MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS MEETING OF JANUARY 8, 2004

Transcription

1 MINUTES OF THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS MEETING OF JANUARY 8, 2004 The Board of Fire and Police Pension Commissioners of the City of Los Angeles met in Room 800,360 East Second Street, on Thursday, January 8, COMMISSIONERS COMMISSIONER PRESENT: ABSENT: Louis F. Moret, President William H. Jackson, Vice President George V. Aliano Elliott Broidy Michael Carter Thomas A. Dawson Sim Farar Peggy Moore Sam Diannitto DEPARTMENT OF FIRE AND POLICE PENSIONS: 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 CITY ATTORNEY'S OFFICE: Donna Weisz Jones, Assistant City Attorney President Moret called the regular meeting to order at 9: 10 a.m. All of the above-listed Commissioners were present at the start of the meeting. NEW BUSINESS President Moret asked if any Board member made any expenditure to influence state legislative or administrative action to which their reply was negative. COMMUNICATIONS TO THE BOARD a. Miscellaneous correspondence from money managers, consultants, etc., received and filed.

2 Page 2 b. Status report of Board assignments to staff. Received and filed. c. Board committee assignments. Received and filed. d. Memo from City Clerk dated December 8, 2003 regarding issuance of badges to members of boards and commission. Received and filed. e. Letter from Boston Partners Asset Management dated December 19, 2003 regarding company changes. Received and filed. COMMITTEE REPORTS Benefits Committee Chair Dawson said this Committee did not meet. Equities Committee Chair Farar said this Committee met prior to this Board meeting regarding selection of interview candidates for the Securities Litigation Attorney. Five candidates were selected and interviews will be conducted on February iz". 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. Independence and Administrative Committee This Committee did not meet.

3 Page 3 Real Estate Committee Chair Jackson said this Committee met prior to this Board meeting and will report when Agenda Item #7 is addressed. Strategic Planning Committee Chair Aliano said this Committee did not meet. RECOMMENDATIONS FROM THE FIXED INCOME AND INTERNATIONAL INVESTMENT COMMITTEE AND POSSIBLE BOARD ACTION RESOLUTION NO Commissioner Moore moved that the Board: 1. Change the total International portfolio's benchmark to the ACWI ex U.S.; 2. Change the mandate for the Broad Market International managers to EAFE from ACWI ex U.S.; 3. Begin a search for international equity manager(s) to compliment our existing international managers; 4. Terminate Principal Global Investors (Broad Market) at the conclusion of the search; and, 5. Reduce the number of Emerging Markets International Equity managers from three to two over a 12 to 18 month period. This motion was seconded by Commissioner Aliano and approved by the following vote: ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore and President Moret - 8; nays, none. MEMORANDUM FROM CITY ATTORNEY CONCERING COVERAGE OF BOARD MEMBERS UNDER THE GOVERNMENT CODE Assistant City Attorney Donna Weisz Jones gave a brief explanation regarding the memo distributed to the Board. No action from the Board is necessary.

4 Page 4 BOARD AUTHORIZATION TO BEGIN ELECTION PROCESS FOR POLICE DEPARTMENT RETIRED BOARD MEMBER RESOLUTION NO Commissioner Moore moved that the Board: 1. Authorize the General Manager to request that the City Clerk proceed with the necessary arrangements to conduct an election of a Police Department Retired employee member to the Board of Fire and Police Pension Commissioners on April 27, 2004 in accordance with the provisions of Division 23, Chapter 5 of the Administrative Code; and 2. Authorize the General Manager and Department of Fire and Police Pensions staff to perform the necessary administrative work specified in the Administrative Code and to coordinate the election process as required with the City Clerk, Police Department, Controller's Office and the Employee Organizations. Which motion was seconded by Commissioner Broidy and approved by the following vote: ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore and President Moret - 8; nays, none. POSSIBLE BOARD APPROVAL OF DUE DILIGENCE EXPENSES OF APPROXIMATELY $100, FOR THE ST. LOUIS INDUSTRIAL PORTFOLIO IN ST. LOUIS, MISSOURI BY SENTINEL REAL ESTATE CORP. RESOLUTION NO Commissioner recommending Jackson said the Real Estate Committee met prior to this Board meeting and is approval of due diligence expenses for this property. Commissioner Jackson moved that the Board approve due diligence expenses of $100, for the possible purchase ofthe St. Louis Industrial Portfolio in St. Louis, Missouri by Sentinel Real Estate Corp., which motion was seconded by Commissioner Carter and approved by the following vote: ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore and President Moret- 8; nays,none.

5 Minutes of the Board of Fire.and Police Pension Commissioners Page 5 GENERAL MANAGER'S REPORT a. Benefits actions approved by General Manager on December 18, 2003 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 December 18,2003. DISCONTINUED PENSIONS - TIER 1 Dorothy M. Albright David Moler Walter C. Nemetz Fire Widow Police Service Police Service Retired: Retired: Retired: Died: Died: Died: DISCONTINUED PENSIONS - TIER 2 Ian E. Hall Harold E. Roberson Vallie M. Galloway Helen M. Salcido Police Service Police Service Police Widow Police Widow Retired: Died: Retired: Died: Retired: Died: Retired: Died: SERVICE PENSIONS - TIER 2 Fire Gary G. Hood Firefighter III Eff: Years 282 Days SERVICE PENSIONS - TIER 4 Police Mark A. Jedlicka Police Officer II Eff: Years 10 Days SERVICE PENSIONS - TIER 5 Police L. Dale Turner Sergeant 1 + 2M Eff: Years o Days Jonnie J. Reese Sergeant II Eff: Years 5 Days

6 Page 6 ELIGIBLE SURVIVING SPOUSE'S PENSION - TIER 2 Name Deceased Member Member's Class Effective Date Bettie L. Brown William S. Brown Fire Service Timothea S. Hall Ian E. Hall Police Service Pearl E. Hawkley William E. Hawkley Police Service Kay F. Roberson Harold E. Roberson Police Service ELIGIBLE SURVIVING SPOUSE'S PENSION - TIER 3 Name Deceased Member Member's Class Effective Date Carmen Salgado Joaquin Salgado Fire Disability PARTIAL PAYMENT OF PENSION - TIER 2 In accordance with the City Attorney's advice, the designated proportion of community property interest of the pension payable to Thomas V. Chambers Police Service Pensioner, is to be paid to his former spouse Linda S. Chambers effective December 1,2003. Ms. Chambers will receive cost of living increases. CONSERVATORSHIP - TIER 2-1 A certified copy of the Letters of Conservatorship issued in Superior Court of California, County of Los Angeles, Case No. BP Appointing Barbara Ann Fenner Conservator for the Person and Estate of Dorothy L. Loughran, Police Department Surviving Spouse on September 16, 2003, has been filed in this office. Monthly pension payments in the amount of $3, will be paid to Barbara A. Fenner. SERVICE PENSION/DROP - TIER 5 August Simien Jr. Captain I Eff: Years 135 Days

7 Page 7 Police Michael A. Albanese Lieutenant II Eff: Years 330 Days David O. Avila Officer II+6 Eff: Years 44 Days Richard A. Bain Officer II Eff: Years 275 Days James C. Barnett Officer III Eff: Years 357 Days Michael D. Bissett Officer II+2 Eff: Years 231 Days Gary R. Clarke Detective III Eff: Years 107 Days Harold R. Cox Sergeant I Eff: Years 39 Days Adonis L. Cutchlow Officer II+2 Eff: Years 232 Days Michael L. De Coudres Lieutenant I Eff: Years 23 Days Peter B. Durham Lieutenant II Eff: Years 240 Days Stephen H. Frizzell Detective II Eff: Years 79 Days Frank M. Koeller Officer III Eff: Years 182 Days Lewis A. Parker Detective II Eff: Years 250 Days Manuel R. Mata Detective I Eff: Years 282 Days William F. Shortley Sergeant 1+3 Eff: Years 251 Days John O. Stowe Officer II Eff: Years 326 Days Thomas 1. Todaro Sergeant I Eff: Years 249 Days Charles S. Wohlfeiler Officer III+ 1 Eff: Years 114 Days William A. Wolleck Officer III Eff: Years 225 Days Wayne K. Yoshioka Detective II Eff: Years 113 Days

8 Page 8 DISCONTINUE DROP - TIER 2 Police William D. Anderson Retired: Exit Close of: DISCONTINUE DROP - TIER 5 Fire Richard F. Halloran Retired: Exit Close of: Police John R. Ferguson Retired: Exit Close of: Ronald F. Ponzi Retired: Exit Close of: b. Other business relating to department operations Mr. Mattingly distributed a letter from Hamilton Lane inviting the Commissioners to a dinner being hosted by Hamilton Lane. Mr. Mattingly advised the Board that no more than four Commissioners could attend this dinner. Mr. Mattingly asked that any Commissioners planning on attending notify Terri Lopez. Mr. Mattingly introduced two new employees to the Department: Kimberly Boyd and Denise Murphey both joined the Service Pensions Section. The Board welcomed them. CONSIDERATION OF FUTURE AGENDA ITEMS There was none. PUBLIC COMMENTS There was none. CONSENT ITEMS a. Approval of Minutes Minutes of the Board Meetings of October 2,2003 and November 20,2003

9 Page 9 b. Findings of Fact - Tier 3 1. Kevin F. Jotz A motion to approve the Consent Items was made by Commissioner Moore, seconded by Commissioner Carter and approved by the following vote; ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore and President Moret - 8; nays, none. Commissioner DISABILITY Broidy left the Boardroom for the day. PENSIONS DISABILITY CLAIM - DEPENDENT CHILD - TIER 1 Arlene A. Miller Parent of Roberta C. Miller Dependent Child of John R. Miller (P) Police Officer III (Deceased) As recommended by staff and concurred in by the applicant, Dependent Child Status and Benefits granted in the amount of$ or 25% of$2, with a cost ofliving adjustment of$ for a total monthly amount for surviving spouse and dependent child pension of$3, Motion made by Commissioner Broidy, seconded by Commissioner Dawson and adopted by the following vote: ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore, and President Moret - 8; nays, none. Mrs. Miller was not present and not represented. DISABILITY CLAIM - NEW- TIER 2 Charles O. Hawley (P) Detective III As recommended by staff and concurred in by the applicant, service connected disability pension granted in the amount of$5, or 70% of$8, with no scheduled review. Motion made by Commissioner Dawson, seconded by Commissioner Broidy and adopted by the following vote: ayes, Commissioners Aliano, Broidy, Carter, Dawson, Farar, Jackson, Moore, and President Moret - 8; nays, none. Detective Hawley was not present nor was his attorney, Roger C. Cognata. Commissioner Broidy left the Board room for the day.

10 Page 10 DISABILITY CLAIM - NEW - TIER 3 Sonia Y. Cabrera (P) Detective I Hearing continued. President Moret directed that this claim be continued at the request of the applicant's attorney. Detective Cabrera was not present, but was represented by her attorney, Tanya Garza-Sutton. Andre Lowe (P) Police Officer II As recommended by staff and concurred in by the applicant, service connected disability pension granted in the amount of $2, or 45% of $5, with no foreseeable purpose for review. Motion made by Commissioner Aliano, seconded by Commissioner Dawson and adopted by the following vote: ayes, Commissioners Aliano, Carter, Dawson, Farar, Jackson, Moore, and President Moret - 7; nays, none. Lieutenant Gus Martinez, Medical Liaison, Los Angeles Police Department, testified regarding Officer Lowe. Officer Lowe was present and represented by his attorney, Matthew M. Davis. Robert C. Bogison (P) Detective II Service connected disability pension granted in the amount of$3, or 50% of$7, with no foreseeable purpose for review. Motion made by Commissioner Jackson, seconded by Commissioner Farar and adopted by the following vote: ayes, Commissioners Aliano, Farar, Jackson, Moore, and President Moret - 5; nays, Commissioners Carter and Dawson - 2. Lieutenant Gus Martinez, Medical Liaison, Los Angeles Police Department, and Detective III Michael Oppelt, Devonshire Area, Los Angeles Police Department, testified regarding Detective Bogison. Detective Bogison was present and represented by his attorney, Thomas J. Wicke. DISABILITY CLAIM - NEW - TIER 2 Donald R. Wells (P) Police Officer III Service connected disability pension granted in the amount of$4, or % of$6, with no scheduled review. Motion made by Commissioner Carter, seconded by Commissioner Jackson and adopted by the following vote: ayes, Commissioners Aliano, Carter, Dawson, Jackson, Moore, and President Moret - 6; nays, none. Lieutenant Gus Martinez, Medical Liaison, Los Angeles Police Department, Lane A. Sterling, Retired Sergeant, Los Angeles Police Departnent, and Clifford Ruff, Director, Los Angeles Police Protective League, testified regarding Officer Wells. Officer Wells was present and represented by his attorney, Thomas L. Wicke.

11 Page 11 The meeting was adjourned at 11:25 a.m. President