DAVID H. PRINCE Tel. (760) Retirement Administrator Fax (760) BRIEF MINUTES

Transcription

1 DAVID H. PRINCE Tel. (760) 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 November 19, :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 Jauregui at 8:30 a.m. A. Roll Call: MEMBERS PRESENT: VOGEL, LIZARRAGA, HOLBROOK, JAUREGUI, WILLIAMS, RHODES MEMBERS ABSENT: TABAREZ, JR., TERRAZAS, McFETRIDGE MEMBERS ARRIVING AFTER ROLL CALL: NONE ALTERNATES PRESENT: BUMGART, JERNIGAN LEGAL REPRESENTATIVES: Ryan D. Childers, Board Counsel CLERK: Kathleen L. Kubler, Retirement Specialist STAFF: David H. Prince, Retirement Administrator, Regina Rodrigues, Assistant Retirement Administrator, Kayleen Smith, Retirement Specialist B. Pledge of Allegiance: The Pledge of Allegiance was led by Board Chairman, Jauregui. 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 November 19, 2014 BRIEF MINUTES PAGE 2 D. Emergency Items to be added: None E. Approval of the Agenda: MOTION by Vogel, Second by Williams and carried by a unanimous vote of members present, the Board approved the Agenda. F. Approval of the Consent Agenda: MOTION by Williams, Second by Vogel 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 October 15, 2014, adjourned regularly scheduled meeting: MOTION by Holbrook, Second by Bumgart, and carried by a unanimous vote of members present, the board approved the Minutes of the adjourned May 21, 2014, regularly scheduled meeting. 5. Annual Investment Manager Performance Presentation: A. BlackRock: Thomas Rose, Director: Mr. Rose thanked the board for its continued relationship with the firm, since He reviewed investment strategy and reported on the quarter and year to date performance of the account B. HarbourVest Partners: LLP, Aris Hatch, Principal, and Greg Stento, Managing Director: Mrs. Hatch and Mr. Stento discussed the account s performance with the board. They also gave credit to its experienced global staff for the firm s advantage to gain optimal investment opportunities. C. Dimensional Fund Advisors: Ted Simpson, Vice President, Institutional Services, Mitchell Firestein, Investment Associate, Portfolio Management and Trading: Mr. Simpson and Mr. Firestein focused their report on the qualifications of the firm and the construction of the portfolio. They discussed the market environment, its impact on returns of the account, while also addressing concerns voiced by the board. They assured the board that they are open to exploring any suggestions, by the board or staff, regarding prospects that may enhance the portfolio s performance.

3 November 19, 2014 BRIEF MINUTES PAGE 3 D. Franklin Templeton Institutional: Brian Zeiler, Senior Vice President: Mr. Zeiler, filling in for Bill Deakyne, who was originally scheduled to present, discussed the portfolio platform, investment screening process, and its overall performance with the board. 6. Investment Consultant Manager Quarterly Review: Mike Kamell, Senior Investment Consultant, Wurts & Associates: A. Investment Managers Quarterly Review: Mr. Kamell provided the board with an overall review of the firm s quarterly research of capital markets. He commented on the current domestic and global economic environments, and the impact on asset managers performance. B. Discussion/Action: Options for a Fixed Income Manager: Further discussion of candidates and options will be brought back to the board at the December 17, 2014 regular board meeting. DISCUSSION CALENDAR 7. Reports/Correspondence/Announcements: A. Retirement Administrator: 1. Market Value Graph of the Retirement System s Assets for October 31, 2014: Mr. Prince gave a brief commentary of the presenters reports and portfolio performance. 2. Book vs. Market Graph compares the Market Value of the system s assets to the Book Value of Assets for October 31, 2014: Mr. Prince reviewed the value of assests with the board. 3. Pension Administration Computer System (PAS) Status Report: Mrs. Rodrigues reported on the continued progress of the project. 4. Update of board elections: Mr. Prince reported on the election results for the Retiree Board Member and Alternate Retiree Member seats. Charles L. Jernigan ran unopposed. The Alternate Retiree seat will remain vacant until the next nomination period in The ballots for the Safety Board Member and Alternate Safety Board Member seats will be counted on November 26 th.

4 November 19, 2014 BRIEF MINUTES PAGE 4 5. Update on ICERS staff reorganization: Mr. Prince gave the board a status report on the project. 6. Legislative Review: Mr. Prince reported on the status of legal proposals and changes to retirement law. 7. SACRS 2014 Fall Conference: B. Board Members: Mr. Prince discussed topics discussed at the conference Administrators Breakout Session, such as health care, and governance issues. He also commented that the RV Kuhns Semi-Annual Comprehensive Analysis of Public Pension Funds Report is available for viewing at the retirement office. SACRS 2014 Fall Conference: The board members who attended the conference, Williams, Lizarraga,Vogel, and Bumgart, discussed the various sessions highlights. Mrs. Lizarraga especially appreciated the New Trustee Session, which introduced her to an indepth overview of her responsibilities as a trustees. C. ICERS Chief Legal Counsel: SACRS 2014 Fall Conference: Mr. Childers expressed his appreciation to the board for the opportunity to attend his first SACRS Conference, and for his first experience at the Attorneys Breakout Session. He assured the board that he would continue working with available outside legal counsel, and staff and that he looks forward to enhancing his knowledge of retirement matters and law. 8. Convene to Closed Session: MOTION by Vogel, Second by Bumgart and carried by a unanimous vote of members present, the board convened in to Closed Session.

5 November 19, 2014 BRIEF MINUTES PAGE 5 CLOSED SESSION 9. A. Conference with Legal Counsel Existing Litigation (Government Code (a).) disability retirement applications relating to the following: Pompeyo Tabarez, Jr. Juliana Severt Maria Thomas Jaime Ordonez Geneva Matus Mary Lou Ramirez Jose Quintero B. Conference with Legal Counsel Anticipated Litigation (Government Code (b), Significant exposure to litigation (1 matter) 10. Announcement of Closed Session Action: OPEN SESSION Kayleen Smith, Disability Specialist announced the following: The board discussed but took no action regarding the disability retirement applications of Juliana Severt, Maria Thomas, Jaime Ordonez, Geneva Matus, Mary Lou Ramirez, and Jose Quintero. The recommendation by outside counsel to administratively deny the Service-Connected Disability Application of Pompeyo Tabarez, Jr. was approved, without prejudice to re-file, by the retirement board by a unanimous roll call vote of members present (Vogel, Lizarraga, Holbrook, Jauregui, Williams, Bumgart, and Jernigan). The board discussed but took no action regarding the anticipated litigation matter. Board Member Holbrook excused himself from discussion on this matter. 11. BUDGET: CONSENT AGENDA Approval of the following Budget claims for the fiscal year, to include Board Members in attendance at the 11/19/2014 & 10/15/2014 meetings, 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) 12. Administrative Agenda: A. Enrollment of New Members to ICERS (9): B. Terminations (5):

6 November 19, 2014 BRIEF MINUTES PAGE 6 C. Deferred Retirement: 1. Mireya Stace General Member Social Services Effective: 06/13/ Wayne Pope General Member Public Works Effective: 06/26/ Evelyn Perez General Member Behavioral Health Effective: 08/09/2014 D. 60% Continuance of Service Retirement Allowance per Govt. Code Section & Death Benefit: David Obeso Safety Member Deceased: 10/04/2014 E. Final Payment of Service Retirement Allowance and Return of Unused Accumulated Contributions per Govt. Code Sections / and Death Benefit: John Quintero General & Safety Member Deceased: 10/02/2014 F. Final Payment of Survivor Service Retirement Allowance Per Govt. Code Section : Dorothy Hutzel: General Member Deceased: 10/14/2014 G. 100% Continuance of Service Connected Disability Retirement Allowance Per Govt. Code Section & Death Benefit: Steven Price General Member Deceased: 10/24/2014 H. Make-Up Buyback: 1. Rigoberto Arellano General Member Public Works 2. Amelia Lopez General Member Behavioral Health I. Medical Leave Buy-Back: Virginia Tabarez-Diaz General Member ICWD

7 November 19, 2014 BRIEF MINUTES PAGE Managers Reports: A. Bradford & Marzec: Fixed Income Statement for September 30, 2014 (1 attachment) B. Dimensional: Account Summary, Quarter ending September 30, 2014 (1 attachment) C. TimesSquare Capital Management: Portfolio Review as of September 30, 2014 (1 attachment) OTHER ITEMS 14. Previously Approved Seminars/Conferences (list available in Retirement office). ADJOURNMENT: Meeting was adjourned at 12:15 p.m. to December 17, 2014 at 8:30 a.m. NORMA K. JAUREGUI, Chairman ROBERT W. WILLIAMS, Secretary