FRESNO COUNTY BOARD OF RETIREMENT



BOARD OF RETIREMENT

FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

Wednesday January 5, 2011 – 8:30 AM

FCERA Boardroom

1111 H Street

Fresno, CA 93721

AGENDA

1. Call to Order

2. Pledge of Allegiance

3. Introduction and welcome to Trustee, Alan Cade Jr., newly elected General Representative and Regina Wheeler, newly elected Retiree Alternate Trustee.

4. Election of Chair and Vice Chair for the Calendar Year 2011.

5. 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.

6. Discussion and appropriate action on appointments to the Retirement Board Standing Committees: Audit, Budget, Disability, Personnel and Consultant Evaluation – RECEIVE AND FILE; APPROPRIATE ACTION

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.

*7. Approve the December 15, 2010 Retirement Board Regular Meeting Minutes – RECEIVE AND FILE; APPROVE

*8. Retirements – RECEIVE AND FILE; APPROVE

|Douglas Bumatay |Probation |30.98 |

|Sharon J. Burroughs |Sheriff |11.45 |

|Penny L. Carmany |ITSD |20.54 |

|Bert P. Cheeseman |General Services |23.64 |

|Linda F. Cotta |District Attorney, Deferred |5.91 |

|Lee G. Cotter |District Attorney, Deferred |9.53 |

|Mike Davis |Sheriff |20.08 |

|Jane De La Cruz |Dept of Social Services |30.58 |

|Stella Jauregui |Public Health |11.16 |

| | | |

| | | |

|Jeffrey L. Johnson |Sheriff |31.20 |

|Leslie Knoble |Probation |34.89 |

|George A. LaBorde |Sheriff |15.02 |

|Gerald H. Luccardo |Assessor-Recorder |21.98 |

|Joanne Madril |Coroner, Deferred |14.52 |

|James P. Martinez |Child Support Services |33.88 |

|James Robert McCullough |Public Health, Deferred |7.10 |

|Maria Meza |Dept of Social Services |19.52 |

|Janie Montoya |Dept of Social Services |18.00 |

|Anita Olvera |Superior Court |34.61 |

|Dale E. Petersen |Assessor-Recorder, Deferred |4.94 |

|Billy D. Reischling |Public Works & Planning |26.17 |

|Tony Rodriquez |Assessor-Recorder, Deferred |2.04 |

|Warren Bernard Rost |Public Health |20.19 |

|Lavette Denise Sanders |Dept of Social Services |23.89 |

|Della Sandoval |Sheriff |21.96 |

|Penelope Smith |Library, Deferred |5.66 |

|Lourdes I. Soriano |Public Health |20.89 |

|Vasiliki Tegos |Superior Courts, Deferred |18.80 |

|Susan Thompson |Dept of Social Services, Deferred |27.00 |

| | | |

*9. Disability Retirements – RECEIVE AND FILE; APPROVE

|Glen L. Green |Sheriff |17.08 |

*10. Deferred Retirements – RECEIVE AND FILE; APPROVE

|James L. Cummings |Sheriff |2.36 |

|Paul Garcia |Child Support Services |21.58 |

|Kirk C. Kirkland |Sheriff |3.14 |

|Vernon R. LeSage |Sheriff |2.99 |

|Maria Maniscalco |Dept of Social Services |6.88 |

|Richard Rios |Pubic Health |3.71 |

|Lisa A. Tristan |Public Works & Planning |17.59 |

*11 Request to Rescind Deferred Retirement – RECEIVE AND FILE; APPROVE

|Craig Solis |Probation |8.52 |

*12. Public Records Requests and/or Retirement Related Correspondence from Caitlan McMahon, Credit Suisse Securities; Sherri Lewis, Standard & Poor’s MMD; Meredith Mertens, Seizert Capital Partners; and Jim Anderson, Mendocino County Employees’ Retirement Association – RECEIVE AND FILE

• PRA Anderson (Acrobat reader required)

• PRA Lewis (Acrobat reader required)

• PRA McMahon (Acrobat reader required)

• PRA Mertens (Acrobat reader required)

*13. Update of Board of Retirement directives to FCERA Administration – RECEIVE AND FILE

*14. Most recent investment returns, performance summaries and general investment information from investment managers – RECEIVE AND FILE

• AJO Equity Value (Acrobat reader required)

• BlackRock Commodities Index Fund (Acrobat reader required)

• BlackRock Fixed (Acrobat reader required)

• BNY ConvergEx Commission Recapture (Acrobat reader required)

• Colony Distressed Debt (Acrobat reader required)

• Common Sense Hedge Fund (Acrobat reader required)

• GMO Fixed (Acrobat reader required)

• Grosvenor Hedge Fund (Acrobat reader required)

• Hamilton Lane Alternatives (Acrobat reader required)

• Kalmar Equity Small Cap Growth (Acrobat reader required)

• Loomis Sayles Fixed (Acrobat reader required)

• Loomis Sayles Opportunistic Fixed Income (Acrobat reader required)

• Mondrian Emerging Markets Equity (Acrobat reader required)

• Mondrian Small International Cap Equity (Acrobat reader required)

• Oechsle International Equity (Acrobat reader required)

• SSgA Equity Growth (Acrobat reader required)

• Standish Mellon Opportunistic Fixed Income (Acrobat reader required)

• State Street Bank Securities Lending (Acrobat reader required)

• TCW Alternatives (Acrobat reader required)

• Templeton International Equity (Acrobat reader required)

• WAMCO Fixed (Acrobat reader required)

• Wellington Equity Large Cap Value (Acrobat reader required)

*15. Educational Reading Materials – RECEIVE AND FILE

• December 9, 2010 Bloomberg Business Week article – San Diego’s Tough-Love Pension Proposal

• December 14, 2010 article – CalPERS Sets New Asset Allocation Strategy

• December 15, 2010 article – Academic and Think Tank Hypocrisy In the Public Retirement Arena

• December 15, 2010 Top 1000 Funds article – In defense of hedge funds of funds

• December 16, 2010 article – Fitch Considers Pension Funding in Government Credit Ratings

• December 16, 2010 The Mercury News article – San Jose City Council selects financial experts for pension boards

• December 22, 2010 Top 1000 Funds article – Clarifying the concept of risk management

• December 27, 2010 Pensions & Investments article – Pension liquidity crisis leads P&I’s top story list

• Fall 2010 The Monitor Newsletter

• November/December 2010 The Journal Newsletter

• CALAPRS Principles of Pension Management March 22-25, 2011 Palo Alto, California

*16. Board of Retirement Annual Attendance Report for the calendar year 2010 – RECEIVE AND FILE

• Annual Trustee Attendance 2010

*17. State Street Global Advisors post-transition analysis of funds to Waddell & Reed and Winslow Capital (Acrobat reader required) – RECEIVE AND FILE

• Fresno County Post Trade Dec 2010 (Acrobat reader required)

*18. Travel Advance Requests from Chair Gomez and Trustees Cardenas and Cornacchia for hotel accommodations in the amount of $597.00 (three nights) to attend the CALAPRS General Assembly March 5-8, 2011 (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

19. Discussion and appropriate action on selection of investment management firms for the International Equity mandate (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

Dimensional Fund Advisors

Karen E. Umland, Senior Portfolio Manager and Vice President

Joseph L. Young, Regional Director

Morgan Stanley

William Lock, Managing Director

Teri Martini, Executive Director

Kenneth Tollmann, Executive Director

Pyrford

Tony Cousins, Chief Executive & Chief Investment Officer

Peter Schmole, Relationship Management

Research Affiliates

Robert D. Arnott, Portfolio Manager

John West, Director and Shareholder

20. Discussion and appropriate action on resolution authorizing two Trustees to sign documents related to the sale of the Fresno Station Business Center (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

21. 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

B. Conference with Real Property Negotiators – pursuant to G.C. §54956.8

1. Property: 1713 Tulare Street, Fresno, CA 93721

Agency Negotiators: Brian Decker of Colliers Tingey

C. Disability Retirement Applications – Personnel Exception (G.C. §54957):

1. Rudolph Gutierrez

22. Report from Closed Session

23. Report from FCERA Administration

24. Report from County Counsel

25. Board Member Announcements or Reports

NEXT MEETINGS:

January 19, 2011 – 8:30 AM (Wednesday)

Regular Meeting

FCERA Boardroom

1111 H Street, Fresno, CA 93721

February 2, 2011 – 8:30 AM (Wednesday)

Regular Meeting

FCERA Boardroom

1111 H Street, Fresno, CA 93721

February 16, 2011 – 8:30 AM (Wednesday)

Regular Meeting

FCERA Boardroom

1111 H Street, Fresno, CA 93721

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Requests for disability-related modification or accommodation needed in order to participate in the meeting should be made to Elizabeth Avalos at 457-0350 no later than Monday, 01/03/11 at 10AM.

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