FRESNO COUNTY BOARD OF RETIREMENT



BOARD OF RETIREMENT

FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

BOARD OFF-SITE EDUCATIONAL REGULAR MEETING

October 17 - 18, 2012 - 9:00 AM

October 17, 2012

Trustees Present:

Marion Austin Laura P. Basua Judith G. Case

Dr. Rod Coburn Franz Criego Vicki Crow

Eulalio Gomez John Souza

Trustees Absent:

Steve Jolly

Others Present:

Ron Madsen, FCERA Member

Paul Angelo, Segal Company

Beth Bandy, Deputy Director of Personnel Services

Paul Nerland, Employee Benefits Manager

DeAnn VonBerg, Personnel Services

Art Wille, Deputy County Counsel

Phillip Kapler, Retirement Administrator

Becky Van Wyk, Assistant Retirement Administrator

Pat Srisukwatana, Systems & Procedures Analyst

Elizabeth Avalos, Administrative Secretary

Elizabeth Cervantes, Office Assistant

1. Call to Order

Vice Chair Souza called the meeting to order at 9:23 AM.

2. Public Presentations

None.

Consent Agenda/Opportunity for Public Comment

A motion was made by Trustee Criego, seconded by Trustee Coburn, to Approve Consent Items 3-7 as presented. VOTE: Unanimous (Absent – Gomez, Jolly)

*3. Approval of the September 19, 2012 Retirement Board Regular Meeting Minutes

RECEIVED AND FILED; APPROVED

*4. Approval of the October 3, 2012 Retirement Board Regular Meeting Minutes

RECEIVED AND FILED; APPROVED

*5. Recommended Board of Retirement Regular Meeting Schedule for Calendar Year 2013

RECEIVED AND FILED; APPROVED

*6. Summary of monthly statistics from the Retirement Association Office on buybacks, retirement benefit estimates, public service, age adjustments, final compensation calculations and disability retirement applications for September 2012

RECEIVED AND FILED

*7. Quarterly Trustee Travel Report and Anticipated Trustee Travel

RECEIVED AND FILED

8. EDUCATIONAL PRESENTATIONS

A. Actuarial “FUN” damentals - presented by Paul Angelo, Segal Company

See Item 8.B.

Morning Recess 10:30 AM ~ 10:50 AM

B. Actuarial “FUN” damentals (continued)

The Board heard from and engaged in discussion with Paul Angelo, Segal Company, on presentation on actuarial fundamentals.

RECEIVED AND FILED

Lunch Recess 12:00 PM ~ 1:00 PM

EDUCATIONAL PRESENTATIONS CONTINUTED

C. PEPRA Summary ~ What we know - What we don’t know yet - presented by Phillip Kapler, Retirement Administrator

The Board heard from and engaged in discussion with Phillip Kapler, Retirement Administrator, on the Public Employees Pension Reform Act.

RECEIVED AND FILED

Afternoon Recess 2:30 PM ~ 2:50 PM

D. Beta & Transition Management Overview - presented by Neil Steingrube, Vice President Sales & Marketing, and Jon Platt, Portfolio Manager, BNY Mellon Asset Services

The Board heard from and engaged in discussion with Neil Steingrube and Jon Platt, BNY Mellon Asset Services, on Beta & Transition Management.

RECEIVED AND FILED

The Board recessed at 4:23 PM.

Recess from 4:30 PM October 17, 2012 to 8:30 AM Thursday, October 18, 2012, at the Golden Gate Room

October 18, 2012

Trustees Present:

Marion Austin Laura P. Basua Dr. Rod Coburn

Franz Criego Vicki Crow Eulalio Gomez

John Souza

Trustees Absent:

Judy Case

Steve Jolly

Others Present:

Regina Wheeler, Alternate Trustee

Jeffrey MacLean, Wurts & Associates

Jeffrey Meeker, Hamilton Lane

Jeff Pelletier, Yucaipa Companies

Norice Rice, Yucaipa Companies

Thomas Wilhelm, Yucaipa Companies

Tom Dahlen, Yucaipa Companies

Art Wille, Deputy County Counsel

Phillip Kapler, Retirement Administrator

Becky Van Wyk, Assistant Retirement Administrator

Pat Srisukwatana, Systems & Procedures Analyst

Elizabeth Avalos, Administrative Secretary

Elizabeth Cervantes, Office Assistant

Call to Order

Chair Gomez called the meeting to order at 8:39 AM.

9. EDUCATIONAL PRESENTATIONS

A. Portfolio Risk and Actuarial Implications - presented by Jeffrey MacLean, Wurts & Associates

The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on Portfolio Risk and Actuarial Implications.

RECEIVED AND FILED

B. International Equity Search - presented by Jeffrey MacLean, Wurts & Associates

The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on the International Equity Search.

The Board directed Administration to work with Wurts & Associates to invite William Blair and Artisan Partners to present their International Equity strategies and to agendize a discussion regarding the costs related to indexing this particular investment.

RECEIVED AND FILED

Morning Recess 10:30 AM ~ 10:50 AM

C. Fixed Income Structure Review and recommendation to terminate Standish Mellon - presented by Jeffrey MacLean, Wurts & Associates

The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on the Fixed Income Structure.

RECEIVED AND FILED

Lunch Recess 12:00 PM ~ 1:00 PM

EDUCATIONAL PRESENTATIONS CONTINUTED

D. Private Equity Overview - presented by Jeff Meeker, Managing Director and Global Head of Product Management, Hamilton Lane

The Board heard from and engaged in discussion with Jeff Meeker, Hamilton Lane, on Private Equity.

RECEIVED AND FILED

E. Private Equity ~ Introductory Investor - presented by Jeff Pelletier, Norice Rice, and Thomas Wilhelm of The Yucaipa Companies

The Board heard from and engaged in discussion with the Yucaipa team on Private Equity.

RECEIVED AND FILED

10. Report from FCERA Administration

Administration had nothing to report.

11. Report from County Counsel

County Counsel had nothing to report.

12. Board Member Announcements or Reports

The Board had nothing to report.

There being no further business, the meeting adjourned at 3:25 PM.

Phillip Kapler

Secretary to the Board

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