Regular Meeting



Regular Meeting

Board of Administration

Tacoma Employes’ Retirement System

1:00 p.m., Thursday, January 10, 2008

Tacoma Municipal Building

Conference Room 16

733 Market Street

Tacoma, Washington 98402

Minutes

1. Call to Order

Mayor Baarsma, Chair, called the meeting to order on Thursday, January 10, 2008.

2. ROLL CALL

Members Present: Mayor Baarsma, Diane Wetzel, Tim Ross, Rey Arellano, Chris Webster, Rodney Croston, Dave Peterson, and Joe Delaney.

Members Absent: None.

Others Present: Patricia Pabst, Maggie Coleman, Steve Gross, Bob Levin, Ken Turner, Julia Chivers-Nicholson, Melanie Panui, and Kelli Boettger.

On behalf of the Retirement Board, Mayor Baarsma presented Joe Delaney with a plaque prepared in recognition of his service on the Retirement Board. Mayor Baarsma complimented Mr. Delaney and thanked him for his service on the Retirement Board. Mr. Delaney thanked the Retirement Board, Director, and the Retirement Office for their support and professionalism during his service on the Retirement Board.

Mayor Baarsma introduced Bob Levin and Ken Turner, who were invited to attend the Retirement Board meeting for the Governance presentation. On January 7, 2008, the Alternate Board Member Subcommittee reviewed applications of potential candidates and recommended both Mr. Levin and Mr. Turner for interviews. Mr. Levin and Mr. Turner will be interviewed on January 17, 2008 for the Alternate Board Member position.

Mayor invited the Retirement Board to participate in the interviews on January 17, 2008, in Tacoma Municipal Building conference room 248.

3. Citizen Comments

NO COMMENTS.

Suspend Order of Business

Upon motion by Diane Wetzel, seconded by Chris Webster, the Retirement Board moved to suspend the Order of Business and go to Old Business Item B for Julia Chivers-Nicholson’s presentation.

5. OLD BUSINESS

5B. Goverance Presentation

Julia Chivers-Nicholson provided a presentation and discussion on finalizing the roles of the Retirement Board and Chair. The Retirement Board made the following recommendations for amendments to the roles of the Retirement Board.

Regular Meeting

Board of Administration

Tacoma Employes’ Retirement System

1:00 p.m., Thursday, January 10, 2008

Page Two

5. Old Business

5B. Goverance Presentation (continued)

• Delete – “The Board will develop a list of suggested and/or recommended topics and adopt an attendance policy.”

• Added Language – Delegate to the Executive Director “all duties outlined in the job description and seek clarity on items not outlined in the job description.”

• Added Language – “Encourage candidates for the Board positions to attend a training session prior to running for a Board seat.”

• Added Language – “The Board will conduct an annual Board evaluation.”

Revisions will be made and the finalized document will be presented to the Retirement Board for approval.

Copies of the presentation and presentation handouts will serve as an addendum to the minutes.

The Retirement Board confirmed their interest in having Julia provide a presentation and discussion on Strategic Thinking. The Retirement Office will work with Julia to finalize this.

Resume the Order of Business

UPON CONSENSUS, THE RETIREMENT BOARD RESUMED THE ORDER OF BUSINESS.

4. CONSENT AGENDA

The Consent Agenda distributed to the Retirement Board consisted of the draft December 13, 2007 Retirement Board Meeting minutes; the Alternate Board Member Subcommittee minutes as approved subcommittee; the January Retirement Transactions; and the Fund Activity Reports, in which no rebalancing was required for December in accordance with the memorandum from Wilshire Associates dated January 3, 2008.

Upon motion by Dave Peterson, seconded by Chris Webster, the Retirement Board moved to both approve and acknowledge the Consent Agenda which includes the amended minutes of the December 13, 2007 Retirement Board meeting to include changing the motion under Adjourn to read, “Upon motion by Joe Delaney, seconded by Tim Ross, the Retirement Board moved to adjourn.”

5. Old Business

5A. Alternate Board Member

The Mayor communicated that the Alternate Board Member Subcommittee met on January 7, 2008 to review applications and interview questions. They recommended interviewing two candidates, Robert Levin and Kenneth Turner, on January 17, 2008 in Tacoma Municipal Building conference room 248; they also extended an invitation to the full Retirement Board to attend the interviews.

Regular Meeting

Board of Administration

Tacoma Employes’ Retirement System

1:00 p.m., Thursday, January 10, 2008

Page Three

5. Old Business

5A. Alternate Board Member (continued)

Should a consensus be reached and a quorum be available, a formal Board motion could be made to appoint the Alternate Board member.

The Alternate Board Member Subcommittee meeting minutes serve as an addendum to these minutes.

5. Old Business

5C. Seminars

Upon motion by Diane Wetzel, seconded by Rey Arellano, the Retirement Board moved to approve seminar attendance for the following individuals:

• IFEBP Employee Pension Parts 1 & 2, June 10 – 13, 2008 – Mayor Baarsma

• Wilshire Consulting Conference – April 20 – 22, 2008 – Rey Arellano, Dave Peterson, Chris Webster, Alva Butcher and Lynda Livingston

• P & I Liability Driven Investing conference – September 8 – 9, 2008 – Lynda Livingston

• National Association of Corporate Directors – (date to be selected) – Rey Arellano

6. New Business

6A. Disability Application

Upon motion by Chris Webster, seconded by Joe Delaney, the Retirement Board moved to accept the recommendation of the Disability Subcommittee to deny the application for the disability as a permanent and total disability as per TMC Section 1.30.630, which provides that a member must be permanently and totally incapacitated either physically or mentally for the performance of duty.

Legal Counsel further noted that as per TMC Section 1.30.630 (B), an individual may reapply for disability retirement upon the receipt of additional medical information evidencing that they are permanently and totally incapacitated.

The Disability Subcommittee minutes serve as an addendum to these minutes.

6B. Retirement Board Meetings

The Retirement Board did not reschedule the February 21, 2008 Quarterly Manager and Retirement Board meetings.

Regular Meeting

Board of Administration

Tacoma Employes’ Retirement System

1:00 p.m., Thursday, January 10, 2008

Page Four

7. Retirement Director’s Report

Addendum

The Retirement Director’s Report serves as an addendum to the Retirement Board Meeting minutes.

NASRA Newsclips

The Retirement Board received a hard copy of the entire January 2, 2008 issue for informational purposes. There was no discussion.

8. Good of the Order

8A. Annual Work Plans for 2008

The Retirement Board received a hard copies of the Retirement Board and Retirement Office annual work plans for 2008 for informational purposes. There was no discussion.

8B. Investment Advisory Committee Statement

The Retirement Board received a copy of the Investment Advisory committee Statement for informational purposes. There was no discussion.

8C. Legislative Update

The Retirement Board received a copy of the Legislative Update for informational purposes. Steve Gross, legal council, indicated he was available should the Retirement Board have questions or comments.

9. Debriefing

No discussion.

10. Adjourn

Upon motion by Joe Delaney, seconded by Dave Peterson, the Retirement Board moved to adjourn.

Patricia F. Pabst Robert K. Biles

RETIREMENT SYSTEM DIRECTOR SECRETARY TO THE RETIREMENT BOARD

KELLI BOETTGER

RECORDING SECRETARY

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