NCPERS 2015 Annual Conference & Exhibition

Transcription

1 NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS ADVOCACY RESEARCH EDUCATION NCPERS 2015 Annual Conference & Exhibition May 3 7, 2015 New Orleans, LA Banding Together for Retirement Security PROGRAM BOOK Follow Us on Twitter #Annual15

2 THANK YOU TO THE GENEROUS SPONSORS OF THE ANNUAL CONFERENCE

3 TABLE OF CONTENTS TABLE OF CONTENTS Letter from the NCPERS President. 2 Conference General Information. 4 Index of Speakers. 6 Schedule of Events. 9 Exhibitor List. 27 Speaker Biographies. 33 NCPERS Leadership. 79 NCPERS National Committee List. 81 Biographies of NCPERS Officers & Executive Board Members. 82 NCPERS Resolutions. 99 #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 1

4 LETTER FROM THE NCPERS PRESIDENT W elcome to the Annual Conference & Exhibition in New Orleans! We look forward to welcoming you and providing you with a first-rate education and a venue to network with your colleagues and other pension professionals. The theme of this year s Conference is Banding Together for Retirement Security. This theme plays on a couple of different levels. There is of course retirement security for public employees. That naturally centers on preserving defined-benefit pensions for our members. During the past year, new assaults on public pension plans and the financial well-being of our beneficiaries have arisen. NCPERS and its leadership have devoted significant time and resources to addressing those challenges. The assaults came from a variety of places, including the US Senate, federal bankruptcy courts, state legislatures, and even well-known foundations with positive public personas but with dark and until recently hidden agendas. The political drumbeat for so-called reform which is really an organized campaign to demonize and discredit our defined-benefit plans and replace them with defined-contribution plans, or worse was injected with new energy by these high-profile actors. But NCPERS, trading on its status as the official spokesperson for our sector and as an information source trusted by the media, has risen to the challenge, with positive results. 2 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

5 LETTER FROM THE NCPERS PRESIDENT Banding Together for Retirement Security also applies to efforts to bring up retirement security to those in the private sector who do not have access to any employer-sponsored retirement plan. Our Secure Choice Pension initiative is gaining significant momentum. There are currently eight states that have passed legislation to implement or at a minimum study the feasibility of implementing a Secure Choice plan. And there are an additional 10+ states that hope to enact legislation in There is no shortage of challenges and opportunities ahead. And for many of us, this Annual Conference & Exhibition is a continuation of our commitment to Banding Together for Retirement Security. I encourage you to attend the sessions and take back to your plans all that you have learned. Our futures depend on your actively exercising your fiduciary responsibilities of learning (and applying what you ve learned) for the benefit of your participants. Have a great Conference! Melvyn Aaronson NCPERS President #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 3

6 CONFERENCE GENERAL INFORMATION REGISTRATION HOURS Registration services are available during the following hours: Sunday, May 3 Monday, May 4 Tuesday, May 5 Wednesday, May 6 2:00 PM 6:00 PM 6:30 AM 2:00 PM 7:00 AM 2:00 PM 7:30 AM 12:00 PM EXHIBIT HALL HOURS The exhibit hall will be open during the following hours: Sunday, May 3 Monday, May 4 Tuesday, May 5 4:00 PM 6:00 PM 8:00 AM 1:30 PM 8:00 AM 1:30 PM REGISTRATION BADGES Please wear your name badge at all times. Your badge serves as your passport to NCPERS activities, including the educational sessions, exhibit hall, and social events. Attendees without name badges will not be admitted. RECOMMENDED DRESS We recommend that you wear layers to all educational sessions, as the temperature in meeting rooms is difficult to regulate at times, and personal comfort can vary widely. CELL PHONES/PDAs Please remember to respect your neighbors and turn off your cell phones, pagers, and other electronic devices (or put them on vibrate) while in sessions. 4 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

7 CONFERENCE GENERAL INFORMATION NCPERS ANNUAL CONFERENCE APP Download the NCPERS Annual Conference app for easy access to the conference agenda, handouts, and exhibitor information! NCPERS SOCIAL MEDIA #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 5

8 INDEX OF SPEAKERS NAME ORGANIZATION PAGE Aziz, Bill OMERS 17, 34 Behar, Greg Northern Trust 24, 35 Bennett, Marshall Wolf Popper 35 Bowen, Tim Mesirow Financial 13, 37 Carlisle, Sandra Newton Capital Management 14, 37 Carraher, Karen Ohio Public Employees Retirement System 22, 38 Carter, Wendy Segal Consulting 15, 38 Check, Darren Kessler Topaz Meltzer & Check, LLP 16, 39 Cole, Brandon Arthur J. Gallagher 18, 40 DeAlto, Dominick Fischer Francis Trees & Watts 24, 40 Dee, Vincent Pathway Capital Management 25, 41 Digenan, Thomas UBS Global Asset Management 21, 41 Doll, Robert Nuveen Asset Management 11, 42 Driscoll, David Buck Consultants 13, 43 Eason, Cheryl CalPERS 11, 43 Evans, Jesse, Jr. City of New Orleans Employees Retirement System 22, 44 Fletcher, Tina Ullico Casualty Group 13, 45 Fornia, William Pension Trustee Advisors 19, 45 Garland, Michael Environmental, Social and Governance at New York City Office of the Comptroller 16, 46 Gonzalo, Miguel Adams Street Partners, LLC 23, 47 Griffin, Robert Janus Capital Institutional 24, 48 Heiner, Thomas BNY Mellon 12, 48 Heinrichs, Brad Foster & Foster 22, 49 Hendricks, Sharon CalSTRS 17, 90 Hunstad, Mike Northern Trust 24, 50 Johnson, Dax State Street 12, 50 Kahn, Michael NCPERS 16, 51 Kalwarski, Gene Cheiron 23, 51 Kenney, Stephen Hancock Natural Resource Group 20, 52 Kim, Hank NCPERS 11, 23, 52 Klausner, Robert Klausner Kaufman Jensen & Levinson 22, 53 Kottage, James New Haven (Conn.) Local 825 / New Haven Fire Fighters Pension Board 18, 54 Leitch, Charles Patterson Buchanan Fobes & Leitch, Inc., P.S. 18, 55 6 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

9 INDEX OF SPEAKERS NAME ORGANIZATION PAGE Levine, David Groom Law Group 26, 55 Mastroianni, Carl BNY Mellon 14, 56 Matthews, George Analytic Investors 18, 57 McBride, James BTG Pactual Timberland Investment Group 20, 57 McCarthy, Kevin PNC Realty Investors 13, 58 McKnett, Chris State Street Global Advisors 16, 58 Merrill, Rebecca Teacher Retirement System of Texas 19, 59 Musikavanhu, Tendai Old Mutual Global Index Trackers 19, 60 Nardulli, Joe Northern Trust 12, 61 Navas, Luis Global Governance Advisors 17, 61 Nelsen, Steve LEOFF Plan 2 Retirement Board 13, 62 Newton, Joseph Gabriel Roeder Smith & Company 19, 62 Paige, Johnathan New London (Conn.) Fire Fighters, Local 1522, IAFF 22, 63 Palandjian, Peter Intercontinental Real Estate Corporation 13, 63 Parise, Robert J.P. Morgan Asset Management 64 Petersen, Kai Buck Consultants 13, 65 Potvin, Jim Employees Retirement System of Georgia 15, 65 Regan, Julian Marco Consulting 19, 66 Robbins, Darren Robbins Geller Rudman & Dowd, LLP 14, 66 Roda, Anthony Williams & Jensen 12, 67 Ross, Hannah Bernstein Litowitz Berger & Grossmann, LLP 16, 68 Ruggels, Tom Washington State Investment Board 23, 69 Scott, David Scott+Scott, LLP 25, 70 Silveira, Rafael J.P. Morgan Asset Management 11, 71 Singer, Brian William Blair & Company, LLC 11, 71 Smith, Jeff City of New London (Conn.) 22, 72 Stump, Greg Boomershine Consulting Group 22, 73 Tarcza, Robert Tarcza & Associates, LLC 22, 73 Tiwari, Amit Invesco Private Capital 23, 74 Wasserman, Sean NASDAQ 12, 75 Weiler, Jeffrey Fairfax County (Va.) Retirement Systems 22, 75 Wollmuth, David Wollmuth Maher & Deutsch, LLP 16, 76 Yasenchak, Richard INTECH 18, 77 Zumwalt, Sarah Groom Law Group 26, 78 #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 7

10 NOTES 8 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

11 SCHEDULE OF EVENTS

12 SCHEDULE OF EVENTS REGISTRATION 2:00 PM 6:00 PM First Floor Registration Counters SUNDAY, MAY 3 SUNDAY, MAY 3 EXHIBITION 4:00 PM 6:00 PM Grand Salon C&D WELCOMING RECEPTION 4:00 PM 6:00 PM Grand Salon C&D Sponsored by Nuveen Investments MONDAY, MAY 4 l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l MONDAY, MAY 4 BREAKFAST 6:30 AM 7:45 AM Grand Ballroom A Sponsored by William Blair & Company REGISTRATION 6:30 AM 2:00 PM First Floor Registration Counters EXHIBITION 8:00 AM 1:30 PM Grand Salon C&D FIRST GENERAL SESSION 8:00 AM 10:30 AM Grand Ballroom B D 8:00 AM Opening Ceremony & Annual Report Mel Aaronson, NCPERS President 10 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

13 SCHEDULE OF EVENTS 8:30 AM Economic & Investment Outlook Robert Doll will give an update on the current economic and investment outlook, covering areas of opportunity and risks as well as several portfolio observations. Deeming 2015 as the year of increasing belief, he will discuss the transition from the first half to the second half of the economic cycle and what that means for the capital markets. Speaker: Robert Doll, Nuveen Asset Management MONDAY, MAY 4 9:00 AM Macro Diversification: Top-Down Methodology The dynamic navigation of the new world order requires bringing to bear unique and unusual investing disciplines, including a healthy dose of macro diversification. Many investor portfolios are adequately (or even over-) diversified from a bottom-up (security selection) perspective but underdiversified from a macro (top-down) perspective. In this session, investors will learn about the tenets of macro diversification and why the addition of diversification from a global macro perspective can complete a portfolio s total diversification, helping it better withstand market shocks as well as providing appropriate participation in up markets. Speaker: Brian Singer, William Blair & Company 9:45 AM Alternative Investments: Striking the Balance Between Growth Tomorrow and Liquidity Today Moderator: Robert Parise, J.P. Morgan Asset Management Panelists: Hank Kim, NCPERS Rafael Silveira, J.P. Morgan Asset Management Cheryl Eason, CalPERS 10:15 AM Washington Update This session will provide an overview of current federal legislative issues that relate to state and local governmental pension plans. The legislative report will include a discussion of the proposed annuity accumulation plan for public pensions, the Public Employee Pension Transparency Act, legislation to modify the pickup rule under the Internal Revenue Code, the status of comprehensive tax reform and #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 11

14 SCHEDULE OF EVENTS MONDAY, MAY 4 its potential impact on public plans, legislation to clarify the federal tax treatment of state law based survivor benefits, and proposed expansions to the exemption for public safety from the early withdrawal tax penalty. Speaker: Anthony Roda, Williams & Jensen EXHIBIT BREAK 10:30 AM 11:00 AM Grand Salon C&D SESSION A 11:00 AM 12:00 PM Grand Salon 3&6 Is It Time to Challenge Your Benchmark? Given the rising cost and complexity of licensing for index data, many buy-side managers are starting to evaluate their benchmarks and potential alternatives. Take a deeper dive into this trend to learn about the decisionmaking process for benchmark selection, the hidden cost to investors, and how the custodian segment in particular is starting to provide increased transparency on the relative cost of benchmark data options. Moderator: Ken Hauser, Policeman s Annuity & Benefit Fund of Chicago Panelists: Sean Wasserman, NASDAQ Joe Nardulli, Northern Trust Dax Johnson, State Street Thomas Heiner, BNY Mellon SESSION B 11:00 AM 12:00 PM Grand Salon 4&7 National Perspective on Contribution Policies for DB Plans A major difficulty for sponsors of public defined-benefit plans in recent years has been the volatility of actuarially determined contributions resulting from fluctuations in plan experience, particularly investment experience. In response, a number of systems have turned their attention from stabilizing asset values and other inputs that go into funding calculations to the direct application of stabilization techniques to the resulting contribution requirements. This session will review the development of such approaches, their pros and cons, the guidance that 12 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

15 SCHEDULE OF EVENTS has been developed and publicized concerning their use, and their implications for funding and accounting outcomes. Moderator: Mona Romain, NCPERS executive board Speakers: David Driscoll, Buck Consultants Kai Petersen, Buck Consultants Steve Nelsen, LEOFF Plan 2 Retirement Board MONDAY, MAY 4 SESSION C 11:00 AM 12:00 PM Grand Salon 9&12 The Role of Real Estate in an Investment Portfolio This presentation will explore the role that real estate plays in an institutional investment portfolio. Delving into the last 5 10 years of the asset class, the speakers will discuss pre- and postrecession performance and behavior, and what lies ahead for this asset class. Moderator: Kathy Harrell, National FOP Pension Chairman Speakers: Kevin McCarthy, PNC Realty Investors Peter Palandjian, Intercontinental Real Estate Corporation SESSION A 12:15 PM 1:15 PM Grand Salon 3&6 Fiduciary Liability Insurance: Coverage That Protects You, the Trustee Public pension trustees and employees face increased personal liability exposure in their role as fiduciary. This session will outline liability insurance and offer a solution to lessen a pension trustee s fiduciary exposure. Moderator: Ken Hauser, Policeman s Annuity & Benefit Fund of Chicago Speakers: Tim Bowen, Mesirow Financial Tina Fletcher, Ullico Casualty Group SESSION B 12:15 PM 1:15 PM Grand Salon 4&7 Protecting Shareholder Value Through Corporate Governance, Engagement, and Litigation The link between corporate failure and corporate governance has never been more apparent than in recent years. In this session, we first consider the role of traditional #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 13

16 SCHEDULE OF EVENTS MONDAY, MAY 4 active equity managers in driving positive change at companies to protect and enhance wealth for investors as well as create more sustainable businesses. We will also explore how the use of private action remains the most effective tool in holding management accountable for its actions and creating systemic and market governance reforms that target the source of corporate corruption. Moderator: Dan Givens, Miami Fire Fighters Relief & Pension Fund Speakers: Sandra Carlisle, Newton Capital Management Darren Robbins, Robbins Geller Rudman & Dowd, LLP SESSION C 12:15 PM 1:15 PM Grand Salon 9&12 Currency: The Uncompensated Risk Lurking in Your Portfolio With their international investments, US plans acquire exposure to a basket of foreign currencies. During 2014, the US dollar gained about 10 percent against a typical developed-market allocation, directly detracting from international returns. This significant risk is a concern to policymakers and investment staff. Carl Mastroianni will discuss the steps boards should consider when formulating a currency policy during these unsettled times. Moderator: Mel Aaronson, NYC Teachers Retirement System Speaker: Carl Mastroianni, BNY Mellon LUNCH & LECTURE SERIES (not open to guests) 1:30 PM 2:30 PM Grand Ballroom A Sponsored by BNY Mellon Behavioral Economics: How Participants Make Decisions Understanding how we make decisions can help us make decisions that have better outcomes. This applies to why and how we decide to prepare financially for retirement. There are many behavioral biases, such as loss aversion and trend chasing, that can negatively impact decision making. This presentation will review the behavioral influences that can affect retirement plans and 14 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

17 SCHEDULE OF EVENTS the techniques one can employ to mitigate the impact of those biases on a plan. Moderator: Hank Kim, NCPERS Speakers: Wendy Carter, Segal Consulting Jim Potvin, Employees Retirement System of Georgia NATIONAL COMMITTEE ELECTION 2:45 PM 3:15 PM Grand Ballroom B D MONDAY, MAY 4 NETWORKING ACTIVITIES 3:15 PM 5:00 PM Networking events hosted by NCPERS members l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l TUESDAY, MAY 5 BREAKFAST 6:30 AM 7:45 AM Grand Ballroom A Sponsored by William Blair & Company TUESDAY, MAY 5 REGISTRATION 7:00 AM 2:00 PM First Floor Registration Counters EXHIBITION 8:00 AM 1:30 PM Grand Salon C&D SECOND GENERAL SESSION 8:00 AM 10:30 AM Grand Ballroom C&D #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 15

18 SCHEDULE OF EVENTS TUESDAY, MAY 5 8:10 AM Income Inequality: The Hidden Economic Cost of Prevailing Approaches to Public Pension Reforms What is the hidden and often overlooked economic cost of prevailing approaches to public pension reforms? This session will feature research findings from the NCPERS research project to address the question. Speaker: Michael Kahn, NCPERS 8:30 AM Recent Legal Developments This panel discussion will cover recent legal developments that impact institutional investors. Moderator: Marshall Bennett, Wolf Popper Panelists: Hannah Ross, Bernstein Litowitz Berger & Grossmann, LLP David Wollmuth, Wollmuth Maher & Deutsch, LLP Darren Check, Kessler Topaz Meltzer & Check, LLP 9:15 AM Corporate Governance This session will outline the leading effort New York City is taking in corporate governance. Speaker: Michael Garland, Environmental, Social and Governance at New York City Office of the Comptroller 9:45 AM The Art & Science of ESG Investing The incorporation of ESG (environmental, social, and corporate governance) factors into investment decisions is steadily becoming mainstream. Fiduciaries are increasingly integrating ESG as a means to improve financial outcomes, especially over the long run. At the same time, traditional financial instruments are being adapted to channel capital to environmentally or socially beneficial purposes at market rates. This session will explore why and how institutional investors are adopting ESG, and the major driving trends. Speaker: Chris McKnett, State Street Global Advisors 16 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

19 SCHEDULE OF EVENTS EXHIBIT BREAK 10:30 AM 11:00 AM Grand Salon C&D SESSION A 11:00 AM 12:00 PM Grand Salon 3&6 Higher Compensation Is One Key Way to Help Reduce Pension Deficits Canadian pension funds have increasingly become the envy of institutional investors worldwide, and the success of these funds has gained international attention and praise over the last several years. This presentation will explore the advantages and importance of educating boards on the adoption of the Canadian pension fund governance model, whereby the salaries of pension fund officials are competitive with those of bankers and investment professionals. It will present an argument for establishing higher market compensation, as well as more board education, as key factors in the recruitment of top investment talent to lower pension deficits; outline how this transformation can be put into practice; and discuss how this governance model has begun to positively affect the performance of pension funds in the United States. Moderator: Rick Miller, former chairman of OMERS Administration Board Panelists: Luis Navas, Global Governance Advisors Bill Aziz, OMERS Sharon Hendricks, CalSTRS TUESDAY, MAY 5 SESSION B 11:00 AM 12:00 PM Grand Salon 4&7 Are You Exposed to Cyber Risk? A majority of pension plans today have some kind of information technology exposure to their business operations. Whether it is accounting data, plan member records, or employee information, all are digitized and transferable through or even accessible via password through the Internet. This convenience comes with substantial cyber risk to your plan and your retirement plan members. Technology losses related to viruses, hacking, digital defamation, and intellectual property infringement are becoming commonplace. Even plans without websites face significant risk. The plan #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 17

20 SCHEDULE OF EVENTS TUESDAY, MAY 5 network can often present far more risk than a simple website. The frequency of privacy breaches is on the rise, with the most vigilant network security and most comprehensive privacy policies vulnerable to hackers, rogue employees, social engineering, and human error. This session will cover real-time data mining, the most exposed data types, how data breach laws are evolving, how cyber insurance can offset some of those financial losses, and what cyber insurance products may be available to plans. Moderator: John Niemiec, Fairfax County (Va.) Professional Firefighters & Paramedics Speakers: Charles Leitch, Patterson Buchanan Fobes & Leitch, Inc. Brandon Cole, Arthur J. Gallagher James Kottage, New Haven (Conn.) Fire Fighters Pension Board SESSION C 11:00 AM 12:00 PM Grand Salon 9&12 Can We Lower Volatility and Still Meet Equity Return Expectations? Stock market volatility can rapidly destroy wealth. Many investors learned this harsh lesson as a consequence of the global financial crisis. In the years since the crisis ended, US equity markets have rallied broadly, and now many plan sponsors are reevaluating their equity risk positioning. The result: low- and managed-volatility equity strategies are gaining momentum in the marketplace and becoming more and more mainstream, garnering the respect of many institutional clients and consultants. This session will provide you with a basic understanding of how lowand managed-volatility portfolios work, the differences between them, and how they can help improve the longterm funding status of pension plans. Moderator: Aaron Hanson, City of Omaha Police & Fire Retirement System Speakers: Richard Yasenchak, INTECH George Matthews, Analytic Investors 18 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

21 SCHEDULE OF EVENTS SESSION A 12:15 PM 1:15 PM Grand Salon 3&6 DB Is Still a Better Bang for the Buck The defined-benefit versus defined-contribution debate continues at both the state and local levels across the country s public-sector landscape. For example, the Texas state legislature and governor recently requested a pension benefits study from its major statewide systems to look at these two retirement delivery vehicles in particular. In response, the Teacher Retirement System of Texas prepared a report titled Interim Benefits Pension Study. This comprehensive report fully tackles the DB versus DC comparison, as well as providing a great deal of information on other retirement program alternatives in delivering pension benefits to public-sector employees. Further evidence comes from a recent NIRS paper DB Is Still a Better Bang for the Buck, published in 2014, whose key takeaway is a thorough understanding of why DB plans are more efficient than DC plans: longevity pooling, and higher investment return due to lower fees, smarter investing, and maintaining portfolio diversification. Given the current legislative and political environment, all public pension plans will have a very strong interest in the process undertaken to prepare these reports and their final conclusions. Moderator: Sharon Hendricks, CalSTRS Speakers: William Fornia, Pension Trustee Advisors Joseph Newton, Gabriel Roeder Smith & Company Rebecca Merrill, Teacher Retirement System of Texas TUESDAY, MAY 5 SESSION B 12:15 PM 1:15 PM Grand Salon 4&7 Changing Paradigms for Public Investors This session will examine market changes and risk-return tradeoffs between emerging and traditional equity and fixed-income approaches as well as the roles these strategies may play in a well-diversified portfolio designed to maximize risk-adjusted returns through multiple market cycles. Moderator: Kelly Fox, Washington State Council of Fire Fighters Speakers: Tendai Musikavanhu, One Stone Global Julian Regan, Marco Consulting Group #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 19

22 SCHEDULE OF EVENTS TUESDAY, MAY 5 SESSION C 12:15 PM 1:15 PM Grand Salon 9&12 Natural Resource Investing This presentation will focus on natural resource investing, specifically the timber and farmland asset classes. Jim McBride will discuss the primary attributes of investing in US timberland, including size, stability, diversification, investment cycle, and land stewardship. Stephen Kenney will cover the farmland asset class and the benefits it provides an institutional investor that is, what are the correlations with other asset classes? How do you access the asset class and what types of crops and management styles can you invest in with this asset class? Moderator: Richard Wachsman, NCPERS executive board member Speakers: James McBride, BTG Pactual Timberland Investment Group Stephen Kenney, Hancock Natural Resource Group ADMINISTRATORS FORUM 12:15 PM 1:15 PM Grand Salon 10 In response to the need for administrators of small plans to meet and discuss issues with peers who have similar challenges, this open forum will allow municipal and county public plan administrators and staff members to ask questions and discuss mutual concerns. Moderator: Richard Tettamant, NCPERS executive board member LUNCH & LECTURE SERIES (not open to guests) 1:30 PM 2:30 PM Grand Ballroom A Behavioral Science and Its Implications for Active Management This presentation will focus on investors inherent behavioral biases and how to best conquer them. These biases exist at both the individual and institutional levels. There are reasons investors do not learn lessons from past bubbles as well as reasons investors rarely rush into cheap stocks. Most of these are behavioral in nature, and this presentation will focus on identifying and correcting 20 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

23 SCHEDULE OF EVENTS those negative behaviors. Among the behaviors to be discussed will be overconfidence, fear of regret, prospect theory, endowment effect, anchoring, and the availability heuristic. As humans, conquering these embedded traits is a challenge. The only true way to move down the path of objectivity is through a sound, disciplined process and through a self-awareness of one s behavioral tendencies. Moderator: Hank Kim, NCPERS Speaker: Thomas Digenan, UBS Global Asset Management TUESDAY, MAY 5 NATIONAL COMMITTEE EXECUTIVE BOARD ELECTION 2:30 PM 3:00 PM Grand Ballroom B D NETWORKING ACTIVITIES 3:00 PM 5:00 PM Networking events hosted by NCPERS members l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l WEDNESDAY, MAY 6 BREAKFAST 6:30 AM 7:45 AM Grand Ballroom A Sponsored by William Blair & Company WEDNESDAY, MAY 6 REGISTRATION 7:30 AM 12:00 PM First Floor Registration Counters THIRD GENERAL SESSION 8:00 AM 10:30 AM Grand Ballroom B D #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 21

24 SCHEDULE OF EVENTS WEDNESDAY, MAY 6 8:05 AM A Conversation with Pension Plan Administrators This session will explore both current and chronic challenges faced by public plans. Attendees will hear from administrators of leading city, county, and statewide retirement systems about their views on various topics. Set in a conversational format, this session will be conducive to Q&A exchanges with the audience. Moderator: Hank Kim, NCPERS Panelists: Jeffrey Weiler, Fairfax County (Va.) Retirement Systems Karen Carraher, Ohio Public Employees Retirement System Jesse Evans, Jr., City of New Orleans Employees Retirement System 8:45 AM DC to DB Benefits: A Recent Example of Cross-Grain Transition While the majority of news about pension conversion covers defined benefits converting to defined contributions, there are some notable exceptions to the trend. This session will highlight one such example that occurred in Connecticut. Moderator: Peter Carozza, Jr., Uniformed Professional Fire Fighters Association of Connecticut Panelists: Jonathan Paige, New London (Conn.) Fire Fighters Jeff Smith, City of New London (Conn.) Robert Klausner, Klausner Kaufman Jensen & Levinson Robert Tarcza, Tarcza & Associates 9:30 AM Longevity and Its Impact on Public Plans Popular media predict babies born today will have a life span of 125 years. This session explores the impact on pensions of advances in medical and biological sciences that are prolonging life span. Moderator: William Lundy, Arkansas Fire and Police Pension Review Board Panelists: Greg Stump, Boomershine Consulting Group Brad Heinrichs, Forster & Foster 22 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

25 SCHEDULE OF EVENTS 10:15 AM NCPERS Code of Conduct This session unveils a new NCPERS code of conduct for public pension service providers. The 10-point code of conduct is intended to be endorsed by all public pension plan service providers regardless of whether they are NCPERS members or not. The code establishes minimum standards for this purpose. Speaker: Hank Kim, NCPERS WEDNESDAY, MAY 6 REFRESHMENT BREAK 10:30 AM 11:00 AM Chemin Royale SESSION A 11:00 AM 12:00 PM Grand Salon 3&6 Constructing the Appropriate Private Equity Investment Program This panel will discuss the various factors required for building and maintaining a successful private equity investment portfolio, including managing cost and aligning interest. Moderator: Carol Stukes-Baylor, Philadelphia Board of Pensions and Retirement Speakers: Miguel Gonzalo, Adams Street Partners Amit Tiwari, Invesco Tom Ruggels, Washington State Investment Board SESSION B 11:00 AM 12:00 PM Grand Salon 4&7 Hybrid Pension Plans 101 Hybrid pension plans have been getting increased attention, both positive and negative. However, there are many different types of hybrid pension plans, and they are often misunderstood and mislabeled. This session will provide a primer on the different types of hybrid plans, and discuss the various pros and cons of each. Moderator: Stacy Birdwell, Shreveport Firefighters Association, Local 514 Speaker: Gene Kalwarski, Cheiron #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 23

26 SCHEDULE OF EVENTS WEDNESDAY, MAY 6 SESSION C 11:00 AM 12:00 PM Grand Salon 9&12 Effect of Rising Interest Rates on Fixed Income For more than 32 years, fixed income has been a relatively low-risk diversifier to the growth portion of any balanced portfolio. We now stand at a crossroads, where fixed income may not only fail to help diversify portfolios as it once did but could also become a source of capital loss and/or illiquidity. This presentation will look at traditional allocations to core fixed income, the threats that traditional benchmarks now present, and how investors might move toward a more benchmark-agnostic approach, as well as some of the risks associated with this type of strategy. In addition, we will look at how a global allocation, even within a core fixed-income portfolio, may be appropriate, given opportunities in global economies. Moderator: Tina Fazendine, NCPERS executive board member Speakers: Robert Griffin, Janus Dominick DeAlto, Fischer Francis Trees & Watts SESSION A 12:15 PM 1:15 PM Grand Salon 3&6 Implementing a Factor-Based Equity Strategy As the lines between active and passive management blur, many investors see benefit in using factors in their equity portfolios, yet they often are unsure of the overall impact factors may have. Our research into how institutional investors around the world are measuring and monitoring factor exposures can help you improve your investment decision making. Speakers will share research on how tilts to various equity-style factors volatility, dividend yield, quality impact risk-adjusted returns. Attendees will learn which factors, and combinations of factors, lead to outperformance over time, and which factors contribute to mitigating portfolio volatility. Moderator: Will Pryor, Los Angeles County Fire Fighters, Local 1014 Speakers: Greg Behar, Northern Trust Mike Hunstad, Northern Trust 24 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

27 SCHEDULE OF EVENTS SESSION B 12:15 PM 1:15 PM Grand Salon 4&7 Recovering Public Pension Funds Assets This session will illustrate how public pension funds can use laws other than securities laws to recover substantial assets. The presenter will discuss how the federal antitrust laws, the Trust Indenture Act, common law, and foreign actions can be used to recover assets for public funds as well as the pros and cons of using these alternative theories. Moderator: Dale Chase, Howard County (Md.) Retirement System Speaker: David Scott, Scott+Scott WEDNESDAY, MAY 6 SESSION C 12:15 PM 1:15 PM Grand Salon 9&12 Private Credit Landscape: An Overview Structural, regulatory, and economic factors have changed the global lending landscape. This session will present an overview of private credit strategies, discuss their underlying characteristics, and explore the attractiveness of the opportunities in the private credit markets. Moderator: Robert McCarthy, Massachusetts Public Employee Retirement Administration Commission Speaker: Vincent Dee, Pathway Capital Management LUNCH & LECTURE SERIES (not open to guests) 1:30 PM 2:30 PM Grand Ballroom A Government Plan Litigation: The Past, Present, and Future Wave of Litigation With trillions of dollars in assets, a high political profile, and a complex regulatory environment, governmental plans are at the center of a whirlwind of competing interests and parties ready to utilize the courts at the drop of a hat. In recent years, litigation involving system design change and bankruptcy concerns has come to the fore. However, as we move forward there are many other areas of potential litigation from fee-related litigation to more complex #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 25

28 SCHEDULE OF EVENTS WEDNESDAY, MAY 6 fiduciary breach claims to claims about the governmental status of systems themselves that are on the horizon. This presentation will look at recent litigation trends and where these trends stand today, and provide insight on future trends in governmental plan litigation as well as steps governmental plans and their leadership might consider to help reduce their potential litigation risk. Moderator: Richard Tettamant, NCPERS executive board member Speakers: David Levine, Groom Law Group Sarah Zumwalt, Groom Law Group NETWORKING ACTIVITIES 2:30 PM 5:00 PM Networking events hosted by NCPERS members CLOSING RECEPTION 6:00 PM 7:00 PM Grand Ballroom A Sponsored by Permal Group CLOSING DINNER & ENTERTAINMENT 7:00 PM 9:00 PM Grand Ballroom B D This year s closing dinner entertainment will feature Papa C and the Slammin Horns, a cover band from New Orleans that brings a high-energy show with a Mardi Gras party feel, performing hits by Michael Jackson, James Brown, Stevie Wonder, Prince, Justin Timberlake, Bruno Mars, and many others. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l THURSDAY, MAY 7 THURSDAY, MAY 7 ANNUAL BUSINESS MEETING 9:00 AM 10:00 AM Versailles Ballroom 26 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

29 EXHIBITOR LIST #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 27

30 2015 EXHIBITOR LIST This list includes only those exhibitors registered as of April 10, For more information on the listed exhibitors, please visit the NCPERS app. Organization Booth Number AFL-CIO Investment Trust Corporation 16 Amalgamated Bank 57 BCBS National Labor Office 5 Berman DeValerio 41 Bernstein Liebhard, LLP 54 Bernstein Litowitz Berger & Grossmann 26 Block & Leviton 59 BMO Global Asset Management 32 BNP Paribas Investment Partners / FFTW 43 BNY Mellon 48 Capital Dynamics 35 Chimicles & Tikellis, LLP 36 Columbia Threadneedle Investments 27 Commonfund 9 Convergex 14 Gallagher Benefits Services 23/24 Great Lakes Advisors 10 Hagens Berman Sobol Shapiro, LLP 39 Hancock Natural Resource Group 52 Humana, Inc. 28 Invesco 31 J.P. Morgan Asset Management 37/38 Janus Capital Institutional 45 Lazard Asset Management Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

31 2015 EXHIBITOR LIST Organization Booth Number Lieff Cabraser Heimann & Bernstein 44 Loomis, Sayles & Company 3/4 Lord, Abbett & Co., LLC 51 Marco Consulting 22 Mellon Capital Management 21 Milliman Financial Risk Management 17 Motley Rice, LLC 2 NASDAQ 33/34 Nationwide Retirement Solutions 18 Newton Capital Management 42 Northern Trust 1 One Stone Global 47 Pension Technology Group 15 PensionGold Retirement Solutions, Levi, Ray & Shoup, Inc. 28 PNC Institutional Asset Management 29 Robbins Geller Rudman & Dowd, LLP 50 Rothschild Asset Management 53 S&P Dow Jones Indices 46 Saxena White, P.A. 49 Scott+Scott, Attorneys at Law 19 Spector Roseman Kodroff & Willis 30 Tegrit 7 TIAA-CREF 40 Ullico, Inc. 6 Victory Capital 60 William Blair & Company 25 #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 29

32 EXHIBIT HALL MAP 30 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

33 EXHIBIT HALL MAP #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 31

34 NOTES 32 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

35 SPEAKER BIOGRAPHIES #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 33

36 SPEAKER BIOGRAPHIES BILL AZIZ Bill Aziz is chair of the investment committee of the OMERS AC board and also serves on the human resources committee. Aziz is a senior executive and experienced director with a record of achievement in change management, corporate culture transformation, and team building. A value-oriented executive, Aziz has extensive experience in building strong management teams focused on profitability, while promoting strong and flexible strategic thinking to create solutions. He also has extensive international experience in multiparty negotiations, strategic partnerships, mergers, acquisitions, and divestitures. Through BlueTree Advisors, he provides advice based on his more than 25 years of turnaround and management experience. His work encompasses diverse industries including softwood lumber, steel manufacturing, refrigerated warehousing, transportation, retail, telecommunications, manufacturing, and media. Aziz previously served on the OAC board from 2009 to 2012; he was chair of the investment committee and a member of the human resources committee. He is also a director, member of the governance committee, and chair of the audit committee for Canada Bread Company, Limited. He has previously served on the boards of Tecumseh Products Company (Michigan), Sun-Times Media Group, Inc. (Chicago), Doman Industries Limited (British Columbia), and Algoma Steel, Inc. (Ontario), among other public and private companies. As a Chartered Accountant, he is recognized as a financial expert. He is a graduate of the Ivey School of Business at the University of Western Ontario and an alumnus of Ernst & Young. He has studied negotiation and multiparty dispute resolution at Harvard Law School, and has completed the Institute of Corporate Directors Governance College at the University of Toronto. Aziz is the Ontario Provincial Fire Fighter s Association representative on the OAC board and for 2015 will serve as chair of the investment committee and as a member of the human resources committee. 34 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

37 SPEAKER BIOGRAPHIES GREG BEHAR Greg Behar is a senior vice president and director of global equity investment strategy at Northern Trust Asset Management. The Global Equity Strategy team collaborates with investors to provide the optimal path to achieving their investment objectives. The team provides investment thought leadership to investors globally and is responsible for developing comprehensive investment solutions and insights across the spectrum of index, engineered, and active equity strategies. Behar has published thought leadership pieces on topics relevant to global equity markets, including articles in Northern Trust s Global Equity Bulletin and Point of View, as well as The Journal of Index Investing. Behar was previously a senior investment strategist for the Global Quantitative Management and Global Index Equity teams. Prior to joining Northern Trust, Behar was a portfolio specialist for active quantitative equity strategies at Deutsche Asset Management, conducting product development activities and representing investment strategies with clients, prospects, trustees, and consultants. Before that, he was a portfolio specialist for traditional fundamental equity strategies at Zurich Scudder, providing clients and consultants with research and insights on a broad range of international and domestic strategies. MARSHALL BENNETT Marshall G. Bennett joined Wolf Popper after serving for 16 years as treasurer of the State of Mississippi, directly managing $10.5 billion in public funds and $3 billion of bonded indebtedness, and as trustee and board chairman of the $17 billion Public Employees Retirement System in Mississippi. After graduating from the University of Mississippi School of Law, Bennett began a distinguished career in law and government, including serving on active duty with the US Army Military Intelligence Command (USAINTC) and serving for eight years in the US Army Reserve as a captain in the Judge Advocate General s Corps. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 35

38 SPEAKER BIOGRAPHIES He began his legal and public service career as an assistant district attorney, and then as state assistant attorney general, chief of the Consumer Fraud Division, and member of the Organized Crime and Public Integrity Unit. He successfully upheld the state s consumer protection laws before the Mississippi Supreme Court and prosecuted numerous antitrust actions, recovering millions of dollars for consumers. Bennett spearheaded the reform of state executive agencies, and the governor appointed him to serve as chairman and commissioner of the Worker s Compensation Commission, where he eliminated a 1,600-case backlog and instituted comprehensive workers compensation reforms. While state treasurer, Bennett was director of the State Development Bank, the Mississippi Business Finance Corporation, the Mississippi Home Corporation, the State Bond Commission, and the State Economic Development Strategic Task Force. He instituted the first Section 529 college savings plan, the annual Women s Money Conference, the Bank at School Program, and the Unclaimed Property Scam Jam, programs that have been adopted by most states across the nation. A national leader in public policy initiatives, Bennett has served as president of the National Association of State Treasurers; the National Association of State Auditors, Comptrollers and Treasurers; the National College Savings Network Association; and the Southern State Treasurers Association, as well as on the board of directors of the National Unclaimed Property Administrators, the International Association of Industrial Accident Records and Commissions, and the Council of State Governments, where he also served as chair of finance. Bennett is also an active supporter or member in many charitable organizations and legal associations, including the National Association of Public Pension Attorneys, the National Council on Teacher Retirement, the Council of Institutional Investors, the National Conference on Public Employee Retirement Systems, the Lawyers Coordinating Committee, the National Association of State Treasurers, the National Association of Attorneys General, and the Inter-American Bar Association. 36 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

39 SPEAKER BIOGRAPHIES TIM BOWEN Timothy Bowen, a senior vice president in Mesirow Financial s Management Liability practice, has more than 11 years of experience in negotiating competitive pricing and comprehensive coverage for clients seeking fiduciary liability insurance. He has extensive experience in fiduciary liability insurance for municipal and public pension funds, in which his practice is the largest in the state of Illinois in terms of total annual premiums placed (currently more than 200 total policies placed annually). Prior to joining Mesirow Financial, Bowen worked as an underwriter at the Hartford, pricing and analyzing similar risks. Bowen earned a bachelor of business administration degree from the University of Iowa with a major in finance. SANDRA CARLISLE Sandra Carlisle is head of responsible investment at Newton Capital Management. Carlisle manages the team that ensures the integration of environmental, social, and governance issues into Newton s fundamental research process. Prior to joining Newton, Carlisle was a director at F&C Investments, responsible for the sales, marketing, and business development of F&C s ethical and sustainable investment products. She also built the sustainability and climate change practice at Brunswick and ran the specialist climate change, clean energy, and thematic sustainability investment team at Citigroup. While at Citigroup, Carlisle co-founded Citiwomen, a groupwide diversity network that won a BITC Opportunity Now Award in Prior to joining Citi, Carlisle worked in Paris and London for Deutsche Bank and SG Warburg Bacot Allain as a European equity specialist, and she spent several years at J.P. Morgan in the sovereign debt restructuring team. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 37

40 SPEAKER BIOGRAPHIES KAREN CARRAHER Karen Carraher is executive director of the Ohio Public Employees Retirement System and has held that position since February Prior to that, she was finance director for the system, beginning in In her current capacity, she leads the $88 billion organization and has been responsible for leading work on changes to both the pension and the health care programs. Carraher earned her bachelor of science degree in business administration from Ohio State University and her master s from Capital University. She is a certified public accountant. She is a founding member of the Public Pension Financial Forum (P2F2), a national organization representing the financial operations of public pension systems throughout North America. She has served as president and treasurer, and is currently a board member of the organization. She also serves as a board member on the Coalition to Preserve Retirement Security. Carraher began her career as an audit manager with the accounting firm Ernst & Young. She served as controller for both Mount Carmel Health System and Riverside Methodist Hospital, and she was director of business services for the Ohio Education Association. WENDY CARTER Wendy Carter is a vice president and defined contribution director in the Washington, D.C., office of Segal Consulting. She has more than 30 years of retirement plan consulting and financial services experience with special expertise in public-sector definedcontribution plans. As the firm s defined contribution director, Carter also specializes in enhancing the design and operation of government defined-contribution plans. Prior to joining the firm, Carter was vice president of a major life insurance company, where she assisted defined-contribution plan managers for 15 of the firm s largest clients (with assets exceeding $14.5 billion and 38 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

41 SPEAKER BIOGRAPHIES almost 500,000 D.C. plan participants). Carter also worked for a national benefits consulting firm, where she was the principal and national practice leader of the company s public-sector defined-contribution consulting practice. Carter received a BA in political science from the College of William and Mary. She is a certified retirement administrator and a certified retirement counselor, as well as a member of the International Foundation for Retirement Education. Carter is also a member of the National Association of Government Defined Contribution Administrators and a member of its Best Practices Task Force. DARREN CHECK Darren J. Check, a partner of Kessler Topaz Meltzer & Check, LLP, concentrates his practice in the area of shareholder litigation and client relations. Check manages the firm s Portfolio Monitoring Department and works closely with its Case Evaluation Department. In addition, Check consults with institutional investors from around the world with regard to their investment rights and responsibilities. He currently works with clients in the United States, Canada, the Netherlands, Sweden, Denmark, Norway, Finland, the United Kingdom, Italy, Germany, Austria, Switzerland, France, Australia, and Asia, including a number of sovereign wealth funds. Check assists clients in evaluating and analyzing opportunities to take an active role in shareholder litigation, arbitration, and other loss recovery methods. This includes US-based litigation and arbitration, as well as an increasing number of cases from jurisdictions around the globe. In an increasingly complex investment and legal landscape, Check has experience advising on traditional class actions, direct actions, non-us opt-in actions, fiduciary actions, and arbitrations, to name a few. Clients frequently call upon Check to help ensure they are taking an active role when their involvement can make a difference, and that they are not leaving money on the table. Check regularly speaks at conferences around the world on shareholder litigation, corporate governance, investor activism, and recovery of investment losses. He has also been actively involved in the precedent-setting Shell settlement #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 39

42 SPEAKER BIOGRAPHIES in the Netherlands; direct actions against BP, Vivendi, and Merck; and securities class actions against Bank of America, Lehman Brothers, Royal Bank of Scotland, and Hewlett- Packard. Currently he represents investors in numerous high-profile actions in the United States, the Netherlands, Canada, France, Japan, and the United Kingdom. Check received his BA from Franklin & Marshall College and his juris doctor from Temple University School of Law. BRANDON COLE Brandon Cole, CPCU, CRM, oversees day-to-day client relationships as part of Arthur J. Gallagher s Public Entity and Scholastic Division. Cole has twice been acknowledged as a Power Broker by Risk & Insurance magazine. He has more than 10 years of experience in the insurance industry, including time as an underwriter. He recently created a cyber and privacy solution for more than 300 clients that were struggling to find appropriate coverage at an appropriate price. DOMINICK DeALTO Dominick DeAlto is head of global multisector fixed income at Fischer Francis Trees & Watts. In addition to managing FFTW s global multisector strategies, he heads the alpha team responsible for determining sector allocation trades for the firm s portfolios. DeAlto joined FFTW in 2013 and is based in New York. Prior to joining FFTW, DeAlto was managing director and head of product management and development (Americas) for Deutsche Asset Management, where he served in a senior portfolio management capacity as head of fixed-income asset allocation. Prior to Deutsche Asset Management, DeAlto held the position of head of fixed income (Americas) for Robeco Weiss Peck & Greer Investment Management, where he oversaw the management of US and global fixed-income assets. At Robeco, DeAlto managed numerous fixed-income multisector portfolios, with a focus on fixed-income asset 40 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

43 SPEAKER BIOGRAPHIES allocation. Prior to Robeco, DeAlto held various fixedincome portfolio management positions including fixedincome portfolio manager for Chase Asset Management, a predecessor of J.P. Morgan Asset Management. DeAlto began his career as a credit analyst at Chase Securities, Inc., after graduating from Chase s industry-leading credit training program. He has more than 26 years of investment experience. DeAlto earned his BS in economics from the State University of New York Oneonta. He is a member of the New York Society of Securities Analysts and the CFA Institute. VINCENT DEE Vincent Dee joined Pathway Capital Management in 2002 and is a director in the California office. He is responsible for investment analysis and due diligence, negotiating and reviewing investment vehicle documents, and client servicing. Dee also heads the firm s market research team, which tracks the data, trends, and issues impacting the private equity asset class and also publishes Pathway s quarterly Private Equity Environment reports and other periodic research reports and studies. Additionally, Dee serves on the advisory boards of several private credit and private equity partnerships. Prior to joining Pathway, Dee worked in the Pension Consulting Division of Wilshire Associates, Inc. He received a BA in economics from the University of California, San Diego, and an MBA from the Haas School of Business at the University of California, Berkeley. Dee is a CFA charterholder and a member of the CFA Society of Los Angeles, Inc. THOMAS DIGENAN Tom Digenan is head of the US Intrinsic Value Equity team of UBS Global Asset Management and has 29 years of investment experience. Digenan is responsible for US equities portfolio construction #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 41

44 SPEAKER BIOGRAPHIES and research. Prior to this role, he had been a strategist with the team since 2001, participating in the analysis and development of US equities portfolios, focusing on alpha generation and ensuring client investment objectives were met. Prior to his role with the US Intrinsic Value Equity team, Digenan was president of the firm s mutual funds and relationship funds organization. Prior to joining the UBS predecessor organization Brinson Partners in 1993, Digenan was a senior manager in the tax department of KPMG Peat Marwick, where he worked exclusively in the investment services industry. Digenan is a member of the CFA Institute, the CFA Society of Chicago, and the American Institute of Certified Public Accountants. He is also a member of the Dean s Council of Excellence for the Marquette University Business School and an adjunct professor in the Marquette University Graduate School of Business. Digenan is a graduate of Marquette University and earned his master s degree from DePaul University. ROBERT DOLL Bob Doll is chief equity strategist and senior portfolio manager at Nuveen Asset Management. Doll manages the large-cap equity series, which includes traditional large-cap equities, specialty categories, and alternative strategies. He is a highly respected authority on the equities markets among investors, advisors, and the media. As the author of widely followed weekly commentaries and annual market predictions, Doll provides ongoing, timely market perspectives. Prior to joining Nuveen Asset Management, Doll held similar roles at other large asset-management firms, including serving as chief equity strategist at Blackrock, president and chief investment officer of Merrill Lynch Investment Managers, and chief investment officer of OppenheimerFunds, Inc. He has 34 years of portfolio management experience. Doll received a BS in accounting and a BA in economics from Lehigh University, and an MBA from the Wharton School of the University of Pennsylvania. He is a certified public accountant and holds the Chartered 42 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

45 SPEAKER BIOGRAPHIES Financial Analyst designation from the CFA Institute. Doll appears regularly on CNBC, Bloomberg TV, and Fox Business News, discussing the economy and markets. He has also been quoted in major business publications such as The Wall Street Journal, Barron s, and Financial Times. DAVID DRISCOLL David Driscoll is a principal and consulting actuary at Buck Consultants, where he serves as National Public-Sector Consulting Leader. He consults with a wide variety of public-sector clients. He qualified as a Fellow of the Society of Actuaries in 1994 and an enrolled actuary under ERISA in Driscoll holds a baccalaureate degree from Indiana University and a master s degree from the University of Rochester. From 2003 through 2006, he served as a member of the pension committee of the Actuarial Standards Board, which develops and maintains the Actuarial Standards of Practice applicable to pension actuarial work in the United States. Currently, he serves as a member of the California Actuarial Advisory Panel and as a member of the general committee of the Actuarial Standards Board. CHERYL EASON Cheryl Eason joined CalPERS as chief financial officer in November Eason manages all financial processes for CalPERS, including budgeting, accounting, treasury management, financial planning, and analysis. She also oversees the organization s enterprise risk management projects and provides expert consultation to its board of administration. Eason brings more than 25 years of financial management experience and expertise in strategic and business planning, enterprise risk management, corporate social responsibility, and stakeholder relations in both the private and public sectors. She has held several senior executive positions, most recently as vice #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 43

46 SPEAKER BIOGRAPHIES president, financial and plan board services, for the British Columbia Pension Corporation, one of the largest pension benefit administrators in Canada. In this position, Eason managed and directed the business planning and budgeting, accounting and cash management, procurement, pension plan policy, and board services activities. Previously, Eason served as executive vice president and chief financial officer for the Manitoba Lotteries Corporation, where she led a diverse team that included finance and accounting, business planning and budgeting, policies and procedures, enterprise risk management, procurement and sustainable development, treasury management, and bank operations. Her commitment to building lasting partnerships in the community led to the creation of the ECHO (Employees Care by Helping Others) charity program, which continues to provide capital funding assistance to benefit programs for children and youth in the community. Eason holds a master s degree in business administration from Royal Roads University and is a certified general accountant. She has earned the Retirement Plans Associate designation from Dalhousie University / International Foundation of Employee Benefit Plans and also holds a designation in management consulting from the Grenoble Graduate School of Business. Eason is a member of the Government Finance Officers Association as well as Financial Executives International. JESSE EVANS, JR. Jesse Evans, Jr., is director of the City of New Orleans Employees Retirement System. He manages the daily operations of the pension plan. His responsibilities include policy administration, board liaison, plan budgeting, audit compliance, and member relations. Prior to his employment with the City of New Orleans, Evans worked in both the banking and investment arenas. His areas of expertise include treasury management, fixed-income trading, brokerage operations, and investment management. 44 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

47 SPEAKER BIOGRAPHIES Evans was formerly licensed with FINRA, where he held Series 7, 24, 53, 63, and 65 licenses. He is a graduate of Louisiana Tech University, where he received a bachelor of science degree in accounting, a second bachelor of science in management information systems, and a master of business administration in finance. He is currently pursing studies in public relations at Tulane University. He serves on the board of directors for the Louisiana Trustee Education Council (LATEC), an organization designed to educate pension plan trustees. TINA FLETCHER Tina Fletcher is vice president of Ullico Casualty Group. Fletcher oversees the daily activities of Ullico s professional liability insurance department, which includes supervising underwriters and monitoring both renewal and new business policies. She also manages Ullico Casualty Group s underwriting system and composes policy language to keep coverage up-to-date with the needs of the union workplace. Fletcher joined Ullico as a senior underwriter in Fletcher previously worked for United Educators Insurance from May 1999 to November 2008 as director of underwriting. In this role, she managed a $130 million book of liability insurance and a staff of seven underwriters. Previous to United Educators, she served as underwriter for Victor O. Schinnerer, a subsidiary of Marsh, and as a Nationwide agent. Fletcher graduated from Davenport University in Grand Rapids, Michigan, with a BS in marketing. She has a P&C Producers license in the state of West Virginia and is working toward her RPLU. WILLIAM B. FORNIA William B. (Flick) Fornia is founder and president of Pension Trustee Advisors. He has expertise in all retirementrelated areas, including financing, risk, plan design, bond analysis, assetliability studies, retiree health care, #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 45

48 SPEAKER BIOGRAPHIES litigation, bankruptcy, and expert testimony. He has consulted on retirement systems in 32 states. Other clients have included the US Department of State, IBM, and Ford. Fornia has testified to numerous legislatures and city councils, and in federal court. Prior to forming PTA in 2010, Fornia had more than 30 years of consulting and actuarial experience. He led Aon s public-sector pension actuarial consulting practice, managed the Denver retirement practice of Buck, and opened the Denver office of Gabriel, Roeder & Smith. His career includes serving as corporate actuary for Boeing and as consultant for multinationals in Brazil and Argentina during his 10 years at Towers Perrin. Fornia is well known for his ability to teach complex concepts to lay audiences through speeches, writings, and expert testimony. He is a frequent speaker at organizations such as NCPERS, NASRA, NCTR, NAPPA, NCSL, AARP, GFOA, IFEBP, the Pension Research Council, the Federal Reserve, the Conference of Consulting Actuaries, the Conference Board, and the Brazilian Association of Pension Plans. Fornia s articles and speeches have addressed all aspects of retirement programs, including the challenges of public-sector defined-contribution plans. He co-wrote Still a Better Bang for the Buck: The Economic Efficiencies of Defined Benefit Plans with the National Institute on Retirement Security in He is a Fellow of the Society of Actuaries, enrolled actuary, member of the American Academy of Actuaries, and Fellow of the Conference of Consulting Actuaries. He currently serves on the steering committee of the CCA Public Plans Community and is on the faculty of the SOA Fellowship Admissions Course. Fornia earned a bachelor of arts in mathematics at Whitman College. MICHAEL GARLAND Michael Garland is assistant comptroller for corporate governance and responsible investment for New York City comptroller Scott M. Stringer. The comptroller serves as investment advisor, custodian, and a trustee to the New York City Pension Funds, which have more than $160 billion in assets and 46 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

49 SPEAKER BIOGRAPHIES a long history of active ownership on issues of corporate governance and sustainability. Garland and his team are responsible for developing and implementing the funds active ownership programs for public equities, including voting proxies; engaging portfolio companies on their environmental, social, and governance policies and practices; and advocating for regulatory reforms to protect investors and strengthen shareholder rights. He also co-chairs the activism committee of the Council of Institutional Investors and serves as Comptroller Stringer s designated representative to the CERES board of directors. Garland has more than 25 years of experience in finance. Prior to joining the Comptroller s Office in September 2010, Garland led company-specific and regulatory initiatives to enhance corporate governance for the AFL-CIO Office of Investment and the CtW Investment Group, which he helped establish in January 2006 as part of the Change to Win labor federation. He has financed middle market corporations as assistant vice president for National Westminster Bank USA and provided financial consulting as senior associate at Locker Associates. MIGUEL GONZALO Miguel Gonzalo is partner and head of investment strategy for Adams Street Partners, where he combines the firm s bottom-up investment research with top-down, forward-looking views in order to construct portfolios that meet client objectives. Gonzalo collaborates with investors to formulate strategies that leverage the firm s global capabilities. Gonzalo has worked closely with investors in the management of their portfolios, including the development and monitoring of their private equity programs since He is actively involved in the portfolio construction and monitoring of the various fund-of-funds programs and separate accounts. In addition, he maintains relationships with investment consultants to ensure continuity with client objectives. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 47

50 SPEAKER BIOGRAPHIES Prior to joining the Private Equity Group in 2000, Gonzalo was head of the Performance Analysis Group in the Asset Allocation / Currency Group of Brinson Partners, where he oversaw the design and management of the firm s performance attribution and analytics systems. Gonzalo is a member of the Adams Street Partners Portfolio Construction Committee, the CFA Society of Chicago, and the CFA Institute. Gonzalo received a bachelor of arts degree from the University of Notre Dame and a master of business administration degree from Northwestern University. ROBERT GRIFFIN Bob Griffin is global client portfolio manager on the fixed-income investment team of Janus Capital Institutional, a position he has held since Working closely with the portfolio managers and analysts, Griffin represents the firm s Janus-managed fixed income and asset allocation strategies to clients and prospective clients. Prior to joining Janus in June 2013, Griffin served as a registered investment advisor with Carnick & Kubik. Prior to that, he spent more than five years at the Municipal Employees Retirement System of Michigan, where he served as investment officer and portfolio manager. Before that, he spent three years in institutional sales at Griffin Kubik Stephens & Thompson (now BMO Capital). Griffin received his bachelor of arts degree in communications and organizational leadership from Trinity International University and attended Taylor University, where he studied business administration with a concentration in finance. He has 12 years of financial industry experience. THOMAS HEINER As a senior GRS consultant in BNY Mellon s Dallas office, Tom Heiner is responsible for supporting the investment process of institutional trust and custody clients of BNY 48 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

51 SPEAKER BIOGRAPHIES Mellon. He assists clients in using the GRS performance measurement, portfolio risk analytics, universe comparison, and information delivery tools to effectively and efficiently manage and report plan assets. The clients he serves range in size from $100 million to more than $25 billion and include public funds, corporate plans, and endowments that are located primarily in Texas and surrounding states. Heiner works closely with his clients to understand their investment process and reporting requirements in order to develop personalized solutions that are tailored to the clients specific needs. In addition to helping clients use existing GRS products, he is also responsible for defining client requirements and translating them into future product direction and development. Prior to joining the GRS Consulting team in May 2006, Heiner was a relationship manager within the Bank of New York Mellon s Asset Servicing division for more than 10 years. His prior work experience also includes five years at State Street, where he worked with large institutional custody clients in various roles, including client service, audit, and accounting positions. Heiner was a recipient of BNY Mellon s highest employee recognition award, the Star Award, in He holds a bachelor of science degree in business management from Plymouth State College. BRAD HEINRICHS Brad Heinrichs has been CEO of Foster & Foster since Heinrichs is also a Fellow of the Society of Actuaries and an enrolled actuary per ERISA. Heinrichs is a frequent speaker at national and state pension conferences, and a key consultant to lawmakers and unions in evaluating proposed legislation regarding pensions in the state of Florida. He received a bachelor s degree in actuarial science and economics from the University of Iowa. Heinrichs is considered an industry expert and innovator in retirement plan design, and has experience consulting as a lead actuary for clients ranging in size from 50 to 250,000 participants. He acts as a strategic consultant, delivers valuation reports at meetings, and provides input regarding innovative ways a fund may be able to reduce liabilities without materially impacting its members. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 49

52 SPEAKER BIOGRAPHIES MIKE HUNSTAD Michael Hunstad is a senior vice president and director of quantitative research at Northern Trust Asset Management. In this role he leads Northern s factor-based R&D program across active and passive equity, commodities, currencies, real estate, and fixed income. Prior to joining Northern Trust, Hunstad was head of research at Breakwater Capital, an algorithmic trading firm and hedge fund. Previously, he was head of quantitative asset allocation at Allstate Investments, LLC, and a quantitative analyst with a long-short equity hedge fund. Hunstad holds a PhD in applied mathematics (combinatorial optimization) from the Illinois Institute of Technology as well as an MBA in finance and an MS in econometrics. DAX JOHNSON Dax Johnson is head of Western US business for State Street s Performance and Analytics Department. He is responsible for a client service team that provides investment analytics services to asset managers, public funds, corporations, endowments, and foundations. His group is in charge of providing performance measurement, attribution analysis, universe comparison, and risk analysis, as well as working with clients to understand their investment analytics needs and identify ways to best leverage State Street s services. Johnson joined State Street in Over the following seven years, he was responsible for daily operations and managing a fund accounting team. As a vice president, Johnson was part of the relationship management team responsible for overseeing the CalPERS relationship. In 2007, Johnson joined Performance and Analytics as a consultant, responsible for client service. Johnson earned a BSE in finance and business administration with a minor in economics from Saint Mary s College of California and an MS in financial analysis from University of San Francisco. 50 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

53 SPEAKER BIOGRAPHIES MICHAEL KAHN Michael Kahn is director of research for NCPERS, bringing with him more than 30 years of research experience in public pensions and state and local tax and economic policies. After his retirement from the National Education Association, he established the Institute on Public Pension Solutions for the purpose of preserving and enhancing public pensions. In 2014, with support from NCPERS, Kahn developed a joint NCPERS- IPPS Public Pension Funding Forum with Nobel Laureate Joseph Stiglitz at Columbia University. Kahn has also engaged several other Nobel Laureates to bring new thinking into future pension discussions. Kahn served as a trustee of EBRI and was a member of the Public Employee Committee of IFEBP. Michael has graduate- and postgraduate-level training in multiple subjects, including economics, geography, and sociology. He holds three master s degrees and a PhD from the Universities of Hawaii and North Carolina, and Catholic University of America. GENE KALWARSKI Gene Kalwarski is CEO and a founding partner of Cheiron, Inc., a national actuarial consulting firm headquartered in Washington, D.C. For more than 30 years, Kalwarski has been one of the nation s leading advisors to multi-billion-dollar jointly trusteed pension funds in both the public and private sectors. He has served as plan actuary to many such funds and is often retained as a specialist to help them address complex funding issues. He is an occasional witness before congressional committees and regularly addresses state and local legislative bodies and boards of trustees on behalf of statewide pension funds. Kalwarski and his colleagues at Cheiron have gained a national reputation for designing highly innovative interactive pension funding models to assist public-sector pension clients in their strategic and tactical planning efforts. Kalwarski has had extensive experience working #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 51

54 SPEAKER BIOGRAPHIES for the statewide retirement systems in California, Maryland, Maine, New York, Oregon, New Jersey, Florida, Kansas, Montana, Pennsylvania, Connecticut, and West Virginia. Finally, Kalwarski and his firm have also been retained by many large city pension funds, including the public employee plans in Los Angeles, San Diego, San Francisco, San Jose, Philadelphia, Miami, Phoenix, St. Louis, Kansas City, and Wichita. Kalwarski began his career in the 1970s as an actuary at the Pension Benefit Guaranty Corporation (PBGC). Soon after, he joined Milliman in opening its Washington, D.C., practice and assumed various leadership positions in the firm during his 20-plus years there. In 2002 Kalwarski and several of his colleagues at Milliman formed Cheiron. STEPHEN KENNEY Stephen Kenney is vice president of business development for HAIG, responsible for marketing and new business development. Previously, Kenney assisted with portfolio management and investment analysis for HAIG s institutional farmland investment program. Prior to joining HAIG in 2005, Kenney was a business analyst for a securities processing institution responsible for credit risk management, and prior to that he held banking and finance positions with Wells Fargo and Morgan Stanley. He is a member of the Boston Security Analysts Society and chairman of the NCREIF farmland committee. Kenney holds a BS in finance from Iowa State University and an MS in finance from Brandeis University, and is active in his family s farming operation in Iowa. HANK KIM Hank Kim is executive director and counsel for NCPERS. Kim directs the day-to-day operation of the largest public pension trade association in the United States. His responsibilities include strategic planning for NCPERS, promoting retirement security for all workers 52 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

55 SPEAKER BIOGRAPHIES through access to defined-benefit pension plans, and the expansion of NCPERS s role in the continuing debate on health care. Kim brings strong experience in health care policy, having assisted in drafting the Healthcare Enhancement for Local Public Safety (HELPS) Retirees provision in the recently passed Pension Protection Act (PL ). He has worked for a hospital association, where he successfully advocated for passage of the Provider Sponsored Organizations legislation (PL ). He began his career in the office of Senator Bill Bradley (NJ) and assisted on the Newborns and Mothers Health Protection Act (PL ). Prior to joining NCPERS, Kim served for six years as a governmental affairs representative for an international public-sector union, working on benefits, appropriations, homeland security, and health care issues. During this period, he helped draft and lobby for the passage of the Staffing for Adequate Fire and Emergency Response (SAFER) Act (PL ). He has intimate knowledge of federal agencies and has served on several Federal Advisory Committee Act committees and working groups. Kim received his bachelor of arts degree in political science from the University of Wisconsin Madison and his doctor of jurisprudence from Indiana University Bloomington Maurer School of Law. He is a member of the District of Columbia Bar. He currently serves on the Fairfax County Uniform Retirement System, a $1 billion public employee retirement system providing pension coverage for the Fire & Rescue Department, Sheriff s Department, and certain other sworn employees of Fairfax, Virginia. Kim has also served on the Morningstar Pension Endowments and Foundations Steering Committee and City of Virginia Beach Mayor s Committee on Employee Pensions. ROBERT KLAUSNER Robert Klausner is the principal in the law firm of Klausner Kaufman Jensen & Levinson. For 35 years he has been engaged in the practice of law, specializing in representing public employee pension funds. The firm represents state and local retirement systems #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 53

56 SPEAKER BIOGRAPHIES in more than 20 states. Klausner has assisted in drafting many state and local laws on public employee retirement throughout the United States. Klausner is a frequent speaker on pension education programs and has also published numerous articles on fiduciary obligations of public employee pension trustees. He is co-author of State and Local Government Employment Liability (Thomson-West, ) and author of the first comprehensive book on the law of public employee retirement systems, State and Local Government Retirement Law: A Guide for Lawyers, Trustees, and Plan Administrators (Thomson-West, 2009, expanded version 2011). Klausner graduated Phi Beta Kappa from the University of Florida with a bachelor of arts and from the University of Florida College of Law with a juris doctor degree. For more than 10 years, Klausner has been listed in the publication The Best Lawyers in America and holds an AV Preeminent rating, the highest rating for competence and ethics, from Martindale-Hubbell national lawyer rating service. In 2008, Klausner successfully represented the Commonwealth of Kentucky and the Kentucky Retirement Systems in the United States Supreme Court in Kentucky Retirement Systems v. Equal Employment Opportunity Commission, 128 S. Ct (2008). JAMES KOTTAGE James Kottage is a 20-year veteran fire lieutenant for the New Haven (Conn.) Fire Service. Kottage has been an elected trustee on the City of New Haven Police and Fireman s Retirement Board for 15 years and has served as chairman for the last eight years. Kottage has also been the union president for New Haven Fire Fighters IAFF Local 825 for the last five years and was secretary/treasurer for the previous 10 years. He is currently in his second term as district vice president for the Connecticut UPFFA Fire Fighters and is a member of the pension committee. Kottage is involved in many civic organizations. 54 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

57 SPEAKER BIOGRAPHIES CHARLES LEITCH Charles P.E. Leitch is a founding principal of Patterson Buchanan Fobes & Leitch, Inc., P.S., a Pacific Northwest law firm. Leitch serves as litigation counsel to multiple public entities in the areas of employment law, civil rights, supervision of minors, data privacy, and catastrophic loss. He also provides oversight and counsel on protection of minors, policy implementation, critical incident response, supervision of technology, and boundary invasion. Leitch routinely conducts trainings on the supervisory challenges of technology, cyberbullying, and best practices for employers and public agencies. He also conducts educational presentations for parent and youth groups on behalf of clients. He has served as a member of the Washington State Attorney General s Youth Internet Safety Taskforce and the advisory board of the Internet Keep Safe Coalition (ikeepsafe.org) in Washington, D.C. Prior to his civil practice, Leitch served as a prosecutor on the county and city levels. He is a graduate of Whitman College and Willamette University College of Law. DAVID LEVINE David N. Levine is a principal at Groom Law Group, Chartered. He advises plan advisors, sponsors, and other service providers on a wide range of employee benefits matters, from retirement and executive compensation to health and welfare plan matters. Levine has conducted numerous compliance reviews for governmental plan clients and developed proactive remediation strategies for these clients. He has advised governmental plan clients on plan qualification, pickup, disability, deferred retirement option, and cash balance issues at Groom for more than 15 years. He has also obtained private letter rulings, favorable determination letters, and other unique resolutions for these governmental plan clients. Levine also regularly advises governmental plan clients on fiduciary and investment matters and regularly provides fiduciary training to these clients. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 55

58 SPEAKER BIOGRAPHIES Levine regularly speaks and publishes on governmental plan issues, including at the National Association of Public Pension Attorneys, at the Public Plan Financial Forum (P2F2), and in benefits trade journals. Levine was chair of the Internal Revenue Service Advisory Committee on Tax Exempt and Governmental Entities ( ) and currently serves in a number of leadership roles in the American Bar Association Tax Section s Employee Benefits Committee. CARL MASTROIANNI Carl Mastroianni joined Insight Pareto, a BNY Mellon company, in January 2013 following the acquisition of the Pareto group of companies. He joined the Pareto group in 2005 and is senior vice president in the Client Portfolio Management team as well as president of Insight Pareto in North America. Mastroianni is responsible for the team that serves as the primary interface between Insight Pareto and its clients. He manages the client relationships in the North American region and the day-to-day portfolio activities for North American clients. Prior to the Pareto group, Mastroianni joined J.P. Morgan in 1998 as a compliance officer in its investment management business. Here, he supported and analyzed daily business activities relevant to various regulatory requirements, including the Investment Acts of 1940 and the Employee Retirement Income Security Act (ERISA). Mastroianni went on to become a vice president and client service officer / portfolio manager in J.P. Morgan s fiduciary manager-of-managers business for institutional clients. Mastroianni started his career in 1993 as a compliance examiner in the New York office of the Securities & Exchange Commission, where he reviewed and analyzed investment management registrants for compliance with federal securities laws. Mastroianni holds a BS (hons) in accounting (minor in finance) from C.W. Post at Long Island University. He also holds an MBA (with distinction) in banking and finance from Hofstra University, Long Island. Mastroianni is a CFA charterholder and also a member of the New York Society of Security Analysts. He also maintains Series 7, 24, and 63 licensing with the Financial 56 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

59 SPEAKER BIOGRAPHIES Industry Regulatory Authority through MBSC Securities Corporation and is a registered principal and associated person with the National Futures Association. GEORGE MATTHEWS George Matthews is a leading authority on low-volatility equity strategies and also serves as product specialist for the equity team at Analytic Investors. In this role, he helps educate consultants and prospects of the research foundation behind the firm s strategies, and communicates Analytic s investment approach and the team s current research agenda. Matthews serves as a direct link between the investment team and the market. He plays an integral role in the analysis, planning, and implementation of new investment approaches for the firm, which he joined in Matthews was most recently with Wells Capital Management as a senior consultant relationship manager principal. He has also held roles as a fixed income portfolio manager at Wilshire Associates and Banc of America Capital Management. He has 19 years of investment industry experience. He earned an MBA in finance from the University of Oregon and a BS in business administration from California State University, Chico. Matthews has also earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society Los Angeles. JAMES McBRIDE Jim McBride has been working at BTG Pactual since 2013, and he is currently responsible for the development and distribution of BTG Pactual timberland funds. Prior to BTG Pactual s acquiring Regions Timberland Group (RTG) in 2013, McBride worked in a similar capacity from 2004 to 2013 in the Business Development unit of RTG. Prior to RTG, he was with Columbia Management Group, marketing institutional products to large public pension funds. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 57

60 SPEAKER BIOGRAPHIES Other past experiences include directing marketing and sales for the Hancock Agricultural Investment Group, marketing positions at CIGNA Corporation, and portfolio management at Bankers Trust Company. He has been in the investment industry for 33 years, with 19 of those years dedicated to investments in natural resources. McBride is a frequent speaker at industry conferences discussing the merits of adding timberland investments to institutional portfolios. McBride received a BA from Tufts University and an MBA from the Amos Tuck School of Business Administration at Dartmouth College, with concentrations in finance and marketing. KEVIN McCARTHY Kevin McCarthy is president of PNC Realty Investors, Inc. (PRI), an SECregistered investment advisor wholly owned by the PNC Financial Services Group, Inc. PRI is an investment manager in the commercial real estate sector with investment responsibility for a portfolio with gross assets of more than $4 billion. McCarthy has been involved in the acquisition or development of more than $8 billion of real estate for institutional clients. He joined the firm in 2007 through the acquisition of Mercantile-Safe Deposit & Trust Company, where he began his career in 1985, and he has been in his current role since Previously, McCarthy served as head of the firm s residential construction lending, multifamily agency lending, and income property servicing groups. He earned a bachelor s degree in business administration from Villanova University. CHRIS McKNETT Chris McKnett is a managing director of State Street Global Advisors and head of the firm s global environmental, social, and governance (ESG) investments business. McKnett works across asset classes, investment teams, and key functional domains to champion sustainable and responsible 58 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

61 SPEAKER BIOGRAPHIES investment on behalf of SSGA and its clients. McKnett is co-chair of SSGA s ESG Working Group, a member of its proxy review committee, and a member of its corporate responsibility executive committee. Before joining SSGA in 2007, McKnett worked for KLD Research & Analytics, Inc. He began working in the investment industry in He earned an MBA from the Daniels College of Business at the University of Denver and a BS from the University of Connecticut. REBECCA MERRILL As director of strategic initiatives, Rebecca Merrill manages special projects, public policy development, enterprise risk management, and strategic planning for the Teacher Retirement System of Texas. Merrill recently managed the revitalization of the TRS strategic plan, which included coordinating a cross-section of the agency to redevelop objectives in furtherance of the agency mission. Previously, she coordinated the comprehensive study of potential design changes to the TRS pension plan, including examining the impact of moving to a hybrid or defined-contribution plan. She also works closely with agency staff to develop board agendas and materials under the direction of the TRS board chair and executive director. Merrill joined TRS in 2010 as an assistant general counsel and represented TRS before the Office of the Attorney General on open government matters. She then served as manager of special projects before being named director of strategic initiatives. Prior to joining TRS, Merrill served as an advisor to Texas Governor Rick Perry on matters related to state and local retirement systems and fiscal policy. She has also served as an assistant city attorney for the Dallas City Council and worked for the Texas House of Representatives in legislative operations. She received her undergraduate degree in public relations from Loyola University, New Orleans, and her JD from the University of Missouri, Kansas City. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 59

62 SPEAKER BIOGRAPHIES TENDAI MUSIKAVANHU Tendai Musikavanhu is co-founder of the One Stone Capital Group (previously UC Capital) and One Stone Global, LLC. He holds the CFA charter from the US-based CFA Institute and a BCOMPT (accounting science) degree from the University of South Africa. Musikavanhu has 24 years of work experience in financial services in southern Africa, the United Kingdom, and the United States. Musikavanhu was one of the first black CFA charterholders in South Africa. He has won two Association of Black Securities and Investment Professionals (ABSIP) awards Top Portfolio Manager in 2004 and Most Progressive Company in Prior to founding One Stone Global, Musikavanhu founded Old Mutual Global Index Trackers (Pty) Limited (OMGxT), which is now reputedly the largest private-sector index-tracking fund manager on the African continent. Musikavanhu has also worked for Old Mutual (UK), Robert Flemings (J.P. Morgan), BoE, and Southern Life Asset Management. Musikavanhu serves as chief executive officer for OSG and is also chairman of One Stone Capital s board, trustee for the Musikavanhu Investment Trust, founder and investment committee member for the Inhlakanipho Education and Development Trust, and a member of the Justice Alliance of South Africa. He served as a member of the FTSE-JSE advisory board for several years during the transition of the Johannesburg Stock Exchange to the new globally recognized indices. He was also a founding member of the Thembalitsha Trust, a public benefit organization transforming lives by bringing education and health care to South African communities. Musikavanhu has performed market commentary on emerging markets, frontier markets, and Africa on CNN, CNBC, Fox Business, CNBC Africa, BBC Radio, and Moneyweb. 60 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

63 SPEAKER BIOGRAPHIES JOE NARDULLI Joe Nardulli is responsible for overseeing index data operations and navigating commercial policies and contract negotiations at the Northern Trust Company. His current focus is on strategic education initiatives around the use of index data and client engagement. Nardulli has been with the Northern Trust Company for more than 16 years and previously worked in accounting operations and product development for the Investment Risk & Analytical Services Group. LUIS NAVAS Based in Miami, Florida, Luis Navas leads Global Governance Advisors USA and is recognized globally for his expertise in the areas of executive compensation, human resource strategy, and corporate governance. He has served for more than 25 years as an advisor to the board of directors and top management of major corporations around the world. Navas specializes in the innovative design and implementation of corporate governance and compensation programs that support organizational strategy and objectives, as well as shareholders interests. Navas has consulted to a variety of organizations across many industries in the United States, as well as in North and South America, Europe, Asia, and Africa. Navas background includes experience in the investment industry in corporate finance and as a mergers and acquisitions specialist at BMO Nesbitt Burns. Navas co-founded the first independent executive compensation advisory firm and has since built it into one of the largest. Most recently, Navas was national practice leader, executive compensation, for Hay Group and a member of the firm s executive management committee and Global Practice Leadership Group. Navas graduated with high distinction from the Richard Ivey School of Business with both honors and master s of business administration degrees, and has attended the Harvard Business School s Executive #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 61

64 SPEAKER BIOGRAPHIES Development Program. He is a former faculty member of the Directors College and was instrumental in the development of Global Governance Advisors Executive Compensation Certificate Program, conducted in partnership with the Human Resources Professionals Association. Additionally, he is a frequent speaker at professional conferences and on national television and syndicated radio, and he writes extensively on all aspects of executive compensation. STEVE NELSEN Steve Nelsen is executive director of the Washington State Law Enforcement Officers and Fire Fighters (LEOFF) Plan 2 Retirement Board. He began his career as counsel to the Washington State Senate Committee Services during the 1990 and 1991 legislative sessions. Nelsen s professional experience has been focused solely in the area of public pensions since 1991, including five years with the Washington State Department of Retirement Systems, two years as staff to the Legislative Joint Committee on Pension Policy, and another five years with the Department of Retirement Systems, where he was manager of legal and legislative services, until joining the LEOFF Plan 2 Retirement Board in JOSEPH NEWTON Joseph Newton, FSA, EA, FCA, MAAA, is a senior consultant and actuary, and leader of the Pension Practice team for Gabriel Roeder Smith & Company s southwest region. Newton has 15 years of experience with public pension retirement systems. He provides actuarial valuations, benefit and cost studies, experience analyses, asset-liability modeling, and related consulting. Newton s pension clients include statewide plans in Texas, Colorado, Rhode Island, Hawaii, and South Carolina. He also serves as an actuary for statewide postretirement medical plans in Texas, Hawaii, and South Carolina. He has spoken at national conferences such as the NCTR and SCTR. 62 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

65 SPEAKER BIOGRAPHIES JOHNATHAN PAIGE Lieutenant Jonathan Paige is an 18- year veteran with the New London Fire Department located in New London, Connecticut, and presently serving as Engine 11 s office out of headquarters. He is also vice president, pension chairman, and public information officer of the New London Firefighters Union IAFF Local As chairman of the local s pension committee he led the complicated transition from a 401(a) defined-contribution plan back into a definedbenefit pension plan. He also serves on his local s and state association s safety committees. Paige holds an associate s degree in fire technology and administration from Three Rivers Community College, and is a state-certified fire marshal and fire instructor. An accomplished bagpiper, he founded the New London Firefighters Pipes & Drums in January 2001, where he is the pipe major and president. PETER PALANDJIAN Peter Palandjian, chairman and chief executive officer, oversees the affiliated Intercontinental operating companies, with primary responsibility for strategic planning and direction of all company activities. Palandjian is a member of Intercontinental s investment and executive committees. Prior to joining Intercontinental in 1993, Palandjian worked as assistant to the CEO of Staples, Inc., and as an associate consultant with Bain & Company. Palandjian holds memberships with the Pension Real Estate Association and the National Association of Real Estate Investment Managers. He has also been active on a number of corporate and not-for-profit boards. He has served as a board member of several institutions, including the Boston Symphony Orchestra (co-chair), the Boys & Girls Clubs of Boston, the Dana Farber Cancer Institute, the International Tennis Hall of Fame, American Friends of the Yitzhak Rabin Center, the New England Chapter of the National Association of Industrial and #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 63

66 SPEAKER BIOGRAPHIES Office Properties, O Neill and Associates, Leader Bank, the Town of Belmont (Mass.) Board of Retirement, and the Taubman Center at Harvard s Kennedy School of Government. Palandjian works on behalf of Harvard University as a volunteer undergraduate admissions interviewer. He was a two-time Harvard captain and world-ranked tennis player on the ATP tour. Palandjian earned his BA from Harvard University and his MBA from the Harvard Business School. ROBERT PARISE Robert M. Parise, Jr., managing director, is co-head of the Americas Defined Benefit Business for J.P. Morgan Asset Management. This business is responsible for overseeing J.P. Morgan Asset Management s relationships with the largest corporate, public, and union clients in the United States and Canada. In this role, Parise is also dedicated to the overall strategy for the public funds initiative. An employee since 1993, he was previously a trust officer, managing client relationships for 401(k) and pension plans at Bank One. After initiating creation of the Retirement Education Department, he managed the development of education and presentation materials, and conducted participant investment seminars. Parise also held the position of retirement plan wholesaler, specializing in retirement plan sales to large corporate bank clients, and regularly conducted client meetings on plan investment options, plan features, and asset allocation. He holds a BS in finance and computer science from Western Illinois University and an MBA in finance from DePaul University. He also holds Series 3, 6, 7, 24, 63, and 65 licenses. 64 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

67 SPEAKER BIOGRAPHIES KAI PETERSEN Kai Petersen is a principal with Buck Consultants, where he leads the Asset Liability Management group in the United States. He has consulted on retirement actuarial, design, investment, and risk management issues for more than 30 years. Petersen is a Fellow of the Society of Actuaries, an enrolled actuary under ERISA, a member of the American Academy of Actuaries, a Fellow of the Conference of Consulting Actuaries, and a charterholder with the CFA Institute. He earned his bachelor s degree in mathematics from St. Olaf College, graduating with honors. JIM POTVIN Jim Potvin is executive director of the Employees Retirement System of Georgia (ERSGA). He joined ERSGA in February 2009 as deputy director, after 15 years in private industry working in retirement plan administration and consulting. He was appointed executive director in February Potvin began his career as a pension administrator for Georgia-Pacific Corporation before moving into a consulting role with Arthur Andersen, LLP. He later joined Hewitt Associates, a global HR consulting firm, as the location manager for the RFM Pension Administration Outsourcing group. At ERSGA, Potvin is responsible for the administration and operations of five definedbenefit plans, two life insurance plans, and three definedcontribution plans covering more than 130,000 active members and 60,000 retirees. A native of Connecticut, Potvin holds a BA in mathematical economics and managerial studies from Rice University, and an MS from Georgia State University. He is an executive committee member of the National Association of State Retirement Administrators, and a member of the National Association of Government Defined Contribution Administrators, Inc., the National Conference of State Social Security Administrators, and the Government Finance Officers Association. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 65

68 SPEAKER BIOGRAPHIES JULIAN REGAN Julian Regan is vice president / senior investment consultant for the Marco Consulting Group. In addition to advising boards and executives of benefit plans, he serves on MCG s fiduciary services management committee and is an author and speaker for some of the nation s leading labor-management and public benefit plan organizations. Regan previously served as executive director for the New York State Deferred Compensation Board, where he ran the state s 159,000-member supplemental retirement plan and regulated 250 local plans. Regan also served as vice president of risk governance and strategy for Fidelity Investments, and as assistant general manager and budget director for the Massachusetts Bay Transportation Authority. In 2005, Regan was appointed by the US treasury secretary to the IRS Advisory Committee on Tax Exempt and Government Entities. He is a former member of HERE Local 26, a recipient of the IRS Tax-Exempt and Government Entities Commissioner s Award, a Plan Sponsor of the Year recipient, and a 2011 contributing author to the IFEBP Trustee Handbook. Regan received his MBA and BSBA degrees from Suffolk University. DARREN ROBBINS Darren J. Robbins is a founding partner of Robbins Geller Rudman & Dowd, LLP, and a member of the firm s executive and management committees. During his 20-year securities practice, Robbins has served as lead counsel in more than 100 securities actions and has recovered billions of dollars for injured shareholders. One of the hallmarks of Robbins practice has been his focus on corporate governance reform. For example, in UnitedHealth, a securities fraud class action arising out of an options backdating scandal, Robbins represented lead plaintiff CalPERS, and was able to obtain the cancellation of more than 3.6 million stock options held by the company s former CEO and secure a record $925 million cash recovery for 66 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

69 SPEAKER BIOGRAPHIES shareholders. In addition, Robbins obtained sweeping corporate governance reforms, including the election of a shareholder-nominated member to the company s board of directors, a mandatory holding period for shares acquired via option exercise, and compensation reforms that tied executive pay to performance. Robbins was awarded BS and MA degrees in economics from the University of Southern California. He received his juris doctor degree from Vanderbilt Law School. He has been named one of the Top 50 Lawyers in San Diego by Super Lawyers, one of the Top 100 Lawyers Shaping the Future by the Daily Journal, one of the Young Litigators 45 and Under by The American Lawyer, and Attorney of the Year by California Lawyer. Robbins is a frequent speaker at conferences and seminars around the world. He also advises institutional investors in the United States, United Kingdom, Canada, United Arab Emirates, Australia, and European Union countries on issues related to securities litigation, corporate governance, and investor activism. ANTHONY RODA Tony Roda is a partner in the Washington, D.C., law and lobbying firm Williams & Jensen, PLLC. He has been actively involved in public policy, law, and politics his entire professional career. He began his professional service in government as a research assistant in the British House of Commons and then worked for 10 years on Capitol Hill as a legislative staff person in the US Congress, where he handled federal tax policy issues on a day-to-day basis. Since joining Williams & Jensen in 1992, Roda has managed projects that have resulted in amendments to federal statutory law, including the Internal Revenue Code, and specific regulatory relief. Roda has helped numerous clients on projects involving federal tax legislation and regulation, including work in the state and local governmental pension area on behalf of NCPERS and individual plans in California, Ohio, Tennessee, and Texas. He is a member of the National Association of Public Pension Attorneys and has spoken at numerous #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 67

70 SPEAKER BIOGRAPHIES national conferences on topics relating to federal legislative and regulatory matters affecting public pension plans. He has also written several articles on matters affecting state and local governmental plans. Roda earned his bachelor of arts degree in government and politics from the University of Maryland, his juris doctor from Catholic University Law School, and a master s in tax law from the Georgetown University Law Center. He is a member of the District of Columbia, Virginia, and US Supreme Court bars. HANNAH ROSS Hannah Ross is involved in a variety of the litigation practice areas of Bernstein Litowitz Berger & Grossmann, LLP, focusing in particular on securities fraud, corporate governance, shareholder rights, and other complex commercial matters. She has more than a decade of experience as a civil and criminal litigator, and represents the firm s institutional investor clients as counsel in a number of major pending actions. In recognition of her achievements, she has been named as one of the Top 250 Women in Litigation in the nation by Benchmark. In addition, Legal 500 USA recognized Ross as a top litigator for her work on the Bank of America litigation, which resulted in a landmark settlement shortly before trial of $2.43 billion, one of the largest recoveries ever obtained. She also led the prosecution against Washington Mutual and certain of its former officers and directors for alleged fraudulent conduct in the thrift s home lending operations, an action that settled for $208.5 million and represents one of the largest settlements achieved in a case related to the fallout of the subprime crisis and the largest recovery ever achieved in a securities class action in the Western District of Washington. Ross was also a key member of the team prosecuting In re The Mills Corporation Securities Litigation, which settled for $ million, the largest recovery ever achieved in a securities class action in Virginia and the second-largest recovery ever in the Fourth Circuit. 68 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

71 SPEAKER BIOGRAPHIES Ross is currently responsible for handling a number of high-profile securities class actions, including those involving MF Global and Wilmington Trust. She has also been a member of the trial teams in several securities litigations that have successfully recovered more than $2 billion on behalf of injured investors. Among other matters, Ross prosecuted the securities class actions against New Century Financial Corporation and the Federal Home Loan Mortgage Corporation ( Freddie Mac ) as well as In re Tronox Securities Litigation; In re Delphi Corporation Securities Litigation; In re Affiliated Computer Services, Inc. Derivative Litigation; In re Nortel Networks Corporation Securities Litigation; and In re OM Group, Inc. Securities Litigation. Ross handles pro bono matters on behalf of the firm and has also served as an adjunct faculty member in the trial advocacy program at the Dickinson School of Law of the Pennsylvania State University. Before joining BLB&G, Ross was a prosecutor in the Massachusetts Attorney General s Office as well as an assistant district attorney in the Middlesex County (Mass.) District Attorney s Office. TOM RUGGELS As senior investment officer, private equity, at the Washington State Investment Board (WSIB), Tom Ruggels manages a private equity portfolio with a market value of $18 billion and unfunded commitments of more than $10 billion. He has served in his current position since March 2000, and has been with the WSIB since 1991, previously serving as controller, and as investment officer in both the public equity and private equity units. His prior experience includes 10 years of commercial bank lending and two years as an auditor with Arthur Andersen & Co. Ruggels holds a BS in accounting and business administration from the University of Kansas and an MBA from the University of Washington. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 69

72 SPEAKER BIOGRAPHIES DAVID R. SCOTT David R. Scott is managing partner of Scott+Scott, LLP, attorneys at law. His work involves securities and other complex litigation on behalf of public pension funds and other institutional investors. Scott has recouped billions of dollars for victims of corporate wrongdoing. He served as co lead counsel in numerous securities, antitrust, and employee retirement class action lawsuits, including Dahl v. Bain Capital Partners, LLC ($590.5 million settlement); Thurber v. Mattel, Inc. ($122 million settlement); In re Royal Dutch / Shell Transport ERISA Litigation ($90 million settlement); In re Priceline.com Securities Litigation ($80 million settlement); Irvine v. ImClone Systems, Inc. ($75 million settlement); and Cornwell v. Credit Suisse Group ($70 million settlement). Scott also has achieved precedent-setting corporate governance reforms in shareholder derivative actions, including In re Marvell Tech. Group Ltd. Derivative Litigation (obtained $54.9 million in financial benefits for the company and improved stock option granting procedures and internal controls, valued at approximately $150 million); Plymouth County Contributory Retirement System v. Hasan (obtained reforms requiring annual reporting to the company s board when any clinical drug trial is delayed, valued at $50 $75 million); and Garcia v. Carrion (obtained stronger internal controls and improved director education in accounting and ethics, valued at $10 $15 million). Scott is regularly invited to speak at institutional investor educational conferences around the world and before boards of directors and trustees responsible for managing institutional investments. He educates institutional investors and governmental entities on the importance of fulfilling fiduciary obligations through the adoption of appropriate lost-asset recovery services as well as through the development and enforcement of corporate governance initiatives. Scott is a graduate of St. Lawrence University (BA, cum laude, 1986), Temple University School of Law (JD, moot court board, 1989), and New York University School of Law (LLM in taxation). 70 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

73 SPEAKER BIOGRAPHIES RAFAEL SILVEIRA Rafael Silveira, executive director, is a portfolio strategist of J.P. Morgan Asset Management and part of the Institutional Solutions and Advisory team, an internal think tank providing portfolio recommendations and advice to investors. As such, he partners with clients to design customized solutions in the areas of asset allocation, risk analytics, and liability management. Previously, Silveira worked for five years at Bank of America Merrill Lynch s Chief Investment Officer Group, where he provided expertise on market dislocations and quantitative analysis used for capital commitment and stress testing. He holds a PhD and an MA in economics from the University of Pennsylvania with concentrations in macroeconomics, econometrics, and computational finance, and also a certification in advanced risk and portfolio management from Baruch College in New York. Silveira is also a member of the American Finance Association and the American Economic Association, and is FINRA Series 7 and 63 licensed. BRIAN SINGER Brian Singer is head of the Dynamic Allocation Strategies team of William Blair & Company, LLC, and also serves as a portfolio manager. Prior to joining William Blair in 2011, he was head of investment strategies at Singer Partners, LLC. Previously, Singer was head of global investment solutions and the Americas chief investment officer for UBS Global Asset Management, where he was a member of the UBS Group managing board and global asset management executive committee. Singer is a member of the CFA Institute board of trustees research foundation and formerly served as a board member and chair of the CFA Institute board of governors. He serves on the endowment investment committee for Exeter College at Oxford University and is chairman of the Free to Choose Network, inspired by the ideas of economist #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 71

74 SPEAKER BIOGRAPHIES Milton Friedman. Singer serves as a member of the Rehabilitation Institute of Chicago Foundation board. In 1991 Singer co-wrote Determinants of Portfolio Performance II: An Update (Financial Analysts Journal 40) with Gary Brinson and Gilbert Beebower; this research serves as a landmark update to one of the pioneering studies on asset allocation. In 2009, Singer was the lead author of Investment Leadership and Portfolio Management (Wiley Publishing). He holds a bachelor s in economics from Northwestern University and an MBA from the University of Chicago. JEFF SMITH Jeffrey H. Smith is director of finance for the City of New London, Connecticut. He earned his BA in accounting from the University of Connecticut and a MA in economics from Saint Mary s University in San Antonio, Texas. Smith served as director of finance for the Town of Mansfield, Connecticut, home of the University of Connecticut, for 25 years, retiring in Prior to coming to Mansfield, Smith was deputy commissioner of finance for the City of White Plains, New York. He has been active in the area of municipal finance, serving as the past president of the Connecticut Government Finance Officers Association and the New England States Government Finance Officers Association. Smith was appointed to the Connecticut Municipal Finance Advisory Commission by former Governor Wickers, eventually serving as chairman until his retirement in Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

75 SPEAKER BIOGRAPHIES GREG STUMP Greg Stump is an actuary specializing in public-sector defined-benefit and retiree health care plans. He is a Fellow of the Society of Actuaries and a member of several other major actuarial organizations. He is also a member of the Public Plans Committee, a leadership group of the Conference of Consulting Actuaries, as well as both the health and pension sections of the Society of Actuaries. Stump is an expert on pension cost and funding projections and benefit design, focusing on the risks faced by public pension and retiree health care systems. Over the past 15 years, he has helped a number of governmental plans in their development and refinement of funding policy and benefit design efforts. Stump has worked with a variety of systems, both public and private, throughout the United States. He has provided advice and service to some of the largest and most complex public plans in the nation, as well as numerous cities, towns, counties, and special governmental entities. He has also served on a number of committees and educational groups, providing continuing education for pension trustees and other governmental groups. ROBERT TARCZA Robert Tarcza s areas of expertise include federal, state, and local taxation, with an emphasis on governmental pension tax issues and alternative investment counseling. He has been certified as a specialist in the field of tax law by the Louisiana Board of Legal Specialization since The tax matters Tarcza has handled for public pension plans include qualification issues, ongoing tax opinion work, litigation on behalf of governmental plans, and interaction with the Internal Revenue Service. In the field of alternative investments, Tarcza has supervised the acquisition of land for development through construction and leasing management. He has #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 73

76 SPEAKER BIOGRAPHIES supervised and handled related commercial litigation involving breach of contract, break-up issues, insurance coverage issues, and zoning. In connection with his counseling work, Tarcza has assisted in lobbying and passing legislative and administrative solutions on the federal, state, and municipal levels. Tarcza has been rated AV Preeminent by Martindale- Hubbell, the highest possible rating by peer review, for more than 25 consecutive years, and he is listed in the Martindale-Hubbell Bar Register of Preeminent Lawyers. He has been a member of the Louisiana Super Lawyers in tax law since the inception of the designation. He has had the honor of representing the National Association of Public Pension Attorneys, the National Council for Teachers Retirement, the National Association of State Retirement Administrators, and NCPERS before the United States Supreme Court. Tarcza is a senior counsel member of the National Association of Public Pension Attorneys. AMIT TIWARI Amit Tiwari, director of Invesco Private Capital, is involved in the sourcing and analysis of prospective partnership fund investments, and has 14 years of private equity experience. Prior to joining Invesco in 2005, Tiwari was a part of the Alternative Investments team at the California State Teachers Retirement System, where he invested more than $125 million in venture capital and buyout partnerships. Prior to that, Tiwari was an investment banking associate in Credit Suisse First Boston s Technology Private Placements Group, where he raised more than $250 million in several high-profile private placements for the firm s technology clients. Tiwari currently serves on several partnership advisory boards, including Caltius Equity Partners, Foundry Group, Greycroft Partners, Huntington Capital, Monitor Ventures, Physic Ventures, PTV Sciences, Sigma West Partners, and Valor Equity Partners. Tiwari received his MBA with a concentration in finance from the University of California, Davis, in 2005 and a bachelor of science in management from Tulane University s A.B. Freeman School of Business in Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

77 SPEAKER BIOGRAPHIES SEAN WASSERMAN Sean Wasserman is responsible for sales and account management for the NASDAQ Global Indexes business in the Americas, a unit that has been creating innovative, market-leading, transparent indices since 1971 and calculates more than 40,000 indices in real time across the globe. His focus is on expanding the adoption of NASDAQ s benchmark services across the institutional investment community, managing relationships across the buy side, the sell side, custodians, software vendors, institutional investment consultants, and asset owners. Wasserman has more than 10 years of experience in the index business across all aspects of business development. Prior to joining NASDAQ, Wasserman was a senior sales manager with FTSE Group, responsible for sales and licensing across all FTSE index products. Wasserman holds a BS in finance and a BA in criminology and criminal justice from the University of Maryland, and an MBA in finance from the Fordham Graduate School of Business. JEFFERY WEILER Jeffery Weiler is executive director of the three local pension plans of Fairfax County, Virginia: the Employees, Police, and Uniformed Retirement Systems. These systems have $6.5 billion in assets in service to and support of 17,000 active employees and 9,000 retirees. Weiler was appointed by the Fairfax County Board of Supervisors to this position in September Prior to joining the County of Fairfax, he served for seven years as CFO of the Clark County (Nev.) School District, and before that six years as CFO of Gwinnett County (Ga.) Public Schools. While at Gwinnett, in addition to his role as CFO, he was treasurer of the $1 billion Gwinnett Retirement System. Weiler has been a consultant with KPMG and began his career with the Fairfax County (Va.) Public School District, where he worked for more than 15 years in a number of financial roles. Weiler, a proud native of Blacksburg, Virginia, holds bachelor s and master s degrees in business administration from his hometown university, Virginia Tech. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 75

78 SPEAKER BIOGRAPHIES DAVID WOLLMUTH Dave Wollmuth is a founding member of the New York based law firm Wollmuth Maher & Deutsch. He is the firm s managing partner. Wollmuth grew up in Buffalo, New York. He received his JD degree from St. John s University School of Law, where he ranked first in his class; was an associate editor of the St. John s Law Review; and received the Outstanding Scholar Award, conferred on the top student in the graduating class. After law school, Wollmuth clerked for the Hon. Joseph M. McLaughlin, then a judge in the U.S. District Court, Eastern District of New York, and later a judge on the Court of Appeals for the Second Circuit. Wollmuth began his legal career at Davis Polk & Wardwell in New York, where he gained extensive experience in corporate transactional matters and complex financial litigation. In 1998, Wollmuth Maher & Deutsch was founded in New York by Wollmuth and two other founding partners. From this modest beginning, Wollmuth Maher & Deutsch has grown into one of the most well-known and prestigious mid-sized firms in New York. Today the firm has more than 40 attorneys, and it routinely handles some of the most complex financial litigation matters in the country. The firm draws many of its partners from the same Wall Street law firms it now frequently opposes in high-stakes litigation, such as Davis Polk & Wardell and Simpson Thacher & Bartlett. In 20 short years, the firm has achieved widespread recognition, being named one of the country s most feared firms and being recognized by Chambers USA as a leading law firm in New York for business. Wollmuth Maher & Deutsch is a unique resource for institutional investors. In its early years, the firm devoted much of its practice to defending the same money center banks and investment banks it now opposes in litigation. All of its partners have run that play book for many, many years. For Wollmuth and his colleagues at the firm, that changed following the Enron scandal, in which the firm successfully represented 30 of the country s most respected institutional investors against several of the country s leading banks and investment banks. A number of those clients, who remain clients today, said 76 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

79 SPEAKER BIOGRAPHIES they had been unable to find a firm like Wollmuth Maher & Deutsch that specialized in representing investors in direct (rather than class) actions, was not conflicted with the bank defendants, and was able to match or exceed the pedigrees and experience at the most prestigious Wall Street law firms. From that point forward, the firm has systematically concluded its representation of money center banks and investment banks, and has focused on representing institutional investors. Since the financial crisis, the firm s litigation department has been at the forefront of litigation concerning the financial crisis, including claims relating to residential mortgage backed securities, collateral debt obligations, and other financial products. Wollmuth has been one of the preeminent attorneys in the country representing investors in recouping damages suffered as a result of fraudulently issued structured financial products, and he has brought billions of dollars of claims on behalf of all types of investors, including insurance companies, hedge funds, financial institutions, and the United States. RICHARD YASENCHAK Richard Yasenchak serves as a proxy for the Portfolio Management team for sales presentations, client reviews, and other campaigns by communicating INTECH s investment process and strategies. He works closely with the Investment, Client Relations, and Consultant Relations teams, facilitating on-site client meetings; attending off-site client meetings as a representative for the investment team; and providing in-depth, sophisticated insights into INTECH s strategies, performance attribution, and trends. Prior to joining INTECH in January 2014, most recently Yasenchak spent almost nine years at Russell Investments, where he served as a portfolio manager of $5 billion in US equity defensive funds, quantitative funds, midcap funds, separate accounts, and beta strategies for institutions and individuals. In his various roles at Russell, he was responsible for portfolio analysis, portfolio construction, asset allocation strategy, portfolio risk exposure, risk budgeting, client presentation, #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 77

80 SPEAKER BIOGRAPHIES manager research, creation of financial models, and project management. Before that, he was director of curriculum and certificate programs at Investment Management Consultants Association in Colorado, where he was responsible for the curriculum of the Certified Investment Management Analyst (CIMA) designation with The Wharton School at the University of Pennsylvania and The Haas School at UC Berkeley; he enhanced the CIMA curriculum by adding new learning objectives and the topics of derivatives, risk management, and behavioral finance. He also spent more than nine years as manager of pricing analysis and senior investment consultant to high-net-worth clients at Charles Schwab. Yasenchak received his master of science degree in financial analysis from the College for Financial Planning. He holds a certificate in personal financial planning, financial planning, and services from Metropolitan State College of Denver and has also met the CFP Board s certification standards and is a CFP professional. Yasenchak received a bachelor of science degree in business administration from the University of Colorado at Boulder. SARAH ZUMWALT Sarah A. Zumwalt, a principal in the Groom Law Group s litigation practice group, represents ERISA plan sponsors, fiduciaries, alleged fiduciaries, and service providers in all manner of litigation pertaining to ERISA plans. In particular, Zumwalt represents defendants in stock drop, affiliated funds, imprudent investment, and 401(k) fee putative class action litigation, as well as cases involving employee stock ownership plans and alleged actuarial malpractice. Zumwalt also advises and litigates on behalf of plan sponsors in bankruptcy with respect to pension and retiree benefits issues. In addition to her litigation practice, Zumwalt advises single- and multiemployer plans with respect to funding and restructuring issues, and represents targets of Department of Labor investigations. 78 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

81 NCPERS LEADERSHIP #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 79

82 NCPERS LEADERSHIP OFFICERS l Mel Aaronson, President l Tina Fazendine, Secretary l Daniel A. Fortuna, First Vice President l Richard Wachsman, Treasurer l Kathy Harrell, Second Vice President l Pat McElligott, Immediate Past President l l l l l l l l EXECUTIVE BOARD MEMBERS Stacy Birdwell l Bill Lundy Peter Carozza, Jr. l Robert McCarthy Dale Chase l Rick Miller Kelly L. Fox l John R. Niemiec Dan Givens l Will Pryor Aaron Hanson l Mona Romain Kenneth A. Hauser l Carol G. Stukes-Baylor Sharon Hendricks l Richard Tettamant l l l l l ADVISERS TO THE NCPERS EXECUTIVE BOARD Jack Gastler, Acadian Asset Management John McLaughlin, William Blair & Company Douglas W. Moseley, NEPC, LLC Hank H. Kim, Executive Director and Counsel Cassandra Smoot, Senior Director of Operations l l l l STAFF l l William Norris, Permal Group Andrew Pataky, Mesirow Financial Richard G. Protasewich, State Street Corporation Kelly Weller, Great Lakes Advisors Amanda Rok, Manager of Communications and Social Media Alyssa Carlson, Administrative Assistant 80 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

83 NCPERS NATIONAL COMMITTEE ALABAMA Dexter Cunningham Ben Powell ARKANSAS Denise Collins Bill Lundy CALIFORNIA Ken Buzzell Dave Gillotte CANADA Rick Miller DISTRICT OF COLUMBIA Mike Mullane Edward Smith FLORIDA Dan Givens Nicholas Stein ILLINOIS Mary Sharod Riley Brian Wright INDIANA Thomas Miller MASSACHUSETTS William MacDonald Kevin Regan MICHIGAN Charles Bonza Angela James MISSOURI Charlie Hull Robert Patrick NEBRASKA Aaron Hanson Jim Sklenar NEVADA Brett Fields Rusty McAllister NEW YORK Milagros Rodriguez Mona Romain OHIO Kathy Harrell OKLAHOMA Tina Fazendine Gerald Garrett PENNSYLVANIA Patricia Fitzgerald Carol Stukes SOUTH DAKOTA Laurie Gustafson Eric Stroeder TEXAS John Mays Billy Samuel UTAH Jack Tidrow VERMONT Jeff Briggs VIRGIN ISLANDS (US) Carol Callwood VIRGINIA John Niemiec Thomas Simcoe WASHINGTON Kelly Fox Greg Markley #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 81

84 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS MEL AARONSON, PRESIDENT Mel Aaronson, president of NCPERS, is treasurer of the United Federation of Teachers (UFT), Local 2, American Federation of Teachers (AFT). The UFT is the largest labor union local in the United States. Aaronson has been a trustee and member of the board of the Teachers Retirement System of the City of New York since 1980, and he is currently chairman. He has served for more than 40 years as a pension consultant for UFT. He is also chair of the pension committee and coordinator of the Ready-or-Not preretirement preparation program. Additionally, he has served as special representative for the Retired Teachers Chapter of the UFT. Among his many other activities related to retirement issues, he is a member of the Standing Committee on Retirees of the AFT, the Task Force on Retirees and the Pension Committee of the New York State United Teachers, and the Committee on Aging of the New York City Central Labor Council. He chairs the Pension Committee of the New York City Municipal Labor Committee (the umbrella group of New York City s public employee unions). In 1981 Aaronson was a delegate to the New York and White House conferences on aging. In 1995 he again served as a delegate to the New York conference on aging and as an alternate delegate to the White House conference. In 1998 he served as a delegate to the White House conference on Social Security, and in 2002 he was a delegate to the National Summit on Retirement Savings. Aaronson is chair of the NCPERS advisers, credentials, executive, and legislative committees, and a member of the bylaws and resolutions committee. He is also an NCPERS representative to the Public Pension Coordination Council. 82 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

85 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS STACY BIRDWELL Stacy Birdwell, a trustee and vice-chairman of Louisiana s statewide Firefighters Retirement System, serves as chairman of the system s investment committee, which oversees the billion-plus dollars in assets of the system. Birdwell also chairs the personnel committee for the system. He sits on both the board of directors and investor advisory board for the Louisiana Sustainability Fund. He is an investor advisory board member with Sail Venture Partners. He is a retired captain and 33-year veteran of the Shreveport Fire Department. He is vice president of Shreveport Firefighters Association Local 514, having served in every elected position in the more than 24 years he has held office in his union local. Birdwell is secretarytreasurer of the Professional Fire Fighters Association of Louisiana and past secretary-treasurer and trustee of the Southern Federation of Professional Fire Fighters. As a registered state lobbyist, he has spent more than two decades promoting firefighter interests in Louisiana. For more than 22 years he has been the administrator of the Shreveport Fire Fighters Benevolent Fund. He is also a trustee for the Fire Fighter Cancer Foundation. Birdwell is a member of the NCPERS executive board, where he serves on the investment and audit committees. PETER S. CAROZZA, JR. Peter Carozza is a 33-year veteran of the Waterbury (Conn.) Fire Department and currently serves as president of the Uniformed Professional Fire Fighters Association of Connecticut, representing 60 local affiliates and 4,000 career firefighters in Connecticut. He has extensive experience in labor relations and lobbying for firefighters on the local, state, and national levels. He serves on several national committees of the International Association of Fire Fighters and received the organization s 2010 Local Leadership Award. He currently serves as chairman of #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 83

86 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS the Federation of State and Provincial Fire Fighters, IAFF, which is composed of the leadership of each state and provincial association in the United States and Canada. Carozza currently serves as chairman of the State of Connecticut Fire Prevention and Control Commission, originally appointed by Governor O Neill and reappointed by Governor Rowland, Governor Rell, and Governor Malloy. He serves as chairman of the Connecticut Jerry Lewis Telethon and vice president of the Connecticut state AFL- CIO, and he received that organization s Public Sector Leadership Award for his tireless efforts and passionate commitment to Connecticut s workers. In 2010 he was elected to the board of directors of The Hundred Club of Connecticut, and in 2011 he was inducted into the Connecticut State Fire Fighters Hall of Fame for his work on firefighter issues on the local, state, and national levels. He has served on the senior steering committees of many political campaigns on the state and national levels, the governor s Public Safety Committee, the governor s Two Storm Panel, the Anthem Blue Cross & Blue Shield advisory board, and the University of Connecticut Labor Education Center advisory board. In 2012 he was elected to the NCPERS executive board, where he serves on the audit and budget committees. DALE ROBERT CHASE Dale Chase started his public service career in Howard County, Maryland, as a master electrician in Since 1994 Chase has served as president of AFSCME Local 3085, Howard County (Md.) Public Service Employees. Chase is currently the statewide president of AFSCME Council 67, representing well over 30,000 members in 21 separate political jurisdictions, including Baltimore, throughout the state of Maryland. He serves as a trustee on the Howard County Retirement Board, which is responsible for administering more than $600 million in the employees defined-benefit pension plan. Chase serves on the AFSCME International Pension Advisory Board and is a strong advocate of corporate governance activism. He has more than 25 years of experience in contract law, arbitration, and fiduciary responsibility for employee pension benefit plans. He also serves as a health care 84 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

87 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS consultant for 49 public employee labor unions on health care plan design and cost containment measures. Chase is gaining national prominence for his unique approach and management style in negotiating labor agreements for public service, supervisory, and law enforcement employees. He was the labor representative appointed to serve on the Howard County GASB 45 Task Force. Chase is completely committed to his belief that public employees should continue to earn their deserved pensions for the dedicated service they provide to the citizens on a daily basis. Chase was elected to the NCPERS executive board in 2012 and serves as a member of the health care and legislative committees. TINA FAZENDINE, SECRETARY Tina Fazendine, NCPERS secretary, was the insurance and retirement services manager for the City of Tulsa. She has more than 30 years of service as a Tulsa public employee; she spent 21 of those years concentrating on benefits management. In addition to managing the Municipal Employees Retirement Plan, she administered the city s deferred-compensation and insurance programs. Her responsibilities and experience include policy development, vendor negotiations and contract language development, cost-benefit analysis, implementation and communication of retirement and insurance plan improvements, procedures, and computer enhancement development. Fazendine has considerable knowledge and experience in the methods, practices, and techniques used to administer and manage comprehensive retirement and insurance programs. She regularly speaks at local college and public pension fund seminars. Notable achievements include the development and implementation of a partial lump-sum distribution option for municipal employees and the city s first comprehensive retirement statement. She is a member of the Tulsa Employee Benefits Group; of the NCPERS executive board, where she serves as a member of the advisers, budget, credentials, executive, education, and health care committees; and of the NCPERS Task Force on Health Care Benefits. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 85

88 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS DANIEL FORTUNA, FIRST VICE PRESIDENT Daniel Fortuna, first vice president of NCPERS, is a 30-year member of the Chicago Fire Fighters Union, IAFF Local 2. He has been an active member of the Chicago Fire Department since 1978 and is serving as the state of Illinois first district vice president of the Associated Fire Fighters of Illinois (AFFI). Fortuna is proud to have served three terms on the executive board of the Chicago Fire Fighters Union (CFFU) Local 2 as the director of public relations, where he resurrected the once-stale PR department and turned it into a vital, thriving component of Local 2. He has worked diligently for several Illinois charitable organizations and raised money for the AFFI. Fortuna also has served on the transition team for the Illinois governor-elect. In 2005 the governor appointed Fortuna to the Firefighters Medal of Honor Committee. He also serves on the board of the Illinois Firefighter Memorial Foundation Committee, a position to which he was appointed by the Illinois state fire marshal. Fortuna is a member of the NCPERS executive board, where he serves as chair of the marketing and membership committee and is a member of the advisers, bylaws, policy and resolutions, credentials, executive, and legislative committees. KELLY L. FOX Kelly L. Fox has served on the Washington State Council of Fire Fighters (WSCFF) executive board since 1990 and has been its president since The WSCFF represents 135 local firefighter unions across the state of Washington. Fox is a registered lobbyist in Washington state and, as president of the WSCFF, directs its governmental relations team and oversees the educational program development and policy formulation for the organization. Fox has chaired the Law Enforcement Officers and Fire Fighters Plan 2 Retirement Board since its inception 86 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

89 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS in He was appointed to the Washington State Investment Board by Governor Jay Inslee in Fox has worked with numerous public employee representatives to promote pension enhancement legislation and to facilitate greater plan member representation and participation. As an active member of the Olympia Fire Department, Fox serves his community as a fire lieutenant and continues to represent the local union in collective bargaining and labor-management relations. He is a member of the NCPERS executive board, where he serves as a member of the budget, education, and legislative committees. DAN GIVENS Dan Givens is a retired fire captain and paramedic with the City of Miami Fire Department, having served with this department from 1973 to He comes from a family of Miami firefighters; his father and father-in-law retired from the City of Miami Fire Department. Givens s son is also a City of Miami firefighter. All are IAFF Local 587 members. Givens served as an elected trustee and chairman of the Miami Fire Fighters Relief & Pension Fund from 1980 to In 2006, he took over as administrator for this fund. He continues to serve with the International Association of Fire Fighters (IAFF) and Professional Firefighters of Florida, dealing with pension matters including legislative changes to Florida public pension law and federal tax law changes. He is a member of the Florida Public Pension Trustees Association and has completed the Certified Public Pension Trustee program. Givens was a trustee during the creation of the Miami Association of Firefighters Retiree Health Trust. He also serves as regional representative for the IAFF Financial Corporation. Givens is an executive board member of NCPERS, fire classification. He serves with the NCPERS executive board and is a member of the NCPERS education, health care, investment and bylaws, and policy and resolutions committees. In 2002, NCPERS created a health care task force to study the devastating impact on retirement and propose solutions. Givens serves as chairman of the health care committee. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 87

90 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS AARON HANSON Aaron Hanson has been employed as a peace officer with the Omaha Police Department since He served in the Canine Squad from 2000 until In 2014, Hanson was promoted to the rank of sergeant, and he currently supervises a crew of patrol officers in the city s challenged Northeast Precinct. Hanson served as an elected board member and secretary in the Omaha Police Officers Association from 2001 to 2005 and as president from 2005 to During Hanson s presidency, he served as chief negotiator for the OPOA and led his organization through a major contract impasse arbitration hearing and ruling, numerous political and media battles, and the first pension reform in the City of Omaha s history. During Hanson s tenure, an agreement was secured that reformed the pension plan, eliminated the highly politically charged practice of pension spiking, and increased the city s contribution with a long-term goal of eliminating the 40 percent funded pension plan s nearly $600 million shortfall. A 2013 actuarial report determined the reform had closed the previous actuarial contribution rate deficit of 28 percent to nearly 2 percent, putting the plan on track for full funding status. In 2011, Hanson was elected to the Omaha Police and Fire Retirement System as a trustee. Hanson is a courtcertified expert on police wages, benefits, and working conditions. Hanson also serves as an executive board member of NCPERS and is assigned to the legislative and the marketing and membership committees. 88 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

91 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS KATHY HARRELL, SECOND VICE PRESIDENT Kathy Harrell is second vice president of NCPERS. Since 1987 Harrell has been a member of the Cincinnati Police Department, where she has served as a community beat cop on the west side of Cincinnati and as an undercover drug and major crime investigator. She was appointed to the Ohio Police & Fire Pension Fund board of trustees in October She is also currently serving as National FOP pension chairman. Harrell has experience representing and working for police officers through her position as union president of Fraternal Order of Police Queen City Lodge #69; she is the first woman to hold that position. Prior to joining the Cincinnati Police Department, Harrell served for four years as a military police officer in the US Army Reserves. Born and raised in Cincinnati, Harrell graduated from Our Lady of Angels High School in Saint Bernard and attended the University of Cincinnati. She is a member of the NCPERS executive board, where she is chair of the bylaws, policy, and resolutions committee and member of the advisers, credentials, executive, and insurance committees. KENNETH A. HAUSER Kenneth Hauser, trustee and chairman of the board of the Chicago Police Pension Fund, is a retired Chicago police detective of 37 years. He retired from the major accident investigation section. He is a trustee of the Fraternal Order of Police and has been elected to numerous terms as trustee of the state and city lodges. Hauser was also on the team that negotiated the first four contracts for Chicago police officers in the 1980s. He is an elected trustee on the board of the Chicago Patrolmen s Federal Credit Union and president of the Chicago Police Pension Fund, having been first elected as a trustee in He was also elected president of the Retired Chicago Police Association and #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 89

92 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS is a member of numerous other police organizations, including being a former member of the advisory board of the Dow Jones Indices. Hauser is a member of the NCPERS executive board, where he chairs the investment committee and is a member of the health care and the marketing and membership committees. SHARON HENDRICKS Sharon Hendricks is a communication studies instructor at Los Angeles City College. She was elected in 2011 to the California State Teachers Retirement System (CalSTRS) board, where she serves as vicechair of the board and chair of the investment committee. Hendricks serves faculty at Los Angeles City College as president of the American Federation of Teachers (AFT) Local 1521 chapter. In addition, she tackles retirement questions and concerns as the retirement liaison for the Los Angeles College Faculty Guild. She is active in the Community College Council of the California Federation of Teachers and also serves on the working group for the Trustee Leadership Forum for Retirement Security and the AFT Trustee Council, and she is treasurer for the Los Angeles Trustee Network. Hendricks was elected to the NCPERS executive board in 2012 and serves on the education and health care committees. BILL LUNDY Bill Lundy is a member of the Arkansas Fire and Police Pension Review Board, where he has served for more than 25 years. He joined the Little Rock Fire Department in 1971 and retired after 35 years with the rank of captain. He represented the fire department on the city s health insurance task force and was administrator of the Little Rock Fire Department Health Fund, Inc., a hospitalization supplement. He is past president of IAFF Local 34 and is president emeritus of the 90 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

93 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS Arkansas Professional Fire Fighters (APFF). As president of the local, he negotiated the first collective bargaining agreement entered into by an Arkansas municipality and any employee group. He has served for 27 years as a lobbyist for the APFF and has played a major role in obtaining many benefit enhancements for the firefighters and police officers of Arkansas. Lundy is a member of the NCPERS executive board, where he serves as a member of the education, insurance, and investment committees. ROBERT McCARTHY Robert B. McCarthy, a retired fire captain (2001) of the Watertown (Mass.) Fire Department, is a third-generation firefighter and served proudly for 34 years. He was elected president of the Watertown Firefighter Local 1347 IAFF and served from 1981 to He served as chairman of the State-Watertown Contributory Retirement Board from 1980 to 1987 and as an executive board member of the Massachusetts Association of Contributory Retirement Systems from 1984 to McCarthy served in the United States Navy (R) from 1964 to He served his active duty on the submarine USS Blenny (SS324) from 1966 to In 1985, McCarthy was elected as a legislative agent of the Professional Firefighters of Massachusetts. From 1987 to 2011, he served as the elected president of the Professional Firefighters of Massachusetts and was honored with the title President Emeritus, Professional Firefighters of Massachusetts, in He also served for 16 years as chairman of the State and Provincial Professional Firefighters IAFF. Since 2009, McCarthy has served as commissioner of the Public Employee Retirement Administration Commission of the Commonwealth of Massachusetts. He currently serves as an appointed district field service representative of the International Association of Firefighters. McCarthy is a certified notary public and a licensed registered lobbyist of the Commonwealth of Massachusetts. He received an associate degree in fire science from Massachusetts Bay Community College in 1974 and a certificate of completion for his labor-related studies at the Harvard Business School Trade Union Program in #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 91

94 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS McCarthy has served on numerous public and private boards and was appointed by Governor Dukakis and Governor Cellucci, respectively, to serve as a trustee of the boards of Fitchburg State University ( ) and the University of Massachusetts ( ). McCarthy has been attending the NCPERS Annual Conference since 1981 and was elected to its executive board in May PAT McELLIGOTT, IMMEDIATE PAST PRESIDENT Pat McElligott, NCPERS immediate past president, is former president of the Tacoma Professional Fire Fighters Union, IAFF Local 31. He is a member of the Washington State Retirement Advisory Board and former chair of the Washington State Investment Board Private Markets Committee, which controls $80 billion in pension fund assets. He has more than 30 years of fire service experience and served 27 of those years with the Tacoma Fire Department. Since 1989 McElligott has served as Sixth District representative of the Washington State Council of Fire Fighters. In addition, he is a member of the Washington State Council of Fire Fighters Standing Pension Committee and the NCPERS advisers, credentials, and executive committees. RICK MILLER Rick Miller is a retired district chief from the Windsor, Ontario, Fire and Rescue Services and was a member of the Windsor Professional Fire Fighters Association for 30 years. He was a member of the Ontario Professional Fire Fighters Association (OPFFA) pension committee for 20 years and served several years as chairman. He has also served on the board of directors of the Windsor City Centre Credit Union. Elected to the board in 2012, Miller is the first elected member of the NCPERS executive board serving under 92 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

95 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS the Canadian classification, and he is a member of the education, investment, and communications committees. Miller is former chairman of the Ontario Municipal Employees Retirement System Administration Corporation s board of directors for 2012 and 2013, during his 16-year tenure on the board. OMERS is one of Canada s largest pension funds, managing more than $71 billion in net investment assets on behalf of more than 430,000 members. Miller was first appointed to the OMERS board in He also served as chair of the OMERS board in 2002 and chairman of its investment committee in 2004 and 2005, followed by three years as vice-chair. Miller was also a member of the governance, audit, pension, and health and safety committees. Miller also serves on other corporate boards, such as in Alberta s oil and gas sector and on Edgecrest Capital s advisory board. He received his Chartered Director designation from the Directors College in 2004 and graduated from the Human Resources Executive Compensation Program at the Directors College in JOHN R. NIEMIEC Captain John Niemiec is a professional firefighter/paramedic with the Fairfax County (Va.) Fire and Rescue Department, with 27 years of experience. He is currently serving as president of the Fairfax County Professional Firefighters and Paramedics IAFF Local Local 2068 is a progressive union with approximately 1,800 active and retired members involved in all aspects of interest and concern to its membership. Prior to his election as president, he served as first vice president, a position that provides a supportive platform from which to address issues of health and safety for career firefighters, paramedics, and other public safety personnel. Much of Niemiec s recent work on behalf of Local 2068 has targeted the preservation and enhancement of the well-deserved and hard-won benefits of career firefighters. He has worked diligently with union members, fire and rescue personnel, and other county managers to achieve the reduction of the Social Security Disability offset. To date, this effort has reduced the offset from 64 percent to 25 percent. The goal is to #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 93

96 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS eliminate the offset altogether. Additionally, Niemiec was instrumental in safeguarding the Deferred Retirement Option Plan (DROP) for all county employees. Niemiec continues to serve as a trustee on the Fairfax County Uniformed Retirement System board. One key element of this position is working with other board officers to oversee and protect a fund of more than $1 billion in assets. Niemiec is a member of the NCPERS executive board, where he serves as a member of the investment, legislative, and membership and marketing committees. WILL PRYOR Will Pryor is an active Los Angeles County fire captain working on a hazardous materials task force in East Los Angeles. Serving as a firefighter union board member since 1991, Pryor currently sits on the Los Angeles County Fire Fighters, IAFF Local 1014, board of directors. Pryor is an elected safety member of the Los Angeles County Employee Retirement Association (LACERA), elected to the board of investments and board of retirement. LACERA is a $34 billion county retirement system serving all employees of Los Angeles County. Pryor is chair of the disability procedures committee and a member of the insurance and legislative committees. He is also a member of the plan administrative committee for the County of Los Angeles, a $4 billion 457 plan for county employees. He is a member of the NCPERS executive board, where he chairs the budget committee and is a member of the audit and health care committees. 94 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

97 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS MONA ROMAIN Mona Romain served as an elected trustee of the New York City Teachers Retirement System from 1998 to She shared with other board members the fiduciary responsibility of overseeing the policies, funding, and investments of the system until her retirement in Romain was assistant treasurer of the United Federation of Teachers (UFT), a member of the UFT executive board, and a member of the pension and retirement committees of the UFT and New York State United Teachers. In her capacity as special representative of the UFT, she has been involved in training pension counselors, conducting pension workshops for in-service and retired members, and writing articles on retirement for the UFT pension publications. Romain was a teacher of mathematics at the secondary-school level for many years before her work in the pension arena. She holds a BS, an MS, and an advanced certificate in administration and supervision from the City University of New York. Romain also attended the Wharton School Executive Education Program and received a certificate in pension funds and money management. She is a member of the NCPERS executive board, where she chairs the audit committee and is a member of the budget and bylaws, policy, and resolutions committees. CAROL G. STUKES-BAYLOR Carol Stukes-Baylor is serving her sixth elected term as trustee of the Philadelphia Board of Pensions and Retirement (first elected in 1994). Stukes-Baylor is a member of the personnel, deferred compensation, proxy, and travel policy committees, and medical panel (chairperson), real estate, and diversity subcommittees for the pension board. Stukes-Baylor worked for the City of Philadelphia for 41 years in several positions, with the last 20 years as a budget analyst in the Office of Behavioral Health Services / Mental Retardation #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 95

98 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS Services. During her employment with the city, she was elected to several union positions with AFSCME District Council 33 Local 1637 and AFSCME District Council 47 Local For both district councils and locals, she held such offices as shop steward, executive board member, and delegate. Under District Council 47, she was appointed co-chair of the pension and benefit committee and delegate to the AFL-CIO. Stukes-Baylor was treasurer for Local 2187 until Stukes-Baylor chairs the Mid-Atlantic Plan Sponsors (MAPS). She is a recipient of the Trustee of the Year Award (1998) and Pathfinder Award (2003) from the National Association of Security Professionals, and a Trailblazer Award (2003) from MAPS. She is a member of the NCPERS executive board, where she is chair of the insurance committee and serves on the audit and bylaws, policy, and resolutions committees. RICHARD TETTAMANT Richard Tettamant was administrator of the Dallas Police and Fire Pension System from 1993 to He also served as assistant administrator of the pension system for eight years. He joined the system in In addition, he has been an employee-elected trustee of the City of Dallas 401(k) board of trustees for more than 10 years. He served as the first president of the Society of Pension Professionals and holds the designation of CPE (Chartered Pension Executive) from the organization. He is an active member of the Texas Association of Public Employee Retirement Systems and was a co-founder of Texas Pension Executives. He is a frequent speaker and panelist at pension conferences. Tettamant was a founder, charter trustee, and former secretary of the Earl Campbell Foundation in Austin. His civic involvement includes serving as director 96 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

99 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS of the Children s Hope Foundation in Dallas. He holds a BA from the State University of New York and an MBA from the University of Texas at Arlington. Tettamant is a member of the NCPERS executive board, where he serves as chair of the education committee, and is a member of the legislative and the marketing and membership committees. RICHARD WACHSMAN, TREASURER Richard Wachsman, NCPERS treasurer, had been with the Dallas fire department for 41 years when he retired as a battalion chief. During his firefighting career, he held offices on the board of the IAFF Local 58. He has been an officer on the Dallas Museum s board since its formation in He currently serves as a trustee of the Dallas Police and Fire Pension Fund and has been extensively involved with the police and fire system for more than 35 years. Wachsman is currently treasurer of the NCPERS executive board, and he serves on the advisers, budget, credentials, and executive committees. #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 97

100 NOTES 98 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

101 NCPERS RESOLUTIONS NCPERS RESOLUTIONS #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 99

102 NCPERS RESOLUTIONS NCPERS: RESOLUTION 1 TITLE: Retirement Benefits SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the constitutional and statutory protections afforded to retirement benefits are under attack by state and local government; and Whereas, public-sector retirees are losing their retirement benefits to the spiraling health care costs that are increasing faster than any cost-of-living adjustments or the Consumer Price Index; and Whereas, the National Conference on Public Employee Retirement Systems has fought for more than 65 years to protect the pension benefits and plans of public-sector employees and retirees, and opposed all attempts by employers to raid these funds or delay making mandatory contributions; and Whereas, the National Conference on Public Employee Retirement Systems believes it is vital to protect pension benefits by finding ways to help retirees and in-service employees pay for their health care costs and to guarantee these benefits during their retirement years. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports retirement benefits composed of a defined-benefit plan, an add-on defined-contribution plan, retiree health care benefits, life insurance coverage, and long-term care insurance protection to ensure that public-sector retirees can maintain their standard of living in their retirement years; and Be it further resolved, that the National Conference on Public Employee Retirement Systems takes the lead in fighting to protect and ensure the retirement and health benefits of all retirees and in-service employees through education of its membership and of elected government officials; and Be it further resolved, that the National Conference on Public Employee Retirement Systems offers its member funds group life insurance and group long-term care insurance to help fulfill the retirement needs of their public employees. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 100 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

103 NCPERS RESOLUTIONS NCPERS: RESOLUTION 2 TITLE: Support for Conventional Approaches to Valuing Public Pensions SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, conventional approaches better reflect the underlying nature of the governments that sponsor the plans, as well as the goals of governmental accounting; and Whereas, conventional approaches have succeeded in funding most public plans; and Whereas, conventional approaches better reflect the underlying dynamics of public pension plans; and Whereas, conventional approaches are more likely to provide stable contribution rates; and Whereas, conventional approaches are more likely to allocate pension costs evenly across current and future taxpayers; and Whereas, conventional approaches are more likely to support better decisions related to public plan funding; and Whereas, broad participation among pension funds, plan sponsors, and GASB will ensure stability in funding methodologies. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports conventional approaches to valuing public pensions; and Be it further resolved, that the National Conference on Public Employee Retirement Systems will oppose using financial economics or market valuation of liabilities for public pensions. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 101

104 NCPERS RESOLUTIONS NCPERS: RESOLUTION 3 TITLE: Oppose Mandatory Social Security Coverage SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the Social Security program provides coverage for virtually all segments of American society, including most, but not all, government employees; and Whereas, all state and local government employees were initially excluded from Social Security; and Whereas, some subsequently made a decision not to be included, instead developing their own retirement and benefit programs that, in many instances, predate the Social Security system and are advance funded; and Whereas, there have been numerous attempts over the years to force all state and local government employees into Social Security against their wishes; and Whereas, there are serious jurisdictional questions concerning such contemplated mandatory coverage of state and local employees; and Whereas, those state and local government employees who have chosen to participate, and continue to participate, in the Social Security system do not want their participation or their benefits to be jeopardized in any way by quick fix inclusion of previously excluded employees, thus exacerbating the future unfunded liability of the Social Security system. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems reaffirms its opposition to all present and future efforts to require mandatory Social Security coverage of noncovered state and local government employees; and Be it further resolved, that the National Conference on Public Employee Retirement Systems continues to be authorized to publicly oppose all attempts on the part of the US Congress or federal administrative agencies to mandate Social Security coverage for all state and local government employees. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 102 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

105 NCPERS RESOLUTIONS NCPERS: RESOLUTION 4 TITLE: Supporting Social Security SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, private retirement accounts in Social Security place in jeopardy the guaranteed benefits promised those covered by the Social Security system; and Whereas, diverting funds from the Social Security Trust Fund places the entire Social Security system in jeopardy by utilizing funds for transition costs that should be used for benefits; and Whereas, private retirement accounts cannot guarantee benefits to participants while placing their retirement income at the mercy of fluctuations in the stock market and participants ability to make investment decisions; and Whereas, an accurate comparison of all the costs and returns of private savings plans with the costs and returns of the existing Social Security system shows that a mandated savings plan, in which retirees invested their money individually, would simply not generate higher retirement income than the present Social Security system; and Whereas, Social Security pays the low-income worker an annual income equal to 56.7 percent of his or her final wage, the middle-income worker 43.9 percent, and the high-income worker 31.4 percent; and Whereas, Social Security provides payout in the form of a real valued annuity, a payment that continues for the life of the worker and is not diminished by inflation. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems goes on record in opposition to the establishment of private retirement accounts within the Social Security system; and Be it further resolved, that the National Conference on Public Employee Retirement Systems publicly supports the continuation and stabilization of the Social Security system and reaffirms its support of improving the financial security of the Social Security system without the establishment of private retirement accounts. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 103

106 NCPERS RESOLUTIONS NCPERS: RESOLUTION 5 TITLE: Support of Defined-Benefit Pensions SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, all workers want retirement security, with a reliable income that enables them to maintain their standard of living and not fall into poverty in old age; and Whereas, Social Security provides a modest retirement income for most Americans, but was never meant to be more than an income floor that would be complemented by an employer-sponsored pension and personal savings; and Whereas, NCPERS members can expect to receive a public pension when they retire; and Whereas, such public pension plans are professionally managed in order to get maximum return on investment, are highly diversified with investments in everything from stocks and bonds to alternative investments in order to balance gains and losses, and place all financial risk on the employer rather than on workers and retirees; and Whereas, opponents of pensions are attacking public pensions across the country to mandate 401(k)-style deferred-compensation (DC) private accounts to replace traditional defined-benefit (DB) plans for public servants; and Whereas, claims that DB plans are severely underfunded are untrue, with asset growth outpacing growth in liabilities for most plans; DB plans that do show a large unfunded liability are generally in that predicament because the sponsoring government failed to fund them consistently and not because workers failed to make contributions. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems endeavors to promote DB plans for public employees and works to defeat efforts to establish 401(k)-style DC private accounts to replace traditional DB plans for public employees. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 104 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

107 NCPERS RESOLUTIONS NCPERS: RESOLUTION 6 TITLE: Require Contributions from Employers and Employees SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, full actuarial required contributions (ARCs) by both employers and employees are necessary to help ensure adequate funding of public pensions; and Whereas, contributions by employees have consistently been made, regardless of economic or budgetary conditions; and Whereas, there are employers that have not made their ARCs, some for a number of years; and Whereas, employer contributions would help plans weather market volatility. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems calls on plan sponsors to make their ARCs; and Be it further resolved, that the National Conference on Public Employee Retirement Systems will work with plans and plan sponsors during this economic crisis to ensure that public plans are well funded and will continue to thrive well into the future. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 105

108 NCPERS RESOLUTIONS NCPERS: RESOLUTION 7 TITLE: Support for the Secure Choice Pension SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, it is estimated that the private sector has a retirement savings underfunding of upward of $8.5 trillion due to lack of a defined-benefit pension and sole reliance on Social Security and personal savings, such as a 401(k); and Whereas, approximately 75 million baby boomers are at retirement age currently or will reach retirement age over the next 15 years; and Whereas, taken together, these circumstances will most likely lead to seniors living in poverty or requiring greater dependence on social safety net programs rather than being productive, taxpaying seniors; and Whereas, from a national perspective, retirement is a workforce management tool so that our nation can have an orderly and predictable workforce transition, thereby ensuring continued productivity and creating job opportunities for the younger generations; and Whereas, public pensions have been providing retirement security to the currently estimated 22 million public employees and have been doing it for more than 100 years. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems will work to introduce and enact legislation to establish Secure Choice Pensions (SCPs). The SCP is a proposal designed to provide retirement security for workers in the private sector through access to a defined-benefit pension. It is envisioned as a public-private partnership to provide retirement security for American workers, particularly those who work for small businesses and who do not currently have a defined-benefit pension. The plan draws on the documented performance and efficiencies of public-sector pension management and extends it to those in the private sector who face what is becoming a national retirement crisis. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 106 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

109 NCPERS RESOLUTIONS NCPERS: RESOLUTION 8 TITLE: Appropriate Role of Defined- Contribution Plans SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the National Conference on Public Employee Retirement Systems has been aware of the introduction of defined-contribution plans in the public sector over the past few years; and Whereas, the National Conference on Public Employee Retirement Systems, through its legislative monitoring, is familiar with the variations of such plans either implemented or proposed at the state or local jurisdictional levels; and Whereas, the National Conference on Public Employee Retirement Systems is also aware of the different reasons for which these defined-contribution plans have been fashioned; and Whereas, the National Conference on Public Employee Retirement Systems notes that defined-benefit plans are the best way to ensure retirement security for all employees; and Whereas, the recent decline in the capital markets and resulting losses experienced by individual investment accounts have demonstrated the unreliable nature of defined-contribution plans as the primary source of retirement income; and Whereas, the National Conference on Public Employee Retirement Systems also takes note that the popularity of new defined-contribution plans has waned in recent months because of the downward fluctuations of the market and the uncertainty of the global marketplace as a whole; and Whereas, the National Conference on Public Employee Retirement Systems takes the position that definedcontribution plans add value in certain instances but do not in others. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports only those efforts whereby a definedcontribution plan is an optional additional component to a defined-benefit plan; and #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 107

110 NCPERS RESOLUTIONS Be it further resolved, that the National Conference on Public Employee Retirement Systems strongly opposes efforts to use a defined-contribution plan as a replacement for a defined-benefit plan for any reason and further opposes defined-contribution plans that erode the assets of a defined-benefit plan trust fund through conversions; and Be it further resolved, that the National Conference on Public Employee Retirement Systems continues its efforts toward strengthening defined-benefit plans, adequate and timely funding of such plans, maintenance and improvement of benefit levels of defined-benefit plans, and support of such defined-contribution plans on a limited basis where used as an optional enhancement to a defined-benefit arrangement. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 108 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

111 NCPERS RESOLUTIONS NCPERS: RESOLUTION 9 TITLE: Corporate Responsibility and Governance SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the US Department of Labor has issued a letter to plans covered by the Employee Retirement Income Security Act suggesting that support for social issues may not be consistent with fiduciary responsibility; and Whereas, an essential part of good corporate governance is the maintenance of corporate policies consistent with the public welfare; and Whereas, public employee retirement systems hold more than $2.8 trillion in capital assets; and Whereas, that asset ownership creates a responsibility to make corporate governance consistent with the needs of our membership; and Whereas, proxies are a valuable plan asset to be managed on the same basis as any other asset. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems encourages its member funds to exercise their proxy voting in a manner that is consistent with fiduciary responsibility, including the welfare of all Americans affected by corporate performance. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 109

112 NCPERS RESOLUTIONS NCPERS: RESOLUTION 10 TITLE: Independence of States and Local Governments to Determine the Terms of Their Retirement Plans SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the Internal Revenue Service has issued public announcements and regulations applying private-sector tax provisions to public employee plans; and Whereas, many of those regulations and announcements will interfere with the constitutionally protected property rights of public employee plan participants; and Whereas, the US Constitution preserves the rights of state and local governments to enact legislation in matters of local concern, including the nature and structure of retirement benefits; and Whereas, Congress expressly recognized that the application of Employee Retirement Income Security Act (ERISA) principles to state and local government plans was inconsistent with the principles of federalism; and Whereas, federal courts have, without exception, affirmed that independence; and Whereas, due to job requirements and mandatory retirement regulations, many public employees are forced to retire prior to eligibility for Medicare. Now therefore be it resolved, by the National Conference on Public Employee Retirement Systems, that member funds and their participants urge their members of Congress to approve corrective legislation to eliminate undue tax regulation and the application of ERISA principles that threaten constitutionally protected pension rights; and Be it further resolved, that the National Conference on Public Employee Retirement Systems affirms its support for the right of state and local governments to selfdetermination in the design and administration of their retirement systems; and Be it further resolved, that the National Conference on Public Employee Retirement Systems encourages all public plans to make available to their participants information on their benefit and investment portfolios on a regular basis. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 110 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

113 NCPERS RESOLUTIONS NCPERS: RESOLUTION 11 TITLE: Assurance of Health Care for All Americans SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, Medicare is the primary health insurance provider for 99 percent of workers older than 65, including the vast majority of retired public employees, and additionally covers 5.2 million disabled Americans; and Whereas, Medicare will encounter serious funding problems in 2019 if nothing is done to stop the spiraling costs of health care; and Whereas, federal fiscal policies, combined with the economic downturn and demands of our nation s war on terror, have drained the national treasury; and Whereas, the Patient Protection and Affordability Act, popularly known as the health care reform law, that was enacted in 2010 is the first major reform of the American health care system since the enactment of Medicare; and Whereas, although the health care reform law provided a good first step, the American health care system still needs additional measures to provide universal and affordable health care coverage for all Americans. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports additional improvements to the health care system that encompass the following principles: health coverage for all citizens, cost containment, quality of care improvement, equitable financing, and simplified administration; and Be it further resolved, that the National Conference on Public Employee Retirement Systems works with the National Coalition on Health Care and other organizations to achieve these principles through legislation; and Be it further resolved, that the National Conference on Public Employee Retirement Systems advocates for Medicare, which has successfully provided health care to millions of seniors for more than 40 years, to remain fundamentally unchanged. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 111

114 NCPERS RESOLUTIONS NCPERS: RESOLUTION 12 TITLE: Funding for Retiree Medical Trusts SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, health care costs for retirees continue to erode the pension benefits of our retired public employees; and Whereas, employers and current employee groups across the nation have taken steps to develop prefunding vehicles for these ever-expanding health care costs; and Whereas, retirees and employees near retirement have little or no time to establish a meaningful savings vehicle for retiree health care; and Whereas, the Economic Growth and Tax Relief Reconciliation Act of 2001 authorized increased limits, portability, and efficiency through consolidating pension assets through transfers and rollovers between plans; and Whereas, the Pension Protection Act of 2006 provides for pretax payment of a portion of health care premiums for public safety officers; and Whereas, dedicating a portion of a retiree s savings for the sole purpose of health care in retirement is a fiscally and socially responsible position. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports allowing retirees and employees near retirement to roll assets from a governmental plan, such as a 401(a), 403(b), or 457(b) plan, into a qualified medical trust or voluntary employees beneficiary association, for the sole purpose of purchasing health care in retirement. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: 112 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

115 NCPERS RESOLUTIONS NCPERS: RESOLUTION 13 TITLE: Appreciation of Members, Speakers, Attendees, and Exhibitors SUBMITTED BY: NCPERS Executive Board l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l Whereas, the National Conference on Public Employee Retirement Systems is greatly indebted to its members for their financial commitment and support, and appreciates the participation and support received from its exhibitors at the 2015 NCPERS Annual Conference and Exhibition; and Whereas, the members, speakers, and exhibitors have been loyal supporters of the National Conference on Public Employee Retirement Systems; and Whereas, many NCPERS corporate members have generously contributed to the NCPERS Charitable Foundation, enabling NCPERS to improve the lives of the communities in which our members live and work. Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems publicly thanks all attendees, speakers, and exhibitors for their role in making this year s annual conference and exhibition a success. l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l CONFERENCE ACTION: #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 113

116 NOTES 114 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

117 NOTES #Annual15 NCPERS 2015 Annual Conference and Exhibition Program Book 115

118 NOTES 116 Program Book NCPERS 2015 Annual Conference and Exhibition #Annual15

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120 SAVE THE DATE! 2016 Annual Conference San Diego, CA Trustee Educational Seminar (TEDS) May 14 15, 2016 Annual Conference and Exhibition May 15 19, 2016 National Conference on Public Employee Retirement Systems The Voice for Public Pensions 444 North Capitol Street, NW Suite 630 Washington, DC Phone: Fax: Website: