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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