FRESNO COUNTY BOARD OF RETIREMENT
BOARD OF RETIREMENT
FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
May 3, 2006
Trustees Present:
Michael Cardenas Vicki Crow
Vera Dominguez Steve Jolly
Phil Larson A. Papaleo
Stephanie Savrnoch John Souza
William Storey
Trustees Absent:
None
Others Present:
Ronald S. Frye, Alternate Trustee
Ira Summer, Public Pension Professionals
Deanna Van Valer, Public Pension Professionals
Michael Cunningham, Retired FCERA Member
Les Jorgensen, FCREA
Neil Trembley, State Street Global Advisors
Mike Martel, State Street Global Advisors
Rick Ballsrud, The Clifton Group
Ben Lazarus, The Clifton Group
Pamela Fine, Accountant II
Barbara Booth Grunwald, Deputy County Counsel
Roberto L. Peña, Retirement Administrator
Becky Van Wyk, Chief Accountant
Elizabeth Avalos, Administrative Secretary
1. Call to Order
Chair Jolly called the meeting to order at 9:11 AM.
2. Public Presentations
Michael Cunningham, Retired FCERA Member, addressed the Board regarding funeral services for former Trustee, Michael Thobe.
Consent Agenda/Opportunity for Public Comment:
Trustee Papaleo pulled Agenda Items 10 and 11. Chair Jolly pulled Agenda Item 9.
A motion was made by Trustee Larson, seconded by Trustee Souza, to approve Consent Agenda Items 3 through 8, and 12. VOTE: Unanimous (Absent – Crow)
*3. Approval of the April 19, 2006 Board of Retirement Regular Meeting Minutes
RECEIVED AND FILED; APPROVED
*4. Retirements
RECEIVED AND FILED; APPROVED
|Fred M. Aldrete |General Services |19.07 |
|Joyce Campos |E&TA |21.39 |
|Jerrold L. Cardoza |E&TA, Deferred |0.53 |
|Helen J. Clark |Superior Court |10.00 |
|John L. Esparza |Sheriff |27.68 |
|James A. Guild |Behavioral Health |28.62 |
|Kenneth Farr |Community Health |17.17 |
|Robert C. Jamison |Public Works & Planning, Deferred |17.27 |
|George J. Kayian |District Attorney |15.35 |
|Karen Knapp |Child Support Services |13.34 |
|Mark Jerome Martin |VMC, Deferred |8.66 |
|Manuel Ozuna |Behavioral Health |28.93 |
|Steven W. Polacek |District Attorney |33.89 |
|Virginia Prado |Children and Family Services |23.55 |
|David Allen Scott |Behavioral Health |13.01 |
|John J. Schroeder |Community Health, Deferred |20.40 |
|Nancy A. Sharpe |Superior Court |23.54 |
|Donald F. Vanderheyden |Behavioral Health |18.37 |
|Antonette Marie Walls |E&TA |13.85 |
|Brenda D. West |E&TA |21.75 |
|Marcie J. Williams |Children & Family Svs, Deferred |8.46 |
*5. Disability Retirements
RECEIVED AND FILED
|Kathryn J. Van Vranken |Community Health |7.26 |
*6. Deferred Retirements
RECEIVED AND FILED
|Michael Fair |ITSD |6.66 |
|Harold Guyette |General Services |27.43 |
|Julie Montelongo |Child Support Services |11.83 |
|Amanda S. Padoan |District Attorney |0.75 |
|Alberto L. Pugoy |AC/TTC |6.97 |
|Pat Strombeck |General Services |6.73 |
|Lupe Tapia |Community Health |0.53 |
|Noemi Walther |Community Health |5.11 |
|Lara Werning |Library |5.72 |
*7. Request to Rescind Deferred Retirement
RECEIVED AND FILED
|Benjamin Rodriguez |Community Health |9.96 |
*8. Most recent investment returns, performance summaries and general investment information from investment managers
RECEIVED AND FILED
*9. Public Records Requests and/or Retirement Related Information Requests from Paul L. Merrill, Fresno Metropolitan Flood Control District, Eulalio Gomez, FCERA Member, Randy Donahue, FCERA Member, and Adan Delarosa, FCERA Member
Chair Jolly noted that the information requested by Paul L. Merrill, Fresno Metropolitan Flood Control District, contains information regarding FCERA’s returns over the past 21 years. Chair Jolly stated that of those 21 years, FCERA experienced a negative return in only two of those years.
RECEIVED AND FILED
*10. Correspondence from The Bank of New York to FCERA Retirees regarding confirmation processes
Trustee Papaleo inquired as to the payroll processing transition from Fifth Third Bank to The Bank of New York.
Mr. Peña explained that Administration was not satisfied with the payroll processing services of Fifth Third Bank and that several meetings were held in open session to consider issuing an to RFP for custodial and payroll services to replace Fifth Third Bank.
Mr. Peña reminded the Board that Fifth Third Bank offered FCERA a $1 million rebate on prior years fees along with transferring the payroll function to The Bank of New York if the Board decided to continue doing business with Fifth Third Bank.
RECEIVED AND FILED
*11. Detailed explanation of expenses for the 2005 calendar year for Public Pension Professionals, Steefel Levitt & Weiss, and Wurts & Associates
Trustee Papaleo asked for clarification regarding the Wurts & Associates expenditures.
Mr. Peña explained that FCERA has a 3 year contract with Wurts & Associates for $260,000 per year that is billed on a quarterly basis. Mr. Peña stated that the services provided by Wurts & Associates include presenting money managers’ returns on a quarterly basis, assist the Board in determining asset allocation and changes that are needed in the investment plan, and assist in searches for money managers.
Mr. Peña noted that Wurts & Associates was hired in 2002 and that in 2004 the Board approved an increase in the annual contact amount to $260,000.
Chair Jolly commented that the fee paid to Wurts & Associates is approximately 35 basis points and that he finds this fee to be well under industry standards. Chair Jolly also noted that the fund is being managed inexpensively and effectively.
Trustee Papaleo requested a comparison of investment consultant fees to other 37 Act Retirement Systems.
Mr. Peña stated that the information would be made available at the Regular Board Meeting on May 17, 2006.
Trustee Crow arrived at 9:23 AM.
Mr. Larson expressed his concerns regarding due diligence trips and that Trustees should be cautious about spending the members’ money on due diligence trips.
Trustee Souza stated that it is the fiduciary responsibility of the Board to travel to potential investment firms for interviews.
Trustee Savrnoch stated that the Board has adopted Travel Policies and the Board is no longer taking due diligence trips before hiring an investment firm.
Trustee Savrnoch asked if Harvey Leiderman, Steefel, Levitt, & Weiss, had commented on the concerns that the Fresno Station purchase investigation costs were exceeded the $25,000 authorized.
Mr. Peña stated that Mr. Leiderman would be present at the May 17, 2006 Regular Board Meeting to discuss the issue.
Mr. Peña commented that the FCERA Board and staff take their responsibilities seriously and have been efficient in investing the $2.5 billion in the fund. Mr. Peña also noted that over the last 1 to 3 years FCERA has been in the top quartile of their peers.
Trustee Papaleo commented that in his opinion the Board is spending too much money and that they need to minimize expenses by gathering information from other 37 Act Counties instead of taking due diligence trips.
Mr. Peña stated that Administration does use information from other 37 Act Counties and that every effort is made by Administration to minimize expenses.
RECEIVED AND FILED
A motion was made by Trustee Souza, seconded by Trustee Larson, to approve Consent Agenda Items 9, 10, and 11. VOTE: Unanimous
*12. Letter from Ralph Jimenez, Director of Personnel Services, to all certified employee organizations, regarding the employees rights to meet and confer with the County prior to determining a course of action with respect to the recommendations contained in the Actuarial Valuation
RECEIVED AND FILED
13. Discussion and appropriate action on the June 30, 2005 Actuarial Valuation report presented by Ira Summer – Public Pension Professionals
Mr. Peña opened discussions by reminding the Board that at the April 19, 2006 Regular Board Meeting the Board approved the recommended employer rate and directed Mr. Summer to return with a modified Actuarial Valuation using the “smoothed” employee rate process adopted by the Board in the previous year, that is to limit the increase to one-half of the recommended rate for any increase that exceeds 10% of the existing rate.
Mr. Peña stated that an e-mail had been distributed to all County and District employees regarding the contribution rate increase and that the correspondence received from the employees has been made available to the Trustees.
Mr. Summer began his presentation by discussing the five major events affecting the contribution rates.
• Investments
On a market value basis, the Plan investments achieved a return of 11.0% for fiscal year 2004-2005. These rates were greater than the 8.16% return assumed. This resulted in an actuarial gain to the Retirement Plan.
Using the asset smoothing method, FCERA assets achieved a return for the fiscal year of approximately 4.8% due to the spreading of previous losses into the current year. This resulted in an actuarial loss of approximately $75.6 million.
• Demographics
The number of active members and amount of average pay increased for the fiscal year 2004-2005. This resulted in a net increase in total covered payroll of approximately 4.0%.
The number of retirees increased approximately 2.0% and the average monthly benefit increased significantly. This combination increased monthly payments from FCERA by approximately 11.4%.
Mr. Summer stated that data used to determine this information is more accurate than in the past.
• Assumptions and Methodology
The biggest change in methodology was the inclusion of the continuation of Cost of Living Adjustment (COLA) on the Temporary Annuity Option (TAO) after age 62. The valuation was adjusted to reflect the way that FCERA pays COLA benefits to members electing the TAO.
Mr. Summer stated that the Board had discussed several options for paying for the COLA but no action had been taken. Therefore, the means to cover the costs are included in the rates.
Trustee Savrnoch expressed her concern that the inaction of the Board had led to the cost of the COLA being paid with an increase in contribution rates for the Active members.
Mr. Summer stated that other changes in methodology included a 30 year maximum amortization period, leave balances projected to be included as additional service credit to members that die or become disabled, and adjustments to the calculation related to salary increases expected to be earned by active employees who terminate employment in future years and elect a reciprocal benefit.
Trustee Savrnoch asked Mr. Summer if the valuation took into account the new Annual Leave 04 plan.
Mr. Summer stated that he was not aware of the Annual Leave 04 plan and that because of this the liabilities may be slightly overstated.
• Benefits
There were two benefit changes adopted after the June 30, 2004 actuarial valuation. These related to the adoption of Tier Two Retirement benefits and the freezing of the Non-Valuation Purchasing Power COLA.
Mr. Summer stated that these changes had no impact on the employer or member contribution rates because they were implemented after June 30, 2005.
• Funding
Mr. Summer stated that because the contribution rate determined in the June 30, 2003 actuarial valuation for the Fiscal Year beginning July 1, 2004 was less than the contribution rate determined in the June 30, 2004 actuarial valuation there was an actuarial loss due to contribution timing. Over time, these gains and losses are expected to balance out.
Mr. Summer stated that the Basic Benefit is 95% funded, the COLA Benefit is 87% funded and overall the funded position is 93%.
The funded position dropped from 102% for the prior year primarily due to demographic losses of approximately 4.0%, investment smoothing losses of approximately 3.0%, methodology refinements losses of approximately 1.0%, and a slight increase in the normal operation of the plan.
Mr. Summer stated that part of the normal operation of the plan is that contributions are calculated as of June 30, 2005, but that June 30, 2004 rates take effect July 1, 2005. The contributions that the County makes during the 2005-2006 fiscal year are different than the rates that are calculated [in the valuation for the period ended June 30, 2005] because they are being calculated a year later. The difference in timing does create slight changes in the way the funding percentage is adjusted each year and this timing issue has caused the funded percentage to drop.
The funded percentage for the members’ decreased from 82% to 70% primarily due to the assets staying relatively flat and liabilities increasing significantly. Mr. Summer stated that a large portion of the decrease was due to the TAO COLA.
Mr. Summer stated that the funded percentage of the Settlement Benefits increased from 86.5% in the prior year to 89%. Section 6, the largest portion of the Settlement Benefit, is funded at 88%, Section 8 is funded at 96%, and Section 9 is funded at 76%.
The major event impacting the funded percentage is due to an increase in demographics of 5.2%.
Mr. Summer stated that the Employer funded percentage is 92% and in comparison to other 37 Act Counties is in the upper quartile.
The total for rates for the County are 19% for general members, 21% for safety members, and 19.5% overall.
There was an increase in the contribution rate for regular benefits from 11.37% for the 2005-2006 Fiscal Year to 15.87% for the 2006-2007 Fiscal Year due to investment losses increasing the contribution rates by approximately 1.02 % of pay, methodology refinements increasing the contribution rate by approximately 1.9% of pay and the demographic experience being different than projected increasing the contribution rates by approximately 1.4% of pay.
There was a decrease in the contribution rate for Settlement Benefits from 4.53% for the 2005-2006 Fiscal Year to 3.69% for the 2006-2007 Fiscal Year due to investment losses increasing contribution rates by approximately 0.4% of pay, methodology refinements decreasing the contribution rates by approximately 0.3% of pay, and the demographic experience being different than projected decreasing the contribution rates by approximately 0.9% of pay.
Trustee Crow asked Mr. Summer to address the issue of possibly “smoothing” the contribution rate increase for the employer in order to eliminate the “bump”.
Mr. Summer explained that the net amount to be smoothed is approximately $400,000 and by smoothing the employer contribution rates by either a “fresh start” or by recognizing the actuarial gain at this time would leave the plan with no protection from market swings.
Chair Jolly expressed his concerns regarding prior discussions to lower the assumed rate of return and what the impact of the smoothing process would have on contribution rates.
Mr. Summer explained that the 8.16% assumed rate of return is optimistic and that FCERA is at the high end compared to other 37 Act Counties.
Chair Jolly commented that by stopping the smoothing process and to smooth out the losses going forward FCERA is at more risk and that the 8.16% assumed rate of return will need to be met each year in order to keep contributions consistent.
Mr. Summer explained that changing the assumed rate of return to 7.75% would increase the County’s contributions by approximately 3.0% of pay ($10 million) and member contributions would increase as well.
Mr. Summer stated that GASB limits the amortization period of the County’s expense of the unfunded liability to a period no longer than 30 years. Because of the way that the pluses and minuses are being amortized, the current County contribution is barely more than the amount FCERA would need for a 30 year amortization. FCERA could find a way through methodology changes to phase in the increase over a period of time.
Mr. Summer explained that Alameda and Sacramento Counties had phased in employer rates in the late 1990’s.
Mr. Peña asked Mr. Summer if, from an actuarial stand point, Mr. Summer could certify that the plan meets professional standards and is reasonable.
Mr. Summer explained that to phase in employer rates is reasonable and actuarially sound.
Mr. Peña clarified that to phase in the employer rates is for the County to decide whether the cash situation is more important than not meeting GASB requirements where it may have an impact on the County’s financial statements.
Mr. Peña suggested that before implementing such a process the County should meet with employee organizations for their input.
Mr. Summer stated that by phasing in employer contributions the Board is not negotiating methodology, is not negotiating assumptions, and is not giving away any responsibility or authority with regards to the phase in.
Trustee Savrnoch suggested that the Board revisit the TAO COLA issue and asked Mr. Summer if eliminating the TAO COLA for active employees would have an impact on the employee contribution rates.
Mr. Summer stated that eliminating the TAO COLA for active employees would decrease the employee and employer contribution rates.
Mr. Peña clarified that the TAO COLA would be eliminated when a member reaches age 62.
Kathleen Donowa, County Budget Director, expressed concerns regarding a meeting that would delay the County’s process in meeting their budget deadlines.
In response to a comment from Trustee Larson, Mr. Peña clarified that the Board/ Administration administers the Retirement Plan approved by the employer within the requirements of the law.
Discussions, questions, and comments followed regarding scheduling a Special Board meeting to discuss possible changes to the Actuarial Valuation and defining the direction given to Mr. Summer.
A motion was made by Trustee Savrnoch, seconded by Trustee Crow, to approve the Actuarial Valuation as presented and to direct Mr. Summer to return on May 19, 2006 with information regarding changes to the Valuation that would result from including Annual Leave 04, eliminating the TAO COLA past age 62 for new retirees as of July 1, 2006, and funding the TAO COLA for past liabilities. VOTE: Unanimous
RECEIVED AND FILED; APPROVED
Trustees Larson and Storey departed during the lunch break.
Chair Jolly announced that due to time constraints, Items 14 and 15 would be postponed until a future meeting.
14. Performance and Economic Summary report presented by Peter Palfrey and Kenneth Johnson, Loomis, Sayles & Company
Postponed.
15. Performance and Economic Summary report presented by Dan McLaughlin, BlackRock
Postponed.
16. Discussion and appropriate action on selection of investment firms for Cash Equitization Strategy
Jeffrey MacLean opened discussions by reminding the Board that at a previous meeting they had requested that representatives from State Street Global Advisors and The Clifton Group be invited to make presentations regarding cash equitization strategies.
16.1. State Street Global Advisors
Neil Trembly, Relationship Manager, and Mike Martel, Senior Portfolio Manager, began the presentation with a brief overview of the Administrative Cash Equitization concept – equitizing the frictional (administrative) cash to pay for promised benefits, and the initial strategies of S&P 500 Index Administrative Cash Equitization and Strategic Overlay and Rebalancing. The decision to invest in futures, index fund or a combination of the two should be driven by the investment objectives and constraints of FCERA. Futures have greater liquidity than index funds in that futures can settle the same day, while index funds would settle the next day. Two basic options for implementing a cash equitization process are (1) overlay manager using an investment manager or (2) self-directed using existing staff and the custodial bank.
Equitization is highly customized and can be modified easily as needed. Implementation of a program requires a great deal of discussion between the Board, the manager, and the Investment Consultant to ensure that the goals of the Board are met.
Discussions, questions, and comments followed.
Due to time constraints, the Board agreed to hear Agenda Item 17 at this time.
17. Discussion and appropriate action on request by member, Victor Salazar, for Board certification to purchase prior public service time
Becky Van Wyk, Chief Accountant, opened discussions by reminding the Board that the County of Fresno adopted certain provisions of the Government Code authorizing the purchase of prior public service as service credit in this retirement system effective April 2, 2001. The statutes require that certain conditions be met before the member is allowed to purchase the time, including certification by the prior employer of the time worked and confirmation that a retirement benefit does not accrue for that time.
Adequate records are not available to substantiate Mr. Salazar’s actual work history for the period 1969 through August 30, 1972 when he was employed as a Student Assistant at Fresno State University. FCERA has been able to confirm his employment, but not the actual time worked. Therefore, Mr. Salazar has submitted testimonials and an affidavit to substantiate his claim of service eligible to purchase. In addition, this information was reviewed with Legal Counsel who stated that it is within your Board’s discretion to determine the adequacy of records presented to substantiate the purchase of public service credit.
A motion was made by Trustee Dominguez, seconded by Trustee Crow, to approve the request by Victor Salazar to purchase prior public service credit. VOTE: Unanimous (Absent – Larson, Storey)
RECEIVED AND FILED; APPROVED
Victor Salazar thanked the Board for their consideration.
Item 16 - Continued
16.2 The Clifton Group
Ben Lazarus, Director of Sales and Marketing, introduced Rick Ballsrud, Senior Portfolio Manger/Principal, and opened discussions with a brief overview of the firm and the cash securitization concept. Cash equitization is getting security type returns on a cash overlay. The Clifton Group typically uses three indexes to replicate the Lehman Index.
Discussions, questions, and comments followed.
A motion was made by Trustee Souza, seconded by Trustee Dominguez, to enter into an agreement and discussions with the potential to hire State Street Global Advisors for Cash Equitization. VOTE: Unanimous (Absent – Larson, Storey)
RECEIVED AND FILED; APPROVED
Mr. Peña stated that after discussions with Mr. MacLean and State Street Global Advisors he would return to the Board if any changes occur.
18. Discussion and appropriate action on renewal of Fiduciary Liability Insurance policy for Fresno County Employees’ Retirement Association from April 30, 2006 to April 30, 2007 –
Becky Van Wyk, Chief Accountant, opened discussions noting that primary fiduciary liability coverage is $10,000,000 with a premium of $114,490 which includes an increase of $7,490 from the prior year and excess fiduciary liability insurance is $5,000,000 in excess of $10,000,000 with a premium of $38,325 which includes an increase of $3,325 from the prior year.
Ms. Van Wyk stated that FCERA has historically requested that the County of Fresno to pay the $25 per person premium to provide Waivers of Recourse for the Trustees and Administrator because of a statute that prohibits FCERA from paying.
Discussions, questions, and comments followed.
A motion was made by Trustee Savrnoch, seconded by Trustee Souza, to approve the fiduciary insurance coverage with AIG for primary insurance and Federal Insurance Company for excess fiduciary insurance coverage; decline Terrorism Risk Insurance on the primary insurance; and to direct Administration to request the County of Fresno and North Central Fire Protection District to pay the premium required to obtain Waivers of Recourse for each of the trustees and the administrator. VOTE: Unanimous (Absent – Larson, Storey)
RECEIVED AND FILED; APPROVED
19. Discussion and appropriate action on proxy voting requests presented by Roberto L. Peña, Retirement Administrator
Mr. Peña opened discussions by reminding the Board of a previous decision to transfer the proxy voting responsibilities from Institutional Shareholder Services to the investment managers. However, FCERA has received a proxy voting statement from Foundation Coal Holdings, Inc. for which the Board has the discretion to vote. These instruments were obtained as a result of the settlement of securities litigation and can not be transferred or sold until a future date, thus there is no manager to vote the proxy.
In addition, FCERA received a written request from Patricia Trent Wells, Director of the Association of BellTel Retirees, that the Board consider some proxy voting proposals by the Association of BellTel Retirees Inc. for the Verizon 2006 annual meeting.
Mr. Peña requested direction from the Board on the proxy voting requests and recommended that the Board update FCERA’s Investment Policy Statement to add the requirement of “maximizing shareholder value” when the investment managers perform their proxy voting responsibility.
Discussions, questions, and comments followed.
A motion was made by Trustee Dominguez, seconded by Trustee Souza, to direct Mr. Peña to vote the proxy as recommended by the Board of Foundation Coal Holding, Inc. VOTE: Unanimous (Absent – Larson, Storey)
A motion was made by Trustee Souza, seconded by Trustee Dominguez, to direct Mr. Peña to notify the FCERA money manages to vote in favor of Items 5 and 8 on the Verizon proxy. VOTE: Yes – Cardenas, Crow, Dominguez, Souza. No – Jolly, Papaleo. Absent – Larson, Savrnoch, Storey. MOTION PASSES.
The Board directed Administration to speak with Harvey Leiderman, Steefel, Levitt, & Weiss, for input on the recommendation that the Board update our Investment Policy Statement to add the requirement of “maximizing shareholder value” when the investment managers perform their proxy voting responsibility.
RECEIVED AND FILED; APPROVED
Mr. Peña pulled Agenda Item 20.a. as there was nothing to discuss.
20. Closed Session:
a. Conference with Legal Counsel – Actual Litigation - pursuant to G.C. §54956.9(a)
b. Disability Retirement Applications – Personnel Exception (G.C. §54957):
1. Pamela Lockie
2. Ray Ramos
3. Fred Baak
21. Report from Closed Session
20.a. Pulled
20.b.1. Pamela Lockie – Decision – To approve the Findings of Fact and Decision presented and grant Pamela Lockie service connected disability. M – Dominguez, S – Savrnoch. VOTE: YES – Crow, Dominguez, Savrnoch, Souza. NO – Papaleo. ABSTAIN – Cardenas. ABSENT – Larson, Storey.
20.b.2. Ray Ramos – 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 – Dominguez, S – Jolly. VOTE: YES – Cardenas, Crow, Dominguez, Papaleo, Savrnoch, Souza, Jolly. ABSENT – Larson, Storey.
20.b.3. Fred Baak – Decision – A motion was made and seconded to direct the Administrator to notify Fred Baak that his application for service connected disability will be granted based on a heart presumption. M – Dominguez, S – Savrnoch. VOTE: YES – Crow, Dominguez, Savrnoch, Souza. ABSTAIN – Cardenas, Papaleo. ABSENT – Larson, Storey.
22. Report from FCERA Administration
1. Mr. Peña notified the Board that he had met with members of the Grand Jury on April 21, 2006.
2. Mr. Peña requested that the investment presentations normally given at the first meeting of the month be moved to the June 21, 2006 Regular Board meeting. The Board agreed.
23. Report from County Counsel
Nothing to Report.
24. Board Member Announcements or Reports
1. Trustee Souza inquired as to the meeting date that the Board would be discussing the Real Estate Search.
Mr. Peña stated that the Real Estate Search would be discussed at the next investment [June 21, 2006] meeting.
There being no further business, the meeting adjourned at 3:16 PM.
Roberto L. Peña
Secretary to the Board
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