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 October 21, :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 Vice Chairman Vogel at 8:30 a.m. A. Roll Call: MEMBERS PRESENT: VOGEL, LIZARRAGA, TERRAZAS, JAUREGUI, WILLIAMS, GARCIA, JERNIGAN, RHODES MEMBERS ABSENT: NONE MEMBERS ARRIVING AFTER ROLL CALL: NONE ALTERNATES PRESENT: BUMGART 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 Vice Chairman, Vogel. 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 October 21, 2015 BRIEF MINUTES PAGE 2 D. Emergency Items to be added: None E. Approval of the Agenda: MOTION by Williams, Second by Lizarraga and carried by a unanimous vote of members present, the Board approved the Agenda. F. Approval of the Consent Agenda: MOTION by Bumgart, Second by Garcia 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 September 16, 2015, adjourned regularly scheduled meeting: MOTION by Terrazas, Second by Williams and carried, with one abstention by Bumgart due to absence, the board approved the Minutes of the regularly scheduled meeting of September 16, Approval of the Minutes of the September 21, 2015, adjourned scheduled special meeting: MOTION by Bumgart, Second by Garcia and carried, with one abstention by Lizarraga due to absence, the board approved the Minutes of the scheduled special meeting of September 21, Board election: Instruct staff to request that the Board of Supervisors direct the County Registrar of Voters to hold a special election for the 3rd Seat on the Board of Retirement, to complete the remaining term of Board Chairman Holbrook, effective October 9, 2015, according to ICERS adopted procedures: Board Member Lizarraga noted an error in one of the documents, which will be provided for the Board of Supervisors review, and which stated an unrevised dollar amount available annually to board members for training. MOTION by Jernigan, Second by Bumgart and carried with a unanimous vote, the board instructed staff to update the form/s necessary to request that the Board of Supervisors direct the County Registrar of Voters to hold a special election for the 3 rd Seat of the Board of Retirement, to complete the remaining term of Board Chairman Holbrook, effective October 9, 2015, according to ICERS adopted procedures.

3 October 21, 2015 BRIEF MINUTES PAGE 3 7. Discussion/Action: Approval of employment/appointment contract with Michael A. Hermanson for the position of Retirement Administrator: MOTION by Jernigan, Second by Jauregui and carried with a unanimous vote of members present, the employment/appointment contract with Michael A. Hermanson for the position of Retirement Administrator was approved. 8. State Association of County Retirement Systems (SACRS) Voting Issues: A. Discussion/Action: ICERS Voting Proxy Delegate and Alternate for SACRS 2015 Fall Conference: MOTION by Jernigan, Second by Jauregui and carried by a unanimous vote of members present, the Board appointed Vice Chairman, Vogel as the Voting Proxy Delegate and Board Member Lizarraga as the Alternate Proxy Voting Delegate to vote informed, but uninstructed during the Business Meeting at the upcoming SACRS 2015 Fall Conference. B. Discussion/ Action: SACRS 2016 Legislative Proposals: Mrs. Rodrigues discussed the legislative proposals with the board Act County District Status Authorization: Manuel Quintero, President, Imperial County Association of Retired Employees (ICARE), expressed his concerns to the board for needed clarification of the proposal. He also inquired if the measure had the potential to impose a financial impact on the county retirement system. The board and staff assured Mr. Quintero that no financial impact was expected should the subject proposal be approved. The board took no action regarding the 1937 Act County District Status Authorization. 2. Sworn Statement Requirement: The board discussed but took no action regarding the Sworn Statement Requirement. 3. Retiree Alternate: The board discussed but took no action regarding the Retiree Alternate. 4. Board of Retirement Trustee Compensation: The board discussed but took no action regarding the Board of Retirement Trustee Compensation.

4 October 21, 2015 BRIEF MINUTES PAGE 4 DISCUSSION CALENDAR 9. Reports/Correspondence/Announcements: A. Interim Retirement Administrator: 1. Market Value Graph of the Retirement System s Assets for September 30, 2015: Scott W. Jarvis, Accountant/Auditor discussed the market s activity for the period. 2. Book vs. Market Graph compares the Market Value of the system s assets to the Book Value of Assets for September 30, 2015: Mr. Jarvis also discussed the effects of the market s activity for the period on the value of the portfolio. 3. Update on ICERS portfolio transition from Active to Passive Management: Mr. Jarvis and Mrs. Rodrigues discussed the timeline of events with the board. The board directed staff to provide a graph indicating the projected timeline of events transitioning the portfolio from active to passive management. Board Member Jernigan directed that ICERS senior investment consultant, Scott J. Whalen, Verus Investment Advisors, Inc., track the performance of the managers, T Rowe Price, TimesSquare, and Franklin Templeton, whose accounts have been terminated, after the transition is completed. Board Member Rhodes added that the tracking should be specific to reflect the activity net of fees. 4. Update on ICERS staff: Mrs. Rodrigues advised the board that ICERS Accounting Technician, David Puente had been promoted to the position of Retirement Specialist, and that the vacancy created in the Accounting Technician position should be filled by December. B. Board Members: None C. ICERS Legal Counsel: Legislative Review: Mr. Childers reviewed the pending and chaptered legislative updates with the board.

5 October 21, 2015 BRIEF MINUTES PAGE Convene to Closed Session: MOTION by Jauregui, Second by Bumgart and carried by the unanimous vote of members present, the board convened in 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. Rosemary Jones Frank Cerda Ann McNay Emma Asuncion Maria Ransdell B. 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 (1 matter). 11. Announcement of Closed Session Action: OPEN SESSION Ryan D. Childers, Board Counsel announced the following: The board discussed, but took no action regarding the disability retirement applications of Angela Moreno Nidia Quidachay, Pompeyo Tabarez, Jr., Rosemary Jones, Ann McNay, Emma Asuncion, and Maria Ransdell. The board accepted the recommendation to administratively grant, due to job-related permanent incapacity, the Service-Connected Disability Retirement of Frank Cerda by a unanimous roll-call vote of 9-0. The board discussed, but took no action regarding the anticipated litigation. 12. BUDGET: CONSENT AGENDA Approval of the following Budget claims for the fiscal year, and to include Board Members in attendance at the 10/21/2015 meeting; an Administrative Budget Expense Summary; and a Treasurer s Cash Account Summary per Govt. Code & 31521: A. Administrative Budget B. Treasurer s Cash

6 October 21, 2015 BRIEF MINUTES PAGE Administrative Agenda: A. Enrollment of New Members to ICERS (30): B. Terminations (1): C. Service Retirement: 1. Mary Mata General Member Treasurer/Tax Collector Effective Date: 08/21/ Anastacio Quintal General Member Public Works Effective Date: 08/22/ Maria Frazier General Member Deferred/Inter-System Effective Date: 08/04/2015 D. Medical Leave Buyback: Lazaro Sardin General Member Behavioral Health E. Make-Up Buyback: 1. Gustavo Roman General Member Behavioral Health Make-Up Buyback: (continued) 2. Eric G. Gopar General Member Behavioral Health F. Deferred: Daniel Torrez General Member Public Health G. Deferred/Intersystem: 1. Adrian Gonzales General Member District Attorney Effective Date: 10/25/ Joshua Menvielle General Member Community & Economic Effective Date: 08/21/2015

7 October 21, 2015 BRIEF MINUTES PAGE 7 OTHER ITEMS 14. Previously Approved Seminars/Conferences (list available in Retirement office). ADJOURNMENT: Meeting was adjourned at 9:41 a.m. to November 16, 2015 at 8:30 a.m. KAREN VOGEL, Vice Chairman PATRICIA LIZARRAGA, Secretary