FRESNO COUNTY BOARD OF RETIREMENT
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FRESNO COUNTY BOARD OF RETIREMENT

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FRESNO COUNTY BOARD OF RETIREMENT FRESNO COUNTY BOARD OF RETIREMENT Document Transcript

  • Agenda Item _______________ FRESNO COUNTY BOARD OF RETIREMENT June 1, 2005 A regular meeting of the Fresno County Employees’ Retirement Association Board of Retirement was held at 1111 H Street, Fresno, CA Trustees Present: Michael Cardenas A. Papaleo Vicki Crow Stephanie Savrnoch Vera Dominguez John Souza Steven Jolly Michael Thobe Phil Larson Others Present: Jeffrey MacLean, Wurts & Associates Adam Spector, Brandywine Asset Management, Inc. Henry Otto, Brandywine Asset Management, Inc. Barbara Grunwald, Deputy County Counsel Roberto L. Peña, Retirement Administrator Becky Van Wyk, Chief Accountant Autumn L. Henson, Administrative Secretary 1. Call to Order Chair Souza called the meeting to order at 9:12 AM. 2. Closed Session a. Conference with Legal Counsel – Actual Litigation - pursuant to G.C. §54956.9(a) 1. County of Fresno v. Board of Retirement - PULLED b. Disability Retirement Applications – Personnel Exception (G.C. §54957): 1. Nelson Fowlkes 2. Gary Henson 3. Thomas Johnson 3. Report from Closed Session 2a1. PULLED 2b1. Nelson Fowlkes – Decision – A motion was made and seconded to direct the Administrator to notify the applicant that the application will be denied unless the applicant requests a hearing. M-Larson, S-Crow, VOTE-Unanimous 06/01/05 Minutes
  • 2 2b2. Gary Henson – Decision – To accept the findings of fact and decision presented and approve Gary Henson’s service connected disability application. M-Thobe, S-Larson, VOTE-Unanimous 2b3. Thomas Johnson – Decision – A motion was made and seconded to direct the Administrator to notify the applicant that the application will be denied unless the applicant requests a hearing. M-Larson, S-Thobe, VOTE- Unanimous 4. Public Presentations None. Consent Agenda/Opportunity for Public Comment: Trustee Savrnoch pulled consent items 5 and 11. Mr. Peña pulled consent item 12. A motion was made by Vice Chair Dominguez, seconded by Trustee Thobe to approve consent agenda items 6 through 10, 13, and 14. VOTE: Unanimous *5. Approval of the May 18, 2005 Retirement Board Regular Meeting Minutes and the May 25, 2005 Budget Committee Meeting Minutes Trustee Savrnoch requested that clarification be included in the May 18, 2005 Regular Minutes showing that she and Trustee Cardenas were not voting against creating board governance policies, but voted no because they preferred that a professional be hired to help the board with this issue. A motion was made by Trustee Cardenas, seconded by Trustee Crow to amend the May 18, 2005 Regular Minutes as requested. VOTE: Unanimous A motion was made by Trustee Larson, seconded by Trustee Thobe to approve consent agenda item 5 as amended. VOTE: Unanimous *6. Retirements RECEIVED AND FILED; APPROVED as recommended. Name Department Years Richard J. Albert Public Works and Planning 23.26 Juanita Cadena Community Health 3.25 Joel Cegielski District Attorney, Deferred 6.02 Darla Faye Davidson Valley Medical Center, Deferred 5.83 Donna L. Davis Retirement Association, Deferred 7.7 Sharon Z. Esguerra Agriculture 25.48 Nancy Freeman Employment & Temporary Assistance 17.58 Elaine R. Graham Sheriff’s Department 21.99 06/01/05 Minutes
  • 3 Mary J. Haagenson Valley Medical Center, Deferred 5.85 Gwen I. Harris Behavioral Health, Deferred 4.06 Barbara F. Herrera Employment & Temporary Assistance 14.81 Brian G. Hodgkiss Community Health 11.25 Carolina Jimenez Hogg Administrative Office 30.64 Diane S. Johnson Behavioral Heath 10.47 Bradley A. Maggy Community Health 10.74 Robert S. Miranda Public Defender 14.02 Marilyn S. Mitchell Community Health 25.11 Geraldine Morris District Attorney 15.24 Carmelita Salazar A-C/T-TC, Deferred 0.04 Geoffery Shanen Sheriff’s Department 8.11 Ann Lee Shepard Valley Medical Center, Deferred 5.21 Anne C. Strattman Community Health 11.4 Santos L. Tafoya Sheriff’s Department 26.34 Richard Windmiller Public Defender 16.21 *7. Deferred Retirements RECEIVED AND FILED; APPROVED as recommended. Name Department Years Jane M. Gray Public Works and Planning 1.11 Benjamin Rodriguez Community Health 9.96 *8. Request to Rescind Deferred Retirement RECEIVED AND FILED; APPROVED as recommended. Name Department Years Laurel A. Friesen Valley Medical Center 6.09 *9. Disability Retirements RECEIVED AND FILED; APPROVED as recommended. Name Department Years Betty De La Cruz Superior Court 23.99 *10. Most recent investment returns, performance summaries and general investment information from investment managers RECEIVED AND FILED *11. Public Records Requests from Kerri Ginis, The Fresno Bee and John H. Swenning, Sr., Retired Member, Fresno Sheriff’s Department Trustee Savrnoch disagreed with the answers given to Mr. Swenning’s public records request on his questions number 7 and 12 and felt that more detailed answers could 06/01/05 Minutes
  • 4 have been given. Mr. Peña stated that Administration works with FCERA counsel in determining the appropriate response to public records requests. Specific answers are given to questions, no more and no less. A motion was made by Trustee Larson, seconded by Trustee Thobe to approve consent agenda item 11. VOTE: YES-Cardenas, Crow, Dominguez, Jolly, Larson, Papaleo, Souza, Thobe. NO-Savrnoch. *12. Report on the SACRS 2005 Spring Conference by Roberto L. Peña, Retirement Administrator Mr. Peña briefly reviewed the items included with his report to the Board of the SACRS Spring 2005 Conference. Mr. Peña encouraged all of the Trustees to attend these conferences in the future. These conferences are a excellent source of education for the Trustees along with providing an opportunity to interact with their peers. A motion was made by Trustee Thobe, seconded by Trustee Jolly to approve consent agenda item 12. VOTE: Unanimous *13. Correspondence from Todd W. Burns, President, Lynch, Jones & Ryan, Inc. and Carey S. Pack, President, BNY Brokerage, regarding The Bank of New York’s acquisition of Lynch, Jones & Ryan RECEIVED AND FILED *14. Bradford & Marzec, Inc. investment guideline changes RECEIVED AND FILED; APPROVED as recommended. 15. Performance and Economic Summary Mr. Peña introduced Henry Otto, Managing Director, Portfolio Manager and Adam Spector, Managing Director, Client Service of Brandywine Asset Management, Inc. who gave an investment performance presentation to the Board. The Board requested that Mr. MacLean notify firms that will be presenting to the Board in the future to include the net of fees amount along with the gross of fees amount in their documentation. The Board also requested that the amount of the fees be included. Mr. Peña stated that a scheduling proposal will be presented to the Board at an upcoming meeting regarding the FCERA investment managers addressing the Board on a rotating basis. Trustee Savrnoch departed at 10:30 AM. Chair Souza suggested that item number 18 be heard at this time as there were members of the public present that are interested in this item. The Board agreed. 06/01/05 Minutes
  • 5 18. Discussion and appropriate action regarding continuance of monthly supplemental retirement benefits for health benefits Mr. Peña briefly reviewed the funding levels of the non-vested health benefit reserves and recommended that the Board approve this benefit for the 2005-06 fiscal year. A motion was made by Trustee Thobe, seconded by Vice Chair Dominguez to continue the monthly supplemental retirement health benefit for the 2005-06 fiscal year and to continue discussions at upcoming meetings regarding the future of this benefit. VOTE: Unanimous (Absent-Savrnoch). 16. Presentation of the March 31, 2005 Investment Performance Review Trustee Savrnoch returned at 10:50 AM. Jeffrey MacLean presented the FCERA Investment Performance Review for the period ending March 31, 2005. Trustee Crow departed at 11:48 AM. Trustee Papaleo departed at 11:55 AM. 17. Presentation of the March 31, 2005 Guideline Compliance Report Jeffrey MacLean of Wurts & Associates presented the March 31, 2005 Guideline Compliance Report. All firms were in compliance during this period. Trustee Savrnoch apologized for not being present during the discussion of agenda item 18 regarding the continuance of the retirement health benefit. Trustee Savrnoch stated that she believes the Board should deal with the future of this issue as soon as possible and believes that changes need to be made in the way this benefit is implemented. Mr. Peña asked for direction from the Board on when and how often this issue should be placed on the agenda. The Board directed Mr. Peña to schedule a Special Meeting in order to address this issue. Trustee Jolly departed at 12:13 PM. 19. Discussion and appropriate action regarding video recording of disability hearings Mr. Peña gave a brief review of the request by the Board to video tape disability hearings. An opinion from Barbara Grunwald, Deputy County Counsel, has been given to the Trustees. Mr. Peña recommended that the Board refrain from establishing this procedure. Ms. Grunwald also recommended that the Board not video record the hearings unless agreed to by all parties. A motion was made by Trustee Thobe, seconded by Trustee Larson, to direct Administration to move forward with arranging for video taping of one disability hearing to be used as a training tool for Trustees. VOTE: YES-Cardenas, Dominguez, Larson, Savrnoch, Thobe. NO-Souza (believes all hearings should be video taped). ABSENT- Crow, Jolly, Papaleo. 06/01/05 Minutes
  • 6 Trustee Larson departed at 12:24 PM. 20. Report from FCERA Administration Roberto L. Peña, Retirement Administrator gave a brief report on the following items: 1. An error occurred in the May payroll with 5th 3rd Bank withholding the incorrect amounts for California withholding tax from approximately 1500 retirees’ checks. 5th 3rd will be issuing an explanation along with their apologies and options to correct the error to the retirees affected. The correct amounts will be taken out of the June and future checks. Mr. Peña advised that 5th 3rd Bank will not be invited to participate in the upcoming RFP process for custodial bank. 2. Forty-three final compensation letters were sent out with the wrong calculations. Corrections are being completed. 3. Due diligence visits will take place on June 5th – 8th to Mondrian Investment Partners, AJO Partners in Philadelphia, and with Fidelity Investments, Wellington Management, and Oechsle International Advisors in Boston. 4. Information on the RFP for transition management will be posted in Pensions & Investments. The RFP was e-mailed to 6 – 8 firms and is accessible on the FCERA website. 5. Mr. Peña stated that he has been receiving comments from members asking why FCERA can’t hire one person to do all of FCERA’s investments. Mr. Peña asked Mr. MacLean to briefly explain why this is not done. Mr. MacLean explained that different firms specialize in investing in different asset classes. By having many firms all asset classes are available which maximizes investment choices for the FCERA. 21. Report from County Counsel Barbara Grunwald, Deputy County Counsel advised that the outcome of previously discussed litigation regarding whether or not an employee of a retirement office can be elected to its Board is that an employee is not eligible to serve on the Board. 22. Board Member Announcements or Reports None. NEXT MEETINGS: June 15, 2005 – 9:00 AM (Wednesday) Regular Meeting FCERA Boardroom 1111 H Street, Fresno, CA 93721 06/01/05 Minutes
  • 7 July 6, 2005 – 9:00 AM (Wednesday) Regular Meeting FCERA Boardroom 1111 H Street, Fresno, CA 93721 July 20, 2005 – 9:00 AM (Wednesday) Regular Meeting FCERA Boardroom 1111 H Street, Fresno, CA 93721 There being no further business, the meeting was adjourned at 12:35 PM. Roberto L. Peña Secretary to the Board of Retirement 06/01/05 Minutes