REGINA RODRIGUES Tel. (760) Interim Retirement Administrator Fax (760) BRIEF MINUTES

Transcription

1 REGINA RODRIGUES Tel. (760) Interim Retirement Administrator Fax (760) KATHLEEN L. KUBLER Clerk of the Board 1221 State Street El Centro, CA BRIEF MINUTES REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT September 16, :30 A.M. 940 W. Main Street County Administration Center, Second Floor El Centro, CA OPEN SESSION 1. The meeting was called to order by Chairman Holbrook at 8:30 a.m. A. Roll Call: MEMBERS PRESENT: VOGEL, LIZARRAGA, HOLBROOK, TERRAZAS, JAUREGUI, WILLIAMS, GARCIA, JERNIGAN, RHODES MEMBERS ABSENT: BUMGART MEMBERS ARRIVING AFTER ROLL CALL: NONE ALTERNATES PRESENT: NONE LEGAL REPRESENTATIVES: Ryan D. Childers, Board Counsel CLERK: Kathleen L. Kubler, Retirement Specialist STAFF: Regina Rodrigues, Assistant Retirement Administrator, Scott W. Jarvis, Accountant/Auditor B. Pledge of Allegiance: The Pledge of Allegiance was led by Board Chairman, Holbrook. 2. Discussion of the Agenda: A. Items to be pulled from the Action Calendar: None B. Items to be pulled from the Discussion Calendar: None C. Items to be pulled from the Consent Agenda: None

2 September 16, 2015 BRIEF MINUTES PAGE 2 D. Emergency Items to be added: None E. Approval of the Agenda: MOTION by Williams, Second by Vogel and carried by a unanimous vote of members present, the Board approved the Agenda. F. Approval of the Consent Agenda: MOTION by Jauregui, Second by Lizarraga and carried by a unanimous vote of members present, the Board approved the Consent Agenda. 3. Public comments on items that are NOT on the Action or Discussion Calendars. (Public comments on items that are on the Action or Discussion Calendars shall only be made during the Board s discussion of these items): ACTION CALENDAR 4. Approval of the Minutes of the August19, 2015, adjourned regularly scheduled meeting: MOTION by Vogel, Second by Jauregui and carried, with one abstention by Terrazas due to absence, the board approved the Minutes of the regularly scheduled meeting of August 19, Approval of the Minutes of the September 2, 2015, adjourned special meeting. MOTION by Williams, Second by Garcia and carried by a unanimous vote of members present, the board approved the Minutes of the September 2, 2015 adjourned special meeting. 6. Discussion/Action: The Board will consider the reallocation of assets from active management to passive management: Mr. Whalen discussed the ideas, objectives and potential results behind both strategies, with the board. MOTION by Rhodes, Second by Vogel and carried by a roll call vote of 7-2 (Yes: Vogel, Lizarraga, Holbrook, Terrazas, Jauregui, Garcia, Rhodes; No: Williams, Jernigan) the board voted to terminate TimesSquare Capital Management and T. Rowe Price and transition all Domestic Equity accounts into the BlackRock, Russell 3000 Index, and to terminate Franklin Templeton International Equity; and transition the account into the Blackrock International Equity.

3 September 16, 2015 BRIEF MINUTES PAGE 3 DISCUSSION CALENDAR 7. Reports/Correspondence/Announcements: A. Interim Retirement Administrator: 1. Market Value Graph of the Retirement System s Assets for August 31, 2015: Mr. Jarvis discussed the assets reallocation and activity for the period. Mrs. Rodrigues and Mr. Whalen also commented on the affects of the reallocation on the portfolio. 2. Book vs. Market Graph compares the Market Value of the system s assets to the Book Value of Assets for August 31, 2015: Mr. Jarvis and Mrs. Rodrigues referred to the earlier discussion of the portfolio and the value of the system assets. 3. PENFAX Upgrade update: Mrs. Rodrigues advised the board that two new servers and related equipment had been delivered and installed. Mrs. Rodrigues also stated that the JEA, PENFAX system developers, will be onsite, October 5, 2015, to assist staff with the implementation of the upgrades and training. As the department is currently short of staff, Mrs. Rodrigues noted that should the upgrades and training be delayed or extended for lack of personnel, additional costs for rescheduling could be incurred. 4. ICERS Corp. Americans With Disabilities Act (ADA) remodel update: Mrs. Rodrigues briefed the board on the progress of the ICERS building upgrade. 5. State Association of County Retirement Systems (SACRS) 2015 Fall Conference: Mrs. Rodrigues requested that the board notify staff if they d like to attend the conference. She also reminded the board that the regularly scheduled meeting in November will be held on Monday, November 16 th, in order to accommodate ICERS attendees full exposure to the event, which runs November 17 th through the 20 th.

4 September 16, 2015 BRIEF MINUTES PAGE 4 6. Imperial County Association of Retirement Employees (ICARE) October Luncheon: B. Board Members: Mrs. Rodrigues also reminded the board of the upcoming event. Board Retiree Member, Chuck Jernigan suggested to the board that the event was a good opportunity to meet and greet former employees of Imperial County. Board Member Lizarraga reported that she had attended the California Association of Public Retirement Systems (CALAPRS) Principals of Pension Management for Trustees training at Pepperdine University in Malibu, CA. She listed a number of subjects covered in the intensive course studies, and she highly recommended it to board members who have not attended. Board Member Garcia was also impressed with the training and summarized the course s very good basic training. CHAIRMAN HOLBROOK LEFT THE MEETING AT 9:45 A.M. VICE CHAIRMAN VOGEL DIRECTED THE REMAINDER OF THE MEETING. C. ICERS Legal Counsel: Legislative Review: Mr. Childers discussed the most recent updates, in particular AB1291, Williams, Chaptered August 17, 2015, which would allow the Ventura County Board of Retirement to become a separate and independent district. 8. Convene to Closed Session: MOTION by Jauregui, Second by Terrazas and carried by a unanimous vote of members present, the board convened to Closed Session. CLOSED SESSION A. Conference with Legal Counsel Existing Litigation (Government Code (a).) disability retirement applications relating to the following: Angela Moreno Nidia Quidachay Pompeyo Tabarez, Jr. Frank Cerda Ann McNay Emma Asuncion Maria Ransdell B. Conference with Legal Counsel Personnel Matter (Government Code to consider the appointment or employment to the position(s) of Retirement Administrator:

5 September 16, 2015 BRIEF MINUTES PAGE 5 C. Conference with Legal Counsel Anticipated Litigation (Government Code (c) Based on existing facts and circumstances, the board has decided to initiate or is deciding to initiate litigation (2 matters): 9. Announcement of Closed Session Action: OPEN SESSION The Board discussed but took no action on the disability retirement applications of Angela Moreno, Nidia Quidachay, Pompeyo Tabarez, Jr., Frank Cerda, Ann McNay, Emma Asuncion, Maria Ransdell. On the Personnel Matter, the board discussed it but took no action. The board discussed but took no action on the two potential litigation items. 10. BUDGET: CONSENT AGENDA Approval of the following Budget claims for the fiscal year, and to include Board Members in attendance at the 09/16/2015 meeting; an Administrative Budget Expense Summary; and a Treasurer s Cash Account Summary per Govt. Code & 31521: A. Administrative Budget (2 attachments) B. Treasurer s Cash (1 attachment) 11. Administrative Agenda: A. Enrollment of New Members to ICERS (18): B. Terminations (3): General Member Apolinar, Erike Castillo, Jeremiah Hanna, Virgil Department Planning & Dev. Serv. C. Service Retirement: 1. Marco Gracia General Member CEO-GSA Fleet Services Effective Date: 07/10/ Patricia Barber General Member

6 September 16, 2015 BRIEF MINUTES PAGE 6 Service Retirement: (continued) 3. Jose Montesinos General Member Public Works 4. David H. Prince General Member Department Retirement 5. Luis Silva General Member Assessor D. Final Payment of Survivor Service Retirement Allowance per Government Code Section : 1. Nellie Legaspi General Member Deceased: 08/23/ Florence Willingham General Member Deceased: 08/01/2015 E. Deferred Inter-System: Joe Arambula Safety Member Probation/Corrections Effective Date: 03/03/2015 F. Make-Up Buyback: 12. Special Training: 1. Adrian Celis General Member 2. Joshua R. Menvielle General Member Planning & Dev. Serv. 3. Sonia Ypina General Member Probation SACRS 2015 Fall Conference: November 17-20, 2015 San Diego Marriott Marquis & Marina CALAPRS: Course in Retirement Disability Administration Sept. 17, 2015

7 September 16, 2015 BRIEF MINUTES PAGE 7 Special Training: CALAPRS: (continued) OTHER ITEMS Benefits Roundtable Sept. 18, 2015 Trustees Roundtable Sept. 18, 2015 Attorneys Roundtable Sept. 18, 2015 Administrators Institute Sept. 30 Oct. 2, Previously Approved Seminars/Conferences (list available in Retirement office). ADJOURNMENT: Meeting was adjourned at 10:25 a.m. to September 21, 2015 at 9:00 a.m. GEOFFREY P. HOLBROOK, Chairman PATRICIA LIZARRAGA, Secretary