FRESNO COUNTY BOARD OF RETIREMENT



BOARD OF RETIREMENT

FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

Wednesday March 2, 2011 – 8:30 AM

FCERA Boardroom

1111 H Street

Fresno, CA 93721

AGENDA

1. Call to Order

2. Pledge of Allegiance

3. 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.

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.

*4. Approve the February 16, 2011 Retirement Board Regular Meeting Minutes – RECEIVE AND FILE; APPROVE

*5. Retirements – RECEIVE AND FILE; APPROVE

|Alfred Alvarez |Behavioral Health |13.16 |

|Susan R. Arce |Dept of Social Services |13.10 |

|Michael Bagwell |Sheriff |28.27 |

|Patricia A. Barrios |Superior Court |22.52 |

|Diana E. Barrera |Behavioral Health |11.15 |

|Melvin M. Chong |Dept of Social Services |10.23 |

|Christine B. Diesslin |Probation, Deferred |13.13 |

|Edward Lee Garza |Dept of Social Services |10.51 |

|Marilyn J. Harlan |Coroner/Public Administrator |7.70 |

|John Paul LaLonde |District Attorney |13.92 |

|Robert Lara |General Services |18.53 |

|David Laumer |Public Works & Plan, Deferred |6.01 |

|Richard J. Leibold |Public Health, Deferred |10.13 |

|Larry Leon |Dept of Social Services |16.56 |

|Karen Lindsey |Public Health, Deferred |5.57 |

|Johnny G. Lujan |General Services |21.80 |

|Mary Lou Reilly |Dept of Social Services |22.93 |

|Sylvia M. Reyes |Superior Court |10.00 |

|Kenneth Sipe |Public Works & Planning |21.41 |

|Graciela Siqueiros |VMC, Deferred |7.85 |

|Michael J. Stephenson |General Services |22.64 |

| | | |

*6. Disability Retirements – RECEIVE AND FILE; APPROVE

|Roberta Lambert |Sheriff |13.95 |

*7. Deferred Retirements – RECEIVE AND FILE; APPROVE

|Ajit Singh |Public Health |8.97 |

*8. Public Records Requests and/or Retirement Related Correspondence from Dinesh Kangya, Diamantisse; Kevin Imhoff, Smith Bridge Partners; Christopher Smith, Mandate Wire, Lisa Sabrin, Transcendent Investments; Bernhard Steiner, Alternative Investment Partner; and Rainer Busch, Mercury Partners – RECEIVE AND FILE

• PRA Imhoff (Acrobat reader required)

• PRA Sabrin (Acrobat reader required)

• PRA Smith (Acrobat reader required)

• PRA Steiner (Acrobat reader required)

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

*10. Educational Reading Materials – RECEIVE AND FILE

• February 7, 2011 Alameda County Employees’ Retirement Association correspondence – Pension Initiative, Legislation Planned

• February 7, 2011 SACRS correspondence – Re: Registration of Municipal Advisors File No. S7-45-10

• February 7, 2011 New Jersey Newsroom article – N.J. public employee pension reform bill introduced

• February 10, 2011 Beyond Chron editorial – Don’t Blame California Public Employees!

• February 11, 2011 PlanSponsor article – CalSTRS Adopts New Approach for Risk Management

• February 11, 2011 PlanSponsor article – AR Pension Fund Suing State Street over Foreign Exchanges Trades

• February 11, 2011 Asset International article – Hewitt InnisKnupp Denied Outsourced CIO Role at Ventura, California Pension

• February 14, 2011 Asset International article – Illinois Leans on SWFs to Relive Pension Debt

• February 14, 2011 PlanSponsor article – Lawmakers Hear Public Pensions aren’t Dying

• February 15, 2011 PlanSponsor article – NYC Considers Firing Managers Who Disparage Pensions

• February 17, 2011 Asset International – NY Pension Scammer Head to Prison for Pay-to-Play Scandal

• February 17, 2011 PlanSponsor article – CalPERS Approves Placement Agent Policy Additions

• February 20, 2011 The Sacramento Bee article – Calif. Workers’ public pensions again targeted for cuts

• February 23, 2011 Top 1000 Funds article – Wurts polishes its silver

• February 24, 2011 Little Hoover Commission press release – Commission calls for Pension Roll-Back for Current Workers

• February 2011 Employee Benefit News survey – Reeling them in with retirement bait: Retirement benefits shown effective to attract and retain

• February 2011 Employee Benefit News article – Map offers 24/7 access to state, local pension reforms

• Winter 2011 CALAPRS Newsletter

• SACRS Symposium 2011 March 16, 2011 – Huntington Beach, California

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

• AJO Equity Value (Acrobat reader required)

• Angeloe Gordon Private Equity Distressed Debt (Acrobat reader required)

• Blackrock Commodities Index Fund (Acrobat reader required)

• Blackrock Fixed (Acrobat reader required)

• BNY ConvergEx Commission Recapture (Acrobat reader required)

• Common Sense Hedge Fund (Acrobat reader required)

• GMO Fixed (Acrobat reader required)

• Grosvenor Hedge Fund (Acrobat reader required)

• Kalmar Equity Small Cap Growth (Acrobat reader required)

• Lonestar Alternative Investment (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)

• PIMCO Talf (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)

• Systematic Financial Equity Value (Acrobat reader required)

• Templeton International Equity (Acrobat reader required)

• Waddell Reed Equity Value (Acrobat reader required)

• WAMCO Fixed (Acrobat reader required)

• Wellington Equity Large Cap Value (Acrobat reader required)

• Winslow Capital Equity Value (Acrobat reader required)

*12. Correspondence from Jeffrey MacLean, Wurts & Associates, regarding Grosvenor Capital Management Update Memo (Acrobat reader required) – RECEIVE AND FILE

*13. Travel Request from Chair Cade to attend the 2011 Pension Bridge Annual Conference on April 12-13, 2011 in San Francisco, CA (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

14. Discussion and appropriate action on selection/recommendation of management firm for the International Value Equity mandate – RECEIVE AND FILE; APPROPRIATE ACTION

• International Value Recommendation Wurts (Acrobat reader required)

15. Discussion and appropriate action on Asset Allocation presented by Jeffrey MacLean, Wurts & Associates (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

16. Presentation of the December 31, 2010 Investment Performance Review presented Jeffrey MacLean, Wurts & Associates (Acrobat reader required) – RECEIVE AND FILE

17. Presentation of the December 31, 2010 Guideline Compliance Report presented by Jeffrey MacLean, Wurts & Associates (Acrobat reader required) – RECEIVE AND FILE

18. 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

2. Fresno County Employees’ Retirement Association v. Countrywide Financial Corporation, et al., United States District Court Central District of California Case No. CV11-0811-PA-SHX

3. Stephanie Mallen, Individually, and et al. v. Alphatec Holdings Inc., et al., United States District Court Southern District of California Case No. 3:10-CV-1673-BEN-JMA

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

1. Joyce Likens

19. Report from Closed Session

20. Report from FCERA Administration

21. Report from County Counsel

22. Board Member Announcements or Reports

NEXT MEETING:

March 16, 2011 – 8:30 AM (Wednesday)

Regular Meeting

FCERA Boardroom

1111 H Street, Fresno, CA 93721

April 6, 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, 02/28/11 at 10AM.

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