MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS MEETING OF MAY 16, 2002

Transcription

1 MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS MEETING OF MAY 16, 2002 The Board of Fire and Police Pension Commissioners of the City of Los Angeles met in Room 800, 360 East Second Street, on Thursday, May 16, COMMISSIONERS COMMISSIONER PRESENT: ABSENT: Gay L. Harwin, President George V. Aliano Mike Carter Thomas A. Dawson Sam Diannitto Sim Farar William H. Jackson Peggy Moore Louis F. Moret None DEPARTMENT OF FIRE AND POLICE PENSIONS: Gary Mattingly, General Manager D. Edward Griffiths, Asst. General Manager Michael Perez, Asst. General Manager Rhonda Peterson, Asst. General Manager Tom Lopez, ChiefInvestment Officer CITY ATTORNEY'S OFFICE: Donna Weisz Jones, Assistant City Attorney President Harwin called the regular meeting to order at 9:08 a.m. All of the above-listed Commissioners were present at the start of the meeting. COMMUNICATIONS TO THE BOARD a. Miscellaneous correspondence from money managers, consultants, etc., received and filed. b. Monthly Report Received and filed.

2 Page 2 COMMITTEE REPORTS Benefits Committee Chair Dawson said this Committee did not meet. Equities Committee Chair Moret said this Committee did not meet. Fixed Income and International Investment Committee Chair Diannitto said this Committee did not meet. High Yield and Alternative Investment Committee Chair Aliano said this Committee met this morning and will report when Item #7 on the agenda is addressed. Independence and Administrative Committee Chair Diannitto said this Committee met on May 9,2002 to discuss the proposed Budget for fiscal year The proposed Budget will be agendized at the June 6, 2002 meeting for Board adoption. Real Estate Committee Chair Carter said this Committee did not meet. Strategic Planning Committee Chair Carter said this Committee did not meet. APPROVAL OF REVISED REAL ESTATE INVESTMENT OBJECTIVES AND POLICY RESOLUTION NO Commissioner Diannitto moved that the Board adopt the revised Statement of Real Estate Objectives and Policy, which motion was seconded by Commissioner Carter and approved by the following vote: ayes, Commissioner Aliano, Carter, Dawson, Diannitto, Farar, Jackson, Moore, Moret and President Harwin 9; nays, none.

3 Page 3 REQUEST BY CITY CLERK FOR REIMBURSEMENT MEMBER BOARD MEMBER ELECTIONS OF EXPENSES FOR ACTIVE RESOLUTION NO Commissioner Aliano moved that the Board authorize reimbursement to the City Clerk for conducting Active Board Member Elections, which motion was seconded by Commissioner Carter and approved by the following vote: ayes, Commissioner Aliano, Carter, Diannitto, Jackson, Moore, Moret and President Harwin - 7; nays, Commissioner Dawson and Farar - 2. REQUEST FOR REACTIVATION - JOEL R. PRICE RESOLUTION NO Commissioner Diannitto moved that the Board: 1. Approve and concur in the determination of the Chief of Police that Joel R. Price is physically qualified to perform the duties of a Detective and may, therefore, be returned to active duty pursuant to Charter Section 1410; and 2. That the pension payable to Joel R. Price be terminated as ofthe effective date ofthe return to active duty, said date to be determined by the appointing authority for the Police Department. Which motion was seconded by Commissioner Moore and approved by the following vote: ayes, Commissioner Aliano, Carter, Dawson, Diannitto, Farar, Jackson, Moore, Moret and President Harwin - 9; nays, none. REQUEST TO RETURN A GIFT OF DONATED STOCK MOTION Mr. Tom Lopez said that the gift was made recently and the donor has not taken a tax deduction for it. He recommends that the Board return the gift. After discussion, Commissioner Diannitto moved that the Board return the gift of stock, which motion was seconded by Commissioner Aliano and approved by the following vote: ayes, Commissioner Aliano, Carter, Diannitto, Farar, Jackson, Moore, Moret and President Harwin - 8; nays, Commissioner Dawson - 1.

4 Page 4 POSSIBLE CHANGES IN THE SELECTION OF THE HIGH YIELD MANAGER MOTION After discussion, Commissioner Diannitto moved that the Board re-interview Mackay Shields and T. Rowe Price for possible selection as a High Yield manager, which motion was seconded by Commissioner Moore and approved by the following vote: ayes, Commissioner Aliano, Carter, Dawson, Diannitto, Farar, Jackson, Moore, Moret and President Harwin; nays, none. GENERAL MANAGER'S REPORT Mr. Mattingly introduced Erricka Jordan who joins the Service Pensions Section as a Senior Clerk Typist. The Board welcomed her. The City has to increase the salary accounts ofthe Fire and Police Departments due to the fact there have been fewer retirements than anticipated. Mr. Mattingly said that the City is obligated to give $2.3 million to the Fund to cover the liability. The City does not want to give this money to the Fund. Legally the City is obligated to give this money to the Fund. Mr. Mattingly will keep the Board apprised of the outcome of this situation. CONSIDERATION OF FUTURE AGENDA ITEMS There was none. PUBLIC COMMENTS There was none. CONSENT ITEMS APPROVAL OF MINUTES MINUTES OF THE REGULAR MEETINGS OF MARCH 14,2002, MARCH 21, 2002, AND APRIL 4, 2002 MINUTES OF THE SPECIAL MEETING OF APRIL 11,2002 APPROVAL OF TRAVEL AUTHORITY TRAVEL AUTHORITY - COUNCIL OF INSTITUTIONAL INVESTOR'S SEMI ANNUAL MEETING - SEPTEMBER 22-24, 2002

5 Page 5 TRAVEL AUTHORITY - INFORMATION MANAGEMENT NETWORK'S 7 TH ANNUAL FIRE AND POLICE PENSION FUNDS SUMMIT - JUNE 23-26, 2002 DISCONTINUE PENSIONS - TIER 1 Theodore B. Benglen Police Disability Retired: Died: Catherine F. Davlin Fire Widow Retired: Died: Marian 1. McMillan Fire Widow Retired: Died: Rose L. Lohrman Police Widow Retired: Died: Florence K. Siegel Police Widow Retired: Died: DISCONTINUE PENSIONS - TIER 2 Alfred 1. Harper Fire Service Retired: Died: William W. Parks Fire Service Retired: Died: Frank Estrada Police Service Retired: Died: Harvey L. Roach Police Service Retired: Died: George W. Toliver Police Service Retired: Died: Orla G. Truitt Police Service Retired: Died: Ralph W. Hansen Fire Disability Retired: Died: John W. Oltmann Fire Disability Retired: Died: Lee 1. Abreu Police Disability Retired: Died: Janice M. Martin Fire Widow Retired: Died: Florence L. Holland Police Widow Retired: Died: Dorothy L. Magness Police Widow Retired: Died: SERVICE PENSIONS - TIER 3 Fire Firefighter III Appt'd: Years 344 Days % Joanne Gove Eff: FAS: $4, $1, SERVICE PENSIONS - TIER 5 Fire Engineer Appt'd: Years 197 Days % Larry D. Munden Eff: FAS: $6, $5,463.37

6 Page 6 Police Detective III Appt'd: Years 20 Days % Frank T. Goldberg Eff: FAS: $7, $5, Police Officer II Appt'd: Years 202 Days % David W. Herrick Eff: FAS: $5, $4, Police Officer III Appt'd: Years 255 Days % Kevin E. Heady Eff: FAS: $6, $4, Detective III Appt'd: Years 4 Days % Victor T. Elliott Eff: FAS: $7, $6, Police Officer III + LB Appt'd: Years 17 Days % Samuel D. Mora Eff: FAS: $6, $ Sergeant I Appt'd: Years 76 Days % Peter H. Weinhold Eff: FAS: $6, $6, SERVICE PENSION CORRECTIONS - TIER 5 FAS: PENSION AMOUNT: Police Detective III From: $7, From: $5, Miguel M. Mejia To: $7, To: $5, PENSION AMOUNT: Police Sergeant I From: $5, Clarence Massar, Jr To: $5, FAS: PENSION AMOUNT: Police Officer II From: $5, From: $2, Peter A. Walsh To: $5, To: $2, Police Detective II PENSION AMOUNT: David R. Jones From: $3, To: $3,630.70

7 Page 7 Corrections necessary due to adjustment oflost date. service time received after original board grant ARBITRATION AWARD - PAYGRADE ADVANCEMENT - TIER 2 On July 14, 2001, an Arbitration Decision and Award was made to restore Retired Detective Buford Watts, Jr., from Detective II to Detective III retroactive to his restoration to active duty from a disability pension on July 6, Retired Detective Watts subsequently retired on a service pension effective October 10, 1999 as a Detective II. Pension benefits for Retired Detective Watts have been adjusted to reflect the Detective III salary rate retroactive to October 10, The current pension amount of$4, has been corrected to $4, ELIGIBLE SURVIVING SPOUSE'S PENSION - TIER 2 Name Member's Normal Rate Effective Monthly Class Pen. Base % Date Amount Mary L. Hansen Fire $4, % $2, (Ralph W. Hansen) Disability Member's CIL $3, ~argaret~. liarper Fire Service $1, % $ (Alfred J. Harper) Member's C/L 2, $3, Helen B. Landgraf Fire Service $1, % $1, (Robert C. Landgraf) Member's C/L 3, $4, Barbara A. Oltmann Fire $2, % $1, (John W. Oltmann) Disability Member's CIL 1, $2, Sophie M. Roach Police $3, % $2, (Harvey L. Roach) Service Member's C/L 1, $4, Idella L. Truitt Police $ % $ (Orla G. Truitt) Service Member's C/L 1, $1,554.97

8 Page 8 DISCONTINUE PARTIAL PAYMENT OF PENSION - TIER 2 Discontinue payment of the community property interest ofthe pension paid to Barbara A. Stephens, former spouse of William F. Stephens, Fire Disability Pensioner, effective September 28,2001 due to the death of Ms. Stephens on September 27,2001. The monthly amount of$i, will be returned to Mr. Stephens for a total monthly pension of $3, CONSERVATORSHIP - REAPPOINTMENT - TIER 1 A certified copy of the Letters of Conservatorship, issued in the Superior Court of the State of California, County of Orange, Case Number A LPS, reappointing William A. Baker, Conservator ofthe Person and Estate of Fred M. Flaugh, retired member ofthe Police Department, from February 15, 2002 through February 14, 2003, has been filed with this office. Pension payments in the amount of$l, will be paid to Mr. Baker. FINDINGS OF FACT - TIER 2 Fire a. Kenneth L. Brondell b. Robert T. Teachenor a. Dennis S. Massa FINDINGS OF FACT - TIER 3 a. Cindy Ballard-Marquez a. Teresa L. Golt b. Sean B. McGee c. John T. Mares d. Kelly D. Tobey FINDINGS OF FACT - TIER 4 a. Sylvia M. Garcia

9 Page 9 Mr. Mattingly announced that there is one correction to the Consent Items: Delete Consent Item 11- F - Service Pension of Sergeant 1+2 Dennis P. Zine. Mr. Zine has withdrawn his application. A motion to approve the Consent Items with the correction noted was made by Commissioner Diannitto, seconded by Commissioner Dawson and approved by the following vote; ayes, Commissioners Aliano, Carter, Dawson, Diannitto, Farar, Jackson, Moore, Moret and President Harwin - 9; nays, none. DISABILITY PENSIONS DISABILITY CLAIM - NEW - TIER 2 Dennis C. Wilcox (F) Fire Captain II As recommended by staff and concurred in by the applicant, service connected disability pension granted in the amount of$5, or 70% of$8, with no scheduled review. Motion made by Commissioner Aliano, seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Aliano, Carter, Dawson, Diannitto,Farar, Moore, Moret, Jackson, and Harwin - 9; nays, none. Fire Captain Wilcox was not present nor was his attorney, Steven M. Barry. The meeting was adjourned at 9:57 a.m. c ~I2-=di, President Pro-Tern