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BOARD OF RETIREMENT
FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
SPECIAL MEETING
Wednesday, June 22, 2011 – 8:30 AM
FCERA Boardroom
1111 H Street
Fresno, CA 93721
AGENDA
1. Call to Order
2. Pledge of Allegiance
3. Public Presentations – Any member of the public may address the Retirement Board on any topic within the jurisdiction of the Retirement Board. Individual presentations shall be limited to five (5) minutes. The Retirement Board is generally legally prohibited from taking any action on presentations until a subsequent meeting.
Consent Agenda/Opportunity for Public Comment: All items listed with an asterisk (*) are considered to be routine and non-controversial by staff and will be approved by one motion if no member of the Board or public wishes to comment or ask questions. If comment or discussion is desired by anyone, the item will be removed from the consent agenda and will be considered in the listed sequence with an opportunity for any member of the public to address the Board concerning the item before action is taken. Staff recommendations are shown in caps after each item.
*4. Approve the June 1, 2011 Retirement Board Regular Meeting Minutes – RECEIVE AND FILE; APPROVE
*5. Summary of monthly statistics from the Retirement Association Office on service credit purchases, retirement benefit estimates, public service, age adjustments, final compensation calculations, and disability retirement applications for May 2011 (Acrobat reader required) – RECEIVE AND FILE
*6. Public Records Requests and/or Retirement Related Correspondence from Daniel Mueller, TRIUM Corporate Finance; Ramona DeWitte, Santa Barbara County Employees’ Retirement Association; Teri Rothschild, FCERA Member; Catherine Walker, ACERA; Nancy Calkins, San Joaquin CERA; Teresa Panameno, Orange CERS; Barbara Holquin; Martina Navarrete, FCERA Member; Tangie Mathis, FCERA Member; Harsh Jadhav, Alameda CERA; and Kathleen Riley, Fresno City Retirement – RECEIVE AND FILE
· PRA Calkins (Acrobat reader required)
· PRA DeWitte (Acrobat reader required)
· PRA Holquin (Acrobat reader required)
· PRA Jadhav (Acrobat reader required)
· PRA Mathis (Acrobat reader required)
· PRA Mueller (Acrobat reader required)
· PRA Navarrete (Acrobat reader required)
· PRA Panameno (Acrobat reader required)
· PRA Riley (Acrobat reader required)
· PRA Rothschild (Acrobat reader required)
· PRA Walker (Acrobat reader required)
*7. Update of Board of Retirement directives to FCERA Administration – RECEIVE AND FILE
*8. Educational Reading Materials – RECEIVE AND FILE
· May 4, 2011 Pensions & Investments article – Maryland state workers to put more into pension plans
· May 4, 2011 Pensions & Investments article – Public funds perform best in Wilshire TUCS
· May 16, 2011 Pensions & Investments article – State Street forex probed
· May 16, 2011 Pensions & Investments article – Emerging market investors looking beyond equities
· May 16, 2011 Pensions & Investments article – A need to address inflation risks in DB plans
· May 25, 2011 The Examiner article – Manhattan Moment: Pension debate postmortem
· May 26, 2011 PlanSponsor article – Global Custody/Master Trust: A Seamless World View
· May 26, 2011 PlanSponsor article – Pension Risk Transfer: A Means to an “End”?
· May 26, 2011 PlanSponsor article – Securities Lending: Keeping It Safe
· May 26, 2011 US News and World Report article – How Bad Is the Problem
· May 29, 2011 Everything Alabama article – Future shock for some Alabama pension plans, but may are on solid ground
· May 30, 2011 Pensions & Investments article – Managing risk vital for mature pension plans
· May 31, 2011 PlanSponsor article – Plan Sponsors Taking their Time with Transitions
· May 31, 2011 PlanSponsor article – Public Pension Funding and Valuation Methods Vary Globally
· June 1, 2011 Top 1000 Funds article – Investors Tell Hedge Funds to Lift Their Game
· June 1, 2011 Top 1000 Funds article – Choose your goal posts…and keep them there
· June 2, 2011 PlanSponsor article – London Bridges
· June 3, 2011 PlanSponsor article – CA City Allowed to Reduce Payment for Old Pension
· June 3, 2011 PlanSponsor article – CalSTRS Backs Bill Limiting Pension Spiking
· June 6, 2011 Asset International article – California Pension Sues Wilshire Associates
· June 6, 2011 PlanSponsor article – Living Longer Impacts Retirement Savings and the Workplace
· June 7, 2011 Asset International article – Survey: Institutional Investors Gain by Negotiating on Fees
· June 8, 2011 Top 1000 Funds article – Avoiding Misinterpretation in Calculating Performance-Based Fees
· June 10, 2011 PlanSponsor article – IRS Outlines Common Mistakes in VCP
· June 12, 2011 Asset International article – Questions Circulate Over Destruction of Evidence at CalPERS
· June 13, 2011 Asset International article – BNY Mellon Allegedly Cheated MassPRIM Out of $20 Million in Foreign Exchange Trading
· June 13, 2011 Asset International article – Alaska’s CIO Scott Leave to Join Wurts
· June 13, 2011 Asset International article – Alaska!
· June 13, 2011 GFOA Newsletter Public Policy Statement – Opposing Federal Intervention in Public Employee Retirement Systems
· June 15, 2011 Top 1000 Funds article – Jeff Scott takes on risky business as Wurts’ inaugural CIO
· May 2011 The Journal Newsletter
· June 2011 The Monitor Newsletter
*9. Correspondence regarding the Employee Contribution Rates for FY 2011-2012 (Acrobat reader required) – RECEIVE AND FILE
*10. Binder of insurance confirmation for FCERA Fiduciary Liability Insurance (Acrobat reader required) – RECEIVE AND FILE
*11. NCPERS Public Fund Study June 2011(Acrobat reader required) – RECEIVE AND FILE
*12. Correspondence from Jeffrey MacLean, Wurts & Associates, announcing the appointments of Jeffrey Scott as Chief Investment Officer and Max Giolitti as Director of Risk Allocation (Acrobat reader required) – RECEIVE AND FILE
*13. Memorandum from Susan Coberly, Senior Deputy County Counsel, regarding Teleconferencing and the Brown Act (Acrobat reader required) – RECEIVE AND FILE
*14. Renewal of Property Liability Insurance for the FCERA Administration Building (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION
15. Discussion and appropriate action on whether FCERA's historical practice of applying a $90 cap to the benefits paid to retirees and beneficiaries under Paragraph 9 of the 2000 Settlement Agreement should be changed prospectively and retroactively (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION
16. Discussion and appropriate action on whether to eliminate FCERA’s practice of allowing pre-tax payroll installment deductions for service credit purchases (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION
17. Discussion on Supplemental Cost of Living Adjustment Underpayment project (Acrobat reader required) – RECEIVE AND FILE
18. Closed Session:
A. Conference with Legal Counsel – Actual Litigation - pursuant to G.C. §54956.9(a)
1. Geraldine Chisom, et al. v. Board of Retirement, etc., et al., Fresno County Superior Court Case No. 10 CECG 02372
2. Fresno County Employees’ Retirement Association v. Countrywide Financial Corporation, et al., United States District Court Central District of California Case No. CV11-0811-PA-SHX
3. Stephanie Mallen, Individually, and et al. v. Alphatec Holdings Inc., et al., United States District Court Southern District of California Case No. 3:10-CV-1673-BEN-JMA
4. David Moore v. Board of Retirement of the Fresno County Employees’ Retirement Association, et al.; Fresno County Superior Court Case No. 10 CE CG 03861
B. Disability Retirement Applications – Personnel Exception (G.C. §54957):
1. Teresa Arteaga-Alvarez
2. Rosalinda Gomez
19. Report from Closed Session
20. Report from FCERA Administration
21. Report from County Counsel
22. Board Member Announcements or Reports
NEXT MEETINGS:
July 20, 2011 – 8:30 AM (Wednesday)
Regular Meeting
FCERA Boardroom
1111 H Street, Fresno, CA 93721
August 3, 2011 – 8:30 AM (Wednesday)
Regular Meeting
FCERA Boardroom
1111 H Street, Fresno, CA 93721
06/22/11 Special Meeting