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

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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 March 18, :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 MEMBERS ABSENT: RHODES MEMBERS ARRIVING AFTER ROLL CALL: NONE ALTERNATES PRESENT: BUMGART LEGAL REPRESENTATIVES: Raj P. Singh, Associate 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, Holbrook. 2. Discussion of the Agenda: A. Items to be pulled from the Action Calendar: None

2 March 18, 2015 BRIEF MINUTES PAGE 2 B. Items to be pulled from the Discussion Calendar: Mr. Prince noted a correction to the Consent Agenda, New Enrollments: the department listed as Emergency Services should be Probation. C. Items to be pulled from the Consent Agenda: None D. Emergency Items to be added: None E. Approval of the Agenda: MOTION by Williams, Second by Jauregui 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 Williams 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): None ACTION CALENDAR 4. Approval of the Minutes of the February 18, 2015, adjourned regularly scheduled meeting: MOTION by Terrazas, Second by Lizarraga, and carried by a unanimous vote of members present, the board approved the Minutes of the adjourned regularly scheduled meeting of February 18, Discussion/Action: Retirement Administrator Recruitment Consulting Services Presentations and Selection of Consultant: Board Member Vogel noted that she would recuse herself from this item and leave the room as she had been approached to apply for the position of Retirement Administrator, and that she wished to avoid a possible conflict of interest. BOARD MEMBER VOGEL LEFT AT 8:40 A.M. A. Alliance Resource Consulting, LLC, Cindy Krebs, Regional Director: Ms. Krebs delivered a comprehensive outline of the firm s background, experience, results, and extensive networking resources to recruit high quality, long-term executive placements. She also addressed particular concerns expressed by the board.

3 March 18, 2015 BRIEF MINUTES PAGE 3 B. EFL Associates, Daniel J. Cummings, CPA, Vice President: Mr. Cummings presented a brief overview of the firm s experience and its notoriety in recruiting qualified, well-suited professionals. Clarifications concerning contract terms and conditions were also discussed with the board. C. CPS HR Consulting, Pam Derby, SPHR, Executive Recruiter: Ms. Derby discussed the firm s background and attributes as a government agency to recognize and select qualified candidates. She also highlighted the firm s non-profit agency status, as a cost-effective advantage, to keep costs at a minimum. All presenters individually assured the board that a qualified candidate would be provided to fill the position by the middle, to the end of June MOTION by Jernigan, Second by Terrazas and carried by a roll-call vote of 6-1, with two absent (Yes: Holbrook, Terrazas, Jauregui, Williams, Garcia, Jernigan; No: Lizarraga; Absent: Vogel, Rhodes) the board awarded the contract to Alliance Resource Consulting, LLC, with authorization and direction given to the Retirement Administrator to sign the contract and coordinate the process with the firm. Chairman Holbrook also appointed a sub-committee composed of board members Lizarraga, Jauregui, Jernigan, and Garcia to oversee the progress of the recruitment process in the selection of a qualified candidate for the Retirement Administrator position. BOARD MEMBER VOGEL RETURNED AT 9:44 A.M. 6. Discussion/Action: State Association of County Retirement Systems (SACRS) Board of Directors Elections Recommended Ballot : The board tabled this item, until further information on the SACRS ballot nominations matter could be obtained, to the regularly scheduled meeting of April 15, Discussion/Action: SACRS Voting Proxy Form: The board also tabled this item, until further information on the SACRS ballot nominations matter could be obtained, to the regularly scheduled meeting of April 15, Discussion/Action: SACRS Internal Trustee Database: Mr. Prince and the board discussed the option to participate in the exclusive database.

4 March 18, 2015 BRIEF MINUTES PAGE 4 DISCUSSION CALENDAR 9. Reports/Correspondence/Announcements: A. Retirement Administrator: 1. Market Value Graph of the Retirement System s Assets for February 28, 2015: Mr. Prince discussed the market activity and current action, regarding interest rates and inflation, being considered by the Federal Reserve. 2. Book vs. Market Graph compares the Market Value of the system s assets to the Book Value of Assets for February 28, 2015: Mr. Prince discussed the current value and activity of the system s portfolio assets with the board. 3. Legislative Update: Mr. Prince reviewed current legislative updates with the board. 4. ICERS Reorganization Update: Mr. Prince advised the board that he and Mrs. Rodrigues had submitted a written response addressing the latest reorganization inquiries received from the County Human Resources Department. Board Member Jernigan expressed his concerns that several active members had approached him with frustrations over the lack of health insurance cost information available from the County Human Resources Department to employees contemplating retirement. Mr. Prince and Board Member Vogel noted that Human Resources had indicated, at a previous ICERS Board meeting, that it would provide literature explaining insurance benefits to retirees, however it is not yet available. Board Member Jernigan suggested that staff follow-up on the matter and include regular progress reports to the retirement board going forward. 5. SACRS 2015 Spring Conference: Mr. Prince discussed the conference event and made note of the registration deadline.

5 March 18, 2015 BRIEF MINUTES PAGE 5 6. Update: Internal Revenue Service (IRS) Determination Letter: Mr. Prince advised the board that although ICERS had received a favorable determination letter from the IRS in November 2014, it expired in December Therefore, staff will be working with the the system s tax attorney to file a renewal application for approval. 7. ICERS Corp. Annual Dividend to ICERS: B. Board Members: Mr. Prince reported that the corporation s annual dividend to the retirement system for 2014 was $45,000. Mr. Prince also reported that the firm, Equal Access, ADA/ Accessibility Consultants, Inc. had been contracted to provide services to the ICERS Corp. building, to determine accessibility conditions and remedies if needed, to prevent or reduce possible unwarranted legal action for noncompliance. Board Members Lizarraga, Jauregui, and Garcia reported that they enjoyed the training and each commented favorably on some of the topics concerning city and county bankruptcy, investment compliance, Master Limited Partnerships (MLP) and cybercrime. C. ICERS Legal Counsel: Nothing to report 10. Convene to Closed Session: MOTION by Terrazas, Second by Vogel and carried by a unanimous vote of members present, the board convened into Closed Session. CLOSED SESSION Conference with Legal Counsel Existing Litigation (Government Code (a).) disability retirement applications relating to the following: (1 attachment) Juliana Severt Geneva Matus Mary Lou Ramirez Jose Quintero Jaime Ordonez Nidia Quidachay Rita Vela Pompeyo Tabarez, Jr. Frank Cerda Emma Asuncion

6 March 18, 2015 BRIEF MINUTES PAGE Announcement of Closed Session Action: OPEN SESSION Kayleen Smith, Disability Specialist, announced the following: The board discussed but took no action regarding the retirement disability applications of Juliana Severt, Geneva Matus, Mary Lou Ramirez, Jose Quintero, Jaime Ordonez, Nidia Quidachay, Rita Vela, Pompeyo Tabarez, Jr., Frank Cerda, and Emma Asuncion. 12. BUDGET: CONSENT AGENDA Approval of the following Budget claims for the fiscal year, to include Board Members in attendance at the 03/18/2015 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) 13. Administrative Agenda: A. Enrollment of New Members to ICERS (24): B. Terminations (9): C. Service Retirement: 1. Roy Buckner General Member Assessor Effective Date: 01/04/ Maxine Hatch General Member Clerk/Recorder Effective Date: 01/23/ Rosemary Inman General Member Effective Date: 01/23/ Van Decker, Stephen General Member District Attorney Effective Date: 01/23/2015

7 March 18, 2015 BRIEF MINUTES PAGE 7 D. 60% Continuance of Service Retirement Allowance per Govt. Code Section : Edmond Hale General Member Deceased: 01/23/2015 E. 60% Continuance of Service Retirement Allowance Per Govt. Code Section & Death Benefit: 1. Joseph Mazeroll General Member Deceased: 01/27/ Judy Milan General Member Deceased: 02/02/2015 F. Make-Up Buyback: 1. Priscilla Patino General Member 2. Leticia V. Garcia General Member G. Medical Leave Buyback: 1. Eddie Sanchez General Member 2. Leticia V. Garcia General Member 3. Leticia V. Garcia General Member Behavioral Heatlth H. Deferred/Intersystem: 1. Alma Martinez-Torrez General Member Effective: 10/15/ Guadalupe Rabago Safety Member Probation/Corrections Effective: 01/17/ Catherine Ceja General Member Clerk/Recorder Effective: 09/24/2015

8 March 18, 2015 BRIEF MINUTES PAGE Special Training: 4. Diana Cortez General Member Community/ Economic Effective: 10/25/2014 A. Investment Strategies and Portfolio Management The Wharton School University of Pennsylvania Aresty Institute of Executive Management October 26-30, 2015 B. National Conference on 2015 Annual Conference & Public Employees Retirement System Exhibition: May 3-7, 2015 (NCPERS) Hilton, New Orleans, LA OTHER ITEMS 15. Previously Approved Seminars/Conferences (list available in Retirement Office. ADJOURNMENT: Meeting was adjourned at 10:44 a.m. to April 15, 2015 at 8:30 a.m. GEOFFREY P. HOLBROOK, Chairman PATRICIA LIZARRAGA, Secretary