MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS SPECIAL BOARD MEETING OF FEBRUARY 21, 2013

Transcription

1 MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS SPECIAL BOARD MEETING OF FEBRUARY 21, 2013 The Board offire and Pension Commissioners ofthe City oflos Angeles met at the California Endowment, 1000 North Alameda Street, The "Yosemite A" Room, Los Angeles on Thursday, February 21,2013. COMMISSIONERS PRESENT: DEPARTMENT OF FIRE AND POLICE PENSIONS: CITY ATTORNEY'S OFFICE: Dean Hansell, President Ruben Navarro, Vice President George Aliano Sam Diannitto Gregory Lippe Wayne Moore Raul Perez Belinda Vega Robert von Voigt William Raggio, Interim General Manager Joseph Salazar, Assistant General Manager Tom Lopez, Chief Investment Officer Stephanie Clements, Chief Management Analyst Barbara Nobregas, Commission Executive Assistant Alan Manning, Assistant City Attorney President Hansell called the special meeting to order at 8:20 a.m. All ofthe above-listed Commissioners were present at the start ofthe meeting. A. GENERAL MANAGER'S REPORT 1. Benefits actions approved by General Manager on February 7, 2013 Pursuant to Resolution 04008, adopted by the Board offire & Pension Commissioners on August 7, 2003, the following benefit actions have been approved by the General Manager. DISCONTINUED PENSIONS - TIER 1-5 Luthain Swanson

2 Minutes ofthe Board offire and Pension Commissioners Page 2 Norman L. Uman Florence I. Cooper Margaret B. Ringo Paulita Strom Disability DISCONTINUED PENSIONS TIER 2 22 James L. Mushaney William D. Sims Fire Service Fire Service Duane N. Thackeray Jerrold E. Bender Fire Service Michael L. Chamberlain Brian V. Flynn HoyC. Key Melvin H. Lunsford Jerry K. Mc Call Ernest G. Neumann William G. Perez Adam Safian Jack H. Williams John R. Lewandowski Willard C. Knecht Barbara M. Simgen Dorothy E. Smith Dolly A. Courtial Emma 1. Jones Donna A. Morris Helen K. Woolley Mark J. Reischl Fire Widow Fire Widow Fire Dependent Child DISCONTINUED PENSIONS FORMER SPOUSE TIER2-2 Judy L. Farquar Dolores A. O'Neill Member ELIGIBLE GOINS' WIDOW PENSION - TIER 1-1 Name Deceased Member Member's Class Effective Date Jacoba J. Uman Norman L. Uman Disability ELIGIBLE SURVIVING SPOUSE'S PENSION TIER 1 1 Name Deceased Member Member's Class Effective Date Mary J. Swanson Luthain Swanson

3 Minutes ofthe Board of Fire and Pension Commissioners Page 4 interest ofthe pension payable to Theodore M. Williams, Pensioner, is to be paid to his former spouse, Bernice W. Williams, effective February 1,2013. Ms. Williams will receive cost of living adjustments. PARTIAL PAYMENT OF PENSION - TIER 5-2 interest ofthe pension payable to Royal S. La Chasse, Pensioner, is to be paid to his former spouse, Karen La Chasse, effective February 1, Ms. La Chasse will receive cost of living adjustments. interest ofthe pension payable to Thomas R. Whetzel, Pensioner, is to be withheld for his former spouse, Susana Dalmao-Whetzel, effective February I, Ms. Dalmao-Whetzel will receive cost ofliving adjustments. MODIFIED PARTIAL PAYMENT OF PENSION TIER 2-1 interest ofthe pension payable to Manuel C. Carrillo, Pensioner, being withheld for his former spouse, Patricia A. Carrillo, since December I, 2012, should be released effective February 1, DISCONTINUE PARTIAL PAYMENT OF PENSION TIER 2 1 In accordance with the City Attorney's advice, the designated proportion ofthe community property interest ofthe pension payable to John M. O'Neill, Pensioner, which was being paid to his former spouse, Dolores A. O'Neill, has been discontinued due to the death of Ms. O'Neill on December 19,2012. Ms. O'Neill's portion reverts to Mr. O'Neill, effective December 20,2012. SERVICE PENSION TIER5-2 Fire David M. Fernimen Engineer Years 41 Days Janelle M. Williams Detective I Years 291 Days SERVICE PENSIONIDROP TIER3-2 Fire Ovidio J. Bolanos Firefighter III Years 241 Days Mary C. Gomez Robles Officer II Years 12 Days

4 Minutes ofthe Board of Fire and Pension Commissioners Page 5 SERVICE PENSIONIDROP - TIER 5 7 Fire Marcus A. Allen Engineer Years 188 Days James E. Baker Fred Brignoni Todd C. Chamberlain Leonard R. Cross Randall P. Ojena Robert Rodriguez Sergeant II Officer II +2 Captain III Lieutenant II Officer III Officer III Years Years 28 Years 31 Years 25 Years 27 Years 197 Days 6 Days 0 Days 175 Days 16 Days 161 Days DISCONTINUE DROP - TIER 3 Theodore M. Williams Exit Close of: PARTIAL PAYMENT OF DROP FUNDS - TIER 3 1 In accordance with the City Attorney's advice, a designated proportion of the community property interest ofthe DROP funds payable to Theodore M. Williams, Pensioner, is to be paid to his former spouse, Bernice W. Williams, effective January 31, Other business relating to Department operations There were no updates reported. BOARD RETREAT Introductions, Ground Rules and Objectives Ms. Stephanie Clements, ChiefManagement Analyst, Administrative Operations Division facilitated the Board Retreat. She thanked stafffor their work in preparing for the Retreat. Ms. Clements introduced the first speakers, Messrs. Jim Voytko and Tom Lopez. Passive vs. Active Management Speakers: Jim Voytko, ChiefOperating Officer, RV Kuhns; and Tom Lopez, ChiefInvestment Officer, LAFPP Messrs. Jim Voytko and Tom Lopez provided an overview ofpassive and active management investing within the various asset classes, and answered questions from the Board and audience.

5 Minutes ofthe Board offire and Pension Commissioners Page 6 Performance Measurement Speakers: Jim Voytko, RV Kuhns; and Tom Lopez, LAFPP Messrs. Jim Voytko and Tom Lopez provided an overview ofthe various methodologies used by the investment community to evaluate managers and consultants, and answered questions from the Board and audience. The meeting adjournedfor a break between 10:11 10:30 a.m. Commissioner Perez left the board roomfor the remainder ofthe meeting at 10:11 a.m. Actuary 101 Training Speaker: Paul Angelo, Senior Vice President and Actuary, The Segal Company Mr. Angelo provided an overview ofactuarial methodologies and concepts, and answered the Board's questions. President Hansell left the board room for the remainder ofthe meeting at 11:16 a. m. Commissioner von Voigt left the board room for the remainder ofthe meeting at 11:32 a.m. Fund of Emerging Managers Panel Presentation Speakers: Samuel M. Austin, Senior Vice President and Director ofmarketing and Client Service, Tina Byles Williams, ChiefInvestment Officer, FIS Group; and Les Bond, Jr., Attucks Asset Management Mr. Austin presented the history of the FIS Group. Ms. Tina Byles Williams presented the firm's investment philosophy, trends and challenges in the field ofemerging managers. Mr. Les Bond provided an overview ofhis firm's top down strategy and the selection ofemerging managers. The speakers answered the Board's questions. Open Discussion and Future Agenda Items There were no items referred for consideration. Public Comment There were no public comments. Ms. Clements reminded everyone to complete the evaluation forms.

6 Minutes ofthe Board offire and Pension Commissioners Special Meeting of February 21,2013 Page 7 The meeting adjourned at 12:39 p.m. /; 'j / President.? l/ I i,i J: ~ 11 )1//) ll~c~rf'...~ '~/;; "',;// i Secretary