 2018 SACRS Spring Conference Anaheim Yes Wednesday - Friday October 24-26, 2018 CII Fall Conference Boston, MA Yes Tuesday - Friday November 13-16, 2018 SACRS Fall Conference Indian Wells Yes Tuesday - Friday May 7-10, 2019 SACRS Spring Conference Lake Tahoe Yes Tuesday - Friday November 12-15, 2019 SACRS Fall Conference Monterey Yes Legend Other IMN CALAPRS CII IFEBP Inst. Investors OPAL SACRS NCPERS Pension Bridge Website (will be provided under conf. Information) Page 2 of 2
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