. All of the above-listed Commissioners were present at the start of the meeting.

Transcription

1 MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS MEETING OF MAY 5,2005 The Board of Fire and Police Pension Commissioners of the City of Los Angeles met in Room 800, 360 East Second Street, on Thursday, May 5,2005. COMMISSIONERS PRESENT: COMMISSIONERS ABSENT: DEPARTMENT OF FIRE AND POLICE PENSIONS: CITY ATTORNEY'S OFFICE: COURT REPORTER: William H. Jackson, President George V. Aliano Elliott Broidy Thomas A. Dawson Sam Diannitto Peggy Moore Louis F. Moret Mike Carter Sim Farar Gary Mattingly, General Manager D. Edward Griffiths, Asst. General Manager Michael Perez, Asst. General Manager Rhonda Peterson, Asst. General Manager Tom Lopez, Chief Investment Officer Michael Wilkinson, Deputy City Attorney Esquire Deposition Services Ms. Katy Jackson President Jackson called the regular meeting to order at 9:06 a.m.. All of the above-listed Commissioners were present at the start of the meeting. NEW BUSINESS President Jackson asked if any Board member made any expenditure to influence state legislative or administrative action to which their reply was negative.

2 Page 2 COMMUNICATIONS TO THE BOARD a. Miscellaneous correspondence from money managers, consultants, etc., received and filed. b. Status report of Board assignments to staff. Received and filed. c. Board committee assignments. Received and filed. COMMITTEE REPORTS Benefits Committee Chair Dawson said this Committee is schedule to meet on May 24, 2005 at the Fire Department's Harbor station. Equities Committee This Committee did not meet. Fixed Income and International Investment Committee Chair Moore said this Committee did not meet. High Yield and Alternative Investment Committee Chair Broidy said this Committee did not meet. A meeting was scheduled for 8:00 a.m. on May 19, 2005 before the Regular Board meeting. Independence and Administrative Committee Chair Diannitto said this Committee did not meet. Real Estate Committee Chair Moret said this Committee met prior to this Board meeting to discuss possible investments in commingled funds and the REIT search.

3 Page 3 Space Planning Committee This Committee did not meet. Request for Proposal (RFP) went to LACERS on March 22,2005 with a couple of minor changes - two methods of compensation proposed, one on commission the other on consulting only. The RFP will be posted on the webpage, with direct mailing to major real estate consulting brokerage firms and advertisement in trade publications. LACERS is checking on the publication dates and the RFP will probably go out next week with a 30-day response period. Strategic Planning Committee Chair Moore said this Committee did not meet. A revised proposal from Cortex Applied Research Inc was distributed. President Jackson said that pursuant to discussions with John Por, an ad hoc committee of four members was created to review the proposal. The committee will include Commissioners Diannitto, Moore, Carter, and President Jackson. President Jackson asked the Board to take a look at the proposal and provide input. Mr. Mattingly reminded the Board that there are existing policies the Board may want to read before working with Mr. Por. PROPOSED RENEWAL OF MACKAY SHIELDS, LLC CONTRACT AND POSSIBLE BOARD ACTION Commissioner Moret moved that the Board: RESOLUTION NO Approve the renewal of the contract with MacKay Shields, LLC for a three-year term; 2. Authorize the General Manager to review and negotiate the contract terms and fees, if necessary, and; 3. Authorize the President of the Board, on behalf of the Board, to execute the contract for equity advisory services subject to the approval of the City Attorney as to form. Which motion was seconded by Commissioner Moore and approved by the following vote: ayes, Commissioners Aliano, Broidy, Dawson, Diannitto, Moore, Moret and President Jackson - 7; nays, none.

4 Page 4 PROPOSED RENEWAL OF EMERGING MARKETS ADVISORS CONTRACTS AND POSSIBLE BOARD ACTION President Jackson referred this item to the Fixed Income and International Investment Committee. APPROVAL OF CONTRACT TERMS FOR YUCAIPA AMERICAN ALLIANCE FUND This item was referred to the High Yield and Alternative Investment Committee for further discussion. DISCUSSION AND POSSIBLE BOARD ACTION REGARDING COMMINGLED FUNDS INVESTMENT RECOMMENDATIONS BY THE TOWNSEND GROUP-LASALLE ASIA OPPORTUNITY FUND I1 RESOLUTION NO Commissioner Louis Moret moved that the Board approve an investment of $15 million in the LaSalle Asia Opportunity Fund 11, which motion was seconded by Commissioner Dawson and approved by the following vote: ayes, Commissioners Aliano; Broidy, Dawson, Diannitto, Moore, Moret and President Jackson - 7; nays, none. DISCUSSION AND POSSIBLE BOARD ACTION REGARDING COMMINGLED FUNDS INVESTMENT RECOMMENDATIONS BY THE TOWNSEND GROUP - AMB JAPAN FUND I, L.P. RESOLUTION NO At this time, President Jackson passed the gavel to Commissioner Moore and exited the Board room. Commissioner Moret moved that the Board approve an investment of $15 million in the AMB Japan Fund I, L.P., which motion was seconded by Commissioner Dawson and approved by the following vote: ayes, Commissioners Aliano, Broidy, Dawson, Diannitto, Moret and President Pro Tem Moore - 6; nays, none. At this time, President Jackson re-entered the Boardroom and took the gavel.

5 Page 5 GENERAL MANAGER'S REPORT a. - Benefits actions approved by General Manger on April 2 1,2005 Pursuant to Resolution 04008, adopted by the Board of Fire & Police Pension Commissioners on August 7,2003, the following benefit actions were approved by the General Manager on April 2 1,2005. DISCONTINUED PENSIONS - TIER 2 Robert W. Brooks George Cromwell Curtis G. Swoboda Don W. Watt Duncan W. Cox Leland D. Holton Billy F. Leader Laurence H. Reed Ronald F. Schumacher George D. Sentman ~eor~e Henderson Stanley J. Secosky, Jr. Eleanor A. Oliphant Betty R. Worthen Vera Scheidecker Fire Service Fire Service Fire Service Fire Service Police Disability Police Disability Fire Widow Fire Widow Police Widow SERVICE PENSIONS - TIER 5 Police Robert W. Renstrom Sergeant I Years 346 Days Burnis White Police Officer I Years 102 Days ELIGIBLE SURVIVING SPOUSE'S PENSION - TIER 2 Name Deceased Member Member's Class Effective Date Shelley Brooks Robert W. Brooks Fire Service Evelyn C. Cromwell George R. Cromwell Fire Service

6 Page 6 Frances L. Swoboda Curtis Swoboda Fire Service Frances M. Watt Don W. Watt Fire Service Marian C. Cox Duncan W. Cox Una L. Holton Leland D. Holton Charlotte A. Leader Billy F. Leader SURVIVING CHILD PENSION - TIER 5 Sarah M. Wiggins, Surviving child of deceased Police Sergeant Glenn 0. Wiggins has submitted a request for pension benefits effective August 3,2002. Although Ms. Wiggins attained age 18 on March 20, 2005, benefits will continue as she is enrolled as a full-time student. PARTIAL PAYMENT OF PENSION - TIER 3 In accordance with the City Attorney's advice, a designated proportion of the community property interest of the pension payable to Matthew A. Klein, -connected Disability Pensioner, is to be paid to his former spouse Emma Klein effective April 01,2005. Ms. Klein will receive cost of living increases. DEPENDENT CHILD PENSION - LIMITED CONSERVATORSHIP FOR THE PERSON AND ESTATE OF JACK G. BINGHAM - TIER 2 Increase the monthly pension amount of Jack G. Bingham Jr., dependent child of deceased Fireman Jack G. Bingham, from $ to $3, effective March 12, 2004 due to the death of Fire Surviving Spouse Jane Bingham on March 1 1,2004. A certified copy of the Letters of Limited Conservatorship, issued in the Superior Court of California, County of Riverside, Case Number INP , appointing Kathy M. Gehlert, Conservator of the Person and Estate of Jack G. Bingham, dependent child of a retired member of the Fire Department, Effective March 12, 2004 has been filed with this office. Pension payments in the amount of $3, will be paid to Kathy M. Gehlert. SERVICE PENSIONIDROP - TIER 2 Police Steven M. Yadon Detective I Years 9 Days

7 Page 7 SERVICE PENSIONDROP - TIER 5 Larry C. Bickly William C. Dakin Michael S. Fulmis Douglas A. Graft Eddie L. Johnson Richard P. Kay Daniel B. Kellogg Roy T. Kozaki Timothy G. Larson Robert H. Linnell Richard F. Markota Ernest J. Mistrik James P. O'Connell William S. Waite Larry L. Wilson Captain I Captain I Assistant Chief Battalion Chief Fire Fighter 111 Battalion Chief Firefighter I11 Assistant Chief Captain I1 Captain I Battalion Chief Inspector I1 Engineer Captain I1 Engineer E ff 33 Years 32 Years 26 Years 25 Years 30 Years 30 Years 27 Years 30 Years 28 Years 229 Days 285 Days 1 Day 241 Days 343 Days Days 0 Days 254 Days 0 Days 67 Days 48 Days 322 Days 252 Days 83 Days 189 Days Police Roger A. Archambault Sergeant I+2 John H. Byun Detective I11 Roger C. Deranian Lieutenant I Hector Esparza Officer I11 William T. Matthews Lieutenant I Javier Nunez Sergeant 1+2 Charles D. Varner Detective I1 Eft Years 187 Days Years 9 Days Years 12 Days Eff Years 9 Days Years 9 Days Years 9 Days Eff Years 358 Days DISCONTINUE DROP - TIER 2 Police Robert D. Hamilton Exit Close of:

8 Page 8 DISCONTINUE DROP - TIER 5 John E. Demucha Exit Close of: David A. Gomez Exit Close of: Carl M. Henderson Exit Close of: James K. Johnson Exit Close of: William A. Murrell Exit Close of: Trifone J. Nicassio Exit Close of: James A. Rubert Exit Close of: b. Other business relating to department operations Mr. Mattingly reminded the Board to bring EFL Associates' suggested interview questions which have been distributed to each Board member in sealed envelopes, to the May 16, 2005 general manager interviews. Mr. Mattingly reported to the Board that staff is currently working on the ordinance that has to be completed by the end of this calendar year which will allow Port Police to transfer to the System. Mr. Mattingly advised the Board that an AEW invitation to a client conference has been included in their correspondence. Mr. Mattingly reported to the Board that he was interviewed by the Channel 4 news. Mr. Mattingly reported that the Election for the active member of the Board from the Police Department has been completed and certified results from the City Clerk will probably be distributed at next week's regular Board meeting. CONSIDERATION OF FUTURE AGENDA ITEMS Commissioner Moret asked that an item which had been voted down, be reconsidered due to extenuating circumstances. Deputy City Attorney, Michael Wilkinson will verify if this item can be reconsidered. Mr. Wilkinson will report back to the Board. PUBLIC COMMENTS There was none.

9 Page 9 CONSENT ITEMS a. Approval of Minutes Minutes of the Regular Board Meeting of March 17,2005 b. Finding of Fact - Tier 2 Luis R. Acuna c. Finding.of Fact - Tier 3 David W. Andrews A motion to approve the Consent Items was made by Commissioner Moret, seconded by Commissioner Moore and approved by the following vote; ayes, Commissioners Aliano, Broidy, Dawson, Diannitto, Moore, Moret, and President Jackson - 7; nays, none. DISABILITY PENSIONS DISABILITY CLAIM - NEW - TIER 4 David C. Winslow (0 Police Officer I1 (Retired) Prior Board Action of September 18,2003 granting a service pension is readopted and the claim is denied. Motion made by Commissioner Broidy, seconded by Commissioner Moore and adopted by the following vote: ayes, Commissioners Aliano, Broidy, Diannitto, Moore, Moret, and President Jackson - 6; nays, Commissioner Dawson - 1. Lieutenant Gus Martinez, Medical L.iaison, Los Angeles Police Department, and Sergeant Brent La Fountaine, Officer Representation Section, Los Angeles Police Department, testified regarding Mr. Winslow. Mr. Winslow was present and represented by his attorney, Thomas J. Wicke. Commissioner Broidy left the Board room for the day. Salvador Peiia, Jr. (PI Sergeant I Non-service connected disability pension granted at 50% with no foreseeable purpose for review. Motion made by Commissioner Aliano, seconded by Commissioner Dawson and adopted by the following vote: ayes, Commissioners Aliano, Dawson, Diannitto, Moore, Moret, and President Jackson - 6; nays, none. Lieutenant Gus Martinez, Medical Liaison, Los Angeles Police Department,

10 Page 10 and Mrs. Maria PeAa, the applicant's spouse, testified regarding Sergeant PeAa. Sergeant Peiia was present and represented by his attorney, Tanya Garza. The meeting was adjourned at 1 1 :22 a.m. President