PERA Board Meeting. Thursday, March 28, 2019 AGENDA
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- Maria Dina Lester
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1 PERA Board Meeting Senator Fabian Chavez Jr. Board Room PERA Building 33 Plaza La Prensa Santa Fe, NM Thursday, March 28, :00 a.m. 1. Roll Call 2. Approval of Agenda Approval of Consent Agenda Current Business AGENDA Board will recess to Executive Session NMSA 1978, (H) (3) Administrative Appeal - Final Review 1. Martin (Marty) Vigil Board will convene to Regular Session A. Final Decision on Administrative Appeal: 1. Martin (Marty) Vigil (PERA # 22778) Action B. Chairwoman's Report Informational C. Resolution No Regarding Vacant County Position Action D. Interview & Selection for the State Board Member Position Action a. b. c. David Roybal Robert Doucette William Burk E. Stress Testing Public Pension Plans Informational F. Recommendation for PERA SmartSave Third Party Action Administrator G. H. Investment Procurement Policy Executive Director's Report Informational Informational New Business Adjournment Gideon Elliot, NM Attorney General's Office Jackie Kohlasch Jackie Kohlasch, Chair Jackie Kohlasch Jackie Kohlasch Keith Brainard, NASRA Karyn Lujan, SmartSave Plan Manager; Dominic Garcia, CIO Dana David, Investment Counsel Wayne Propst, Executive Director Any person with a disability who is in need of a reader, amplifier, qualified sign language interpreter, or any other form of auxiliary aid or service to attend or participate in the hearing or meeting, please contact Trish Winter at at least one week prior to the meeting, or as soon as possible. Public documents, including the agenda and minutes, can be provided in various accessible formats. Please contact Ms. Winter if a summary or other type of accessible format is needed.
2 RESOLUTION NO RESOLUTION DECLARING A VACANCY ON THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION BOARD WHEREAS, James Maxon, a County member of the Retirement Board of the Public Employees Retirement Association of New Mexico, retired effective March 1, 2019, and WHEREAS, PERA Rule (A) NMAC requires that, in the event any elected member of the PERA Board retires from his job, the Board shall, by resolution, declare that Board position vacant; NOW, THEREFORE, BE IT RESOLVED BY THE RETIREMENT BOARD OF THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION that: 1. The County member position on the Retirement Board of the Public Employees Retirement Association held by James Maxon is hereby declared vacant. 2. The term for this vacant position expires December 31, This resolution shall be publicized immediately in conjunction with a notice inviting eligible individuals to submit original signed letters of interest for appointment to the position within thirty (30) days of the publication of notice of vacancy. 4. The member appointed by the Board to fill the vacancy shall serve the remainder of the term of the vacant position. PASSED, ADOPTED AND APPROVED THIS 28th DAY OF MARCH, RETIREMENT BOARD OF THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF NEW MEXICO BY: Dr. Jaquelin Kohlasch, PhD PERA Board Chair ATTEST: Wayne Propst, Executive Director 33 Plaza La Prensa, Santa Fe, NM physical/mailing address
3 PERA BOARD VACANCY TIMELINE* Friday, March 1, 2019 Thursday, March 28, 2019 Board Meeting Friday, April 26, 2019 Monday, April 29, 2019 Monday, May 10, 2019 Thursday, May 30, 2019 Board Meeting County Member Maxon s effective retirement date Adoption of Resolution Declaring Vacancy, publication of Resolution; and call for applications Deadline to receive original signed letters of interest Letters of interest provided to Board Members Deadline for Board Members to provide the names of their top 3 applicants to Trish Winter, Executive Assistant Applicant interviews/selection and Board appoints new County member who will serve for the remainder of the vacated term (i.e. Dec. 31, 2019) Resolution must be adopted within 30 days of resignation Applications must be received within 30 days of Resolution Board vacancy must be filled at a regularly scheduled board meeting within 90 days after adoption of Resolution declaring vacancy (i.e. Monday, June 26, 2019). * VACANCY ON THE BOARD A. In the event any member of the PERA board retires from his or her job, resigns from the board or dies, except the ex-officio members of the board, that member shall be considered to have resigned from the board and the board shall, by resolution, declare that office vacant as of the date of the adoption of such resolution. Such resolution shall be adopted within 30 days after the board member's retirement, resignation or death. Members of the retirement board shall serve until their successors have qualified. B. In the event any member of the PERA board, except the ex-officio members of the board, ceases employment with an affiliated public employer, and is not reemployed by an affiliated public employer from the same membership (state, county or non-county municipal) group from which that member was elected within thirty (30) days, that member shall be considered to have resigned from the board. For purposes of Section , the term ceases employment shall include leave without pay status that extends for more than twelve (12) weeks. C. The resolution declaring the vacancy shall be publicized immediately in conjunction with a notice inviting eligible individuals to apply for appointment to the position within thirty (30) days of the publication of notice of vacancy. Publication shall be, at the minimum, by special notice to employees in the affected membership group through their employers. The board shall select the new member from among the interested persons who apply pursuant to the publication of the notice of vacancy. If no applications are received, the board shall entertain nominations by the members present. D. Any vacancy of member, except ex-officio member, occurring on the board shall be filled by the remaining board members, even though a quorum not be present, at a regularly scheduled board meeting within 90 days after the adoption of the resolution declaring the vacancy. The member selected to fill the vacancy shall be selected from the membership group, whether state, county or non-county municipal or retired member, which experienced the vacancy. If a vacancy in the municipal membership group is that of a county member, the replacement member shall be a county employee. The selected member shall be appointed to serve for the remainder of the vacated term.
4 INVITATION TO APPLY FOR APPOINTMENT TO FILL PERA BOARD COUNTY MEMBER VACANCY On March 28, 2019, the PERA Board adopted Resolution No , declaring a vacancy for a County member position on the Board. The vacancy resulted from the retirement of County Board member James Maxon. The PERA Board is seeking applicants to fill this vacancy for the remainder of the term, which expires on December 31, Therefore, the appointment will be for less than one year. The person appointed to this position may seek election to the position in the 2019 Board election. PERA Board members are fiduciaries to the various PERA funds and must prudently administer these retirement systems for the sole and exclusive benefit of PERA members, retirees and beneficiaries. If you are a vested county member and would like to apply, send an original signed letter of interest with your qualifications to: Patricia Winter, Executive Assistant to the Executive Director, Public Employees Retirement Association, 33 Plaza La Prensa, Santa Fe, NM To be considered, the original letter must be received at PERA s Santa Fe office by 5:00 p.m. on Friday, April 26, Finalists will be invited to interview with the Board at a Board meeting on Thursday, May 30, If you have any questions about the appointment or the Board, please contact Ms. Winter at (505) or via at PatriciaB.Winter@state.nm.us. 33 Plaza La Prensa, Santa Fe, NM Visit us at
5 Stress Testing Public Pensions Keith Brainard Research Director National Association of State Retirement Administrators New Mexico Public Employees Retirement Association Board of Trustees Meeting March 2019
6 Presentation Overview Definitions and purpose of stress testing, sensitivity analysis, and risk assessment Stress testing and risk assessment among public retirement systems Stress testing and risk assessment standards and models 2
7 Stress Test Definition A public pension stress test evaluates the effect on the plan s funding level and cost of projected adverse investment and contribution events. A stress test is also known as a scenario analysis. 3 Examples of questions answered in a stress test: What will the plan s funding level be if investment returns average 6.0 percent over the next 20 years? How much will the plan cost rise if employers make only 75 percent of required contributions?
8 A Sensitivity Analysis Is Different From a Stress Test A sensitivity analysis tests the effect on the plan of different actuarial assumptions and methods. 4 For example: What would be the effect on the plan s funding level if the investment return assumption was lower by two percent? How would the plan s required cost change using a different amortization method and period? Sensitivity analysis is not new to public pension plans.
9 Risk Assessment A risk assessment is broader than a stress test and a scenario analysis, and may include elements of both, as well as other factors. Risk assessments are not new to public pension plans. 5
10 Stress Testing, or Scenario Analysis Risk Assessment Sensitivity Analysis Lower projected investment returns Insufficient contributions Different actuarial assumptions and methods: Lower investment return Reduced amortization period Improved mortality assumption Other Factors Membership decline Stochastic projections Qualitative factors, e.g., political environment 6
11 A Brief History of Stress Testing in the US Interest in stress testing for banks grew sharply following the global financial crisis The financial crisis revealed the stress tests previously used by banks to be insufficient in identifying and measuring the sources and magnitude of financial stress Per the Dodd-Frank Act, the Federal Reserve conducts annual stress tests of banks with $50+ billion in assets, and some other non-bank financial entities Dodd-Frank also requires smaller banks to conduct their own stress tests, using prescribed methods and criteria
12 The Purpose for Stress Testing and Risk Assessment To strengthen pension planning and decision-making by enhancing understanding of: The type of risks a pension plan faces The likelihood of certain risks occurring The potential effects on the plan of different risks The sensitivity of plan costs, cash flows, and funding level to different risks
13 States and Statewide Pension Plans That Conduct Stress Tests and Risk Assessments Statutes in some states direct plans to conduct stress tests: California for CalPERS, Connecticut, Hawaii, New Jersey, Virginia Some public pension plans conduct risk assessments per statutory or board requirement: CalSTRS, per board requirement Colorado, by statutory requirement Pennsylvania Public Schools ERS, per board requirement Washington Office of the State Actuary, by statute
14 Stress Testing and Risk Assessment Standards and Models 10
15 California Actuarial Advisory Panel Model Disclosure Elements for Actuarial Valuation Reports December 2011 A sensitivity analysis showing the impact on current valuation results of changes in key assumptions and methodologies. A deterministic stress test projection of future results under appropriately chosen scenarios showing the effect of future actual experience different from that assumed in the valuation. A stochastic or probabilistic analysis on the impact of statistical variation in key experience elements including the actual future investment returns.
16 GASB 67/68, 2014 Requires pension plans to report their funding condition using an investment return assumption of one percent above and below their actual assumption Requires plans with a projected asset exhaustion date to calculate liabilities using a weighted average that includes a risk-free investment return beginning at the exhaustion date
17 Society of Actuaries Blue Ribbon Panel, 2014 Stress test recommendation: Stress tests of future financial positions should be disclosed to measure investment and contribution risks. Tests should constitute 30-year financial projections, and should be conducted using: returns at a standardized baseline and at returns of 3 percentage points more and less than the baseline assumption and funding entities making 80 percent of recommended contributions.
18 Actuarial Standard of Practice No. 51: Assessment and Disclosure of Risk Applies to actuaries conducting a valuation dated on and after 11/1/18 Requires the actuary to identify and assess the risks that may reasonably be anticipated to significantly affect the plan s future financial condition. This includes such risks as: Investment Asset/liability mismatch Interest rate Longevity and other demographic experience Contribution Methods may include, but are not limited to scenario tests, sensitivity tests, stochastic modeling, stress tests,
19 Pew Charitable Trusts Foundation for Public Pensions Risk Reporting Published late 2018 Recommends scenario and sensitivity analyses of specified low investment returns and insufficient contributions: 10- to 20-year projections of the effects of 5% investment returns, and an asset shock followed by 5% investment returns Plans receiving 80% of required contributions Measurement of the sensitivity of plan costs based on various investment return scenarios Investment return volatility simulations to measure the effect on contributions
20 Actuarial Standards Board Actuarial Standards of Practice Exposure Draft Would require calculation and disclosure of an investment risk defeasement measure (IRDM) when the actuary is performing a funding valuation. The IRDM is an obligation measure to reflect the cost to defease, i.e., eliminate the investment risk of the plan. Would permit discount rates to be based upon either U.S. Treasury yields or yields of fixed income debt securities. Still under consideration by the ASB
21 Stress Testing Bill Introduced in the Arkansas Legislature As introduced, the bill was based on Pew s recommendations for stress testing public pensions The introduced version was prescriptive and specific as to what should be measured and reported A consulting actuary charged with reviewing the bill criticized its specificity, saying the proposed statutory language would need to be revised as facts change about the state s pension plans In lieu of a statutory prescription, a better approach for public pension stress testing or risk assessment may be for the retirement board to establish standards and principles
22 Recommendation for PERA SmartSave Third Party Administrator RFP No. NM DC-001-FY19 March 28, 2018 NM PERA SmartSave RFP Evaluation Committee Jackie Kohlasch, PERA Board Chair Lawrence Davis, Municipal Board Member Greg Trujillo, PERA Deputy Director Dominic Garcia, PERA Chief Investment Officer Karyn Lujan, PERA SmartSave Plan Manager Paul Cowie, Meketa Investment Group
23 History Current TPA for PERA SmartSave is Nationwide Retirement Solutions Nationwide contract term dates are Oct. 1, 2011 to Sept. 30, 2019 In accordance with PERA Procurement Policies: Maximum term for contracts shall not exceed eight years without being competitively bid through an RFP process. Slide 3
24 Scope of Services The successful Offeror shall serve as the exclusive TPA of the State of New Mexico Deferred Compensation Plan ("Plan"), and shall be PERA's agent of record for administration of the Plan. The TPA shall undertake the following obligations and duties: Employee Service and Outreach Marketing and Communications Enrollment Recordkeeping Administration Participant Services Slide 4
25 Minimum Qualifications 1. Offeror has at least five (5) years of experience in providing the proposed services. 2. As of the date of this RFP, the Offeror currently provides third party defined contribution services to at least ten (10) public sector plans; a. at least three (3) must be 457(b) plans; b. at least three (3) must have a minimum of 20,000 or more participants; c. at least three (3) must have a minimum of $500 million in total defined contribution assets under administration. 3. Offeror must respond to Item #2 in Appendix C and provide its audited financial statement as of December 31, 2017, or more recently if available, as required by such question. 4. The Offeror must be able to administer and record keep the investment lineup currently offered by the PERA SmartSave Plan. Slide 5
26 Desired Enhancements More efficient online capabilities: automated payroll communication between TPA and employers for online enrollment and contribution changes participant ability to initiate general transactions enhanced website experiences: customer service features, educational tools, convenience for participants reporting capabilities for plan sponsor Innovative marketing and communication material that encompasses the PERA SmartSave brand Flexibility with PERA SmartSave messaging in participant communications Slide 6
27 Request for Proposal Process Slide 7
28 RFP Evaluation Committee PERA Board Members Jackie Kohlasch, Board Chair, State Member Lawrence Davis, Municipal Board Member PERA Staff Members Dominic Garcia, Chief Investment Officer Karyn Lujan, Deferred compensation Plan Manager Greg Trujillo, Deputy Executive Director SmartSave Plan Affiliate Paul Cowie, Principal, Meketa Investment Group Slide 8
29 RFP Evaluation Timeline Review of Minimum Qualifications and Timeline November 13, 2018 Issuance of RFP November 28, 2018 Submission Deadline: Four Respondents January 18, 2019 Evaluation Committee Phone Call: Three Respondents Selected for Semi-Finalist Consideration February 13, 2019 Semi-Finalist Interviews: - Nationwide Retirement Solutions - Voya Financial - Prudential February 21, 2019 On-site Due Diligence Visit: - Voya Financial March 5, 2019 Slide 9
30 Selection of Semi-Finalists: Overview The proposals were reviewed for compliance with the RFP s Minimum Qualifications no findings One (1) respondent was eliminated based on the following: proposal indicated the local outreach team would be the same team that currently provides outreach for competing 457b plans offered in various New Mexico municipalities proposal indicated an additional annual fee of $10,000/each to administer the Plan s nine custom LifeCycle funds respondent did not already have an agreement with one of the funds in the custom LifeCycle Portfolios The Evaluation Committee reviewed the remaining proposals individually in anticipation of the February 21 st semi-finalist interview date. Slide 10
31 Summary of Key Updates to PERA Investment Procurement Policy
32 PURPOSE OF UPDATES The proposed updates are intended to clarify the relative responsibilities of the Board, the Executive Director, and the Chief Investment Officer with regard to procurement of investment services to align the Investment Procurement Policy with the recently amended Investment Policy. Otherwise changes were made to approve clarity and to generally update the policy. Slide 2
33 BACKGROUND INFORMATION Investment-related procurement by PERA is exempt from the New Mexico Procurement Code. Accordingly the Board must adopt standard process and procedures for investment services. The Investment Procurement Policy memorializes the procedures used by the Board, the Executive Director and the CIO to select investment service providers including investment consultants, investment managers, other investment service providers (such as custody banks and trading counterparties) and the third-party administrator for the SmartSave Plan. PERA s current Investment Procurement Policy needs to be updated to incorporate revisions to the Investment Policy approved by the Board in The proposed revised Investment Procurement Policy was reviewed by and adopts updates proposed by the Board s fiduciary counsel. Slide 3
34 KEY UPDATES The proposed amended policy describes all investment-related service providers that will be subject to the policy. See Section 4, p. 2. Definitions have been revised to conform to current terminology, practices, and the Investment Policy and the SmartSave Investment Policy. See Section 5, pp Slide 4
35 KEY UPDATES RFP AND RFI PROCESSES AND EXEMPTIONS Criteria for selecting the RFP or RFI process are clarified. See Section 6(a), p. 5. In accordance with PERA governance changes, the policy identifies certain decisions relating to investment-related contracts that are exempt from the RFP or RFI process including terminations, extensions, transitions, and impracticability and provides that justifications for those decisions be made by the CIO in consultation with the Executive Director. See Section 6(b), pp Slide 5
36 Key updates Exemption from RFP and RFI Processes for Illiquid Investments The proposed amendments describe the process for identifying illiquid investments that are not appropriate for the RFP or RFI process. The proposed amendments describe and clarify the general criteria for vetting a prospective illiquid investment manager. See Section 7(b), pp Slide 6
37 KEY UPDATES PUBLIC NOTICE The provision for public notice for an RFP was revised to reflect current practices. The principal means of providing public notice shall be electronically through the PERA Website. Public notice shall also be provided through print and other media as may be commercially reasonable. Public notice shall also be provided to service providers that have shown an interest in providing the service that is the subject of the solicitation. See Section 8, p. 8. Slide 7
38 KEY UPDATES BOARD AUTHORITY The Board has final authority over procurement of: The Board Strategic Consultant (currently Wilshire) The Smart Save Investment Consultant (currently Meketa) The SmartSave Third-Party Administrator (currently Nationwide) Direct the ED to terminate a contract awarded as the result of a Conflict of Interest See Section 14, p. 15 Procurement for these services shall be through the RFP process. See Section 9(a), p. 8 Slide 8
39 KEY UPDATES CIO AUTHORITY The CIO has final authority over selection of: The CIO Investment Consultants (currently Albourne and TorreyCove) Liquid and Illiquid Investment Managers Other Service Providers (counterparties and custody bank). Selection of Investment Consultants shall be through the RFP Process. The RFI process may be used for selection of Liquid Investment Managers and Other Service Providers. See Sections 9(a),(c) pp Slide 9
40 KEY UPDATES RFP AND RFI PROCESSES The basic process remains the same. Updates reflect the character of specific services to be procured through the RFI process: Provides for justification of evergreen contracts for investment managers Incorporates restrictions in the PERA Act, e.g. limits on thirdparty marketers Provides for indefinite terms with 30-day termination for the custody bank Clarifies that a response to an RFP or RFI is disclosable under IPRA Raises the no-contact period specified in RFP or RFI solicitation to a policy-level requirement See Section 9(d), pp Slide 10
41 KEY UPDATES EVALUATION OF PROPOSALS The Board evaluates proposals under its authority according to the same procedure as the current Policy (i.e. through an evaluation committee designated by the Board Chair), while the Chief Investment Officer manages the RFP or RFI process for the Board. The CIO evaluates proposals under his authority according to the 5-step review process adopted for the Investment Division. The selection criteria for investment managers is essentially unchanged. The selecting authority must create a written record of the selection. See Section 12, pp Slide 11
42 Termination of Contract or Other Appropriate Action for Wrongful Conduct In the event that the Board determines that violation of the New Mexico Government Conduct Act or paragraph of the PERA Employee Code of Conduct materially impacted the award of a contract under this Policy, and that termination of the contract or other appropriate action is consistent with applicable law and the Board s fiduciary duties to PERA members, the Board may direct the Executive Director to terminate the contract, or take other appropriate action. This provision shall be incorporated expressly in any contract entered into under the authority of this Policy and such contract shall expressly provide that action taken by the Board or Director hereunder shall not constitute an event of default or other event causing adverse action by the other contracting parties. See Section 14, pp. 15. Slide 12
43 EXECUTIVE DIRECTOR S REPORT PERA BOARD MEETING March 28, 2019 Retiree Payroll vs: Total Contributions - March February 2019 $110,000,000 $100,000,000 $97,478,039 $97,132,043 $99,226,488 $99,860,075 $100,495,386 $101,531,298 $97,838,448 $98,055,159 $99,617,110 $100,069,512 $100,531,298 $101,799,720 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $64,522,967 $62,527,713 $53,801,445 $52,674,966 $48,844,239 $49,785,026 $46,647,111 $46,169,361 $37,873,362 $45,732,027 $57,184,489 $53,388,303 Retiree Payroll Contributions Total Retiree Payroll = $1,193,634,576 Total Contributions: $619,151,009 ** Due to adjustments to Employer reports contributions amounts are subject to change FY19 Contributions: Investment Income & Contributions thru February 2019 Investment Portfolio Transfers for Benefit Payments $397,201,193 Employee/Employer Contributions $412,967,334 $(810,168,527) Benefit Payments 1
44 Refunds - March February 2019 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $5,916,609 $4,292,884 $3,845,271 $3,687,194 $3,207,931 $5,980,156 $5,293,714 $5,180,009 $4,699,957 $4,423,613 $3,442,978 $4,762,091 $2,000,000 $1,000,000 $- ** Total Refunds Paid during this period was $54,732,407 VACANCY REPORT Position Division Date Vacated Status IT End User Support I Information Technology 9/8/2018 ON HOLD Accountant & Auditor O Contribution Accounting 12/15/2018 ON HOLD IT Administrator II Information Technology 3/9/2019 Pending Selection Business Operations I Records Division 2/1/2019 Pending Selection PERA has 84 authorized FTE and currently has 5 vacancies ADDITIONS/DEPARTURES/PROMOTIONS Employee Position/Division Date Started/Vacated Status Micah Clokey Business Operations Advanced 3/25/2019 Promotion Rosa Romero Retirement Specialist I 3/25/2019 New Hire Laurie Rael Retirement Specialist I 3/25/2019 New Hire Andres Martinez IT Administrator III 3/9/2019 Resignation Karen Risku Deputy General Counsel 4/1/2019 Retirement 2
45 MEMBER OUTREACH Date Outreach Officer Location/Employers Type 3/8/2019 Christina Perea City of Santa Fe New Employee Seminar 3/13/2019 Christina Perea PERA SF Informational Seminar 3/14/2019 Christina Gauthier PERA Albuquerque Informational Seminar 3/20/2019 Christina Gauthier Bernalillo County Informational Seminar 3/22/2019 Christina Perea City of Santa Fe New Employee Seminar 3/29/2019 Christina Perea Santa Fe County Informational Seminar PERA SmartSave Items of Interest March 2019 County by Region North Group Presentations Individual Meetings San Miguel 2 4 Santa Fe 10 8 Benefits Fairs County by Region Central Bernalillo Cibola 4 De Baca 3 Valencia 2 County by Region South Dona Ana 11 6 Eddy 7 5 Grant 14 7 Socorro 3 SmartSave Assets as of 2/28/ $617,047,474 SmartSave Participants as of 2/28/ ,508 3
46 February 2019 AIR TIME PURCHASES February 2019 AIR TIME PURCHASES Plan Type No. of Purchases No. of Months No. of Purchases State Plan Municipal Plan Municipal Plan Municipal Plan Municipal Fire Plan Municipal Police Plan Municipal Police Plan State Police/Corrections Plan Judicial Plan TOTAL: TOTAL: 15 Independent Contracts Reviewed Entity # of Contracts Reviewed February 2019 NM Law Office of the Public Defenders 2 NM Legislative Finance Committee 3 NM Department of Health 2 NM Second Judicial District Attorney 2 NM Human Services Department 1 NM Administrative Office of the Courts 1 NM Court of Appeals 1 County of Dona Ana 1 Bernalillo County 2 Total: 14 Contracts reviewed, but not in pay status NM Department of Military Affairs 1 Total: 1 Total of all Contracts reviewed: 15 4
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49 PERA Board Meeting March 28, 2019 CONSENT AGENDA Approval of Minutes: Investment Committee: a. Audit & Budget a. Rules & Administration Committee a. Ratification of Retirements - Benefits processed through: a. Normal b. Deferred c. Reciprocity to ERA d. Non-Duty Death e. Non-Duty Disability f. Reciprocity to PERA Duty & Non-Duty Deaths a. Jacquelyn B. Holmes - Non-Duty Affidavits for Free Military Service: a. Patrick Smith - 3 months b. Edward Martinez - 9 months c. James Frederickson - 7 months d. Aaron Zwicky - 10 months Educational Conferences a. John Melia 37th Annual Wilshire Consulting Client Conference; Yountville, CA; March 23-26, 2019; Registration & Expenses to be paid by PERA b. Jackie Kohlasch Forum for Institutional Investors, Protecting Shareholders Rights; New Orleans, LA; April 10-13, 2019; Registration & Expenses to be paid by PERA c. Jackie Kohlasch NCPERS Annual Conference; Austin, TX; May 19-22, 2019; Registration & Expenses to be paid by PERA d. John Melia NCPERS Annual Conference; Austin, TX; May 19-22, 2019; Registration & Expenses to be paid by PERA e. Dan Mayfield NCPERS Annual Conference; Austin, TX; May 19-22, 2019; Registration & Expenses to be paid by PERA f. Loretta Naranjo Lopez NCPERS Annual Conference; Austin, TX; May 19-22, 2019; Registration & Expenses to be paid by PERA g. Dan Mayfield IFEBP Washington Legislative Update; Washington, DC; May 20-21, 2019; Registration & Expenses to be paid by PERA h. Loretta Naranjo Lopez 6th Annual HHF Investors Forum; Oakland, CA; June ; Registration & Expenses to be paid by PERA
50 8. i. Tim Eichenberg CAPPP Part II; Boston, MA; June 20-21, 2019; Registration & Expenses to be paid by PERA Setting of Meetings: April 2019 Meetings a. Disability Review Committee April 9, :00 a.m. a. Board Meeting April 25, :00 a.m. Any person with a disability who is in need of a reader, amplifier, qualified sign language interpreter, or any other form of auxiliary aid or service to attend or participate in the hearing or meeting, please contact Trish Winter at at least one week prior to the meeting, or as soon as possible. Public documents, including the agenda and minutes, can be provided in various accessible formats. Please contact Ms. Winter if a summary or other type of accessible format is needed.
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